# EDGAR Filing Document

**Accession Number:** 0000710826
**File Stem:** 0001193125-25-196826
**Filing Date:** 2025-9
**Character Count:** 2873088
**Document Hash:** 756c5356eb9e85bb044eb45de91e7c18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196826.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196826

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 176

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brighthouse Funds Trust II
- **CENTRAL INDEX KEY:** 0000710826

**ORGANIZATION NAME:**
- **EIN:** 833164113
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03618
- **FILM NUMBER:** 251295496

**BUSINESS ADDRESS:**
- **STREET 1:** BRIGHTHOUSE INVESTMENT ADVISERS, LLC
- **STREET 2:** 11225 NORTH COMMUNITY HOUSE RD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 980-949-5121

**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:** METROPOLITAN SERIES FUND
- **DATE OF NAME CHANGE:** 20120430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METROPOLITAN SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Frontier Mid Cap Growth Portfolio (Series ID: S000006500)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017769 | Class A      |  |
| C000017770 | Class B      |  |
| C000017771 | Class E      |  |
| C000030922 | Class D      |  |

### Brighthouse/Wellington Core Equity Opportunities Portfolio (Series ID: S000006501)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017772 | Class A      |  |
| C000017773 | Class B      |  |
| C000017774 | Class E      |  |

### Baillie Gifford International Stock Portfolio (Series ID: S000006502)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017775 | Class A      |  |
| C000017776 | Class B      |  |
| C000017777 | Class E      |  |

### Loomis Sayles Small Cap Growth Portfolio (Series ID: S000006505)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017784 | Class A      |  |
| C000017785 | Class B      |  |
| C000017786 | Class E      |  |

### Brighthouse/Artisan Mid Cap Value Portfolio (Series ID: S000006506)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017787 | Class A      |  |
| C000017788 | Class B      |  |
| C000017789 | Class E      |  |

### MFS Value Portfolio (Series ID: S000006507)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017790 | Class A      |  |
| C000017791 | Class B      |  |
| C000017792 | Class E      |  |
| C000124380 | Class D      |  |

### Jennison Growth Portfolio (Series ID: S000006508)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017793 | Class A      |  |
| C000017794 | Class B      |  |
| C000017795 | Class E      |  |

### MetLife Aggregate Bond Index Portfolio (Series ID: S000006509)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017796 | Class A      |  |
| C000017797 | Class B      |  |
| C000017798 | Class E      |  |
| C000075817 | Class G      |  |

### Loomis Sayles Small Cap Core Portfolio (Series ID: S000006510)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017799 | Class A      |  |
| C000017800 | Class B      |  |
| C000017801 | Class E      |  |

### BlackRock Bond Income Portfolio (Series ID: S000006511)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017802 | Class A      |  |
| C000017803 | Class B      |  |
| C000017804 | Class E      |  |

### Brighthouse Asset Allocation 20 Portfolio (Series ID: S000006513)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017807 | Class A      |  |
| C000017808 | Class B      |  |

### Brighthouse Asset Allocation 40 Portfolio (Series ID: S000006514)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017809 | Class A      |  |
| C000017810 | Class B      |  |

### MetLife Mid Cap Stock Index Portfolio (Series ID: S000006515)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017811 | Class A      |  |
| C000017812 | Class B      |  |
| C000017813 | Class E      |  |
| C000075818 | Class G      |  |

### Brighthouse Asset Allocation 60 Portfolio (Series ID: S000006516)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017814 | Class A      |  |
| C000017815 | Class B      |  |

### Brighthouse Asset Allocation 80 Portfolio (Series ID: S000006517)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017816 | Class A      |  |
| C000017817 | Class B      |  |

### MetLife Stock Index Portfolio (Series ID: S000006518)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017818 | Class A      |  |
| C000017819 | Class B      |  |
| C000017820 | Class E      |  |
| C000075819 | Class D      |  |
| C000150812 | Class G      |  |

### MFS Total Return Portfolio (Series ID: S000006520)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017824 | Class A      |  |
| C000017825 | Class B      |  |
| C000017826 | Class E      |  |
| C000030927 | Class F      |  |

### MetLife MSCI EAFE Index Portfolio (Series ID: S000006521)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017827 | Class A      |  |
| C000017828 | Class B      |  |
| C000017829 | Class E      |  |
| C000075820 | Class G      |  |

### Brighthouse/Wellington Balanced Portfolio (Series ID: S000006522)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017830 | Class A      |  |
| C000017831 | Class B      |  |
| C000017832 | Class E      |  |

### MetLife Russell 2000 Index Portfolio (Series ID: S000006525)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017839 | Class A      |  |
| C000017840 | Class B      |  |
| C000017841 | Class E      |  |
| C000075821 | Class G      |  |

### Western Asset Management Strategic Bond Opportunities Portfolio (Series ID: S000006526)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017842 | Class A      |  |
| C000017843 | Class B      |  |
| C000017844 | Class E      |  |

### Western Asset Management U.S. Government Portfolio (Series ID: S000006527)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017845 | Class A      |  |
| C000017846 | Class B      |  |
| C000017847 | Class E      |  |

### T.Rowe Price Large Cap Growth Portfolio (Series ID: S000006528)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017848 | Class A      |  |
| C000017849 | Class B      |  |
| C000017850 | Class E      |  |

### T.Rowe Price Small Cap Growth Portfolio (Series ID: S000006529)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017851 | Class A      |  |
| C000017852 | Class B      |  |
| C000017853 | Class E      |  |
| C000150813 | Class G      |  |

### BlackRock Capital Appreciation Portfolio (Series ID: S000006533)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017861 | Class A      |  |
| C000017862 | Class B      |  |
| C000017863 | Class E      |  |

### BlackRock Ultra-Short Term Bond Portfolio (Series ID: S000006534)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017864 | Class A      |  |
| C000017865 | Class B      |  |
| C000017866 | Class E      |  |

### Neuberger Berman Genesis Portfolio (Series ID: S000006535)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017867 | Class A      |  |
| C000017868 | Class B      |  |
| C000017869 | Class E      |  |

### Brighthouse/Dimensional International Small Company Portfolio (Series ID: S000023793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069948 | Class A      |  |
| C000069949 | Class B      |  |

### VanEck Global Natural Resources Portfolio (Series ID: S000023794)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069951 | Class A      |  |
| C000069952 | Class B      |  |

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

### 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: 811-03618

## BRIGHTHOUSE FUNDS TRUST II

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

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

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

#### Kristi Slavin

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

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

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

#### Copy to:

#### Brian D. McCabe, Esq.

#### Ropes and Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199

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

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

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

------

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

# Brighthouse Funds Trust II

# Baillie Gifford International Stock Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,387,214,821

* # of Portfolio Investments93

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$4,693,707

## 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. | 4.7 |
| MercadoLibre, Inc. | 4.2 |
| Tencent Holdings Ltd. | 3.3 |
| Deutsche Boerse AG | 2.7 |
| Ryanair Holdings PLC | 2.6 |
| SAP SE | 2.5 |
| Scout24 SE | 2.5 |
| DSV AS | 2.4 |
| CRH PLC | 2.2 |
| Samsung Electronics Co. Ltd. | 2.0 |

---

### Top Sectors
![Group By Sector Chart](g39713ibab1d2d94558b5955220.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.1 |
| Consumer Staples | 4.9 |
| Health Care | 5.7 |
| Materials | 5.9 |
| Communication Services | 11.7 |
| Consumer Discretionary | 15.8 |
| Financials | 16.8 |
| Industrials | 17.8 |
| Information Technology | 19.7 |

---

### Top 10 Countries
![Group By Country Chart](g39713i8957f27c58adb894d816.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Taiwan | 4.7 |
| Canada | 4.7 |
| Italy | 4.9 |
| Denmark | 5.8 |
| France | 6.4 |
| Netherlands | 6.5 |
| United States | 6.9 |
| Germany | 8.9 |
| China | 9.5 |
| Japan | 11.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Baillie Gifford International Stock Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $54 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,387,214,821

* # of Portfolio Investments93

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$4,693,707

## 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. | 4.7 |
| MercadoLibre, Inc. | 4.2 |
| Tencent Holdings Ltd. | 3.3 |
| Deutsche Boerse AG | 2.7 |
| Ryanair Holdings PLC | 2.6 |
| SAP SE | 2.5 |
| Scout24 SE | 2.5 |
| DSV AS | 2.4 |
| CRH PLC | 2.2 |
| Samsung Electronics Co. Ltd. | 2.0 |

---

### Top Sectors
![Group By Sector Chart](g39713i0776cf83ca308413cebb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.1 |
| Consumer Staples | 4.9 |
| Health Care | 5.7 |
| Materials | 5.9 |
| Communication Services | 11.7 |
| Consumer Discretionary | 15.8 |
| Financials | 16.8 |
| Industrials | 17.8 |
| Information Technology | 19.7 |

---

### Top 10 Countries
![Group By Country Chart](g39713i465c33bda090573c1b1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Taiwan | 4.7 |
| Canada | 4.7 |
| Italy | 4.9 |
| Denmark | 5.8 |
| France | 6.4 |
| Netherlands | 6.5 |
| United States | 6.9 |
| Germany | 8.9 |
| China | 9.5 |
| Japan | 11.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Baillie Gifford International Stock Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $49 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,387,214,821

* # of Portfolio Investments93

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$4,693,707

## 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. | 4.7 |
| MercadoLibre, Inc. | 4.2 |
| Tencent Holdings Ltd. | 3.3 |
| Deutsche Boerse AG | 2.7 |
| Ryanair Holdings PLC | 2.6 |
| SAP SE | 2.5 |
| Scout24 SE | 2.5 |
| DSV AS | 2.4 |
| CRH PLC | 2.2 |
| Samsung Electronics Co. Ltd. | 2.0 |

---

### Top Sectors
![Group By Sector Chart](g39713i7e8d8ece9e028e2ff091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 1.1 |
| Consumer Staples | 4.9 |
| Health Care | 5.7 |
| Materials | 5.9 |
| Communication Services | 11.7 |
| Consumer Discretionary | 15.8 |
| Financials | 16.8 |
| Industrials | 17.8 |
| Information Technology | 19.7 |

---

### Top 10 Countries
![Group By Country Chart](g39713i75af902960d6fb95ad1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Taiwan | 4.7 |
| Canada | 4.7 |
| Italy | 4.9 |
| Denmark | 5.8 |
| France | 6.4 |
| Netherlands | 6.5 |
| United States | 6.9 |
| Germany | 8.9 |
| China | 9.5 |
| Japan | 11.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Bond Income Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $20 | 0.39%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,588,096,601

* # of Portfolio Investments2,436

* Portfolio Turnover Rate207%

* Total Advisory Fees Paid$4,317,140

## 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 | 15.0 |
| U.S. Treasury Notes | 14.5 |
| Federal National Mortgage Association | 10.2 |
| U.S. Treasury Bonds | 7.5 |
| Federal Home Loan Mortgage Corp. | 6.9 |
| Government National Mortgage Association | 3.0 |
| Government National Mortgage Association, TBA | 2.6 |
| EQT Corp. | 2.0 |
| JPMorgan Chase & Co. | 1.9 |
| Morgan Stanley | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i613e4511834f44d12212.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1 |
| Preferred Stocks | 0.2 |
| Common Stocks | 0.5 |
| Municipals | 0.7 |
| Floating Rate Loans | 0.8 |
| Short-Term Investments | 4.0 |
| Foreign Government | 4.4 |
| Asset-Backed Securities | 8.7 |
| Non-Agency Mortgage-Backed Securities | 10.1 |
| U.S. Treasury & Government Agencies | 22.1 |
| Corporate Bonds & Notes | 26.6 |
| Agency Sponsored Mortgage-Backed Securities | 38.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Bond Income Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $32 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,588,096,601

* # of Portfolio Investments2,436

* Portfolio Turnover Rate207%

* Total Advisory Fees Paid$4,317,140

## 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 | 15.0 |
| U.S. Treasury Notes | 14.5 |
| Federal National Mortgage Association | 10.2 |
| U.S. Treasury Bonds | 7.5 |
| Federal Home Loan Mortgage Corp. | 6.9 |
| Government National Mortgage Association | 3.0 |
| Government National Mortgage Association, TBA | 2.6 |
| EQT Corp. | 2.0 |
| JPMorgan Chase & Co. | 1.9 |
| Morgan Stanley | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i9e5dbe48bd5da6281547.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1 |
| Preferred Stocks | 0.2 |
| Common Stocks | 0.5 |
| Municipals | 0.7 |
| Floating Rate Loans | 0.8 |
| Short-Term Investments | 4.0 |
| Foreign Government | 4.4 |
| Asset-Backed Securities | 8.7 |
| Non-Agency Mortgage-Backed Securities | 10.1 |
| U.S. Treasury & Government Agencies | 22.1 |
| Corporate Bonds & Notes | 26.6 |
| Agency Sponsored Mortgage-Backed Securities | 38.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Bond Income Portfolio: Class E
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,588,096,601

* # of Portfolio Investments2,436

* Portfolio Turnover Rate207%

* Total Advisory Fees Paid$4,317,140

## 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 | 15.0 |
| U.S. Treasury Notes | 14.5 |
| Federal National Mortgage Association | 10.2 |
| U.S. Treasury Bonds | 7.5 |
| Federal Home Loan Mortgage Corp. | 6.9 |
| Government National Mortgage Association | 3.0 |
| Government National Mortgage Association, TBA | 2.6 |
| EQT Corp. | 2.0 |
| JPMorgan Chase & Co. | 1.9 |
| Morgan Stanley | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i444a9a316217f9044684.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Bonds | 0.1 |
| Preferred Stocks | 0.2 |
| Common Stocks | 0.5 |
| Municipals | 0.7 |
| Floating Rate Loans | 0.8 |
| Short-Term Investments | 4.0 |
| Foreign Government | 4.4 |
| Asset-Backed Securities | 8.7 |
| Non-Agency Mortgage-Backed Securities | 10.1 |
| U.S. Treasury & Government Agencies | 22.1 |
| Corporate Bonds & Notes | 26.6 |
| Agency Sponsored Mortgage-Backed Securities | 38.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Capital Appreciation Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,845,789,274

* # of Portfolio Investments47

* Portfolio Turnover Rate20%

* Total Advisory Fees Paid$4,510,581

## 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. | 12.3 |
| Microsoft Corp. | 10.5 |
| Amazon.com, Inc. | 9.0 |
| Meta Platforms, Inc. | 7.2 |
| Broadcom, Inc. | 6.1 |
| Apple, Inc. | 5.6 |
| Visa, Inc. | 4.2 |
| Netflix, Inc. | 3.9 |
| Intuit, Inc. | 3.5 |
| Eli Lilly & Co. | 3.0 |

---

### Top Sectors
![Group By Sector Chart](g39713ib06cc911fd38b4982796.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.2 |
| Materials | 0.7 |
| Industrials | 4.6 |
| Health Care | 7.4 |
| Financials | 8.2 |
| Consumer Discretionary | 14.8 |
| Communication Services | 15.2 |
| Information Technology | 49.0 |

---

### Top Countries
![Group By Country Chart](g39713ib992c1c5e54382af35ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.4 |
| China | 0.6 |
| Netherlands | 1.5 |
| Italy | 1.6 |
| Taiwan | 1.9 |
| United States | 94.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Capital Appreciation Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,845,789,274

* # of Portfolio Investments47

* Portfolio Turnover Rate20%

* Total Advisory Fees Paid$4,510,581

## 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. | 12.3 |
| Microsoft Corp. | 10.5 |
| Amazon.com, Inc. | 9.0 |
| Meta Platforms, Inc. | 7.2 |
| Broadcom, Inc. | 6.1 |
| Apple, Inc. | 5.6 |
| Visa, Inc. | 4.2 |
| Netflix, Inc. | 3.9 |
| Intuit, Inc. | 3.5 |
| Eli Lilly & Co. | 3.0 |

---

### Top Sectors
![Group By Sector Chart](g39713i10a98c96d9a589f87233.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.2 |
| Materials | 0.7 |
| Industrials | 4.6 |
| Health Care | 7.4 |
| Financials | 8.2 |
| Consumer Discretionary | 14.8 |
| Communication Services | 15.2 |
| Information Technology | 49.0 |

---

### Top Countries
![Group By Country Chart](g39713ibda7c143ac9ffd194825.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.4 |
| China | 0.6 |
| Netherlands | 1.5 |
| Italy | 1.6 |
| Taiwan | 1.9 |
| United States | 94.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Capital Appreciation Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $36 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,845,789,274

* # of Portfolio Investments47

* Portfolio Turnover Rate20%

* Total Advisory Fees Paid$4,510,581

## 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. | 12.3 |
| Microsoft Corp. | 10.5 |
| Amazon.com, Inc. | 9.0 |
| Meta Platforms, Inc. | 7.2 |
| Broadcom, Inc. | 6.1 |
| Apple, Inc. | 5.6 |
| Visa, Inc. | 4.2 |
| Netflix, Inc. | 3.9 |
| Intuit, Inc. | 3.5 |
| Eli Lilly & Co. | 3.0 |

---

### Top Sectors
![Group By Sector Chart](g39713ia518674132b38d876741.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.2 |
| Materials | 0.7 |
| Industrials | 4.6 |
| Health Care | 7.4 |
| Financials | 8.2 |
| Consumer Discretionary | 14.8 |
| Communication Services | 15.2 |
| Information Technology | 49.0 |

---

### Top Countries
![Group By Country Chart](g39713ic3002a5a98d9e8e6d23a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.4 |
| China | 0.6 |
| Netherlands | 1.5 |
| Italy | 1.6 |
| Taiwan | 1.9 |
| United States | 94.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Ultra-Short Term Bond Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $19 | 0.37%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$772,918,742

* # of Portfolio Investments158

* Portfolio Turnover Rate0%

* Total Advisory Fees Paid$1,248,187

## 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

---

| | |
|:---|:---|
| JPMorgan Securities LLC | 10.4 |
| BofA Securities, Inc. | 9.4 |
| Westpac Banking Corp. | 3.3 |
| Royal Bank of Canada | 3.3 |
| Macquarie Bank Ltd. | 2.7 |
| CDP Financial Inc | 2.6 |
| Chesham Finance Ltd./Chesham Finance LLC | 2.6 |
| Canadian Imperial Bank of Commerce | 2.5 |
| Ionic Funding LLC | 2.0 |
| TD Securities (USA) LLC | 1.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i8b3c7c50de93a0709125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury | 0.4 |
| Time Deposits | 1.4 |
| Repurchase Agreements | 21.7 |
| Certificate of Deposit | 28.0 |
| Commercial Paper | 48.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Ultra-Short Term Bond Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$772,918,742

* # of Portfolio Investments158

* Portfolio Turnover Rate0%

* Total Advisory Fees Paid$1,248,187

## 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

---

| | |
|:---|:---|
| JPMorgan Securities LLC | 10.4 |
| BofA Securities, Inc. | 9.4 |
| Westpac Banking Corp. | 3.3 |
| Royal Bank of Canada | 3.3 |
| Macquarie Bank Ltd. | 2.7 |
| CDP Financial Inc | 2.6 |
| Chesham Finance Ltd./Chesham Finance LLC | 2.6 |
| Canadian Imperial Bank of Commerce | 2.5 |
| Ionic Funding LLC | 2.0 |
| TD Securities (USA) LLC | 1.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i24872f0a488955499060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury | 0.4 |
| Time Deposits | 1.4 |
| Repurchase Agreements | 21.7 |
| Certificate of Deposit | 28.0 |
| Commercial Paper | 48.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# BlackRock Ultra-Short Term Bond Portfolio: Class E
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $26 | 0.52%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$772,918,742

* # of Portfolio Investments158

* Portfolio Turnover Rate0%

* Total Advisory Fees Paid$1,248,187

## 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

---

| | |
|:---|:---|
| JPMorgan Securities LLC | 10.4 |
| BofA Securities, Inc. | 9.4 |
| Westpac Banking Corp. | 3.3 |
| Royal Bank of Canada | 3.3 |
| Macquarie Bank Ltd. | 2.7 |
| CDP Financial Inc | 2.6 |
| Chesham Finance Ltd./Chesham Finance LLC | 2.6 |
| Canadian Imperial Bank of Commerce | 2.5 |
| Ionic Funding LLC | 2.0 |
| TD Securities (USA) LLC | 1.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i4c2cd6c871b849a31621.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury | 0.4 |
| Time Deposits | 1.4 |
| Repurchase Agreements | 21.7 |
| Certificate of Deposit | 28.0 |
| Commercial Paper | 48.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 20 Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 20 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $5 | 0.10%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$316,945,073

* # of Portfolio Investments34

* Portfolio Turnover Rate9%

* Total Advisory Fees Paid$70,152

## 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

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 13.0 |
| Western Asset Management U.S. Government Portfolio, Class A | 13.0 |
| PIMCO Total Return Portfolio, Class A | 12.5 |
| TCW Core Fixed Income Portfolio, Class A | 10.0 |
| PIMCO Inflation Protected Bond Portfolio, Class A | 8.3 |
| JPMorgan Core Bond Portfolio, Class A | 8.2 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 5.0 |
| Brighthouse/Franklin Low Duration Total Return Portfolio, Class A | 5.0 |
| MFS Value Portfolio, Class A | 2.5 |
| Invesco Comstock Portfolio, Class A | 2.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i5e5fe86b6641705df799.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 0.3 |
| Real Estate Equities | 0.5 |
| U.S. Mid Cap Equities | 0.5 |
| Global Equities | 1.5 |
| International Fixed Income | 2.0 |
| U.S. Small Cap Equities | 2.8 |
| International Developed Market Equities | 3.8 |
| High Yield Fixed Income | 7.5 |
| U.S. Large Cap Equities | 11.3 |
| Investment Grade Fixed Income | 70.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 20 Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 20 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$316,945,073

* # of Portfolio Investments34

* Portfolio Turnover Rate9%

* Total Advisory Fees Paid$70,152

## 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

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 13.0 |
| Western Asset Management U.S. Government Portfolio, Class A | 13.0 |
| PIMCO Total Return Portfolio, Class A | 12.5 |
| TCW Core Fixed Income Portfolio, Class A | 10.0 |
| PIMCO Inflation Protected Bond Portfolio, Class A | 8.3 |
| JPMorgan Core Bond Portfolio, Class A | 8.2 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 5.0 |
| Brighthouse/Franklin Low Duration Total Return Portfolio, Class A | 5.0 |
| MFS Value Portfolio, Class A | 2.5 |
| Invesco Comstock Portfolio, Class A | 2.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i590368161332dc35816a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 0.3 |
| Real Estate Equities | 0.5 |
| U.S. Mid Cap Equities | 0.5 |
| Global Equities | 1.5 |
| International Fixed Income | 2.0 |
| U.S. Small Cap Equities | 2.8 |
| International Developed Market Equities | 3.8 |
| High Yield Fixed Income | 7.5 |
| U.S. Large Cap Equities | 11.3 |
| Investment Grade Fixed Income | 70.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 40 Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 40 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $4 | 0.07%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$3,207,444,460

* # of Portfolio Investments38

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$984,402

## 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

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 10.1 |
| PIMCO Total Return Portfolio, Class A | 9.8 |
| Western Asset Management U.S. Government Portfolio, Class A | 8.3 |
| TCW Core Fixed Income Portfolio, Class A | 7.5 |
| PIMCO Inflation Protected Bond Portfolio, Class A | 5.3 |
| JPMorgan Core Bond Portfolio, Class A | 4.1 |
| MFS Value Portfolio, Class A | 3.8 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 3.5 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 3.5 |
| Invesco Comstock Portfolio, Class A | 3.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i512e3eee2c474a8412e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 0.7 |
| U.S. Mid Cap Equities | 1 |
| Emerging Market Equities | 1.5 |
| Global Equities | 3 |
| International Fixed Income | 4 |
| U.S. Small Cap Equities | 4.5 |
| High Yield Fixed Income | 6.3 |
| International Developed Market Equities | 8.9 |
| U.S. Large Cap Equities | 21.9 |
| Investment Grade Fixed Income | 48.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 40 Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 40 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $16 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$3,207,444,460

* # of Portfolio Investments38

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$984,402

## 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

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 10.1 |
| PIMCO Total Return Portfolio, Class A | 9.8 |
| Western Asset Management U.S. Government Portfolio, Class A | 8.3 |
| TCW Core Fixed Income Portfolio, Class A | 7.5 |
| PIMCO Inflation Protected Bond Portfolio, Class A | 5.3 |
| JPMorgan Core Bond Portfolio, Class A | 4.1 |
| MFS Value Portfolio, Class A | 3.8 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 3.5 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 3.5 |
| Invesco Comstock Portfolio, Class A | 3.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713iec70311ecf150ad36d4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 0.7 |
| U.S. Mid Cap Equities | 1 |
| Emerging Market Equities | 1.5 |
| Global Equities | 3 |
| International Fixed Income | 4 |
| U.S. Small Cap Equities | 4.5 |
| High Yield Fixed Income | 6.3 |
| International Developed Market Equities | 8.9 |
| U.S. Large Cap Equities | 21.9 |
| Investment Grade Fixed Income | 48.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 60 Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 60 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $3 | 0.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,873,444,037

* # of Portfolio Investments39

* Portfolio Turnover Rate9%

* Total Advisory Fees Paid$2,359,293

## 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

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 7.6 |
| PIMCO Total Return Portfolio, Class A | 6.3 |
| TCW Core Fixed Income Portfolio, Class A | 5.3 |
| MFS Value Portfolio, Class A | 5.1 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 4.5 |
| Invesco Comstock Portfolio, Class A | 4.3 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.3 |
| Western Asset Management U.S. Government Portfolio, Class A | 4.3 |
| Harris Oakmark International Portfolio, Class A | 4.1 |
| Baillie Gifford International Stock Portfolio, Class A | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i3ec7ef289a419a302d09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Mid Cap Equities | 1 |
| Real Estate Equities | 1.5 |
| Emerging Market Equities | 2.5 |
| International Fixed Income | 3.8 |
| Global Equities | 4 |
| High Yield Fixed Income | 4.3 |
| U.S. Small Cap Equities | 6.4 |
| International Developed Market Equities | 14.2 |
| Investment Grade Fixed Income | 30.2 |
| U.S. Large Cap Equities | 32 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 60 Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 60 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $16 | 0.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,873,444,037

* # of Portfolio Investments39

* Portfolio Turnover Rate9%

* Total Advisory Fees Paid$2,359,293

## 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

---

| | |
|:---|:---|
| BlackRock Bond Income Portfolio, Class A | 7.6 |
| PIMCO Total Return Portfolio, Class A | 6.3 |
| TCW Core Fixed Income Portfolio, Class A | 5.3 |
| MFS Value Portfolio, Class A | 5.1 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 4.5 |
| Invesco Comstock Portfolio, Class A | 4.3 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.3 |
| Western Asset Management U.S. Government Portfolio, Class A | 4.3 |
| Harris Oakmark International Portfolio, Class A | 4.1 |
| Baillie Gifford International Stock Portfolio, Class A | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i4e5bc5f7c90b41d482e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Mid Cap Equities | 1 |
| Real Estate Equities | 1.5 |
| Emerging Market Equities | 2.5 |
| International Fixed Income | 3.8 |
| Global Equities | 4 |
| High Yield Fixed Income | 4.3 |
| U.S. Small Cap Equities | 6.4 |
| International Developed Market Equities | 14.2 |
| Investment Grade Fixed Income | 30.2 |
| U.S. Large Cap Equities | 32 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 80 Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 80 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $3 | 0.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,194,362,789

* # of Portfolio Investments40

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$2,167,004

## 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 | 5.8 |
| Invesco Comstock Portfolio, Class A | 5.3 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.3 |
| Jennison Growth Portfolio, Class A | 4.9 |
| Harris Oakmark International Portfolio, Class A | 4.8 |
| Loomis Sayles Growth Portfolio, Class A | 4.6 |
| Baillie Gifford International Stock Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Large Cap Research Portfolio, Class A | 4.3 |
| BlackRock Bond Income Portfolio, Class A | 4.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i2491a67dbfd75b30b4b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Fixed Income | 1.8 |
| Real Estate Equities | 2.5 |
| U.S. Mid Cap Equities | 2.5 |
| High Yield Fixed Income | 3.0 |
| Emerging Market Equities | 3.5 |
| Global Equities | 4.5 |
| U.S. Small Cap Equities | 8.3 |
| Investment Grade Fixed Income | 13.3 |
| International Developed Market Equities | 19.0 |
| U.S. Large Cap Equities | 41.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse Asset Allocation 80 Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 80 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $16 | 0.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,194,362,789

* # of Portfolio Investments40

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$2,167,004

## 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 | 5.8 |
| Invesco Comstock Portfolio, Class A | 5.3 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.3 |
| Jennison Growth Portfolio, Class A | 4.9 |
| Harris Oakmark International Portfolio, Class A | 4.8 |
| Loomis Sayles Growth Portfolio, Class A | 4.6 |
| Baillie Gifford International Stock Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 4.5 |
| Brighthouse/Wellington Large Cap Research Portfolio, Class A | 4.3 |
| BlackRock Bond Income Portfolio, Class A | 4.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713ia36266d82d79c344fb31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Fixed Income | 1.8 |
| Real Estate Equities | 2.5 |
| U.S. Mid Cap Equities | 2.5 |
| High Yield Fixed Income | 3.0 |
| Emerging Market Equities | 3.5 |
| Global Equities | 4.5 |
| U.S. Small Cap Equities | 8.3 |
| Investment Grade Fixed Income | 13.3 |
| International Developed Market Equities | 19.0 |
| U.S. Large Cap Equities | 41.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Artisan Mid Cap Value Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$657,693,455

* # of Portfolio Investments69

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$2,377,178

## 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

---

| | |
|:---|:---|
| First Citizens BancShares, Inc. | 3.4 |
| Vontier Corp. | 3.2 |
| Lamar Advertising Co. | 3.2 |
| Genpact Ltd. | 3.0 |
| OGE Energy Corp. | 2.9 |
| U-Haul Holding Co. (Non-Voting Shares) | 2.8 |
| Expedia Group, Inc. | 2.6 |
| nVent Electric PLC | 2.5 |
| Waters Corp. | 2.4 |
| Analog Devices, Inc. | 2.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i6e6dade8e3643164887e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.7 |
| Utilities | 5.2 |
| Consumer Staples | 5.6 |
| Real Estate | 8.0 |
| Information Technology | 9.3 |
| Communication Services | 9.7 |
| Industrials | 13.4 |
| Financials | 14.0 |
| Health Care | 14.1 |
| Consumer Discretionary | 14.5 |

---

### Top Countries
![Group By Country Chart](g39713ib9f7c340e67caf714817.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 1.7 |
| United States | 97.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Artisan Mid Cap Value Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $50 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$657,693,455

* # of Portfolio Investments69

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$2,377,178

## 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

---

| | |
|:---|:---|
| First Citizens BancShares, Inc. | 3.4 |
| Vontier Corp. | 3.2 |
| Lamar Advertising Co. | 3.2 |
| Genpact Ltd. | 3.0 |
| OGE Energy Corp. | 2.9 |
| U-Haul Holding Co. (Non-Voting Shares) | 2.8 |
| Expedia Group, Inc. | 2.6 |
| nVent Electric PLC | 2.5 |
| Waters Corp. | 2.4 |
| Analog Devices, Inc. | 2.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i22fdbd56fdc2bfcf6ede.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.7 |
| Utilities | 5.2 |
| Consumer Staples | 5.6 |
| Real Estate | 8.0 |
| Information Technology | 9.3 |
| Communication Services | 9.7 |
| Industrials | 13.4 |
| Financials | 14.0 |
| Health Care | 14.1 |
| Consumer Discretionary | 14.5 |

---

### Top Countries
![Group By Country Chart](g39713i5a4da2d45dfc91eb357d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 1.7 |
| United States | 97.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Artisan Mid Cap Value Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $45 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$657,693,455

* # of Portfolio Investments69

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$2,377,178

## 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

---

| | |
|:---|:---|
| First Citizens BancShares, Inc. | 3.4 |
| Vontier Corp. | 3.2 |
| Lamar Advertising Co. | 3.2 |
| Genpact Ltd. | 3.0 |
| OGE Energy Corp. | 2.9 |
| U-Haul Holding Co. (Non-Voting Shares) | 2.8 |
| Expedia Group, Inc. | 2.6 |
| nVent Electric PLC | 2.5 |
| Waters Corp. | 2.4 |
| Analog Devices, Inc. | 2.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i93aa6fc15256f6b5bf2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.7 |
| Utilities | 5.2 |
| Consumer Staples | 5.6 |
| Real Estate | 8.0 |
| Information Technology | 9.3 |
| Communication Services | 9.7 |
| Industrials | 13.4 |
| Financials | 14.0 |
| Health Care | 14.1 |
| Consumer Discretionary | 14.5 |

---

### Top Countries
![Group By Country Chart](g39713i996ce6261613a74b3a77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 1.7 |
| United States | 97.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Dimensional International Small Company Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$478,713,927

* # of Portfolio Investments3,392

* Portfolio Turnover Rate2%

* Total Advisory Fees Paid$1,514,591

## 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

---

| | |
|:---|:---|
| Belimo Holding AG | 0.5 |
| Swiss Prime Site AG | 0.5 |
| BAWAG Group AG | 0.4 |
| PSP Swiss Property AG | 0.4 |
| Banco de Sabadell SA | 0.4 |
| Swissquote Group Holding SA | 0.4 |
| SPIE SA | 0.4 |
| Orion OYJ | 0.3 |
| Gaztransport Et Technigaz SA | 0.3 |
| LEG Immobilien SE | 0.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i58a7aeffb466058a2b51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.6 |
| Real Estate | 4.5 |
| Energy | 4.7 |
| Health Care | 4.8 |
| Consumer Staples | 5.6 |
| Information Technology | 7.7 |
| Consumer Discretionary | 12.1 |
| Materials | 12.5 |
| Financials | 15.1 |
| Industrials | 25.7 |

---

### Top 10 Countries
![Group By Country Chart](g39713i166da3dfddf111ce86a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 2.8 |
| Finland | 2.9 |
| Italy | 4.5 |
| France | 5.3 |
| Australia | 5.9 |
| Germany | 6.4 |
| Switzerland | 8.3 |
| Canada | 10.2 |
| United Kingdom | 11.2 |
| Japan | 23.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Dimensional International Small Company Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $56 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$478,713,927

* # of Portfolio Investments3,392

* Portfolio Turnover Rate2%

* Total Advisory Fees Paid$1,514,591

## 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

---

| | |
|:---|:---|
| Belimo Holding AG | 0.5 |
| Swiss Prime Site AG | 0.5 |
| BAWAG Group AG | 0.4 |
| PSP Swiss Property AG | 0.4 |
| Banco de Sabadell SA | 0.4 |
| Swissquote Group Holding SA | 0.4 |
| SPIE SA | 0.4 |
| Orion OYJ | 0.3 |
| Gaztransport Et Technigaz SA | 0.3 |
| LEG Immobilien SE | 0.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i7fe887886dc5951b02a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.6 |
| Real Estate | 4.5 |
| Energy | 4.7 |
| Health Care | 4.8 |
| Consumer Staples | 5.6 |
| Information Technology | 7.7 |
| Consumer Discretionary | 12.1 |
| Materials | 12.5 |
| Financials | 15.1 |
| Industrials | 25.7 |

---

### Top 10 Countries
![Group By Country Chart](g39713id23f510dcb1768ceb3e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 2.8 |
| Finland | 2.9 |
| Italy | 4.5 |
| France | 5.3 |
| Australia | 5.9 |
| Germany | 6.4 |
| Switzerland | 8.3 |
| Canada | 10.2 |
| United Kingdom | 11.2 |
| Japan | 23.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Wellington Balanced Portfolio: Class A
![Image](g39713i056bab3d3bc08b584814.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,178,232,136

* # of Portfolio Investments1,475

* Portfolio Turnover Rate94%

* Total Advisory Fees Paid$2,507,210

## 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. | 4.9 |
| Microsoft Corp. | 4.6 |
| Apple, Inc. | 3.2 |
| Alphabet, Inc. | 2.8 |
| Amazon.com, Inc. | 2.7 |
| Wells Fargo & Co. | 2.1 |
| Broadcom, Inc. | 1.9 |
| Berkshire Hathaway, Inc. | 1.2 |
| Mastercard, Inc. | 1.1 |
| Exxon Mobil Corp. | 1 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 4.9 |
| U.S. Treasury Bonds | 4.8 |
| Uniform Mortgage-Backed Security, TBA | 4.7 |
| Federal National Mortgage Association | 4.5 |
| Federal Home Loan Mortgage Corp. | 2.1 |
| Government National Mortgage Association | 1.9 |
| U.S. Treasury Inflation-Indexed Bonds | 0.9 |
| Government National Mortgage Association, TBA | 0.8 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 0.5 |
| U.S. Treasury Inflation-Indexed Notes | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g39713id95878716e1566fd3e58.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Romania | 0.2 |
| Mexico | 0.2 |
| Canada | 0.3 |
| France | 0.3 |
| Bermuda | 0.3 |
| Cayman Islands | 0.4 |
| Germany | 0.5 |
| Netherlands | 0.6 |
| United Kingdom | 1.1 |
| United States | 98.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i73010c04867ad9a7d86d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loan | 0.0 |
| Municipals | 0.4 |
| Foreign Government | 0.9 |
| Short-Term Investments | 1.2 |
| Asset-Backed Securities | 2.7 |
| Non-Agency Mortgage-Backed Securities | 3.8 |
| Corporate Bonds & Notes | 8.9 |
| U.S. Treasury & Government Agencies | 11.2 |
| Agency Sponsored Mortgage-Backed Securities | 15.7 |
| Common Stocks | 60.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Wellington Balanced Portfolio: Class B
![Image](g39713i056bab3d3bc08b584814.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,178,232,136

* # of Portfolio Investments1,475

* Portfolio Turnover Rate94%

* Total Advisory Fees Paid$2,507,210

## 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. | 4.9 |
| Microsoft Corp. | 4.6 |
| Apple, Inc. | 3.2 |
| Alphabet, Inc. | 2.8 |
| Amazon.com, Inc. | 2.7 |
| Wells Fargo & Co. | 2.1 |
| Broadcom, Inc. | 1.9 |
| Berkshire Hathaway, Inc. | 1.2 |
| Mastercard, Inc. | 1.1 |
| Exxon Mobil Corp. | 1 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 4.9 |
| U.S. Treasury Bonds | 4.8 |
| Uniform Mortgage-Backed Security, TBA | 4.7 |
| Federal National Mortgage Association | 4.5 |
| Federal Home Loan Mortgage Corp. | 2.1 |
| Government National Mortgage Association | 1.9 |
| U.S. Treasury Inflation-Indexed Bonds | 0.9 |
| Government National Mortgage Association, TBA | 0.8 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 0.5 |
| U.S. Treasury Inflation-Indexed Notes | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g39713i82ee1e96988843b1720e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Romania | 0.2 |
| Mexico | 0.2 |
| Canada | 0.3 |
| France | 0.3 |
| Bermuda | 0.3 |
| Cayman Islands | 0.4 |
| Germany | 0.5 |
| Netherlands | 0.6 |
| United Kingdom | 1.1 |
| United States | 98.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i58aeaa51bd25bd3697b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loan | 0.0 |
| Municipals | 0.4 |
| Foreign Government | 0.9 |
| Short-Term Investments | 1.2 |
| Asset-Backed Securities | 2.7 |
| Non-Agency Mortgage-Backed Securities | 3.8 |
| Corporate Bonds & Notes | 8.9 |
| U.S. Treasury & Government Agencies | 11.2 |
| Agency Sponsored Mortgage-Backed Securities | 15.7 |
| Common Stocks | 60.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Wellington Balanced Portfolio: Class E
![Image](g39713i056bab3d3bc08b584814.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $32 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,178,232,136

* # of Portfolio Investments1,475

* Portfolio Turnover Rate94%

* Total Advisory Fees Paid$2,507,210

## 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. | 4.9 |
| Microsoft Corp. | 4.6 |
| Apple, Inc. | 3.2 |
| Alphabet, Inc. | 2.8 |
| Amazon.com, Inc. | 2.7 |
| Wells Fargo & Co. | 2.1 |
| Broadcom, Inc. | 1.9 |
| Berkshire Hathaway, Inc. | 1.2 |
| Mastercard, Inc. | 1.1 |
| Exxon Mobil Corp. | 1 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 4.9 |
| U.S. Treasury Bonds | 4.8 |
| Uniform Mortgage-Backed Security, TBA | 4.7 |
| Federal National Mortgage Association | 4.5 |
| Federal Home Loan Mortgage Corp. | 2.1 |
| Government National Mortgage Association | 1.9 |
| U.S. Treasury Inflation-Indexed Bonds | 0.9 |
| Government National Mortgage Association, TBA | 0.8 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 0.5 |
| U.S. Treasury Inflation-Indexed Notes | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g39713i709a31271f25e1723e33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Romania | 0.2 |
| Mexico | 0.2 |
| Canada | 0.3 |
| France | 0.3 |
| Bermuda | 0.3 |
| Cayman Islands | 0.4 |
| Germany | 0.5 |
| Netherlands | 0.6 |
| United Kingdom | 1.1 |
| United States | 98.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i2c4030484bdaf7721fab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loan | 0.0 |
| Municipals | 0.4 |
| Foreign Government | 0.9 |
| Short-Term Investments | 1.2 |
| Asset-Backed Securities | 2.7 |
| Non-Agency Mortgage-Backed Securities | 3.8 |
| Corporate Bonds & Notes | 8.9 |
| U.S. Treasury & Government Agencies | 11.2 |
| Agency Sponsored Mortgage-Backed Securities | 15.7 |
| Common Stocks | 60.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Wellington Core Equity Opportunities Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,878,852,841

* # of Portfolio Investments52

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$8,014,194

## 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

---

| | |
|:---|:---|
| Microsoft Corp. | 4.9 |
| Broadcom, Inc. | 3.8 |
| Intuit, Inc. | 3.5 |
| Texas Instruments, Inc. | 3.5 |
| American Express Co. | 3.3 |
| Mastercard, Inc. | 3.2 |
| TJX Cos., Inc. | 3.2 |
| Apple, Inc. | 3.1 |
| Visa, Inc. | 3.1 |
| Linde PLC | 2.9 |

---

### Top Sectors
![Group By Sector Chart](g39713iccb4314bd7e428f613bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9 |
| Communication Services | 2.7 |
| Materials | 4.9 |
| Consumer Staples | 10.4 |
| Consumer Discretionary | 10.5 |
| Health Care | 15.0 |
| Industrials | 15.6 |
| Financials | 15.8 |
| Information Technology | 21.3 |

---

### Top Countries
![Group By Country Chart](g39713i59329e646725ad3ff247.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.0 |
| United Kingdom | 2.1 |
| Ireland | 2.6 |
| United States | 90.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Wellington Core Equity Opportunities Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,878,852,841

* # of Portfolio Investments52

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$8,014,194

## 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

---

| | |
|:---|:---|
| Microsoft Corp. | 4.9 |
| Broadcom, Inc. | 3.8 |
| Intuit, Inc. | 3.5 |
| Texas Instruments, Inc. | 3.5 |
| American Express Co. | 3.3 |
| Mastercard, Inc. | 3.2 |
| TJX Cos., Inc. | 3.2 |
| Apple, Inc. | 3.1 |
| Visa, Inc. | 3.1 |
| Linde PLC | 2.9 |

---

### Top Sectors
![Group By Sector Chart](g39713i1f77e825dd2e73297f95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9 |
| Communication Services | 2.7 |
| Materials | 4.9 |
| Consumer Staples | 10.4 |
| Consumer Discretionary | 10.5 |
| Health Care | 15.0 |
| Industrials | 15.6 |
| Financials | 15.8 |
| Information Technology | 21.3 |

---

### Top Countries
![Group By Country Chart](g39713i7bc2d96f657006d25441.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.0 |
| United Kingdom | 2.1 |
| Ireland | 2.6 |
| United States | 90.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Brighthouse/Wellington Core Equity Opportunities Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,878,852,841

* # of Portfolio Investments52

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$8,014,194

## 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

---

| | |
|:---|:---|
| Microsoft Corp. | 4.9 |
| Broadcom, Inc. | 3.8 |
| Intuit, Inc. | 3.5 |
| Texas Instruments, Inc. | 3.5 |
| American Express Co. | 3.3 |
| Mastercard, Inc. | 3.2 |
| TJX Cos., Inc. | 3.2 |
| Apple, Inc. | 3.1 |
| Visa, Inc. | 3.1 |
| Linde PLC | 2.9 |

---

### Top Sectors
![Group By Sector Chart](g39713i9cae4e1bee6bce78bf8e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9 |
| Communication Services | 2.7 |
| Materials | 4.9 |
| Consumer Staples | 10.4 |
| Consumer Discretionary | 10.5 |
| Health Care | 15.0 |
| Industrials | 15.6 |
| Financials | 15.8 |
| Information Technology | 21.3 |

---

### Top Countries
![Group By Country Chart](g39713ic96865f4cd9f1b79e5ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 2.0 |
| United Kingdom | 2.1 |
| Ireland | 2.6 |
| United States | 90.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Frontier Mid Cap Growth Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $34 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,014,376,433

* # of Portfolio Investments98

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$3,164,768

## 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

---

| | |
|:---|:---|
| XPO, Inc. | 2.8 |
| Cheniere Energy, Inc. | 2.5 |
| Twilio, Inc. | 2.3 |
| FTAI Aviation Ltd. | 2.0 |
| Block, Inc. | 2.0 |
| Dexcom, Inc. | 1.9 |
| Veeva Systems, Inc. | 1.7 |
| Vertiv Holdings Co. | 1.7 |
| ROBLOX Corp. | 1.7 |
| ATI, Inc. | 1.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i689ff4d0f2cf8d7a191b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6 |
| Real Estate | 1.6 |
| Consumer Staples | 2.0 |
| Communication Services | 3.1 |
| Energy | 3.4 |
| Financials | 7.8 |
| Consumer Discretionary | 10.7 |
| Health Care | 15.4 |
| Industrials | 21.4 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g39713i78abd7c407288ae1ce96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.7 |
| Japan | 1.6 |
| United States | 95.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Frontier Mid Cap Growth Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $47 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,014,376,433

* # of Portfolio Investments98

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$3,164,768

## 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

---

| | |
|:---|:---|
| XPO, Inc. | 2.8 |
| Cheniere Energy, Inc. | 2.5 |
| Twilio, Inc. | 2.3 |
| FTAI Aviation Ltd. | 2.0 |
| Block, Inc. | 2.0 |
| Dexcom, Inc. | 1.9 |
| Veeva Systems, Inc. | 1.7 |
| Vertiv Holdings Co. | 1.7 |
| ROBLOX Corp. | 1.7 |
| ATI, Inc. | 1.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i68273a8e5edb673caeff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6 |
| Real Estate | 1.6 |
| Consumer Staples | 2.0 |
| Communication Services | 3.1 |
| Energy | 3.4 |
| Financials | 7.8 |
| Consumer Discretionary | 10.7 |
| Health Care | 15.4 |
| Industrials | 21.4 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g39713iea6012f59f66d9b39813.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.7 |
| Japan | 1.6 |
| United States | 95.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Frontier Mid Cap Growth Portfolio: Class D
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $39 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,014,376,433

* # of Portfolio Investments98

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$3,164,768

## 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

---

| | |
|:---|:---|
| XPO, Inc. | 2.8 |
| Cheniere Energy, Inc. | 2.5 |
| Twilio, Inc. | 2.3 |
| FTAI Aviation Ltd. | 2.0 |
| Block, Inc. | 2.0 |
| Dexcom, Inc. | 1.9 |
| Veeva Systems, Inc. | 1.7 |
| Vertiv Holdings Co. | 1.7 |
| ROBLOX Corp. | 1.7 |
| ATI, Inc. | 1.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ia91c566902903a963bf6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6 |
| Real Estate | 1.6 |
| Consumer Staples | 2.0 |
| Communication Services | 3.1 |
| Energy | 3.4 |
| Financials | 7.8 |
| Consumer Discretionary | 10.7 |
| Health Care | 15.4 |
| Industrials | 21.4 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g39713i6e60f983b0942ed57557.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.7 |
| Japan | 1.6 |
| United States | 95.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Frontier Mid Cap Growth Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $42 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,014,376,433

* # of Portfolio Investments98

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$3,164,768

## 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

---

| | |
|:---|:---|
| XPO, Inc. | 2.8 |
| Cheniere Energy, Inc. | 2.5 |
| Twilio, Inc. | 2.3 |
| FTAI Aviation Ltd. | 2.0 |
| Block, Inc. | 2.0 |
| Dexcom, Inc. | 1.9 |
| Veeva Systems, Inc. | 1.7 |
| Vertiv Holdings Co. | 1.7 |
| ROBLOX Corp. | 1.7 |
| ATI, Inc. | 1.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i97ed4443f67d8e299828.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6 |
| Real Estate | 1.6 |
| Consumer Staples | 2.0 |
| Communication Services | 3.1 |
| Energy | 3.4 |
| Financials | 7.8 |
| Consumer Discretionary | 10.7 |
| Health Care | 15.4 |
| Industrials | 21.4 |
| Information Technology | 29.9 |

---

### Top Countries
![Group By Country Chart](g39713ib28b06b000b840a6cd24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.7 |
| Japan | 1.6 |
| United States | 95.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Jennison Growth Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $28 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,973,917,878

* # of Portfolio Investments75

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$7,179,886

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3 |
| Amazon.com, Inc. | 7.6 |
| Microsoft Corp. | 7.0 |
| Meta Platforms, Inc. | 6.1 |
| Broadcom, Inc. | 5.3 |
| Netflix, Inc. | 5.1 |
| Apple, Inc. | 4.6 |
| Alphabet, Inc. | 3.7 |
| Eli Lilly & Co. | 2.9 |
| Mastercard, Inc. | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g39713icf9f14662e61e1a3dc43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5 |
| Consumer Staples | 3.5 |
| Industrials | 5.4 |
| Financials | 7.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 16.3 |
| Communication Services | 19.0 |
| Information Technology | 37.1 |

---

### Top Countries
![Group By Country Chart](g39713idb4e093d198605c32d75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 0.4 |
| Spain | 0.5 |
| Canada | 0.5 |
| Germany | 0.7 |
| Denmark | 1 |
| Taiwan | 1.2 |
| Brazil | 1.2 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Jennison Growth Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $41 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,973,917,878

* # of Portfolio Investments75

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$7,179,886

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3 |
| Amazon.com, Inc. | 7.6 |
| Microsoft Corp. | 7.0 |
| Meta Platforms, Inc. | 6.1 |
| Broadcom, Inc. | 5.3 |
| Netflix, Inc. | 5.1 |
| Apple, Inc. | 4.6 |
| Alphabet, Inc. | 3.7 |
| Eli Lilly & Co. | 2.9 |
| Mastercard, Inc. | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g39713ieea2dc061c306e6ebf28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5 |
| Consumer Staples | 3.5 |
| Industrials | 5.4 |
| Financials | 7.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 16.3 |
| Communication Services | 19.0 |
| Information Technology | 37.1 |

---

### Top Countries
![Group By Country Chart](g39713i2dd73c10c2a7e6e4cb46.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 0.4 |
| Spain | 0.5 |
| Canada | 0.5 |
| Germany | 0.7 |
| Denmark | 1 |
| Taiwan | 1.2 |
| Brazil | 1.2 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Jennison Growth Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,973,917,878

* # of Portfolio Investments75

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$7,179,886

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.3 |
| Amazon.com, Inc. | 7.6 |
| Microsoft Corp. | 7.0 |
| Meta Platforms, Inc. | 6.1 |
| Broadcom, Inc. | 5.3 |
| Netflix, Inc. | 5.1 |
| Apple, Inc. | 4.6 |
| Alphabet, Inc. | 3.7 |
| Eli Lilly & Co. | 2.9 |
| Mastercard, Inc. | 2.7 |

---

### Top Sectors
![Group By Sector Chart](g39713i7b6b12317d7e7802aceb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5 |
| Consumer Staples | 3.5 |
| Industrials | 5.4 |
| Financials | 7.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 16.3 |
| Communication Services | 19.0 |
| Information Technology | 37.1 |

---

### Top Countries
![Group By Country Chart](g39713i0be91001f190ea2979a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 0.4 |
| Spain | 0.5 |
| Canada | 0.5 |
| Germany | 0.7 |
| Denmark | 1 |
| Taiwan | 1.2 |
| Brazil | 1.2 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Loomis Sayles Small Cap Core Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$350,825,622

* # of Portfolio Investments210

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,413,199

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| U.S. Cellular Corp. | 1.5 |
| TTM Technologies, Inc. | 1.4 |
| Talen Energy Corp. | 1.3 |
| Moog, Inc. | 1.3 |
| Wintrust Financial Corp. | 1.3 |
| Arcosa, Inc. | 1.2 |
| Popular, Inc. | 1.2 |
| Federal Agricultural Mortgage Corp. | 1.2 |
| Vontier Corp. | 1.2 |
| Antero Resources Corp. | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i1e1293dcfa15a23f74bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.0 |
| Real Estate | 3.1 |
| Materials | 3.4 |
| Utilities | 3.6 |
| Energy | 5.4 |
| Consumer Discretionary | 9.2 |
| Information Technology | 12.1 |
| Health Care | 12.2 |
| Financials | 19.3 |
| Industrials | 24.4 |

---

### Top 10 Countries
![Group By Country Chart](g39713i501cf8ef8b0cc321330d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.1 |
| Israel | 0.1 |
| Costa Rica | 0.2 |
| Bahamas | 0.3 |
| Bermuda | 0.6 |
| Switzerland | 0.9 |
| Canada | 0.9 |
| Puerto Rico | 1.5 |
| United Kingdom | 2.8 |
| United States | 91.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Loomis Sayles Small Cap Core Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $57 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$350,825,622

* # of Portfolio Investments210

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,413,199

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| U.S. Cellular Corp. | 1.5 |
| TTM Technologies, Inc. | 1.4 |
| Talen Energy Corp. | 1.3 |
| Moog, Inc. | 1.3 |
| Wintrust Financial Corp. | 1.3 |
| Arcosa, Inc. | 1.2 |
| Popular, Inc. | 1.2 |
| Federal Agricultural Mortgage Corp. | 1.2 |
| Vontier Corp. | 1.2 |
| Antero Resources Corp. | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i34ba39bcc36442fcaf17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.0 |
| Real Estate | 3.1 |
| Materials | 3.4 |
| Utilities | 3.6 |
| Energy | 5.4 |
| Consumer Discretionary | 9.2 |
| Information Technology | 12.1 |
| Health Care | 12.2 |
| Financials | 19.3 |
| Industrials | 24.4 |

---

### Top 10 Countries
![Group By Country Chart](g39713idcc2050f0ec59d8ddb0a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.1 |
| Israel | 0.1 |
| Costa Rica | 0.2 |
| Bahamas | 0.3 |
| Bermuda | 0.6 |
| Switzerland | 0.9 |
| Canada | 0.9 |
| Puerto Rico | 1.5 |
| United Kingdom | 2.8 |
| United States | 91.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Loomis Sayles Small Cap Core Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$350,825,622

* # of Portfolio Investments210

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,413,199

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| U.S. Cellular Corp. | 1.5 |
| TTM Technologies, Inc. | 1.4 |
| Talen Energy Corp. | 1.3 |
| Moog, Inc. | 1.3 |
| Wintrust Financial Corp. | 1.3 |
| Arcosa, Inc. | 1.2 |
| Popular, Inc. | 1.2 |
| Federal Agricultural Mortgage Corp. | 1.2 |
| Vontier Corp. | 1.2 |
| Antero Resources Corp. | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i17d7cd15dc7c9c75da57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 3.0 |
| Real Estate | 3.1 |
| Materials | 3.4 |
| Utilities | 3.6 |
| Energy | 5.4 |
| Consumer Discretionary | 9.2 |
| Information Technology | 12.1 |
| Health Care | 12.2 |
| Financials | 19.3 |
| Industrials | 24.4 |

---

### Top 10 Countries
![Group By Country Chart](g39713i63b7163065ce5193d545.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.1 |
| Israel | 0.1 |
| Costa Rica | 0.2 |
| Bahamas | 0.3 |
| Bermuda | 0.6 |
| Switzerland | 0.9 |
| Canada | 0.9 |
| Puerto Rico | 1.5 |
| United Kingdom | 2.8 |
| United States | 91.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Loomis Sayles Small Cap Growth Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$332,590,415

* # of Portfolio Investments106

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,284,652

## 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

---

| | |
|:---|:---|
| Sterling Infrastructure, Inc. | 2.2 |
| Kratos Defense & Security Solutions, Inc. | 2.1 |
| ESCO Technologies, Inc. | 2.1 |
| MACOM Technology Solutions Holdings, Inc. | 2.0 |
| Construction Partners, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Casella Waste Systems, Inc. | 1.7 |
| Intapp, Inc. | 1.6 |
| Verona Pharma PLC | 1.6 |
| Varonis Systems, Inc. | 1.6 |

---

### Top Sectors
![Group By Sector Chart](g39713ia3eae6bbd5e7c94d3a00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.5 |
| Consumer Staples | 3.1 |
| Energy | 3.3 |
| Financials | 8.8 |
| Consumer Discretionary | 11.7 |
| Information Technology | 19.4 |
| Health Care | 24.8 |
| Industrials | 26.0 |

---

### Top Countries
![Group By Country Chart](g39713i92afe8012fad43177d5c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.2 |
| Canada | 0.5 |
| Israel | 0.6 |
| Costa Rica | 0.9 |
| Bahamas | 1.1 |
| Puerto Rico | 1.1 |
| United Kingdom | 2.6 |
| United States | 90.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Loomis Sayles Small Cap Growth Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $55 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$332,590,415

* # of Portfolio Investments106

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,284,652

## 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

---

| | |
|:---|:---|
| Sterling Infrastructure, Inc. | 2.2 |
| Kratos Defense & Security Solutions, Inc. | 2.1 |
| ESCO Technologies, Inc. | 2.1 |
| MACOM Technology Solutions Holdings, Inc. | 2.0 |
| Construction Partners, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Casella Waste Systems, Inc. | 1.7 |
| Intapp, Inc. | 1.6 |
| Verona Pharma PLC | 1.6 |
| Varonis Systems, Inc. | 1.6 |

---

### Top Sectors
![Group By Sector Chart](g39713i107dfeb8d8aa447aa336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.5 |
| Consumer Staples | 3.1 |
| Energy | 3.3 |
| Financials | 8.8 |
| Consumer Discretionary | 11.7 |
| Information Technology | 19.4 |
| Health Care | 24.8 |
| Industrials | 26.0 |

---

### Top Countries
![Group By Country Chart](g39713i0cd544570e5065aa0368.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.2 |
| Canada | 0.5 |
| Israel | 0.6 |
| Costa Rica | 0.9 |
| Bahamas | 1.1 |
| Puerto Rico | 1.1 |
| United Kingdom | 2.6 |
| United States | 90.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Loomis Sayles Small Cap Growth Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $51 | 1.03%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$332,590,415

* # of Portfolio Investments106

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,284,652

## 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

---

| | |
|:---|:---|
| Sterling Infrastructure, Inc. | 2.2 |
| Kratos Defense & Security Solutions, Inc. | 2.1 |
| ESCO Technologies, Inc. | 2.1 |
| MACOM Technology Solutions Holdings, Inc. | 2.0 |
| Construction Partners, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| Casella Waste Systems, Inc. | 1.7 |
| Intapp, Inc. | 1.6 |
| Verona Pharma PLC | 1.6 |
| Varonis Systems, Inc. | 1.6 |

---

### Top Sectors
![Group By Sector Chart](g39713if24508a9cc7a71231268.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.5 |
| Consumer Staples | 3.1 |
| Energy | 3.3 |
| Financials | 8.8 |
| Consumer Discretionary | 11.7 |
| Information Technology | 19.4 |
| Health Care | 24.8 |
| Industrials | 26.0 |

---

### Top Countries
![Group By Country Chart](g39713icd17cc68c9d8854c5338.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Guernsey, Channel Islands | 0.2 |
| Canada | 0.5 |
| Israel | 0.6 |
| Costa Rica | 0.9 |
| Bahamas | 1.1 |
| Puerto Rico | 1.1 |
| United Kingdom | 2.6 |
| United States | 90.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Aggregate Bond Index Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$3,549,904,793

* # of Portfolio Investments1,693

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$4,209,799

## 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 | 35.7 |
| Federal National Mortgage Association | 10.9 |
| U.S. Treasury Bonds | 9.2 |
| Federal Home Loan Mortgage Corp. | 8.0 |
| Government National Mortgage Association | 5.7 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| Bank of America Corp. | 0.6 |
| JPMorgan Chase & Co. | 0.6 |
| Goldman Sachs Group, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i87f2727120d83a36e6ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3 |
| Asset-Backed Securities | 0.5 |
| Municipals | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.5 |
| Agency Sponsored Mortgage-Backed Securities | 25.0 |
| Corporate Bonds & Notes | 25.2 |
| U.S. Treasury & Government Agencies | 45.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Aggregate Bond Index Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$3,549,904,793

* # of Portfolio Investments1,693

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$4,209,799

## 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 | 35.7 |
| Federal National Mortgage Association | 10.9 |
| U.S. Treasury Bonds | 9.2 |
| Federal Home Loan Mortgage Corp. | 8.0 |
| Government National Mortgage Association | 5.7 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| Bank of America Corp. | 0.6 |
| JPMorgan Chase & Co. | 0.6 |
| Goldman Sachs Group, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i5c4c8db0880713dc1a68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3 |
| Asset-Backed Securities | 0.5 |
| Municipals | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.5 |
| Agency Sponsored Mortgage-Backed Securities | 25.0 |
| Corporate Bonds & Notes | 25.2 |
| U.S. Treasury & Government Agencies | 45.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Aggregate Bond Index Portfolio: Class E
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$3,549,904,793

* # of Portfolio Investments1,693

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$4,209,799

## 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 | 35.7 |
| Federal National Mortgage Association | 10.9 |
| U.S. Treasury Bonds | 9.2 |
| Federal Home Loan Mortgage Corp. | 8.0 |
| Government National Mortgage Association | 5.7 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| Bank of America Corp. | 0.6 |
| JPMorgan Chase & Co. | 0.6 |
| Goldman Sachs Group, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713ia37654d5ad6b98bbbc1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3 |
| Asset-Backed Securities | 0.5 |
| Municipals | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.5 |
| Agency Sponsored Mortgage-Backed Securities | 25.0 |
| Corporate Bonds & Notes | 25.2 |
| U.S. Treasury & Government Agencies | 45.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Aggregate Bond Index Portfolio: Class G
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $28 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$3,549,904,793

* # of Portfolio Investments1,693

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$4,209,799

## 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 | 35.7 |
| Federal National Mortgage Association | 10.9 |
| U.S. Treasury Bonds | 9.2 |
| Federal Home Loan Mortgage Corp. | 8.0 |
| Government National Mortgage Association | 5.7 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 0.7 |
| Bank of America Corp. | 0.6 |
| JPMorgan Chase & Co. | 0.6 |
| Goldman Sachs Group, Inc. | 0.4 |
| Wells Fargo & Co. | 0.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i31f215d95fd4dbea90fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.3 |
| Asset-Backed Securities | 0.5 |
| Municipals | 0.5 |
| Non-Agency Mortgage-Backed Securities | 0.7 |
| Foreign Government | 1.5 |
| Agency Sponsored Mortgage-Backed Securities | 25.0 |
| Corporate Bonds & Notes | 25.2 |
| U.S. Treasury & Government Agencies | 45.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Mid Cap Stock Index Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $14 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,161,919,821

* # of Portfolio Investments431

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$1,445,008

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 1.8 |
| Interactive Brokers Group, Inc. | 0.8 |
| EMCOR Group, Inc. | 0.8 |
| Guidewire Software, Inc. | 0.7 |
| RB Global, Inc. | 0.7 |
| Flex Ltd. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Comfort Systems USA, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i24b28c5897a644fc1f43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.8 |
| Energy | 3.6 |
| Consumer Staples | 5.2 |
| Materials | 5.2 |
| Real Estate | 6.6 |
| Health Care | 8.3 |
| Information Technology | 11.3 |
| Consumer Discretionary | 12.8 |
| Financials | 17.6 |
| Industrials | 22.0 |

---

### Top Countries
![Group By Country Chart](g39713i6d653070a1ef8bbd037b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.3 |
| Thailand | 0.4 |
| Bermuda | 0.4 |
| Canada | 0.7 |
| United States | 96.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Mid Cap Stock Index Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,161,919,821

* # of Portfolio Investments431

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$1,445,008

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 1.8 |
| Interactive Brokers Group, Inc. | 0.8 |
| EMCOR Group, Inc. | 0.8 |
| Guidewire Software, Inc. | 0.7 |
| RB Global, Inc. | 0.7 |
| Flex Ltd. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Comfort Systems USA, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i94eeae75727cbdf15bcc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.8 |
| Energy | 3.6 |
| Consumer Staples | 5.2 |
| Materials | 5.2 |
| Real Estate | 6.6 |
| Health Care | 8.3 |
| Information Technology | 11.3 |
| Consumer Discretionary | 12.8 |
| Financials | 17.6 |
| Industrials | 22.0 |

---

### Top Countries
![Group By Country Chart](g39713if686e3d98be3486af61a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.3 |
| Thailand | 0.4 |
| Bermuda | 0.4 |
| Canada | 0.7 |
| United States | 96.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Mid Cap Stock Index Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $22 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,161,919,821

* # of Portfolio Investments431

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$1,445,008

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 1.8 |
| Interactive Brokers Group, Inc. | 0.8 |
| EMCOR Group, Inc. | 0.8 |
| Guidewire Software, Inc. | 0.7 |
| RB Global, Inc. | 0.7 |
| Flex Ltd. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Comfort Systems USA, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i008bf9612c89d4653847.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.8 |
| Energy | 3.6 |
| Consumer Staples | 5.2 |
| Materials | 5.2 |
| Real Estate | 6.6 |
| Health Care | 8.3 |
| Information Technology | 11.3 |
| Consumer Discretionary | 12.8 |
| Financials | 17.6 |
| Industrials | 22.0 |

---

### Top Countries
![Group By Country Chart](g39713i442ef76d1af7847254f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.3 |
| Thailand | 0.4 |
| Bermuda | 0.4 |
| Canada | 0.7 |
| United States | 96.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Mid Cap Stock Index Portfolio: Class G
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,161,919,821

* # of Portfolio Investments431

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$1,445,008

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 1.8 |
| Interactive Brokers Group, Inc. | 0.8 |
| EMCOR Group, Inc. | 0.8 |
| Guidewire Software, Inc. | 0.7 |
| RB Global, Inc. | 0.7 |
| Flex Ltd. | 0.6 |
| Casey's General Stores, Inc. | 0.6 |
| Comfort Systems USA, Inc. | 0.6 |
| Curtiss-Wright Corp. | 0.6 |
| Pure Storage, Inc. | 0.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ic4f53e7c2da860f9e1f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.8 |
| Energy | 3.6 |
| Consumer Staples | 5.2 |
| Materials | 5.2 |
| Real Estate | 6.6 |
| Health Care | 8.3 |
| Information Technology | 11.3 |
| Consumer Discretionary | 12.8 |
| Financials | 17.6 |
| Industrials | 22.0 |

---

### Top Countries
![Group By Country Chart](g39713id6ad5496f83c5bce2899.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 0.1 |
| Sweden | 0.3 |
| Thailand | 0.4 |
| Bermuda | 0.4 |
| Canada | 0.7 |
| United States | 96.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $19 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,462,395,443

* # of Portfolio Investments711

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$2,122,369

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SAP SE | 1.6 |
| ASML Holding NV | 1.6 |
| Nestle SA | 1.3 |
| Roche Holding AG | 1.3 |
| Novartis AG | 1.2 |
| Novo Nordisk AS | 1.2 |
| AstraZeneca PLC | 1.1 |
| HSBC Holdings PLC | 1.1 |
| Shell PLC | 1.1 |
| Commonwealth Bank of Australia | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ia529c9cfcacbf800e679.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.4 |
| Communication Services | 5.3 |
| Materials | 5.5 |
| Consumer Staples | 7.8 |
| Information Technology | 8.3 |
| Consumer Discretionary | 9.5 |
| Health Care | 10.9 |
| Industrials | 18.5 |
| Financials | 23.1 |

---

### Top 10 Countries
![Group By Country Chart](g39713i823d8d3427e920c52a21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 3.1 |
| Italy | 3.1 |
| Netherlands | 4.1 |
| Switzerland | 4.8 |
| Australia | 6.7 |
| France | 9.3 |
| United States | 9.9 |
| Germany | 10.1 |
| United Kingdom | 11.1 |
| Japan | 21.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $33 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,462,395,443

* # of Portfolio Investments711

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$2,122,369

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SAP SE | 1.6 |
| ASML Holding NV | 1.6 |
| Nestle SA | 1.3 |
| Roche Holding AG | 1.3 |
| Novartis AG | 1.2 |
| Novo Nordisk AS | 1.2 |
| AstraZeneca PLC | 1.1 |
| HSBC Holdings PLC | 1.1 |
| Shell PLC | 1.1 |
| Commonwealth Bank of Australia | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ia0b2ff802c20c1939f47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.4 |
| Communication Services | 5.3 |
| Materials | 5.5 |
| Consumer Staples | 7.8 |
| Information Technology | 8.3 |
| Consumer Discretionary | 9.5 |
| Health Care | 10.9 |
| Industrials | 18.5 |
| Financials | 23.1 |

---

### Top 10 Countries
![Group By Country Chart](g39713i06830e2ae2007f99eb9c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 3.1 |
| Italy | 3.1 |
| Netherlands | 4.1 |
| Switzerland | 4.8 |
| Australia | 6.7 |
| France | 9.3 |
| United States | 9.9 |
| Germany | 10.1 |
| United Kingdom | 11.1 |
| Japan | 21.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $27 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,462,395,443

* # of Portfolio Investments711

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$2,122,369

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SAP SE | 1.6 |
| ASML Holding NV | 1.6 |
| Nestle SA | 1.3 |
| Roche Holding AG | 1.3 |
| Novartis AG | 1.2 |
| Novo Nordisk AS | 1.2 |
| AstraZeneca PLC | 1.1 |
| HSBC Holdings PLC | 1.1 |
| Shell PLC | 1.1 |
| Commonwealth Bank of Australia | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ief4b320e696e7855805d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.4 |
| Communication Services | 5.3 |
| Materials | 5.5 |
| Consumer Staples | 7.8 |
| Information Technology | 8.3 |
| Consumer Discretionary | 9.5 |
| Health Care | 10.9 |
| Industrials | 18.5 |
| Financials | 23.1 |

---

### Top 10 Countries
![Group By Country Chart](g39713if39cd3c8b8c0cfe542de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 3.1 |
| Italy | 3.1 |
| Netherlands | 4.1 |
| Switzerland | 4.8 |
| Australia | 6.7 |
| France | 9.3 |
| United States | 9.9 |
| Germany | 10.1 |
| United Kingdom | 11.1 |
| Japan | 21.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife MSCI EAFE<sup>®</sup> Index Portfolio: Class G
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $35 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,462,395,443

* # of Portfolio Investments711

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$2,122,369

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

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SAP SE | 1.6 |
| ASML Holding NV | 1.6 |
| Nestle SA | 1.3 |
| Roche Holding AG | 1.3 |
| Novartis AG | 1.2 |
| Novo Nordisk AS | 1.2 |
| AstraZeneca PLC | 1.1 |
| HSBC Holdings PLC | 1.1 |
| Shell PLC | 1.1 |
| Commonwealth Bank of Australia | 1.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713iaff2f0f97c84ef052247.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.1 |
| Utilities | 3.4 |
| Communication Services | 5.3 |
| Materials | 5.5 |
| Consumer Staples | 7.8 |
| Information Technology | 8.3 |
| Consumer Discretionary | 9.5 |
| Health Care | 10.9 |
| Industrials | 18.5 |
| Financials | 23.1 |

---

### Top 10 Countries
![Group By Country Chart](g39713ic163d62d5f022100fcd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Spain | 3.1 |
| Italy | 3.1 |
| Netherlands | 4.1 |
| Switzerland | 4.8 |
| Australia | 6.7 |
| France | 9.3 |
| United States | 9.9 |
| Germany | 10.1 |
| United Kingdom | 11.1 |
| Japan | 21.1 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$955,506,134

* # of Portfolio Investments1,857

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$1,141,515

## 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

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.1 |
| Credo Technology Group Holding Ltd. | 0.5 |
| Fabrinet | 0.4 |
| IonQ, Inc. | 0.4 |
| Hims & Hers Health, Inc. | 0.4 |
| HealthEquity, Inc. | 0.3 |
| Ensign Group, Inc. | 0.3 |
| Fluor Corp. | 0.3 |
| Blueprint Medicines Corp. | 0.3 |
| AeroVironment, Inc. | 0.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i18dc4c724f7d52ec6982.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.5 |
| Utilities | 3.1 |
| Materials | 3.6 |
| Energy | 4.7 |
| Real Estate | 5.9 |
| Consumer Discretionary | 9.6 |
| Information Technology | 14.1 |
| Health Care | 15.3 |
| Industrials | 16.4 |
| Financials | 18.5 |

---

### Top 10 Countries
![Group By Country Chart](g39713ife1ad97e10eaaa067324.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.1 |
| Cameroon | 0.2 |
| Norway | 0.2 |
| Switzerland | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| United Kingdom | 0.4 |
| Thailand | 0.4 |
| Canada | 0.8 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$955,506,134

* # of Portfolio Investments1,857

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$1,141,515

## 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

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.1 |
| Credo Technology Group Holding Ltd. | 0.5 |
| Fabrinet | 0.4 |
| IonQ, Inc. | 0.4 |
| Hims & Hers Health, Inc. | 0.4 |
| HealthEquity, Inc. | 0.3 |
| Ensign Group, Inc. | 0.3 |
| Fluor Corp. | 0.3 |
| Blueprint Medicines Corp. | 0.3 |
| AeroVironment, Inc. | 0.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i6f25d60409659013fd6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.5 |
| Utilities | 3.1 |
| Materials | 3.6 |
| Energy | 4.7 |
| Real Estate | 5.9 |
| Consumer Discretionary | 9.6 |
| Information Technology | 14.1 |
| Health Care | 15.3 |
| Industrials | 16.4 |
| Financials | 18.5 |

---

### Top 10 Countries
![Group By Country Chart](g39713i23935de312287cc3e65d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.1 |
| Cameroon | 0.2 |
| Norway | 0.2 |
| Switzerland | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| United Kingdom | 0.4 |
| Thailand | 0.4 |
| Canada | 0.8 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $22 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$955,506,134

* # of Portfolio Investments1,857

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$1,141,515

## 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

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.1 |
| Credo Technology Group Holding Ltd. | 0.5 |
| Fabrinet | 0.4 |
| IonQ, Inc. | 0.4 |
| Hims & Hers Health, Inc. | 0.4 |
| HealthEquity, Inc. | 0.3 |
| Ensign Group, Inc. | 0.3 |
| Fluor Corp. | 0.3 |
| Blueprint Medicines Corp. | 0.3 |
| AeroVironment, Inc. | 0.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i2c4d2677438e380e12ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.5 |
| Utilities | 3.1 |
| Materials | 3.6 |
| Energy | 4.7 |
| Real Estate | 5.9 |
| Consumer Discretionary | 9.6 |
| Information Technology | 14.1 |
| Health Care | 15.3 |
| Industrials | 16.4 |
| Financials | 18.5 |

---

### Top 10 Countries
![Group By Country Chart](g39713i26e39efbd23c86e9be08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.1 |
| Cameroon | 0.2 |
| Norway | 0.2 |
| Switzerland | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| United Kingdom | 0.4 |
| Thailand | 0.4 |
| Canada | 0.8 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Russell 2000<sup>®</sup> Index Portfolio: Class G
![Image](g39713i453e6e227142e83e36a4.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MetLife Russell 2000<sup>®</sup> Index Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $29 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$955,506,134

* # of Portfolio Investments1,857

* Portfolio Turnover Rate14%

* Total Advisory Fees Paid$1,141,515

## 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

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.1 |
| Credo Technology Group Holding Ltd. | 0.5 |
| Fabrinet | 0.4 |
| IonQ, Inc. | 0.4 |
| Hims & Hers Health, Inc. | 0.4 |
| HealthEquity, Inc. | 0.3 |
| Ensign Group, Inc. | 0.3 |
| Fluor Corp. | 0.3 |
| Blueprint Medicines Corp. | 0.3 |
| AeroVironment, Inc. | 0.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i01fae8ffad08b90d4d51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.5 |
| Utilities | 3.1 |
| Materials | 3.6 |
| Energy | 4.7 |
| Real Estate | 5.9 |
| Consumer Discretionary | 9.6 |
| Information Technology | 14.1 |
| Health Care | 15.3 |
| Industrials | 16.4 |
| Financials | 18.5 |

---

### Top 10 Countries
![Group By Country Chart](g39713ifdfacca0a699242e0fa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.1 |
| Cameroon | 0.2 |
| Norway | 0.2 |
| Switzerland | 0.2 |
| Brazil | 0.2 |
| Puerto Rico | 0.3 |
| United Kingdom | 0.4 |
| Thailand | 0.4 |
| Canada | 0.8 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Stock Index Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,868,685,261

* # of Portfolio Investments558

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$10,145,514

## 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. | 7.3 |
| Microsoft Corp. | 7.0 |
| Apple, Inc. | 5.8 |
| Amazon.com, Inc. | 3.9 |
| Alphabet, Inc. | 3.5 |
| Meta Platforms, Inc. | 3.0 |
| Broadcom, Inc. | 2.4 |
| Berkshire Hathaway, Inc. | 1.7 |
| Tesla, Inc. | 1.7 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i9e0bdb1e172b2dfa907e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0 |
| Utilities | 2.4 |
| Energy | 2.9 |
| Consumer Staples | 5.4 |
| Industrials | 8.5 |
| Health Care | 9.2 |
| Communication Services | 9.7 |
| Consumer Discretionary | 10.3 |
| Financials | 13.9 |
| Information Technology | 32.8 |

---

### Top Countries
![Group By Country Chart](g39713ic72426e479763ea54486.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.0<sup>Footnote Reference\*</sup> |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Ireland | 0.4 |
| United States | 98.9 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Stock Index Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,868,685,261

* # of Portfolio Investments558

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$10,145,514

## 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. | 7.3 |
| Microsoft Corp. | 7.0 |
| Apple, Inc. | 5.8 |
| Amazon.com, Inc. | 3.9 |
| Alphabet, Inc. | 3.5 |
| Meta Platforms, Inc. | 3.0 |
| Broadcom, Inc. | 2.4 |
| Berkshire Hathaway, Inc. | 1.7 |
| Tesla, Inc. | 1.7 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i55bc4c7070a69acfc7eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0 |
| Utilities | 2.4 |
| Energy | 2.9 |
| Consumer Staples | 5.4 |
| Industrials | 8.5 |
| Health Care | 9.2 |
| Communication Services | 9.7 |
| Consumer Discretionary | 10.3 |
| Financials | 13.9 |
| Information Technology | 32.8 |

---

### Top Countries
![Group By Country Chart](g39713i75f0a19185a3a7d628f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.0<sup>Footnote Reference\*</sup> |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Ireland | 0.4 |
| United States | 98.9 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Stock Index Portfolio: Class D
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $18 | 0.36%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,868,685,261

* # of Portfolio Investments558

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$10,145,514

## 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. | 7.3 |
| Microsoft Corp. | 7.0 |
| Apple, Inc. | 5.8 |
| Amazon.com, Inc. | 3.9 |
| Alphabet, Inc. | 3.5 |
| Meta Platforms, Inc. | 3.0 |
| Broadcom, Inc. | 2.4 |
| Berkshire Hathaway, Inc. | 1.7 |
| Tesla, Inc. | 1.7 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i7bf9215d31a6079a51e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0 |
| Utilities | 2.4 |
| Energy | 2.9 |
| Consumer Staples | 5.4 |
| Industrials | 8.5 |
| Health Care | 9.2 |
| Communication Services | 9.7 |
| Consumer Discretionary | 10.3 |
| Financials | 13.9 |
| Information Technology | 32.8 |

---

### Top Countries
![Group By Country Chart](g39713ic81e3cdf0359edb3b402.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.0<sup>Footnote Reference\*</sup> |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Ireland | 0.4 |
| United States | 98.9 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Stock Index Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,868,685,261

* # of Portfolio Investments558

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$10,145,514

## 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. | 7.3 |
| Microsoft Corp. | 7.0 |
| Apple, Inc. | 5.8 |
| Amazon.com, Inc. | 3.9 |
| Alphabet, Inc. | 3.5 |
| Meta Platforms, Inc. | 3.0 |
| Broadcom, Inc. | 2.4 |
| Berkshire Hathaway, Inc. | 1.7 |
| Tesla, Inc. | 1.7 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i9e0ee11f29ce25d43d59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0 |
| Utilities | 2.4 |
| Energy | 2.9 |
| Consumer Staples | 5.4 |
| Industrials | 8.5 |
| Health Care | 9.2 |
| Communication Services | 9.7 |
| Consumer Discretionary | 10.3 |
| Financials | 13.9 |
| Information Technology | 32.8 |

---

### Top Countries
![Group By Country Chart](g39713ic4e282c9bb22c710af49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.0<sup>Footnote Reference\*</sup> |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Ireland | 0.4 |
| United States | 98.9 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MetLife Stock Index Portfolio: Class G
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$8,868,685,261

* # of Portfolio Investments558

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$10,145,514

## 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. | 7.3 |
| Microsoft Corp. | 7.0 |
| Apple, Inc. | 5.8 |
| Amazon.com, Inc. | 3.9 |
| Alphabet, Inc. | 3.5 |
| Meta Platforms, Inc. | 3.0 |
| Broadcom, Inc. | 2.4 |
| Berkshire Hathaway, Inc. | 1.7 |
| Tesla, Inc. | 1.7 |
| JPMorgan Chase & Co. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ie6fda6cfa7a860aae99b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0 |
| Utilities | 2.4 |
| Energy | 2.9 |
| Consumer Staples | 5.4 |
| Industrials | 8.5 |
| Health Care | 9.2 |
| Communication Services | 9.7 |
| Consumer Discretionary | 10.3 |
| Financials | 13.9 |
| Information Technology | 32.8 |

---

### Top Countries
![Group By Country Chart](g39713i0a7eb7e7ac34c767f4ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.0<sup>Footnote Reference\*</sup> |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Ireland | 0.4 |
| United States | 98.9 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Total Return Portfolio: Class A
![Image](g39713i056bab3d3bc08b584814.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$586,601,477

* # of Portfolio Investments833

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid$1,593,637

## 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

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Goldman Sachs Group, Inc. | 2.0 |
| Medtronic PLC | 1.8 |
| Microsoft Corp. | 1.8 |
| Cigna Group | 1.7 |
| Bank of America Corp. | 1.7 |
| Johnson & Johnson | 1.6 |
| Pfizer, Inc. | 1.6 |
| Becton Dickinson & Co. | 1.5 |
| Northern Trust Corp. | 1.5 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 4.7 |
| Federal National Mortgage Association | 4.4 |
| U.S. Treasury Bonds | 4.2 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| Government National Mortgage Association | 2.3 |
| LoanCore Issuer Ltd. | 0.9 |
| OCP CLO Ltd. | 0.7 |
| JPMorgan Chase & Co. | 0.5 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| BSPRT Issuer Ltd. | 0.4 |

---

### Top 10 Countries
![Group By Country Chart](g39713ib27bdad830bb234dcfd1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.3 |
| Japan | 0.4 |
| Germany | 0.7 |
| Netherlands | 0.8 |
| Jersey, Channel Islands | 0.9 |
| Ireland | 0.9 |
| Canada | 1.3 |
| United Kingdom | 1.9 |
| Cayman Islands | 2.9 |
| United States | 87.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i79063b5e369b350f65a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 0.9 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.0 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 8.9 |
| Agency Sponsored Mortgage-Backed Securities | 9.9 |
| Corporate Bonds & Notes | 12.4 |
| Common Stocks | 59.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Total Return Portfolio: Class B
![Image](g39713i056bab3d3bc08b584814.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$586,601,477

* # of Portfolio Investments833

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid$1,593,637

## 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

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Goldman Sachs Group, Inc. | 2.0 |
| Medtronic PLC | 1.8 |
| Microsoft Corp. | 1.8 |
| Cigna Group | 1.7 |
| Bank of America Corp. | 1.7 |
| Johnson & Johnson | 1.6 |
| Pfizer, Inc. | 1.6 |
| Becton Dickinson & Co. | 1.5 |
| Northern Trust Corp. | 1.5 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 4.7 |
| Federal National Mortgage Association | 4.4 |
| U.S. Treasury Bonds | 4.2 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| Government National Mortgage Association | 2.3 |
| LoanCore Issuer Ltd. | 0.9 |
| OCP CLO Ltd. | 0.7 |
| JPMorgan Chase & Co. | 0.5 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| BSPRT Issuer Ltd. | 0.4 |

---

### Top 10 Countries
![Group By Country Chart](g39713i472395d9215ecfd4bd75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.3 |
| Japan | 0.4 |
| Germany | 0.7 |
| Netherlands | 0.8 |
| Jersey, Channel Islands | 0.9 |
| Ireland | 0.9 |
| Canada | 1.3 |
| United Kingdom | 1.9 |
| Cayman Islands | 2.9 |
| United States | 87.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i6cefe481c992f2a2ecec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 0.9 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.0 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 8.9 |
| Agency Sponsored Mortgage-Backed Securities | 9.9 |
| Corporate Bonds & Notes | 12.4 |
| Common Stocks | 59.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Total Return Portfolio: Class E
![Image](g39713i056bab3d3bc08b584814.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$586,601,477

* # of Portfolio Investments833

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid$1,593,637

## 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

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Goldman Sachs Group, Inc. | 2.0 |
| Medtronic PLC | 1.8 |
| Microsoft Corp. | 1.8 |
| Cigna Group | 1.7 |
| Bank of America Corp. | 1.7 |
| Johnson & Johnson | 1.6 |
| Pfizer, Inc. | 1.6 |
| Becton Dickinson & Co. | 1.5 |
| Northern Trust Corp. | 1.5 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 4.7 |
| Federal National Mortgage Association | 4.4 |
| U.S. Treasury Bonds | 4.2 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| Government National Mortgage Association | 2.3 |
| LoanCore Issuer Ltd. | 0.9 |
| OCP CLO Ltd. | 0.7 |
| JPMorgan Chase & Co. | 0.5 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| BSPRT Issuer Ltd. | 0.4 |

---

### Top 10 Countries
![Group By Country Chart](g39713i9e542d122914f98d523b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.3 |
| Japan | 0.4 |
| Germany | 0.7 |
| Netherlands | 0.8 |
| Jersey, Channel Islands | 0.9 |
| Ireland | 0.9 |
| Canada | 1.3 |
| United Kingdom | 1.9 |
| Cayman Islands | 2.9 |
| United States | 87.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713ie8dc34dcdad2ba0616b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 0.9 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.0 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 8.9 |
| Agency Sponsored Mortgage-Backed Securities | 9.9 |
| Corporate Bonds & Notes | 12.4 |
| Common Stocks | 59.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Total Return Portfolio: Class F
![Image](g39713i056bab3d3bc08b584814.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$586,601,477

* # of Portfolio Investments833

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid$1,593,637

## 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

---

| | |
|:---|:---|
| Charles Schwab Corp. | 2.7 |
| Goldman Sachs Group, Inc. | 2.0 |
| Medtronic PLC | 1.8 |
| Microsoft Corp. | 1.8 |
| Cigna Group | 1.7 |
| Bank of America Corp. | 1.7 |
| Johnson & Johnson | 1.6 |
| Pfizer, Inc. | 1.6 |
| Becton Dickinson & Co. | 1.5 |
| Northern Trust Corp. | 1.5 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 4.7 |
| Federal National Mortgage Association | 4.4 |
| U.S. Treasury Bonds | 4.2 |
| Federal Home Loan Mortgage Corp. | 2.4 |
| Government National Mortgage Association | 2.3 |
| LoanCore Issuer Ltd. | 0.9 |
| OCP CLO Ltd. | 0.7 |
| JPMorgan Chase & Co. | 0.5 |
| Uniform Mortgage-Backed Security, TBA | 0.5 |
| BSPRT Issuer Ltd. | 0.4 |

---

### Top 10 Countries
![Group By Country Chart](g39713ib291905ba272c95eb7bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.3 |
| Japan | 0.4 |
| Germany | 0.7 |
| Netherlands | 0.8 |
| Jersey, Channel Islands | 0.9 |
| Ireland | 0.9 |
| Canada | 1.3 |
| United Kingdom | 1.9 |
| Cayman Islands | 2.9 |
| United States | 87.4 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i144b68a87d8f80cb44b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.3 |
| Municipals | 0.5 |
| Preferred Stocks | 0.9 |
| Short-Term Investments | 1.2 |
| Non-Agency Mortgage-Backed Securities | 2.0 |
| Asset-Backed Securities | 4.1 |
| U.S. Treasury & Government Agencies | 8.9 |
| Agency Sponsored Mortgage-Backed Securities | 9.9 |
| Corporate Bonds & Notes | 12.4 |
| Common Stocks | 59.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Value Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $30 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,641,201,558

* # of Portfolio Investments79

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$7,202,320

## 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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.7 |
| Progressive Corp. | 4.1 |
| Cigna Group | 3.2 |
| McKesson Corp. | 3.0 |
| RTX Corp. | 2.6 |
| American Express Co. | 2.4 |
| Boeing Co. | 2.4 |
| Marsh & McLennan Cos., Inc. | 2.2 |
| Morgan Stanley | 2.1 |
| Duke Energy Corp. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i49678458b99a060753eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Real Estate | 1.9 |
| Consumer Discretionary | 3.1 |
| Energy | 5.7 |
| Consumer Staples | 6.3 |
| Information Technology | 8.2 |
| Utilities | 9.0 |
| Health Care | 14.5 |
| Industrials | 17.2 |
| Financials | 31.1 |

---

### Top Countries
![Group By Country Chart](g39713i7b0dc9dcc326de01dcee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.4 |
| United Kingdom | 0.9 |
| Netherlands | 1.3 |
| Ireland | 1.7 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Value Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $43 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,641,201,558

* # of Portfolio Investments79

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$7,202,320

## 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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.7 |
| Progressive Corp. | 4.1 |
| Cigna Group | 3.2 |
| McKesson Corp. | 3.0 |
| RTX Corp. | 2.6 |
| American Express Co. | 2.4 |
| Boeing Co. | 2.4 |
| Marsh & McLennan Cos., Inc. | 2.2 |
| Morgan Stanley | 2.1 |
| Duke Energy Corp. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i4e687d9bc92b0d0ec193.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Real Estate | 1.9 |
| Consumer Discretionary | 3.1 |
| Energy | 5.7 |
| Consumer Staples | 6.3 |
| Information Technology | 8.2 |
| Utilities | 9.0 |
| Health Care | 14.5 |
| Industrials | 17.2 |
| Financials | 31.1 |

---

### Top Countries
![Group By Country Chart](g39713i751656a43fa174e345f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.4 |
| United Kingdom | 0.9 |
| Netherlands | 1.3 |
| Ireland | 1.7 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Value Portfolio: Class D
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class D | $35 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,641,201,558

* # of Portfolio Investments79

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$7,202,320

## 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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.7 |
| Progressive Corp. | 4.1 |
| Cigna Group | 3.2 |
| McKesson Corp. | 3.0 |
| RTX Corp. | 2.6 |
| American Express Co. | 2.4 |
| Boeing Co. | 2.4 |
| Marsh & McLennan Cos., Inc. | 2.2 |
| Morgan Stanley | 2.1 |
| Duke Energy Corp. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ifbcc738daab0636e9221.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Real Estate | 1.9 |
| Consumer Discretionary | 3.1 |
| Energy | 5.7 |
| Consumer Staples | 6.3 |
| Information Technology | 8.2 |
| Utilities | 9.0 |
| Health Care | 14.5 |
| Industrials | 17.2 |
| Financials | 31.1 |

---

### Top Countries
![Group By Country Chart](g39713ic0a3b0165b61ecafbf15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.4 |
| United Kingdom | 0.9 |
| Netherlands | 1.3 |
| Ireland | 1.7 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# MFS<sup>®</sup> Value Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,641,201,558

* # of Portfolio Investments79

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$7,202,320

## 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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.7 |
| Progressive Corp. | 4.1 |
| Cigna Group | 3.2 |
| McKesson Corp. | 3.0 |
| RTX Corp. | 2.6 |
| American Express Co. | 2.4 |
| Boeing Co. | 2.4 |
| Marsh & McLennan Cos., Inc. | 2.2 |
| Morgan Stanley | 2.1 |
| Duke Energy Corp. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i1d91de2c5a870e60c820.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8 |
| Real Estate | 1.9 |
| Consumer Discretionary | 3.1 |
| Energy | 5.7 |
| Consumer Staples | 6.3 |
| Information Technology | 8.2 |
| Utilities | 9.0 |
| Health Care | 14.5 |
| Industrials | 17.2 |
| Financials | 31.1 |

---

### Top Countries
![Group By Country Chart](g39713i54e77e97da90f9c17136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.4 |
| United Kingdom | 0.9 |
| Netherlands | 1.3 |
| Ireland | 1.7 |
| United States | 94.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Neuberger Berman Genesis Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$819,704,658

* # of Portfolio Investments110

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$3,105,424

## 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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 1.9 |
| Texas Roadhouse, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| FirstService Corp. | 1.7 |
| Kirby Corp. | 1.7 |
| Haemonetics Corp. | 1.7 |
| Littelfuse, Inc. | 1.6 |
| Tetra Tech, Inc. | 1.5 |
| Chemed Corp. | 1.5 |
| SPX Technologies, Inc. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ia3ce215858fca1f3b777.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.3 |
| Utilities | 2.6 |
| Real Estate | 2.7 |
| Materials | 3.0 |
| Energy | 5.2 |
| Health Care | 6.0 |
| Consumer Discretionary | 7.9 |
| Financials | 16.0 |
| Information Technology | 17.7 |
| Industrials | 34.7 |

---

### Top Countries
![Group By Country Chart](g39713ia53d1b83254764dae646.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.6 |
| Canada | 3.2 |
| United States | 95.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Neuberger Berman Genesis Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $51 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$819,704,658

* # of Portfolio Investments110

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$3,105,424

## 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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 1.9 |
| Texas Roadhouse, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| FirstService Corp. | 1.7 |
| Kirby Corp. | 1.7 |
| Haemonetics Corp. | 1.7 |
| Littelfuse, Inc. | 1.6 |
| Tetra Tech, Inc. | 1.5 |
| Chemed Corp. | 1.5 |
| SPX Technologies, Inc. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i9c170d759b4510abd564.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.3 |
| Utilities | 2.6 |
| Real Estate | 2.7 |
| Materials | 3.0 |
| Energy | 5.2 |
| Health Care | 6.0 |
| Consumer Discretionary | 7.9 |
| Financials | 16.0 |
| Information Technology | 17.7 |
| Industrials | 34.7 |

---

### Top Countries
![Group By Country Chart](g39713ie9e15dc221fc0d03706c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.6 |
| Canada | 3.2 |
| United States | 95.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Neuberger Berman Genesis Portfolio: Class E
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$819,704,658

* # of Portfolio Investments110

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$3,105,424

## 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

---

| | |
|:---|:---|
| Valmont Industries, Inc. | 1.9 |
| Texas Roadhouse, Inc. | 1.8 |
| RBC Bearings, Inc. | 1.7 |
| FirstService Corp. | 1.7 |
| Kirby Corp. | 1.7 |
| Haemonetics Corp. | 1.7 |
| Littelfuse, Inc. | 1.6 |
| Tetra Tech, Inc. | 1.5 |
| Chemed Corp. | 1.5 |
| SPX Technologies, Inc. | 1.5 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i028d91830e96195f9cce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.3 |
| Utilities | 2.6 |
| Real Estate | 2.7 |
| Materials | 3.0 |
| Energy | 5.2 |
| Health Care | 6.0 |
| Consumer Discretionary | 7.9 |
| Financials | 16.0 |
| Information Technology | 17.7 |
| Industrials | 34.7 |

---

### Top Countries
![Group By Country Chart](g39713i80d9c4385dbb04399320.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.6 |
| Canada | 3.2 |
| United States | 95.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II
T. Rowe Price Large Cap Growth Portfolio: Class A

![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $28 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,270,730,871

* # of Portfolio Investments84

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$5,513,363

## 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

---

| | |
|:---|:---|
| Microsoft Corp. | 13.2 |
| NVIDIA Corp. | 12.5 |
| Apple, Inc. | 8.4 |
| Amazon.com, Inc. | 7.3 |
| Meta Platforms, Inc. | 5.8 |
| Broadcom, Inc. | 4.6 |
| Alphabet, Inc. | 3.7 |
| Netflix, Inc. | 3.1 |
| Visa, Inc. | 2.9 |
| Eli Lilly & Co. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g39713i1bc8a323565cdc1eb8e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.0<sup>Footnote Reference\*</sup> |
| Materials | 0.8 |
| Industrials | 3.6 |
| Health Care | 7.2 |
| Financials | 7.2 |
| Communication Services | 13.4 |
| Consumer Discretionary | 15.6 |
| Information Technology | 51.7 |

---

---

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

---

### Top Countries
![Group By Country Chart](g39713icb30747e01c50b643407.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.7 |
| Italy | 0.8 |
| Brazil | 0.8 |
| Canada | 0.9 |
| Taiwan | 1.2 |
| Netherlands | 1.6 |
| United States | 93.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II
T. Rowe Price Large Cap Growth Portfolio: Class B

![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $40 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,270,730,871

* # of Portfolio Investments84

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$5,513,363

## 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

---

| | |
|:---|:---|
| Microsoft Corp. | 13.2 |
| NVIDIA Corp. | 12.5 |
| Apple, Inc. | 8.4 |
| Amazon.com, Inc. | 7.3 |
| Meta Platforms, Inc. | 5.8 |
| Broadcom, Inc. | 4.6 |
| Alphabet, Inc. | 3.7 |
| Netflix, Inc. | 3.1 |
| Visa, Inc. | 2.9 |
| Eli Lilly & Co. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g39713i6577b419ebe897feda87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.0<sup>Footnote Reference\*</sup> |
| Materials | 0.8 |
| Industrials | 3.6 |
| Health Care | 7.2 |
| Financials | 7.2 |
| Communication Services | 13.4 |
| Consumer Discretionary | 15.6 |
| Information Technology | 51.7 |

---

---

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

---

### Top Countries
![Group By Country Chart](g39713iea4a63727a3590bcca7a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.7 |
| Italy | 0.8 |
| Brazil | 0.8 |
| Canada | 0.9 |
| Taiwan | 1.2 |
| Netherlands | 1.6 |
| United States | 93.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II
T. Rowe Price Large Cap Growth Portfolio: Class E

![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$2,270,730,871

* # of Portfolio Investments84

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$5,513,363

## 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

---

| | |
|:---|:---|
| Microsoft Corp. | 13.2 |
| NVIDIA Corp. | 12.5 |
| Apple, Inc. | 8.4 |
| Amazon.com, Inc. | 7.3 |
| Meta Platforms, Inc. | 5.8 |
| Broadcom, Inc. | 4.6 |
| Alphabet, Inc. | 3.7 |
| Netflix, Inc. | 3.1 |
| Visa, Inc. | 2.9 |
| Eli Lilly & Co. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g39713i3b496e604fe6a78952d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.0<sup>Footnote Reference\*</sup> |
| Materials | 0.8 |
| Industrials | 3.6 |
| Health Care | 7.2 |
| Financials | 7.2 |
| Communication Services | 13.4 |
| Consumer Discretionary | 15.6 |
| Information Technology | 51.7 |

---

---

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

---

### Top Countries
![Group By Country Chart](g39713ibe4aabc697d3fe780d5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Korea | 0.7 |
| Italy | 0.8 |
| Brazil | 0.8 |
| Canada | 0.9 |
| Taiwan | 1.2 |
| Netherlands | 1.6 |
| United States | 93.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II
T. Rowe Price Small Cap Growth Portfolio: Class A

![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $24 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,091,925,367

* # of Portfolio Investments358

* Portfolio Turnover Rate23%

* Total Advisory Fees Paid$2,393,513

## 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

---

| | |
|:---|:---|
| Rambus, Inc. | 1.1 |
| Fabrinet | 1.1 |
| Carpenter Technology Corp. | 1 |
| Planet Fitness, Inc. | 0.9 |
| API Group Corp. | 0.9 |
| Wingstop, Inc. | 0.9 |
| ATI, Inc. | 0.9 |
| InterDigital, Inc. | 0.8 |
| Ensign Group, Inc. | 0.8 |
| Applied Industrial Technologies, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i527f618a21a44c6f664c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Communication Services | 2.2 |
| Consumer Staples | 2.9 |
| Energy | 4.2 |
| Materials | 4.3 |
| Financials | 6.4 |
| Consumer Discretionary | 12.9 |
| Health Care | 20.3 |
| Information Technology | 21.4 |
| Industrials | 23.8 |

---

### Top Countries
![Group By Country Chart](g39713ibd653fa9154a08043863.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Denmark | 0.2 |
| Israel | 0.2 |
| Canada | 0.7 |
| Puerto Rico | 0.8 |
| United Kingdom | 1 |
| Thailand | 1.1 |
| United States | 95.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II
T. Rowe Price Small Cap Growth Portfolio: Class B

![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,091,925,367

* # of Portfolio Investments358

* Portfolio Turnover Rate23%

* Total Advisory Fees Paid$2,393,513

## 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

---

| | |
|:---|:---|
| Rambus, Inc. | 1.1 |
| Fabrinet | 1.1 |
| Carpenter Technology Corp. | 1 |
| Planet Fitness, Inc. | 0.9 |
| API Group Corp. | 0.9 |
| Wingstop, Inc. | 0.9 |
| ATI, Inc. | 0.9 |
| InterDigital, Inc. | 0.8 |
| Ensign Group, Inc. | 0.8 |
| Applied Industrial Technologies, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713i09963f6b3c03290d0756.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Communication Services | 2.2 |
| Consumer Staples | 2.9 |
| Energy | 4.2 |
| Materials | 4.3 |
| Financials | 6.4 |
| Consumer Discretionary | 12.9 |
| Health Care | 20.3 |
| Information Technology | 21.4 |
| Industrials | 23.8 |

---

### Top Countries
![Group By Country Chart](g39713i1d92ed6f1eb6994f3e3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Denmark | 0.2 |
| Israel | 0.2 |
| Canada | 0.7 |
| Puerto Rico | 0.8 |
| United Kingdom | 1 |
| Thailand | 1.1 |
| United States | 95.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II
T. Rowe Price Small Cap Growth Portfolio: Class E

![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $32 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,091,925,367

* # of Portfolio Investments358

* Portfolio Turnover Rate23%

* Total Advisory Fees Paid$2,393,513

## 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

---

| | |
|:---|:---|
| Rambus, Inc. | 1.1 |
| Fabrinet | 1.1 |
| Carpenter Technology Corp. | 1 |
| Planet Fitness, Inc. | 0.9 |
| API Group Corp. | 0.9 |
| Wingstop, Inc. | 0.9 |
| ATI, Inc. | 0.9 |
| InterDigital, Inc. | 0.8 |
| Ensign Group, Inc. | 0.8 |
| Applied Industrial Technologies, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ie44a8112f5daa555b052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Communication Services | 2.2 |
| Consumer Staples | 2.9 |
| Energy | 4.2 |
| Materials | 4.3 |
| Financials | 6.4 |
| Consumer Discretionary | 12.9 |
| Health Care | 20.3 |
| Information Technology | 21.4 |
| Industrials | 23.8 |

---

### Top Countries
![Group By Country Chart](g39713i6e8c7f4b3e9d1d444fd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Denmark | 0.2 |
| Israel | 0.2 |
| Canada | 0.7 |
| Puerto Rico | 0.8 |
| United Kingdom | 1 |
| Thailand | 1.1 |
| United States | 95.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II
T. Rowe Price Small Cap Growth Portfolio: Class G

![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class G | $39 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,091,925,367

* # of Portfolio Investments358

* Portfolio Turnover Rate23%

* Total Advisory Fees Paid$2,393,513

## 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

---

| | |
|:---|:---|
| Rambus, Inc. | 1.1 |
| Fabrinet | 1.1 |
| Carpenter Technology Corp. | 1 |
| Planet Fitness, Inc. | 0.9 |
| API Group Corp. | 0.9 |
| Wingstop, Inc. | 0.9 |
| ATI, Inc. | 0.9 |
| InterDigital, Inc. | 0.8 |
| Ensign Group, Inc. | 0.8 |
| Applied Industrial Technologies, Inc. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g39713ia784ec2bd65fe90ab94e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2 |
| Communication Services | 2.2 |
| Consumer Staples | 2.9 |
| Energy | 4.2 |
| Materials | 4.3 |
| Financials | 6.4 |
| Consumer Discretionary | 12.9 |
| Health Care | 20.3 |
| Information Technology | 21.4 |
| Industrials | 23.8 |

---

### Top Countries
![Group By Country Chart](g39713i6ba6730c86f232b52a01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Denmark | 0.2 |
| Israel | 0.2 |
| Canada | 0.7 |
| Puerto Rico | 0.8 |
| United Kingdom | 1 |
| Thailand | 1.1 |
| United States | 95.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# VanEck Global Natural Resources Portfolio: Class A
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$763,012,954

* # of Portfolio Investments92

* Portfolio Turnover Rate20%

* Total Advisory Fees Paid$2,712,285

## 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

---

| | |
|:---|:---|
| Shell PLC | 4.8 |
| Exxon Mobil Corp. | 4.3 |
| JBS NV | 3.2 |
| Freeport-McMoRan, Inc. | 3.2 |
| Corteva, Inc. | 3.1 |
| Nutrien Ltd. | 3.0 |
| TotalEnergies SE | 2.9 |
| Kinross Gold Corp. | 2.8 |
| Agnico Eagle Mines Ltd. | 2.6 |
| FMC Corp. | 2.4 |

---

### Top Sectors
![Group By Sector Chart](g39713i04f12b3d1bdda81d7d44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6 |
| Utilities | 2.2 |
| Industrials | 2.9 |
| Consumer Staples | 8.2 |
| Energy | 32.4 |
| Materials | 50.0 |

---

### Top 10 Countries
![Group By Country Chart](g39713i290e25969ccdcec6cc0a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 1 |
| China | 1.2 |
| Zambia | 1.2 |
| Luxembourg | 1.4 |
| Brazil | 1.5 |
| Australia | 3.9 |
| South Africa | 4.2 |
| France | 4.2 |
| Canada | 21.4 |
| United States | 54.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# VanEck Global Natural Resources Portfolio: Class B
![Image](g39713i453e6e227142e83e36a4.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $54 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$763,012,954

* # of Portfolio Investments92

* Portfolio Turnover Rate20%

* Total Advisory Fees Paid$2,712,285

## 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

---

| | |
|:---|:---|
| Shell PLC | 4.8 |
| Exxon Mobil Corp. | 4.3 |
| JBS NV | 3.2 |
| Freeport-McMoRan, Inc. | 3.2 |
| Corteva, Inc. | 3.1 |
| Nutrien Ltd. | 3.0 |
| TotalEnergies SE | 2.9 |
| Kinross Gold Corp. | 2.8 |
| Agnico Eagle Mines Ltd. | 2.6 |
| FMC Corp. | 2.4 |

---

### Top Sectors
![Group By Sector Chart](g39713i5e0ed14beb06d4880567.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.6 |
| Utilities | 2.2 |
| Industrials | 2.9 |
| Consumer Staples | 8.2 |
| Energy | 32.4 |
| Materials | 50.0 |

---

### Top 10 Countries
![Group By Country Chart](g39713ie4104dea5f3d8b1e9a83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 1 |
| China | 1.2 |
| Zambia | 1.2 |
| Luxembourg | 1.4 |
| Brazil | 1.5 |
| Australia | 3.9 |
| South Africa | 4.2 |
| France | 4.2 |
| Canada | 21.4 |
| United States | 54.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Western Asset Management Strategic Bond Opportunities Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,868,168,114

* # of Portfolio Investments896

* Portfolio Turnover Rate39%

* Total Advisory Fees Paid$5,118,418

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Federal National Mortgage Association | 2.7 |
| Mcclatchy Media Co. LLC | 1.7 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.6 |
| BX Commercial Mortgage Trust | 1.5 |
| Uniform Mortgage-Backed Security, TBA | 1.4 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 1.2 |
| Federal Home Loan Mortgage Corp. | 1.1 |
| Inter-American Development Bank | 1.1 |
| Occidental Petroleum Corp. | 1 |
| CSC Holdings LLC | 1 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713ic76f7d58991240a35e75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0 |
| Convertible Bonds | 0.0<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.1 |
| Convertible Preferred Stocks | 0.3 |
| Short-Term Investments | 1.1 |
| Foreign Government | 5.2 |
| Asset-Backed Securities | 9.9 |
| Agency Sponsored Mortgage-Backed Securities | 10.3 |
| Floating Rate Loans | 13.1 |
| Non-Agency Mortgage-Backed Securities | 14.7 |
| Corporate Bonds & Notes | 44.7 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Western Asset Management Strategic Bond Opportunities Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,868,168,114

* # of Portfolio Investments896

* Portfolio Turnover Rate39%

* Total Advisory Fees Paid$5,118,418

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Federal National Mortgage Association | 2.7 |
| Mcclatchy Media Co. LLC | 1.7 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.6 |
| BX Commercial Mortgage Trust | 1.5 |
| Uniform Mortgage-Backed Security, TBA | 1.4 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 1.2 |
| Federal Home Loan Mortgage Corp. | 1.1 |
| Inter-American Development Bank | 1.1 |
| Occidental Petroleum Corp. | 1 |
| CSC Holdings LLC | 1 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713ie679dc2c2db68d9c9277.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0 |
| Convertible Bonds | 0.0<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.1 |
| Convertible Preferred Stocks | 0.3 |
| Short-Term Investments | 1.1 |
| Foreign Government | 5.2 |
| Asset-Backed Securities | 9.9 |
| Agency Sponsored Mortgage-Backed Securities | 10.3 |
| Floating Rate Loans | 13.1 |
| Non-Agency Mortgage-Backed Securities | 14.7 |
| Corporate Bonds & Notes | 44.7 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Western Asset Management Strategic Bond Opportunities Portfolio: Class E
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,868,168,114

* # of Portfolio Investments896

* Portfolio Turnover Rate39%

* Total Advisory Fees Paid$5,118,418

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

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Federal National Mortgage Association | 2.7 |
| Mcclatchy Media Co. LLC | 1.7 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.6 |
| BX Commercial Mortgage Trust | 1.5 |
| Uniform Mortgage-Backed Security, TBA | 1.4 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | 1.2 |
| Federal Home Loan Mortgage Corp. | 1.1 |
| Inter-American Development Bank | 1.1 |
| Occidental Petroleum Corp. | 1 |
| CSC Holdings LLC | 1 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713iaf811f3f6ad5c717dc63.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0 |
| Convertible Bonds | 0.0<sup>Footnote Reference\*</sup> |
| Common Stocks | 0.1 |
| Convertible Preferred Stocks | 0.3 |
| Short-Term Investments | 1.1 |
| Foreign Government | 5.2 |
| Asset-Backed Securities | 9.9 |
| Agency Sponsored Mortgage-Backed Securities | 10.3 |
| Floating Rate Loans | 13.1 |
| Non-Agency Mortgage-Backed Securities | 14.7 |
| Corporate Bonds & Notes | 44.7 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Western Asset Management U.S. Government Portfolio: Class A
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,264,810,670

* # of Portfolio Investments859

* Portfolio Turnover Rate95%

* Total Advisory Fees Paid$2,948,900

## 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 | 15.6 |
| Federal National Mortgage Association | 14.6 |
| Federal Home Loan Mortgage Corp. | 12.7 |
| Resolution Funding Corp. Principal STRIPS | 7.9 |
| Government National Mortgage Association | 7.2 |
| Federal Home Loan Banks | 6.9 |
| Federal Farm Credit Banks Funding Corp. | 5.2 |
| Uniform Mortgage-Backed Security, TBA | 3.9 |
| U.S. Treasury Inflation-Indexed Notes | 3.8 |
| Resolution Funding Corp. Interest STRIPS | 3.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i3a808bf31091f0cdc566.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Corporate Bonds & Notes | 0.8 |
| Short-Term Investments | 2.0 |
| Foreign Government | 3.8 |
| Non-Agency Mortgage-Backed Securities | 4.7 |
| Agency Sponsored Mortgage-Backed Securities | 42.1 |
| U.S. Treasury & Government Agencies | 52.1 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Western Asset Management U.S. Government Portfolio: Class B
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,264,810,670

* # of Portfolio Investments859

* Portfolio Turnover Rate95%

* Total Advisory Fees Paid$2,948,900

## 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 | 15.6 |
| Federal National Mortgage Association | 14.6 |
| Federal Home Loan Mortgage Corp. | 12.7 |
| Resolution Funding Corp. Principal STRIPS | 7.9 |
| Government National Mortgage Association | 7.2 |
| Federal Home Loan Banks | 6.9 |
| Federal Farm Credit Banks Funding Corp. | 5.2 |
| Uniform Mortgage-Backed Security, TBA | 3.9 |
| U.S. Treasury Inflation-Indexed Notes | 3.8 |
| Resolution Funding Corp. Interest STRIPS | 3.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i8ac1771d52b41ad77d6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Corporate Bonds & Notes | 0.8 |
| Short-Term Investments | 2.0 |
| Foreign Government | 3.8 |
| Non-Agency Mortgage-Backed Securities | 4.7 |
| Agency Sponsored Mortgage-Backed Securities | 42.1 |
| U.S. Treasury & Government Agencies | 52.1 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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 II

# Western Asset Management U.S. Government Portfolio: Class E
![Image](g39713ib80f73f39347e9e52d00.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics
* Total Net Assets$1,264,810,670

* # of Portfolio Investments859

* Portfolio Turnover Rate95%

* Total Advisory Fees Paid$2,948,900

## 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 | 15.6 |
| Federal National Mortgage Association | 14.6 |
| Federal Home Loan Mortgage Corp. | 12.7 |
| Resolution Funding Corp. Principal STRIPS | 7.9 |
| Government National Mortgage Association | 7.2 |
| Federal Home Loan Banks | 6.9 |
| Federal Farm Credit Banks Funding Corp. | 5.2 |
| Uniform Mortgage-Backed Security, TBA | 3.9 |
| U.S. Treasury Inflation-Indexed Notes | 3.8 |
| Resolution Funding Corp. Interest STRIPS | 3.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g39713i33b3ff2c6d6bb8148ad2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Corporate Bonds & Notes | 0.8 |
| Short-Term Investments | 2.0 |
| Foreign Government | 3.8 |
| Non-Agency Mortgage-Backed Securities | 4.7 |
| Agency Sponsored Mortgage-Backed Securities | 42.1 |
| U.S. Treasury & Government Agencies | 52.1 |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g39713ifc3c881e4605648117f3.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.
Item applicable only to annual report on Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
Item applicable only to annual report on Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Item applicable only to annual report on Form N-CSR.

#### Item 5. Audit Committees of Listed Registrants.
Not applicable to the registrant.

#### Item 6. Investments.
(a) Schedules of Investments are included as part of the reports to shareholders filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the registrant.

#### 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 II

Semi-Annual Financial Statements

June 30, 2025

------

**Brighthouse Funds Trust II**

**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  | **BHFTII-**2 |
| Baillie Gifford International Stock Portfolio  | **BHFTII-**3 |
| BlackRock Bond Income Portfolio  | **BHFTII-**11 |
| BlackRock Capital Appreciation Portfolio  | **BHFTII-**58 |
| BlackRock Ultra-Short Term Bond Portfolio  | **BHFTII-**66 |
| Brighthouse Asset Allocation 20 Portfolio  | **BHFTII-**73 |
| Brighthouse Asset Allocation 40 Portfolio  | **BHFTII-**79 |
| Brighthouse Asset Allocation 60 Portfolio  | **BHFTII-**85 |
| Brighthouse Asset Allocation 80 Portfolio  | **BHFTII-**91 |
| Brighthouse/Artisan Mid Cap Value Portfolio  | **BHFTII-**97 |
| Brighthouse/Dimensional International Small Company Portfolio  | **BHFTII-**104 |
| Brighthouse/Wellington Balanced Portfolio  | **BHFTII-**142 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio  | **BHFTII-**170 |
| Frontier Mid Cap Growth Portfolio  | **BHFTII-**177 |
| Jennison Growth Portfolio  | **BHFTII-**185 |
| Loomis Sayles Small Cap Core Portfolio  | **BHFTII-**192 |
| Loomis Sayles Small Cap Growth Portfolio  | **BHFTII-**201 |
| MetLife Aggregate Bond Index Portfolio  | **BHFTII-**209 |
| MetLife Mid Cap Stock Index Portfolio  | **BHFTII-**236 |
| MetLife MSCI EAFE Index Portfolio  | **BHFTII-**249 |
| MetLife Russell 2000 Index Portfolio  | **BHFTII-**264 |
| MetLife Stock Index Portfolio  | **BHFTII-**291 |
| MFS<sup>®</sup> Total Return Portfolio  | **BHFTII-**306 |
| MFS<sup>®</sup> Value Portfolio  | **BHFTII-**324 |
| Neuberger Berman Genesis Portfolio  | **BHFTII-**332 |
| T. Rowe Price Large Cap Growth Portfolio  | **BHFTII-**339 |
| T. Rowe Price Small Cap Growth Portfolio  | **BHFTII-**349 |
| VanEck Global Natural Resources Portfolio  | **BHFTII-**360 |
| Western Asset Management Strategic Bond Opportunities Portfolio  | **BHFTII-**367 |
| Western Asset Management U.S. Government Portfolio  | **BHFTII-**397 |
| ***Section*** BNotes to Financial Statements | **BHFTII-**412 |
| **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. |  |
| **Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)** |  |
| Not applicable |  |

---

------

**Brighthouse Funds Trust II**

**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;(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;(CSI) — Credit Suisse International

&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;(GSC) — Goldman Sachs & Co.

&nbsp;&nbsp;&nbsp;&nbsp;(GSI) — Goldman Sachs International

&nbsp;&nbsp;&nbsp;&nbsp;(HSBC) — HSBC Bank PLC

&nbsp;&nbsp;&nbsp;&nbsp;(JPMC) — JPMorgan Chase Bank NA

&nbsp;&nbsp;&nbsp;&nbsp;(MSC) — Morgan Stanley & Co.

&nbsp;&nbsp;&nbsp;&nbsp;(MSCS) — Morgan Stanley Capital Services LLC

&nbsp;&nbsp;&nbsp;&nbsp;(MSIP) — Morgan Stanley & Co. International PLC

&nbsp;&nbsp;&nbsp;&nbsp;

&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;(TDB) — Toronto Dominion Bank

&nbsp;&nbsp;&nbsp;&nbsp;(UBSA) — UBS AG

Currencies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(AUD) — Australian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(BRL) — Brazilian Real

&nbsp;&nbsp;&nbsp;&nbsp;(CAD) — Canadian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(CHF) — Swiss Franc

&nbsp;&nbsp;&nbsp;&nbsp;(CNH) — Chinese Renminbi

&nbsp;&nbsp;&nbsp;&nbsp;(COP) — Colombian Peso

&nbsp;&nbsp;&nbsp;&nbsp;(CZK) — Czech Koruna

&nbsp;&nbsp;&nbsp;&nbsp;(EGP) — Egypt Pound

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(EUR) — Euro

&nbsp;&nbsp;&nbsp;&nbsp;(GBP) — British Pound

&nbsp;&nbsp;&nbsp;&nbsp;(HUF) — Hungarian Forint

&nbsp;&nbsp;&nbsp;&nbsp;(INR) — Indian Rupee

&nbsp;&nbsp;&nbsp;&nbsp;(JMD) — Jamaica Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(JPY) — Japanese Yen

&nbsp;&nbsp;&nbsp;&nbsp;(MXN) — Peso

&nbsp;&nbsp;&nbsp;&nbsp;(NGN) — Nigeria Naira

&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;(SEK) — Swedish Krona

&nbsp;&nbsp;&nbsp;&nbsp;(TRY) — Turkish Lira

&nbsp;&nbsp;&nbsp;&nbsp;(USD) — United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(UYU) — Uruguay Peso

Index Abbreviations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (CDI) | — Brazil Interbank Deposit Rate |
| (CDX.NA.HY) | — Markit North America High Yield CDS Index |
| (CMBX.NA.AAA) | — Markit North America AAA Rated CMBS <br> Index<br>|
| (CMBX.NA.BBB-) | — Markit North America BBB- Rated CMBS <br> Index<br>|
| (CPI) | — Consumer Price Index |
| (CPURNSA) | — U.S. Consumer Price for All Urban Consumers <br> Non-Seasonally Adjusted<br>|
| (EURIBOR) | — Euro Interbank Offered Rate |
| (FEDEFF) | — Effective Federal Funds Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (H15) | — U.S. Treasury Yield Curve Rate T-Note <br> Constant Maturity Index<br>|
| (ITRX.EUR) | — Markit iTraxx Europe CDS Index |
| (ITRX.EUR.XOVER) | — Markit iTraxx Europe Crossover CDS Index |
| (ITRX.FINSR) | — Markit iTraxx Europe Senior Financial CDS <br> Index<br>|
| (MTA) | — Monthly Treasury Average Index |
| (OBFR) | — U.S. Overnight Bank Funding Rate |
| (PRIME) | — U.S. Federal Reserve Prime Rate |
| (RFUCCT) | — Refinitiv USD IBOR Consumer Cash Fallbacks <br> Term<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR90A) — Secured Overnight Financing Rate 90-Day Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONIA) — Sterling Overnight Interbank Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TIIE) — Mexican Interbank Equilibrium Interest Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TONA) — Tokyo Overnight Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR) — Term Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UKG) — U.K. Government Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UST) — U.S. Treasury Bill Rate

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;(CDO) — Collateralized Debt Obligation

&nbsp;&nbsp;&nbsp;&nbsp;(CDS) — Credit Default Swap

&nbsp;&nbsp;&nbsp;&nbsp;(CLO) — Collateralized Loan Obligation

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(CMS) — Constant Maturity Swap

&nbsp;&nbsp;&nbsp;&nbsp;(DAC) — Designated Activity Company

&nbsp;&nbsp;&nbsp;&nbsp;(ETF) — Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;(ICE) — Intercontinental Exchange, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(IG) — Investment Grade

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(IRS) — Interest Rate Swap

&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

**BHFTII-2**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—99.2% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| Rio Tinto PLC | 349661 | &nbsp;&nbsp; $20375632 |
| **Brazil — 4.5%** | **Brazil — 4.5%** | **Brazil — 4.5%** |
| B3 SA - Brasil Bolsa Balcao | 1214100 | &nbsp;&nbsp; 3258099 |
| MercadoLibre, Inc. (a) | 22492 | &nbsp;&nbsp; 58785766 |
|  |  | &nbsp;&nbsp; 62043865 |
| **Canada — 4.7%** | **Canada — 4.7%** | **Canada — 4.7%** |
| Constellation Software, Inc.  | 5557 | &nbsp;&nbsp; 20376143 |
| Lumine Group, Inc. (a) | 426672 | &nbsp;&nbsp; 14986394 |
| Shopify, Inc. - Class A (a) | 128709 | &nbsp;&nbsp; 14846583 |
| Stella-Jones, Inc.  | 133922 | &nbsp;&nbsp; 7719139 |
| TFI International, Inc.  | 82948 | &nbsp;&nbsp; 7445980 |
|  |  | &nbsp;&nbsp; 65374239 |
| **China — 9.5%** | **China — 9.5%** | **China — 9.5%** |
| Kweichow Moutai Co. Ltd. - Class A | 42200 | &nbsp;&nbsp; 8320380 |
| Meituan - Class B (a) | 682870 | &nbsp;&nbsp; 10928276 |
| Midea Group Co. Ltd. - Class A | 1936000 | &nbsp;&nbsp; 19480915 |
| PDD Holdings, Inc. (ADR) (a) | 57798 | &nbsp;&nbsp; 6049139 |
| Ping An Insurance Group Co. of China Ltd. - Class H | 1355500 | &nbsp;&nbsp; 8629767 |
| Silergy Corp.  | 562000 | &nbsp;&nbsp; 6838670 |
| Tencent Holdings Ltd.  | 717700 | &nbsp;&nbsp; 46095791 |
| Tencent Music Entertainment Group (ADR) (b) | 1330538 | &nbsp;&nbsp; 25932185 |
|  |  | &nbsp;&nbsp; 132275123 |
| **Denmark — 5.8%** | **Denmark — 5.8%** | **Denmark — 5.8%** |
| Demant AS (a) | 342947 | &nbsp;&nbsp; 14321600 |
| DSV AS | 138130 | &nbsp;&nbsp; 33181484 |
| Novo Nordisk AS - Class B | 132917 | &nbsp;&nbsp; 9274679 |
| Novonesis (Novozymes) - B Shares | 320853 | &nbsp;&nbsp; 23039118 |
|  |  | &nbsp;&nbsp; 79816881 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Kone OYJ - Class B | 186579 | &nbsp;&nbsp; 12287912 |
| **France — 6.4%** | **France — 6.4%** | **France — 6.4%** |
| Danone SA | 335087 | &nbsp;&nbsp; 27377689 |
| Dassault Systemes SE | 414434 | &nbsp;&nbsp; 15022440 |
| Edenred SE | 570837 | &nbsp;&nbsp; 17704893 |
| LVMH Moet Hennessy Louis Vuitton SE | 21353 | &nbsp;&nbsp; 11198616 |
| Nexans SA | 65604 | &nbsp;&nbsp; 8586718 |
| Sartorius Stedim Biotech | 34480 | &nbsp;&nbsp; 8251896 |
|  |  | &nbsp;&nbsp; 88142252 |
| **Germany — 8.9%** | **Germany — 8.9%** | **Germany — 8.9%** |
| BioNTech SE (ADR) (a) (b) | 58970 | &nbsp;&nbsp; 6278536 |
| Deutsche Boerse AG | 113261 | &nbsp;&nbsp; 36957335 |
| Rational AG | 13972 | &nbsp;&nbsp; 11718047 |
| SAP SE | 112708 | &nbsp;&nbsp; 34284387 |
| Scout24 SE | 248337 | &nbsp;&nbsp; 34246551 |
|  |  | &nbsp;&nbsp; 123484856 |
| **Hong Kong — 1.4%** | **Hong Kong — 1.4%** | **Hong Kong — 1.4%** |
| AIA Group Ltd.  | 2158000 | &nbsp;&nbsp; 19406406 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — 3.9%** | **India — 3.9%** | **India — 3.9%** |
| HDFC Bank Ltd.  | 1097788 | &nbsp;&nbsp; $25590749 |
| ICICI Lombard General Insurance Co. Ltd.  | 579851 | &nbsp;&nbsp; 13829552 |
| Reliance Industries Ltd.  | 846970 | &nbsp;&nbsp; 14817546 |
|  |  | &nbsp;&nbsp; 54237847 |
| **Ireland — 1.7%** | **Ireland — 1.7%** | **Ireland — 1.7%** |
| Kingspan Group PLC | 281953 | &nbsp;&nbsp; 23977103 |
| **Italy — 4.9%** | **Italy — 4.9%** | **Italy — 4.9%** |
| FinecoBank Banca Fineco SpA | 1192215 | &nbsp;&nbsp; 26462532 |
| Ryanair Holdings PLC (ADR) | 615253 | &nbsp;&nbsp; 35481641 |
| Technoprobe SpA (a) (b) | 761116 | &nbsp;&nbsp; 6655234 |
|  |  | &nbsp;&nbsp; 68599407 |
| **Japan — 11.7%** | **Japan — 11.7%** | **Japan — 11.7%** |
| FANUC Corp.  | 274000 | &nbsp;&nbsp; 7453338 |
| Keyence Corp.  | 25200 | &nbsp;&nbsp; 10118774 |
| Money Forward, Inc. (a) (b) | 322800 | &nbsp;&nbsp; 10993245 |
| MonotaRO Co. Ltd. (b) | 801500 | &nbsp;&nbsp; 15820675 |
| Nihon M&A Center Holdings, Inc.  | 2469000 | &nbsp;&nbsp; 12500162 |
| Nintendo Co. Ltd.  | 166900 | &nbsp;&nbsp; 16008549 |
| Olympus Corp. (b) | 759500 | &nbsp;&nbsp; 9011879 |
| Recruit Holdings Co. Ltd.  | 200900 | &nbsp;&nbsp; 11828844 |
| Shimano, Inc. (b) | 122700 | &nbsp;&nbsp; 17810064 |
| SMC Corp.  | 27100 | &nbsp;&nbsp; 9759336 |
| Sony Group Corp.  | 1060900 | &nbsp;&nbsp; 27657149 |
| Unicharm Corp.  | 1749900 | &nbsp;&nbsp; 12674326 |
|  |  | &nbsp;&nbsp; 161636341 |
| **Kazakhstan — 0.8%** | **Kazakhstan — 0.8%** | **Kazakhstan — 0.8%** |
| Kaspi.KZ JSC (ADR) | 136446 | &nbsp;&nbsp; 11582901 |
| **Netherlands — 6.5%** | **Netherlands — 6.5%** | **Netherlands — 6.5%** |
| Adyen NV (a) | 13373 | &nbsp;&nbsp; 24554314 |
| ASML Holding NV | 22981 | &nbsp;&nbsp; 18399676 |
| EXOR NV | 124765 | &nbsp;&nbsp; 12582163 |
| IMCD NV | 111461 | &nbsp;&nbsp; 15000463 |
| Topicus.com, Inc. (a) | 159566 | &nbsp;&nbsp; 19991596 |
|  |  | &nbsp;&nbsp; 90528212 |
| **Panama — 0.7%** | **Panama — 0.7%** | **Panama — 0.7%** |
| Copa Holdings SA - Class A | 87169 | &nbsp;&nbsp; 9585975 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| GMK Norilskiy Nickel PAO (a) (c) (d) | 3921000 | &nbsp;&nbsp; 0 |
| MMC Norilsk Nickel PJSC (ADR) (a) (c) (d) | 7 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Singapore — 1.5%** | **Singapore — 1.5%** | **Singapore — 1.5%** |
| Sea Ltd. (ADR) (a) | 133279 | &nbsp;&nbsp; 21316643 |
| **South Africa — 1.4%** | **South Africa — 1.4%** | **South Africa — 1.4%** |
| Discovery Ltd.  | 1653878 | &nbsp;&nbsp; 20115361 |
| **South Korea — 3.2%** | **South Korea — 3.2%** | **South Korea — 3.2%** |
| Coupang, Inc. (a) | 575893 | &nbsp;&nbsp; 17253754 |

---

*See accompanying notes to financial statements.*

**BHFTII-3**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (e)—1.5%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **South Korea — (Continued)** | **South Korea — (Continued)** | **South Korea — (Continued)** |
| Samsung Electronics Co. Ltd.  | 626366 | &nbsp;&nbsp; $27769710 |
|  |  | &nbsp;&nbsp; 45023464 |
| **Spain — 1.7%** | **Spain — 1.7%** | **Spain — 1.7%** |
| Amadeus IT Group SA | 270621 | &nbsp;&nbsp; 22894066 |
| **Sweden — 2.0%** | **Sweden — 2.0%** | **Sweden — 2.0%** |
| Atlas Copco AB - B Shares | 1536890 | &nbsp;&nbsp; 21897826 |
| MIPS AB | 126469 | &nbsp;&nbsp; 5940255 |
|  |  | &nbsp;&nbsp; 27838081 |
| **Switzerland — 2.1%** | **Switzerland — 2.1%** | **Switzerland — 2.1%** |
| Cie Financiere Richemont SA - Class A | 76751 | &nbsp;&nbsp; 14515246 |
| Sandoz Group AG | 263886 | &nbsp;&nbsp; 14499274 |
|  |  | &nbsp;&nbsp; 29014520 |
| **Taiwan — 4.7%** | **Taiwan — 4.7%** | **Taiwan — 4.7%** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 1800000 | &nbsp;&nbsp; 64990809 |
| **United Kingdom — 1.9%** | **United Kingdom — 1.9%** | **United Kingdom — 1.9%** |
| B&M European Value Retail SA | 1773716 | &nbsp;&nbsp; 6614008 |
| Unilever PLC | 316112 | &nbsp;&nbsp; 19254113 |
|  |  | &nbsp;&nbsp; 25868121 |
| **United States — 6.9%** | **United States — 6.9%** | **United States — 6.9%** |
| CRH PLC | 325952 | &nbsp;&nbsp; 30123064 |
| Experian PLC | 434649 | &nbsp;&nbsp; 22391615 |
| Monday.com Ltd. (a) | 25308 | &nbsp;&nbsp; 7958860 |
| Roche Holding AG | 51814 | &nbsp;&nbsp; 16938538 |
| Spotify Technology SA (a) | 23516 | &nbsp;&nbsp; 18044767 |
|  |  | &nbsp;&nbsp; 95456844 |
| Total Common Stocks <br>(Cost $1,003,440,799) <br>|  | &nbsp;&nbsp; 1375872861 |
| **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>| 10541 | &nbsp;&nbsp; 0 |

---

&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 06/30/25 at 3.250%, due on <br> 07/01/25 with a maturity value of $11,103,941; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $11,325,172<br>| 11102939 | &nbsp;&nbsp; 11102939 |
| Total Short-Term Investments <br>(Cost $11,102,939) <br>|  | &nbsp;&nbsp; 11102939 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds — 0.3%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (f)<br>| 500000 | &nbsp;&nbsp; $500000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 4.220% (f)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 4.270% (f)<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 3500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $1,000,121; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.375% - 4.250%, maturity dates ranging from <br> 07/31/27 - 05/15/39, and an aggregate market value of <br> $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,000,365; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market <br> value of $3,060,372<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,523,783; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.000% - 4.750%, maturity dates ranging from <br> 02/15/45 - 11/15/53, and an aggregate market value of <br> $3,593,822<br>| 3523354 | &nbsp;&nbsp; 3523354 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,500,426; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.250% - 4.750%, maturity dates ranging from <br> 08/31/25 - 02/15/48, and an aggregate market value of <br> $3,570,001<br>| 3500000 | &nbsp;&nbsp; 3500000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $3,000,370; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,337,856<br>| 3000000 | &nbsp;&nbsp; 3000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-4**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $1,000,123; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,135<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 17023354 |
| Total Securities Lending Reinvestments <br>(Cost $20,523,354) <br>|  | &nbsp;&nbsp; 20523354 |
| Total Investments—101.5% <br>(Cost $1,035,067,092) <br>|  | &nbsp;&nbsp; 1407499154 |
| Other assets and liabilities (net)—(1.5)%  |  | &nbsp;&nbsp; (20284333)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1387214821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $25,977,351 and the collateral received consisted of cash in the amount of $20,523,354 and non-cash collateral with a value of $6,478,915. 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 <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) <br>| Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (d) <br>| Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) <br>| Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (f) <br>| The rate shown represents the annualized seven-day yield as of June 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Software | 8.9 |
| Semiconductors & Semiconductor Equipment | 7.0 |
| Broadline Retail | 6.4 |
| Entertainment | 5.9 |
| Interactive Media & Services | 5.8 |
| Machinery | 4.5 |
| Insurance | 4.5 |
| Financial Services | 4.0 |
| Capital Markets | 3.8 |
| Banks | 3.7 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $104877396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $269114414 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(20523354)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(20523354)<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; $(20523354)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20375632 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20375632 |
| Brazil | &nbsp;&nbsp; 62043865 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62043865 |
| Canada | &nbsp;&nbsp; 65374239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65374239 |
| China | &nbsp;&nbsp; 31981324 | &nbsp;&nbsp; 100293799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 132275123 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 79816881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79816881 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 12287912 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12287912 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 88142252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88142252 |

---

*See accompanying notes to financial statements.*

**BHFTII-5**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Germany | &nbsp;&nbsp; $6278536 | &nbsp;&nbsp; $117206320 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123484856 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 19406406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19406406 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 54237847 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54237847 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 23977103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23977103 |
| Italy | &nbsp;&nbsp; 35481641 | &nbsp;&nbsp; 33117766 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68599407 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 161636341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 161636341 |
| Kazakhstan | &nbsp;&nbsp; 11582901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11582901 |
| Netherlands | &nbsp;&nbsp; 19991596 | &nbsp;&nbsp; 70536616 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90528212 |
| Panama | &nbsp;&nbsp; 9585975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9585975 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp; 21316643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21316643 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 20115361 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20115361 |
| South Korea | &nbsp;&nbsp; 17253754 | &nbsp;&nbsp; 27769710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45023464 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 22894066 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22894066 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 27838081 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27838081 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 29014520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29014520 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 64990809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64990809 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 25868121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25868121 |
| United States | &nbsp;&nbsp; 26003627 | &nbsp;&nbsp; 69453217 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95456844 |
| Total Common Stocks | &nbsp;&nbsp; 306894101 | &nbsp;&nbsp; 1068978760 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1375872861 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 11102939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11102939 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3500000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 17023354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17023354 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 17023354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20523354 |
| Total Investments | &nbsp;&nbsp; $310394101 | &nbsp;&nbsp; $1097105053 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1407499154 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20523354)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20523354)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-6**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1407499154 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 2728348 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1759674 |
| Fund shares sold | &nbsp;&nbsp; 22566 |
| Dividends and interest | &nbsp;&nbsp; 3849600 |
| Prepaid expenses | &nbsp;&nbsp; 11096 |
| Total Assets | &nbsp;&nbsp; 1415870438 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 20523354 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1962842 |
| Fund shares redeemed | &nbsp;&nbsp; 1110731 |
| Foreign taxes | &nbsp;&nbsp; 3528117 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 782002 |
| Distribution and service fees | &nbsp;&nbsp; 49041 |
| Deferred trustees' fees | &nbsp;&nbsp; 236335 |
| Other expenses | &nbsp;&nbsp; 463195 |
| Total Liabilities | &nbsp;&nbsp; 28655617 |
| **Net Assets**  | &nbsp;&nbsp; $1387214821 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $957263450 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 429951371 |
| **Net Assets**  | &nbsp;&nbsp; $1387214821 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1141592474 |
| Class B | &nbsp;&nbsp; 233890388 |
| Class E | &nbsp;&nbsp; 11731959 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 99239671 |
| Class B | &nbsp;&nbsp; 20822854 |
| Class E | &nbsp;&nbsp; 1035736 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.50 |
| Class B | 11.23 |
| Class E | 11.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,035,067,092.

(b) Includes securities loaned at value of $25,977,351.

(c) Identified cost of cash denominated in foreign currencies was $2,718,144.

(d) Includes foreign capital gains tax of $3,528,117.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $14718985 |
| Interest | &nbsp;&nbsp; 137290 |
| Securities lending income | &nbsp;&nbsp; 46349 |
| Total investment income | &nbsp;&nbsp; 14902624 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5461123 |
| Administration fees | &nbsp;&nbsp; 35819 |
| Custodian and accounting fees | &nbsp;&nbsp; 132973 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 285370 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 8422 |
| Audit and tax services | &nbsp;&nbsp; 28322 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 38556 |
| Insurance | &nbsp;&nbsp; 6177 |
| Miscellaneous | &nbsp;&nbsp; 54330 |
| Total expenses | &nbsp;&nbsp; 6093858 |
| Less management fee waiver | &nbsp;&nbsp; (767416)<br>|
| Net expenses | &nbsp;&nbsp; 5326442 |
| **Net Investment Income** | &nbsp;&nbsp; 9576182 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 62318696 |
| Foreign currency transactions | &nbsp;&nbsp; 71090 |
| Net realized gain (loss) | &nbsp;&nbsp; 62389786 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (b) | &nbsp;&nbsp; 160210510 |
| Foreign currency transactions | &nbsp;&nbsp; 314608 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 160525118 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 222914904 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $232491086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,826,599.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes change in foreign capital gains tax of $(877,596).

*See accompanying notes to financial statements.*

**BHFTII-7**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $9576182 | &nbsp;&nbsp; $9263299 |
| Net realized gain (loss) | &nbsp;&nbsp; 62389786 | &nbsp;&nbsp; 55667152 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 160525118 | &nbsp;&nbsp; 8121305 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 232491086 | &nbsp;&nbsp; 73051756 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (53163843)<br>| &nbsp;&nbsp; (86518467)<br>|
| Class B | &nbsp;&nbsp; (10641620)<br>| &nbsp;&nbsp; (16794354)<br>|
| Class E | &nbsp;&nbsp; (541321)<br>| &nbsp;&nbsp; (851241)<br>|
| **Total distributions** | &nbsp;&nbsp; (64346784)<br>| &nbsp;&nbsp; (104164062)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (111001692)<br>| &nbsp;&nbsp; (156780934)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 57142610 | &nbsp;&nbsp; (187893240)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1330072211 | &nbsp;&nbsp; 1517965451 |
| End of period | &nbsp;&nbsp; $1387214821 | &nbsp;&nbsp; $1330072211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 342669 | &nbsp;&nbsp; $3783315 | &nbsp;&nbsp; 889455 | &nbsp;&nbsp; $9416137 |
| Reinvestments | &nbsp;&nbsp; 4651255 | &nbsp;&nbsp; 53163843 | &nbsp;&nbsp; 8367357 | &nbsp;&nbsp; 86518467 |
| Redemptions | &nbsp;&nbsp; (13276129)<br>| &nbsp;&nbsp; (149421458)<br>| &nbsp;&nbsp; (21420903)<br>| &nbsp;&nbsp; (228452877)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (8282205)<br>| &nbsp;&nbsp; $(92474300)<br>| &nbsp;&nbsp; (12164091)<br>| &nbsp;&nbsp; $(132518273)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 339904 | &nbsp;&nbsp; $3499911 | &nbsp;&nbsp; 588578 | &nbsp;&nbsp; $6022162 |
| Reinvestments | &nbsp;&nbsp; 953550 | &nbsp;&nbsp; 10641620 | &nbsp;&nbsp; 1661163 | &nbsp;&nbsp; 16794354 |
| Redemptions | &nbsp;&nbsp; (2961224)<br>| &nbsp;&nbsp; (31991438)<br>| &nbsp;&nbsp; (4400607)<br>| &nbsp;&nbsp; (45571608)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1667770)<br>| &nbsp;&nbsp; $(17849907)<br>| &nbsp;&nbsp; (2150866)<br>| &nbsp;&nbsp; $(22755092)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 17436 | &nbsp;&nbsp; $188076 | &nbsp;&nbsp; 42472 | &nbsp;&nbsp; $435413 |
| Reinvestments | &nbsp;&nbsp; 48117 | &nbsp;&nbsp; 541321 | &nbsp;&nbsp; 83537 | &nbsp;&nbsp; 851241 |
| Redemptions | &nbsp;&nbsp; (129927)<br>| &nbsp;&nbsp; (1406882)<br>| &nbsp;&nbsp; (268551)<br>| &nbsp;&nbsp; (2794223)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (64374)<br>| &nbsp;&nbsp; $(677485)<br>| &nbsp;&nbsp; (142542)<br>| &nbsp;&nbsp; $(1507569)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(111001692)<br>|  | &nbsp;&nbsp; $(156780934)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-8**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $15.78 | &nbsp;&nbsp; $13.58 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| Total income (loss) from investment operations | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total distributions | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.07)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $15.78 |
| **Total Return (%)** (b) | 18.38 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;18.59 | &nbsp;&nbsp; (28.60)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.58 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.86 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &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 (%) (e) | 0.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Ratio of net investment income (loss) to average net assets (%) | 1.46 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 20 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1141.6 | &nbsp;&nbsp; $1095.4 | &nbsp;&nbsp; $1252.9 | &nbsp;&nbsp; $1259.7 | &nbsp;&nbsp; $1605.6 | &nbsp;&nbsp; $1681.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $13.75 | &nbsp;&nbsp; $15.49 | &nbsp;&nbsp; $13.35 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| Total income (loss) from investment operations | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total distributions | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.04)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $13.75 | &nbsp;&nbsp; $15.49 |
| **Total Return (%)** (b) | 18.22 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;18.36 | &nbsp;&nbsp; (28.81)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.26 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.11 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Net ratio of expenses to average net assets (%) (e) | 1.00 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Ratio of net investment income (loss) to average net assets (%) | 1.21 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 20 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $233.9 | &nbsp;&nbsp; $223.7 | &nbsp;&nbsp; $252.2 | &nbsp;&nbsp; $241.7 | &nbsp;&nbsp; $327.4 | &nbsp;&nbsp; $353.2 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-9**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $15.59 | &nbsp;&nbsp; $13.43 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Total income (loss) from investment operations | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.80)<br>|
| Total distributions | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $15.59 |
| **Total Return (%)** (b) | 18.40 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp; (28.74)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.37 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.01 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net ratio of expenses to average net assets (%) (e) | 0.90 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Ratio of net investment income (loss) to average net assets (%) | 1.32 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 20 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $11.7 | &nbsp;&nbsp; $11.0 | &nbsp;&nbsp; $12.8 | &nbsp;&nbsp; $12.2 | &nbsp;&nbsp; $17.7 | &nbsp;&nbsp; $19.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-10**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—38.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 0.8%** | **Agency Collateralized Mortgage Obligations — 0.8%** | **Agency Collateralized Mortgage Obligations — 0.8%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 5.705%, SOFR30A + 1.400%, 03/25/55 (a) | 18065520 | &nbsp;&nbsp; $18110612 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| Zero Coupon, 07/25/56 (144A) (b) | 769174 | &nbsp;&nbsp; 116167 |
| 1.423%, 07/25/56 (144A) (a) (c) | 867665 | &nbsp;&nbsp; 97921 |
| 3.495%, 05/25/57 (a) | 157107 | &nbsp;&nbsp; 69522 |
| Government National Mortgage Association REMICS |  |  |
| 3.000%, 08/20/50 (c) | 1350783 | &nbsp;&nbsp; 224760 |
| 3.000%, 02/20/51 (c) | 1161033 | &nbsp;&nbsp; 193638 |
| 3.000%, 05/20/51 (c) | 3989784 | &nbsp;&nbsp; 678962 |
| 3.000%, 08/20/51 (c) | 1161830 | &nbsp;&nbsp; 197504 |
| Seasoned Loans Structured Transaction Trust |  |  |
| 4.750%, 09/25/60 (144A) (a) | 1113784 | &nbsp;&nbsp; 1102110 |
|  |  | &nbsp;&nbsp; 20791196 |
| **Agency Mortgage-Backed Securities — 37.9%** | **Agency Mortgage-Backed Securities — 37.9%** | **Agency Mortgage-Backed Securities — 37.9%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 04/01/36 | 2586193 | &nbsp;&nbsp; 2313343 |
| 1.500%, 05/01/36 | 463752 | &nbsp;&nbsp; 414709 |
| 1.500%, 08/01/50 | 802774 | &nbsp;&nbsp; 608626 |
| 1.500%, 10/01/50 | 2016544 | &nbsp;&nbsp; 1518075 |
| 2.000%, 09/01/35 | 597566 | &nbsp;&nbsp; 549470 |
| 2.000%, 01/01/36 | 1236297 | &nbsp;&nbsp; 1139737 |
| 2.000%, 02/01/36 | 1511767 | &nbsp;&nbsp; 1394324 |
| 2.000%, 03/01/36 | 244122 | &nbsp;&nbsp; 224856 |
| 2.000%, 05/01/36 | 1419273 | &nbsp;&nbsp; 1311209 |
| 2.000%, 06/01/36 | 971097 | &nbsp;&nbsp; 896249 |
| 2.000%, 07/01/36 | 413343 | &nbsp;&nbsp; 381481 |
| 2.000%, 04/01/37 | 450202 | &nbsp;&nbsp; 413850 |
| 2.000%, 02/01/42 | 371367 | &nbsp;&nbsp; 318981 |
| 2.000%, 03/01/42 | 1341244 | &nbsp;&nbsp; 1143320 |
| 2.000%, 04/01/42 | 391591 | &nbsp;&nbsp; 335311 |
| 2.000%, 08/01/50 | 281055 | &nbsp;&nbsp; 225670 |
| 2.000%, 09/01/50 | 397311 | &nbsp;&nbsp; 317135 |
| 2.000%, 11/01/50 | 533573 | &nbsp;&nbsp; 429491 |
| 2.000%, 02/01/51 | 13969318 | &nbsp;&nbsp; 11124400 |
| 2.000%, 03/01/51 | 3192759 | &nbsp;&nbsp; 2540548 |
| 2.000%, 04/01/51 | 1595142 | &nbsp;&nbsp; 1285778 |
| 2.000%, 05/01/51 | 966041 | &nbsp;&nbsp; 777852 |
| 2.000%, 07/01/51 | 3658377 | &nbsp;&nbsp; 2960455 |
| 2.000%, 09/01/51 | 1308113 | &nbsp;&nbsp; 1048407 |
| 2.000%, 10/01/51 | 3705311 | &nbsp;&nbsp; 2958785 |
| 2.000%, 12/01/51 | 2687418 | &nbsp;&nbsp; 2164940 |
| 2.000%, 01/01/52 | 13293353 | &nbsp;&nbsp; 10704500 |
| 2.000%, 02/01/52 | 1499211 | &nbsp;&nbsp; 1206937 |
| 2.500%, 04/01/27 | 5111 | &nbsp;&nbsp; 5026 |
| 2.500%, 10/01/28 | 54768 | &nbsp;&nbsp; 53524 |
| 2.500%, 08/01/29 | 126578 | &nbsp;&nbsp; 123006 |
| 2.500%, 12/01/29 | 62914 | &nbsp;&nbsp; 60878 |
| 2.500%, 05/01/30 | 201244 | &nbsp;&nbsp; 194926 |
| 2.500%, 07/01/30 | 121798 | &nbsp;&nbsp; 117818 |
| 2.500%, 08/01/30 | 477690 | &nbsp;&nbsp; 462292 |
| 2.500%, 09/01/30 | 524000 | &nbsp;&nbsp; 506723 |
| 2.500%, 04/01/31 | 420128 | &nbsp;&nbsp; 405763 |
| 2.500%, 07/01/50 | 360321 | &nbsp;&nbsp; 303740 |

---

---

| | | |
|:---|:---|:---|
| **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%, 02/01/51 | 3047857 | &nbsp;&nbsp; $2586344 |
| 2.500%, 05/01/51 | 10683524 | &nbsp;&nbsp; 9024663 |
| 2.500%, 11/01/51 | 9505427 | &nbsp;&nbsp; 8032518 |
| 2.500%, 12/01/51 | 4739780 | &nbsp;&nbsp; 3991759 |
| 2.500%, 01/01/52 | 15574267 | &nbsp;&nbsp; 13099080 |
| 3.000%, 09/01/27 | 39572 | &nbsp;&nbsp; 39034 |
| 3.000%, 07/01/28 | 27852 | &nbsp;&nbsp; 27450 |
| 3.000%, 01/01/30 | 137767 | &nbsp;&nbsp; 135035 |
| 3.000%, 04/01/30 | 720029 | &nbsp;&nbsp; 704582 |
| 3.000%, 05/01/30 | 145839 | &nbsp;&nbsp; 142475 |
| 3.000%, 06/01/30 | 4719 | &nbsp;&nbsp; 4612 |
| 3.000%, 07/01/30 | 274210 | &nbsp;&nbsp; 268250 |
| 3.000%, 08/01/30 | 80995 | &nbsp;&nbsp; 79149 |
| 3.000%, 09/01/37 | 42865 | &nbsp;&nbsp; 40433 |
| 3.000%, 06/01/38 | 873048 | &nbsp;&nbsp; 821169 |
| 3.000%, 01/01/43 | 626739 | &nbsp;&nbsp; 567549 |
| 3.000%, 03/01/43 | 1075026 | &nbsp;&nbsp; 972992 |
| 3.000%, 06/01/44 | 5556790 | &nbsp;&nbsp; 5023765 |
| 3.000%, 12/01/46 | 666547 | &nbsp;&nbsp; 596555 |
| 3.000%, 02/01/47 | 469249 | &nbsp;&nbsp; 421203 |
| 3.000%, 08/01/50 | 4049513 | &nbsp;&nbsp; 3574204 |
| 3.000%, 09/01/50 | 1767011 | &nbsp;&nbsp; 1577800 |
| 3.000%, 07/01/51 | 365472 | &nbsp;&nbsp; 322424 |
| 3.000%, 10/01/51 | 509319 | &nbsp;&nbsp; 445930 |
| 3.000%, 02/01/52 | 268876 | &nbsp;&nbsp; 236939 |
| 3.000%, 03/01/52 | 7780483 | &nbsp;&nbsp; 6848312 |
| 3.000%, 08/01/52 | 13972431 | &nbsp;&nbsp; 12231231 |
| 3.500%, 01/01/34 | 360112 | &nbsp;&nbsp; 352322 |
| 3.500%, 05/01/35 | 1284041 | &nbsp;&nbsp; 1247266 |
| 3.500%, 04/01/42 | 742653 | &nbsp;&nbsp; 698284 |
| 3.500%, 05/01/42 | 23548 | &nbsp;&nbsp; 22128 |
| 3.500%, 08/01/42 | 598181 | &nbsp;&nbsp; 562216 |
| 3.500%, 10/01/42 | 28392 | &nbsp;&nbsp; 26754 |
| 3.500%, 06/01/43 | 113441 | &nbsp;&nbsp; 106421 |
| 3.500%, 01/01/44 | 204172 | &nbsp;&nbsp; 191645 |
| 3.500%, 05/01/44 | 33372 | &nbsp;&nbsp; 31286 |
| 3.500%, 06/01/44 | 94350 | &nbsp;&nbsp; 87035 |
| 3.500%, 07/01/44 | 38068 | &nbsp;&nbsp; 35531 |
| 3.500%, 09/01/44 | 85768 | &nbsp;&nbsp; 79973 |
| 3.500%, 09/01/45 | 60619 | &nbsp;&nbsp; 56074 |
| 3.500%, 03/01/46 | 2124974 | &nbsp;&nbsp; 1993250 |
| 3.500%, 09/01/46 | 490941 | &nbsp;&nbsp; 454465 |
| 3.500%, 03/01/47 | 546646 | &nbsp;&nbsp; 503353 |
| 3.500%, 10/01/47 | 519639 | &nbsp;&nbsp; 482630 |
| 3.500%, 12/01/47 | 596098 | &nbsp;&nbsp; 553643 |
| 3.500%, 01/01/48 | 3051919 | &nbsp;&nbsp; 2823016 |
| 3.500%, 06/01/48 | 826189 | &nbsp;&nbsp; 762640 |
| 3.500%, 08/01/50 | 253992 | &nbsp;&nbsp; 231657 |
| 4.000%, 08/01/40 | 77212 | &nbsp;&nbsp; 74650 |
| 4.000%, 09/01/40 | 90183 | &nbsp;&nbsp; 87303 |
| 4.000%, 10/01/40 | 52843 | &nbsp;&nbsp; 51167 |
| 4.000%, 11/01/40 | 169147 | &nbsp;&nbsp; 163684 |
| 4.000%, 04/01/41 | 4303 | &nbsp;&nbsp; 4164 |
| 4.000%, 10/01/41 | 151331 | &nbsp;&nbsp; 146171 |
| 4.000%, 09/01/43 | 145803 | &nbsp;&nbsp; 139971 |

---

*See accompanying notes to financial statements.*

**BHFTII-11**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.000%, 04/01/44 | 333487 | &nbsp;&nbsp; $314327 |
| 4.000%, 07/01/44 | 58137 | &nbsp;&nbsp; 56124 |
| 4.000%, 01/01/45 | 206397 | &nbsp;&nbsp; 198922 |
| 4.000%, 02/01/45 | 75267 | &nbsp;&nbsp; 72024 |
| 4.000%, 09/01/45 | 390547 | &nbsp;&nbsp; 374108 |
| 4.000%, 12/01/45 | 2616131 | &nbsp;&nbsp; 2484325 |
| 4.000%, 07/01/47 | 1008338 | &nbsp;&nbsp; 956329 |
| 4.000%, 04/01/48 | 2070021 | &nbsp;&nbsp; 1946026 |
| 4.000%, 06/01/48 | 927435 | &nbsp;&nbsp; 881422 |
| 4.000%, 05/01/49 | 95844 | &nbsp;&nbsp; 90731 |
| 4.000%, 03/01/50 | 1945358 | &nbsp;&nbsp; 1841250 |
| 4.000%, 06/01/50 | 1099958 | &nbsp;&nbsp; 1035260 |
| 4.000%, 07/01/50 | 789524 | &nbsp;&nbsp; 746718 |
| 4.000%, 06/01/52 | 328201 | &nbsp;&nbsp; 310389 |
| 4.500%, 02/01/39 | 301346 | &nbsp;&nbsp; 301680 |
| 4.500%, 08/01/39 | 222652 | &nbsp;&nbsp; 220607 |
| 4.500%, 12/01/39 | 70179 | &nbsp;&nbsp; 70084 |
| 4.500%, 07/01/40 | 25083 | &nbsp;&nbsp; 25033 |
| 4.500%, 05/01/41 | 317856 | &nbsp;&nbsp; 315339 |
| 4.500%, 05/01/42 | 372015 | &nbsp;&nbsp; 371587 |
| 4.500%, 10/01/43 | 72819 | &nbsp;&nbsp; 71206 |
| 4.500%, 12/01/43 | 408772 | &nbsp;&nbsp; 404346 |
| 4.500%, 04/01/47 | 743236 | &nbsp;&nbsp; 726351 |
| 4.500%, 05/01/47 | 279576 | &nbsp;&nbsp; 273012 |
| 4.500%, 07/01/47 | 602699 | &nbsp;&nbsp; 588417 |
| 4.500%, 02/01/49 | 913150 | &nbsp;&nbsp; 887207 |
| 4.500%, 04/01/49 | 449945 | &nbsp;&nbsp; 438040 |
| 4.500%, 07/01/52 | 1469773 | &nbsp;&nbsp; 1408338 |
| 4.500%, 08/01/52 | 417945 | &nbsp;&nbsp; 400409 |
| 5.000%, 10/01/41 | 190082 | &nbsp;&nbsp; 192682 |
| 5.000%, 11/01/41 | 1280155 | &nbsp;&nbsp; 1299216 |
| 5.000%, 06/01/52 | 24738 | &nbsp;&nbsp; 24453 |
| 5.000%, 07/01/52 | 426566 | &nbsp;&nbsp; 422999 |
| 5.000%, 08/01/52 | 967869 | &nbsp;&nbsp; 955578 |
| 5.000%, 09/01/52 | 37814 | &nbsp;&nbsp; 37331 |
| 5.000%, 10/01/52 | 115832 | &nbsp;&nbsp; 114173 |
| 5.000%, 11/01/52 | 762091 | &nbsp;&nbsp; 755169 |
| 5.000%, 12/01/52 | 3435501 | &nbsp;&nbsp; 3404295 |
| 5.000%, 01/01/53 | 1014393 | &nbsp;&nbsp; 1004848 |
| 5.000%, 02/01/53 | 281935 | &nbsp;&nbsp; 279374 |
| 5.500%, 02/01/35 | 41459 | &nbsp;&nbsp; 42476 |
| 5.500%, 09/01/39 | 59897 | &nbsp;&nbsp; 61307 |
| 5.500%, 01/01/40 | 39482 | &nbsp;&nbsp; 39800 |
| 5.500%, 06/01/41 | 651358 | &nbsp;&nbsp; 670410 |
| 5.500%, 01/01/53 | 898943 | &nbsp;&nbsp; 906591 |
| 5.500%, 03/01/53 | 1228261 | &nbsp;&nbsp; 1238859 |
| 5.500%, 05/01/53 | 3516821 | &nbsp;&nbsp; 3547163 |
| 5.500%, 08/01/53 | 269400 | &nbsp;&nbsp; 270615 |
| 5.500%, 12/01/54 | 3260947 | &nbsp;&nbsp; 3282735 |
| 6.000%, 11/01/52 | 54963 | &nbsp;&nbsp; 56378 |
| 6.000%, 01/01/53 | 1026448 | &nbsp;&nbsp; 1044963 |
| 6.000%, 02/01/53 | 582975 | &nbsp;&nbsp; 593210 |
| 6.000%, 03/01/53 | 357883 | &nbsp;&nbsp; 364312 |
| 6.000%, 04/01/53 | 545838 | &nbsp;&nbsp; 559395 |
| 6.000%, 05/01/53 | 2087644 | &nbsp;&nbsp; 2139318 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.000%, 06/01/53 | 1268076 | &nbsp;&nbsp; $1300611 |
| 6.500%, 11/01/53 | 468044 | &nbsp;&nbsp; 487057 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 0.919%, 05/25/29 (a) (c) | 5863549 | &nbsp;&nbsp; 130043 |
| 5.028%, 10/25/31 | 341000 | &nbsp;&nbsp; 349288 |
| Federal National Mortgage Association |  |  |
| 1.500%, 12/01/35 | 130651 | &nbsp;&nbsp; 116759 |
| 1.500%, 03/01/36 | 285684 | &nbsp;&nbsp; 256005 |
| 1.500%, 05/01/36 | 471737 | &nbsp;&nbsp; 422718 |
| 1.500%, 06/01/36 | 1655288 | &nbsp;&nbsp; 1480256 |
| 1.500%, 12/01/36 | 774091 | &nbsp;&nbsp; 689960 |
| 1.500%, 02/01/37 | 486802 | &nbsp;&nbsp; 436211 |
| 1.500%, 11/01/41 | 16535643 | &nbsp;&nbsp; 13660244 |
| 1.500%, 12/01/41 | 8452397 | &nbsp;&nbsp; 6979459 |
| 1.500%, 10/01/50 | 2095915 | &nbsp;&nbsp; 1577303 |
| 1.500%, 11/01/50 | 1824967 | &nbsp;&nbsp; 1374553 |
| 1.500%, 03/01/51 | 2464541 | &nbsp;&nbsp; 1855018 |
| 2.000%, 10/01/31 | 53434 | &nbsp;&nbsp; 50799 |
| 2.000%, 11/01/31 | 696312 | &nbsp;&nbsp; 661671 |
| 2.000%, 12/01/31 | 77450 | &nbsp;&nbsp; 73590 |
| 2.000%, 03/01/32 | 513422 | &nbsp;&nbsp; 486850 |
| 2.000%, 06/01/35 | 597548 | &nbsp;&nbsp; 551724 |
| 2.000%, 09/01/35 | 206701 | &nbsp;&nbsp; 190019 |
| 2.000%, 02/01/36 | 216326 | &nbsp;&nbsp; 198860 |
| 2.000%, 03/01/36 | 363167 | &nbsp;&nbsp; 333842 |
| 2.000%, 04/01/36 | 484392 | &nbsp;&nbsp; 447520 |
| 2.000%, 05/01/36 | 340412 | &nbsp;&nbsp; 314492 |
| 2.000%, 07/01/36 | 554089 | &nbsp;&nbsp; 509346 |
| 2.000%, 09/01/36 | 722448 | &nbsp;&nbsp; 662417 |
| 2.000%, 11/01/36 | 253097 | &nbsp;&nbsp; 233583 |
| 2.000%, 01/01/37 | 246571 | &nbsp;&nbsp; 227563 |
| 2.000%, 02/01/37 | 927621 | &nbsp;&nbsp; 853142 |
| 2.000%, 03/01/37 | 2372945 | &nbsp;&nbsp; 2178726 |
| 2.000%, 04/01/37 | 761799 | &nbsp;&nbsp; 701659 |
| 2.000%, 10/01/40 | 275065 | &nbsp;&nbsp; 240312 |
| 2.000%, 12/01/40 | 1208725 | &nbsp;&nbsp; 1044047 |
| 2.000%, 12/01/41 | 1177781 | &nbsp;&nbsp; 1013844 |
| 2.000%, 02/01/42 | 600577 | &nbsp;&nbsp; 516417 |
| 2.000%, 03/01/42 | 5811077 | &nbsp;&nbsp; 4991342 |
| 2.000%, 04/01/42 | 916702 | &nbsp;&nbsp; 786537 |
| 2.000%, 08/01/42 | 3669633 | &nbsp;&nbsp; 3162256 |
| 2.000%, 08/01/50 | 674556 | &nbsp;&nbsp; 538860 |
| 2.000%, 09/01/50 | 1431984 | &nbsp;&nbsp; 1140761 |
| 2.000%, 10/01/50 | 1823246 | &nbsp;&nbsp; 1454778 |
| 2.000%, 11/01/50 | 311991 | &nbsp;&nbsp; 248549 |
| 2.000%, 12/01/50 | 1896153 | &nbsp;&nbsp; 1525670 |
| 2.000%, 01/01/51 | 12401723 | &nbsp;&nbsp; 9887669 |
| 2.000%, 02/01/51 | 1510110 | &nbsp;&nbsp; 1202097 |
| 2.000%, 03/01/51 | 1483447 | &nbsp;&nbsp; 1193717 |
| 2.000%, 04/01/51 | 2749238 | &nbsp;&nbsp; 2213646 |
| 2.000%, 08/01/51 | 3203746 | &nbsp;&nbsp; 2563604 |
| 2.000%, 11/01/51 | 8584517 | &nbsp;&nbsp; 6881379 |
| 2.000%, 12/01/51 | 5517330 | &nbsp;&nbsp; 4434249 |
| 2.000%, 01/01/52 | 5997073 | &nbsp;&nbsp; 4836342 |

---

*See accompanying notes to financial statements.*

**BHFTII-12**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.000%, 02/01/52 | 9998892 | &nbsp;&nbsp; $8022939 |
| 2.000%, 03/01/52 | 4161402 | &nbsp;&nbsp; 3343703 |
| 2.500%, 09/01/27 | 24550 | &nbsp;&nbsp; 24113 |
| 2.500%, 02/01/28 | 4158 | &nbsp;&nbsp; 4071 |
| 2.500%, 04/01/28 | 9519 | &nbsp;&nbsp; 9315 |
| 2.500%, 08/01/28 | 31414 | &nbsp;&nbsp; 30682 |
| 2.500%, 01/01/30 | 236280 | &nbsp;&nbsp; 228533 |
| 2.500%, 02/01/30 | 20278 | &nbsp;&nbsp; 19728 |
| 2.500%, 03/01/30 | 44167 | &nbsp;&nbsp; 42755 |
| 2.500%, 07/01/30 | 135922 | &nbsp;&nbsp; 131345 |
| 2.500%, 08/01/30 | 476583 | &nbsp;&nbsp; 461076 |
| 2.500%, 09/01/30 | 331571 | &nbsp;&nbsp; 320184 |
| 2.500%, 11/01/30 | 590527 | &nbsp;&nbsp; 570150 |
| 2.500%, 03/01/31 | 18766 | &nbsp;&nbsp; 18365 |
| 2.500%, 06/01/31 | 191750 | &nbsp;&nbsp; 184640 |
| 2.500%, 07/01/31 | 101409 | &nbsp;&nbsp; 97640 |
| 2.500%, 08/01/31 | 14372 | &nbsp;&nbsp; 13832 |
| 2.500%, 10/01/31 | 929190 | &nbsp;&nbsp; 894226 |
| 2.500%, 11/01/31 | 577062 | &nbsp;&nbsp; 554999 |
| 2.500%, 02/01/32 | 27917 | &nbsp;&nbsp; 26861 |
| 2.500%, 03/01/32 | 110083 | &nbsp;&nbsp; 105552 |
| 2.500%, 08/01/32 | 650766 | &nbsp;&nbsp; 626281 |
| 2.500%, 02/01/33 | 1069261 | &nbsp;&nbsp; 1033672 |
| 2.500%, 07/01/50 | 7634818 | &nbsp;&nbsp; 6438402 |
| 2.500%, 08/01/50 | 4805726 | &nbsp;&nbsp; 4052430 |
| 2.500%, 11/01/50 | 1880235 | &nbsp;&nbsp; 1598454 |
| 2.500%, 09/01/51 | 4854271 | &nbsp;&nbsp; 4076055 |
| 2.500%, 11/01/51 | 7513387 | &nbsp;&nbsp; 6284968 |
| 2.500%, 01/01/52 | 15522637 | &nbsp;&nbsp; 13084044 |
| 2.500%, 02/01/52 | 2927930 | &nbsp;&nbsp; 2473774 |
| 3.000%, 04/01/28 | 23848 | &nbsp;&nbsp; 23415 |
| 3.000%, 05/01/28 | 29093 | &nbsp;&nbsp; 28564 |
| 3.000%, 10/01/28 | 60844 | &nbsp;&nbsp; 59732 |
| 3.000%, 11/01/28 | 387319 | &nbsp;&nbsp; 380290 |
| 3.000%, 12/01/28 | 87170 | &nbsp;&nbsp; 85365 |
| 3.000%, 01/01/29 | 54805 | &nbsp;&nbsp; 53700 |
| 3.000%, 04/01/29 | 202715 | &nbsp;&nbsp; 197252 |
| 3.000%, 05/01/29 | 309074 | &nbsp;&nbsp; 301183 |
| 3.000%, 08/01/29 | 302146 | &nbsp;&nbsp; 294584 |
| 3.000%, 10/01/29 | 80827 | &nbsp;&nbsp; 79164 |
| 3.000%, 03/01/30 | 202869 | &nbsp;&nbsp; 198660 |
| 3.000%, 04/01/30 | 164383 | &nbsp;&nbsp; 160938 |
| 3.000%, 05/01/30 | 261516 | &nbsp;&nbsp; 255952 |
| 3.000%, 07/01/30 | 209485 | &nbsp;&nbsp; 204395 |
| 3.000%, 08/01/30 | 847887 | &nbsp;&nbsp; 828387 |
| 3.000%, 09/01/30 | 231011 | &nbsp;&nbsp; 225767 |
| 3.000%, 08/01/31 | 767247 | &nbsp;&nbsp; 746852 |
| 3.000%, 09/01/31 | 113858 | &nbsp;&nbsp; 111225 |
| 3.000%, 03/01/32 | 214487 | &nbsp;&nbsp; 208274 |
| 3.000%, 10/01/36 | 34477 | &nbsp;&nbsp; 32421 |
| 3.000%, 11/01/36 | 362455 | &nbsp;&nbsp; 341530 |
| 3.000%, 12/01/36 | 603752 | &nbsp;&nbsp; 570651 |
| 3.000%, 03/01/43 | 3544865 | &nbsp;&nbsp; 3193406 |
| 3.000%, 04/01/43 | 2069145 | &nbsp;&nbsp; 1867635 |
| 3.000%, 05/01/43 | 1072863 | &nbsp;&nbsp; 968538 |

---

---

| | | |
|:---|:---|:---|
| **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%, 06/01/43 | 32705 | &nbsp;&nbsp; $29376 |
| 3.000%, 06/01/46 | 21707 | &nbsp;&nbsp; 19343 |
| 3.000%, 08/01/46 | 26315 | &nbsp;&nbsp; 23644 |
| 3.000%, 11/01/46 | 1207115 | &nbsp;&nbsp; 1078688 |
| 3.000%, 02/01/47 | 302212 | &nbsp;&nbsp; 270129 |
| 3.000%, 03/01/47 | 1244736 | &nbsp;&nbsp; 1110411 |
| 3.000%, 03/01/50 | 428527 | &nbsp;&nbsp; 381045 |
| 3.000%, 08/01/50 | 1707529 | &nbsp;&nbsp; 1505076 |
| 3.000%, 11/01/51 | 2086455 | &nbsp;&nbsp; 1830144 |
| 3.000%, 12/01/51 | 914846 | &nbsp;&nbsp; 803911 |
| 3.000%, 04/01/52 | 300750 | &nbsp;&nbsp; 264716 |
| 3.000%, 05/01/52 | 483323 | &nbsp;&nbsp; 422420 |
| 3.500%, 08/01/28 | 48247 | &nbsp;&nbsp; 47503 |
| 3.500%, 10/01/28 | 469680 | &nbsp;&nbsp; 461831 |
| 3.500%, 11/01/28 | 439832 | &nbsp;&nbsp; 432701 |
| 3.500%, 02/01/29 | 619172 | &nbsp;&nbsp; 610306 |
| 3.500%, 04/01/29 | 119354 | &nbsp;&nbsp; 117449 |
| 3.500%, 05/01/29 | 419727 | &nbsp;&nbsp; 413723 |
| 3.500%, 07/01/29 | 209763 | &nbsp;&nbsp; 206528 |
| 3.500%, 09/01/29 | 45417 | &nbsp;&nbsp; 44697 |
| 3.500%, 08/01/30 | 136571 | &nbsp;&nbsp; 134907 |
| 3.500%, 11/01/32 | 69040 | &nbsp;&nbsp; 68007 |
| 3.500%, 01/01/33 | 40336 | &nbsp;&nbsp; 39703 |
| 3.500%, 01/01/42 | 181756 | &nbsp;&nbsp; 170805 |
| 3.500%, 04/01/42 | 117667 | &nbsp;&nbsp; 110453 |
| 3.500%, 05/01/42 | 12243 | &nbsp;&nbsp; 11494 |
| 3.500%, 06/01/42 | 31546 | &nbsp;&nbsp; 29609 |
| 3.500%, 07/01/42 | 43773 | &nbsp;&nbsp; 41058 |
| 3.500%, 02/01/45 | 1248235 | &nbsp;&nbsp; 1171207 |
| 3.500%, 05/01/47 | 554782 | &nbsp;&nbsp; 512001 |
| 3.500%, 11/01/47 | 396533 | &nbsp;&nbsp; 364556 |
| 3.500%, 12/01/47 | 397448 | &nbsp;&nbsp; 364864 |
| 3.500%, 01/01/48 | 1153094 | &nbsp;&nbsp; 1065243 |
| 3.500%, 02/01/48 | 181155 | &nbsp;&nbsp; 166183 |
| 3.500%, 03/01/48 | 1011501 | &nbsp;&nbsp; 927223 |
| 3.500%, 04/01/48 | 658375 | &nbsp;&nbsp; 612320 |
| 3.500%, 06/01/49 | 6767222 | &nbsp;&nbsp; 6228501 |
| 3.500%, 01/01/51 | 6757916 | &nbsp;&nbsp; 6153400 |
| 4.000%, 08/01/33 | 241314 | &nbsp;&nbsp; 237021 |
| 4.000%, 10/01/33 | 1537642 | &nbsp;&nbsp; 1532843 |
| 4.000%, 01/01/41 | 70453 | &nbsp;&nbsp; 67467 |
| 4.000%, 01/01/42 | 336107 | &nbsp;&nbsp; 324240 |
| 4.000%, 02/01/42 | 677190 | &nbsp;&nbsp; 652859 |
| 4.000%, 05/01/42 | 106996 | &nbsp;&nbsp; 103062 |
| 4.000%, 11/01/46 | 114603 | &nbsp;&nbsp; 108571 |
| 4.000%, 06/01/47 | 402435 | &nbsp;&nbsp; 382601 |
| 4.000%, 08/01/47 | 262788 | &nbsp;&nbsp; 248871 |
| 4.000%, 09/01/47 | 22638 | &nbsp;&nbsp; 21435 |
| 4.000%, 10/01/47 | 178629 | &nbsp;&nbsp; 169124 |
| 4.000%, 01/01/48 | 178813 | &nbsp;&nbsp; 169278 |
| 4.000%, 04/01/48 | 40291 | &nbsp;&nbsp; 38137 |
| 4.000%, 05/01/48 | 47665 | &nbsp;&nbsp; 45114 |
| 4.000%, 06/01/48 | 33814 | &nbsp;&nbsp; 32004 |
| 4.000%, 07/01/48 | 33371 | &nbsp;&nbsp; 31585 |
| 4.000%, 08/01/48 | 541899 | &nbsp;&nbsp; 511818 |

---

*See accompanying notes to financial statements.*

**BHFTII-13**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.000%, 09/01/48 | 219832 | &nbsp;&nbsp; $207962 |
| 4.000%, 10/01/48 | 96895 | &nbsp;&nbsp; 91593 |
| 4.000%, 09/01/49 | 896289 | &nbsp;&nbsp; 845263 |
| 4.000%, 03/01/50 | 364819 | &nbsp;&nbsp; 342407 |
| 4.000%, 04/01/50 | 190767 | &nbsp;&nbsp; 178646 |
| 4.000%, 05/01/50 | 360092 | &nbsp;&nbsp; 339746 |
| 4.000%, 06/01/50 | 487027 | &nbsp;&nbsp; 457422 |
| 4.000%, 11/01/50 | 41234 | &nbsp;&nbsp; 38621 |
| 4.000%, 01/01/51 | 2673236 | &nbsp;&nbsp; 2525348 |
| 4.000%, 03/01/51 | 2121663 | &nbsp;&nbsp; 2003443 |
| 4.000%, 04/01/52 | 452598 | &nbsp;&nbsp; 425221 |
| 4.000%, 05/01/52 | 2816912 | &nbsp;&nbsp; 2663456 |
| 4.500%, 07/01/25 | 70 | &nbsp;&nbsp; 70 |
| 4.500%, 06/01/26 | 5933 | &nbsp;&nbsp; 5920 |
| 4.500%, 08/01/39 | 313982 | &nbsp;&nbsp; 313268 |
| 4.500%, 11/01/39 | 282662 | &nbsp;&nbsp; 281961 |
| 4.500%, 01/01/40 | 11297 | &nbsp;&nbsp; 11271 |
| 4.500%, 04/01/40 | 20968 | &nbsp;&nbsp; 20905 |
| 4.500%, 05/01/40 | 52312 | &nbsp;&nbsp; 52166 |
| 4.500%, 06/01/40 | 55072 | &nbsp;&nbsp; 54884 |
| 4.500%, 07/01/40 | 111017 | &nbsp;&nbsp; 110708 |
| 4.500%, 11/01/40 | 228251 | &nbsp;&nbsp; 227098 |
| 4.500%, 07/01/41 | 47314 | &nbsp;&nbsp; 47032 |
| 4.500%, 09/01/41 | 207722 | &nbsp;&nbsp; 206673 |
| 4.500%, 10/01/41 | 59395 | &nbsp;&nbsp; 58966 |
| 4.500%, 01/01/42 | 44883 | &nbsp;&nbsp; 44731 |
| 4.500%, 08/01/42 | 277880 | &nbsp;&nbsp; 276477 |
| 4.500%, 09/01/43 | 219503 | &nbsp;&nbsp; 212591 |
| 4.500%, 10/01/43 | 463669 | &nbsp;&nbsp; 449677 |
| 4.500%, 11/01/43 | 1042444 | &nbsp;&nbsp; 1019228 |
| 4.500%, 12/01/43 | 490597 | &nbsp;&nbsp; 482619 |
| 4.500%, 01/01/44 | 334171 | &nbsp;&nbsp; 327426 |
| 4.500%, 06/01/44 | 1488598 | &nbsp;&nbsp; 1461331 |
| 4.500%, 07/01/45 | 449649 | &nbsp;&nbsp; 439559 |
| 4.500%, 09/01/45 | 215843 | &nbsp;&nbsp; 211712 |
| 4.500%, 11/01/45 | 815115 | &nbsp;&nbsp; 798855 |
| 4.500%, 12/01/45 | 295230 | &nbsp;&nbsp; 290066 |
| 4.500%, 07/01/46 | 1391168 | &nbsp;&nbsp; 1367406 |
| 4.500%, 09/01/46 | 231725 | &nbsp;&nbsp; 227337 |
| 4.500%, 09/01/47 | 26440 | &nbsp;&nbsp; 25776 |
| 4.500%, 10/01/47 | 179077 | &nbsp;&nbsp; 173852 |
| 4.500%, 11/01/47 | 912115 | &nbsp;&nbsp; 888182 |
| 4.500%, 12/01/47 | 35191 | &nbsp;&nbsp; 34227 |
| 4.500%, 01/01/48 | 872059 | &nbsp;&nbsp; 848942 |
| 4.500%, 02/01/48 | 48805 | &nbsp;&nbsp; 47528 |
| 4.500%, 03/01/48 | 94300 | &nbsp;&nbsp; 91770 |
| 4.500%, 04/01/48 | 474977 | &nbsp;&nbsp; 466199 |
| 4.500%, 05/01/48 | 4231878 | &nbsp;&nbsp; 4128740 |
| 4.500%, 07/01/48 | 70158 | &nbsp;&nbsp; 68330 |
| 4.500%, 08/01/48 | 877373 | &nbsp;&nbsp; 855377 |
| 4.500%, 11/01/48 | 541146 | &nbsp;&nbsp; 526160 |
| 4.500%, 02/01/49 | 4715305 | &nbsp;&nbsp; 4625998 |
| 4.500%, 05/01/49 | 4353426 | &nbsp;&nbsp; 4265594 |
| 4.500%, 07/01/52 | 227216 | &nbsp;&nbsp; 217734 |
| 5.000%, 11/01/32 | 1216 | &nbsp;&nbsp; 1232 |

---

---

| | | |
|:---|:---|:---|
| **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%, 09/01/35 | 52409 | &nbsp;&nbsp; $52922 |
| 5.000%, 06/01/39 | 2266759 | &nbsp;&nbsp; 2291431 |
| 5.000%, 04/01/41 | 4714 | &nbsp;&nbsp; 4662 |
| 5.000%, 07/01/41 | 81100 | &nbsp;&nbsp; 82076 |
| 5.000%, 08/01/41 | 58271 | &nbsp;&nbsp; 58996 |
| 5.000%, 01/01/42 | 40467 | &nbsp;&nbsp; 40954 |
| 5.000%, 07/01/52 | 897594 | &nbsp;&nbsp; 888865 |
| 5.000%, 12/01/52 | 391545 | &nbsp;&nbsp; 386046 |
| 5.000%, 01/01/53 | 3224258 | &nbsp;&nbsp; 3186827 |
| 5.500%, 11/01/32 | 244545 | &nbsp;&nbsp; 247418 |
| 5.500%, 12/01/32 | 39484 | &nbsp;&nbsp; 40815 |
| 5.500%, 01/01/33 | 152546 | &nbsp;&nbsp; 155868 |
| 5.500%, 12/01/33 | 55732 | &nbsp;&nbsp; 56933 |
| 5.500%, 05/01/34 | 482912 | &nbsp;&nbsp; 494779 |
| 5.500%, 08/01/37 | 513734 | &nbsp;&nbsp; 526137 |
| 5.500%, 02/01/38 | 119507 | &nbsp;&nbsp; 122609 |
| 5.500%, 03/01/38 | 56060 | &nbsp;&nbsp; 57630 |
| 5.500%, 06/01/38 | 38919 | &nbsp;&nbsp; 39571 |
| 5.500%, 12/01/38 | 42517 | &nbsp;&nbsp; 42901 |
| 5.500%, 01/01/39 | 112042 | &nbsp;&nbsp; 114906 |
| 5.500%, 08/01/39 | 76215 | &nbsp;&nbsp; 78250 |
| 5.500%, 12/01/39 | 148733 | &nbsp;&nbsp; 152416 |
| 5.500%, 04/01/40 | 9190 | &nbsp;&nbsp; 9395 |
| 5.500%, 04/01/41 | 87854 | &nbsp;&nbsp; 89815 |
| 5.500%, 01/01/53 | 831516 | &nbsp;&nbsp; 836565 |
| 5.500%, 05/01/53 | 4382178 | &nbsp;&nbsp; 4419332 |
| 5.500%, 06/01/53 | 1230335 | &nbsp;&nbsp; 1240949 |
| 5.810%, 06/01/31 | 796000 | &nbsp;&nbsp; 825260 |
| 6.000%, 02/01/34 | 56540 | &nbsp;&nbsp; 58765 |
| 6.000%, 08/01/34 | 42379 | &nbsp;&nbsp; 43990 |
| 6.000%, 04/01/35 | 659746 | &nbsp;&nbsp; 683173 |
| 6.000%, 06/01/36 | 84005 | &nbsp;&nbsp; 87793 |
| 6.000%, 02/01/38 | 127434 | &nbsp;&nbsp; 133595 |
| 6.000%, 03/01/38 | 56677 | &nbsp;&nbsp; 59416 |
| 6.000%, 05/01/38 | 150404 | &nbsp;&nbsp; 157675 |
| 6.000%, 10/01/38 | 179061 | &nbsp;&nbsp; 187581 |
| 6.000%, 12/01/38 | 59811 | &nbsp;&nbsp; 62702 |
| 6.000%, 04/01/40 | 576429 | &nbsp;&nbsp; 604296 |
| 6.000%, 09/01/40 | 67033 | &nbsp;&nbsp; 70275 |
| 6.000%, 06/01/41 | 147775 | &nbsp;&nbsp; 154919 |
| 6.000%, 11/01/52 | 61217 | &nbsp;&nbsp; 62621 |
| 6.000%, 01/01/53 | 1375345 | &nbsp;&nbsp; 1400963 |
| 6.000%, 04/01/53 | 371108 | &nbsp;&nbsp; 380638 |
| 6.000%, 05/01/53 | 1855342 | &nbsp;&nbsp; 1903016 |
| 6.000%, 07/01/53 | 1990787 | &nbsp;&nbsp; 2041993 |
| 6.000%, 08/01/53 | 3991575 | &nbsp;&nbsp; 4071423 |
| 6.500%, 05/01/40 | 828366 | &nbsp;&nbsp; 866904 |
| 6.500%, 08/01/53 | 1565345 | &nbsp;&nbsp; 1634444 |
| 6.500%, 09/01/53 | 453186 | &nbsp;&nbsp; 473954 |
| 6.500%, 10/01/53 | 1195763 | &nbsp;&nbsp; 1248546 |
| 6.500%, 02/01/54 | 2694607 | &nbsp;&nbsp; 2795372 |
| 6.500%, 06/01/54 | 3057983 | &nbsp;&nbsp; 3158442 |
| 6.500%, 08/01/54 | 2078870 | &nbsp;&nbsp; 2159737 |
| FREMF Mortgage Trust |  |  |
| 0.100%, 01/25/29 (144A) (c) | 24573491 | &nbsp;&nbsp; 64704 |

---

*See accompanying notes to financial statements.*

**BHFTII-14**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| FREMF Mortgage Trust |  |  |
| 4.379%, 08/25/50 (144A) (a) | 304000 | &nbsp;&nbsp; $297130 |
| Government National Mortgage Association |  |  |
| 2.000%, 08/20/50 | 6044163 | &nbsp;&nbsp; 4924576 |
| 2.000%, 11/20/50 | 774307 | &nbsp;&nbsp; 630891 |
| 2.000%, 01/20/51 | 9013088 | &nbsp;&nbsp; 7341992 |
| 2.000%, 02/20/51 | 674719 | &nbsp;&nbsp; 549958 |
| 2.500%, 04/20/51 | 5198347 | &nbsp;&nbsp; 4419791 |
| 2.500%, 10/20/51 | 3092748 | &nbsp;&nbsp; 2628892 |
| 2.500%, 12/20/51 | 2109901 | &nbsp;&nbsp; 1793445 |
| 2.500%, 05/20/52 | 4335988 | &nbsp;&nbsp; 3685635 |
| 2.500%, 06/20/52 | 3358090 | &nbsp;&nbsp; 2854413 |
| 2.500%, 07/20/52 | 2254330 | &nbsp;&nbsp; 1916325 |
| 2.500%, 12/20/52 | 381548 | &nbsp;&nbsp; 324321 |
| 2.500%, 01/20/53 | 1578870 | &nbsp;&nbsp; 1342071 |
| 3.000%, 12/20/44 | 31687 | &nbsp;&nbsp; 28551 |
| 3.000%, 02/15/45 | 369716 | &nbsp;&nbsp; 336399 |
| 3.000%, 09/20/47 | 644501 | &nbsp;&nbsp; 576881 |
| 3.000%, 03/20/49 | 15633 | &nbsp;&nbsp; 14012 |
| 3.000%, 05/20/50 | 254140 | &nbsp;&nbsp; 225667 |
| 3.000%, 01/20/51 | 17967283 | &nbsp;&nbsp; 15949969 |
| 3.500%, 01/15/42 | 99396 | &nbsp;&nbsp; 92875 |
| 3.500%, 02/15/42 | 41600 | &nbsp;&nbsp; 38922 |
| 3.500%, 04/15/42 | 128709 | &nbsp;&nbsp; 120336 |
| 3.500%, 05/15/42 | 138538 | &nbsp;&nbsp; 129620 |
| 3.500%, 08/15/42 | 137036 | &nbsp;&nbsp; 128088 |
| 3.500%, 11/15/42 | 50942 | &nbsp;&nbsp; 47489 |
| 3.500%, 12/15/42 | 444458 | &nbsp;&nbsp; 415532 |
| 3.500%, 01/15/43 | 111952 | &nbsp;&nbsp; 104746 |
| 3.500%, 02/15/43 | 252997 | &nbsp;&nbsp; 235887 |
| 3.500%, 03/15/43 | 198857 | &nbsp;&nbsp; 185375 |
| 3.500%, 04/15/43 | 607185 | &nbsp;&nbsp; 566228 |
| 3.500%, 04/20/43 | 588376 | &nbsp;&nbsp; 550182 |
| 3.500%, 05/15/43 | 821427 | &nbsp;&nbsp; 765875 |
| 3.500%, 05/20/43 | 321409 | &nbsp;&nbsp; 300545 |
| 3.500%, 06/15/43 | 265965 | &nbsp;&nbsp; 247968 |
| 3.500%, 07/15/43 | 620243 | &nbsp;&nbsp; 580081 |
| 3.500%, 07/20/43 | 24931 | &nbsp;&nbsp; 23310 |
| 3.500%, 02/20/44 | 626506 | &nbsp;&nbsp; 584857 |
| 3.500%, 03/20/45 | 22490 | &nbsp;&nbsp; 20939 |
| 3.500%, 04/20/45 | 33551 | &nbsp;&nbsp; 31230 |
| 3.500%, 05/20/45 | 137004 | &nbsp;&nbsp; 127514 |
| 3.500%, 07/20/45 | 24592 | &nbsp;&nbsp; 22886 |
| 3.500%, 08/20/45 | 33323 | &nbsp;&nbsp; 31011 |
| 3.500%, 10/20/45 | 63034 | &nbsp;&nbsp; 58661 |
| 3.500%, 11/20/45 | 23419 | &nbsp;&nbsp; 21794 |
| 3.500%, 12/20/45 | 349188 | &nbsp;&nbsp; 324548 |
| 3.500%, 01/20/46 | 70743 | &nbsp;&nbsp; 65836 |
| 3.500%, 05/20/46 | 289647 | &nbsp;&nbsp; 269556 |
| 3.500%, 09/20/46 | 110564 | &nbsp;&nbsp; 102666 |
| 3.500%, 10/20/46 | 711536 | &nbsp;&nbsp; 654080 |
| 3.500%, 03/20/48 | 26755 | &nbsp;&nbsp; 24708 |
| 3.500%, 04/20/48 | 10995 | &nbsp;&nbsp; 10141 |
| 3.500%, 05/20/52 | 7739192 | &nbsp;&nbsp; 7059578 |
| 4.000%, 04/20/39 | 11757 | &nbsp;&nbsp; 11258 |
| 4.000%, 07/20/39 | 87813 | &nbsp;&nbsp; 84010 |

---

---

| | | |
|:---|:---|:---|
| **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%, 09/20/40 | 22601 | &nbsp;&nbsp; $21612 |
| 4.000%, 10/20/40 | 262445 | &nbsp;&nbsp; 250965 |
| 4.000%, 11/20/40 | 147202 | &nbsp;&nbsp; 140763 |
| 4.000%, 12/20/40 | 562611 | &nbsp;&nbsp; 538002 |
| 4.000%, 01/20/41 | 501794 | &nbsp;&nbsp; 479845 |
| 4.000%, 02/20/41 | 8828 | &nbsp;&nbsp; 8441 |
| 4.000%, 03/15/41 | 210817 | &nbsp;&nbsp; 200911 |
| 4.000%, 12/15/41 | 20563 | &nbsp;&nbsp; 19597 |
| 4.000%, 07/20/43 | 54330 | &nbsp;&nbsp; 51801 |
| 4.000%, 08/20/44 | 211450 | &nbsp;&nbsp; 200064 |
| 4.000%, 10/20/46 | 29483 | &nbsp;&nbsp; 27555 |
| 4.000%, 05/20/47 | 134270 | &nbsp;&nbsp; 125739 |
| 4.000%, 06/20/47 | 343670 | &nbsp;&nbsp; 323954 |
| 4.000%, 11/20/47 | 394315 | &nbsp;&nbsp; 371693 |
| 4.000%, 12/20/47 | 194692 | &nbsp;&nbsp; 183330 |
| 4.000%, 05/20/50 | 389485 | &nbsp;&nbsp; 366668 |
| 4.000%, 12/20/52 | 4251953 | &nbsp;&nbsp; 3990672 |
| 4.500%, 12/20/39 | 20323 | &nbsp;&nbsp; 20166 |
| 4.500%, 01/20/40 | 24561 | &nbsp;&nbsp; 24371 |
| 4.500%, 02/20/40 | 20277 | &nbsp;&nbsp; 20119 |
| 4.500%, 05/20/40 | 1274 | &nbsp;&nbsp; 1264 |
| 4.500%, 02/15/42 | 2524984 | &nbsp;&nbsp; 2471355 |
| 4.500%, 03/15/47 | 61007 | &nbsp;&nbsp; 59318 |
| 4.500%, 04/15/47 | 127050 | &nbsp;&nbsp; 123566 |
| 4.500%, 05/15/47 | 48237 | &nbsp;&nbsp; 47097 |
| 4.500%, 09/20/48 | 202536 | &nbsp;&nbsp; 196294 |
| 4.500%, 03/20/49 | 796154 | &nbsp;&nbsp; 777492 |
| 4.500%, 04/20/49 | 173122 | &nbsp;&nbsp; 169073 |
| 4.500%, 05/20/49 | 664721 | &nbsp;&nbsp; 644506 |
| 4.500%, 04/20/50 | 19314 | &nbsp;&nbsp; 18747 |
| 5.000%, 10/20/33 | 205970 | &nbsp;&nbsp; 207449 |
| 5.000%, 12/15/38 | 78083 | &nbsp;&nbsp; 79034 |
| 5.000%, 07/15/39 | 131844 | &nbsp;&nbsp; 133560 |
| 5.000%, 10/15/39 | 100185 | &nbsp;&nbsp; 100602 |
| 5.000%, 10/20/39 | 73111 | &nbsp;&nbsp; 74279 |
| 5.000%, 09/15/40 | 5745 | &nbsp;&nbsp; 5767 |
| 5.000%, 12/15/40 | 266147 | &nbsp;&nbsp; 269617 |
| 5.000%, 07/20/42 | 104618 | &nbsp;&nbsp; 105518 |
| 5.500%, 04/15/33 | 6538 | &nbsp;&nbsp; 6693 |
| Government National Mortgage Association, TBA |  |  |
| 2.000%, TBA (d) | 11177000 | &nbsp;&nbsp; 9100314 |
| 2.500%, TBA (d) | 5507000 | &nbsp;&nbsp; 4677863 |
| 3.000%, TBA (d) | 1157000 | &nbsp;&nbsp; 1023204 |
| 3.500%, TBA (d) | 598000 | &nbsp;&nbsp; 542597 |
| 4.000%, TBA (d) | 3175000 | &nbsp;&nbsp; 2951544 |
| 4.500%, TBA (d) | 7716000 | &nbsp;&nbsp; 7384659 |
| 5.000%, TBA (d) | 14535000 | &nbsp;&nbsp; 14275510 |
| 5.500%, TBA (d) | 17190000 | &nbsp;&nbsp; 17212558 |
| 6.000%, TBA (d) | 10903000 | &nbsp;&nbsp; 11062263 |
| 6.500%, TBA (d) | 5321000 | &nbsp;&nbsp; 5462164 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.500%, TBA (d) | 1620400 | &nbsp;&nbsp; 1638769 |
| 3.500%, TBA (d) | 5754000 | &nbsp;&nbsp; 5070216 |
| 4.000%, TBA (d) | 3127000 | &nbsp;&nbsp; 2883881 |
| 5.000%, TBA (d) | 36337000 | &nbsp;&nbsp; 35606632 |

---

*See accompanying notes to financial statements.*

**BHFTII-15**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 5.500%, TBA (d) | 182478000 | &nbsp;&nbsp; $182436253 |
| 6.000%, TBA (d) | 148199000 | &nbsp;&nbsp; 150588389 |
| 6.500%, TBA (d) | 8499000 | &nbsp;&nbsp; 8763904 |
|  |  | &nbsp;&nbsp; 981536231 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $1,049,098,578) <br>|  | &nbsp;&nbsp; 1002327427 |
| **Corporate Bonds & Notes—26.6%** | **Corporate Bonds & Notes—26.6%** | **Corporate Bonds & Notes—26.6%** |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| Boeing Co. |  |  |
| 7.008%, 05/01/64 | 858000 | &nbsp;&nbsp; 942382 |
| Embraer Netherlands Finance BV |  |  |
| 5.980%, 02/11/35 | 580000 | &nbsp;&nbsp; 597864 |
| General Dynamics Corp. |  |  |
| 4.950%, 08/15/35 | 169000 | &nbsp;&nbsp; 169646 |
| L3Harris Technologies, Inc. |  |  |
| 5.250%, 06/01/31 | 531000 | &nbsp;&nbsp; 547705 |
| Northrop Grumman Corp. |  |  |
| 4.030%, 10/15/47 | 200000 | &nbsp;&nbsp; 159468 |
| 4.950%, 03/15/53 | 2594000 | &nbsp;&nbsp; 2331537 |
| 5.200%, 06/01/54 | 308000 | &nbsp;&nbsp; 286977 |
| 5.250%, 05/01/50 (e) | 147000 | &nbsp;&nbsp; 137758 |
|  |  | &nbsp;&nbsp; 5173337 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| Altria Group, Inc. |  |  |
| 3.400%, 02/04/41 | 2031000 | &nbsp;&nbsp; 1506642 |
| 3.875%, 09/16/46 | 581000 | &nbsp;&nbsp; 429699 |
| 4.250%, 08/09/42 | 968000 | &nbsp;&nbsp; 786874 |
| 4.450%, 05/06/50 | 1233000 | &nbsp;&nbsp; 964904 |
| 6.200%, 02/14/59 | 149000 | &nbsp;&nbsp; 149138 |
| BAT Capital Corp. |  |  |
| 3.734%, 09/25/40 | 343000 | &nbsp;&nbsp; 270753 |
| 4.540%, 08/15/47 | 1414000 | &nbsp;&nbsp; 1142260 |
| 4.758%, 09/06/49 | 2749000 | &nbsp;&nbsp; 2266270 |
| 5.650%, 03/16/52 | 1696000 | &nbsp;&nbsp; 1580233 |
| 7.079%, 08/02/43 | 3182000 | &nbsp;&nbsp; 3504574 |
| 7.081%, 08/02/53 | 3113000 | &nbsp;&nbsp; 3467419 |
| Reynolds American, Inc. |  |  |
| 5.850%, 08/15/45 | 266000 | &nbsp;&nbsp; 256637 |
|  |  | &nbsp;&nbsp; 16325403 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Air Canada Pass-Through Trust |  |  |
| 3.700%, 07/15/27 (144A) | 3638 | &nbsp;&nbsp; 3594 |
| Allegiant Travel Co. |  |  |
| 7.250%, 08/15/27 (144A) | 175000 | &nbsp;&nbsp; 175051 |
| JetBlue Pass-Through Trust |  |  |
| 2.750%, 11/15/33 | 89274 | &nbsp;&nbsp; 78124 |
| Latam Airlines Group SA |  |  |
| 7.625%, 01/07/31 (144A) | 979000 | &nbsp;&nbsp; 982671 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Airlines—(Continued)** | **Airlines—(Continued)** | **Airlines—(Continued)** |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual <br> Property Assets Ltd.<br>|  |  |
| 6.500%, 06/20/27 (144A) | 610852 | &nbsp;&nbsp; $611653 |
| Spirit Airlines Pass-Through Trust |  |  |
| 3.375%, 08/15/31 | 145502 | &nbsp;&nbsp; 128797 |
| 3.650%, 08/15/31 | 383424 | &nbsp;&nbsp; 332042 |
| 4.100%, 10/01/29 | 12270 | &nbsp;&nbsp; 11256 |
| Turkish Airlines Pass-Through Trust |  |  |
| 4.200%, 09/15/28 (144A) | 370706 | &nbsp;&nbsp; 358881 |
|  |  | &nbsp;&nbsp; 2682069 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| William Carter Co. |  |  |
| 5.625%, 03/15/27 (144A) (e) | 21000 | &nbsp;&nbsp; 20869 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Aston Martin Capital Holdings Ltd. |  |  |
| 10.000%, 03/31/29 (144A) | 217000 | &nbsp;&nbsp; 205475 |
| General Motors Financial Co., Inc. |  |  |
| 5.400%, 04/06/26 | 316000 | &nbsp;&nbsp; 317434 |
| 5.900%, 01/07/35 | 123000 | &nbsp;&nbsp; 123653 |
| 6.100%, 01/07/34 | 1175000 | &nbsp;&nbsp; 1209344 |
|  |  | &nbsp;&nbsp; 1855906 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Tenneco, Inc. |  |  |
| 8.000%, 11/17/28 (144A) (e) | 410000 | &nbsp;&nbsp; 405448 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| Akbank TAS |  |  |
| 9.369%, 5Y H15 + 5.270%, 03/14/29 (a) | 946000 | &nbsp;&nbsp; 963915 |
| Bank of America Corp. |  |  |
| 1.734%, SOFR + 0.960%, 07/22/27 (a) | 131000 | &nbsp;&nbsp; 127329 |
| 2.087%, SOFR + 1.060%, 06/14/29 (a) | 126000 | &nbsp;&nbsp; 118104 |
| 2.299%, SOFR + 1.220%, 07/21/32 (a) | 908000 | &nbsp;&nbsp; 791253 |
| 2.592%, SOFR + 2.150%, 04/29/31 (a) | 2882000 | &nbsp;&nbsp; 2634726 |
| 2.884%, 3M TSFR + 1.452%, 10/22/30 (a) | 610000 | &nbsp;&nbsp; 570961 |
| 2.972%, SOFR + 1.330%, 02/04/33 (a) | 2653000 | &nbsp;&nbsp; 2375726 |
| 3.419%, 3M TSFR + 1.302%, 12/20/28 (a) | 4000 | &nbsp;&nbsp; 3910 |
| 3.593%, 3M TSFR + 1.632%, 07/21/28 (a) | 4749000 | &nbsp;&nbsp; 4676102 |
| 3.970%, 3M TSFR + 1.332%, 03/05/29 (a) | 2651000 | &nbsp;&nbsp; 2621671 |
| 4.271%, 3M TSFR + 1.572%, 07/23/29 (a) | 360000 | &nbsp;&nbsp; 358814 |
| 4.571%, SOFR + 1.830%, 04/27/33 (a) | 3787000 | &nbsp;&nbsp; 3726677 |
| 4.875%, 04/01/44 | 272000 | &nbsp;&nbsp; 252033 |
| 5.162%, SOFR + 1.000%, 01/24/31 (a) | 515000 | &nbsp;&nbsp; 527849 |
| 5.202%, SOFR + 1.630%, 04/25/29 (a) | 930000 | &nbsp;&nbsp; 950425 |
| 5.288%, SOFR + 1.910%, 04/25/34 (a) | 572000 | &nbsp;&nbsp; 583459 |
| 5.511%, SOFR + 1.310%, 01/24/36 (a) | 137000 | &nbsp;&nbsp; 140865 |
| 5.819%, SOFR + 1.570%, 09/15/29 (a) | 517000 | &nbsp;&nbsp; 538568 |
| Citigroup, Inc. |  |  |
| 2.666%, SOFR + 1.146%, 01/29/31 (a) | 983000 | &nbsp;&nbsp; 901297 |
| 2.976%, SOFR + 1.422%, 11/05/30 (a) | 1590000 | &nbsp;&nbsp; 1487539 |
| 3.057%, SOFR + 1.351%, 01/25/33 (a) | 252000 | &nbsp;&nbsp; 225215 |
| 3.785%, SOFR + 1.939%, 03/17/33 (a) | 4700000 | &nbsp;&nbsp; 4393441 |
| 4.542%, SOFR + 1.338%, 09/19/30 (a) | 1120000 | &nbsp;&nbsp; 1114923 |
| 4.643%, SOFR + 1.143%, 05/07/28 (a) | 3893000 | &nbsp;&nbsp; 3903319 |

---

*See accompanying notes to financial statements.*

**BHFTII-16**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Citigroup, Inc. |  |  |
| 4.786%, SOFR + 0.870%, 03/04/29 (a) | 2698000 | &nbsp;&nbsp; $2717377 |
| 4.952%, SOFR + 1.463%, 05/07/31 (a) | 2137000 | &nbsp;&nbsp; 2161356 |
| 5.174%, SOFR + 1.364%, 02/13/30 (a) | 2834000 | &nbsp;&nbsp; 2891342 |
| FNB Corp. |  |  |
| 5.722%, SOFR + 1.930%, 12/11/30 (a) | 91000 | &nbsp;&nbsp; 91515 |
| Goldman Sachs Group, Inc. |  |  |
| 1.542%, SOFR + 0.818%, 09/10/27 (a) | 2002000 | &nbsp;&nbsp; 1932946 |
| 1.948%, SOFR + 0.913%, 10/21/27 (a) | 375000 | &nbsp;&nbsp; 363098 |
| 1.992%, SOFR + 1.090%, 01/27/32 (a) | 599000 | &nbsp;&nbsp; 518827 |
| 2.615%, SOFR + 1.281%, 04/22/32 (a) | 703000 | &nbsp;&nbsp; 624864 |
| 2.640%, SOFR + 1.114%, 02/24/28 (a) | 136000 | &nbsp;&nbsp; 132083 |
| 2.650%, SOFR + 1.264%, 10/21/32 (a) | 3987000 | &nbsp;&nbsp; 3523114 |
| 3.691%, 3M TSFR + 1.772%, 06/05/28 (a) | 996000 | &nbsp;&nbsp; 981843 |
| 4.223%, 3M TSFR + 1.563%, 05/01/29 (a) | 393000 | &nbsp;&nbsp; 390760 |
| 4.482%, SOFR + 1.725%, 08/23/28 (a) | 3310000 | &nbsp;&nbsp; 3314397 |
| 4.692%, SOFR + 1.135%, 10/23/30 (a) | 775000 | &nbsp;&nbsp; 777328 |
| 4.937%, SOFR + 1.319%, 04/23/28 (a) | 5890000 | &nbsp;&nbsp; 5935906 |
| 5.049%, SOFR + 1.210%, 07/23/30 (a) | 487000 | &nbsp;&nbsp; 495086 |
| 5.207%, SOFR + 1.078%, 01/28/31 (a) | 2116000 | &nbsp;&nbsp; 2165531 |
| 5.218%, SOFR + 1.580%, 04/23/31 (a) | 3790000 | &nbsp;&nbsp; 3885400 |
| 5.330%, SOFR + 1.550%, 07/23/35 (a) | 1999000 | &nbsp;&nbsp; 2016380 |
| 5.727%, SOFR + 1.265%, 04/25/30 (a) | 522000 | &nbsp;&nbsp; 543378 |
| 6.484%, SOFR + 1.770%, 10/24/29 (a) | 707000 | &nbsp;&nbsp; 749962 |
| JPMorgan Chase & Co. |  |  |
| 2.069%, SOFR + 1.015%, 06/01/29 (a) | 2545000 | &nbsp;&nbsp; 2387019 |
| 2.963%, SOFR + 1.260%, 01/25/33 (a) | 1211000 | &nbsp;&nbsp; 1088484 |
| 3.109%, SOFR + 2.440%, 04/22/51 (a) (e) | 1842000 | &nbsp;&nbsp; 1239467 |
| 3.540%, 3M TSFR + 1.642%, 05/01/28 (a) | 37000 | &nbsp;&nbsp; 36452 |
| 4.505%, SOFR + 0.860%, 10/22/28 (a) | 6099000 | &nbsp;&nbsp; 6117240 |
| 4.915%, SOFR + 0.800%, 01/24/29 (a) | 2217000 | &nbsp;&nbsp; 2246771 |
| 4.979%, SOFR + 0.930%, 07/22/28 (a) | 4143000 | &nbsp;&nbsp; 4196126 |
| 4.995%, SOFR + 1.125%, 07/22/30 (a) | 8597000 | &nbsp;&nbsp; 8754001 |
| 5.012%, SOFR + 1.310%, 01/23/30 (a) | 243000 | &nbsp;&nbsp; 247485 |
| 5.103%, SOFR + 1.435%, 04/22/31 (a) | 3485000 | &nbsp;&nbsp; 3571443 |
| 5.140%, SOFR + 1.010%, 01/24/31 (a) | 6559000 | &nbsp;&nbsp; 6726117 |
| 5.502%, SOFR + 1.315%, 01/24/36 (a) | 1199000 | &nbsp;&nbsp; 1234968 |
| 5.571%, SOFR + 0.930%, 04/22/28 (a) | 1954000 | &nbsp;&nbsp; 1994096 |
| 5.572%, SOFR + 1.680%, 04/22/36 (a) | 1619000 | &nbsp;&nbsp; 1677840 |
| 5.581%, SOFR + 1.160%, 04/22/30 (a) | 727000 | &nbsp;&nbsp; 754885 |
| 5.766%, SOFR + 1.490%, 04/22/35 (a) | 3200000 | &nbsp;&nbsp; 3361884 |
| 6.070%, SOFR + 1.330%, 10/22/27 (a) | 1676000 | &nbsp;&nbsp; 1712397 |
| KeyBank NA |  |  |
| 5.000%, 01/26/33 | 1910000 | &nbsp;&nbsp; 1884774 |
| Morgan Stanley |  |  |
| 1.593%, SOFR + 0.879%, 05/04/27 (a) | 1773000 | &nbsp;&nbsp; 1730184 |
| 2.239%, SOFR + 1.178%, 07/21/32 (a) | 3018000 | &nbsp;&nbsp; 2613430 |
| 2.475%, SOFR + 1.000%, 01/21/28 (a) | 2424000 | &nbsp;&nbsp; 2352857 |
| 2.511%, SOFR + 1.200%, 10/20/32 (a) | 280000 | &nbsp;&nbsp; 245199 |
| 2.699%, SOFR + 1.143%, 01/22/31 (a) | 420000 | &nbsp;&nbsp; 387289 |
| 2.943%, SOFR + 1.290%, 01/21/33 (a) | 2562000 | &nbsp;&nbsp; 2286570 |
| 3.772%, 3M TSFR + 1.402%, 01/24/29 (a) | 3364000 | &nbsp;&nbsp; 3315972 |
| 4.994%, SOFR + 1.380%, 04/12/29 (a) | 4547000 | &nbsp;&nbsp; 4613147 |
| 5.042%, SOFR + 1.215%, 07/19/30 (a) | 5959000 | &nbsp;&nbsp; 6060240 |
| 5.173%, SOFR + 1.450%, 01/16/30 (a) | 3604000 | &nbsp;&nbsp; 3679500 |
| 5.230%, SOFR + 1.108%, 01/15/31 (a) | 1495000 | &nbsp;&nbsp; 1530421 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Morgan Stanley |  |  |
| 5.250%, SOFR + 1.870%, 04/21/34 (a) | 2454000 | &nbsp;&nbsp; $2496327 |
| 5.587%, SOFR + 1.418%, 01/18/36 (a) | 1463000 | &nbsp;&nbsp; 1501791 |
| 5.656%, SOFR + 1.260%, 04/18/30 (a) | 1065000 | &nbsp;&nbsp; 1106227 |
| 6.407%, SOFR + 1.830%, 11/01/29 (a) | 731000 | &nbsp;&nbsp; 774291 |
| Wells Fargo & Co. |  |  |
| 3.350%, SOFR + 1.500%, 03/02/33 (a) | 2394000 | &nbsp;&nbsp; 2186320 |
| 4.611%, SOFR + 2.130%, 04/25/53 (a) (e) | 6000 | &nbsp;&nbsp; 5113 |
| 4.897%, SOFR + 2.100%, 07/25/33 (a) | 897000 | &nbsp;&nbsp; 897174 |
| 4.900%, SOFR + 0.780%, 01/24/28 (a) | 364000 | &nbsp;&nbsp; 366636 |
| 5.198%, SOFR + 1.500%, 01/23/30 (a) | 2585000 | &nbsp;&nbsp; 2647821 |
| 5.244%, SOFR + 1.110%, 01/24/31 (a) | 991000 | &nbsp;&nbsp; 1016605 |
| 5.389%, SOFR + 2.020%, 04/24/34 (a) | 1484000 | &nbsp;&nbsp; 1518499 |
| 5.605%, SOFR + 1.740%, 04/23/36 (a) | 201000 | &nbsp;&nbsp; 207476 |
| 5.707%, SOFR + 1.070%, 04/22/28 (a) | 2219000 | &nbsp;&nbsp; 2267187 |
|  |  | &nbsp;&nbsp; 165238339 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen, Inc. |  |  |
| 3.000%, 01/15/52 | 1116000 | &nbsp;&nbsp; 716526 |
| 4.400%, 02/22/62 | 726000 | &nbsp;&nbsp; 566694 |
| 5.750%, 03/02/63 | 570000 | &nbsp;&nbsp; 554148 |
|  |  | &nbsp;&nbsp; 1837368 |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| Cemex SAB de CV |  |  |
| 7.200%, 5Y H15 + 3.520%, 06/10/30 (144A) (a) | 949000 | &nbsp;&nbsp; 958727 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| OCP SA |  |  |
| 6.750%, 05/02/34 | 932000 | &nbsp;&nbsp; 965396 |
| 6.750%, 05/02/34 (144A) | 200000 | &nbsp;&nbsp; 207158 |
| Olympus Water U.S. Holding Corp. |  |  |
| 9.750%, 11/15/28 (144A) | 203000 | &nbsp;&nbsp; 213765 |
| Orbia Advance Corp. SAB de CV |  |  |
| 6.800%, 05/13/30 (144A) | 1173000 | &nbsp;&nbsp; 1198806 |
| Sasol Financing USA LLC |  |  |
| 8.750%, 05/03/29 | 960000 | &nbsp;&nbsp; 950590 |
|  |  | &nbsp;&nbsp; 3535715 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Block, Inc. |  |  |
| 3.500%, 06/01/31 | 464000 | &nbsp;&nbsp; 425613 |
| DP World Ltd. |  |  |
| 6.850%, 07/02/37 | 1080000 | &nbsp;&nbsp; 1176137 |
| Kaspi.KZ JSC |  |  |
| 6.250%, 03/26/30 | 1185000 | &nbsp;&nbsp; 1191382 |
| OT Midco, Inc. |  |  |
| 10.000%, 02/15/30 (144A) | 346000 | &nbsp;&nbsp; 267026 |
|  |  | &nbsp;&nbsp; 3060158 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Gartner, Inc. |  |  |
| 3.625%, 06/15/29 (144A) | 1505000 | &nbsp;&nbsp; 1430907 |
| 3.750%, 10/01/30 (144A) | 2505000 | &nbsp;&nbsp; 2344075 |

---

*See accompanying notes to financial statements.*

**BHFTII-17**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Gartner, Inc. |  |  |
| 4.500%, 07/01/28 (144A) | 6313000 | &nbsp;&nbsp; $6247189 |
|  |  | &nbsp;&nbsp; 10022171 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| AT&T Reign II Multi-Property Lease-Backed Pass-Through <br> Trust<br>|  |  |
| 6.088%, 12/15/44 (144A) | 2750000 | &nbsp;&nbsp; 2751497 |
| OneMain Finance Corp. |  |  |
| 7.125%, 11/15/31 (e) | 10000 | &nbsp;&nbsp; 10405 |
| SURA Asset Management SA |  |  |
| 6.350%, 05/13/32 (144A) | 562000 | &nbsp;&nbsp; 590718 |
| Synchrony Financial |  |  |
| 2.875%, 10/28/31 (e) | 3567000 | &nbsp;&nbsp; 3094872 |
| 3.950%, 12/01/27 | 262000 | &nbsp;&nbsp; 257631 |
| 5.150%, 03/19/29 | 3225000 | &nbsp;&nbsp; 3238020 |
| 5.450%, SOFR + 1.680%, 03/06/31 (a) | 5211000 | &nbsp;&nbsp; 5256433 |
| 5.935%, SOFR + 2.130%, 08/02/30 (a) | 2633000 | &nbsp;&nbsp; 2705352 |
| 7.250%, 02/02/33 | 2653000 | &nbsp;&nbsp; 2775952 |
| United Wholesale Mortgage LLC |  |  |
| 5.500%, 04/15/29 (144A) | 5000 | &nbsp;&nbsp; 4853 |
| UWM Holdings LLC |  |  |
| 6.625%, 02/01/30 (144A) | 196000 | &nbsp;&nbsp; 196203 |
|  |  | &nbsp;&nbsp; 20881936 |
| **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** |
| AEP Texas, Inc. |  |  |
| 3.450%, 05/15/51 | 1059000 | &nbsp;&nbsp; 710568 |
| 4.150%, 05/01/49 | 172000 | &nbsp;&nbsp; 130250 |
| 5.400%, 06/01/33 | 181000 | &nbsp;&nbsp; 183609 |
| 5.700%, 05/15/34 | 120000 | &nbsp;&nbsp; 122598 |
| AEP Transmission Co. LLC |  |  |
| 3.150%, 09/15/49 | 1093000 | &nbsp;&nbsp; 728992 |
| 3.750%, 12/01/47 | 176000 | &nbsp;&nbsp; 133248 |
| 4.250%, 09/15/48 | 169000 | &nbsp;&nbsp; 135362 |
| 5.375%, 06/15/35 | 190000 | &nbsp;&nbsp; 194134 |
| AES Andes SA |  |  |
| 6.300%, 03/15/29 | 470000 | &nbsp;&nbsp; 482976 |
| AES Panama Generation Holdings SRL |  |  |
| 4.375%, 05/31/30 | 188168 | &nbsp;&nbsp; 172188 |
| Alabama Power Co. |  |  |
| 3.750%, 03/01/45 | 311000 | &nbsp;&nbsp; 242418 |
| 6.000%, 03/01/39 | 167000 | &nbsp;&nbsp; 179162 |
| Baltimore Gas & Electric Co. |  |  |
| 2.900%, 06/15/50 | 48000 | &nbsp;&nbsp; 30013 |
| 3.200%, 09/15/49 | 192000 | &nbsp;&nbsp; 130184 |
| Consumers Energy Co. |  |  |
| 5.050%, 05/15/35 | 554000 | &nbsp;&nbsp; 557836 |
| Dominion Energy South Carolina, Inc. |  |  |
| 5.300%, 01/15/35 | 122000 | &nbsp;&nbsp; 124724 |
| Dominion Energy, Inc. |  |  |
| 7.000%, 5Y H15 + 2.511%, 06/01/54 (a) | 1169000 | &nbsp;&nbsp; 1254258 |
| Duke Energy Carolinas LLC |  |  |
| 3.200%, 08/15/49 | 1643000 | &nbsp;&nbsp; 1110104 |
| 3.700%, 12/01/47 | 1066000 | &nbsp;&nbsp; 801936 |
| 3.950%, 03/15/48 | 344000 | &nbsp;&nbsp; 268435 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Duke Energy Corp. |  |  |
| 3.500%, 06/15/51 | 1046000 | &nbsp;&nbsp; $718352 |
| 3.950%, 08/15/47 | 681000 | &nbsp;&nbsp; 511734 |
| 5.000%, 08/15/52 (e) | 398000 | &nbsp;&nbsp; 348928 |
| 5.800%, 06/15/54 (e) | 2381000 | &nbsp;&nbsp; 2324799 |
| Duke Energy Florida LLC |  |  |
| 3.000%, 12/15/51 | 364000 | &nbsp;&nbsp; 229885 |
| Duke Energy Ohio, Inc. |  |  |
| 2.125%, 06/01/30 | 1153000 | &nbsp;&nbsp; 1038157 |
| 5.250%, 04/01/33 | 328000 | &nbsp;&nbsp; 337803 |
| 5.550%, 03/15/54 | 340000 | &nbsp;&nbsp; 332156 |
| Duke Energy Progress LLC |  |  |
| 2.500%, 08/15/50 | 1809000 | &nbsp;&nbsp; 1046675 |
| 4.000%, 04/01/52 | 478000 | &nbsp;&nbsp; 366758 |
| 5.050%, 03/15/35 | 875000 | &nbsp;&nbsp; 878707 |
| 5.350%, 03/15/53 | 391000 | &nbsp;&nbsp; 371802 |
| 5.550%, 03/15/55 | 469000 | &nbsp;&nbsp; 458417 |
| FirstEnergy Corp. |  |  |
| 2.650%, 03/01/30 | 1157000 | &nbsp;&nbsp; 1062334 |
| 3.400%, 03/01/50 | 4372000 | &nbsp;&nbsp; 2963035 |
| 3.900%, 07/15/27 | 3919000 | &nbsp;&nbsp; 3875061 |
| 4.850%, 07/15/47 | 1914000 | &nbsp;&nbsp; 1626372 |
| FirstEnergy Transmission LLC |  |  |
| 4.550%, 04/01/49 (144A) | 1440000 | &nbsp;&nbsp; 1220550 |
| 5.000%, 01/15/35 | 2766000 | &nbsp;&nbsp; 2736231 |
| 5.450%, 07/15/44 (144A) | 965000 | &nbsp;&nbsp; 919618 |
| Florida Power & Light Co. |  |  |
| 3.150%, 10/01/49 | 509000 | &nbsp;&nbsp; 343924 |
| 3.990%, 03/01/49 | 1746000 | &nbsp;&nbsp; 1374519 |
| 5.800%, 03/15/65 | 128000 | &nbsp;&nbsp; 129784 |
| Georgia Power Co. |  |  |
| 3.250%, 03/15/51 | 747000 | &nbsp;&nbsp; 512104 |
| 4.700%, 05/15/32 | 960000 | &nbsp;&nbsp; 959814 |
| 4.850%, 03/15/31 | 421000 | &nbsp;&nbsp; 430134 |
| 4.950%, 05/17/33 | 1346000 | &nbsp;&nbsp; 1356426 |
| 5.125%, 05/15/52 (e) | 274000 | &nbsp;&nbsp; 256061 |
| MidAmerican Energy Co. |  |  |
| 3.650%, 08/01/48 | 369000 | &nbsp;&nbsp; 276021 |
| Minejesa Capital BV |  |  |
| 5.625%, 08/10/37 | 1012000 | &nbsp;&nbsp; 974247 |
| MVM Energetika Zrt |  |  |
| 6.500%, 03/13/31 | 1149000 | &nbsp;&nbsp; 1188115 |
| NRG Energy, Inc. |  |  |
| 4.450%, 06/15/29 (144A) | 1749000 | &nbsp;&nbsp; 1720711 |
| 7.000%, 03/15/33 (144A) | 4144000 | &nbsp;&nbsp; 4548848 |
| Ohio Edison Co. |  |  |
| 4.950%, 12/15/29 (144A) | 89000 | &nbsp;&nbsp; 90219 |
| Ohio Power Co. |  |  |
| 2.600%, 04/01/30 (e) | 946000 | &nbsp;&nbsp; 870774 |
| 2.900%, 10/01/51 | 189000 | &nbsp;&nbsp; 115404 |
| 4.000%, 06/01/49 | 635000 | &nbsp;&nbsp; 481257 |
| 4.150%, 04/01/48 | 164000 | &nbsp;&nbsp; 126724 |
| Pacific Gas & Electric Co. |  |  |
| 3.300%, 08/01/40 | 886000 | &nbsp;&nbsp; 633841 |
| 3.500%, 08/01/50 | 254000 | &nbsp;&nbsp; 162861 |
| 3.750%, 08/15/42 | 166000 | &nbsp;&nbsp; 118338 |

---

*See accompanying notes to financial statements.*

**BHFTII-18**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Pacific Gas & Electric Co. |  |  |
| 4.000%, 12/01/46 | 749000 | &nbsp;&nbsp; $536249 |
| 4.500%, 07/01/40 | 913894 | &nbsp;&nbsp; 761510 |
| 4.750%, 02/15/44 | 750000 | &nbsp;&nbsp; 608522 |
| 4.950%, 07/01/50 | 2404000 | &nbsp;&nbsp; 1937643 |
| 5.250%, 03/01/52 | 4457000 | &nbsp;&nbsp; 3708311 |
| 5.900%, 10/01/54 | 414000 | &nbsp;&nbsp; 375351 |
| 6.150%, 01/15/33 | 794000 | &nbsp;&nbsp; 817784 |
| 6.400%, 06/15/33 | 705000 | &nbsp;&nbsp; 736945 |
| 6.750%, 01/15/53 | 855000 | &nbsp;&nbsp; 860254 |
| PECO Energy Co. |  |  |
| 2.850%, 09/15/51 | 303000 | &nbsp;&nbsp; 190811 |
| 4.600%, 05/15/52 | 643000 | &nbsp;&nbsp; 549943 |
| 5.250%, 09/15/54 | 233000 | &nbsp;&nbsp; 220794 |
| PG&E Corp. |  |  |
| 5.250%, 07/01/30 | 3326000 | &nbsp;&nbsp; 3168489 |
| 7.375%, 5Y H15 + 3.883%, 03/15/55 (a) | 2564000 | &nbsp;&nbsp; 2428160 |
| Pinnacle West Capital Corp. |  |  |
| 5.150%, 05/15/30 | 2572000 | &nbsp;&nbsp; 2632901 |
| Southern Co. |  |  |
| 4.250%, 07/01/36 | 109000 | &nbsp;&nbsp; 99668 |
| 4.850%, 03/15/35 (e) | 1219000 | &nbsp;&nbsp; 1191649 |
| 5.200%, 06/15/33 | 322000 | &nbsp;&nbsp; 327618 |
| 5.700%, 10/15/32 | 715000 | &nbsp;&nbsp; 751034 |
| Vistra Operations Co. LLC |  |  |
| 5.050%, 12/30/26 (144A) | 436000 | &nbsp;&nbsp; 438132 |
| 5.700%, 12/30/34 (144A) (e) | 3087000 | &nbsp;&nbsp; 3143489 |
| 6.000%, 04/15/34 (144A) (e) | 3336000 | &nbsp;&nbsp; 3464303 |
| 6.950%, 10/15/33 (144A) | 3038000 | &nbsp;&nbsp; 3335982 |
|  |  | &nbsp;&nbsp; 80016037 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| Continuum Energy Pte. Ltd. |  |  |
| 12.850%, 7.850% PIK, 09/11/27 (f) (g) (h) | 1448010 | &nbsp;&nbsp; 1448010 |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| 7.250%, 09/27/28 | 944000 | &nbsp;&nbsp; 952059 |
| SCC Power PLC |  |  |
| 4.000%, 4.000% PIK, 05/17/32 (144A) (h) | 174358 | &nbsp;&nbsp; 41846 |
| 8.000%, 4.000% PIK, 12/31/28 (144A) (h) | 437329 | &nbsp;&nbsp; 283171 |
|  |  | &nbsp;&nbsp; 2725086 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| IHS Holding Ltd. |  |  |
| 8.250%, 11/29/31 | 954000 | &nbsp;&nbsp; 961708 |
| TAV Havalimanlari Holding AS |  |  |
| 8.500%, 12/07/28 | 921000 | &nbsp;&nbsp; 961098 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |
| 4.875%, 09/15/28 (144A) | 177000 | &nbsp;&nbsp; 171439 |
|  |  | &nbsp;&nbsp; 2094245 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Affinity Interactive |  |  |
| 6.875%, 12/15/27 (144A) | 107000 | &nbsp;&nbsp; 65671 |
| HR Ottawa LP |  |  |
| 11.000%, 03/31/31 (144A) | 3772000 | &nbsp;&nbsp; 3706976 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance <br> Corp.<br>|  |  |
| 4.875%, 05/01/29 (144A) | 232000 | &nbsp;&nbsp; $223478 |
| Warnermedia Holdings, Inc. |  |  |
| 3.755%, 03/15/27 | 8006000 | &nbsp;&nbsp; 7812575 |
| 5.141%, 03/15/52 | 47000 | &nbsp;&nbsp; 29023 |
|  |  | &nbsp;&nbsp; 11837723 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors, Inc. |  |  |
| 4.875%, 07/15/27 (144A) | 72000 | &nbsp;&nbsp; 71647 |
| Reworld Holding Corp. |  |  |
| 4.875%, 12/01/29 (144A) | 101000 | &nbsp;&nbsp; 96086 |
|  |  | &nbsp;&nbsp; 167733 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Pilgrim's Pride Corp. |  |  |
| 6.250%, 07/01/33 | 436000 | &nbsp;&nbsp; 460974 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Suzano Austria GmbH |  |  |
| 3.125%, 01/15/32 | 994000 | &nbsp;&nbsp; 875981 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| New Generation Gas Gathering LLC |  |  |
| 9.360%, SOFR + 5.750%, 09/30/29 † (a) (f) (g) | 1303351 | &nbsp;&nbsp; 1293576 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Solventum Corp. |  |  |
| 5.400%, 03/01/29 | 423000 | &nbsp;&nbsp; 435591 |
| 5.600%, 03/23/34 | 758000 | &nbsp;&nbsp; 780092 |
|  |  | &nbsp;&nbsp; 1215683 |
| **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
| Elevance Health, Inc. |  |  |
| 3.600%, 03/15/51 | 1243000 | &nbsp;&nbsp; 874796 |
| 5.700%, 02/15/55 (e) | 187000 | &nbsp;&nbsp; 181213 |
| HCA, Inc. |  |  |
| 2.375%, 07/15/31 | 290000 | &nbsp;&nbsp; 252409 |
| 3.500%, 07/15/51 | 137000 | &nbsp;&nbsp; 90752 |
| 4.375%, 03/15/42 | 139000 | &nbsp;&nbsp; 115813 |
| 5.250%, 06/15/49 | 252000 | &nbsp;&nbsp; 223867 |
| 5.450%, 04/01/31 | 2485000 | &nbsp;&nbsp; 2562379 |
| 5.450%, 09/15/34 | 824000 | &nbsp;&nbsp; 831131 |
| 5.500%, 06/01/33 | 989000 | &nbsp;&nbsp; 1012549 |
| 5.750%, 03/01/35 | 1286000 | &nbsp;&nbsp; 1322488 |
| 5.875%, 02/01/29 | 37000 | &nbsp;&nbsp; 38401 |
| 6.100%, 04/01/64 | 1427000 | &nbsp;&nbsp; 1391617 |
| 6.200%, 03/01/55 | 866000 | &nbsp;&nbsp; 872168 |
| Select Medical Corp. |  |  |
| 6.250%, 12/01/32 (144A) (e) | 377000 | &nbsp;&nbsp; 379251 |
|  |  | &nbsp;&nbsp; 10148834 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| 4.625%, 08/01/29 (144A) | 77000 | &nbsp;&nbsp; 73535 |

---

*See accompanying notes to financial statements.*

**BHFTII-19**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Builders—(Continued)** | **Home Builders—(Continued)** | **Home Builders—(Continued)** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| 4.625%, 04/01/30 (144A) | 190000 | &nbsp;&nbsp; $180679 |
| 6.625%, 01/15/28 (144A) | 727000 | &nbsp;&nbsp; 730002 |
| Beazer Homes USA, Inc. |  |  |
| 7.250%, 10/15/29 | 772000 | &nbsp;&nbsp; 779294 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| 5.000%, 06/15/29 (144A) | 135000 | &nbsp;&nbsp; 122861 |
| DR Horton, Inc. |  |  |
| 5.000%, 10/15/34 (e) | 666000 | &nbsp;&nbsp; 658437 |
| 5.500%, 10/15/35 | 1075000 | &nbsp;&nbsp; 1094624 |
| Forestar Group, Inc. |  |  |
| 5.000%, 03/01/28 (144A) | 287000 | &nbsp;&nbsp; 282541 |
| Homes by WestBay, LLC |  |  |
| 11.000%, 02/06/30 † (f) (g) | 3134000 | &nbsp;&nbsp; 3138074 |
| LGI Homes, Inc. |  |  |
| 7.000%, 11/15/32 (144A) (e) | 253000 | &nbsp;&nbsp; 240793 |
| 8.750%, 12/15/28 (144A) | 232000 | &nbsp;&nbsp; 241173 |
| Mattamy Group Corp. |  |  |
| 4.625%, 03/01/30 (144A) | 337000 | &nbsp;&nbsp; 323905 |
| 5.250%, 12/15/27 (144A) | 245000 | &nbsp;&nbsp; 243821 |
| STL Holding Co. LLC |  |  |
| 8.750%, 02/15/29 (144A) | 178000 | &nbsp;&nbsp; 185961 |
|  |  | &nbsp;&nbsp; 8295700 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
| Ambac Assurance Corp. |  |  |
| 5.100% (144A) (i) | 162922 | &nbsp;&nbsp; 219945 |
| American International Group, Inc. |  |  |
| 4.375%, 06/30/50 | 214000 | &nbsp;&nbsp; 179106 |
|  |  | &nbsp;&nbsp; 399051 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| Expedia Group, Inc. |  |  |
| 3.250%, 02/15/30 | 296000 | &nbsp;&nbsp; 279227 |
| 5.400%, 02/15/35 | 127000 | &nbsp;&nbsp; 127875 |
| Meta Platforms, Inc. |  |  |
| 4.650%, 08/15/62 | 2410000 | &nbsp;&nbsp; 2031507 |
| 5.550%, 08/15/64 | 1528000 | &nbsp;&nbsp; 1493218 |
| Prosus NV |  |  |
| 4.193%, 01/19/32 | 1271000 | &nbsp;&nbsp; 1190482 |
|  |  | &nbsp;&nbsp; 5122309 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| Flourishing Trade & Investment Ltd. |  |  |
| 11.035%, 04/02/28 (f) (g) (h) | 2195000 | &nbsp;&nbsp; 2238900 |
| Prime Investment Partners Ltd. |  |  |
| 11.000%, 05/01/30 (f) (g) | 692000 | &nbsp;&nbsp; 690654 |
|  |  | &nbsp;&nbsp; 2929554 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| Mineral Resources Ltd. |  |  |
| 8.500%, 05/01/30 (144A) | 56000 | &nbsp;&nbsp; 55723 |
| 9.250%, 10/01/28 (144A) (e) | 125000 | &nbsp;&nbsp; 127926 |
| Samarco Mineracao SA |  |  |
| 9.500%, 5.500% PIK, 06/30/31 (h) | 976685 | &nbsp;&nbsp; 960136 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Iron/Steel—(Continued)** | **Iron/Steel—(Continued)** | **Iron/Steel—(Continued)** |
| Vale Overseas Ltd. |  |  |
| 6.400%, 06/28/54 | 1211000 | &nbsp;&nbsp; $1190133 |
|  |  | &nbsp;&nbsp; 2333918 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Full House Resorts, Inc. |  |  |
| 8.250%, 02/15/28 (144A) (e) | 97000 | &nbsp;&nbsp; 94252 |
| MGM Resorts International |  |  |
| 6.500%, 04/15/32 (e) | 12000 | &nbsp;&nbsp; 12196 |
| Sonder Holdings, Inc. |  |  |
| 7.000%, 12/10/27 † (f) (g) (h) | 1775608 | &nbsp;&nbsp; 1522584 |
|  |  | &nbsp;&nbsp; 1629032 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| AMC Networks, Inc. |  |  |
| 4.250%, 02/15/29 (e) | 405000 | &nbsp;&nbsp; 324450 |
| 10.250%, 01/15/29 (144A) | 261000 | &nbsp;&nbsp; 270583 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 01/15/34 (144A) (e) | 888000 | &nbsp;&nbsp; 790486 |
| 4.500%, 05/01/32 | 1111000 | &nbsp;&nbsp; 1034611 |
| 4.750%, 02/01/32 (144A) (e) | 29000 | &nbsp;&nbsp; 27507 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.500%, 03/01/42 | 642000 | &nbsp;&nbsp; 457777 |
| 3.700%, 04/01/51 | 444000 | &nbsp;&nbsp; 295753 |
| 3.850%, 04/01/61 | 1582000 | &nbsp;&nbsp; 1013545 |
| 3.900%, 06/01/52 | 4345000 | &nbsp;&nbsp; 2982016 |
| 3.950%, 06/30/62 | 1226000 | &nbsp;&nbsp; 789932 |
| 4.400%, 12/01/61 | 3423000 | &nbsp;&nbsp; 2400159 |
| 4.800%, 03/01/50 | 1622000 | &nbsp;&nbsp; 1297711 |
| 5.250%, 04/01/53 | 183000 | &nbsp;&nbsp; 155475 |
| 5.750%, 04/01/48 | 664000 | &nbsp;&nbsp; 603810 |
| 6.384%, 10/23/35 | 815000 | &nbsp;&nbsp; 856001 |
| 6.550%, 06/01/34 | 719000 | &nbsp;&nbsp; 767143 |
| 6.650%, 02/01/34 | 185000 | &nbsp;&nbsp; 198106 |
| 6.834%, 10/23/55 | 131000 | &nbsp;&nbsp; 134061 |
| Comcast Corp. |  |  |
| 2.650%, 08/15/62 | 443000 | &nbsp;&nbsp; 231565 |
| 2.987%, 11/01/63 | 1599000 | &nbsp;&nbsp; 899101 |
| CSC Holdings LLC |  |  |
| 5.500%, 04/15/27 (144A) | 400000 | &nbsp;&nbsp; 381899 |
| 11.250%, 05/15/28 (144A) | 200000 | &nbsp;&nbsp; 199247 |
| 11.750%, 01/31/29 (144A) | 247000 | &nbsp;&nbsp; 234935 |
| Discovery Communications LLC |  |  |
| 3.950%, 03/20/28 | 1631000 | &nbsp;&nbsp; 1558649 |
| Paramount Global |  |  |
| 2.900%, 01/15/27 | 2661000 | &nbsp;&nbsp; 2590109 |
| 3.375%, 02/15/28 | 417000 | &nbsp;&nbsp; 403460 |
| 3.700%, 10/04/26 | 570000 | &nbsp;&nbsp; 557043 |
| 4.375%, 03/15/43 | 347000 | &nbsp;&nbsp; 255452 |
| 4.600%, 01/15/45 | 397000 | &nbsp;&nbsp; 293670 |
| 4.900%, 08/15/44 | 152000 | &nbsp;&nbsp; 117242 |
| 5.250%, 04/01/44 | 579000 | &nbsp;&nbsp; 460885 |
| 6.375%, 5Y H15 + 3.999%, 03/30/62 (a) (e) | 241000 | &nbsp;&nbsp; 236791 |
|  |  | &nbsp;&nbsp; 22819174 |

---

*See accompanying notes to financial statements.*

**BHFTII-20**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.440%, 01/26/36 | 1131000 | &nbsp;&nbsp; $1183065 |
| Glencore Funding LLC |  |  |
| 2.625%, 09/23/31 (144A) | 473000 | &nbsp;&nbsp; 415222 |
| 5.186%, 04/01/30 (144A) | 262000 | &nbsp;&nbsp; 267120 |
| 5.371%, 04/04/29 (144A) | 354000 | &nbsp;&nbsp; 362969 |
| 5.700%, 05/08/33 (144A) | 113000 | &nbsp;&nbsp; 116829 |
| 6.375%, 10/06/30 (144A) | 1383000 | &nbsp;&nbsp; 1484307 |
| Stillwater Mining Co. |  |  |
| 4.500%, 11/16/29 | 1087000 | &nbsp;&nbsp; 969972 |
| Vedanta Resources Finance II PLC |  |  |
| 10.875%, 09/17/29 | 927000 | &nbsp;&nbsp; 960008 |
| Volcan Cia Minera SAA |  |  |
| 8.750%, 01/24/30 (144A) | 30000 | &nbsp;&nbsp; 29802 |
|  |  | &nbsp;&nbsp; 5789294 |
| **Oil & Gas — 4.7%** | **Oil & Gas — 4.7%** | **Oil & Gas — 4.7%** |
| Antero Resources Corp. |  |  |
| 5.375%, 03/01/30 (144A) (e) | 6454000 | &nbsp;&nbsp; 6495293 |
| 7.625%, 02/01/29 (144A) | 545000 | &nbsp;&nbsp; 559514 |
| APA Corp. |  |  |
| 5.250%, 02/01/42 (144A) | 137000 | &nbsp;&nbsp; 109588 |
| California Resources Corp. |  |  |
| 8.250%, 06/15/29 (144A) | 179000 | &nbsp;&nbsp; 183739 |
| Civitas Resources, Inc. |  |  |
| 5.000%, 10/15/26 (144A) | 294000 | &nbsp;&nbsp; 290317 |
| 8.375%, 07/01/28 (144A) | 268000 | &nbsp;&nbsp; 274408 |
| 8.625%, 11/01/30 (144A) | 56000 | &nbsp;&nbsp; 56853 |
| CNX Resources Corp. |  |  |
| 7.250%, 03/01/32 (144A) | 978000 | &nbsp;&nbsp; 1012633 |
| Crescent Energy Finance LLC |  |  |
| 7.375%, 01/15/33 (144A) | 56000 | &nbsp;&nbsp; 53525 |
| Diamondback Energy, Inc. |  |  |
| 3.125%, 03/24/31 (e) | 5682000 | &nbsp;&nbsp; 5204400 |
| 3.250%, 12/01/26 | 8219000 | &nbsp;&nbsp; 8097325 |
| 3.500%, 12/01/29 (e) | 10250000 | &nbsp;&nbsp; 9805333 |
| 4.250%, 03/15/52 (e) | 303000 | &nbsp;&nbsp; 228000 |
| 4.400%, 03/24/51 (e) | 708000 | &nbsp;&nbsp; 546306 |
| Ecopetrol SA |  |  |
| 7.750%, 02/01/32 | 953000 | &nbsp;&nbsp; 936563 |
| EQT Corp. |  |  |
| 3.125%, 05/15/26 (144A) | 2443000 | &nbsp;&nbsp; 2405382 |
| 3.625%, 05/15/31 (144A) | 5606000 | &nbsp;&nbsp; 5196147 |
| 3.900%, 10/01/27 | 2789000 | &nbsp;&nbsp; 2752030 |
| 4.500%, 01/15/29 (144A) | 5647000 | &nbsp;&nbsp; 5578357 |
| 4.750%, 01/15/31 (144A) (e) | 9506000 | &nbsp;&nbsp; 9356508 |
| 5.000%, 01/15/29 | 1887000 | &nbsp;&nbsp; 1902990 |
| 5.500%, 07/15/28 (144A) | 196000 | &nbsp;&nbsp; 199032 |
| 5.700%, 04/01/28 | 2928000 | &nbsp;&nbsp; 3011796 |
| 5.750%, 02/01/34 (e) | 4046000 | &nbsp;&nbsp; 4183432 |
| 6.375%, 04/01/29 (144A) | 2517000 | &nbsp;&nbsp; 2596272 |
| 6.500%, 07/01/27 (144A) | 1423000 | &nbsp;&nbsp; 1455064 |
| 7.000%, 02/01/30 (e) | 3384000 | &nbsp;&nbsp; 3668389 |
| 7.500%, 06/01/27 (144A) | 1400000 | &nbsp;&nbsp; 1425472 |
| 7.500%, 06/01/30 (144A) | 6772000 | &nbsp;&nbsp; 7442515 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Expand Energy Corp. |  |  |
| 4.750%, 02/01/32 | 3454000 | &nbsp;&nbsp; $3358621 |
| 5.375%, 02/01/29 | 2423000 | &nbsp;&nbsp; 2425255 |
| 5.375%, 03/15/30 | 2001000 | &nbsp;&nbsp; 2006611 |
| 5.700%, 01/15/35 | 6132000 | &nbsp;&nbsp; 6219436 |
| 5.875%, 02/01/29 (144A) | 531000 | &nbsp;&nbsp; 533135 |
| 6.750%, 04/15/29 (144A) | 2016000 | &nbsp;&nbsp; 2040134 |
| Hess Corp. |  |  |
| 6.000%, 01/15/40 | 287000 | &nbsp;&nbsp; 302051 |
| 7.300%, 08/15/31 | 498000 | &nbsp;&nbsp; 564809 |
| NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |
| 7.125%, 07/19/26 (EUR) (h) | 468881 | &nbsp;&nbsp; 477065 |
| 7.625%, 11/08/28 (144A) (h) | 442505 | &nbsp;&nbsp; 347367 |
| ORLEN SA |  |  |
| 6.000%, 01/30/35 | 1156000 | &nbsp;&nbsp; 1185364 |
| Permian Resources Operating LLC |  |  |
| 5.375%, 01/15/26 (144A) | 23000 | &nbsp;&nbsp; 22961 |
| 8.000%, 04/15/27 (144A) | 358000 | &nbsp;&nbsp; 366019 |
| Petroleos Mexicanos |  |  |
| 7.500%, 03/31/26 | 2965000 | &nbsp;&nbsp; 2916819 |
| 8.750%, 06/02/29 | 69800 | &nbsp;&nbsp; 72315 |
| 10.000%, 02/07/33 (e) | 32000 | &nbsp;&nbsp; 34260 |
| Pioneer MidCo. LLC |  |  |
| 11.625%, 11/18/30 † (f) (g) (h) | 1370221 | &nbsp;&nbsp; 1389130 |
| Pioneer Natural Resources Co. |  |  |
| 2.150%, 01/15/31 | 584000 | &nbsp;&nbsp; 518721 |
| Raizen Fuels Finance SA |  |  |
| 6.250%, 07/08/32 (144A) | 796000 | &nbsp;&nbsp; 790030 |
| 6.450%, 03/05/34 | 406000 | &nbsp;&nbsp; 406399 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. |  |  |
| 7.875%, 11/01/28 (144A) | 200000 | &nbsp;&nbsp; 209414 |
| SM Energy Co. |  |  |
| 6.750%, 08/01/29 (144A) | 30000 | &nbsp;&nbsp; 29890 |
| Transocean Titan Financing Ltd. |  |  |
| 8.375%, 02/01/28 (144A) | 99524 | &nbsp;&nbsp; 101093 |
| Transocean, Inc. |  |  |
| 8.250%, 05/15/29 (144A) | 239000 | &nbsp;&nbsp; 220966 |
| Trident Energy Finance PLC |  |  |
| 12.500%, 11/30/29 | 212000 | &nbsp;&nbsp; 211779 |
| Vantage Drilling International Ltd. |  |  |
| 9.500%, 02/15/28 (144A) | 25000 | &nbsp;&nbsp; 24875 |
| Viper Energy, Inc. |  |  |
| 5.375%, 11/01/27 (144A) (e) | 2960000 | &nbsp;&nbsp; 2963220 |
| 7.375%, 11/01/31 (144A) | 5831000 | &nbsp;&nbsp; 6187188 |
| Vista Energy Argentina SAU |  |  |
| 7.625%, 12/10/35 (144A) | 194000 | &nbsp;&nbsp; 188083 |
| 8.500%, 06/10/33 (144A) | 949000 | &nbsp;&nbsp; 959088 |
| Wildfire Intermediate Holdings LLC |  |  |
| 7.500%, 10/15/29 (144A) | 151000 | &nbsp;&nbsp; 149999 |
| YPF SA |  |  |
| 9.500%, 01/17/31 (144A) | 146000 | &nbsp;&nbsp; 153816 |
|  |  | &nbsp;&nbsp; 122403096 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| 4.125%, 08/15/26 (144A) † | 982000 | &nbsp;&nbsp; 921971 |

---

*See accompanying notes to financial statements.*

**BHFTII-21**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.750%, 04/15/30 (144A) | 192000 | &nbsp;&nbsp; $196382 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.875%, 04/15/27 (144A) | 187000 | &nbsp;&nbsp; 190065 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo <br> U.S. LLC<br>|  |  |
| 9.500%, 05/15/30 (144A) | 502000 | &nbsp;&nbsp; 513153 |
|  |  | &nbsp;&nbsp; 1821571 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Becton Dickinson & Co. |  |  |
| 5.081%, 06/07/29 | 838000 | &nbsp;&nbsp; 856236 |
| CVS Health Corp. |  |  |
| 4.125%, 04/01/40 | 265000 | &nbsp;&nbsp; 221242 |
| 5.125%, 07/20/45 | 488000 | &nbsp;&nbsp; 432180 |
| 5.300%, 12/05/43 | 577000 | &nbsp;&nbsp; 523941 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.750%, 05/19/33 (e) | 183000 | &nbsp;&nbsp; 182450 |
| Pfizer, Inc. |  |  |
| 2.700%, 05/28/50 (e) | 993000 | &nbsp;&nbsp; 616523 |
| 4.000%, 12/15/36 (e) | 137000 | &nbsp;&nbsp; 125504 |
|  |  | &nbsp;&nbsp; 2958076 |
| **Pipelines — 2.2%** | **Pipelines — 2.2%** | **Pipelines — 2.2%** |
| Cameron LNG LLC |  |  |
| 3.302%, 01/15/35 (144A) | 1829000 | &nbsp;&nbsp; 1568012 |
| 3.402%, 01/15/38 (144A) | 1253000 | &nbsp;&nbsp; 1067595 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 2.742%, 12/31/39 | 2966000 | &nbsp;&nbsp; 2413983 |
| 5.125%, 06/30/27 | 3045000 | &nbsp;&nbsp; 3073544 |
| Cheniere Energy Partners LP |  |  |
| 3.250%, 01/31/32 | 2599000 | &nbsp;&nbsp; 2329838 |
| 4.000%, 03/01/31 | 2955000 | &nbsp;&nbsp; 2811924 |
| 5.550%, 10/30/35 (144A) | 680000 | &nbsp;&nbsp; 685346 |
| 5.750%, 08/15/34 (e) | 2365000 | &nbsp;&nbsp; 2428785 |
| 5.950%, 06/30/33 | 1381000 | &nbsp;&nbsp; 1441537 |
| Cheniere Energy, Inc. |  |  |
| 5.650%, 04/15/34 (e) | 6151000 | &nbsp;&nbsp; 6299729 |
| Energy Transfer LP |  |  |
| 4.950%, 06/15/28 | 124000 | &nbsp;&nbsp; 125842 |
| 5.950%, 05/15/54 | 2225000 | &nbsp;&nbsp; 2116637 |
| 7.375%, 02/01/31 (144A) | 4437000 | &nbsp;&nbsp; 4649271 |
| EQM Midstream Partners LP |  |  |
| 6.500%, 07/01/27 (144A) | 1390000 | &nbsp;&nbsp; 1421320 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.853%, 02/23/36 | 1171000 | &nbsp;&nbsp; 1182723 |
| Kinder Morgan, Inc. |  |  |
| 5.850%, 06/01/35 | 296000 | &nbsp;&nbsp; 306829 |
| NGPL PipeCo LLC |  |  |
| 3.250%, 07/15/31 (144A) | 3594000 | &nbsp;&nbsp; 3201724 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 (e) | 4763000 | &nbsp;&nbsp; 4755032 |
| 5.000%, 03/15/27 | 3656000 | &nbsp;&nbsp; 3677947 |
| 5.875%, 06/30/26 | 650000 | &nbsp;&nbsp; 653537 |
| 5.900%, 09/15/37 | 1985000 | &nbsp;&nbsp; 2064679 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Targa Resources Corp. |  |  |
| 4.200%, 02/01/33 | 1234000 | &nbsp;&nbsp; $1156258 |
| 4.950%, 04/15/52 | 1130000 | &nbsp;&nbsp; 942671 |
| 6.150%, 03/01/29 | 1427000 | &nbsp;&nbsp; 1500710 |
| 6.500%, 02/15/53 | 232000 | &nbsp;&nbsp; 238166 |
| Targa Resources Partners LP/Targa Resources Partners <br> Finance Corp.<br>|  |  |
| 4.000%, 01/15/32 | 102000 | &nbsp;&nbsp; 95063 |
| 4.875%, 02/01/31 | 2730000 | &nbsp;&nbsp; 2708101 |
| 5.500%, 03/01/30 | 2294000 | &nbsp;&nbsp; 2328130 |
| Venture Global LNG, Inc. |  |  |
| 7.000%, 01/15/30 (144A) | 56000 | &nbsp;&nbsp; 56611 |
| 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (a) | 254000 | &nbsp;&nbsp; 246938 |
|  |  | &nbsp;&nbsp; 57548482 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Five Point Operating Co. LP/Five Point Capital Corp. |  |  |
| 10.500%, 01/15/28 (144A) (j) | 394604 | &nbsp;&nbsp; 401455 |
| Howard Hughes Corp. |  |  |
| 5.375%, 08/01/28 (144A) | 416000 | &nbsp;&nbsp; 412895 |
| Lessen Holdings, Inc. |  |  |
| 12.170%, SOFR + 8.500%, 01/05/28 † (a) (f) (g) | 1888083 | &nbsp;&nbsp; 1739491 |
| Resort Communities Loanco LP |  |  |
| 12.500%, 2.000% PIK, 11/21/28 (f) (g) (h) | 4335291 | &nbsp;&nbsp; 4362603 |
|  |  | &nbsp;&nbsp; 6916444 |
| **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** |
| American Tower Corp. |  |  |
| 2.700%, 04/15/31 | 529000 | &nbsp;&nbsp; 474381 |
| 2.900%, 01/15/30 | 1167000 | &nbsp;&nbsp; 1087436 |
| 3.950%, 03/15/29 | 599000 | &nbsp;&nbsp; 586387 |
| 5.000%, 01/31/30 (e) | 806000 | &nbsp;&nbsp; 821620 |
| 5.450%, 02/15/34 | 2773000 | &nbsp;&nbsp; 2855133 |
| Crown Castle, Inc. |  |  |
| 2.100%, 04/01/31 | 264000 | &nbsp;&nbsp; 226503 |
| 2.250%, 01/15/31 | 246000 | &nbsp;&nbsp; 214011 |
| 2.500%, 07/15/31 | 125000 | &nbsp;&nbsp; 109072 |
| 4.300%, 02/15/29 | 881000 | &nbsp;&nbsp; 869518 |
| 5.600%, 06/01/29 | 120000 | &nbsp;&nbsp; 123856 |
| Equinix, Inc. |  |  |
| 2.500%, 05/15/31 | 3607000 | &nbsp;&nbsp; 3195735 |
| 2.950%, 09/15/51 | 468000 | &nbsp;&nbsp; 288488 |
| 3.400%, 02/15/52 | 420000 | &nbsp;&nbsp; 280966 |
| 3.900%, 04/15/32 | 2006000 | &nbsp;&nbsp; 1899928 |
| Extra Space Storage LP |  |  |
| 3.900%, 04/01/29 | 227000 | &nbsp;&nbsp; 222280 |
| 4.000%, 06/15/29 | 18000 | &nbsp;&nbsp; 17652 |
| 5.500%, 07/01/30 | 3116000 | &nbsp;&nbsp; 3232108 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 3.250%, 01/15/32 | 1980000 | &nbsp;&nbsp; 1742627 |
| 4.000%, 01/15/30 | 929000 | &nbsp;&nbsp; 892761 |
| 4.000%, 01/15/31 | 3155000 | &nbsp;&nbsp; 2973754 |
| 5.300%, 01/15/29 | 3122000 | &nbsp;&nbsp; 3156617 |
| 5.750%, 06/01/28 | 984000 | &nbsp;&nbsp; 1008301 |
| 6.250%, 09/15/54 (e) | 2137000 | &nbsp;&nbsp; 2086035 |

---

*See accompanying notes to financial statements.*

**BHFTII-22**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| 4.875%, 05/15/29 (144A) | 340000 | &nbsp;&nbsp; $329428 |
| Service Properties Trust |  |  |
| 5.500%, 12/15/27 | 71000 | &nbsp;&nbsp; 70347 |
| 8.375%, 06/15/29 | 828000 | &nbsp;&nbsp; 861192 |
| 8.875%, 06/15/32 (e) | 899000 | &nbsp;&nbsp; 924404 |
| Store Capital LLC |  |  |
| 5.400%, 04/30/30 (144A) | 2770000 | &nbsp;&nbsp; 2806507 |
| Trust Fibra Uno |  |  |
| 7.700%, 01/23/32 | 1128000 | &nbsp;&nbsp; 1175506 |
| VICI Properties LP |  |  |
| 4.750%, 02/15/28 | 1517000 | &nbsp;&nbsp; 1525320 |
| 4.750%, 04/01/28 | 780000 | &nbsp;&nbsp; 786380 |
| 4.950%, 02/15/30 | 4039000 | &nbsp;&nbsp; 4062629 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 3.750%, 02/15/27 (144A) | 786000 | &nbsp;&nbsp; 773953 |
| 4.625%, 12/01/29 (144A) | 645000 | &nbsp;&nbsp; 633672 |
| XHR LP |  |  |
| 4.875%, 06/01/29 (144A) | 52000 | &nbsp;&nbsp; 50396 |
|  |  | &nbsp;&nbsp; 42364903 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| Broadcom, Inc. |  |  |
| 2.450%, 02/15/31 (144A) | 143000 | &nbsp;&nbsp; 127870 |
| 3.137%, 11/15/35 (144A) | 1240000 | &nbsp;&nbsp; 1045865 |
| 3.187%, 11/15/36 (144A) | 2998000 | &nbsp;&nbsp; 2485313 |
| 3.419%, 04/15/33 (144A) | 1082000 | &nbsp;&nbsp; 981297 |
| 3.469%, 04/15/34 (144A) | 141000 | &nbsp;&nbsp; 125954 |
| 4.550%, 02/15/32 | 125000 | &nbsp;&nbsp; 123843 |
| 4.800%, 10/15/34 | 1654000 | &nbsp;&nbsp; 1634018 |
| 4.926%, 05/15/37 (144A) | 337000 | &nbsp;&nbsp; 327067 |
| 5.150%, 11/15/31 | 3008000 | &nbsp;&nbsp; 3094561 |
| 5.200%, 04/15/32 | 1517000 | &nbsp;&nbsp; 1559962 |
| Foundry JV Holdco LLC |  |  |
| 5.500%, 01/25/31 (144A) | 562000 | &nbsp;&nbsp; 576441 |
| 5.900%, 01/25/33 (144A) | 1614000 | &nbsp;&nbsp; 1673203 |
| 6.100%, 01/25/36 (144A) | 204000 | &nbsp;&nbsp; 211061 |
| 6.150%, 01/25/32 (144A) | 311000 | &nbsp;&nbsp; 327247 |
| 6.200%, 01/25/37 (144A) | 823000 | &nbsp;&nbsp; 856649 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 2.650%, 02/15/32 (e) | 285000 | &nbsp;&nbsp; 248027 |
|  |  | &nbsp;&nbsp; 15398378 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| AppLovin Corp. |  |  |
| 5.125%, 12/01/29 | 3180000 | &nbsp;&nbsp; 3221391 |
| 5.375%, 12/01/31 | 4482000 | &nbsp;&nbsp; 4560767 |
| 5.950%, 12/01/54 | 2623000 | &nbsp;&nbsp; 2561704 |
| Cloud Software Group, Inc. |  |  |
| 9.000%, 09/30/29 (144A) | 128000 | &nbsp;&nbsp; 132675 |
| Oracle Corp. |  |  |
| 4.000%, 07/15/46 | 421000 | &nbsp;&nbsp; 324696 |
| 5.375%, 09/27/54 | 235000 | &nbsp;&nbsp; 214822 |
| 5.500%, 09/27/64 | 1530000 | &nbsp;&nbsp; 1393463 |
| 6.000%, 08/03/55 | 2269000 | &nbsp;&nbsp; 2265177 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Oracle Corp. |  |  |
| 6.125%, 08/03/65 | 5080000 | &nbsp;&nbsp; $5085120 |
| 6.900%, 11/09/52 | 170000 | &nbsp;&nbsp; 189098 |
|  |  | &nbsp;&nbsp; 19948913 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| AT&T, Inc. |  |  |
| 3.500%, 09/15/53 | 2133000 | &nbsp;&nbsp; 1443737 |
| 3.650%, 09/15/59 | 1589000 | &nbsp;&nbsp; 1066067 |
| 3.800%, 12/01/57 | 4961000 | &nbsp;&nbsp; 3471218 |
| 3.850%, 06/01/60 | 1211000 | &nbsp;&nbsp; 846753 |
| 6.050%, 08/15/56 | 521000 | &nbsp;&nbsp; 531689 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) | 200000 | &nbsp;&nbsp; 201026 |
| Digicel Group Holdings Ltd. |  |  |
| Zero Coupon, 12/31/30 (144A) (g) | 145972 | &nbsp;&nbsp; 8758 |
| Digicel Intermediate Holdings Ltd./Digicel International <br> Finance Ltd./Difl U.S.<br>|  |  |
| 12.000%, 3.000% PIK, 05/25/27 (h) | 124254 | &nbsp;&nbsp; 125341 |
| Frontier Communications Holdings LLC |  |  |
| 5.000%, 05/01/28 (144A) | 1841000 | &nbsp;&nbsp; 1840225 |
| 5.875%, 11/01/29 | 1267400 | &nbsp;&nbsp; 1280049 |
| 8.625%, 03/15/31 (144A) | 621000 | &nbsp;&nbsp; 659817 |
| Level 3 Financing, Inc. |  |  |
| 10.000%, 10/15/32 (144A) | 139960 | &nbsp;&nbsp; 141359 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.875%, 01/15/31 | 200000 | &nbsp;&nbsp; 212700 |
| Telecom Argentina SA |  |  |
| 9.250%, 05/28/33 (144A) | 938115 | &nbsp;&nbsp; 954645 |
| T-Mobile USA, Inc. |  |  |
| 2.400%, 03/15/29 | 645000 | &nbsp;&nbsp; 600575 |
| 2.550%, 02/15/31 | 1718000 | &nbsp;&nbsp; 1538000 |
| 2.625%, 02/15/29 | 446000 | &nbsp;&nbsp; 418417 |
| 3.375%, 04/15/29 | 311000 | &nbsp;&nbsp; 299228 |
| 3.600%, 11/15/60 | 558000 | &nbsp;&nbsp; 372071 |
| 3.875%, 04/15/30 | 3380000 | &nbsp;&nbsp; 3282716 |
| 5.125%, 05/15/32 | 197000 | &nbsp;&nbsp; 200899 |
| 5.800%, 09/15/62 | 2356000 | &nbsp;&nbsp; 2307818 |
| Turk Telekomunikasyon AS |  |  |
| 7.375%, 05/20/29 | 940000 | &nbsp;&nbsp; 958452 |
| Verizon Communications, Inc. |  |  |
| 1.500%, 09/18/30 | 492000 | &nbsp;&nbsp; 424952 |
| 4.400%, 11/01/34 (e) | 1365000 | &nbsp;&nbsp; 1295485 |
| 5.401%, 07/02/37 (144A) | 1351000 | &nbsp;&nbsp; 1359146 |
| 7.750%, 12/01/30 | 484000 | &nbsp;&nbsp; 557111 |
| WOM Mobile SA |  |  |
| 11.000%, 6.500% PIK, 04/01/31 (144A) (h) | 154612 | &nbsp;&nbsp; 152617 |
| Zayo Group Holdings, Inc. |  |  |
| 4.000%, 03/01/27 (144A) † | 71000 | &nbsp;&nbsp; 66582 |
|  |  | &nbsp;&nbsp; 26617453 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Union Pacific Railroad Co. Pass-Through Trust |  |  |
| 3.227%, 05/14/26 | 517795 | &nbsp;&nbsp; 511607 |

---

*See accompanying notes to financial statements.*

**BHFTII-23**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Thames Water Utilities Finance PLC |  |  |
| 4.000%, 06/19/27 (GBP) | 400000 | &nbsp;&nbsp; $382581 |
| Thames Water Utilities Ltd. |  |  |
| Zero Coupon, 03/22/27 (144A) (GBP) | 3000 | &nbsp;&nbsp; 3434 |
|  |  | &nbsp;&nbsp; 386015 |
| Total Corporate Bonds & Notes <br>(Cost $682,936,177) <br>|  | &nbsp;&nbsp; 689026288 |
| **U.S. Treasury & Government Agencies—22.1%** | **U.S. Treasury & Government Agencies—22.1%** | **U.S. Treasury & Government Agencies—22.1%** |
| **U.S. Treasury — 22.1%** | **U.S. Treasury — 22.1%** | **U.S. Treasury — 22.1%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 9628000 | &nbsp;&nbsp; 5985908 |
| 1.125%, 08/15/40 | 9628000 | &nbsp;&nbsp; 5923100 |
| 1.375%, 11/15/40 | 9628000 | &nbsp;&nbsp; 6133713 |
| 1.375%, 08/15/50 | 2681000 | &nbsp;&nbsp; 1321859 |
| 1.625%, 11/15/50 | 3942300 | &nbsp;&nbsp; 2076945 |
| 1.875%, 02/15/41 | 1431600 | &nbsp;&nbsp; 984672 |
| 1.875%, 11/15/51 | 6549100 | &nbsp;&nbsp; 3643448 |
| 2.000%, 08/15/51 | 2681000 | &nbsp;&nbsp; 1545659 |
| 2.250%, 08/15/49 | 7927000 | &nbsp;&nbsp; 4972644 |
| 2.375%, 05/15/51 | 5888700 | &nbsp;&nbsp; 3734034 |
| 2.500%, 02/15/45 (k) (l) | 17887000 | &nbsp;&nbsp; 12592169 |
| 2.750%, 11/15/47 (l) | 17887000 | &nbsp;&nbsp; 12719334 |
| 2.875%, 05/15/49 | 2681000 | &nbsp;&nbsp; 1924560 |
| 3.000%, 05/15/47 | 6579700 | &nbsp;&nbsp; 4927321 |
| 3.000%, 02/15/48 | 12026300 | &nbsp;&nbsp; 8935635 |
| 3.000%, 02/15/49 | 12024800 | &nbsp;&nbsp; 8859835 |
| 3.000%, 08/15/52 (k) | 14868800 | &nbsp;&nbsp; 10732834 |
| 3.125%, 02/15/43 | 3443000 | &nbsp;&nbsp; 2768791 |
| 3.125%, 08/15/44 | 6418100 | &nbsp;&nbsp; 5060521 |
| 3.125%, 05/15/48 | 2681000 | &nbsp;&nbsp; 2034104 |
| 3.625%, 08/15/43 | 9487000 | &nbsp;&nbsp; 8161785 |
| 3.625%, 02/15/53 | 6526000 | &nbsp;&nbsp; 5327357 |
| 3.625%, 05/15/53 | 7906500 | &nbsp;&nbsp; 6448739 |
| 3.750%, 08/15/41 | 791000 | &nbsp;&nbsp; 708656 |
| 3.750%, 11/15/43 | 9487000 | &nbsp;&nbsp; 8289266 |
| 3.875%, 02/15/43 | 3561500 | &nbsp;&nbsp; 3188099 |
| 4.125%, 08/15/44 | 3582800 | &nbsp;&nbsp; 3282321 |
| 4.125%, 08/15/53 | 1956200 | &nbsp;&nbsp; 1747360 |
| 4.250%, 05/15/39 | 898000 | &nbsp;&nbsp; 874252 |
| 4.250%, 08/15/54 | 852000 | &nbsp;&nbsp; 778049 |
| 4.375%, 11/15/39 | 898000 | &nbsp;&nbsp; 880286 |
| 4.500%, 08/15/39 | 9665200 | &nbsp;&nbsp; 9628956 |
| 4.625%, 11/15/44 | 4210000 | &nbsp;&nbsp; 4121195 |
| 4.750%, 11/15/53 (l) | 12928400 | &nbsp;&nbsp; 12811236 |
| 4.750%, 05/15/55 | 22156000 | &nbsp;&nbsp; 22031373 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 1.625%, 10/15/29 (m) | 1631056 | &nbsp;&nbsp; 1651074 |
| U.S. Treasury Notes |  |  |
| 0.375%, 09/30/27 | 6320000 | &nbsp;&nbsp; 5868219 |
| 0.500%, 05/31/27 | 13670000 | &nbsp;&nbsp; 12858878 |
| 0.500%, 08/31/27 | 17436300 | &nbsp;&nbsp; 16277740 |
| 0.625%, 07/31/26 | 14128300 | &nbsp;&nbsp; 13629946 |
| 1.125%, 08/31/28 | 5030000 | &nbsp;&nbsp; 4644498 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 1.250%, 03/31/28 | 3772200 | &nbsp;&nbsp; $3532164 |
| 1.250%, 05/31/28 | 14508000 | &nbsp;&nbsp; 13534377 |
| 1.500%, 02/15/30 | 4871000 | &nbsp;&nbsp; 4407874 |
| 2.375%, 05/15/27 | 13530500 | &nbsp;&nbsp; 13195937 |
| 2.375%, 03/31/29 | 3772300 | &nbsp;&nbsp; 3594295 |
| 2.750%, 08/15/32 (k) | 22425000 | &nbsp;&nbsp; 20687063 |
| 2.875%, 04/30/29 | 7545000 | &nbsp;&nbsp; 7314819 |
| 2.875%, 05/15/32 | 1552500 | &nbsp;&nbsp; 1448555 |
| 3.125%, 08/31/29 | 13516000 | &nbsp;&nbsp; 13189715 |
| 3.250%, 06/30/27 | 37217000 | &nbsp;&nbsp; 36884082 |
| 3.250%, 06/30/29 | 11482600 | &nbsp;&nbsp; 11272684 |
| 3.500%, 01/31/30 | 8144900 | &nbsp;&nbsp; 8050088 |
| 3.625%, 05/31/28 | 7232700 | &nbsp;&nbsp; 7217444 |
| 3.625%, 09/30/31 | 11385000 | &nbsp;&nbsp; 11194657 |
| 3.750%, 12/31/28 | 17354000 | &nbsp;&nbsp; 17369592 |
| 3.875%, 11/30/27 | 6100000 | &nbsp;&nbsp; 6123352 |
| 4.000%, 01/15/27 | 10412300 | &nbsp;&nbsp; 10437111 |
| 4.000%, 02/15/34 | 8864000 | &nbsp;&nbsp; 8771551 |
| 4.250%, 03/15/27 | 10412300 | &nbsp;&nbsp; 10491206 |
| 4.250%, 06/30/31 | 12978100 | &nbsp;&nbsp; 13217891 |
| 4.250%, 05/15/35 | 39031000 | &nbsp;&nbsp; 39091986 |
| 4.375%, 12/15/26 | 7323200 | &nbsp;&nbsp; 7377838 |
| 4.500%, 07/15/26 | 12977300 | &nbsp;&nbsp; 13045608 |
| 4.500%, 12/31/31 | 11015400 | &nbsp;&nbsp; 11357910 |
| 4.625%, 03/15/26 | 14800000 | &nbsp;&nbsp; 14852176 |
| 4.875%, 10/31/30 | 14030900 | &nbsp;&nbsp; 14728608 |
| Total U.S. Treasury & Government Agencies <br>(Cost $613,632,567) <br>|  | &nbsp;&nbsp; 572474954 |
| **Non-Agency Mortgage-Backed Securities—10.1%** | **Non-Agency Mortgage-Backed Securities—10.1%** | **Non-Agency Mortgage-Backed Securities—10.1%** |
| **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** |
| Agate Bay Mortgage Trust |  |  |
| 3.461%, 04/25/45 (144A) (a) | 150000 | &nbsp;&nbsp; 92150 |
| 3.486%, 06/25/45 (144A) (a) | 104000 | &nbsp;&nbsp; 60109 |
| 3.627%, 01/25/45 (144A) (a) | 130000 | &nbsp;&nbsp; 79220 |
| Ajax Mortgage Loan Trust |  |  |
| 1.740%, 12/25/60 (144A) (a) | 3323284 | &nbsp;&nbsp; 2918322 |
| 2.693%, 12/25/60 (144A) (a) | 744000 | &nbsp;&nbsp; 568833 |
| 2.940%, 12/25/60 (144A) (a) | 293000 | &nbsp;&nbsp; 210844 |
| 3.729%, 12/25/60 (144A) (a) | 449000 | &nbsp;&nbsp; 287904 |
| 4.875%, 06/25/61 (144A) (a) | 4868177 | &nbsp;&nbsp; 4850796 |
| 4.875%, 06/25/61 (144A) (j) | 3098430 | &nbsp;&nbsp; 3095732 |
| 5.000%, 03/25/60 (144A) (j) | 2438608 | &nbsp;&nbsp; 2441192 |
| 5.115%, 01/25/61 (144A) (j) | 1110472 | &nbsp;&nbsp; 1107405 |
| American Home Mortgage Assets Trust |  |  |
| 5.339%, 12M MTA + 0.940%, 10/25/46 (a) | 291691 | &nbsp;&nbsp; 189234 |
| Angel Oak Mortgage Trust |  |  |
| 4.800%, 11/25/67 (144A) (j) | 1568666 | &nbsp;&nbsp; 1558443 |
| 5.637%, 02/25/70 (144A) (j) | 914674 | &nbsp;&nbsp; 917228 |
| Atlas Funding PLC |  |  |
| 5.774%, SONIA + 1.550%, 09/20/61 (GBP) (a) | 99899 | &nbsp;&nbsp; 137097 |
| Banc of America Alternative Loan Trust |  |  |
| 5.500%, 10/25/33 | 532460 | &nbsp;&nbsp; 536255 |
| 6.498%, 10/25/36 (j) | 237503 | &nbsp;&nbsp; 63025 |

---

*See accompanying notes to financial statements.*

**BHFTII-24**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Barclays Mortgage Trust |  |  |
| 5.000%, 11/25/51 (144A) (j) | 1510406 | &nbsp;&nbsp; $1506164 |
| Braccan Mortgage Funding PLC |  |  |
| 8.577%, SONIA + 4.340%, 02/15/67 (GBP) (a) | 458754 | &nbsp;&nbsp; 632457 |
| BRAVO Residential Funding Trust |  |  |
| 5.678%, 11/25/64 (144A) (j) | 1168582 | &nbsp;&nbsp; 1174203 |
| CFMT LLC |  |  |
| 3.000%, 06/25/34 (144A) (a) | 161000 | &nbsp;&nbsp; 150473 |
| Chase Mortgage Finance Trust |  |  |
| 5.868%, 02/25/37 (a) | 1132842 | &nbsp;&nbsp; 1122626 |
| 6.000%, 12/25/37 | 6202552 | &nbsp;&nbsp; 2495083 |
| CHL Mortgage Pass-Through Trust |  |  |
| 5.359%, 12M MTA + 0.960%, 04/25/46 (a) | 3102930 | &nbsp;&nbsp; 843992 |
| 5.750%, 07/25/37 | 293621 | &nbsp;&nbsp; 137347 |
| 6.000%, 05/25/37 | 2823521 | &nbsp;&nbsp; 1215253 |
| 6.000%, 08/25/37 | 5519554 | &nbsp;&nbsp; 2346733 |
| 6.000%, 01/25/38 | 935446 | &nbsp;&nbsp; 391834 |
| Citadel PLC |  |  |
| 5.674%, SONIA + 1.450%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 137447 |
| 5.974%, SONIA + 1.750%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 137447 |
| 6.674%, SONIA + 2.450%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 137234 |
| 7.974%, SONIA + 3.750%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp; 137269 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.934%, 1M TSFR + 0.614%, 05/25/37 (a) | 252844 | &nbsp;&nbsp; 233941 |
| COLT Mortgage Loan Trust |  |  |
| 7.852%, 09/25/68 (144A) (a) | 2314000 | &nbsp;&nbsp; 2332957 |
| Countrywide Alternative Loan Trust |  |  |
| 4.622%, 1M TSFR + 0.304%, 03/20/47 (a) | 721997 | &nbsp;&nbsp; 619389 |
| 4.714%, 1M TSFR + 0.394%, 04/25/47 (a) | 353245 | &nbsp;&nbsp; 324211 |
| 4.722%, 1M TSFR + 0.404%, 12/20/46 (a) | 3180180 | &nbsp;&nbsp; 2794735 |
| 4.784%, 1M TSFR + 0.464%, 06/25/35 (a) | 841669 | &nbsp;&nbsp; 741685 |
| 4.814%, 1M TSFR + 0.494%, 10/25/46 (a) | 481583 | &nbsp;&nbsp; 447883 |
| 4.832%, 1M TSFR + 0.514%, 07/20/46 (a) | 1164023 | &nbsp;&nbsp; 986486 |
| 4.892%, 1M TSFR + 0.574%, 05/20/46 (a) | 1993925 | &nbsp;&nbsp; 1771634 |
| 4.894%, 1M TSFR + 0.574%, 03/25/36 (a) | 147141 | &nbsp;&nbsp; 145037 |
| 4.894%, 1M TSFR + 0.574%, 11/25/36 (a) | 516362 | &nbsp;&nbsp; 445406 |
| 4.934%, 1M TSFR + 0.614%, 07/25/46 (a) | 2133737 | &nbsp;&nbsp; 1840326 |
| 4.994%, 1M TSFR + 0.674%, 08/25/35 (a) | 4228331 | &nbsp;&nbsp; 4034081 |
| 5.500%, 06/25/25 | 67027 | &nbsp;&nbsp; 53857 |
| 5.500%, 04/25/37 | 509716 | &nbsp;&nbsp; 234027 |
| 6.000%, 05/25/36 | 1254835 | &nbsp;&nbsp; 471592 |
| 6.000%, 04/25/37 | 89331 | &nbsp;&nbsp; 39341 |
| 6.000%, 05/25/37 | 1938276 | &nbsp;&nbsp; 884887 |
| 6.129%, 12M MTA + 1.730%, 11/25/46 (a) | 1372140 | &nbsp;&nbsp; 1132432 |
| 6.250%, 10/25/36 | 163951 | &nbsp;&nbsp; 80843 |
| Cross Mortgage Trust |  |  |
| 5.735%, 02/25/70 (144A) (a) | 745982 | &nbsp;&nbsp; 749530 |
| 7.135%, 11/25/68 (144A) (j) | 322574 | &nbsp;&nbsp; 327432 |
| CRSO Trust |  |  |
| 7.121%, 07/10/40 (a) | 5522122 | &nbsp;&nbsp; 5793487 |
| CSFB Mortgage-Backed Pass-Through Certificates |  |  |
| 5.784%, 1M TSFR + 1.464%, 11/25/35 (a) | 407217 | &nbsp;&nbsp; 86512 |
| CSMC Trust |  |  |
| 3.784%, 02/25/61 (144A) (a) | 1449173 | &nbsp;&nbsp; 1435153 |
| 4.265%, 03/25/67 (144A) (a) | 560000 | &nbsp;&nbsp; 546743 |
| 8.854%, 12/25/67 (144A) (a) | 1570981 | &nbsp;&nbsp; 1561823 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| CSMC Trust Capital Certificates |  |  |
| 6.500%, 10/27/37 (144A) | 2614500 | &nbsp;&nbsp; $982063 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |  |  |
| 4.774%, 1M TSFR + 0.454%, 08/25/47 (a) | 248932 | &nbsp;&nbsp; 227294 |
| Exmoor Funding PLC |  |  |
| 6.139%, SONIA + 1.900%, 03/25/94 (GBP) (a) | 100000 | &nbsp;&nbsp; 138539 |
| 7.039%, SONIA + 2.800%, 03/25/94 (GBP) (a) | 100000 | &nbsp;&nbsp; 137027 |
| Gaea Mortgage Loan Trust |  |  |
| 6.750%, 02/25/30 (144A) (a) | 285485 | &nbsp;&nbsp; 280120 |
| GCAT Trust |  |  |
| 3.471%, 05/25/66 (144A) (a) | 240000 | &nbsp;&nbsp; 174972 |
| GreenPoint Mortgage Funding Trust |  |  |
| 6.399%, 12M MTA + 2.000%, 03/25/36 (a) | 79808 | &nbsp;&nbsp; 74648 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| 4.372%, 11/25/49 (144A) (a) | 240616 | &nbsp;&nbsp; 218042 |
| GSR Mortgage Loan Trust |  |  |
| 6.000%, 07/25/37 | 330363 | &nbsp;&nbsp; 209333 |
| HarborView Mortgage Loan Trust |  |  |
| 4.842%, 1M TSFR + 0.524%, 12/19/36 (a) | 1028497 | &nbsp;&nbsp; 805333 |
| Impac Secured Assets Trust |  |  |
| 4.774%, 1M TSFR + 0.454%, 11/25/36 (a) | 118799 | &nbsp;&nbsp; 107874 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| 4.009%, 09/25/37 (a) | 599561 | &nbsp;&nbsp; 389924 |
| JP Morgan Alternative Loan Trust |  |  |
| 4.826%, 05/25/37 (a) | 106860 | &nbsp;&nbsp; 94866 |
| 4.854%, 1M TSFR + 0.534%, 03/25/37 (a) | 386140 | &nbsp;&nbsp; 319637 |
| JP Morgan Mortgage Trust |  |  |
| 0.264%, 02/25/52 (144A) (a) (c) | 7849894 | &nbsp;&nbsp; 122747 |
| 0.500%, 02/25/52 (144A) (a) (c) | 7850573 | &nbsp;&nbsp; 215685 |
| 2.500%, 02/25/52 (144A) (a) | 6126217 | &nbsp;&nbsp; 5035365 |
| 3.128%, 02/25/52 (144A) (a) | 119719 | &nbsp;&nbsp; 56629 |
| 3.264%, 02/25/52 (144A) (a) | 920889 | &nbsp;&nbsp; 773872 |
| 6.500%, 08/25/36 | 182325 | &nbsp;&nbsp; 55854 |
| Legacy Mortgage Asset Trust |  |  |
| 3.375%, 02/25/59 (144A) (a) | 523922 | &nbsp;&nbsp; 504106 |
| 5.750%, 04/25/61 (144A) (j) | 2281960 | &nbsp;&nbsp; 2281430 |
| MASTR Resecuritization Trust |  |  |
| 4.262%, 08/25/37 (144A) (a) | 207935 | &nbsp;&nbsp; 81614 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 4.754%, 1M TSFR + 0.434%, 09/25/37 (a) | 95434 | &nbsp;&nbsp; 50274 |
| 5.853%, 05/25/36 (a) | 358856 | &nbsp;&nbsp; 234788 |
| MFA Trust |  |  |
| 3.514%, 04/25/65 (144A) (a) | 540000 | &nbsp;&nbsp; 439718 |
| Miltonia Mortgage Finance SRL |  |  |
| 3.458%, 3M EURIBOR + 1.300%, 04/28/62 (EUR) (a) | 258000 | &nbsp;&nbsp; 299630 |
| Morgan Stanley Resecuritization Trust |  |  |
| 4.117%, 12M MTA + 0.710%, 12/27/46 (144A) (a) | 3293199 | &nbsp;&nbsp; 2983656 |
| Mortgage Loan Resecuritization Trust |  |  |
| 4.783%, 04/16/36 (144A) (a) | 499810 | &nbsp;&nbsp; 490319 |
| Mortimer PLC |  |  |
| 5.789%, SONIA + 1.550%, 09/22/67 (GBP) (a) | 100000 | &nbsp;&nbsp; 137654 |
| 6.339%, SONIA + 2.100%, 09/22/67 (GBP) (a) | 100000 | &nbsp;&nbsp; 137534 |
| New Residential Mortgage Loan Trust |  |  |
| 4.250%, 12/25/57 (144A) (a) | 152551 | &nbsp;&nbsp; 149564 |
| NLT Trust |  |  |
| 3.322%, 08/25/56 (144A) (a) | 1361000 | &nbsp;&nbsp; 1029582 |

---

*See accompanying notes to financial statements.*

**BHFTII-25**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| 7.134%, 05/25/36 (j) | 211368 | &nbsp;&nbsp; $37485 |
| NYMT Trust |  |  |
| 7.375%, 05/25/64 (144A) (j) | 1009970 | &nbsp;&nbsp; 1004123 |
| OBX Trust |  |  |
| 5.648%, 12/01/64 (144A) (j) | 695760 | &nbsp;&nbsp; 699517 |
| PRET LLC |  |  |
| 7.125%, 04/25/54 (144A) (j) | 294643 | &nbsp;&nbsp; 296488 |
| PRPM LLC |  |  |
| 6.610%, 10/25/25 (144A) (j) | 772060 | &nbsp;&nbsp; 771566 |
| RALI Trust |  |  |
| 4.794%, 1M TSFR + 0.474%, 12/25/36 (a) | 365774 | &nbsp;&nbsp; 319394 |
| Reperforming Loan Trust REMICS |  |  |
| 4.774%, 1M TSFR + 0.454%, 06/25/35 (144A) (a) | 137008 | &nbsp;&nbsp; 131809 |
| Residential Asset Securitization Trust |  |  |
| 2.016%, -1x 1M TSFR + 6.336%, 09/25/37 (a) (c) | 11364644 | &nbsp;&nbsp; 1256020 |
| 4.984%, 1M TSFR + 0.664%, 09/25/37 (a) | 11364644 | &nbsp;&nbsp; 3131336 |
| 6.250%, 12/25/36 | 3552239 | &nbsp;&nbsp; 2474012 |
| RFMSI Trust |  |  |
| 5.539%, 11/25/36 (a) | 25756 | &nbsp;&nbsp; 21156 |
| 5.631%, 08/25/36 (a) | 705579 | &nbsp;&nbsp; 500455 |
| RMF Buyout Issuance Trust |  |  |
| 3.690%, 11/25/31 (144A) (a) | 509000 | &nbsp;&nbsp; 481349 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| 7.762%, 04/25/30 (144A) (j) | 825000 | &nbsp;&nbsp; 830381 |
| Sequoia Mortgage Trust |  |  |
| 4.504%, 07/20/37 (a) | 129925 | &nbsp;&nbsp; 102632 |
| Stratton Mortgage Funding PLC |  |  |
| 5.739%, SONIA + 1.500%, 06/25/49 (GBP) (a) | 100000 | &nbsp;&nbsp; 137108 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 4.077%, 04/25/36 (a) | 161672 | &nbsp;&nbsp; 84509 |
| 4.831%, 04/25/47 (a) | 499033 | &nbsp;&nbsp; 187678 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.814%, 1M TSFR + 0.494%, 06/25/36 (a) | 688756 | &nbsp;&nbsp; 598277 |
| 4.854%, 1M TSFR + 0.534%, 05/25/46 (a) | 117472 | &nbsp;&nbsp; 82697 |
| 4.894%, 1M TSFR + 0.574%, 02/25/36 (a) | 413861 | &nbsp;&nbsp; 384065 |
| Verus Securitization Trust |  |  |
| 7.475%, 03/25/68 (144A) (a) | 484000 | &nbsp;&nbsp; 483469 |
| Visio Trust |  |  |
| 3.910%, 11/25/54 (144A) (a) | 169000 | &nbsp;&nbsp; 151677 |
| 5.937%, 08/25/57 (144A) (a) | 171000 | &nbsp;&nbsp; 170166 |
| Vista Point Securitization Trust |  |  |
| 4.900%, 04/25/65 (144A) (a) | 100000 | &nbsp;&nbsp; 97861 |
| Voyager OPTONE Delaware Trust |  |  |
| 2.760%, 02/25/38 (144A) (a) (c) | 2803520 | &nbsp;&nbsp; 611674 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 3.716%, 04/25/37 (a) | 3720738 | &nbsp;&nbsp; 3362880 |
| 5.149%, 12M MTA + 0.750%, 06/25/47 (a) | 1228245 | &nbsp;&nbsp; 1019401 |
| Washington Mutual Mortgage Pass-Through Certificates <br> WMALT Trust<br>|  |  |
| 4.114%, 10/25/36 (j) | 850174 | &nbsp;&nbsp; 285759 |
| 4.954%, 1M TSFR + 0.634%, 12/25/35 (a) | 1635151 | &nbsp;&nbsp; 1440007 |
| 5.054%, 1M TSFR + 0.734%, 06/25/37 (a) | 119936 | &nbsp;&nbsp; 110261 |
| 5.099%, 12M MTA + 0.700%, 01/25/47 (a) | 1994000 | &nbsp;&nbsp; 1677332 |
| Winchester 1 PLC |  |  |
| 5.848%, SONIA + 1.550%, 10/21/56 (GBP) (a) | 100000 | &nbsp;&nbsp; 136900 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Winchester 1 PLC |  |  |
| 6.298%, SONIA + 2.000%, 10/21/56 (GBP) (a) | 100000 | &nbsp;&nbsp; $137138 |
|  |  | &nbsp;&nbsp; 104251056 |
| **Commercial Mortgage-Backed Securities — 6.1%** | **Commercial Mortgage-Backed Securities — 6.1%** | **Commercial Mortgage-Backed Securities — 6.1%** |
| 1211 Avenue of the Americas Trust |  |  |
| 4.280%, 08/10/35 (144A) (a) | 230000 | &nbsp;&nbsp; 210165 |
| 245 Park Avenue Trust |  |  |
| 0.271%, 06/05/37 (144A) (a) (c) | 5000000 | &nbsp;&nbsp; 15609 |
| 3.779%, 06/05/37 (144A) (a) | 207000 | &nbsp;&nbsp; 193494 |
| 280 Park Avenue Mortgage Trust |  |  |
| 6.149%, 1M TSFR + 1.836%, 09/15/34 (144A) (a) | 500000 | &nbsp;&nbsp; 486250 |
| 6.731%, 1M TSFR + 2.419%, 09/15/34 (144A) (a) | 2998451 | &nbsp;&nbsp; 2886009 |
| ACREC LLC |  |  |
| 5.625%, 1M TSFR + 1.310%, 08/18/42 (144A) (a) | 1870000 | &nbsp;&nbsp; 1863034 |
| Arbor Multifamily Mortgage Securities Trust |  |  |
| 1.750%, 05/15/53 (144A) | 126000 | &nbsp;&nbsp; 100701 |
| ARES Commercial Mortgage Trust |  |  |
| 5.755%, 1M TSFR + 1.443%, 10/15/34 (144A) (a) | 1120000 | &nbsp;&nbsp; 1121048 |
| 6.003%, 1M TSFR + 1.692%, 07/15/41 (144A) (a) | 100000 | &nbsp;&nbsp; 100156 |
| 8.250%, 1M TSFR + 3.938%, 07/15/41 (144A) (a) | 1500000 | &nbsp;&nbsp; 1499979 |
| Ashford Hospitality Trust |  |  |
| 6.584%, 1M TSFR + 2.272%, 04/15/35 (144A) (a) | 138000 | &nbsp;&nbsp; 135759 |
| Atrium Hotel Portfolio Trust |  |  |
| 6.559%, 1M TSFR + 2.247%, 12/15/36 (144A) (a) | 1041000 | &nbsp;&nbsp; 978540 |
| 9.520%, 11/10/29 (144A) (a) | 100000 | &nbsp;&nbsp; 102500 |
| BAHA Trust |  |  |
| 6.171%, 12/10/41 (144A) (a) | 1450000 | &nbsp;&nbsp; 1501094 |
| BAMLL Trust |  |  |
| 6.162%, 1M TSFR + 1.850%, 02/15/42 (144A) (a) | 1435000 | &nbsp;&nbsp; 1435050 |
| 9.562%, 1M TSFR + 5.250%, 02/15/42 (144A) (a) | 585000 | &nbsp;&nbsp; 581247 |
| Bank |  |  |
| 0.459%, 09/15/62 (a) (c) | 8619000 | &nbsp;&nbsp; 123035 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| 0.727%, 02/15/50 (a) (c) | 4070000 | &nbsp;&nbsp; 32823 |
| Bayview Commercial Asset Trust |  |  |
| 4.809%, 1M TSFR + 0.489%, 10/25/36 (144A) (a) | 53428 | &nbsp;&nbsp; 51135 |
| 4.839%, 1M TSFR + 0.519%, 03/25/37 (144A) (a) | 88582 | &nbsp;&nbsp; 83769 |
| 4.884%, 1M TSFR + 0.564%, 01/25/36 (144A) (a) | 44261 | &nbsp;&nbsp; 41704 |
| 4.884%, 1M TSFR + 0.564%, 10/25/36 (144A) (a) | 54365 | &nbsp;&nbsp; 52005 |
| 4.974%, 1M TSFR + 0.654%, 04/25/36 (144A) (a) | 48835 | &nbsp;&nbsp; 45659 |
| 5.109%, 1M TSFR + 0.789%, 01/25/36 (144A) (a) | 32950 | &nbsp;&nbsp; 31130 |
| 6.684%, 1M TSFR + 1.614%, 12/25/37 (144A) (a) | 732264 | &nbsp;&nbsp; 646385 |
| BBCMS Mortgage Trust |  |  |
| 5.231%, 1M TSFR + 0.919%, 03/15/37 (144A) (a) | 1770000 | &nbsp;&nbsp; 1672931 |
| Benchmark Mortgage Trust |  |  |
| 1.177%, 03/15/52 (a) (c) | 3334126 | &nbsp;&nbsp; 100017 |
| 1.362%, 02/15/54 (a) (c) | 5042097 | &nbsp;&nbsp; 252483 |
| BFLD Trust |  |  |
| 8.127%, 1M TSFR + 3.814%, 10/15/35 (144A) (a) | 663000 | &nbsp;&nbsp; 8281 |
| BHMS Mortgage Trust |  |  |
| 5.859%, 1M TSFR + 1.547%, 07/15/35 (144A) (a) | 4059844 | &nbsp;&nbsp; 4057722 |
| BMP Trust |  |  |
| 7.701%, 1M TSFR + 3.389%, 06/15/41 (144A) (a) | 382000 | &nbsp;&nbsp; 380772 |
| BPR Mortgage Trust |  |  |
| 7.497%, 12/05/39 (144A) | 1000000 | &nbsp;&nbsp; 1041345 |

---

*See accompanying notes to financial statements.*

**BHFTII-26**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| BPR Trust |  |  |
| 8.027%, 1M TSFR + 3.714%, 09/15/38 (144A) (a) | 492000 | &nbsp;&nbsp; $487111 |
| BWAY Mortgage Trust |  |  |
| 3.446%, 03/10/33 (144A) | 1495000 | &nbsp;&nbsp; 1367344 |
| 3.454%, 03/10/33 (144A) | 1184203 | &nbsp;&nbsp; 1126009 |
| 3.633%, 03/10/33 (144A) | 600000 | &nbsp;&nbsp; 542508 |
| BX Commercial Mortgage Trust |  |  |
| 2.843%, 03/09/44 (144A) (a) | 1658472 | &nbsp;&nbsp; 1511200 |
| 5.337%, 1M TSFR + 1.024%, 02/15/33 (144A) (a) | 2391915 | &nbsp;&nbsp; 2390389 |
| 5.605%, 1M TSFR + 1.293%, 12/15/39 (144A) (a) | 656400 | &nbsp;&nbsp; 657015 |
| 5.753%, 1M TSFR + 1.442%, 02/15/39 (144A) (a) | 194800 | &nbsp;&nbsp; 195104 |
| 5.754%, 1M TSFR + 1.442%, 02/15/39 (144A) (a) | 1070076 | &nbsp;&nbsp; 1071410 |
| 5.853%, 1M TSFR + 1.541%, 05/15/34 (144A) (a) | 611944 | &nbsp;&nbsp; 611944 |
| 5.953%, 1M TSFR + 1.641%, 05/15/41 (144A) (a) | 1874423 | &nbsp;&nbsp; 1876766 |
| 6.073%, 1M TSFR + 1.761%, 12/09/40 (144A) (a) | 605027 | &nbsp;&nbsp; 606724 |
| 6.577%, 1M TSFR + 2.264%, 02/15/33 (144A) (a) | 1466417 | &nbsp;&nbsp; 1463033 |
| 7.193%, 1M TSFR + 2.880%, 10/15/41 (144A) (a) | 1240000 | &nbsp;&nbsp; 1247734 |
| 7.227%, 1M TSFR + 2.914%, 06/15/38 (144A) (a) | 605460 | &nbsp;&nbsp; 605839 |
| 7.451%, 1M TSFR + 3.140%, 02/15/39 (144A) (a) | 3229166 | &nbsp;&nbsp; 3238248 |
| 7.453%, 1M TSFR + 3.141%, 06/15/27 (144A) (a) | 560000 | &nbsp;&nbsp; 564200 |
| 7.901%, 1M TSFR + 3.589%, 12/09/40 (144A) (a) | 826274 | &nbsp;&nbsp; 828710 |
| 8.240%, 1M TSFR + 3.927%, 10/15/41 (144A) (a) | 302000 | &nbsp;&nbsp; 302754 |
| 8.500%, 1M TSFR + 4.188%, 02/15/39 (144A) (a) | 1912879 | &nbsp;&nbsp; 1860887 |
| 8.677%, 1M TSFR + 4.364%, 02/15/33 (144A) (a) | 979005 | &nbsp;&nbsp; 976729 |
| BX Trust |  |  |
| 4.076%, 12/09/41 (144A) (a) | 1743000 | &nbsp;&nbsp; 1629371 |
| 5.162%, 1M TSFR + 0.850%, 01/15/39 (144A) (a) | 1260000 | &nbsp;&nbsp; 1259212 |
| 5.227%, 1M TSFR + 0.914%, 02/15/36 (144A) (a) | 162000 | &nbsp;&nbsp; 161899 |
| 5.326%, 1M TSFR + 1.014%, 10/15/36 (144A) (a) | 713000 | &nbsp;&nbsp; 712332 |
| 5.755%, 1M TSFR + 1.443%, 03/15/42 (144A) (a) | 530000 | &nbsp;&nbsp; 529669 |
| 5.803%, 1M TSFR + 1.491%, 07/15/29 (144A) (a) | 2434000 | &nbsp;&nbsp; 2433239 |
| 5.853%, 1M TSFR + 1.541%, 06/15/37 (144A) (a) | 1877885 | &nbsp;&nbsp; 1877885 |
| 6.402%, 1M TSFR + 2.090%, 03/15/41 (144A) (a) | 530000 | &nbsp;&nbsp; 530000 |
| 6.827%, 1M TSFR + 2.514%, 02/15/36 (144A) (a) | 1742188 | &nbsp;&nbsp; 1730211 |
| 7.002%, 1M TSFR + 2.690%, 05/15/38 (144A) (a) | 5434000 | &nbsp;&nbsp; 5467890 |
| 7.201%, 1M TSFR + 2.889%, 07/15/29 (144A) (a) | 460000 | &nbsp;&nbsp; 457412 |
| 7.253%, 1M TSFR + 2.941%, 03/15/30 (144A) (a) | 1409000 | &nbsp;&nbsp; 1380899 |
| 7.427%, 1M TSFR + 3.114%, 01/15/34 (144A) (a) | 171500 | &nbsp;&nbsp; 171288 |
| 7.427%, 1M TSFR + 3.114%, 02/15/36 (144A) (a) | 893171 | &nbsp;&nbsp; 882006 |
| 8.250%, 1M TSFR + 3.938%, 07/15/29 (144A) (a) | 1180000 | &nbsp;&nbsp; 1175874 |
| 8.751%, 1M TSFR + 4.439%, 03/15/41 (144A) (a) | 1141000 | &nbsp;&nbsp; 1152724 |
| 9.701%, 1M TSFR + 5.389%, 03/15/41 (144A) (a) | 547000 | &nbsp;&nbsp; 552636 |
| BXP Trust |  |  |
| 2.868%, 01/15/44 (144A) (a) | 327000 | &nbsp;&nbsp; 255898 |
| 3.670%, 08/13/37 (144A) (a) | 760000 | &nbsp;&nbsp; 618380 |
| Cassia SRL |  |  |
| 4.560%, 3M EURIBOR + 2.500%, 05/22/34 (144A) <br> (EUR) (a)<br>| 1206207 | &nbsp;&nbsp; 1423803 |
| CD Mortgage Trust |  |  |
| 3.631%, 02/10/50 | 350000 | &nbsp;&nbsp; 336875 |
| 3.956%, 08/15/50 (a) | 363000 | &nbsp;&nbsp; 348614 |
| CENT Trust |  |  |
| 6.932%, 1M TSFR + 2.620%, 09/15/38 (144A) † (a) | 2110000 | &nbsp;&nbsp; 2112623 |
| CFCRE Commercial Mortgage Trust |  |  |
| 0.857%, 05/10/58 (a) (c) | 2370000 | &nbsp;&nbsp; 12675 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| CFK Trust |  |  |
| 4.791%, 01/15/39 (144A) (a) | 728000 | &nbsp;&nbsp; $678995 |
| CFSP Mortgage Trust |  |  |
| 6.500%, 04/15/37 | 1122080 | &nbsp;&nbsp; 1074906 |
| Citigroup Commercial Mortgage Trust |  |  |
| 0.912%, 11/10/42 (144A) (a) (c) | 7730000 | &nbsp;&nbsp; 280459 |
| COAST Commercial Mortgage Trust |  |  |
| 6.903%, 1M TSFR + 2.591%, 08/15/36 (144A) (a) | 2090000 | &nbsp;&nbsp; 2091207 |
| COMM Mortgage Trust |  |  |
| 3.285%, 10/10/36 (144A) (a) | 140636 | &nbsp;&nbsp; 102117 |
| 6.153%, 1M TSFR + 1.841%, 06/15/41 (144A) (a) | 1220000 | &nbsp;&nbsp; 1219618 |
| 6.902%, 1M TSFR + 2.590%, 06/15/41 (144A) (a) | 367000 | &nbsp;&nbsp; 365509 |
| 8.799%, 1M TSFR + 4.487%, 06/15/41 (144A) (a) | 484000 | &nbsp;&nbsp; 479581 |
| CSAIL Commercial Mortgage Trust |  |  |
| 0.322%, 11/15/50 (a) (c) | 3940000 | &nbsp;&nbsp; 23642 |
| 0.674%, 09/15/52 (a) (c) | 4150000 | &nbsp;&nbsp; 81788 |
| 1.462%, 09/15/52 (a) (c) | 2847496 | &nbsp;&nbsp; 118742 |
| 1.694%, 06/15/52 (a) (c) | 6872558 | &nbsp;&nbsp; 335756 |
| CSMC Trust |  |  |
| 3.904%, 11/10/32 (144A) (a) | 301000 | &nbsp;&nbsp; 90454 |
| 5.309%, 1M TSFR + 0.997%, 12/15/30 (144A) (a) | 157073 | &nbsp;&nbsp; 156609 |
| 9.789%, 1M TSFR + 5.476%, 10/15/37 (144A) (a) | 423000 | &nbsp;&nbsp; 391204 |
| DBJPM Mortgage Trust |  |  |
| 1.000%, 06/10/50 (a) (c) | 2060000 | &nbsp;&nbsp; 32383 |
| 3.276%, 05/10/49 | 240000 | &nbsp;&nbsp; 236521 |
| DBSG Mortgage Trust |  |  |
| 6.144%, 06/10/37 (144A) (a) | 374607 | &nbsp;&nbsp; 381199 |
| ELM Trust |  |  |
| 0.242%, 06/10/39 (144A) (a) (c) | 7464000 | &nbsp;&nbsp; 15836 |
| 1.613%, 06/10/39 (144A) (a) (c) | 6760000 | &nbsp;&nbsp; 95245 |
| 5.994%, 06/10/39 (144A) (a) | 1420000 | &nbsp;&nbsp; 1432859 |
| 8.046%, 06/10/39 (144A) (a) | 924000 | &nbsp;&nbsp; 926517 |
| ELP Commercial Mortgage Trust |  |  |
| 7.543%, 1M TSFR + 3.230%, 11/15/38 (144A) (a) | 411663 | &nbsp;&nbsp; 411148 |
| Extended Stay America Trust |  |  |
| 6.677%, 1M TSFR + 2.364%, 07/15/38 (144A) (a) | 325079 | &nbsp;&nbsp; 325485 |
| 7.277%, 1M TSFR + 2.964%, 07/15/38 (144A) (a) | 827707 | &nbsp;&nbsp; 829777 |
| 8.127%, 1M TSFR + 3.814%, 07/15/38 (144A) (a) | 4253472 | &nbsp;&nbsp; 4253472 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |
| 5.762%, 1M TSFR + 1.450%, 12/15/39 (144A) (a) | 1285419 | &nbsp;&nbsp; 1285419 |
| 9.962%, 1M TSFR + 5.650%, 12/15/39 (144A) (a) | 297000 | &nbsp;&nbsp; 296678 |
| FS Trust |  |  |
| 6.123%, 1M TSFR + 1.811%, 08/15/39 (144A) (a) | 1727000 | &nbsp;&nbsp; 1732251 |
| GS Mortgage Securities Corp. Trust |  |  |
| 2.856%, 05/10/34 (144A) | 602464 | &nbsp;&nbsp; 524751 |
| 5.312%, 1M TSFR + 0.999%, 11/15/36 (144A) (a) | 1140000 | &nbsp;&nbsp; 1131450 |
| 6.403%, 1M TSFR + 2.091%, 03/15/28 (144A) (a) | 130000 | &nbsp;&nbsp; 130325 |
| 6.965%, 1M TSFR + 2.650%, 11/25/41 (144A) (a) | 1117000 | &nbsp;&nbsp; 1118996 |
| GS Mortgage Securities Trust |  |  |
| 1.772%, 12/12/53 (144A) (a) (c) | 2945426 | &nbsp;&nbsp; 199699 |
| 3.931%, 11/10/52 (a) | 60000 | &nbsp;&nbsp; 54643 |
| 3.932%, 10/10/35 (144A) (a) | 200000 | &nbsp;&nbsp; 191960 |
| 4.553%, 07/10/48 (a) | 110000 | &nbsp;&nbsp; 106754 |
| GWT Trust |  |  |
| 6.003%, 1M TSFR + 1.691%, 05/15/41 (144A) (a) | 2672000 | &nbsp;&nbsp; 2678754 |

---

*See accompanying notes to financial statements.*

**BHFTII-27**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| HIH Trust |  |  |
| 7.952%, 1M TSFR + 3.640%, 10/15/41 (144A) (a) | 177346 | &nbsp;&nbsp; $176902 |
| HILT Commercial Mortgage Trust |  |  |
| 5.853%, 1M TSFR + 1.541%, 05/15/37 (144A) (a) | 1946000 | &nbsp;&nbsp; 1947216 |
| 6.752%, 1M TSFR + 2.440%, 05/15/37 (144A) (a) | 1203000 | &nbsp;&nbsp; 1202248 |
| 7.501%, 1M TSFR + 3.189%, 05/15/37 (144A) (a) | 815000 | &nbsp;&nbsp; 813472 |
| HLTN Commercial Mortgage Trust |  |  |
| 5.953%, 1M TSFR + 1.642%, 06/15/41 (144A) (a) | 2918633 | &nbsp;&nbsp; 2920457 |
| HMH Trust |  |  |
| 3.062%, 07/05/31 (144A) | 740000 | &nbsp;&nbsp; 629000 |
| HTL Commercial Mortgage Trust |  |  |
| 10.602%, 05/10/39 (144A) (a) | 3379000 | &nbsp;&nbsp; 3474742 |
| Hudson Yards Mortgage Trust |  |  |
| 3.041%, 12/10/41 (144A) (a) | 662050 | &nbsp;&nbsp; 559045 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 0.593%, 04/15/46 (a) (c) | 3280054 | &nbsp;&nbsp; 9955 |
| 0.750%, 08/15/49 (144A) (a) (c) | 5300000 | &nbsp;&nbsp; 35372 |
| 5.569%, 1M TSFR + 1.257%, 06/15/35 (144A) (a) | 116290 | &nbsp;&nbsp; 100080 |
| 6.377%, 1M TSFR + 2.064%, 04/15/38 (144A) (a) | 787000 | &nbsp;&nbsp; 787492 |
| 6.519%, 1M TSFR + 2.207%, 07/15/36 (144A) (a) | 570000 | &nbsp;&nbsp; 542217 |
| 7.127%, 1M TSFR + 2.814%, 04/15/38 (144A) (a) | 959000 | &nbsp;&nbsp; 959599 |
| 7.447%, 1M TSFR + 3.134%, 10/15/33 (144A) (a) | 180000 | &nbsp;&nbsp; 173298 |
| 7.627%, 1M TSFR + 3.314%, 04/15/38 (144A) (a) | 450000 | &nbsp;&nbsp; 450281 |
| 8.101%, 1M TSFR + 3.790%, 04/15/37 (144A) (a) | 797620 | &nbsp;&nbsp; 753934 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| 0.549%, 09/15/47 (a) (c) | 86662 | &nbsp;&nbsp; 1 |
| 4.284%, 12/15/48 (144A) (a) | 150000 | &nbsp;&nbsp; 135944 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| 0.750%, 12/15/49 (144A) (a) (c) | 2067000 | &nbsp;&nbsp; 16475 |
| JW Commercial Mortgage Trust |  |  |
| 5.933%, 1M TSFR + 1.621%, 06/15/39 (144A) (a) | 1410000 | &nbsp;&nbsp; 1410879 |
| 7.501%, 1M TSFR + 3.189%, 06/15/39 (144A) (a) | 310000 | &nbsp;&nbsp; 308682 |
| KSL Commercial Mortgage Trust |  |  |
| 5.854%, 1M TSFR + 1.542%, 12/15/39 (144A) (a) | 6369000 | &nbsp;&nbsp; 6356710 |
| LBA Trust |  |  |
| 5.903%, 1M TSFR + 1.591%, 06/15/39 (144A) (a) | 1840000 | &nbsp;&nbsp; 1841147 |
| 8.749%, 1M TSFR + 4.437%, 06/15/39 (144A) (a) | 153000 | &nbsp;&nbsp; 152191 |
| Lehman Brothers Small Balance Commercial Mortgage Trust |  |  |
| 4.884%, 1M TSFR + 0.564%, 09/25/36 (144A) (a) | 152742 | &nbsp;&nbsp; 145120 |
| LEX Mortgage Trust |  |  |
| 5.036%, 10/13/33 (144A) (a) | 1711000 | &nbsp;&nbsp; 1719957 |
| LSTAR Commercial Mortgage Trust |  |  |
| 1.001%, 03/10/50 (144A) (a) (c) | 587560 | &nbsp;&nbsp; 5642 |
| MCR Mortgage Trust |  |  |
| 0.920%, 06/12/39 (144A) (c) | 2421000 | &nbsp;&nbsp; 30247 |
| 5.924%, 06/12/39 (144A) | 520000 | &nbsp;&nbsp; 526281 |
| 8.725%, 06/12/39 (144A) | 322000 | &nbsp;&nbsp; 325652 |
| 8.966%, 1M TSFR + 4.654%, 02/15/37 (144A) (a) | 350476 | &nbsp;&nbsp; 348839 |
| MFT Mortgage Trust |  |  |
| 3.593%, 02/10/42 (144A) (a) | 350781 | &nbsp;&nbsp; 220296 |
| MHC Commercial Mortgage Trust |  |  |
| 6.527%, 1M TSFR + 2.215%, 04/15/38 (144A) (a) | 602400 | &nbsp;&nbsp; 603529 |
| 7.027%, 1M TSFR + 2.715%, 04/15/38 (144A) (a) | 154400 | &nbsp;&nbsp; 154400 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 1.378%, 12/15/47 (144A) (a) (c) | 1810000 | &nbsp;&nbsp; 61 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Morgan Stanley Capital I Trust |  |  |
| 1.157%, 03/15/52 (a) (c) | 2164125 | &nbsp;&nbsp; $65426 |
| 2.295%, 06/15/50 (144A) (a) (c) | 1190000 | &nbsp;&nbsp; 42506 |
| 3.000%, 06/15/52 (144A) | 97000 | &nbsp;&nbsp; 77652 |
| 4.061%, 12/15/50 (a) | 4067000 | &nbsp;&nbsp; 3945318 |
| MSWF Commercial Mortgage Trust |  |  |
| 1.141%, 12/15/56 (a) (c) | 8238800 | &nbsp;&nbsp; 486036 |
| Natixis Commercial Mortgage Securities Trust |  |  |
| 4.404%, 06/17/38 (144A) | 265000 | &nbsp;&nbsp; 260759 |
| NJ Trust |  |  |
| 6.697%, 01/06/29 (144A) (a) | 350000 | &nbsp;&nbsp; 368118 |
| NYCT Trust |  |  |
| 8.150%, 1M TSFR + 3.838%, 08/15/29 (144A) (a) | 198000 | &nbsp;&nbsp; 195916 |
| Olympic Tower Mortgage Trust |  |  |
| 0.511%, 05/10/39 (144A) (a) (c) | 13300000 | &nbsp;&nbsp; 75975 |
| 4.077%, 05/10/39 (144A) (a) | 1049000 | &nbsp;&nbsp; 787547 |
| One Bryant Park Trust |  |  |
| 2.516%, 09/15/54 (144A) | 128000 | &nbsp;&nbsp; 116531 |
| One Market Plaza Trust |  |  |
| Zero Coupon, 02/10/32 (144A) (a) (c) | 17538712 | &nbsp;&nbsp; 175 |
| 0.219%, 02/10/32 (144A) (a) (c) | 3507742 | &nbsp;&nbsp; 6395 |
| One New York Plaza Trust |  |  |
| 7.177%, 1M TSFR + 2.864%, 01/15/36 (144A) (a) | 160000 | &nbsp;&nbsp; 149336 |
| OPEN Trust |  |  |
| 7.401%, 1M TSFR + 3.089%, 11/15/40 (144A) (a) | 41693 | &nbsp;&nbsp; 41706 |
| ORL Trust |  |  |
| 5.804%, 1M TSFR + 1.493%, 12/15/39 (144A) (a) | 2560000 | &nbsp;&nbsp; 2559200 |
| PGA Trust |  |  |
| 6.203%, 1M TSFR + 1.891%, 06/15/39 (144A) (a) | 1527000 | &nbsp;&nbsp; 1529443 |
| PRM5 Trust |  |  |
| 5.812%, 03/10/33 (144A) (a) | 262000 | &nbsp;&nbsp; 260772 |
| ROCK Trust |  |  |
| 5.388%, 11/13/41 (144A) | 1116274 | &nbsp;&nbsp; 1141932 |
| SCG Commercial Mortgage Trust |  |  |
| 6.462%, 1M TSFR + 2.150%, 03/15/35 (144A) (a) | 100000 | &nbsp;&nbsp; 98752 |
| 7.262%, 1M TSFR + 2.950%, 03/15/35 (144A) (a) | 581000 | &nbsp;&nbsp; 585842 |
| SCG Mortgage Trust |  |  |
| 6.053%, 1M TSFR + 1.741%, 04/15/41 (144A) (a) | 2258000 | &nbsp;&nbsp; 2259411 |
| SHR Trust |  |  |
| 7.912%, 1M TSFR + 3.600%, 10/15/41 (144A) (a) | 255000 | &nbsp;&nbsp; 254841 |
| SREIT Trust |  |  |
| 7.045%, 1M TSFR + 2.733%, 11/15/36 (144A) (a) | 342700 | &nbsp;&nbsp; 342914 |
| 7.051%, 1M TSFR + 2.739%, 11/15/38 (144A) (a) | 746569 | &nbsp;&nbsp; 746569 |
| TCO Commercial Mortgage Trust |  |  |
| 5.555%, 1M TSFR + 1.243%, 12/15/39 (144A) (a) | 1329000 | &nbsp;&nbsp; 1328585 |
| 7.053%, 1M TSFR + 2.741%, 12/15/39 (144A) (a) | 100000 | &nbsp;&nbsp; 99003 |
| Thunder Logistics DAC |  |  |
| 4.177%, 3M EURIBOR + 2.050%, 11/17/36 (EUR) (a) | 71578 | &nbsp;&nbsp; 84442 |
| 4.677%, 3M EURIBOR + 2.550%, 11/17/36 (EUR) (a) | 71578 | &nbsp;&nbsp; 84526 |
| TTAN |  |  |
| 7.327%, 1M TSFR + 3.014%, 03/15/38 (144A) (a) | 507569 | &nbsp;&nbsp; 508045 |
| TYSN Mortgage Trust |  |  |
| 6.799%, 12/10/33 (144A) (a) | 320000 | &nbsp;&nbsp; 338965 |
| U.K. Logistics DAC |  |  |
| 5.887%, SONIA + 1.650%, 05/17/34 (GBP) (a) | 202000 | &nbsp;&nbsp; 277830 |
| 8.461%, SONIA + 4.000%, 05/17/35 (GBP) (a) | 803000 | &nbsp;&nbsp; 1102231 |

---

*See accompanying notes to financial statements.*

**BHFTII-28**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| UBS Commercial Mortgage Trust |  |  |
| 1.110%, 12/15/52 (a) (c) | 6770320 | &nbsp;&nbsp; $212141 |
| 1.578%, 10/15/52 (a) (c) | 3950126 | &nbsp;&nbsp; 192308 |
| VEGAS Trust |  |  |
| 6.424%, 07/10/36 (144A) (a) | 3150000 | &nbsp;&nbsp; 3013212 |
| Velocity Commercial Capital Loan Trust |  |  |
| 2.520%, 12/26/51 (144A) (a) | 1998895 | &nbsp;&nbsp; 1780636 |
| 2.980%, 02/25/50 (144A) (a) | 95946 | &nbsp;&nbsp; 71888 |
| 4.240%, 11/25/47 (144A) (a) | 66639 | &nbsp;&nbsp; 62040 |
| 4.480%, 12/26/51 (144A) (a) | 237634 | &nbsp;&nbsp; 193411 |
| 5.000%, 11/25/47 (144A) (a) | 39173 | &nbsp;&nbsp; 35272 |
| 7.330%, 02/25/55 (144A) (a) | 313599 | &nbsp;&nbsp; 316064 |
| 10.150%, 02/25/55 (144A) (a) | 108573 | &nbsp;&nbsp; 109361 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 0.312%, 07/15/43 (144A) (a) (c) | 5050000 | &nbsp;&nbsp; 44112 |
| 1.140%, 12/15/48 (a) (c) | 795222 | &nbsp;&nbsp; 161 |
| 1.380%, 08/15/49 (144A) (a) (c) | 1430000 | &nbsp;&nbsp; 17405 |
| 1.571%, 05/15/52 (a) (c) | 4573594 | &nbsp;&nbsp; 183824 |
| 5.484%, 07/15/35 (144A) (a) | 421000 | &nbsp;&nbsp; 423524 |
| 6.215%, 07/15/43 (144A) | 640000 | &nbsp;&nbsp; 660675 |
| 6.432%, 07/15/43 (144A) | 407000 | &nbsp;&nbsp; 416372 |
| 7.082%, 07/15/43 (144A) | 170000 | &nbsp;&nbsp; 172266 |
|  |  | &nbsp;&nbsp; 156424347 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $274,029,811) <br>|  | &nbsp;&nbsp; 260675403 |
| **Asset-Backed Securities—8.7%** | **Asset-Backed Securities—8.7%** | **Asset-Backed Securities—8.7%** |
| **Asset-Backed - Automobile — 0.1%** | **Asset-Backed - Automobile — 0.1%** | **Asset-Backed - Automobile — 0.1%** |
| Asset-Backed European Securitisation Transaction Twenty-<br> Three SARL<br>|  |  |
| 3.476%, 1M EURIBOR + 1.600%, 03/21/34 (EUR) (a) | 100000 | &nbsp;&nbsp; 118607 |
| Auto ABS Italian Stella Loans SRL |  |  |
| 3.629%, 1M EURIBOR + 1.700%, 12/29/36 (EUR) (a) | 84227 | &nbsp;&nbsp; 99998 |
| 4.229%, 1M EURIBOR + 2.300%, 12/29/36 (EUR) (a) | 84227 | &nbsp;&nbsp; 100157 |
| Auto1 Car Funding SARL |  |  |
| 5.392%, 1M EURIBOR + 3.500%, 12/15/33 (EUR) (a) | 100000 | &nbsp;&nbsp; 121462 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| 6.124%, SONIA + 1.900%, 08/20/31 (GBP) (a) | 259000 | &nbsp;&nbsp; 355544 |
| 6.824%, SONIA + 2.600%, 08/20/31 (GBP) (a) | 197000 | &nbsp;&nbsp; 270878 |
| Dowson PLC |  |  |
| 8.174%, SONIA + 3.950%, 08/20/31 (GBP) (a) | 500000 | &nbsp;&nbsp; 682446 |
| 11.174%, SONIA + 6.950%, 08/20/31 (GBP) (a) | 500000 | &nbsp;&nbsp; 682547 |
| Hill FL BV |  |  |
| 3.861%, 1M EURIBOR + 1.950%, 10/18/32 (EUR) (a) | 100000 | &nbsp;&nbsp; 116000 |
| OneMain Direct Auto Receivables Trust |  |  |
| 6.100%, 07/14/37 (144A) | 196000 | &nbsp;&nbsp; 198975 |
| Pony SA |  |  |
| 3.092%, 1M EURIBOR + 1.200%, 01/14/33 (EUR) (a) | 100000 | &nbsp;&nbsp; 117902 |
| 3.542%, 1M EURIBOR + 1.650%, 01/14/33 (EUR) (a) | 100000 | &nbsp;&nbsp; 118096 |
| SCF Rahoituspalvelut XIII DAC |  |  |
| 3.299%, 1M EURIBOR + 1.400%, 06/25/34 (EUR) (a) | 100000 | &nbsp;&nbsp; 117789 |
|  |  | &nbsp;&nbsp; 3100401 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** |
| Newday Funding Master Issuer PLC |  |  |
| 5.623%, SONIA + 1.400%, 07/15/32 (GBP) (a) | 100000 | &nbsp;&nbsp; $137781 |
| 6.123%, SONIA + 1.900%, 07/15/32 (GBP) (a) | 111000 | &nbsp;&nbsp; 153583 |
| 6.873%, SONIA + 2.650%, 07/15/32 (GBP) (a) | 246000 | &nbsp;&nbsp; 340652 |
| TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco <br> Finance No. 2<br>|  |  |
| 3.888%, 1M EURIBOR + 1.800%, 10/27/42 (EUR) (a) | 100000 | &nbsp;&nbsp; 117898 |
| 6.088%, 1M EURIBOR + 4.000%, 10/27/42 (EUR) (a) | 100000 | &nbsp;&nbsp; 118648 |
|  |  | &nbsp;&nbsp; 868562 |
| **Asset-Backed - Home Equity — 0.9%** | **Asset-Backed - Home Equity — 0.9%** | **Asset-Backed - Home Equity — 0.9%** |
| Ace Securities Corp. |  |  |
| Zero Coupon, 08/15/30 | 149790 | &nbsp;&nbsp; 141785 |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| 4.694%, 1M TSFR + 0.374%, 05/25/37 (a) | 970980 | &nbsp;&nbsp; 152562 |
| Argent Mortgage Loan Trust |  |  |
| 4.914%, 1M TSFR + 0.594%, 05/25/35 (a) | 1577293 | &nbsp;&nbsp; 1282445 |
| Argent Securities Trust |  |  |
| 4.734%, 1M TSFR + 0.414%, 07/25/36 (a) | 525035 | &nbsp;&nbsp; 140098 |
| Bayview Financial Revolving Asset Trust |  |  |
| 5.441%, 1M TSFR + 1.114%, 05/28/39 (144A) (a) | 2780607 | &nbsp;&nbsp; 2327995 |
| 5.441%, 1M TSFR + 1.114%, 12/28/40 (144A) (a) | 86010 | &nbsp;&nbsp; 91410 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| 4.914%, 1M TSFR + 0.594%, 06/25/36 (a) | 390033 | &nbsp;&nbsp; 379885 |
| 5.134%, 1M TSFR + 0.814%, 04/25/37 (a) | 2965000 | &nbsp;&nbsp; 2826674 |
| 6.159%, 1M TSFR + 1.839%, 08/25/34 (a) | 1726 | &nbsp;&nbsp; 1702 |
| 6.250%, 12/25/35 (j) | 1122442 | &nbsp;&nbsp; 1096791 |
| 6.250%, 02/25/36 (j) | 1352996 | &nbsp;&nbsp; 1393789 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| 4.994%, 1M TSFR + 0.674%, 04/25/36 (a) | 2046579 | &nbsp;&nbsp; 1926356 |
| 6.989%, 1M TSFR + 5.364%, 06/25/35 (a) | 2142000 | &nbsp;&nbsp; 2175144 |
| Bear Stearns Structured Products Trust |  |  |
| 6.434%, 1M TSFR + 2.114%, 03/25/37 (144A) (a) | 553330 | &nbsp;&nbsp; 549771 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.634%, 1M TSFR + 0.314%, 05/25/37 (a) | 1514216 | &nbsp;&nbsp; 989193 |
| 4.704%, 1M TSFR + 0.384%, 05/25/37 (a) | 687823 | &nbsp;&nbsp; 449234 |
| CWABS Asset-Backed Certificates Trust |  |  |
| 4.809%, 1M TSFR + 0.489%, 06/25/37 (a) | 884209 | &nbsp;&nbsp; 765663 |
| CWHEQ Home Equity Loan Trust |  |  |
| 6.155%, 06/25/35 | 25993 | &nbsp;&nbsp; 40078 |
| GSAA Home Equity Trust |  |  |
| 5.772%, 11/25/36 (a) | 155098 | &nbsp;&nbsp; 42473 |
| Home Equity Mortgage Loan Asset-Backed Trust |  |  |
| 3.779%, 1M TSFR + 2.139%, 07/25/34 (a) | 92076 | &nbsp;&nbsp; 88307 |
| Home Equity Mortgage Trust |  |  |
| 5.867%, 07/25/36 (j) | 449539 | &nbsp;&nbsp; 42310 |
| Irwin Home Equity Loan Trust |  |  |
| 6.530%, 09/25/37 (144A) (j) | 12239 | &nbsp;&nbsp; 12279 |
| MASTR Asset-Backed Securities Trust |  |  |
| 4.954%, 1M TSFR + 0.634%, 06/25/36 (144A) (a) | 286771 | &nbsp;&nbsp; 266679 |
| 4.994%, 1M TSFR + 0.674%, 05/25/37 (a) | 621846 | &nbsp;&nbsp; 525808 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| 6.463%, 01/25/47 (j) | 3103667 | &nbsp;&nbsp; 1078429 |
| 6.512%, 10/25/36 (j) | 266899 | &nbsp;&nbsp; 58321 |
| Option One Mortgage Loan Trust |  |  |
| 4.644%, 1M TSFR + 0.324%, 03/25/37 (a) | 930000 | &nbsp;&nbsp; 801404 |

---

*See accompanying notes to financial statements.*

**BHFTII-29**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** |
| Option One Mortgage Loan Trust |  |  |
| 5.860%, 01/25/37 (j) | 20691 | &nbsp;&nbsp; $20186 |
| 5.866%%, 01/25/37 (j) | 2080751 | &nbsp;&nbsp; 1785918 |
| RCKT Mortgage Trust |  |  |
| 8.005%, 04/25/44 (144A) (a) | 1647000 | &nbsp;&nbsp; 1684990 |
| 9.895%, 04/25/44 (144A) (a) | 116000 | &nbsp;&nbsp; 121566 |
| Yale Mortgage Loan Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 06/25/37 (144A) (a) | 690778 | &nbsp;&nbsp; 214035 |
|  |  | &nbsp;&nbsp; 23473280 |
| **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** |
| BankAmerica Manufactured Housing Contract Trust |  |  |
| 7.070%, 02/10/22 (a) | 470000 | &nbsp;&nbsp; 48368 |
| 7.191%, 12/10/25 (a) | 4000000 | &nbsp;&nbsp; 379437 |
| BCMSC Trust |  |  |
| 7.575%, 06/15/30 (a) | 1270292 | &nbsp;&nbsp; 88835 |
| 7.830%, 06/15/30 (a) | 1178846 | &nbsp;&nbsp; 85121 |
| 8.290%, 06/15/30 (a) | 850435 | &nbsp;&nbsp; 65014 |
| Cascade MH Asset Trust |  |  |
| 4.000%, 11/25/44 (144A) (a) | 1376521 | &nbsp;&nbsp; 1312309 |
| Conseco Finance Corp. |  |  |
| 6.830%, 04/01/30 (a) | 934501 | &nbsp;&nbsp; 950198 |
| 7.500%, 03/01/30 (a) | 344579 | &nbsp;&nbsp; 96713 |
| 7.860%, 03/01/30 (a) | 321760 | &nbsp;&nbsp; 94332 |
| Conseco Finance Securitizations Corp. |  |  |
| 7.960%, 05/01/31 | 878314 | &nbsp;&nbsp; 173732 |
| 8.060%, 09/01/29 (a) | 586391 | &nbsp;&nbsp; 80028 |
| 8.200%, 05/01/31 | 1604918 | &nbsp;&nbsp; 327027 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| 8.100%, 09/25/31 (a) | 196551 | &nbsp;&nbsp; 198924 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| 6.750%%, 10/25/36 (144A) (j) | 3922979 | &nbsp;&nbsp; 3208940 |
| GreenPoint Manufactured Housing |  |  |
| 9.230%, 12/15/29 (a) | 250971 | &nbsp;&nbsp; 250523 |
| Lehman ABS Manufactured Housing Contract Trust |  |  |
| 6.630%, 04/15/40 (a) | 311156 | &nbsp;&nbsp; 313639 |
| Oakwood Mortgage Investors, Inc. |  |  |
| 6.930%, 09/15/31 (a) | 140444 | &nbsp;&nbsp; 59373 |
| 7.620%, 06/15/32 (a) | 600821 | &nbsp;&nbsp; 607210 |
| Origen Manufactured Housing Contract Trust |  |  |
| 6.160%, 10/15/37 (144A) (a) | 52986 | &nbsp;&nbsp; 52657 |
| 7.820%, 03/15/32 (a) | 147333 | &nbsp;&nbsp; 147721 |
|  |  | &nbsp;&nbsp; 8540101 |
| **Asset-Backed - Other — 6.5%** | **Asset-Backed - Other — 6.5%** | **Asset-Backed - Other — 6.5%** |
| 720 East CLO VII Ltd. |  |  |
| 5.341%, 3M TSFR + 1.060%, 04/20/37 (144A) (a) | 970000 | &nbsp;&nbsp; 961790 |
| AB BSL CLO 3 Ltd. |  |  |
| 5.520%, 3M TSFR + 1.250%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 251323 |
| AGL CLO 12 Ltd. |  |  |
| 5.691%, 3M TSFR + 1.422%, 07/20/34 (144A) (a) | 1310000 | &nbsp;&nbsp; 1311691 |
| AGL CLO 32 Ltd. |  |  |
| 5.650%, 3M TSFR + 1.380%, 07/21/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250784 |
| AGL Core CLO 15 Ltd. |  |  |
| 5.681%, 3M TSFR + 1.412%, 01/20/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250423 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| AGL Core CLO 2 Ltd. |  |  |
| 5.730%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 950000 | &nbsp;&nbsp; $952352 |
| AGL Core CLO 4 Ltd. |  |  |
| 5.650%, 3M TSFR + 1.380%, 10/20/37 (144A) (a) | 860000 | &nbsp;&nbsp; 863377 |
| AIMCO CLO 11 Ltd. |  |  |
| 5.930%, 3M TSFR + 1.650%, 07/17/37 (144A) (a) | 330000 | &nbsp;&nbsp; 330747 |
| AIMCO CLO 21 Ltd. |  |  |
| 6.190%, 3M TSFR + 1.920%, 04/18/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250906 |
| Anchorage Capital CLO 15 Ltd. |  |  |
| 5.621%, 3M TSFR + 1.410%, 07/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250000 |
| Anchorage Capital CLO 17 Ltd. |  |  |
| 5.486%, 3M TSFR + 1.230%, 02/15/38 (144A) (a) | 1890000 | &nbsp;&nbsp; 1888940 |
| Anchorage Capital CLO 6 Ltd. |  |  |
| 6.372%, 3M TSFR + 2.100%, 04/22/34 (144A) (a) | 540000 | &nbsp;&nbsp; 540481 |
| Anchorage Capital CLO 7 Ltd. |  |  |
| 5.843%, 3M TSFR + 1.560%, 04/28/37 (144A) (a) | 830000 | &nbsp;&nbsp; 832414 |
| 6.333%, 3M TSFR + 2.050%, 04/28/37 (144A) (a) | 1480000 | &nbsp;&nbsp; 1485600 |
| 8.083%, 3M TSFR + 3.800%, 04/28/37 (144A) (a) | 250000 | &nbsp;&nbsp; 251882 |
| Anchorage Capital CLO 8 Ltd. |  |  |
| 6.344%, 3M TSFR + 2.062%, 10/27/34 (144A) (a) | 1050000 | &nbsp;&nbsp; 1053831 |
| Apidos CLO XXII Ltd. |  |  |
| 6.031%, 3M TSFR + 1.762%, 04/20/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250452 |
| Apidos CLO XXV Ltd. |  |  |
| 5.870%, 3M TSFR + 1.600%, 01/20/37 (144A) (a) | 650000 | &nbsp;&nbsp; 649297 |
| AREIT Ltd. |  |  |
| 5.998%, 1M TSFR + 1.686%, 05/17/41 (144A) (a) | 3001884 | &nbsp;&nbsp; 2991561 |
| ARES European CLO XII DAC |  |  |
| 3.936%, 3M EURIBOR + 1.700%, 04/20/32 (144A) <br> (EUR) (a)<br>| 297000 | &nbsp;&nbsp; 349899 |
| ARES LIX CLO Ltd. |  |  |
| 5.573%, 3M TSFR + 1.292%, 04/25/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250220 |
| ARES LVI CLO Ltd. |  |  |
| 5.532%, 3M TSFR + 1.250%, 01/25/38 (144A) (a) | 350000 | &nbsp;&nbsp; 350724 |
| Asimi Funding PLC |  |  |
| 5.573%, SONIA + 1.350%, 09/16/31 (GBP) (a) | 100000 | &nbsp;&nbsp; 137297 |
| 5.973%, SONIA + 1.750%, 05/16/32 (GBP) (a) | 99170 | &nbsp;&nbsp; 136278 |
| 6.173%, SONIA + 1.950%, 09/16/31 (GBP) (a) | 100000 | &nbsp;&nbsp; 137667 |
| Assurant CLO II Ltd. |  |  |
| 5.571%, 3M TSFR + 1.302%, 04/20/31 (144A) (a) | 66814 | &nbsp;&nbsp; 66809 |
| Avoca CLO XXII DAC |  |  |
| 3.579%, 3M EURIBOR + 1.300%, 04/15/35 (EUR) (a) | 150000 | &nbsp;&nbsp; 174844 |
| 5.179%, 3M EURIBOR + 2.900%, 04/15/35 (144A) <br> (EUR) (a)<br>| 250000 | &nbsp;&nbsp; 290776 |
| Bain Capital Credit CLO Ltd. |  |  |
| 5.776%, 3M TSFR + 1.520%, 07/15/37 (144A) (a) | 1170000 | &nbsp;&nbsp; 1173408 |
| 5.820%, 3M TSFR + 1.550%, 07/19/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250349 |
| 7.637%, 3M TSFR + 3.362%, 07/24/34 (144A) (a) | 250000 | &nbsp;&nbsp; 249441 |
| Ballyrock CLO 15 Ltd. |  |  |
| 5.586%, 3M TSFR + 1.330%, 01/15/38 (144A) (a) | 1010000 | &nbsp;&nbsp; 1011370 |
| Ballyrock CLO Ltd. |  |  |
| 10.681%, 3M TSFR + 6.412%, 10/20/31 (144A) (a) | 250000 | &nbsp;&nbsp; 249090 |
| Bankers Healthcare Group Securitization Trust |  |  |
| 5.170%, 09/17/31 (144A) | 100000 | &nbsp;&nbsp; 99816 |
| Barings CLO Ltd. |  |  |
| 5.931%, 3M TSFR + 1.662%, 01/20/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250353 |

---

*See accompanying notes to financial statements.*

**BHFTII-30**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Battalion CLO 18 Ltd. |  |  |
| 6.268%, 3M TSFR + 2.012%, 10/15/36 (144A) (a) | 298000 | &nbsp;&nbsp; $298183 |
| Battalion CLO VIII Ltd. |  |  |
| 5.601%, 3M TSFR + 1.332%, 07/18/30 (144A) (a) | 272318 | &nbsp;&nbsp; 272417 |
| 6.081%, 3M TSFR + 1.812%, 07/18/30 (144A) (a) | 642000 | &nbsp;&nbsp; 642511 |
| Battalion CLO XI Ltd. |  |  |
| 6.257%, 3M TSFR + 1.982%, 04/24/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250375 |
| BBAM U.S. CLO I Ltd. |  |  |
| 5.456%, 3M TSFR + 1.200%, 03/30/38 (144A) (a) | 390000 | &nbsp;&nbsp; 390107 |
| Benefit Street Partners CLO V-B Ltd. |  |  |
| 5.800%, 3M TSFR + 1.530%, 07/20/37 (144A) (a) | 2100000 | &nbsp;&nbsp; 2106565 |
| Benefit Street Partners CLO VIII Ltd. |  |  |
| 5.631%, 3M TSFR + 1.362%, 01/20/31 (144A) (a) | 451599 | &nbsp;&nbsp; 451678 |
| Benefit Street Partners CLO XVI Ltd. |  |  |
| 5.600%, 3M TSFR + 1.320%, 01/17/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250493 |
| Benefit Street Partners CLO XX Ltd. |  |  |
| 5.688%, 3M TSFR + 1.432%, 07/15/34 (144A) (a) | 310000 | &nbsp;&nbsp; 310384 |
| 11.268%, 3M TSFR + 7.012%, 07/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250031 |
| BHG Securitization Trust |  |  |
| 2.240%, 10/17/34 (144A) | 130000 | &nbsp;&nbsp; 123475 |
| Birch Grove CLO 3 Ltd. |  |  |
| 5.530%, 3M TSFR + 1.260%, 01/19/38 (144A) (a) | 910000 | &nbsp;&nbsp; 911170 |
| 5.870%, 3M TSFR + 1.600%, 01/19/38 (144A) (a) | 250000 | &nbsp;&nbsp; 249753 |
| BlueMountain CLO Ltd. |  |  |
| 6.132%, 3M TSFR + 1.850%, 10/25/30 (144A) (a) | 970000 | &nbsp;&nbsp; 972667 |
| 6.288%, 3M TSFR + 1.962%, 08/15/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250483 |
| BlueMountain CLO XXII Ltd. |  |  |
| 6.018%, 3M TSFR + 1.762%, 07/15/31 (144A) (a) | 660000 | &nbsp;&nbsp; 660642 |
| BlueMountain CLO XXVIII Ltd. |  |  |
| 5.778%, 3M TSFR + 1.522%, 04/15/34 (144A) (a) | 100000 | &nbsp;&nbsp; 100107 |
| BlueMountain EUR CLO DAC |  |  |
| 4.029%, 3M EURIBOR + 1.750%, 10/15/35 (144A) <br> (EUR) (a)<br>| 560000 | &nbsp;&nbsp; 659656 |
| BlueMountain Fuji U.S. CLO II Ltd. |  |  |
| 5.531%, 3M TSFR + 1.262%, 10/20/30 (144A) (a) | 70310 | &nbsp;&nbsp; 70331 |
| Bridge Street CLO II Ltd. |  |  |
| 5.761%, 3M TSFR + 1.492%, 07/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250174 |
| Brignole Co. |  |  |
| 5.871%, 1M EURIBOR + 4.000%, 02/24/42 (EUR) (a) | 65750 | &nbsp;&nbsp; 78377 |
| Bryant Park Funding Ltd. |  |  |
| 5.493%, 3M TSFR + 1.200%, 04/15/38 (144A) (a) | 250000 | &nbsp;&nbsp; 248508 |
| Canyon CLO Ltd. |  |  |
| 5.588%, 3M TSFR + 1.332%, 07/15/31 (144A) (a) | 464111 | &nbsp;&nbsp; 464307 |
| 5.656%, 3M TSFR + 1.400%, 10/15/37 (144A) (a) | 330000 | &nbsp;&nbsp; 330845 |
| 6.206%, 3M TSFR + 1.950%, 10/15/37 (144A) (a) | 290000 | &nbsp;&nbsp; 291053 |
| 6.306%, 3M TSFR + 2.050%, 05/15/37 (144A) (a) | 660000 | &nbsp;&nbsp; 662329 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 5.511%, 3M TSFR + 1.232%, 04/17/31 (144A) (a) | 223554 | &nbsp;&nbsp; 223605 |
| Carlyle U.S. CLO Ltd. |  |  |
| 6.050%, 3M TSFR + 1.780%, 10/21/37 (144A) (a) | 520000 | &nbsp;&nbsp; 521975 |
| 6.872%, 3M TSFR + 2.600%, 07/20/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250000 |
| Carrington Mortgage Loan Trust |  |  |
| 4.594%, 1M TSFR + 0.274%, 10/25/36 (a) | 79783 | &nbsp;&nbsp; 77650 |
| CBAM Ltd. |  |  |
| 5.941%, 3M TSFR + 1.662%, 04/17/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250466 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| C-BASS Trust |  |  |
| 4.754%, 1M TSFR + 0.434%, 10/25/36 (a) | 140497 | &nbsp;&nbsp; $96093 |
| Cedar Funding II CLO Ltd. |  |  |
| 5.611%, 3M TSFR + 1.342%, 04/20/34 (144A) (a) | 535000 | &nbsp;&nbsp; 536285 |
| 5.881%, 3M TSFR + 1.612%, 04/20/34 (144A) (a) | 510000 | &nbsp;&nbsp; 510374 |
| Cedar Funding V CLO Ltd. |  |  |
| 5.641%, 3M TSFR + 1.362%, 07/17/31 (144A) (a) | 436734 | &nbsp;&nbsp; 436964 |
| Cedar Funding XI CLO Ltd. |  |  |
| 5.629%, 3M TSFR + 1.300%, 05/29/32 (144A) (a) | 250000 | &nbsp;&nbsp; 250278 |
| Cedar Funding XIV CLO Ltd. |  |  |
| 5.956%, 3M TSFR + 1.700%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250792 |
| CIFC Funding Ltd. |  |  |
| 5.590%, 3M TSFR + 1.320%, 01/18/38 (144A) (a) | 510000 | &nbsp;&nbsp; 511402 |
| 5.601%, 3M TSFR + 1.332%, 04/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250371 |
| 5.639%, 3M TSFR + 1.360%, 07/23/37 (144A) (a) | 1380000 | &nbsp;&nbsp; 1382778 |
| 5.661%, 3M TSFR + 1.392%, 10/20/34 (144A) (a) | 1190000 | &nbsp;&nbsp; 1191190 |
| 5.668%, 3M TSFR + 1.412%, 07/15/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250251 |
| 5.690%, 3M TSFR + 1.410%, 07/17/37 (144A) (a) | 250000 | &nbsp;&nbsp; 251089 |
| 5.711%, 3M TSFR + 1.450%, 07/16/37 (144A) (a) | 940000 | &nbsp;&nbsp; 943945 |
| 5.750%, 3M TSFR + 1.480%, 07/21/37 (144A) (a) | 1090000 | &nbsp;&nbsp; 1092865 |
| 5.820%, 3M TSFR + 1.550%, 04/21/37 (144A) (a) | 1170000 | &nbsp;&nbsp; 1173839 |
| 5.870%, 3M TSFR + 1.600%, 01/20/37 (144A) (a) | 390000 | &nbsp;&nbsp; 391092 |
| 5.931%, 3M TSFR + 1.662%, 01/18/31 (144A) (a) | 330000 | &nbsp;&nbsp; 330328 |
| 6.032%, 3M TSFR + 1.750%, 07/25/37 (144A) (a) | 730000 | &nbsp;&nbsp; 732718 |
| 6.168%, 3M TSFR + 1.912%, 10/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250652 |
| 6.181%, 3M TSFR + 1.912%, 10/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250994 |
| 6.272%, 3M TSFR + 2.012%, 07/16/30 (144A) (a) | 250000 | &nbsp;&nbsp; 250323 |
| 6.320%, 3M TSFR + 2.050%, 04/21/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250380 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.604%, 1M TSFR + 0.284%, 07/25/45 (a) | 509622 | &nbsp;&nbsp; 352351 |
| 8.184%, 1M TSFR + 3.864%, 07/25/37 (a) | 4602562 | &nbsp;&nbsp; 4109689 |
| Clover CLO LLC |  |  |
| 5.800%, 3M TSFR + 1.530%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250628 |
| 6.220%, 3M TSFR + 1.950%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 251055 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 4.528%, 04/25/36 (a) | 609414 | &nbsp;&nbsp; 540045 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| 2.985%, 12/25/36 (j) | 128190 | &nbsp;&nbsp; 104214 |
| CVC Cordatus Loan Fund IV DAC |  |  |
| 3.360%, 3M EURIBOR + 1.300%, 02/22/34 (EUR) (a) | 250000 | &nbsp;&nbsp; 292586 |
| CWABS Asset-Backed Certificates Trust |  |  |
| 4.854%, 1M TSFR + 0.534%, 04/25/46 (a) | 512291 | &nbsp;&nbsp; 394180 |
| CWHEQ Revolving Home Equity Loan Trust |  |  |
| 4.576%, 1M TSFR + 0.264%, 11/15/36 (a) | 65580 | &nbsp;&nbsp; 64169 |
| 4.606%, 1M TSFR + 0.294%, 05/15/35 (a) | 19163 | &nbsp;&nbsp; 18979 |
| Diameter Capital CLO 1 Ltd. |  |  |
| 5.646%, 3M TSFR + 1.390%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250679 |
| Dryden 53 CLO Ltd. |  |  |
| 5.638%, 3M TSFR + 1.382%, 01/15/31 (144A) (a) | 3716049 | &nbsp;&nbsp; 3715120 |
| Dryden 65 CLO Ltd. |  |  |
| 6.131%, 3M TSFR + 1.862%, 07/18/30 (144A) (a) | 250000 | &nbsp;&nbsp; 250378 |
| Dryden 77 CLO Ltd. |  |  |
| 5.704%, 3M TSFR + 1.382%, 05/20/34 (144A) (a) | 610000 | &nbsp;&nbsp; 610228 |
| Dryden 87 CLO Ltd. |  |  |
| 5.684%, 3M TSFR + 1.362%, 05/20/34 (144A) (a) | 400000 | &nbsp;&nbsp; 400201 |

---

*See accompanying notes to financial statements.*

**BHFTII-31**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Eaton Vance CLO Ltd. |  |  |
| 6.068%, 3M TSFR + 1.812%, 01/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; $250002 |
| Edenbrook Mortgage Funding PLC |  |  |
| 6.189%, SONIA + 1.950%, 03/22/57 (GBP) (a) | 241132 | &nbsp;&nbsp; 331230 |
| 6.789%, SONIA + 2.550%, 03/22/57 (GBP) (a) | 138924 | &nbsp;&nbsp; 191538 |
| Elmwood CLO 27 Ltd. |  |  |
| 6.220%, 3M TSFR + 1.950%, 04/18/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250997 |
| Elmwood CLO 29 Ltd. |  |  |
| 5.790%, 3M TSFR + 1.520%, 04/20/37 (144A) (a) | 730000 | &nbsp;&nbsp; 731825 |
| Elmwood CLO 30 Ltd. |  |  |
| 5.710%, 3M TSFR + 1.430%, 07/17/37 (144A) (a) | 390000 | &nbsp;&nbsp; 391228 |
| Elmwood CLO 39 Ltd. |  |  |
| 5.424%, 3M TSFR + 1.140%, 04/17/38 (144A) (a) | 1750000 | &nbsp;&nbsp; 1757136 |
| Elmwood CLO II Ltd. |  |  |
| 5.620%, 3M TSFR + 1.350%, 10/20/37 (144A) (a) | 1140000 | &nbsp;&nbsp; 1143705 |
| 5.970%, 3M TSFR + 1.700%, 10/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250554 |
| Elmwood CLO XII Ltd. |  |  |
| 5.616%, 3M TSFR + 1.360%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250765 |
| Equity One Mortgage Pass-Through Trust |  |  |
| 5.459%, 12/25/33 (a) | 2986237 | &nbsp;&nbsp; 2551496 |
| Euro-Galaxy III CLO DAC |  |  |
| 5.441%, 3M EURIBOR + 3.250%, 04/24/34 (144A) <br> (EUR) (a)<br>| 290000 | &nbsp;&nbsp; 339694 |
| Fairstone Financial Issuance Trust I |  |  |
| 3.735%, 10/20/39 (144A) (CAD) | 203846 | &nbsp;&nbsp; 148929 |
| First Franklin Mortgage Loan Trust |  |  |
| 4.584%, 1M TSFR + 0.264%, 12/25/36 (a) | 1248724 | &nbsp;&nbsp; 1071890 |
| 4.674%, 1M TSFR + 0.354%, 10/25/36 (a) | 129578 | &nbsp;&nbsp; 83480 |
| 4.714%, 1M TSFR + 0.394%, 12/25/36 (a) | 3496176 | &nbsp;&nbsp; 1406304 |
| 4.854%, 1M TSFR + 0.534%, 12/25/36 (a) | 6431434 | &nbsp;&nbsp; 2593358 |
| Flatiron CLO 20 Ltd. |  |  |
| 6.242%, 3M TSFR + 1.920%, 05/20/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250258 |
| Flatiron CLO 21 Ltd. |  |  |
| 5.630%, 3M TSFR + 1.360%, 10/19/37 (144A) (a) | 2390000 | &nbsp;&nbsp; 2402877 |
| Flatiron CLO 25 Ltd. |  |  |
| 5.880%, 3M TSFR + 1.600%, 10/17/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250456 |
| Fortuna Consumer Loan ABS DAC |  |  |
| 3.561%, 1M EURIBOR + 1.650%, 10/18/34 (EUR) (a) | 100000 | &nbsp;&nbsp; 118327 |
| 6.011%, 1M EURIBOR + 4.100%, 10/18/34 (EUR) (a) | 300000 | &nbsp;&nbsp; 357613 |
| Foundation Finance Trust |  |  |
| 2.190%, 01/15/42 (144A) | 360484 | &nbsp;&nbsp; 342516 |
| 4.930%, 03/15/50 (144A) | 220919 | &nbsp;&nbsp; 220432 |
| 5.680%, 04/15/52 (144A) | 138000 | &nbsp;&nbsp; 137990 |
| 8.350%, 04/15/52 (144A) | 300000 | &nbsp;&nbsp; 299969 |
| Fremont Home Loan Trust |  |  |
| 4.714%, 1M TSFR + 0.394%, 02/25/37 (a) | 572062 | &nbsp;&nbsp; 418672 |
| FTA Consumo Santander |  |  |
| 3.563%, 3M EURIBOR + 1.300%, 07/20/38 (EUR) (a) | 86311 | &nbsp;&nbsp; 101945 |
| 3.913%, 3M EURIBOR + 1.650%, 07/20/38 (EUR) (a) | 86311 | &nbsp;&nbsp; 101943 |
| Golden Bar Securitisation SRL |  |  |
| 3.536%, 3M EURIBOR + 1.500%, 09/22/43 (EUR) (a) | 219143 | &nbsp;&nbsp; 260531 |
| Golden Ray SA - Compartment 1 |  |  |
| 4.088%, 1M EURIBOR + 2.000%, 12/27/57 (EUR) (a) | 100000 | &nbsp;&nbsp; 116672 |
| GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |
| 5.350%, 3M TSFR + 1.080%, 10/20/34 (144A) (a) | 910000 | &nbsp;&nbsp; 909036 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Goldman Home Improvement Trust Issuer Trust |  |  |
| 1.970%, 06/25/51 (144A) | 288911 | &nbsp;&nbsp; $283054 |
| Golub Capital Partners CLO 41B-R Ltd. |  |  |
| 5.851%, 3M TSFR + 1.582%, 01/20/34 (144A) (a) | 390000 | &nbsp;&nbsp; 390190 |
| Golub Capital Partners CLO 52 B R Ltd. |  |  |
| 6.270%, 3M TSFR + 2.000%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250655 |
| Golub Capital Partners CLO 77 B Ltd. |  |  |
| 5.546%, 3M TSFR + 1.250%, 01/25/38 (144A) (a) | 298333 | &nbsp;&nbsp; 298698 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| 5.350%, 10/20/46 (144A) | 232687 | &nbsp;&nbsp; 235335 |
| Gracie Point International Funding LLC |  |  |
| 6.298%, SOFR90A + 1.950%, 09/01/26 (144A) (a) | 339076 | &nbsp;&nbsp; 339628 |
| Henley CLO IV DAC |  |  |
| 3.508%, 3M EURIBOR + 1.350%, 04/25/34 (EUR) (a) | 100000 | &nbsp;&nbsp; 117149 |
| Hermitage PLC |  |  |
| 5.823%, SONIA + 1.600%, 04/21/33 (GBP) (a) | 74544 | &nbsp;&nbsp; 102617 |
| 6.573%, SONIA + 2.350%, 04/21/33 (GBP) (a) | 65390 | &nbsp;&nbsp; 90523 |
| 8.123%, SONIA + 3.900%, 04/21/33 (GBP) (a) | 78468 | &nbsp;&nbsp; 108682 |
| Home Partners of America Trust |  |  |
| 3.799%, 12/17/26 (144A) | 1359241 | &nbsp;&nbsp; 1309086 |
| Invesco Euro CLO V DAC |  |  |
| 6.079%, 3M EURIBOR + 3.800%, 01/15/34 (EUR) (a) | 100000 | &nbsp;&nbsp; 117610 |
| Juniper Valley Park CLO Ltd. |  |  |
| 5.820%, 3M TSFR + 1.550%, 07/20/36 (144A) (a) | 270000 | &nbsp;&nbsp; 269589 |
| Knollwood CDO Ltd. |  |  |
| 10.700%, PRIME + 3.200%, 01/10/39 (144A) † (a) | 1394689 | &nbsp;&nbsp; 139 |
| LCM 26 Ltd. |  |  |
| 5.601%, 3M TSFR + 1.332%, 01/20/31 (144A) (a) | 229251 | &nbsp;&nbsp; 229223 |
| LCM 29 Ltd. |  |  |
| 5.588%, 3M TSFR + 1.332%, 04/15/31 (144A) (a) | 138106 | &nbsp;&nbsp; 138161 |
| Lehman ABS Mortgage Loan Trust |  |  |
| 4.524%, 1M TSFR + 0.204%, 06/25/37 (144A) (a) | 119239 | &nbsp;&nbsp; 78905 |
| Lendmark Funding Trust |  |  |
| 5.690%, 02/21/34 (144A) | 100000 | &nbsp;&nbsp; 100806 |
| Loanpal Solar Loan Ltd. |  |  |
| 2.290%, 01/20/48 (144A) | 688219 | &nbsp;&nbsp; 573583 |
| 2.750%, 07/20/47 (144A) | 738326 | &nbsp;&nbsp; 623176 |
| Long Beach Mortgage Loan Trust |  |  |
| 4.734%, 1M TSFR + 0.414%, 06/25/36 (a) | 437797 | &nbsp;&nbsp; 204206 |
| 4.754%, 1M TSFR + 0.434%, 08/25/36 (a) | 487437 | &nbsp;&nbsp; 194673 |
| Madison Park Funding LI Ltd. |  |  |
| 6.231%, 3M TSFR + 1.962%, 07/19/34 (144A) (a) | 260000 | &nbsp;&nbsp; 260196 |
| Madison Park Funding LXII Ltd. |  |  |
| 6.130%, 3M TSFR + 1.850%, 07/17/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250345 |
| Madison Park Funding LXVII Ltd. |  |  |
| 6.332%, 3M TSFR + 2.050%, 04/25/37 (144A) (a) | 640000 | &nbsp;&nbsp; 642851 |
| Madison Park Funding XIX Ltd. |  |  |
| 5.872%, 3M TSFR + 1.600%, 01/22/37 (144A) (a) | 1094000 | &nbsp;&nbsp; 1096650 |
| Madison Park Funding XXIII Ltd. |  |  |
| 6.544%, 3M TSFR + 2.262%, 07/27/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250778 |
| Madison Park Funding XXIX Ltd. |  |  |
| 5.495%, 3M TSFR + 1.180%, 03/25/38 (144A) (a) | 1250000 | &nbsp;&nbsp; 1248567 |
| Mariner Finance Issuance Trust |  |  |
| 4.680%, 11/20/36 (144A) | 400000 | &nbsp;&nbsp; 367773 |
| 6.360%, 11/20/38 (144A) | 183000 | &nbsp;&nbsp; 186536 |

---

*See accompanying notes to financial statements.*

**BHFTII-32**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Merrill Lynch First Franklin Mortgage Loan Trust |  |  |
| 4.914%, 1M TSFR + 0.594%, 05/25/37 (a) | 3872465 | &nbsp;&nbsp; $2804516 |
| Mill City Solar Loan Ltd. |  |  |
| 3.690%, 07/20/43 (144A) | 811922 | &nbsp;&nbsp; 713870 |
| Mosaic Solar Loan Trust |  |  |
| 2.100%, 04/20/46 (144A) | 104132 | &nbsp;&nbsp; 92464 |
| 2.880%, 09/20/40 (144A) | 92942 | &nbsp;&nbsp; 81806 |
| MP CLO III Ltd. |  |  |
| 5.781%, 3M TSFR + 1.512%, 10/20/30 (144A) (a) | 18019 | &nbsp;&nbsp; 18022 |
| Myers Park CLO Ltd. |  |  |
| 5.931%, 3M TSFR + 1.662%, 10/20/30 (144A) (a) | 290000 | &nbsp;&nbsp; 290150 |
| Neuberger Berman CLO XXI Ltd. |  |  |
| 5.590%, 3M TSFR + 1.320%, 01/20/39 (144A) (a) | 870000 | &nbsp;&nbsp; 872827 |
| Neuberger Berman Loan Advisers CLO 32 Ltd. |  |  |
| 5.931%, 3M TSFR + 1.662%, 01/20/32 (144A) (a) | 250000 | &nbsp;&nbsp; 250128 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. |  |  |
| 5.770%, 3M TSFR + 1.500%, 01/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 249319 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 10/25/36 (144A) (a) | 44140 | &nbsp;&nbsp; 56012 |
| Noria DE |  |  |
| 3.539%, 1M EURIBOR + 1.650%, 02/25/43 (EUR) (a) | 100000 | &nbsp;&nbsp; 117789 |
| 5.439%, 1M EURIBOR + 3.550%, 02/25/43 (EUR) (a) | 100000 | &nbsp;&nbsp; 117917 |
| Oceana Australian Fixed Income Trust |  |  |
| 10.500%, 07/31/28 (AUD) † (f) (g) | 639000 | &nbsp;&nbsp; 426362 |
| 12.000%, 07/31/25 (AUD) † (f) (g) | 304000 | &nbsp;&nbsp; 200338 |
| 12.500%, 07/31/26 (AUD) † (f) (g) | 456000 | &nbsp;&nbsp; 307619 |
| 12.500%, 07/31/27 (AUD) † (f) (g) | 759000 | &nbsp;&nbsp; 523913 |
| OCP CLO Ltd. |  |  |
| 5.472%, 3M TSFR + 1.262%, 04/10/33 (144A) (a) | 217329 | &nbsp;&nbsp; 217557 |
| 5.624%, 3M TSFR + 1.342%, 04/26/31 (144A) (a) | 15322 | &nbsp;&nbsp; 15322 |
| 5.640%, 3M TSFR + 1.370%, 07/20/37 (144A) (a) | 500000 | &nbsp;&nbsp; 500745 |
| 5.670%, 3M TSFR + 1.400%, 07/20/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250754 |
| 5.944%, 3M TSFR + 1.662%, 04/26/31 (144A) (a) | 180000 | &nbsp;&nbsp; 180084 |
| Octagon 57 Ltd. |  |  |
| 6.168%, 3M TSFR + 1.912%, 10/15/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250192 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| 5.482%, 3M TSFR + 1.222%, 04/16/31 (144A) (a) | 648333 | &nbsp;&nbsp; 648294 |
| Octagon Investment Partners 39 Ltd. |  |  |
| 6.070%, 3M TSFR + 1.800%, 10/20/30 (144A) (a) | 860000 | &nbsp;&nbsp; 861735 |
| Octagon Investment Partners XV Ltd. |  |  |
| 5.881%, 3M TSFR + 1.612%, 07/19/30 (144A) (a) | 250000 | &nbsp;&nbsp; 249992 |
| Octagon Investment Partners XVI Ltd. |  |  |
| 5.561%, 3M TSFR + 1.282%, 07/17/30 (144A) (a) | 1366794 | &nbsp;&nbsp; 1367309 |
| Octagon Investment Partners XVII Ltd. |  |  |
| 5.543%, 3M TSFR + 1.262%, 01/25/31 (144A) (a) | 369386 | &nbsp;&nbsp; 369345 |
| OHA Credit Funding 17 Ltd. |  |  |
| 5.750%, 3M TSFR + 1.480%, 04/20/37 (144A) (a) | 490000 | &nbsp;&nbsp; 492569 |
| OHA Credit Funding 2 Ltd. |  |  |
| 5.510%, 3M TSFR + 1.240%, 01/21/38 (144A) (a) | 2590000 | &nbsp;&nbsp; 2599689 |
| OHA Credit Funding 3 Ltd. |  |  |
| 5.590%, 3M TSFR + 1.320%, 01/20/38 (144A) (a) | 300000 | &nbsp;&nbsp; 301190 |
| OHA Credit Funding 7 Ltd. |  |  |
| Zero Coupon, 3M TSFR + 1.280%, 07/19/38 (144A) <br> (a)<br>| 250000 | &nbsp;&nbsp; 250000 |
| 5.570%, 3M TSFR + 1.300%, 02/24/37 (144A) (a) | 630000 | &nbsp;&nbsp; 630000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| OHA Credit Funding 9 Ltd. |  |  |
| 5.970%, 3M TSFR + 1.700%, 10/19/37 (144A) (a) | 350000 | &nbsp;&nbsp; $350753 |
| OHA Credit Partners XI Ltd. |  |  |
| 5.730%, 3M TSFR + 1.460%, 04/20/37 (144A) (a) | 540000 | &nbsp;&nbsp; 541604 |
| OHA Credit Partners XII Ltd. |  |  |
| 6.229%, 3M TSFR + 1.950%, 04/23/37 (144A) (a) | 250000 | &nbsp;&nbsp; 250951 |
| OHA Loan Funding Ltd. |  |  |
| 5.630%, 3M TSFR + 1.302%, 05/23/31 (144A) (a) | 2122324 | &nbsp;&nbsp; 2123705 |
| 5.681%, 3M TSFR + 1.412%, 01/19/37 (144A) (a) | 310000 | &nbsp;&nbsp; 310191 |
| 5.730%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 610000 | &nbsp;&nbsp; 611872 |
| OneMain Financial Issuance Trust |  |  |
| 5.790%, 05/14/41 (144A) | 2497000 | &nbsp;&nbsp; 2612928 |
| Owl Rock CLO XVIII LLC |  |  |
| 5.975%, 3M TSFR + 1.700%, 07/24/36 (144A) (a) | 460000 | &nbsp;&nbsp; 458039 |
| OZLM XVIII Ltd. |  |  |
| 5.538%, 3M TSFR + 1.282%, 04/15/31 (144A) (a) | 118868 | &nbsp;&nbsp; 118887 |
| 6.068%, 3M TSFR + 1.812%, 04/15/31 (144A) (a) | 250000 | &nbsp;&nbsp; 250155 |
| OZLM XXII Ltd. |  |  |
| 5.611%, 3M TSFR + 1.332%, 01/17/31 (144A) (a) | 32466 | &nbsp;&nbsp; 32470 |
| Palmer Square CLO Ltd. |  |  |
| 5.668%, 3M TSFR + 1.412%, 01/15/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250176 |
| 5.719%, 3M TSFR + 1.412%, 11/14/34 (144A) (a) | 550000 | &nbsp;&nbsp; 550387 |
| 5.976%, 3M TSFR + 1.650%, 11/15/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250355 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.856%, 3M TSFR + 1.600%, 04/15/31 (144A) (a) | 1580000 | &nbsp;&nbsp; 1580741 |
| 9.518%, 3M TSFR + 5.262%, 10/15/29 (144A) (a) | 270000 | &nbsp;&nbsp; 268963 |
| Park Blue CLO Ltd. |  |  |
| 5.641%, 3M TSFR + 1.340%, 01/25/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250625 |
| PCL Funding IX PLC |  |  |
| 5.523%, SONIA + 1.300%, 07/16/29 (GBP) (a) | 100000 | &nbsp;&nbsp; 136889 |
| Point Broadband Funding LLC |  |  |
| 8.156%, 07/20/55 (144A) | 1276000 | &nbsp;&nbsp; 1276000 |
| Prima Capital CRE Securitization Ltd. |  |  |
| 4.000%, 08/24/40 (144A) | 729378 | &nbsp;&nbsp; 705555 |
| Progress Residential Trust |  |  |
| 3.407%, 05/17/38 (144A) | 1340000 | &nbsp;&nbsp; 1313345 |
| 3.436%, 05/17/26 (144A) | 1070000 | &nbsp;&nbsp; 1055031 |
| 3.666%, 12/17/40 (144A) | 296418 | &nbsp;&nbsp; 281091 |
| 4.053%, 11/17/40 (144A) | 221000 | &nbsp;&nbsp; 211223 |
| 4.608%, 12/17/40 (144A) | 1197598 | &nbsp;&nbsp; 1163533 |
| Quarzo SRL |  |  |
| 4.275%, 3M EURIBOR + 2.300%, 06/15/41 (EUR) (a) | 81863 | &nbsp;&nbsp; 97474 |
| 5.675%, 3M EURIBOR + 3.700%, 06/15/41 (EUR) (a) | 81863 | &nbsp;&nbsp; 97454 |
| Race Point IX CLO Ltd. |  |  |
| 5.458%, 3M TSFR + 1.202%, 10/15/30 (144A) (a) | 119417 | &nbsp;&nbsp; 119384 |
| Rad CLO 15 Ltd. |  |  |
| 5.621%, 3M TSFR + 1.352%, 01/20/34 (144A) (a) | 246730 | &nbsp;&nbsp; 246668 |
| Rad CLO 25 Ltd. |  |  |
| 5.730%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 640000 | &nbsp;&nbsp; 641688 |
| Rad CLO 7 Ltd. |  |  |
| 5.630%, 3M TSFR + 1.350%, 04/17/36 (144A) (a) | 250000 | &nbsp;&nbsp; 250102 |
| 6.180%, 3M TSFR + 1.900%, 04/17/36 (144A) (a) | 460000 | &nbsp;&nbsp; 460289 |
| 6.880%, 3M TSFR + 2.600%, 04/17/36 (144A) (a) | 250000 | &nbsp;&nbsp; 249767 |
| 8.430%, 3M TSFR + 4.150%, 04/17/36 (144A) (a) | 250000 | &nbsp;&nbsp; 249648 |
| Redwood Funding Trust |  |  |
| 7.500%, 07/25/59 (144A) (j) | 583982 | &nbsp;&nbsp; 581785 |

---

*See accompanying notes to financial statements.*

**BHFTII-33**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Regatta 31 Funding Ltd. |  |  |
| 5.401%, 3M TSFR + 1.170%, 03/25/38 (144A) (a) | 270000 | &nbsp;&nbsp; $270093 |
| 5.831%, 3M TSFR + 1.600%, 03/25/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250717 |
| Regatta VI Funding Ltd. |  |  |
| 5.691%, 3M TSFR + 1.422%, 04/20/34 (144A) (a) | 760000 | &nbsp;&nbsp; 760489 |
| Regatta VII Funding Ltd. |  |  |
| 5.731%, 3M TSFR + 1.412%, 06/20/34 (144A) (a) | 280000 | &nbsp;&nbsp; 280535 |
| Regatta XIX Funding Ltd. |  |  |
| 6.122%, 3M TSFR + 1.850%, 04/20/35 (144A) (a) | 250000 | &nbsp;&nbsp; 251082 |
| Regatta XVIII Funding Ltd. |  |  |
| 5.416%, 3M TSFR + 1.160%, 04/15/38 (144A) (a) | 436000 | &nbsp;&nbsp; 435043 |
| Regatta XXIV Funding Ltd. |  |  |
| 5.590%, 3M TSFR + 1.320%, 01/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250710 |
| Regatta XXVII Funding Ltd. |  |  |
| 5.813%, 3M TSFR + 1.530%, 04/26/37 (144A) (a) | 470000 | &nbsp;&nbsp; 471346 |
| Regional Management Issuance Trust |  |  |
| 1.900%, 08/15/33 (144A) | 173000 | &nbsp;&nbsp; 164687 |
| 3.875%, 10/17/33 (f) (g) | 3710000 | &nbsp;&nbsp; 3552325 |
| 5.110%, 12/15/33 (144A) | 261000 | &nbsp;&nbsp; 262428 |
| 7.460%, 07/15/36 (144A) | 102000 | &nbsp;&nbsp; 105874 |
| Riserva CLO Ltd. |  |  |
| 5.591%, 3M TSFR + 1.322%, 01/18/34 (144A) (a) | 940000 | &nbsp;&nbsp; 941178 |
| Rockford Tower CLO Ltd. |  |  |
| 5.631%, 3M TSFR + 1.362%, 04/20/34 (144A) (a) | 856000 | &nbsp;&nbsp; 858062 |
| 5.721%, 3M TSFR + 1.452%, 10/20/30 (144A) (a) | 895728 | &nbsp;&nbsp; 895964 |
| 6.018%, 3M TSFR + 1.762%, 10/15/29 (144A) (a) | 1781000 | &nbsp;&nbsp; 1785369 |
| 7.368%, 3M TSFR + 3.112%, 10/15/29 (144A) (a) | 939000 | &nbsp;&nbsp; 939948 |
| Romark WM-R Ltd. |  |  |
| 5.561%, 3M TSFR + 1.292%, 04/20/31 (144A) (a) | 226207 | &nbsp;&nbsp; 226263 |
| RR 12 Ltd. |  |  |
| 5.856%, 3M TSFR + 1.600%, 01/15/36 (144A) (a) | 250000 | &nbsp;&nbsp; 249721 |
| RR 19 Ltd. |  |  |
| 5.915%, 3M TSFR + 1.550%, 04/15/40 (144A) (a) | 250000 | &nbsp;&nbsp; 250510 |
| RR 32 Ltd. |  |  |
| 5.616%, 3M TSFR + 1.360%, 10/15/39 (144A) (a) | 1860000 | &nbsp;&nbsp; 1863571 |
| RR 38 Ltd. |  |  |
| 5.472%, 3M TSFR + 1.150%, 04/15/40 (144A) (a) | 1620000 | &nbsp;&nbsp; 1618131 |
| RR 5 Ltd. |  |  |
| 6.206%, 3M TSFR + 1.950%, 07/15/39 (144A) (a) | 250000 | &nbsp;&nbsp; 250875 |
| Saxon Asset Securities Trust |  |  |
| 2.117%, 08/25/35 (j) | 164114 | &nbsp;&nbsp; 124127 |
| SC Germany SA Compartment Consumer |  |  |
| 3.292%, 1M EURIBOR + 1.400%, 05/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp; 118752 |
| 3.592%, 1M EURIBOR + 1.700%, 05/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp; 117976 |
| 3.664%, 1M EURIBOR + 1.750%, 12/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp; 118631 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| 4.874%, 1M TSFR + 0.554%, 01/25/37 (a) | 82000 | &nbsp;&nbsp; 59912 |
| Service Experts Issuer LLC |  |  |
| 2.670%, 02/02/32 (144A) | 373949 | &nbsp;&nbsp; 364434 |
| 6.390%, 11/20/35 (144A) | 507684 | &nbsp;&nbsp; 516774 |
| SG Mortgage Securities Trust |  |  |
| 4.854%, 1M TSFR + 0.534%, 10/25/36 (a) | 570000 | &nbsp;&nbsp; 431361 |
| Signal Peak CLO 5 Ltd. |  |  |
| 5.832%, 3M TSFR + 1.550%, 04/25/37 (144A) (a) | 270000 | &nbsp;&nbsp; 270813 |
| Silver Point CLO 4 Ltd. |  |  |
| 5.886%, 3M TSFR + 1.630%, 04/15/37 (144A) (a) | 1090000 | &nbsp;&nbsp; 1093416 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Silver Point CLO 8 Ltd. |  |  |
| 5.432%, 3M TSFR + 1.210%, 04/15/38 (144A) (a) | 770000 | &nbsp;&nbsp; $768863 |
| Sixth Street CLO IX Ltd. |  |  |
| 5.650%, 3M TSFR + 1.380%, 07/21/37 (144A) (a) | 300000 | &nbsp;&nbsp; 300679 |
| Sixth Street CLO XIX Ltd. |  |  |
| 5.631%, 3M TSFR + 1.362%, 07/20/34 (144A) (a) | 573000 | &nbsp;&nbsp; 573599 |
| Sixth Street CLO XX Ltd. |  |  |
| 5.957%, 3M TSFR + 1.650%, 07/17/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250000 |
| 6.181%, 3M TSFR + 1.912%, 10/20/34 (144A) (a) | 250000 | &nbsp;&nbsp; 250000 |
| SoFi Personal Loan Trust |  |  |
| 1.749%, 02/12/31 | 23003 | &nbsp;&nbsp; 648247 |
| 6.060%, 02/12/31 (144A) | 794375 | &nbsp;&nbsp; 797902 |
| Sound Point CLO II Ltd. |  |  |
| 5.614%, 3M TSFR + 1.332%, 01/26/31 (144A) (a) | 122791 | &nbsp;&nbsp; 122853 |
| Soundview Home Loan Trust |  |  |
| 4.959%, 1M TSFR + 0.639%, 01/25/37 (a) | 3399241 | &nbsp;&nbsp; 3247573 |
| 5.229%, 1M TSFR + 0.909%, 01/25/35 (a) | 12298 | &nbsp;&nbsp; 10358 |
| 5.454%, 1M TSFR + 1.134%, 11/25/35 (a) | 158500 | &nbsp;&nbsp; 126766 |
| Steele Creek CLO Ltd. |  |  |
| 5.768%, 3M TSFR + 1.512%, 10/15/30 (144A) (a) | 83309 | &nbsp;&nbsp; 83314 |
| Subway Funding LLC |  |  |
| 6.268%, 07/30/54 (144A) | 832815 | &nbsp;&nbsp; 853193 |
| Sycamore Tree CLO Ltd. |  |  |
| 6.520%, 3M TSFR + 2.250%, 04/20/36 (144A) (a) | 320000 | &nbsp;&nbsp; 320378 |
| Symphony CLO XX Ltd. |  |  |
| 5.811%, 3M TSFR + 1.550%, 01/16/32 (144A) (a) | 250000 | &nbsp;&nbsp; 250015 |
| Symphony CLO XXVI Ltd. |  |  |
| 5.611%, 3M TSFR + 1.342%, 04/20/33 (144A) (a) | 328511 | &nbsp;&nbsp; 328965 |
| Tiaa CLO III Ltd. |  |  |
| 5.672%, 3M TSFR + 1.412%, 01/16/31 (144A) (a) | 109752 | &nbsp;&nbsp; 109786 |
| TICP CLO VI Ltd. |  |  |
| 5.638%, 3M TSFR + 1.382%, 01/15/34 (144A) (a) | 820000 | &nbsp;&nbsp; 821476 |
| TICP CLO VII Ltd. |  |  |
| 6.156%, 3M TSFR + 1.900%, 04/15/33 (144A) (a) | 395000 | &nbsp;&nbsp; 395335 |
| TICP CLO XI Ltd. |  |  |
| 6.332%, 3M TSFR + 2.050%, 04/25/37 (144A) (a) | 260000 | &nbsp;&nbsp; 261216 |
| Trestles CLO IV Ltd. |  |  |
| 5.701%, 3M TSFR + 1.432%, 07/21/34 (144A) (a) | 1170000 | &nbsp;&nbsp; 1170398 |
| Tricon Residential Trust |  |  |
| 3.692%, 07/17/38 (144A) | 795000 | &nbsp;&nbsp; 776652 |
| 4.133%, 07/17/38 (144A) | 639000 | &nbsp;&nbsp; 622456 |
| Trinitas CLO IV Ltd. |  |  |
| 5.931%, 3M TSFR + 1.662%, 10/18/31 (144A) (a) | 160000 | &nbsp;&nbsp; 160074 |
| Trinitas CLO VII Ltd. |  |  |
| 5.342%, 3M TSFR + 1.060%, 01/25/35 (144A) (a) | 500000 | &nbsp;&nbsp; 496657 |
| Trinitas CLO XIV Ltd. |  |  |
| 6.232%, 3M TSFR + 1.950%, 01/25/34 (144A) (a) | 560000 | &nbsp;&nbsp; 560264 |
| Vantage Data Centers Jersey Borrower SPV Ltd. |  |  |
| 6.172%, 05/28/39 (GBP) | 480000 | &nbsp;&nbsp; 675350 |
| Venture 32 CLO Ltd. |  |  |
| 5.601%, 3M TSFR + 1.332%, 07/18/31 (144A) (a) | 181708 | &nbsp;&nbsp; 181797 |
| Verdelite Static CLO Ltd. |  |  |
| 5.400%, 3M TSFR + 1.130%, 07/20/32 (144A) (a) | 327959 | &nbsp;&nbsp; 327795 |
| VOLT CVI LLC |  |  |
| 5.734%, 12/26/51 (144A) (j) | 1020682 | &nbsp;&nbsp; 1017517 |

---

*See accompanying notes to financial statements.*

**BHFTII-34**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Voya CLO Ltd. |  |  |
| 5.456%, 3M TSFR + 1.200%, 10/15/31 (144A) (a) | 465798 | &nbsp;&nbsp; $466334 |
| 5.470%, 3M TSFR + 1.200%, 07/20/32 (144A) (a) | 1156334 | &nbsp;&nbsp; 1155769 |
| 5.626%, 3M TSFR + 1.370%, 10/15/37 (144A) (a) | 1990000 | &nbsp;&nbsp; 1993522 |
| 5.853%, 3M TSFR + 1.550%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp; 250804 |
| Voya Euro CLO V DAC |  |  |
| 4.029%, 3M EURIBOR + 1.750%, 04/15/35 (144A) <br> (EUR) (a)<br>| 340000 | &nbsp;&nbsp; 400556 |
| Washington Mutual Asset-Backed Certificates WMABS Trust |  |  |
| 4.420%, 1M TSFR + 0.424%, 10/25/36 (a) | 473970 | &nbsp;&nbsp; 356700 |
| 4.794%, 1M TSFR + 0.474%, 09/25/36 (a) | 1590860 | &nbsp;&nbsp; 403071 |
| Whitebox CLO I Ltd. |  |  |
| 5.595%, 3M TSFR + 1.320%, 07/24/36 (144A) (a) | 253000 | &nbsp;&nbsp; 253087 |
| 7.375%, 3M TSFR + 3.100%, 07/24/36 (144A) (a) | 500000 | &nbsp;&nbsp; 500331 |
| 10.025%, 3M TSFR + 5.750%, 07/24/36 (144A) (a) | 250000 | &nbsp;&nbsp; 249337 |
| Whitebox CLO II Ltd. |  |  |
| 5.655%, 3M TSFR + 1.380%, 10/24/37 (144A) (a) | 981000 | &nbsp;&nbsp; 983182 |
| Whitebox CLO III Ltd. |  |  |
| 7.106%, 3M TSFR + 2.850%, 10/15/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250164 |
| 9.906%, 3M TSFR + 5.650%, 10/15/35 (144A) (a) | 250000 | &nbsp;&nbsp; 250619 |
|  |  | &nbsp;&nbsp; 167680394 |
| **Asset-Backed - Student Loan — 0.8%** | **Asset-Backed - Student Loan — 0.8%** | **Asset-Backed - Student Loan — 0.8%** |
| College Avenue Student Loans LLC |  |  |
| 2.420%, 06/25/52 (144A) | 115479 | &nbsp;&nbsp; 104533 |
| 2.720%, 06/25/52 (144A) | 64059 | &nbsp;&nbsp; 59021 |
| Navient Private Education Loan Trust |  |  |
| 5.326%, 1M TSFR + 1.014%, 11/15/68 (144A) (a) | 184886 | &nbsp;&nbsp; 184354 |
| Navient Private Education Refi Loan Trust |  |  |
| 2.610%, 04/15/60 (144A) | 141583 | &nbsp;&nbsp; 126954 |
| 2.690%, 07/15/69 (144A) | 450000 | &nbsp;&nbsp; 381208 |
| 3.480%, 04/15/60 (144A) | 374818 | &nbsp;&nbsp; 349908 |
| 5.660%, 10/15/72 (144A) | 1896362 | &nbsp;&nbsp; 1920854 |
| Nelnet Student Loan Trust |  |  |
| 2.530%, 04/20/62 (144A) | 2102119 | &nbsp;&nbsp; 1832668 |
| 2.680%, 04/20/62 (144A) | 3120000 | &nbsp;&nbsp; 2745902 |
| 2.850%, 04/20/62 (144A) | 3661000 | &nbsp;&nbsp; 3237822 |
| 2.900%, 04/20/62 (144A) | 1640000 | &nbsp;&nbsp; 1462498 |
| 3.360%, 04/20/62 (144A) | 110000 | &nbsp;&nbsp; 94936 |
| 3.500%, 04/20/62 (144A) | 170000 | &nbsp;&nbsp; 145938 |
| 3.570%, 04/20/62 (144A) | 142000 | &nbsp;&nbsp; 121916 |
| 3.750%, 04/20/62 (144A) | 277000 | &nbsp;&nbsp; 239221 |
| 4.380%, 04/20/62 (144A) | 100000 | &nbsp;&nbsp; 85611 |
| 4.440%, 04/20/62 (144A) | 160000 | &nbsp;&nbsp; 140769 |
| 4.750%, 04/20/62 (144A) | 260000 | &nbsp;&nbsp; 227985 |
| 4.930%, 04/20/62 (144A) | 374000 | &nbsp;&nbsp; 333182 |
| 6.555%, SOFR30A + 2.250%, 11/25/53 (144A) (a) | 426732 | &nbsp;&nbsp; 433165 |
| Prodigy Finance DAC |  |  |
| 5.684%, 1M TSFR + 1.364%, 07/25/51 (144A) (a) | 206419 | &nbsp;&nbsp; 206221 |
| 6.934%, 1M TSFR + 2.614%, 07/25/51 (144A) (a) | 47545 | &nbsp;&nbsp; 48070 |
| Scholar Funding Trust |  |  |
| 5.075%, SOFR30A + 0.764%, 01/30/45 (144A) (a) | 2077425 | &nbsp;&nbsp; 2047427 |
| SLM Private Education Loan Trust |  |  |
| 9.176%, 1M TSFR + 4.864%, 10/15/41 (144A) (a) | 1887486 | &nbsp;&nbsp; 1977263 |
| SMB Private Education Loan Trust |  |  |
| 2.300%, 01/15/53 (144A) | 109455 | &nbsp;&nbsp; 105836 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** |
| SMB Private Education Loan Trust |  |  |
| 2.990%, 01/15/53 (144A) | 1070599 | &nbsp;&nbsp; $935244 |
| 3.000%, 01/15/53 (144A) | 68313 | &nbsp;&nbsp; 59217 |
| 3.500%, 12/17/40 (144A) | 321576 | &nbsp;&nbsp; 319567 |
| 3.860%%, 01/15/53 (144A) | 458008 | &nbsp;&nbsp; 415083 |
| 3.930%, 01/15/53 (144A) | 33390 | &nbsp;&nbsp; 29672 |
| 5.403%, SOFR30A + 1.100%, 06/17/52 (144A) (a) | 526668 | &nbsp;&nbsp; 522896 |
|  |  | &nbsp;&nbsp; 20894941 |
| Total Asset-Backed Securities <br>(Cost $232,920,337) <br>|  | &nbsp;&nbsp; 224557679 |
| **Foreign Government—4.4%** | **Foreign Government—4.4%** | **Foreign Government—4.4%** |
| **Sovereign — 4.4%** | **Sovereign — 4.4%** | **Sovereign — 4.4%** |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/29 (BRL) | 20100000 | &nbsp;&nbsp; 3394474 |
| 10.000%, 01/01/35 (BRL) | 56786000 | &nbsp;&nbsp; 8617914 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| 2.500%, 08/15/54 (EUR) | 4447000 | &nbsp;&nbsp; 4654659 |
| Colombia TES |  |  |
| 6.250%, 07/09/36 (COP) | 23813200000 | &nbsp;&nbsp; 3761280 |
| European Union |  |  |
| 2.500%, 10/04/52 (EUR) | 2020000 | &nbsp;&nbsp; 1849516 |
| 3.000%, 03/04/53 (EUR) | 19294541 | &nbsp;&nbsp; 19505903 |
| Indonesia Government International Bonds |  |  |
| 2.850%, 02/14/30 | 2172000 | &nbsp;&nbsp; 2034342 |
| 3.050%, 03/12/51 | 1965000 | &nbsp;&nbsp; 1292571 |
| Israel Government International Bonds |  |  |
| 5.750%, 03/12/54 | 1440000 | &nbsp;&nbsp; 1332754 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 3.650%, 08/01/35 (144A) (EUR) | 15423000 | &nbsp;&nbsp; 18498473 |
| Japan Government Thirty Year Bonds |  |  |
| 2.300%, 12/20/54 (JPY) | 1025050000 | &nbsp;&nbsp; 6390609 |
| 2.400%, 03/20/55 (JPY) | 521550000 | &nbsp;&nbsp; 3323353 |
| Kingdom of Belgium Government Bonds |  |  |
| 3.300%, 06/22/54 (144A) (EUR) | 5790320 | &nbsp;&nbsp; 6074034 |
| Mexico Government International Bonds |  |  |
| 2.659%, 05/24/31 | 3275000 | &nbsp;&nbsp; 2832875 |
| 3.500%, 02/12/34 | 3805000 | &nbsp;&nbsp; 3188590 |
| 4.500%, 01/31/50 | 4504000 | &nbsp;&nbsp; 3270129 |
| 4.875%, 05/19/33 | 458000 | &nbsp;&nbsp; 431986 |
| 6.350%, 02/09/35 | 6239000 | &nbsp;&nbsp; 6372203 |
| 6.875%, 05/13/37 | 4211000 | &nbsp;&nbsp; 4389125 |
| Panama Government International Bonds |  |  |
| 3.875%, 03/17/28 | 1279000 | &nbsp;&nbsp; 1235066 |
| 4.500%, 04/01/56 | 1811000 | &nbsp;&nbsp; 1171608 |
| Peru Government International Bonds |  |  |
| 3.550%, 03/10/51 | 2017000 | &nbsp;&nbsp; 1382593 |
| Philippines Government International Bonds |  |  |
| 3.000%, 02/01/28 | 1834000 | &nbsp;&nbsp; 1771095 |
| 3.200%, 07/06/46 | 2044000 | &nbsp;&nbsp; 1439340 |
| U.K. Gilts |  |  |
| 4.375%, 07/31/54 (GBP) | 3185527 | &nbsp;&nbsp; 3787557 |
| Uruguay Government International Bonds |  |  |
| 4.375%, 10/27/27 | 1266587 | &nbsp;&nbsp; 1269019 |

---

*See accompanying notes to financial statements.*

**BHFTII-35**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Uruguay Government International Bonds |  |  |
| 5.100%, 06/18/50 | 1478733 | &nbsp;&nbsp; $1363717 |
| Total Foreign Government <br>(Cost $119,227,777) <br>|  | &nbsp;&nbsp; 114634785 |
| **Floating Rate Loans (n)—0.8%** | **Floating Rate Loans (n)—0.8%** | **Floating Rate Loans (n)—0.8%** |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Hydrofarm Holdings LLC |  |  |
| 2021 Term Loan, 10.041%, 3M TSFR + 5.500%, <br> 10/25/28<br>| 347018 | &nbsp;&nbsp; 289760 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Fanatics Commerce Intermediate Holdco LLC |  |  |
| Term Loan B, 7.691%, 1M TSFR + 3.250%, 11/24/28 | 82823 | &nbsp;&nbsp; 82927 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Emerald Technologies U.S. Acquisitionco, Inc. |  |  |
| Term Loan, 10.733%, 3M TSFR + 6.250%, 12/29/27 | 254750 | &nbsp;&nbsp; 178325 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Flexsys Holdings, Inc. |  |  |
| 2025 Second Out Refinancing Term Loan, 9.691%, 1M <br> TSFR + 5.250%, 08/01/29<br>| 341198 | &nbsp;&nbsp; 177209 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.177%, 1M TSFR <br> + 3.750%, 05/12/28<br>| 595787 | &nbsp;&nbsp; 599083 |
| Digital Room Holdings, Inc. |  |  |
| 2021 Term Loan, 9.677%, 1M TSFR + 5.250%, <br> 12/21/28<br>| 500197 | &nbsp;&nbsp; 496446 |
| Interface Security Systems LLC |  |  |
| Term Loan, 08/07/25 † (f) (g) | 1936457 | &nbsp;&nbsp; 1016640 |
| USAVFLOW II Ltd. |  |  |
| Term Loan B, 10.812%, 1M TSFR + 6.500%, 08/16/29 <br> † (f) (g)<br>| 295000 | &nbsp;&nbsp; 295737 |
| Vaco Holdings LLC |  |  |
| 2022 Term Loan, 9.446%, 3M TSFR + 5.000%, <br> 01/21/29<br>| 269758 | &nbsp;&nbsp; 248093 |
|  |  | &nbsp;&nbsp; 2655999 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Alorica, Inc. |  |  |
| 2022 Term Loan, 11.202%, 1M TSFR + 6.875%, <br> 12/21/27 † (f) (g)<br>| 792778 | &nbsp;&nbsp; 781917 |
| Coreweave Compute Acquisition Co. II LLC |  |  |
| Delayed Draw Term Loan, 13.915% - 17.532%, 3M TSFR <br> + 9.620%, 07/31/28 † (f) (g) (o)<br>| 1946800 | &nbsp;&nbsp; 1929863 |
| Coreweave Compute Acquisition Co. IV LLC |  |  |
| 2024 Delayed Draw Term Loan, 10.279% - 10.330%, <br> 1M TSFR + 6.000%, 3M TSFR + 6.000%, 05/16/29 † <br>(f) (g) (o) (p)<br>| 2784000 | &nbsp;&nbsp; 2752819 |
| Veritas U.S., Inc. |  |  |
| 2024 Priority Term Loan, 16.796%, 3M TSFR + <br> 12.500%, 12/09/29<br>| 156014 | &nbsp;&nbsp; 157184 |
|  |  | &nbsp;&nbsp; 5621783 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Euro Parfums Fze |  |  |
| Term Loan B, 10.995%, 6M TSFR + 6.750%, 06/23/28 <br> (f) (g)<br>| 174970 | &nbsp;&nbsp; $178697 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| CPPIB Capital, Inc. |  |  |
| Term Loan B, 7.046%, 3M TSFR + 2.750%, 08/20/31 | 423798 | &nbsp;&nbsp; 423269 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Bally's Corp. |  |  |
| 2021 Term Loan B, 7.784%, 3M TSFR + 3.250%, <br> 10/02/28<br>| 1291221 | &nbsp;&nbsp; 1147170 |
| ECL Entertainment LLC |  |  |
| 2024 1st Lien Term Loan B, 7.827%, 1M TSFR + <br> 3.500%, 09/03/30<br>| 848732 | &nbsp;&nbsp; 852976 |
| J&J Ventures Gaming LLC |  |  |
| 2025 Repriced Term Loan B, 7.827%, 1M TSFR + <br> 3.500%, 04/26/30<br>| 312561 | &nbsp;&nbsp; 309094 |
| Maverick Gaming LLC |  |  |
| 2024 PIK Term Loan, 13.781%, 3M TSFR + 7.500%, <br> 06/03/28 †<br>| 267247 | &nbsp;&nbsp; 243862 |
| 2024 Second Out Term Loan, 13.781%, 3M TSFR + <br> 7.500%, 06/03/28 †<br>| 469331 | &nbsp;&nbsp; 305065 |
|  |  | &nbsp;&nbsp; 2858167 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.380%, 3M TSFR + <br> 7.000%, 11/01/29<br>| 274000 | &nbsp;&nbsp; 128095 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Spectacle Gary Holdings LLC |  |  |
| 2021 Term Loan B, 8.696%, 3M TSFR + 4.250%, <br> 12/11/28<br>| 1239186 | &nbsp;&nbsp; 1214402 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| CSC Holdings LLC |  |  |
| 2019 Term Loan B5, 9.000%, PRIME + 1.500%, <br> 04/15/27<br>| 153451 | &nbsp;&nbsp; 149807 |
| DirecTV Financing LLC |  |  |
| 2025 Term Loan B, 9.827%, 1M TSFR + 5.500%, <br> 02/17/31<br>| 536740 | &nbsp;&nbsp; 515270 |
| Term Loan, 9.541%, 3M TSFR + 5.000%, 08/02/27 | 44610 | &nbsp;&nbsp; 44850 |
|  |  | &nbsp;&nbsp; 709927 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| CVR Energy, Inc. |  |  |
| Term Loan B, 8.296%, 3M TSFR + 4.000%, 12/30/27 | 393942 | &nbsp;&nbsp; 394434 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| Northwind Midstream Partners LLC |  |  |
| Term Loan, 10.696%, 3M TSFR + 6.250%, 03/03/32 † <br>(f) (g)<br>| 2721000 | &nbsp;&nbsp; 2670117 |
| Solaris Energy Infrastructure LLC |  |  |
| Term Loan, 10.296%, 3M TSFR + 6.000%, 09/11/29 <br> (f) (g)<br>| 1604000 | &nbsp;&nbsp; 1604000 |
|  |  | &nbsp;&nbsp; 4274117 |

---

*See accompanying notes to financial statements.*

**BHFTII-36**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (n)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| ConnectWise LLC |  |  |
| 2021 Term Loan B, 8.057%, 3M TSFR + 3.500%, <br> 09/29/28<br>| 404835 | &nbsp;&nbsp; $407365 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| Connect Finco SARL |  |  |
| 2024 Extended Term Loan B, 8.827%, 1M TSFR + <br> 4.500%, 09/27/29<br>| 519740 | &nbsp;&nbsp; 495540 |
| Total Floating Rate Loans <br>(Cost $21,747,421) <br>|  | &nbsp;&nbsp; 20090016 |
| **Municipals—0.7%** | **Municipals—0.7%** | **Municipals—0.7%** |
| American Municipal Power, Inc. |  |  |
| 8.084%, 02/15/50 | 510000 | &nbsp;&nbsp; 646819 |
| Bay Area Toll Authority |  |  |
| 7.043%, 04/01/50 | 1215000 | &nbsp;&nbsp; 1377102 |
| City of San Antonio Electric & Gas Systems Revenue |  |  |
| 5.808%, 02/01/41 | 875000 | &nbsp;&nbsp; 883743 |
| Los Angeles Community College District, General Obligation <br> Unlimited<br>|  |  |
| 6.600%, 08/01/42 | 785000 | &nbsp;&nbsp; 851670 |
| Metropolitan Transportation Authority |  |  |
| 6.668%, 11/15/39 | 170000 | &nbsp;&nbsp; 183844 |
| 6.814%, 11/15/40 | 210000 | &nbsp;&nbsp; 227780 |
| Municipal Electric Authority of Georgia |  |  |
| 6.637%, 04/01/57 | 443000 | &nbsp;&nbsp; 478321 |
| New Jersey Turnpike Authority |  |  |
| 7.414%, 01/01/40 | 492000 | &nbsp;&nbsp; 587962 |
| New York City Municipal Water Finance Authority |  |  |
| 5.882%, 06/15/44 | 270000 | &nbsp;&nbsp; 273688 |
| New York State Dormitory Authority |  |  |
| 5.389%, 03/15/40 | 355000 | &nbsp;&nbsp; 355196 |
| Port Authority of New York & New Jersey |  |  |
| 4.960%, 08/01/46 | 1350000 | &nbsp;&nbsp; 1268635 |
| Port of Beaumont Navigation District |  |  |
| 10.000%, 07/01/26 | 1475000 | &nbsp;&nbsp; 1490218 |
| State of California, General Obligation Unlimited |  |  |
| 4.600%, 04/01/38 | 3765000 | &nbsp;&nbsp; 3826249 |
| 7.550%, 04/01/39 | 780000 | &nbsp;&nbsp; 934816 |
| State of Illinois, General Obligation Unlimited |  |  |
| 5.100%, 06/01/33 | 2626372 | &nbsp;&nbsp; 2634211 |
| State of Texas, General Obligation Unlimited |  |  |
| 5.517%, 04/01/39 | 820000 | &nbsp;&nbsp; 844015 |
| University of California |  |  |
| 4.858%, 05/15/2112 | 239000 | &nbsp;&nbsp; 198206 |
| Total Municipals <br>(Cost $18,889,036) <br>|  | &nbsp;&nbsp; 17062475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks—0.5%** | **Common Stocks—0.5%** | **Common Stocks—0.5%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Flagstar Financial, Inc.  | 89337 | &nbsp;&nbsp; 946972 |
| JPMorgan Chase & Co.  | 6929 | &nbsp;&nbsp; 2008787 |
|  |  | &nbsp;&nbsp; 2955759 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Rakuten Group, Inc. (q) | 42394 | &nbsp;&nbsp; $233337 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| CommScope Holding Co., Inc. (q) | 24072 | &nbsp;&nbsp; 199316 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Lumen Technologies, Inc. (q) | 87019 | &nbsp;&nbsp; 381143 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| Freewire Technologies † (f) (g) (q) | 25 | &nbsp;&nbsp; 0 |
| GE Vernova, Inc.  | 810 | &nbsp;&nbsp; 428612 |
|  |  | &nbsp;&nbsp; 428612 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Flowco Holdings, Inc. - Class A | 19901 | &nbsp;&nbsp; 354437 |
| Solaris Energy Infrastructure, Inc. (k) | 39658 | &nbsp;&nbsp; 1121925 |
|  |  | &nbsp;&nbsp; 1476362 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Warner Bros Discovery, Inc. (q) | 49094 | &nbsp;&nbsp; 562617 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Caesars Entertainment, Inc. (q) | 10266 | &nbsp;&nbsp; 291452 |
| Genius Sports Ltd. (q) | 112759 | &nbsp;&nbsp; 1172693 |
|  |  | &nbsp;&nbsp; 1464145 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Vistra Corp.  | 1832 | &nbsp;&nbsp; 355060 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Sonder Holdings, Inc. - Class A † (q) | 4351 | &nbsp;&nbsp; 11748 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp. (e) (q) | 1162 | &nbsp;&nbsp; 10063 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| AMC Networks, Inc. - Class A (q) | 21427 | &nbsp;&nbsp; 134347 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Algoma Steel Group, Inc.  | 44147 | &nbsp;&nbsp; 304173 |
| **Mortgage Real Estate Investment Trusts — 0.1%** | **Mortgage Real Estate Investment Trusts — 0.1%** | **Mortgage Real Estate Investment Trusts — 0.1%** |
| Blackstone Mortgage Trust, Inc. - Class A (e) (k) | 78544 | &nbsp;&nbsp; 1511972 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Kinder Morgan, Inc.  | 9618 | &nbsp;&nbsp; 282769 |
| Venture Global, Inc. - Class A (e) | 1377 | &nbsp;&nbsp; 21454 |
| Viper Energy, Inc.  | 3843 | &nbsp;&nbsp; 146533 |
|  |  | &nbsp;&nbsp; 450756 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Amentum Holdings, Inc. (q) | 21539 | &nbsp;&nbsp; 508536 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Invitation Homes, Inc.  | 20048 | &nbsp;&nbsp; 657574 |

---

*See accompanying notes to financial statements.*

**BHFTII-37**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Warrants—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| IREN Ltd. (q) | 12326 | &nbsp;&nbsp; $179590 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| WOM New Holdco (g) (q) | 1032 | &nbsp;&nbsp; 28896 |
| Total Common Stocks <br>(Cost $11,250,886) <br>|  | &nbsp;&nbsp; 11854006 |
| **Preferred Stocks—0.2%** | **Preferred Stocks—0.2%** | **Preferred Stocks—0.2%** |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Dream Finders Homes, Inc., 9.000%, 09/08/26 † (f) (g) | 2628 | &nbsp;&nbsp; 2588580 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Versa Networks, Inc. - Series E, 12.000% PIK † (f) (g) (h) | 678151 | &nbsp;&nbsp; 3465352 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Insight M, Inc. - Series D † (f) (g) (q) | 481839 | &nbsp;&nbsp; 109618 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Lessen Holdings, Inc. † (f) (g) (q) | 23458 | &nbsp;&nbsp; 68732 |
| Total Preferred Stocks <br>(Cost $5,048,899) <br>|  | &nbsp;&nbsp; 6232282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| WOM Chile Holdco SpA |  |  |
| 5.000%, 5.000% PIK, 04/01/32 (144A) (h) | 546844 | &nbsp;&nbsp; 540364 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Stem, Inc. |  |  |
| 0.500%, 12/01/28 (144A) | 102000 | &nbsp;&nbsp; 24735 |
| **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
| IREN Ltd. |  |  |
| 3.500%, 12/15/29 (144A) | 206000 | &nbsp;&nbsp; 266358 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| DISH Network Corp. |  |  |
| Zero Coupon, 12/15/25 | 459000 | &nbsp;&nbsp; 413100 |
| 3.375%, 08/15/26 | 130000 | &nbsp;&nbsp; 107965 |
|  |  | &nbsp;&nbsp; 521065 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.750%, 05/01/30 | 608000 | &nbsp;&nbsp; 811300 |
| **Pipelines — 0.0%** | **Pipelines — 0.0%** | **Pipelines — 0.0%** |
| Golar LNG Ltd. |  |  |
| 2.750%, 12/15/30 (144A) | 112000 | &nbsp;&nbsp; 114800 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Core Scientific, Inc. |  |  |
| Zero Coupon, 06/15/31 (144A) | 71000 | &nbsp;&nbsp; 77124 |
| Total Convertible Bonds <br>(Cost $2,107,720) <br>|  | &nbsp;&nbsp; 2355746 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Versa Networks, Inc., Expires 10/07/32 † (f) (g) (q) | 83584 | &nbsp;&nbsp; $337679 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Sonder Holdings, Inc. Expires 04/11/30 † (f) (g) | 43128 | &nbsp;&nbsp; 63398 |
| Sonder Holdings, Inc. Expires 12/30/29 † | 4323 | &nbsp;&nbsp; 11629 |
|  |  | &nbsp;&nbsp; 75027 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp., Expires 09/24/26 (q) | 102425 | &nbsp;&nbsp; 39126 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Insight M, Inc., Expires 01/31/29 † (f) (g) (q) | 499269 | &nbsp;&nbsp; 49028 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Aurora Innovation, Inc., Expires 11/03/26 (q) | 2636 | &nbsp;&nbsp; 2294 |
| Latch, Inc., Expires 06/04/26 (q) | 6439 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 2294 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| EVgo, Inc., Expires 07/01/26 (q) | 12581 | &nbsp;&nbsp; 2768 |
| Total Warrants <br>(Cost $172,352) <br>|  | &nbsp;&nbsp; 505922 |
| **Convertible Preferred Stocks—0.0%** | **Convertible Preferred Stocks—0.0%** | **Convertible Preferred Stocks—0.0%** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Boeing Co., 6.000%, 10/15/27 | 5400 | &nbsp;&nbsp; 367200 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Cohesity Global, Inc. - Series G-1 (q) | 1382 | &nbsp;&nbsp; 31095 |
| Cohesity Global, Inc. - Series G (q) | 2000 | &nbsp;&nbsp; 45000 |
|  |  | &nbsp;&nbsp; 76095 |
| Total Convertible Preferred Stocks <br>(Cost $337,440) <br>|  | &nbsp;&nbsp; 443295 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Chesapeake Energy Corp. (f) (g) (q) | 100000 | &nbsp;&nbsp; 0 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Washington Mutual, Inc. (f) (g) (q) | 8777000 | &nbsp;&nbsp; 0 |
| Total Escrow Shares <br>(Cost $0) <br>|  | &nbsp;&nbsp; 0 |

---

*See accompanying notes to financial statements.*

**BHFTII-38**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—3.9%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement—3.9%** | **Repurchase Agreement—3.9%** | **Repurchase Agreement—3.9%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due <br> on 07/01/25, with a maturity value of $102,402,544; <br> collateralized by U.S. Treasury Note at 3.750%, <br> maturing 06/30/27, with a market value of <br> $104,441,350<br>| 102393300 | &nbsp;&nbsp; $102393300 |
| Total Short-Term Investments <br>(Cost $102,393,300) <br>|  | &nbsp;&nbsp; 102393300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (r)—0.2%** | **Securities Lending Reinvestments (r)—0.2%** | **Securities Lending Reinvestments (r)—0.2%** |
| **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (s)<br>| 600000 | &nbsp;&nbsp; 600000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (s)<br>| 600000 | &nbsp;&nbsp; 600000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (s)<br>| 600000 | &nbsp;&nbsp; 600000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (s)<br>| 600000 | &nbsp;&nbsp; 600000 |
| State Street Institutional U.S. Government Money Market <br> Fund, <br>Premier Class 4.270% (s)<br>| 600000 | &nbsp;&nbsp; 600000 |
|  |  | &nbsp;&nbsp; 3000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due <br> on 07/01/25 with a maturity value of $1,000,122; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.625%, maturity dates ranging <br> from 09/15/25 - 05/15/34, and an aggregate market <br> value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due <br> on 07/01/25 with a maturity value of $500,061; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates <br> ranging from 01/25/30 - 04/20/74, and an aggregate <br> market value of $510,062<br>| 500000 | &nbsp;&nbsp; 500000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due <br> on 07/01/25 with a maturity value of $304,815; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 2.000% - 4.750%, maturity dates ranging <br> from 02/15/45 - 11/15/53, and an aggregate market <br> value of $310,874<br>| 304778 | &nbsp;&nbsp; 304778 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due <br> on 07/01/25 with a maturity value of $500,062; <br> collateralized by various Common Stock with an <br> aggregate market value of $556,309<br>| 500000 | &nbsp;&nbsp; $500000 |
|  |  | &nbsp;&nbsp; 2304778 |
| Total Securities Lending Reinvestments <br>(Cost $5,304,778) <br>|  | &nbsp;&nbsp; 5304778 |
| Total Purchased Options—0.1% (t) <br>(Cost $1,815,303) <br>|  | &nbsp;&nbsp; 1670261 |
| Total Investments—117.1% <br>(Cost $3,140,912,382)<br>|  | &nbsp;&nbsp; 3031608617 |
| Unfunded Loan Commitments—(0.0)% <br>(Cost $(969284))<br>|  | &nbsp;&nbsp; (969284)<br>|
| Net Investments—117.1% <br>(Cost $3,139,943,098) <br>|  | &nbsp;&nbsp; 3030639333 |
| Other assets and liabilities (net)—(17.1)%  |  | &nbsp;&nbsp; (442542732)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2588096601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of June 30, 2025, the market value of restricted securities was <br> $30,344,186, which is 1.2% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (b) | Principal only security. |
| (c) | Interest only security. |
| (d) | 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>|
| (e) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $18,652,817 and the collateral received consisted of cash in the <br> amount of $5,304,778 and non-cash collateral with a value of $13,986,575. 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>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of June 30, 2025, these securities represent 1.6% of net assets.<br>|
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | Payment-in kind security for which part of the income earned may be paid as additional  |

---

*See accompanying notes to financial statements.*

**BHFTII-39**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | principal. |
| (i) | Perpetual bond with no specified maturity date. |
| (j) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (k) | All or a portion of the security was pledged as collateral against open OTC derivative <br> contracts. As of June 30, 2025, the market value of securities pledged was $1,004,720.<br>|
| (l) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> June 30, 2025, the market value of securities pledged was $7,088,702.<br>|
| (m) | Principal amount of security is adjusted for inflation. |
| (n) | 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. |
| (o) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of June 30, 2025.<br>|
| (p) | 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>|
| (q) | Non-income producing security. |
| (r) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (s) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (t) | For a breakout of open positions, see details shown in the Purchased Options table <br> that follows.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $536,398,340, which is 20.7% 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** |
| Alorica, Inc., 11.202%, 12/21/27 | 01/26/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 792778 | &nbsp;&nbsp; $788777 | &nbsp;&nbsp; $781917 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.125%, 08/15/26 | 04/16/24-07/25/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 982000 | &nbsp;&nbsp; 898260 | &nbsp;&nbsp; 921971 |
| CENT Trust, 6.932%, 09/15/38 | 11/09/23-11/28/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp; 2122356 | &nbsp;&nbsp; 2112623 |
| Coreweave Compute Acquisition Co. II LLC, 13.915% - 17.532%, 07/31/28 | 07/31/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1946800 | &nbsp;&nbsp; 1945860 | &nbsp;&nbsp; 1929863 |
| Coreweave Compute Acquisition Co. IV LLC, 10.279% - 10.330%, 05/16/29 | 05/20/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2784000 | &nbsp;&nbsp; 2784000 | &nbsp;&nbsp; 2752819 |
| Dream Finders Homes, Inc., 9.000%, 09/08/26 | 09/29/21 |  | &nbsp;&nbsp; 2628 | &nbsp;&nbsp; 2601720 | &nbsp;&nbsp; 2588580 |
| Freewire Technologies | 03/21/24 |  | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 0 |
| Homes by WestBay, LLC, 11.000%, 02/06/30 | 02/06/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3134000 | &nbsp;&nbsp; 3088919 | &nbsp;&nbsp; 3138074 |
| Insight M, Inc. - Series D | 01/31/24 |  | &nbsp;&nbsp; 481839 | &nbsp;&nbsp; 164500 | &nbsp;&nbsp; 109618 |
| Insight M, Inc., Expires 01/31/29 | 01/31/24-07/31/24 |  | &nbsp;&nbsp; 499269 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 49028 |
| Interface Security Systems LLC, Zero Coupon, 08/07/25 | 08/13/19-05/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1936457 | &nbsp;&nbsp; 1897512 | &nbsp;&nbsp; 1016640 |
| Knollwood CDO Ltd., 10.700%, 01/10/39 | 02/10/04 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1394689 | &nbsp;&nbsp; 1394689 | &nbsp;&nbsp; 139 |
| Lessen Holdings, Inc. | 01/05/23 |  | &nbsp;&nbsp; 23458 | &nbsp;&nbsp; 303694 | &nbsp;&nbsp; 68732 |
| Lessen Holdings, Inc., 12.170%, 01/05/28 | 01/05/23-03/31/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1888083 | &nbsp;&nbsp; 1850679 | &nbsp;&nbsp; 1739491 |
| Maverick Gaming LLC, 13.781%, 06/03/28 | 04/03/24-04/05/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 267247 | &nbsp;&nbsp; 235347 | &nbsp;&nbsp; 243862 |
| Maverick Gaming LLC, 13.781%, 06/03/28 | 04/03/24-01/03/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 469331 | &nbsp;&nbsp; 466573 | &nbsp;&nbsp; 305065 |
| New Generation Gas Gathering LLC, 9.360%, 09/30/29 | 09/30/24-05/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1303351 | &nbsp;&nbsp; 1285547 | &nbsp;&nbsp; 1293576 |
| Northwind Midstream Partners LLC, 10.696%, 03/03/32 | 03/18/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2721000 | &nbsp;&nbsp; 2668828 | &nbsp;&nbsp; 2670117 |
| Oceana Australian Fixed Income Trust, 10.500%, 07/31/28 | 01/14/25 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 639000 | &nbsp;&nbsp; 395509 | &nbsp;&nbsp; 426362 |
| Oceana Australian Fixed Income Trust, 12.000%, 07/31/25 | 08/31/23 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 304000 | &nbsp;&nbsp; 196977 | &nbsp;&nbsp; 200338 |
| Oceana Australian Fixed Income Trust, 12.500%, 07/31/27 | 08/31/23 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 759000 | &nbsp;&nbsp; 491794 | &nbsp;&nbsp; 523913 |
| Oceana Australian Fixed Income Trust, 12.500%, 07/31/26 | 08/31/23 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 456000 | &nbsp;&nbsp; 295465 | &nbsp;&nbsp; 307619 |
| Pioneer MidCo. LLC, 11.625%, 11/18/30 | 01/27/23-03/31/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1370221 | &nbsp;&nbsp; 1352266 | &nbsp;&nbsp; 1389130 |
| Sonder Holdings, Inc. - Class A | 08/13/24 |  | &nbsp;&nbsp; 4351 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 11748 |
| Sonder Holdings, Inc., 7.000%, 12/10/27 | 01/19/22-03/31/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1775608 | &nbsp;&nbsp; 1761545 | &nbsp;&nbsp; 1522584 |
| Sonder Holdings, Inc. Expires 04/11/30 | 04/11/25 |  | &nbsp;&nbsp; 43128 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 63398 |
| Sonder Holdings, Inc. Expires 12/30/29 | 12/30/24 |  | &nbsp;&nbsp; 4323 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 11629 |
| USAVFLOW II Ltd., 10.812%, 08/16/29 | 08/20/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 295737 |
| Versa Networks, Inc. - Series E | 10/14/22 |  | &nbsp;&nbsp; 678151 | &nbsp;&nbsp; 1978985 | &nbsp;&nbsp; 3465352 |
| Versa Networks, Inc., Expires 10/07/32 | 10/14/22 |  | &nbsp;&nbsp; 83584 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 337679 |
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 | 09/03/24-09/04/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 64593 | &nbsp;&nbsp; 66582 |
|  |  |  |  |  | &nbsp;&nbsp; $30344186 |

---

**TBA Forward Sale Commitments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest** <br>**Rate**<br>| **Maturity** | **Face** <br> **Amount**<br>| **Cost** | **Value** |
| Uniform Mortgage-Backed Security, TBA | 1.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; $(2697000)<br>| &nbsp;&nbsp; $(2376731)<br>| &nbsp;&nbsp; $(2396119)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (2592000)<br>| &nbsp;&nbsp; (2396360)<br>| &nbsp;&nbsp; (2431464)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-40**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest**<br> **Rate**<br>| **Maturity** | **Face** <br> **Amount**<br>| **Cost** | **Value** |
| Uniform Mortgage-Backed Security, TBA | 3.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; $(5618300)<br>| &nbsp;&nbsp; $(4882310)<br>| &nbsp;&nbsp; $(4928492)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (20374000)<br>| &nbsp;&nbsp; (18881232)<br>| &nbsp;&nbsp; (19336372)<br>|
| Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(28536633)<br>| &nbsp;&nbsp; $(29092447)<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4994189518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $858252195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 <br>,859041143<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $835379308 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3691808684 | &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; $3466137554 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(41164)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(41164)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (5263614)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5263614)<br>|
| Total Borrowings | &nbsp;&nbsp; $(5304778)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5304778)<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; $(5304778)<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; 30746818 | BBP | 09/17/25 | USD | 5425590 | &nbsp;&nbsp; $126507 |
| BRL | &nbsp;&nbsp; 3615510 | CBNA | 09/17/25 | USD | 639800 | &nbsp;&nbsp; 13070 |
| CAD | &nbsp;&nbsp; 1632000 | RBC | 09/17/25 | USD | 1208631 | &nbsp;&nbsp; (5553)<br>|
| CZK | &nbsp;&nbsp; 42992118 | SSBT | 07/22/25 | USD | 1960142 | &nbsp;&nbsp; 89283 |
| CZK | &nbsp;&nbsp; 2230000 | SSBT | 09/17/25 | USD | 104458 | &nbsp;&nbsp; 2032 |
| EGP | &nbsp;&nbsp; 10789900 | MSIP | 12/22/25 | USD | 192402 | &nbsp;&nbsp; 10506 |
| EUR | &nbsp;&nbsp; 53932 | BNY | 07/16/25 | USD | 61364 | &nbsp;&nbsp; 2223 |
| EUR | &nbsp;&nbsp; 123830 | BNY | 07/16/25 | USD | 140895 | &nbsp;&nbsp; 5105 |
| EUR | &nbsp;&nbsp; 147795 | BBP | 07/16/25 | USD | 168021 | &nbsp;&nbsp; 6235 |
| GBP | &nbsp;&nbsp; 6411000 | NWM | 09/17/25 | USD | 8782487 | &nbsp;&nbsp; 21882 |
| HUF | &nbsp;&nbsp; 27529000 | MSIP | 09/17/25 | USD | 79045 | &nbsp;&nbsp; 1772 |
| MXN | &nbsp;&nbsp; 48826252 | GSI | 09/17/25 | USD | 2564000 | &nbsp;&nbsp; 17051 |
| MXN | &nbsp;&nbsp; 47353005 | JPMC | 09/17/25 | USD | 2476715 | &nbsp;&nbsp; 26457 |
| NGN | &nbsp;&nbsp; 81599380 | CBNA | 09/04/25 | USD | 51385 | &nbsp;&nbsp; (196)<br>|
| NGN | &nbsp;&nbsp; 81599380 | CBNA | 09/04/25 | USD | 51385 | &nbsp;&nbsp; (196)<br>|
| NGN | &nbsp;&nbsp; 84480000 | MSIP | 09/04/25 | USD | 51200 | &nbsp;&nbsp; 1796 |
| PEN | &nbsp;&nbsp; 1114520 | CBNA | 08/04/25 | USD | 304015 | &nbsp;&nbsp; 10355 |
| PLN | &nbsp;&nbsp; 13030101 | SSBT | 07/11/25 | USD | 3460458 | &nbsp;&nbsp; 153881 |
| SEK | &nbsp;&nbsp; 5711000 | NWM | 09/17/25 | USD | 607276 | &nbsp;&nbsp; (592)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-41**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| TRY | &nbsp;&nbsp; 5359410 | BBP | 07/31/25 | USD | 126000 | &nbsp;&nbsp; $5487 |
| TRY | &nbsp;&nbsp; 4807000 | UBSA | 09/03/25 | USD | 108962 | &nbsp;&nbsp; 5181 |
| TRY | &nbsp;&nbsp; 5720841 | UBSA | 10/24/25 | USD | 123000 | &nbsp;&nbsp; 7055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 12000 | TDB | 09/17/25 | USD | 7763 | &nbsp;&nbsp; (147)<br>|
| AUD | &nbsp;&nbsp; 806000 | UBSA | 09/17/25 | USD | 522917 | &nbsp;&nbsp; (8393)<br>|
| BRL | &nbsp;&nbsp; 58552200 | BBP | 09/17/25 | USD | 10332133 | &nbsp;&nbsp; (240911)<br>|
| BRL | &nbsp;&nbsp; 6663000 | SSBT | 09/17/25 | USD | 1179981 | &nbsp;&nbsp; (23188)<br>|
| COP | &nbsp;&nbsp; 4208989982 | JPMC | 09/17/25 | USD | 1000188 | &nbsp;&nbsp; (19244)<br>|
| COP | &nbsp;&nbsp; 3109561019 | SSBT | 09/17/25 | USD | 754144 | &nbsp;&nbsp; 997 |
| COP | &nbsp;&nbsp; 4188398000 | SSBT | 09/17/25 | USD | 1018208 | &nbsp;&nbsp; 3763 |
| COP | &nbsp;&nbsp; 4201068006 | SSBT | 09/17/25 | USD | 1022357 | &nbsp;&nbsp; 4843 |
| CZK | &nbsp;&nbsp; 35799516 | HSBC | 07/22/25 | USD | 1630163 | &nbsp;&nbsp; (76392)<br>|
| CZK | &nbsp;&nbsp; 7192602 | HSBC | 07/22/25 | USD | 327592 | &nbsp;&nbsp; (15277)<br>|
| EGP | &nbsp;&nbsp; 10789900 | CBNA | 12/22/25 | USD | 192299 | &nbsp;&nbsp; (10609)<br>|
| EUR | &nbsp;&nbsp; 23301800 | DBAG | 09/17/25 | USD | 27134305 | &nbsp;&nbsp; (453675)<br>|
| EUR | &nbsp;&nbsp; 13239000 | DBAG | 09/17/25 | USD | 15397606 | &nbsp;&nbsp; (276603)<br>|
| EUR | &nbsp;&nbsp; 8546968 | DBAG | 09/17/25 | USD | 9952709 | &nbsp;&nbsp; (166405)<br>|
| EUR | &nbsp;&nbsp; 2640000 | DBAG | 09/17/25 | USD | 3062594 | &nbsp;&nbsp; (63012)<br>|
| EUR | &nbsp;&nbsp; 419558 | HSBC | 09/17/25 | USD | 479861 | &nbsp;&nbsp; (16872)<br>|
| EUR | &nbsp;&nbsp; 271625 | MSIP | 07/16/25 | USD | 309348 | &nbsp;&nbsp; (10908)<br>|
| EUR | &nbsp;&nbsp; 52921 | MSIP | 07/16/25 | USD | 60271 | &nbsp;&nbsp; (2125)<br>|
| EUR | &nbsp;&nbsp; 374032 | SCB | 09/17/25 | USD | 436213 | &nbsp;&nbsp; (6620)<br>|
| EUR | &nbsp;&nbsp; 798936 | SSBT | 09/17/25 | USD | 932390 | &nbsp;&nbsp; (13504)<br>|
| EUR | &nbsp;&nbsp; 374032 | TDB | 09/17/25 | USD | 436213 | &nbsp;&nbsp; (6620)<br>|
| EUR | &nbsp;&nbsp; 1011 | UBSA | 07/16/25 | USD | 1149 | &nbsp;&nbsp; (43)<br>|
| GBP | &nbsp;&nbsp; 8837900 | MSIP | 09/17/25 | USD | 12018138 | &nbsp;&nbsp; (119146)<br>|
| GBP | &nbsp;&nbsp; 4384000 | MSIP | 09/17/25 | USD | 5933749 | &nbsp;&nbsp; (86896)<br>|
| GBP | &nbsp;&nbsp; 882000 | UBSA | 09/17/25 | USD | 1194690 | &nbsp;&nbsp; (16580)<br>|
| JPY | &nbsp;&nbsp; 1395777000 | JPMC | 09/17/25 | USD | 9823511 | &nbsp;&nbsp; 47146 |
| JPY | &nbsp;&nbsp; 88349000 | RBC | 09/17/25 | USD | 619547 | &nbsp;&nbsp; 729 |
| NGN | &nbsp;&nbsp; 267291920 | MSIP | 09/04/25 | USD | 153970 | &nbsp;&nbsp; (13707)<br>|
| PEN | &nbsp;&nbsp; 1114520 | CBNA | 08/04/25 | USD | 302711 | &nbsp;&nbsp; (11659)<br>|
| PLN | &nbsp;&nbsp; 11047695 | HSBC | 07/11/25 | USD | 2841727 | &nbsp;&nbsp; (222724)<br>|
| PLN | &nbsp;&nbsp; 1982406 | NWM | 07/11/25 | USD | 523458 | &nbsp;&nbsp; (26430)<br>|
| TRY | &nbsp;&nbsp; 5530140 | BBP | 07/31/25 | USD | 126000 | &nbsp;&nbsp; (9676)<br>|
| TRY | &nbsp;&nbsp; 4807000 | BBP | 09/03/25 | USD | 107737 | &nbsp;&nbsp; (6406)<br>|
| TRY | &nbsp;&nbsp; 5777002 | BBP | 10/24/25 | USD | 123000 | &nbsp;&nbsp; (8332)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1375285)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 3 Month SOFR Futures | &nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp; 1579 | USD | 380262675 | &nbsp;&nbsp; $242613 |
| Euro-Bobl Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 206 | EUR | 24242080 | &nbsp;&nbsp; (34620)<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 433 | USD | 49997969 | &nbsp;&nbsp; 1108825 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 3114 | USD | 647784986 | &nbsp;&nbsp; 2283939 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 1613 | USD | 175817000 | &nbsp;&nbsp; 1741436 |

---

*See accompanying notes to financial statements.*

**BHFTII-42**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Futures Contracts — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | <br>**Expiration**<br> **Date**<br>| <br>**Number of**<br> **Contracts**<br>| <br>**Notional**<br> **Value** | <br>**Notional**<br> **Value** | <br>**Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (90)<br>| AUD | (10315733)<br>| &nbsp;&nbsp; $(64929)<br>|
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (62)<br>| EUR | (7361880)<br>| &nbsp;&nbsp; 118162 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (34)<br>| USD | (3725890)<br>| &nbsp;&nbsp; (124735)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (23)<br>| USD | (7191813)<br>| &nbsp;&nbsp; (189173)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (108)<br>| USD | (12109500)<br>| &nbsp;&nbsp; (133754)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (2156)<br>| USD | (246356688)<br>| &nbsp;&nbsp; (5133498)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (78)<br>| USD | (9291750)<br>| &nbsp;&nbsp; (112171)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(297905)<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>|
| CAD Call/USD Put | CAD | 1.335 | 07/24/25 | MSIP | 49000 | USD | 49000 | $6345 | $5199 | $(1146)<br>|
| JPY Call/USD Put | JPY | 150.000 | 11/20/25 | BBP | 26483000 | USD | 26483000 | 59586 | 39883 | (19703)<br>|
| MXN Call/USD Put | MXN | 19.100 | 08/14/25 | MSIP | 37348000 | USD | 37348000 | 349988 | 836595 | 486607 |
| USD Call/EUR Put | USD | 1.020 | 07/15/25 | BBP | 900000 | EUR | 900000 | 1690 | 1 | (1689)<br>|
| USD Call/EUR Put | USD | 1.055 | 07/15/25 | UBSA | 600000 | EUR | 600000 | 3955 | 1 | (3954)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $421564 | $881679 | $460115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 10 Yr. IRS | 3.930% | SOFR | Pay | 03/29/27 | MSIP | 2150400 | USD | 2150400 | $90801 | $93233 | $2432 |
| Call - OTC - 10 Yr. IRS | 3.995% | SOFR | Pay | 06/04/27 | GSI | 3490000 | USD | 3490000 | 150402 | 162781 | 12379 |
| Call - OTC - 10 Yr. IRS | 4.000% | SOFR | Pay | 03/29/27 | BNP | 634000 | USD | 634000 | 26501 | 29820 | 3319 |
| Call - OTC - 10 Yr. IRS | 4.008% | SOFR | Pay | 04/14/27 | DBAG | 301735 | USD | 301735 | 13570 | 14250 | 680 |
| Call - OTC - 10 Yr. IRS | 4.045% | SOFR | Pay | 04/12/27 | CBNA | 601300 | USD | 601300 | 27103 | 29448 | 2345 |
| Call - OTC - 10 Yr. IRS | 4.340% | SOFR | Pay | 01/13/27 | DBAG | 736505 | USD | 736505 | 32189 | 46079 | 13890 |
| Call - OTC - 10 Yr. IRS | 4.350% | SOFR | Pay | 01/13/27 | DBAG | 736505 | USD | 736505 | 31744 | 46492 | 14748 |
| Put - OTC - 10 Yr. IRS | 3.930% | SOFR | Receive | 03/29/27 | MSIP | 2150400 | USD | 2150400 | 90801 | 75655 | (15146)<br>|
| Put - OTC - 10 Yr. IRS | 3.995% | SOFR | Receive | 06/04/27 | GSI | 3490000 | USD | 3490000 | 150402 | 124082 | (26320)<br>|
| Put - OTC - 10 Yr. IRS | 4.000% | SOFR | Receive | 03/29/27 | BNP | 634000 | USD | 634000 | 26501 | 20932 | (5569)<br>|
| Put - OTC - 10 Yr. IRS | 4.008% | SOFR | Receive | 04/14/27 | DBAG | 301735 | USD | 301735 | 13570 | 10039 | (3531)<br>|
| Put - OTC - 10 Yr. IRS | 4.045% | SOFR | Receive | 04/12/27 | CBNA | 601300 | USD | 601300 | 27104 | 19250 | (7854)<br>|
| Put - OTC - 10 Yr. IRS | 4.340% | SOFR | Receive | 01/13/27 | DBAG | 736505 | USD | 736505 | 31438 | 15524 | (15914)<br>|
| Put - OTC - 10 Yr. IRS | 4.350% | SOFR | Receive | 01/13/27 | DBAG | 736505 | USD | 736505 | 31744 | 15356 | (16388)<br>|
| Put - OTC - 30 Yr. IRS | 4.350% | SOFR | Receive | 08/13/25 | GSI | 35878000 | USD | 35878000 | 524110 | 73063 | (451047)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1267980 | $776004 | $(491976)<br>|

---

&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>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put - Russell 2000 Index E-Mini Futures | USD | 2000.000 | 07/18/25 | &nbsp;&nbsp; 38 | USD | 3800 | &nbsp;&nbsp; $125759 | &nbsp;&nbsp; $12578 | &nbsp;&nbsp; $(113181)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-43**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**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>|
| CAD Call/USD Put | CAD | 1.335 | 07/24/25 | BBP | (49000)<br>| USD | (49000)<br>| $(7840)<br>| $(5199)<br>| $2641 |
| MXN Call/USD Put | MXN | 18.500 | 08/14/25 | MSIP | (37348000)<br>| USD | (37348000)<br>| (95125)<br>| (200895)<br>| (105770)<br>|
| USD Call/EUR Put | USD | 1.020 | 07/15/25 | UBSA | (900000)<br>| EUR | (900000)<br>| (2001)<br>| (1)<br>| 2000 |
| USD Call/EUR Put | USD | 1.055 | 07/15/25 | UBSA | (600000)<br>| EUR | (600000)<br>| (556)<br>| (1)<br>| 555 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(105522)<br>| $(206096)<br>| $(100574)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put - OTC - 5 Yr. IRS | 4.025% | SOFR | Pay | 08/13/25 | GSI | (138195000)<br>| USD | (138195000)<br>| $(609148)<br>| $(27960)<br>| $581188 |

---

&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>|
| Put - 3 Month SOFR Futures | USD | 96.000 | 10/10/25 | (1074)<br>| USD | (2685000)<br>| $(273150)<br>| $(120825)<br>| $152325 |
| Put - Russell 2000 Index E-Mini Futures | USD | 1900.000 | 07/18/25 | (38)<br>| USD | (3800)<br>| (63181)<br>| (4484)<br>| 58697 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(336331)<br>| $(125309)<br>| $211022 |

---

**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 | 3.800<br> %<br>| Annually | 05/16/26 | USD | 50240000 | $(64985)<br>| $80 | $(65065)<br>|
| Pay | 12M SOFR | Annually | 3.900<br> %<br>| Annually | 05/16/26 | USD | 36611000 | (15986)<br>| 59 | (16045)<br>|
| Pay | 6M EURIBOR | Semi-Annually | 2.184<br> %<br>| Semi-Annually | 11/07/54 | EUR | 919000 | (126030)<br>| 35 | (126065)<br>|
| Pay | 6M EURIBOR | Semi-Annually | 2.260<br> %<br>| Semi-Annually | 10/22/54 | EUR | 590000 | (70251)<br>| (2799)<br>| (67452)<br>|
| Pay | 6M EURIBOR | Semi-Annually | 2.441<br> %<br>| Semi-Annually | 06/24/54 | EUR | 828000 | (62181)<br>| 31 | (62212)<br>|
| Pay | FEDEFF PRV | Maturity | 4.273<br> %<br>| Maturity | 09/17/25 | USD | 1889027780 | 25983 | 3589 | 22394 |
| Pay | FEDEFF PRV | Maturity | 4.277<br> %<br>| Maturity | 09/17/25 | USD | 90190000 | 1727 | 171 | 1556 |
| Pay | FEDEFF PRV | Maturity | 4.288<br> %<br>| Maturity | 09/17/25 | USD | 944372220 | 32085 | 1794 | 30291 |
| Pay | FEDEFF PRV | Maturity | 4.307<br> %<br>| Maturity | 09/17/25 | USD | 987216000 | 59491 | 1875 | 57616 |
| Pay | FEDEFF PRV | Maturity | 4.308<br> %<br>| Maturity | 09/17/25 | USD | 981957000 | 60498 | 1866 | 58632 |
| Receive | 12M CPURNSA | Maturity | 2.428<br> %<br>| Maturity | 04/15/30 | USD | 7456698 | 8808 | 89 | 8719 |
| Receive | 12M CPURNSA | Maturity | 2.429<br> %<br>| Maturity | 04/15/30 | USD | 3673250 | 4167 | 43 | 4124 |
| Receive | 12M CPURNSA | Maturity | 2.531<br> %<br>| Maturity | 04/15/29 | USD | 3177500 | 5229 | (587)<br>| 5816 |
| Receive | 12M CPURNSA | Maturity | 2.536<br> %<br>| Maturity | 04/15/29 | USD | 3344500 | 4691 | (487)<br>| 5178 |
| Receive | 12M CPURNSA | Maturity | 2.562<br> %<br>| Maturity | 04/15/29 | USD | 6490000 | 1133 | 77 | 1056 |
| Receive | 12M CPURNSA | Maturity | 2.569<br> %<br>| Maturity | 04/15/29 | USD | 4000000 | (801)<br>| 47 | (848)<br>|
| Receive | 12M CPURNSA | Maturity | 2.641<br> %<br>| Maturity | 04/15/29 | USD | 6462000 | (23910)<br>| 76 | (23986)<br>|
| Receive | 12M CPURNSA | Maturity | 2.648<br> %<br>| Maturity | 04/15/29 | USD | 4310215 | (17421)<br>| 51 | (17472)<br>|
| Receive | 12M CPURNSA | Maturity | 2.670<br> %<br>| Maturity | 04/15/29 | USD | 4230000 | (21539)<br>| 50 | (21589)<br>|
| Receive | 12M CPURNSA | Maturity | 2.684<br> %<br>| Maturity | 04/15/29 | USD | 3231000 | (18742)<br>| 39 | (18781)<br>|
| Receive | 12M CPURNSA | Maturity | 2.685<br> %<br>| Maturity | 04/15/29 | USD | 3231000 | (18900)<br>| 39 | (18939)<br>|
| Receive | 12M CPURNSA | Maturity | 2.688<br> %<br>| Maturity | 04/15/28 | USD | 4014500 | 6812 | 678 | 6134 |
| Receive | 12M CPURNSA | Maturity | 2.688<br> %<br>| Maturity | 04/15/29 | USD | 6462000 | (38591)<br>| 76 | (38667)<br>|
| Receive | 12M CPURNSA | Maturity | 2.691<br> %<br>| Maturity | 04/15/28 | USD | 4181500 | 6302 | 575 | 5727 |
| Receive | 12M CPURNSA | Maturity | 2.724<br> %<br>| Maturity | 04/15/29 | USD | 6462000 | (49975)<br>| 76 | (50051)<br>|
| Receive | 12M CPURNSA | Maturity | 2.729<br> %<br>| Maturity | 04/15/28 | USD | 5000000 | (2066)<br>| 29 | (2095)<br>|
| Receive | 12M CPURNSA | Maturity | 2.735<br> %<br>| Maturity | 04/15/28 | USD | 8400000 | (5725)<br>| 49 | (5774)<br>|
| Receive | 12M CPURNSA | Maturity | 2.790<br> %<br>| Maturity | 04/15/28 | USD | 8078000 | (28032)<br>| 48 | (28080)<br>|
| Receive | 12M CPURNSA | Maturity | 2.832<br> %<br>| Maturity | 04/15/28 | USD | 5581000 | (31417)<br>| 47 | (31464)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-44**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Receive | 12M CPURNSA | Maturity | 2.834<br> %<br>| Maturity | 04/15/28 | USD | 8078000 | $(46192)<br>| $69 | $(46261)<br>|
| Receive | 12M CPURNSA | Maturity | 2.835<br> %<br>| Maturity | 04/15/28 | USD | 4039000 | (23352)<br>| 35 | (23387)<br>|
| Receive | 12M CPURNSA | Maturity | 2.836<br> %<br>| Maturity | 04/15/28 | USD | 4039000 | (23455)<br>| 35 | (23490)<br>|
| Receive | 12M CPURNSA | Maturity | 2.870<br> %<br>| Maturity | 04/15/28 | USD | 8078000 | (60885)<br>| 70 | (60955)<br>|
| Receive | 12M SOFR | Annually | 3.794<br> %<br>| Annually | 05/16/26 | USD | 50240000 | 67697 | 80 | 67617 |
| Receive | 12M SOFR | Annually | 3.814<br> %<br>| Annually | 05/16/26 | USD | 36611000 | 42965 | 23114 | 19851 |
| Receive | 12M TONA | Annually | 0.683<br> %<br>| Annually | 04/21/27 | JPY | 3257950188 | 29092 | 75 | 29017 |
| Receive | 12M TONA | Annually | 0.685<br> %<br>| Annually | 04/21/27 | JPY | 3296037736 | 28980 | 76 | 28904 |
| Receive | 12M TONA | Annually | 0.698<br> %<br>| Annually | 05/11/27 | JPY | 2601672453 | 22337 | 60 | 22277 |
| Receive | 12M TONA | Annually | 0.812<br> %<br>| Annually | 03/12/27 | JPY | 750000000 | (1076)<br>| 17 | (1093)<br>|
| Receive | 12M TONA | Annually | 0.998<br> %<br>| Annually | 03/12/27 | JPY | 3395348847 | (48160)<br>| 75 | (48235)<br>|
| Receive | 12M TONA | Annually | 1.018<br> %<br>| Annually | 03/12/27 | JPY | 7697595372 | (120256)<br>| 169 | (120425)<br>|
| Receive | 12M TONA | Annually | 1.027<br> %<br>| Annually | 03/12/27 | JPY | 8309049195 | (134393)<br>| 182 | (134575)<br>|
| Receive | 6M EURIBOR | Semi-Annually | 2.429<br> %<br>| Semi-Annually | 06/19/54 | EUR | 792000 | 61989 | 29 | 61960 |
| Receive | 6M EURIBOR | Semi-Annually | 2.429<br> %<br>| Semi-Annually | 06/20/54 | EUR | 1184000 | 92608 | 44 | 92564 |
| Receive | 6M EURIBOR | Semi-Annually | 2.456<br> %<br>| Semi-Annually | 03/22/54 | EUR | 1250000 | 90829 | (1724)<br>| 92553 |
| Receive | 6M EURIBOR | Semi-Annually | 2.490<br> %<br>| Semi-Annually | 02/19/54 | EUR | 5160760 | 332715 | (42333)<br>| 375048 |
| Receive | 6M EURIBOR | Semi-Annually | 2.506<br> %<br>| Semi-Annually | 02/20/54 | EUR | 4730760 | 287844 | (55102)<br>| 342946 |
| Receive | 6M EURIBOR | Semi-Annually | 2.511<br> %<br>| Semi-Annually | 03/01/54 | EUR | 2978000 | 177132 | (38434)<br>| 215566 |
| Receive | 6M EURIBOR | Semi-Annually | 2.513<br> %<br>| Semi-Annually | 02/20/54 | EUR | 6031000 | 356358 | (79930)<br>| 436288 |
| Receive | 6M EURIBOR | Semi-Annually | 2.543<br> %<br>| Semi-Annually | 04/22/54 | EUR | 5340000 | 276083 | 3357 | 272726 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1029234 | $(182320)<br>| $1211554 |

---

**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.EUR.43.V1 | (1.000%) | Quarterly | 06/20/30 | 0.546% | EUR | 2890000 | $(72613) | $(61116) | $(11497) |
| ITRX.EUR.XOVER.43.V1 | (5.000%) | Quarterly | 06/20/30 | 2.802% | EUR | 1089000 | (119353) | (68113) | (51240) |
| ITRX.FINSR.43.V1 | (1.000%) | Quarterly | 06/20/30 | 0.588% | EUR | 9090000 | (206517) | (165709) | (40808) |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(398483) | $(294938) | $(103545) |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.44.V1 | 5.000% | Quarterly | 06/21/30 | 3.183% | USD | 113402105 | $8511849 | $5697771 | $2814078 |

---

**OTC Credit Default Swap Contracts on Corporate Issues—Buy Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**(Pay) 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>|
| American Electric Power Co., Inc. <br>3.200%, due on 11/13/27<br>| (1.000%) | Quarterly | 12/20/29 | BOA | 0.308% | USD | 5854000 | $(168165) | $(145659) | $(22506) |
| American Express Co. <br>4.050%, due on 05/03/29<br>| (1.000%) | Quarterly | 12/20/29 | GSI | 0.284% | USD | 3000000 | (89297) | (76179) | (13118) |
| Boeing Co. <br>5.150%, due on 05/01/30<br>| (1.000%) | Quarterly | 12/20/28 | DBAG | 0.573% | USD | 700000 | (9754) | (2376) | (7378) |
| Boeing Co. <br>5.150%, due on 05/01/30<br>| (1.000%) | Quarterly | 06/20/29 | JPMC | 0.612% | USD | 700000 | (10019) | 6669 | (16688) |

---

*See accompanying notes to financial statements.*

**BHFTII-45**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**OTC Credit Default Swap Contracts on Corporate Issues—Buy Protection (a) — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal**<br> **(Pay) 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>|
| Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.477% | EUR | 600000 | $(10743) | $29783 | $(40526) |
| Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.477% | EUR | 352000 | (6302) | 11385 | (17687) |
| Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.477% | EUR | 117000 | (2095) | 3784 | (5879) |
| Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.477% | EUR | 131000 | (2346) | 4462 | (6808) |
| Dominion Energy, Inc. <br>4.250%, due on 06/01/28<br>| (1.000%) | Quarterly | 12/20/29 | GSI | 0.313% | USD | 2879000 | (82121) | (69381) | (12740) |
| UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | Quarterly | 06/20/28 | BNP | 0.315% | EUR | 134000 | (3146) | 3610 | (6756) |
| UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.315% | EUR | 37000 | (869) | 1219 | (2088) |
| UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.315% | EUR | 112000 | (2630) | 3542 | (6172) |
| UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.315% | EUR | 117000 | (2747) | 4152 | (6899) |
| UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | Quarterly | 06/20/28 | JPMC | 0.315% | EUR | 1000000 | (23481) | 21248 | (44729) |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(413715) | $(203741) | $(209974) |

---

**OTC 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>| **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>|
| CMBX.NA.6.AAA | (0.500%) | Monthly | 05/11/63 | DBAG | 0.500<br> %<br>| USD | 2619 | $— | $(1)<br>| $1 |
| CMBX.NA.9.AAA | (0.500%) | Monthly | 09/17/58 | MSIP | 0.164<br> %<br>| USD | 777209 | (518)<br>| 9157 | (9675)<br>|
| CMBX.NA.9.AAA | (0.500%) | Monthly | 09/17/58 | MSIP | 0.164<br> %<br>| USD | 15687 | (11)<br>| 202 | (213)<br>|
| CMBX.NA.9.BBB | (3.000%) | Monthly | 09/17/58 | CBNA | 81.749<br> %<br>| USD | 500000 | 85500 | 14874 | 70626 |
| CMBX.NA.9.BBB | (3.000%) | Monthly | 09/17/58 | MSIP | 81.749<br> %<br>| USD | 105000 | 17955 | 5115 | 12840 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $102926 | $29347 | $73579 |

---

**OTC 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>| **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>|
| CMBX.NA.10.BBB | 3.000% | Monthly | 11/17/59 | JPMC | 20.199<br> %<br>| USD | 40000 | $(7550)<br>| $(3454)<br>| $(4096)<br>|
| CMBX.NA.9.BBB | 3.000% | Monthly | 09/17/58 | DBAG | 81.749<br> %<br>| USD | 467000 | (79857)<br>| (55364)<br>| (24493)<br>|
| CMBX.NA.9.BBB | 3.000% | Monthly | 09/17/58 | MSIP | 81.749<br> %<br>| USD | 138000 | (23598)<br>| (161)<br>| (23437)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(111005)<br>| $(58979)<br>| $(52026)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-46**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**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)** <sup>(1)</sup> <br>|
| Pay | 0.000% | Quarterly | 11/06/25 | GSI | GSC Intraday Delta Replication VX Series 5 Excess Return <br> Strategy<br>| USD | 13515076 | $7781 | $— | $7781 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| Receive | 12M SOFR | Quarterly | 09/20/25 | BNP | iBoxx USD Liquid High Yield Index | USD | 1422000 | $(17148)<br>| $12 | $(17136)<br>|
| Receive | 12M SOFR | Quarterly | 09/20/25 | MSIP | iBoxx USD Liquid Investment Grade Index | USD | 1750000 | (22660)<br>| 15 | (22645)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(39808)<br>| $27 | $(39781)<br>|

---

&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 June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $103455 | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $565057 |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 2814078 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 103545 |
| Equity | Investments at market value (c) (d) <br>| &nbsp;&nbsp; 12578 |  |  |
|  | OTC swap contracts at market value | &nbsp;&nbsp; 7781 |  |  |
|  |  |  | Unrealized depreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 313908 |
|  |  |  | Written options at value (c) <br>| &nbsp;&nbsp; 4484 |
| Foreign Exchange | Investments at market value (d) <br>| &nbsp;&nbsp; 881679 |  |  |
|  | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 563356 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 1938641 |
|  |  |  | Written options at value | &nbsp;&nbsp; 206096 |
| Interest Rate | Investments at market value (d) <br>| &nbsp;&nbsp; 776004 |  |  |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 2264560 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 1053006 |
|  | Unrealized appreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 5494975 | Unrealized depreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 5478972 |
|  |  |  | Written options at value (f) <br>| &nbsp;&nbsp; 148785 |
| Total |  | &nbsp;&nbsp; $12918466 |  | &nbsp;&nbsp; $9812494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest receivable of $4,521 and OTC swap interest payable of $5,304.

&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.

*See accompanying notes to financial statements.*

**BHFTII-47**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 $120,825 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 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of New York Mellon | &nbsp;&nbsp; $7328 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7328 |
| Barclays Bank PLC | &nbsp;&nbsp; 178113 | &nbsp;&nbsp;&nbsp;&nbsp; (178113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 50752 | &nbsp;&nbsp;&nbsp;&nbsp; (20294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 157623 | &nbsp;&nbsp;&nbsp;&nbsp; (22660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 147740 | &nbsp;&nbsp;&nbsp;&nbsp; (147740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 384758 | &nbsp;&nbsp;&nbsp;&nbsp; (199378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5380 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 73603 | &nbsp;&nbsp;&nbsp;&nbsp; (73603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1042711 | &nbsp;&nbsp;&nbsp;&nbsp; (480464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (562247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| NatWest Markets PLC | &nbsp;&nbsp; 21882 | &nbsp;&nbsp;&nbsp;&nbsp; (21882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp; (729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 254799 | &nbsp;&nbsp;&nbsp;&nbsp; (36692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 218107 |
| UBS AG | &nbsp;&nbsp; 12237 | &nbsp;&nbsp;&nbsp;&nbsp; (12237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2332275 | &nbsp;&nbsp;&nbsp;&nbsp; $(1193792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(907668)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $230815 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $168165 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(168165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 270524 | &nbsp;&nbsp;&nbsp;&nbsp; (178113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92411 |
| BNP Paribas SA | &nbsp;&nbsp; 20294 | &nbsp;&nbsp;&nbsp;&nbsp; (20294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 22660 | &nbsp;&nbsp;&nbsp;&nbsp; (22660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 1049306 | &nbsp;&nbsp;&nbsp;&nbsp; (147740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 901566 |
| Goldman Sachs International | &nbsp;&nbsp; 199378 | &nbsp;&nbsp;&nbsp;&nbsp; (199378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 331265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 331265 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 88026 | &nbsp;&nbsp;&nbsp;&nbsp; (73603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 480464 | &nbsp;&nbsp;&nbsp;&nbsp; (480464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NatWest Markets PLC | &nbsp;&nbsp; 27022 | &nbsp;&nbsp;&nbsp;&nbsp; (21882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5140 |
| Royal Bank of Canada | &nbsp;&nbsp; 5553 | &nbsp;&nbsp;&nbsp;&nbsp; (729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4824 |
| Standard Chartered Bank | &nbsp;&nbsp; 6620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6620 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 36692 | &nbsp;&nbsp;&nbsp;&nbsp; (36692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Toronto Dominion Bank | &nbsp;&nbsp; 6767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6767 |
| UBS AG | &nbsp;&nbsp; 25018 | &nbsp;&nbsp;&nbsp;&nbsp; (12237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12781 |
|  | &nbsp;&nbsp; $2737754 | &nbsp;&nbsp;&nbsp;&nbsp; $(1193792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(182588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1361374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $(3010484)<br>| &nbsp;&nbsp;&nbsp; $324 | &nbsp;&nbsp;&nbsp; $(21594)<br>| &nbsp;&nbsp;&nbsp; $(880443)<br>| &nbsp;&nbsp;&nbsp; $(3912197)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4827679)<br>| &nbsp;&nbsp;&nbsp; (4827679)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-48**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign**<br> **Exchange**<br>| **Total** |
| Futures contracts | &nbsp;&nbsp; $681079 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1828785)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1147706)<br>|
| Swap contracts | &nbsp;&nbsp; (706907)<br>| &nbsp;&nbsp;&nbsp; (470336)<br>| &nbsp;&nbsp;&nbsp; (399072)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1576315)<br>|
| Written options | &nbsp;&nbsp; 824971 | &nbsp;&nbsp;&nbsp; 6532 | &nbsp;&nbsp;&nbsp; (66665)<br>| &nbsp;&nbsp;&nbsp; 704847 | &nbsp;&nbsp;&nbsp; 1469685 |
|  | &nbsp;&nbsp; $(2211341)<br>| &nbsp;&nbsp;&nbsp; $(463480)<br>| &nbsp;&nbsp;&nbsp; $(2316116)<br>| &nbsp;&nbsp;&nbsp; $(5003275)<br>| &nbsp;&nbsp;&nbsp; $(9994212)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $1420431 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(113181)<br>| &nbsp;&nbsp;&nbsp; $457312 | &nbsp;&nbsp;&nbsp; $1764562 |
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3002991)<br>| &nbsp;&nbsp;&nbsp; (3002991)<br>|
| Futures contracts | &nbsp;&nbsp; 4929943 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (381169)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4548774 |
| Swap contracts | &nbsp;&nbsp; 2581851 | &nbsp;&nbsp;&nbsp; 2193287 | &nbsp;&nbsp;&nbsp; 23344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4798482 |
| Written options | &nbsp;&nbsp; 449306 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58697 | &nbsp;&nbsp;&nbsp; (106771)<br>| &nbsp;&nbsp;&nbsp; 401232 |
|  | &nbsp;&nbsp; $9381531 | &nbsp;&nbsp;&nbsp; $2193287 | &nbsp;&nbsp;&nbsp; $(412309)<br>| &nbsp;&nbsp;&nbsp; $(2652450)<br>| &nbsp;&nbsp;&nbsp; $8510059 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $1228846727 |
| Forward foreign currency transactions | &nbsp;&nbsp; 150438300 |
| Futures contracts long | &nbsp;&nbsp; 730927493 |
| Futures contracts short | &nbsp;&nbsp; (144340377)<br>|
| Swap contracts | &nbsp;&nbsp; 1928317887 |
| Written options | &nbsp;&nbsp; (1634375776)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1002327427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1002327427 |
| Corporate Bonds & Notes |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 5173337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5173337 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 16325403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16325403 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 2682069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2682069 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 20869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20869 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 1855906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1855906 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 405448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 405448 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 165238339 | &nbsp;&nbsp; — | &nbsp;&nbsp; 165238339 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 1837368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1837368 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 958727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 958727 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 3535715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3535715 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 3060158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3060158 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 10022171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10022171 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 20881936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20881936 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 80016037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80016037 |
| Energy-Alternate Sources | &nbsp;&nbsp; — | &nbsp;&nbsp; 1277076 | &nbsp;&nbsp; 1448010 | &nbsp;&nbsp; 2725086 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 2094245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2094245 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 11837723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11837723 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 167733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 167733 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 460974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 460974 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 875981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 875981 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1293576 | &nbsp;&nbsp; 1293576 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 1215683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1215683 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 10148834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10148834 |

---

*See accompanying notes to financial statements.*

**BHFTII-49**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Home Builders | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5157626 | &nbsp;&nbsp; $3138074 | &nbsp;&nbsp; $8295700 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 399051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 399051 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 5122309 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5122309 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2929554 | &nbsp;&nbsp; 2929554 |
| Iron/Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 2333918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2333918 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 106448 | &nbsp;&nbsp; 1522584 | &nbsp;&nbsp; 1629032 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 22819174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22819174 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 5789294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5789294 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 121013966 | &nbsp;&nbsp; 1389130 | &nbsp;&nbsp; 122403096 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 1821571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1821571 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 2958076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2958076 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 57548482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57548482 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 814350 | &nbsp;&nbsp; 6102094 | &nbsp;&nbsp; 6916444 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 42364903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42364903 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 15398378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15398378 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 19948913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19948913 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 26608695 | &nbsp;&nbsp; 8758 | &nbsp;&nbsp; 26617453 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 511607 | &nbsp;&nbsp; — | &nbsp;&nbsp; 511607 |
| Water | &nbsp;&nbsp; — | &nbsp;&nbsp; 386015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 386015 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 671194508 | &nbsp;&nbsp; 17831780 | &nbsp;&nbsp; 689026288 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 572474954 | &nbsp;&nbsp; — | &nbsp;&nbsp; 572474954 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 260675403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 260675403 |
| Asset-Backed Securities |  |  |  |  |
| Asset-Backed - Automobile | &nbsp;&nbsp; — | &nbsp;&nbsp; 3100401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3100401 |
| Asset-Backed - Credit Card | &nbsp;&nbsp; — | &nbsp;&nbsp; 868562 | &nbsp;&nbsp; — | &nbsp;&nbsp; 868562 |
| Asset-Backed - Home Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 23473280 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23473280 |
| Asset-Backed - Manufactured Housing | &nbsp;&nbsp; — | &nbsp;&nbsp; 8540101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8540101 |
| Asset-Backed - Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 162669837 | &nbsp;&nbsp; 5010557 | &nbsp;&nbsp; 167680394 |
| Asset-Backed - Student Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 20894941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20894941 |
| Total Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 219547122 | &nbsp;&nbsp; 5010557 | &nbsp;&nbsp; 224557679 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 114634785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114634785 |
| Floating Rate Loans |  |  |  |  |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 289760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289760 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 82927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82927 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 178325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 178325 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 177209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177209 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1343622 | &nbsp;&nbsp; 1312377 | &nbsp;&nbsp; 2655999 |
| Computers (Less Unfunded Loan Commitments of $969,284) | &nbsp;&nbsp; — | &nbsp;&nbsp; 157184 | &nbsp;&nbsp; 4495315 | &nbsp;&nbsp; 4652499 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178697 | &nbsp;&nbsp; 178697 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 423269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 423269 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 2858167 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2858167 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 128095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128095 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 1214402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1214402 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 709927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 709927 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 394434 | &nbsp;&nbsp; — | &nbsp;&nbsp; 394434 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4274117 | &nbsp;&nbsp; 4274117 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 407365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 407365 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 495540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 495540 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $969,284) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8860226 | &nbsp;&nbsp; 10260506 | &nbsp;&nbsp; 19120732 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 17062475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17062475 |
| Common Stocks |  |  |  |  |
| Banks | &nbsp;&nbsp; 2955759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2955759 |
| Broadline Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 233337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 233337 |
| Communications Equipment | &nbsp;&nbsp; 199316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 199316 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 381143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 381143 |
| Electrical Equipment | &nbsp;&nbsp; 428612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 428612 |
| Energy Equipment & Services | &nbsp;&nbsp; 1476362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1476362 |
| Entertainment | &nbsp;&nbsp; 562617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 562617 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1464145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1464145 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 355060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 355060 |
| Lodging | &nbsp;&nbsp; 11748 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11748 |
| Machinery | &nbsp;&nbsp; 10063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10063 |

---

*See accompanying notes to financial statements.*

**BHFTII-50**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Media | &nbsp;&nbsp; $134347 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $134347 |
| Metals & Mining | &nbsp;&nbsp; 304173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 304173 |
| Mortgage Real Estate Investment Trusts | &nbsp;&nbsp; 1511972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1511972 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 450756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 450756 |
| Professional Services | &nbsp;&nbsp; 508536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 508536 |
| Residential REITs | &nbsp;&nbsp; 657574 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 657574 |
| Software | &nbsp;&nbsp; 179590 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 179590 |
| Wireless Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28896 | &nbsp;&nbsp; 28896 |
| Total Common Stocks | &nbsp;&nbsp; 11591773 | &nbsp;&nbsp; 233337 | &nbsp;&nbsp; 28896 | &nbsp;&nbsp; 11854006 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6232282 | &nbsp;&nbsp; 6232282 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2355746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2355746 |
| Warrants |  |  |  |  |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 337679 | &nbsp;&nbsp; 337679 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 11629 | &nbsp;&nbsp; 63398 | &nbsp;&nbsp; 75027 |
| Machinery | &nbsp;&nbsp; 39126 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39126 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49028 | &nbsp;&nbsp; 49028 |
| Software | &nbsp;&nbsp; 2294 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2294 |
| Specialty Retail | &nbsp;&nbsp; 2768 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2768 |
| Total Warrants | &nbsp;&nbsp; 44188 | &nbsp;&nbsp; 11629 | &nbsp;&nbsp; 450105 | &nbsp;&nbsp; 505922 |
| Convertible Preferred Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; 367200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 367200 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 76095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76095 |
| Total Convertible Preferred Stocks | &nbsp;&nbsp; 367200 | &nbsp;&nbsp; 76095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 443295 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 102393300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102393300 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 2304778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2304778 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2304778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5304778 |
| Purchased Options |  |  |  |  |
| Foreign Currency Options at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; 881679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 881679 |
| Interest Rate Swaptions at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; 776004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 776004 |
| Options on Exchange-Traded Futures Contracts at Value | &nbsp;&nbsp; 12578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12578 |
| Total Purchased Options at Value | &nbsp;&nbsp; 12578 | &nbsp;&nbsp; 1657683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1670261 |
| Total Net Investments | &nbsp;&nbsp; $15015739 | &nbsp;&nbsp; $2975809468 | &nbsp;&nbsp; $39814126 | &nbsp;&nbsp; $3030639333 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5304778)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5304778)<br>|
| TBA Forward Sales Commitments (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(29092447)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(29092447)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $563356 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $563356 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1938641)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1938641)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1375285)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1375285)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $5494975 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5494975 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (5792880)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5792880)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(297905)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(297905)<br>|
| Written Options |  |  |  |  |
| Foreign Currency Options at Value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(206096)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(206096)<br>|
| Interest Rate Swaptions at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; (27960)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27960)<br>|
| Options on Exchange-Traded Futures Contracts at Value | &nbsp;&nbsp; (125309)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (125309)<br>|
| Total Written Options | &nbsp;&nbsp; $(125309)<br>| &nbsp;&nbsp; $(234056)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(359365)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5078638 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5078638 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1156551)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1156551)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3922087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3922087 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111236 |

---

*See accompanying notes to financial statements.*

**BHFTII-51**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(565057)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(565057)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(453821)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(453821)<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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/** <br>**(Loss)**<br>| **Amortization** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Balance as of** <br>**June 30, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br>**from Investment** <br>**Held at** <br>**June 30, 2025**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |
| Energy-Alternate Sources | &nbsp;&nbsp; $1446848 | &nbsp;&nbsp; $55203<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2142<br>| &nbsp;&nbsp; $(56183) <br>| &nbsp;&nbsp; $1448010<br>| &nbsp;&nbsp; $(56183) <br>|
| Gas | &nbsp;&nbsp; 401188 | &nbsp;&nbsp; 882613<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1435<br>| &nbsp;&nbsp; 8340<br>| &nbsp;&nbsp; 1293576<br>| &nbsp;&nbsp; 8340<br>|
| Home Builders | &nbsp;&nbsp; 6474985 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3104000) <br>| &nbsp;&nbsp; 93120<br>| &nbsp;&nbsp; 3645<br>| &nbsp;&nbsp; (329676) <br>| &nbsp;&nbsp; 3138074<br>| &nbsp;&nbsp; (15240) <br>|
| Investment Companies  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3346654<br>| &nbsp;&nbsp; (468120) <br>| &nbsp;&nbsp; 7120<br>| &nbsp;&nbsp; 32<br>| &nbsp;&nbsp; 43868<br>| &nbsp;&nbsp; 2929554<br>| &nbsp;&nbsp; 43868<br>|
| Lodging  | &nbsp;&nbsp; 1875301<br>| &nbsp;&nbsp; 98943<br>| &nbsp;&nbsp; (0)<br>| &nbsp;&nbsp; (303825) <br>| &nbsp;&nbsp; 3771<br>| &nbsp;&nbsp; (151606) <br>| &nbsp;&nbsp; 1522584<br>| &nbsp;&nbsp; (151606) <br>|
| Oil & Gas  | &nbsp;&nbsp; 1325851<br>| &nbsp;&nbsp; 76708<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13429) <br>| &nbsp;&nbsp; 1389130<br>| &nbsp;&nbsp; (13429) <br>|
| Real Estate  | &nbsp;&nbsp; 6102817<br>| &nbsp;&nbsp; 33132<br>| &nbsp;&nbsp; (17273) <br>| &nbsp;&nbsp; 421<br>| &nbsp;&nbsp; 17322<br>| &nbsp;&nbsp; (34325) <br>| &nbsp;&nbsp; 6102094<br>| &nbsp;&nbsp; (34325) <br>|
| Telecommunications  | &nbsp;&nbsp; 12000<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14032) <br>| &nbsp;&nbsp; 5820<br>| &nbsp;&nbsp; 3505<br>| &nbsp;&nbsp; 1465<br>| &nbsp;&nbsp; 8758<br>| &nbsp;&nbsp; 1465<br>|
| Asset-Backed Securities  |  |  |  |  |  |  |  |  |
| Asset-Backed - Other | &nbsp;&nbsp; 4423661<br>| &nbsp;&nbsp; 395509<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191387<br>| &nbsp;&nbsp; 5010557<br>| &nbsp;&nbsp; 191387<br>|
| Floating Rate Loans  |  |  |  |  |  |  |  |  |
| Commercial Services  | &nbsp;&nbsp; 1202184<br>| &nbsp;&nbsp; 57142<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22974<br>| &nbsp;&nbsp; 30077<br>| &nbsp;&nbsp; 1312377<br>| &nbsp;&nbsp; 30077<br>|
| Computers\*  | &nbsp;&nbsp; 4377494<br>| &nbsp;&nbsp; 406665<br>| &nbsp;&nbsp; (259910) <br>| &nbsp;&nbsp; 241<br>| &nbsp;&nbsp; 1855<br>| &nbsp;&nbsp; (31030) <br>| &nbsp;&nbsp; 4495315<br>| &nbsp;&nbsp; (31030) <br>|
| Cosmetics/Personal Care  | &nbsp;&nbsp; 176072<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 505<br>| &nbsp;&nbsp; 2120<br>| &nbsp;&nbsp; 178697<br>| &nbsp;&nbsp; 2120<br>|
| Oil & Gas Services  | &nbsp;&nbsp; 1604000<br>| &nbsp;&nbsp; 2666580<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5440<br>| &nbsp;&nbsp; (1903) <br>| &nbsp;&nbsp; 4274117<br>| &nbsp;&nbsp; (1903) <br>|
| Preferred Stocks  |  |  |  |  |  |  |  |  |
| Home Builders  | &nbsp;&nbsp; 2611575<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (22995) <br>| &nbsp;&nbsp; 2588580<br>| &nbsp;&nbsp; (22995) <br>|
| IT Services  | &nbsp;&nbsp; 3600982<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (135630) <br>| &nbsp;&nbsp; 3465352<br>| &nbsp;&nbsp; (135630) <br>|
| Oil & Gas  | &nbsp;&nbsp; 127446<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17828) <br>| &nbsp;&nbsp; 109618<br>| &nbsp;&nbsp; (17828) <br>|
| Software  | &nbsp;&nbsp; 91721<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (22989) <br>| &nbsp;&nbsp; 68732<br>| &nbsp;&nbsp; (22989) <br>|
| Common Stocks  |  |  |  |  |  |  |  |  |
| Wireless Telecommunication Services  | &nbsp;&nbsp; — | &nbsp;&nbsp; 664<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28232<br>| &nbsp;&nbsp; 28896<br>| &nbsp;&nbsp; 28232<br>|
| Warants  |  |  |  |  |  |  |  |  |
| IT Services  | &nbsp;&nbsp; 373621<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (35942) <br>| &nbsp;&nbsp; 337679<br>| &nbsp;&nbsp; (35942) <br>|
| Lodging  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63398<br>| &nbsp;&nbsp; 63398<br>| &nbsp;&nbsp; 63398<br>|
| Oil & Gas  | &nbsp;&nbsp; 36197<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12831<br>| &nbsp;&nbsp; 49028<br>| &nbsp;&nbsp; 12831<br>|
| Escrow Shares  |  |  |  |  |  |  |  |  |
| Oil & Gas  | &nbsp;&nbsp; 0<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br>| &nbsp;&nbsp; — |
| Savings & Loans  | &nbsp;&nbsp; 0<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $36263943<br>| &nbsp;&nbsp; $8019813<br>| &nbsp;&nbsp; $(3863335) <br>| &nbsp;&nbsp; $(197103) <br>| &nbsp;&nbsp; $62626<br>| &nbsp;&nbsp; $(471818) <br>| &nbsp;&nbsp; $39814126<br>| &nbsp;&nbsp; $(157382) <br>|
| \* Values are net of unfunded loan commitments. | \* Values are net of unfunded loan commitments. |  |  |  |  |  |  |  |

---

*See accompanying notes to financial statements.*

**BHFTII-52**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Range** | **Weighted** <br>**Average**<br>| **Relationship Between** <br>**Fair Value and Input;** <br>**if input value** <br>**increases then Fair** <br>**Value:**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |
| Energy - Alternate Sources | &nbsp;&nbsp; $1448010<br>| Market Yield Analysis | Midpoint Yield Spread | 8.37<br> % <br>| 8.37<br> % <br>| 8.37<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.97<br> % <br>| 3.97<br> % <br>| 3.97<br> % <br>| &nbsp;&nbsp; Decrease |
| Home Builders  | &nbsp;&nbsp; 3138074<br>| Market Yield Analysis | Midpoint Yield Spread  | 7.00<br> % <br>| 7.00<br> % <br>| 7.00<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.96<br> %<br>| 3.96<br> %<br>| 3.96<br> %<br>| &nbsp;&nbsp; Decrease |
| Investment Companies  | &nbsp;&nbsp; 690654<br>| Market Transaction  | Transaction Price  | &nbsp;&nbsp; $99.81<br>| &nbsp;&nbsp; $99.81<br>| &nbsp;&nbsp; $99.81<br>| &nbsp;&nbsp; Increase<br>|
|  | &nbsp;&nbsp; 2238900<br>| Market Yield Analysis  | Midpoint Yield Spread  | 6.34<br> % <br>| 6.34<br> % <br>| 6.34<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.93<br> % <br>| 3.93<br> % <br>| 3.93<br> % <br>| &nbsp;&nbsp; Decrease |
| Lodging  | &nbsp;&nbsp; 1522584<br>| Market Yield Analysis  | Midpoint Yield Spread  | 10.25<br> % <br>| 10.25<br> % <br>| 10.25<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.92<br> % <br>| 3.92<br> % <br>| 3.92<br> % <br>| &nbsp;&nbsp; Decrease |
| Oil & Gas  | &nbsp;&nbsp; 1389130<br>| Market Yield Analysis  | Midpoint Yield Spread  | 7.75<br> % <br>| 7.75<br> % <br>| 7.75<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 4.06<br> % <br>| 4.06<br> % <br>| 4.06<br> % <br>| &nbsp;&nbsp; Decrease |
| Gas  | &nbsp;&nbsp; 1293576<br>| Market Yield Analysis  | Midpoint Yield Spread  | 5.54<br> % <br>| 5.54<br> % <br>| 5.54<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.61<br> % <br>| 3.61<br> % <br>| 3.61<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| Real Estate  | &nbsp;&nbsp; 6102094<br>| Market Yield Analysis  | Midpoint Yield Spread  | 9.25<br> %<br>| 12.50<br> %<br>| 10.18<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread  | 3.67<br> %<br>| 3.91<br> %<br>| 3.84<br> % <br>| &nbsp;&nbsp; Decrease |
| Telecommunications  | &nbsp;&nbsp; 8758<br>| Broker Quotations  | Single-Source Quote  | &nbsp;&nbsp; $6.00<br>| &nbsp;&nbsp; $6.00<br>| &nbsp;&nbsp; $6.00<br>| &nbsp;&nbsp; Increase<br>|
| Asset-Backed Securities |  |  | Reference Index Spread  | 3.99<br> % <br>| 3.99<br> % <br>| 3.99<br> % <br>| &nbsp;&nbsp; Decrease |
| Asset-Backed - Other  | &nbsp;&nbsp; 5010557<br>| Discounted Cash Flow  | Implied Yield | 9.92<br> %<br>| 10.45<br> %<br>| 10.03<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  | Market Yield Analysis  | Midpoint Yield Spread  | 3.33<br> % <br>| 3.33<br> % <br>| 3.33<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread  | 4.06<br> % <br>| 4.06<br> % <br>| 4.06<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| Floating Rate Loans  |  |  |  |  |  |  |  |
| Commercial Services  | &nbsp;&nbsp; 1016640<br>| EV Coverage Analysis  | EV/EBITDA Multiple  | &nbsp;&nbsp; 12.25x<br>| &nbsp;&nbsp; 12.25x<br>| &nbsp;&nbsp; 12.25x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Loan/EV Coverage Ratio  | &nbsp;&nbsp; 0.53x<br>| &nbsp;&nbsp; 0.53x<br>| &nbsp;&nbsp; 0.53x<br>| &nbsp;&nbsp; Increase<br>|
|  | &nbsp;&nbsp; 295737<br>| Market Yield Analysis  | Midpoint Yield Spread  | 6.38<br> % <br>| 6.38<br> % <br>| 6.38<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.61<br> % <br>| 3.61<br> % <br>| 3.61<br> % <br>| &nbsp;&nbsp; Decrease |
| Computers \*  | &nbsp;&nbsp; 4495315<br>| Market Yield Analysis  | Midpoint Yield Spread  | 6.60<br> %<br>| 10.91<br> %<br>| 8.61<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.61<br> %<br>| 3.84<br> %<br>| 3.72<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| Cosmetics/Personal Care  | &nbsp;&nbsp; 178697<br>| Market Yield Analysis  | Midpoint Yield Spread  | 5.25<br> % <br>| 5.25<br> % <br>| 5.25<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.70<br> % <br>| 3.70<br> % <br>| 3.70<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| Oil & Gas Services  | &nbsp;&nbsp; 4274117<br>| Market Yield Analysis  | Midpoint Yield Spread  | 6.00<br> %<br>| 6.86<br> %<br>| 6.54<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.61<br> %<br>| 3.76<br> %<br>| 3.70<br> % <br>| &nbsp;&nbsp; Decrease |
| Preferred Stock  |  |  |  |  |  |  |  |
| Home Builders  | &nbsp;&nbsp; 2588580<br>| Market Yield Analysis  | Midpoint Yield Spread  | 6.24<br> % <br>| 6.24<br> % <br>| 6.24<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread  | 4.07<br> % <br>| 4.07<br> % <br>| 4.07<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| IT Services  | &nbsp;&nbsp; 3465352<br>| Comparable Company Analysis  | EV/Revenue Multiple  | &nbsp;&nbsp; 8.50x<br>| &nbsp;&nbsp; 8.50x<br>| &nbsp;&nbsp; 8.50x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Accrued Dividend/Share  | &nbsp;&nbsp; $1.05<br>| &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; Increase<br>|
| Software  | &nbsp;&nbsp; 68732<br>| Option Pricing Method | Volatility  | 80.00<br> % <br>| 80.00<br> % <br>| 80.00<br> % <br>| &nbsp;&nbsp; Increase |
|  |  |  | Risk Free Rate  | 3.96<br> % <br>| 3.96<br> % <br>| 3.96<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | EV/Gross Profit Multiple  | &nbsp;&nbsp; 4.50x<br>| &nbsp;&nbsp; 4.50x<br>| &nbsp;&nbsp; 4.50x<br>| &nbsp;&nbsp; Increase<br>|
| Oil & Gas  | &nbsp;&nbsp; 109618<br>| Option Pricing Method  | Volatility  | 49.00<br> % <br>| 49.00<br> % <br>| 49.00<br> % <br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Risk Free Rate  | 3.89<br> % <br>| 3.89<br> % <br>| 3.89<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | EV/Revenue Multiple  | &nbsp;&nbsp; 4.87x<br>| &nbsp;&nbsp; 4.87x<br>| &nbsp;&nbsp; 4.87x<br>| &nbsp;&nbsp; Increase<br>|
| Warrants  |  |  | Risk Free Rate  | 4.02<br> % <br>| 4.02<br> % <br>| 4.02<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| Lodging  | &nbsp;&nbsp; 63398<br>| Black-Scholes Model  | Volatility  | 32.50<br> % <br>| 32.50<br> % <br>| 32.50<br> % <br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Risk Free Rate  | 3.97<br> % <br>| 3.97<br> % <br>| 3.97<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Strike Price  | &nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp; Decrease<br>|
| IT Services  | &nbsp;&nbsp; 337679<br>| Comparable Company Analysis  | EV/Revenue Multiple  | &nbsp;&nbsp; 8.50x<br>| &nbsp;&nbsp; 8.50x<br>| &nbsp;&nbsp; 8.50x<br>| &nbsp;&nbsp; Increase<br>|
| Oil & Gas  | &nbsp;&nbsp; 49028<br>| Option Pricing Method  | Volatility  | 49.00<br> % <br>| 49.00<br> % <br>| 49.00<br> % <br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Risk Free Rate  | 3.89<br> % <br>| 3.89<br> % <br>| 3.89<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | EV/Revenue Multiple  | &nbsp;&nbsp; 4.87x<br>| &nbsp;&nbsp; 4.87x<br>| &nbsp;&nbsp; 4.87x<br>| &nbsp;&nbsp; Increase<br>|
| Common Stock  |  |  |  |  |  |  |  |
| Electrical Equipment  | &nbsp;&nbsp; 0<br>| Liquidation Analysis  | Expected Payout  | &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; Increase<br>|
| Wireless Telecommunication Services  | &nbsp;&nbsp; 28896<br>| Broker Quotations  | Single-Source Quote  | &nbsp;&nbsp; $28.00<br>| &nbsp;&nbsp; $28.00<br>| &nbsp;&nbsp; $28.00<br>| &nbsp;&nbsp; Increase<br>|
| \* Market values are net of unfunded loan commitments. | \* Market values are net of unfunded loan commitments. |  |  |  |  |  |  |

---

*See accompanying notes to financial statements.*

**BHFTII-53**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $3030639333 |
| Cash | &nbsp;&nbsp; 11263153 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 12233799 |
| Cash collateral for centrally cleared swap contracts | &nbsp;&nbsp; 14385000 |
| OTC swap contracts at market value (e) | &nbsp;&nbsp; 111236 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 563356 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 254681 |
| TBA securities sold (f) | &nbsp;&nbsp; 73235741 |
| Fund shares sold | &nbsp;&nbsp; 916533 |
| Principal paydowns | &nbsp;&nbsp; 124579 |
| Dividends and interest | &nbsp;&nbsp; 22466695 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 4521 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 507675 |
| Prepaid expenses | &nbsp;&nbsp; 19891 |
| Total Assets | &nbsp;&nbsp; 3166726193 |
| **Liabilities** |  |
| Written options at value (g) | &nbsp;&nbsp; 359365 |
| TBA Forward sale commitments, at value | &nbsp;&nbsp; 29092447 |
| OTC swap contracts at market value (h) | &nbsp;&nbsp; 565057 |
| Cash collateral (i) | &nbsp;&nbsp; 5806100 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1938641 |
| Collateral for securities loaned | &nbsp;&nbsp; 5304778 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 31865874 |
| TBA securities purchased | &nbsp;&nbsp; 500991489 |
| Fund shares redeemed | &nbsp;&nbsp; 229276 |
| Variation margin on futures contracts | &nbsp;&nbsp; 289145 |
| Interest on forward sales commitments | &nbsp;&nbsp; 63320 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 5304 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 712847 |
| Distribution and service fees | &nbsp;&nbsp; 89914 |
| Deferred trustees' fees | &nbsp;&nbsp; 213646 |
| Other expenses | &nbsp;&nbsp; 1102389 |
| Total Liabilities | &nbsp;&nbsp; 578629592 |
| Commitments and contingent liabilitites (j) | &nbsp;&nbsp; — |
| **Net Assets**  | &nbsp;&nbsp; $2588096601 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3134988076 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (546891475)<br>|
| **Net Assets**  | &nbsp;&nbsp; $2588096601 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2118941092 |
| Class B | &nbsp;&nbsp; 402869501 |
| Class E | &nbsp;&nbsp; 66286008 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 23893903 |
| Class B | &nbsp;&nbsp; 4646587 |
| Class E | &nbsp;&nbsp; 755553 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $88.68 |
| Class B | 86.70 |
| Class E | 87.73 |

---

&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 $3,139,943,098.

(b) Investments at value is net of unfunded loan commitments of $969,284.

(c) Includes securities loaned at value of $18,652,817.

(d) Identified cost of cash denominated in foreign currencies was $12,149,001.

(e) Net premium paid on OTC swap contracts was $19,988.

(f) Included within TBA securities sold is $38,070,498 related to TBA forward sale commitments and included within TBA securities purchased is $9,492,043 related to TBA forward sale commitments. 

(g) Premiums received on written options were $1,051,001.

(h) Net premium received on OTC swap contracts was $253,334.

(i) Includes collateral of $1,124,100 for OTC derivative contracts and $4,682,000 for TBA securities. 

(j) See Note 7 of the Notes to Financial Statements.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $262088 |
| Interest (b) | &nbsp;&nbsp; 62381253 |
| Securities lending income | &nbsp;&nbsp; 15930 |
| Total investment income | &nbsp;&nbsp; 62659271 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4522903 |
| Administration fees | &nbsp;&nbsp; 63891 |
| Custodian and accounting fees | &nbsp;&nbsp; 332647 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 507497 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 49651 |
| Audit and tax services | &nbsp;&nbsp; 70331 |
| Legal | &nbsp;&nbsp; 22723 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 63018 |
| Insurance | &nbsp;&nbsp; 11603 |
| Miscellaneous | &nbsp;&nbsp; 16509 |
| Total expenses | &nbsp;&nbsp; 5680817 |
| Less management fee waiver | &nbsp;&nbsp; (205763)<br>|
| Net expenses | &nbsp;&nbsp; 5475054 |
| **Net Investment Income** | &nbsp;&nbsp; 57184217 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (c) | &nbsp;&nbsp; (15068928)<br>|
| Purchased options | &nbsp;&nbsp; (3912197)<br>|
| Futures contracts | &nbsp;&nbsp; (1147706)<br>|
| Written options | &nbsp;&nbsp; 1469685 |
| Swap contracts | &nbsp;&nbsp; (1576315)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 378042 |
| Forward foreign currency transactions | &nbsp;&nbsp; (4827679)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (24685098)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 68798359 |
| Purchased options | &nbsp;&nbsp; 1764562 |
| Futures contracts | &nbsp;&nbsp; 4548774 |
| Written options | &nbsp;&nbsp; 401232 |
| Swap contracts | &nbsp;&nbsp; 4798482 |
| Foreign currency transactions | &nbsp;&nbsp; 307135 |
| Forward foreign currency transactions | &nbsp;&nbsp; (3002991)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 77615553 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 52930455 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $110114672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $662.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign withholding taxes of $19,940.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net of foreign capital gains tax of $1,825.

*See accompanying notes to financial statements.*

**BHFTII-54**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $57184217 | &nbsp;&nbsp; $128816271 |
| Net realized gain (loss) | &nbsp;&nbsp; (24685098)<br>| &nbsp;&nbsp; (32887607)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 77615553 | &nbsp;&nbsp; (51976594)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 110114672 | &nbsp;&nbsp; 43952070 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (113330478)<br>| &nbsp;&nbsp; (94630886)<br>|
| Class B | &nbsp;&nbsp; (21080638)<br>| &nbsp;&nbsp; (16624288)<br>|
| Class E | &nbsp;&nbsp; (3490058)<br>| &nbsp;&nbsp; (2836129)<br>|
| **Total distributions** | &nbsp;&nbsp; (137901174)<br>| &nbsp;&nbsp; (114091303)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 9116024 | &nbsp;&nbsp; (134420073)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (18670478)<br>| &nbsp;&nbsp; (204559306)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2606767079 | &nbsp;&nbsp; 2811326385 |
| End of period | &nbsp;&nbsp; $2588096601 | &nbsp;&nbsp; $2606767079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1172607 | &nbsp;&nbsp; $107523003 | &nbsp;&nbsp; 763276 | &nbsp;&nbsp; $69507785 |
| Reinvestments | &nbsp;&nbsp; 1296242 | &nbsp;&nbsp; 113330478 | &nbsp;&nbsp; 1070364 | &nbsp;&nbsp; 94630886 |
| Redemptions | &nbsp;&nbsp; (2197675)<br>| &nbsp;&nbsp; (201065925)<br>| &nbsp;&nbsp; (3292859)<br>| &nbsp;&nbsp; (298923522)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 271174 | &nbsp;&nbsp; $19787556 | &nbsp;&nbsp; (1459219)<br>| &nbsp;&nbsp; $(134784851)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 139374 | &nbsp;&nbsp; $12316141 | &nbsp;&nbsp; 459097 | &nbsp;&nbsp; $40851289 |
| Reinvestments | &nbsp;&nbsp; 246586 | &nbsp;&nbsp; 21080638 | &nbsp;&nbsp; 192099 | &nbsp;&nbsp; 16624288 |
| Redemptions | &nbsp;&nbsp; (479890)<br>| &nbsp;&nbsp; (42769630)<br>| &nbsp;&nbsp; (592974)<br>| &nbsp;&nbsp; (52798714)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (93930)<br>| &nbsp;&nbsp; $(9372851)<br>| &nbsp;&nbsp; 58222 | &nbsp;&nbsp; $4676863 |
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 9285 | &nbsp;&nbsp; $832791 | &nbsp;&nbsp; 57413 | &nbsp;&nbsp; $5161230 |
| Reinvestments | &nbsp;&nbsp; 40347 | &nbsp;&nbsp; 3490058 | &nbsp;&nbsp; 32409 | &nbsp;&nbsp; 2836129 |
| Redemptions | &nbsp;&nbsp; (62443)<br>| &nbsp;&nbsp; (5621530)<br>| &nbsp;&nbsp; (136749)<br>| &nbsp;&nbsp; (12309444)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (12811)<br>| &nbsp;&nbsp; $(1298681)<br>| &nbsp;&nbsp; (46927)<br>| &nbsp;&nbsp; $(4312085)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $9116024 |  | &nbsp;&nbsp; $(134420073)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-55**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30,** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $89.84 | &nbsp;&nbsp;&nbsp;&nbsp; $92.27 | &nbsp;&nbsp; $89.99 | &nbsp;&nbsp; $108.15 | &nbsp;&nbsp; $113.91 | &nbsp;&nbsp; $108.84 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| Net realized and unrealized gain (loss) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; (17.68)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.54 |
| Total income (loss) from investment operations | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp; (15.23)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.21 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (4.14)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp; (4.14)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $88.68 | &nbsp;&nbsp;&nbsp;&nbsp; $89.84 | &nbsp;&nbsp; $92.27 | &nbsp;&nbsp; $89.99 | &nbsp;&nbsp; $108.15 | &nbsp;&nbsp; $113.91 |
| **Total Return (%)** (b) | 4.33 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp; (14.15)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.60 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.41 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.41 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net ratio of expenses to average net assets (%) (e) | 0.39 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net ratio of expenses to average net assets excluding interest expense (%) (e) | 0.39 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Ratio of net investment income (loss) to average net assets (%) | 4.58 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 207 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 455 <br>(f)<br>| &nbsp;&nbsp; 435 <br>(f)<br>| &nbsp;&nbsp; 376 <br>(f)<br>| &nbsp;&nbsp; 486 <br>(f)<br>| &nbsp;&nbsp; 437 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2118.9 | &nbsp;&nbsp;&nbsp;&nbsp; $2122.2 | &nbsp;&nbsp; $2314.2 | &nbsp;&nbsp; $2354.2 | &nbsp;&nbsp; $3024.7 | &nbsp;&nbsp; $2797.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30,** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $87.82 | &nbsp;&nbsp;&nbsp;&nbsp; $90.28 | &nbsp;&nbsp; $88.08 | &nbsp;&nbsp; $105.87 | &nbsp;&nbsp; $111.65 | &nbsp;&nbsp; $106.74 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Net realized and unrealized gain (loss) | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (17.30)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.42 |
| Total income (loss) from investment operations | 3.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp; (15.14)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.76 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (3.85)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp; (3.85)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $86.70 | &nbsp;&nbsp;&nbsp;&nbsp; $87.82 | &nbsp;&nbsp; $90.28 | &nbsp;&nbsp; $88.08 | &nbsp;&nbsp; $105.87 | &nbsp;&nbsp; $111.65 |
| **Total Return (%)** (b) | 4.20 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.34 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.66 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.66 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net ratio of expenses to average net assets (%) (e) | 0.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net ratio of expenses to average net assets excluding interest expense (%) (e) | 0.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Ratio of net investment income (loss) to average net assets (%) | 4.33 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 207 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 455 <br>(f)<br>| &nbsp;&nbsp; 435 <br>(f)<br>| &nbsp;&nbsp; 376 <br>(f)<br>| &nbsp;&nbsp; 486 <br>(f)<br>| &nbsp;&nbsp; 437 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $402.9 | &nbsp;&nbsp;&nbsp;&nbsp; $416.3 | &nbsp;&nbsp; $422.7 | &nbsp;&nbsp; $410.3 | &nbsp;&nbsp; $539.9 | &nbsp;&nbsp; $516.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-56**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30,** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $88.85 | &nbsp;&nbsp;&nbsp;&nbsp; $91.28 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $107.01 | &nbsp;&nbsp; $112.78 | &nbsp;&nbsp; $107.78 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |
| Net realized and unrealized gain (loss) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp; (17.48)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.48 |
| Total income (loss) from investment operations | 3.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp; (15.20)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.96 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.96)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (3.96)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $87.73 | &nbsp;&nbsp;&nbsp;&nbsp; $88.85 | &nbsp;&nbsp; $91.28 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $107.01 | &nbsp;&nbsp; $112.78 |
| **Total Return (%)** (b) | 4.26 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp; (14.27)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.44 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net ratio of expenses to average net assets (%) (e) | 0.54 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net ratio of expenses to average net assets excluding interest expense (%) (e) | 0.54 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Ratio of net investment income (loss) to average net assets (%) | 4.43 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 207 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 455 <br>(f)<br>| &nbsp;&nbsp; 435 <br>(f)<br>| &nbsp;&nbsp; 376 <br>(f)<br>| &nbsp;&nbsp; 486 <br>(f)<br>| &nbsp;&nbsp; 437 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $66.3 | &nbsp;&nbsp;&nbsp;&nbsp; $68.3 | &nbsp;&nbsp; $74.4 | &nbsp;&nbsp; $76.9 | &nbsp;&nbsp; $100.2 | &nbsp;&nbsp; $93.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 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 88%, 181%, 130%, 64%, 82%, and 93% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 respectively.

*See accompanying notes to financial statements.*

**BHFTII-57**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| Axon Enterprise, Inc. (a) | 16463 | &nbsp;&nbsp; $13630376 |
| TransDigm Group, Inc.  | 23553 | &nbsp;&nbsp; 35815634 |
|  |  | &nbsp;&nbsp; 49446010 |
| **Automobiles — 3.7%** | **Automobiles — 3.7%** | **Automobiles — 3.7%** |
| Ferrari NV | 59463 | &nbsp;&nbsp; 29180873 |
| Tesla, Inc. (a) | 121793 | &nbsp;&nbsp; 38688764 |
|  |  | &nbsp;&nbsp; 67869637 |
| **Broadline Retail — 9.0%** | **Broadline Retail — 9.0%** | **Broadline Retail — 9.0%** |
| Amazon.com, Inc. (a) | 758489 | &nbsp;&nbsp; 166404902 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Trane Technologies PLC | 67483 | &nbsp;&nbsp; 29517739 |
| **Capital Markets — 4.1%** | **Capital Markets — 4.1%** | **Capital Markets — 4.1%** |
| Blue Owl Capital, Inc.  | 764381 | &nbsp;&nbsp; 14683759 |
| KKR & Co., Inc. (b) | 289595 | &nbsp;&nbsp; 38524823 |
| S&P Global, Inc.  | 40859 | &nbsp;&nbsp; 21544542 |
|  |  | &nbsp;&nbsp; 74753124 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Sherwin-Williams Co.  | 39100 | &nbsp;&nbsp; 13425376 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Copart, Inc. (a) | 130137 | &nbsp;&nbsp; 6385823 |
| **Entertainment — 6.1%** | **Entertainment — 6.1%** | **Entertainment — 6.1%** |
| Netflix, Inc. (a) (b) | 53932 | &nbsp;&nbsp; 72221959 |
| Spotify Technology SA (a) | 53336 | &nbsp;&nbsp; 40926846 |
|  |  | &nbsp;&nbsp; 113148805 |
| **Financial Services — 4.2%** | **Financial Services — 4.2%** | **Financial Services — 4.2%** |
| Visa, Inc. - Class A | 216564 | &nbsp;&nbsp; 76891048 |
| **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
| Boston Scientific Corp. (a) | 222708 | &nbsp;&nbsp; 23921066 |
| Intuitive Surgical, Inc. (a) | 64123 | &nbsp;&nbsp; 34845080 |
|  |  | &nbsp;&nbsp; 58766146 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| Hilton Worldwide Holdings, Inc.  | 75568 | &nbsp;&nbsp; 20126781 |
| **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** |
| Meta Platforms, Inc. - Class A | 180414 | &nbsp;&nbsp; 133161769 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Shopify, Inc. - Class A (a) | 59760 | &nbsp;&nbsp; 6893316 |
| **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
| Danaher Corp.  | 114871 | &nbsp;&nbsp; 22691617 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Charter Communications, Inc. - Class A (a) | 55709 | &nbsp;&nbsp; 22774396 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Eli Lilly & Co.  | 70067 | &nbsp;&nbsp; 54619329 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CoStar Group, Inc. (a) | 49296 | &nbsp;&nbsp; $3963398 |
| **Semiconductors & Semiconductor Equipment — 21.9%** | **Semiconductors & Semiconductor Equipment — 21.9%** | **Semiconductors & Semiconductor Equipment — 21.9%** |
| ASM International NV | 24509 | &nbsp;&nbsp; 15692297 |
| ASML Holding NV | 15417 | &nbsp;&nbsp; 12355030 |
| Broadcom, Inc.  | 408366 | &nbsp;&nbsp; 112566088 |
| NVIDIA Corp.  | 1440490 | &nbsp;&nbsp; 227583015 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 155265 | &nbsp;&nbsp; 35165970 |
|  |  | &nbsp;&nbsp; 403362400 |
| **Software — 19.3%** | **Software — 19.3%** | **Software — 19.3%** |
| AppLovin Corp. - Class A (a) | 109049 | &nbsp;&nbsp; 38175874 |
| Cadence Design Systems, Inc. (a) | 126152 | &nbsp;&nbsp; 38873739 |
| Fair Isaac Corp. (a) | 11221 | &nbsp;&nbsp; 20511539 |
| Intuit, Inc.  | 81612 | &nbsp;&nbsp; 64280059 |
| Microsoft Corp.  | 389765 | &nbsp;&nbsp; 193873009 |
|  |  | &nbsp;&nbsp; 355714220 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| Carvana Co. (a) | 55828 | &nbsp;&nbsp; 18811803 |
| **Technology Hardware, Storage & Peripherals — 5.6%** | **Technology Hardware, Storage & Peripherals — 5.6%** | **Technology Hardware, Storage & Peripherals — 5.6%** |
| Apple, Inc.  | 506705 | &nbsp;&nbsp; 103960665 |
| Total Common Stocks <br>(Cost $982,946,685) <br>|  | &nbsp;&nbsp; 1802688304 |
| **Convertible Preferred Stocks—1.8%** | **Convertible Preferred Stocks—1.8%** | **Convertible Preferred Stocks—1.8%** |
| **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |
| Databricks, Inc. - Series D † (a) (c) (d) | 239200 | &nbsp;&nbsp; 25876656 |
| Databricks, Inc. - Series J † (a) (c) (d) | 70572 | &nbsp;&nbsp; 7634479 |
| Total Convertible Preferred Stocks <br>(Cost $28,653,910) <br>|  | &nbsp;&nbsp; 33511135 |
| **Preferred Stocks—0.6%** | **Preferred Stocks—0.6%** | **Preferred Stocks—0.6%** |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Bytedance Ltd. - Series E-1 † (a) (c) (d) <br>(Cost $5,371,984)<br>| 49026 | &nbsp;&nbsp; 11375993 |

---

&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 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $1,457,662; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $1,486,752<br>| 1457530 | &nbsp;&nbsp; 1457530 |
| Total Short-Term Investments <br>(Cost $1,457,530) <br>|  | &nbsp;&nbsp; 1457530 |

---

*See accompanying notes to financial statements.*

**BHFTII-58**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—0.0%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (f)<br>| 100000 | &nbsp;&nbsp; $100000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (f)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (f)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (f)<br>| 100000 | &nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp; 400000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $178,189; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% <br> - 4.750%, maturity dates ranging from 02/15/45 - <br> 11/15/53, and an aggregate market value of $181,730<br>| 178167 | &nbsp;&nbsp; 178167 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $31,687; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% <br> - 3.250%, maturity dates ranging from 05/15/41 - <br> 05/15/52, and an aggregate market value of $32,317<br>| 31683 | &nbsp;&nbsp; 31683 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $100,012; collateralized <br> by various Common Stock with an aggregate market value of <br> $111,262<br>| 100000 | &nbsp;&nbsp; 100000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $100,012; collateralized <br> by various Common Stock with an aggregate market value of <br> $110,014<br>| 100000 | &nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp; 409850 |
| Total Securities Lending Reinvestments <br>(Cost $809,850) <br>|  | &nbsp;&nbsp; 809850 |
| Total Investments—100.2% <br>(Cost $1,019,239,959) <br>|  | &nbsp;&nbsp; 1849842812 |
| Other assets and liabilities (net)—(0.2)%  |  | &nbsp;&nbsp; (4053538)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1845789274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal  |

---

---

| | |
|:---|:---|
|  | restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of June 30, 2025, the market value of restricted securities was $44,887,128, <br> which is 2.4% 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 June 30, 2025, the market value of <br> securities loaned was $6,623,008 and the collateral received consisted of cash in the amount of <br> $809,850 and non-cash collateral with a value of $6,213,896. The cash collateral investments <br> are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of June 30, 2025, these securities represent 2.4% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (f) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Bytedance Ltd. - Series E-1 | 12/10/20 | &nbsp;&nbsp; 49026 | &nbsp;&nbsp; $5371984 | &nbsp;&nbsp; $11375993 |
| Databricks, Inc. - Series D | 03/27/25 | &nbsp;&nbsp; 239200 | &nbsp;&nbsp; 22126000 | &nbsp;&nbsp; 25876656 |
| Databricks, Inc. - Series J | 01/21/25 | &nbsp;&nbsp; 70572 | &nbsp;&nbsp; 6527910 | &nbsp;&nbsp; 7634479 |
|  |  |  |  | &nbsp;&nbsp; $44887128 |

---

*See accompanying notes to financial statements.*

**BHFTII-59**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $342343938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $420564912 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(809850)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(809850)<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; $(809850)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $49446010 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49446010 |
| Automobiles | &nbsp;&nbsp; 67869637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67869637 |
| Broadline Retail | &nbsp;&nbsp; 166404902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 166404902 |
| Building Products | &nbsp;&nbsp; 29517739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29517739 |
| Capital Markets | &nbsp;&nbsp; 74753124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74753124 |
| Chemicals | &nbsp;&nbsp; 13425376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13425376 |
| Commercial Services & Supplies | &nbsp;&nbsp; 6385823 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6385823 |
| Entertainment | &nbsp;&nbsp; 113148805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 113148805 |
| Financial Services | &nbsp;&nbsp; 76891048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76891048 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 58766146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58766146 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 20126781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20126781 |
| Interactive Media & Services | &nbsp;&nbsp; 133161769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 133161769 |
| IT Services | &nbsp;&nbsp; 6893316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6893316 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 22691617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22691617 |
| Media | &nbsp;&nbsp; 22774396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22774396 |
| Pharmaceuticals | &nbsp;&nbsp; 54619329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54619329 |
| Real Estate Management & Development | &nbsp;&nbsp; 3963398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3963398 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 387670103 | &nbsp;&nbsp; 15692297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 403362400 |
| Software | &nbsp;&nbsp; 355714220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 355714220 |
| Specialty Retail | &nbsp;&nbsp; 18811803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18811803 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 103960665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103960665 |
| Total Common Stocks | &nbsp;&nbsp; 1786996007 | &nbsp;&nbsp; 15692297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1802688304 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33511135 | &nbsp;&nbsp; 33511135 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11375993 | &nbsp;&nbsp; 11375993 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1457530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1457530 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 400000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 409850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 409850 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 409850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 809850 |
| Total Investments | &nbsp;&nbsp; $1787396007 | &nbsp;&nbsp; $17559677 | &nbsp;&nbsp; $44887128 | &nbsp;&nbsp; $1849842812 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(809850)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(809850)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-60**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of** <br>**December 31, 2024**<br>| **Purchases** | **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Balance as of** <br>**June 30, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from Investments** <br>**Held at** <br>**June 30, 2025**<br>|
| Convertible Preferred Stocks |  |  |  |  |  |
| Software | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28653910 | &nbsp;&nbsp; $4857225<br>| &nbsp;&nbsp; $33511135<br>| &nbsp;&nbsp; $4857225<br>|
| Preferred Stocks |  |  |  |  |  |
| Interactive Media & Services | &nbsp;&nbsp; 8858998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2516995<br>| &nbsp;&nbsp; 11375993<br>| &nbsp;&nbsp; 2516995<br>|
|  | &nbsp;&nbsp; $8858998 | &nbsp;&nbsp; $28653910 | &nbsp;&nbsp; $7374220<br>| &nbsp;&nbsp; $44887128<br>| &nbsp;&nbsp; $7374220<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Weighted** <br>**Average**<br>| **Relationship** <br>**Between Fair** <br>**Value and** <br>**Input; if input** <br>**value increases** <br>**then Fair Value:**<br>|
| Convertible Preferred Stocks |  |  |  |  |  |  |
| Software | &nbsp;&nbsp; $33511135<br>| Comparable Company Analysis  | Enterprise Value/CY Revenue  | &nbsp;&nbsp; 18.0x<br>| &nbsp;&nbsp; 18.0x<br>| &nbsp;&nbsp; Increase |
| Preferred Stocks |  |  |  |  |  |  |
| Interactive Media & Services | &nbsp;&nbsp; 11375993<br>| Comparable Company Analysis  | Enterprise Value/TTM Revenue  | &nbsp;&nbsp; 1.5x<br>| &nbsp;&nbsp; 1.5x<br>| &nbsp;&nbsp; Increase |

---

*See accompanying notes to financial statements.*

**BHFTII-61**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1849842812 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2612791 |
| Fund shares sold | &nbsp;&nbsp; 129946 |
| Dividends and interest | &nbsp;&nbsp; 166095 |
| Prepaid expenses | &nbsp;&nbsp; 14179 |
| Total Assets | &nbsp;&nbsp; 1852765823 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 809850 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 937799 |
| Fund shares redeemed | &nbsp;&nbsp; 3870082 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 778102 |
| Distribution and service fees | &nbsp;&nbsp; 73094 |
| Deferred trustees' fees | &nbsp;&nbsp; 215491 |
| Other expenses | &nbsp;&nbsp; 292131 |
| Total Liabilities | &nbsp;&nbsp; 6976549 |
| **Net Assets**  | &nbsp;&nbsp; $1845789274 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $894424328 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 951364946 |
| **Net Assets**  | &nbsp;&nbsp; $1845789274 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1457667120 |
| Class B | &nbsp;&nbsp; 336116403 |
| Class E | &nbsp;&nbsp; 52005751 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 34723258 |
| Class B | &nbsp;&nbsp; 9184656 |
| Class E | &nbsp;&nbsp; 1324970 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $41.98 |
| Class B | 36.60 |
| Class E | 39.25 |

---

&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 $1,019,239,959.

(b) Includes securities loaned at value of $6,623,008.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $3273744 |
| Interest | &nbsp;&nbsp; 92927 |
| Securities lending income | &nbsp;&nbsp; 17244 |
| Total investment income | &nbsp;&nbsp; 3383915 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5890064 |
| Administration fees | &nbsp;&nbsp; 42165 |
| Custodian and accounting fees | &nbsp;&nbsp; 41342 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 384178 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 36479 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 46097 |
| Insurance | &nbsp;&nbsp; 7322 |
| Miscellaneous | &nbsp;&nbsp; 9963 |
| Total expenses | &nbsp;&nbsp; 6525423 |
| Less management fee waiver | &nbsp;&nbsp; (1379483)<br>|
| Net expenses | &nbsp;&nbsp; 5145940 |
| **Net Investment Loss** | &nbsp;&nbsp; (1762025)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 122870072 |
| Foreign currency transactions | &nbsp;&nbsp; (124)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 122869948 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 1315905 |
| Foreign currency transactions | &nbsp;&nbsp; 1773 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1317678 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 124187626 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $122425601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $87,162.

*See accompanying notes to financial statements.*

**BHFTII-62**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1762025)<br>| &nbsp;&nbsp; $(2256692)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 122869948 | &nbsp;&nbsp; 244373325 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1317678 | &nbsp;&nbsp; 246087503 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 122425601 | &nbsp;&nbsp; 488204136 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (184777593)<br>| &nbsp;&nbsp; (83194998)<br>|
| Class B | &nbsp;&nbsp; (48152874)<br>| &nbsp;&nbsp; (20073538)<br>|
| Class E | &nbsp;&nbsp; (7021775)<br>| &nbsp;&nbsp; (3116139)<br>|
| **Total distributions** | &nbsp;&nbsp; (239952242)<br>| &nbsp;&nbsp; (106384675)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 162132057 | &nbsp;&nbsp; (222605846)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 44605416 | &nbsp;&nbsp; 159213615 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1801183858 | &nbsp;&nbsp; 1641970243 |
| End of period | &nbsp;&nbsp; $1845789274 | &nbsp;&nbsp; $1801183858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 657366 | &nbsp;&nbsp; $27885516 | &nbsp;&nbsp; 756828 | &nbsp;&nbsp; $30668090 |
| Reinvestments | &nbsp;&nbsp; 4586190 | &nbsp;&nbsp; 184777593 | &nbsp;&nbsp; 1995562 | &nbsp;&nbsp; 83194998 |
| Redemptions | &nbsp;&nbsp; (2081892)<br>| &nbsp;&nbsp; (90402075)<br>| &nbsp;&nbsp; (7632190)<br>| &nbsp;&nbsp; (318785834)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3161664 | &nbsp;&nbsp; $122261034 | &nbsp;&nbsp; (4879800)<br>| &nbsp;&nbsp; $(204922746)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 419761 | &nbsp;&nbsp; $15586112 | &nbsp;&nbsp; 771180 | &nbsp;&nbsp; $28467047 |
| Reinvestments | &nbsp;&nbsp; 1370705 | &nbsp;&nbsp; 48152874 | &nbsp;&nbsp; 540483 | &nbsp;&nbsp; 20073538 |
| Redemptions | &nbsp;&nbsp; (704571)<br>| &nbsp;&nbsp; (26897686)<br>| &nbsp;&nbsp; (1732625)<br>| &nbsp;&nbsp; (64339216)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1085895 | &nbsp;&nbsp; $36841300 | &nbsp;&nbsp; (420962)<br>| &nbsp;&nbsp; $(15798631)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 67341 | &nbsp;&nbsp; $2725029 | &nbsp;&nbsp; 174713 | &nbsp;&nbsp; $6814030 |
| Reinvestments | &nbsp;&nbsp; 186402 | &nbsp;&nbsp; 7021775 | &nbsp;&nbsp; 79110 | &nbsp;&nbsp; 3116139 |
| Redemptions | &nbsp;&nbsp; (166910)<br>| &nbsp;&nbsp; (6717081)<br>| &nbsp;&nbsp; (300992)<br>| &nbsp;&nbsp; (11814638)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 86833 | &nbsp;&nbsp; $3029723 | &nbsp;&nbsp; (47169)<br>| &nbsp;&nbsp; $(1884469)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $162132057 |  | &nbsp;&nbsp; $(222605846)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-63**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $45.10 | &nbsp;&nbsp; $36.24 | &nbsp;&nbsp; $24.69 | &nbsp;&nbsp; $56.20 | &nbsp;&nbsp; $53.39 | &nbsp;&nbsp; $43.16 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp; (20.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp;&nbsp;16.02 |
| Total income (loss) from investment operations | 2.92 | &nbsp;&nbsp;&nbsp;&nbsp;11.38 | &nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp; (20.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;15.95 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.03)<br>| &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; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp; (5.72)<br>|
| Total distributions | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp; (5.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $41.98 | &nbsp;&nbsp; $45.10 | &nbsp;&nbsp; $36.24 | &nbsp;&nbsp; $24.69 | &nbsp;&nbsp; $56.20 | &nbsp;&nbsp; $53.39 |
| **Total Return (%)** (b) | 7.05 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;&nbsp;49.61 | &nbsp;&nbsp; (37.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.20 | &nbsp;&nbsp;&nbsp;&nbsp;40.66 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.72 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net ratio of expenses to average net assets (%) (e) | 0.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.16 ) (d)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.14)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 20 <br>(c)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1457.7 | &nbsp;&nbsp; $1423.5 | &nbsp;&nbsp; $1320.7 | &nbsp;&nbsp; $1067.3 | &nbsp;&nbsp; $1703.3 | &nbsp;&nbsp; $1651.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $40.12 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $52.39 | &nbsp;&nbsp; $50.37 | &nbsp;&nbsp; $41.11 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain (loss) | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp; (18.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;15.15 |
| Total income (loss) from investment operations | 2.52 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp; (19.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;14.98 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp; (5.72)<br>|
| Total distributions | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp; (5.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $36.60 | &nbsp;&nbsp; $40.12 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $52.39 | &nbsp;&nbsp; $50.37 |
| **Total Return (%)** (b) | 6.92 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.65 | &nbsp;&nbsp;&nbsp;&nbsp;49.23 | &nbsp;&nbsp; (37.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.88 | &nbsp;&nbsp;&nbsp;&nbsp;40.31 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.97 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net ratio of expenses to average net assets (%) (e) | 0.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.41 ) (d)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 20 <br>(c)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $336.1 | &nbsp;&nbsp; $325.0 | &nbsp;&nbsp; $277.1 | &nbsp;&nbsp; $214.5 | &nbsp;&nbsp; $336.4 | &nbsp;&nbsp; $294.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-64**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $42.58 | &nbsp;&nbsp; $34.35 | &nbsp;&nbsp; $23.46 | &nbsp;&nbsp; $54.28 | &nbsp;&nbsp; $51.88 | &nbsp;&nbsp; $42.15 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized and unrealized gain (loss) | 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp; (19.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;15.58 |
| Total income (loss) from investment operations | 2.71 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp; (19.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;15.45 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp; (5.72)<br>|
| Total distributions | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (11.14)<br>| &nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp; (5.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $39.25 | &nbsp;&nbsp; $42.58 | &nbsp;&nbsp; $34.35 | &nbsp;&nbsp; $23.46 | &nbsp;&nbsp; $54.28 | &nbsp;&nbsp; $51.88 |
| **Total Return (%)** (b) | 6.97 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.81 | &nbsp;&nbsp;&nbsp;&nbsp;49.33 | &nbsp;&nbsp; (37.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.02 | &nbsp;&nbsp;&nbsp;&nbsp;40.44 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net ratio of expenses to average net assets (%) (e) | 0.71 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.31 ) (d)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.29)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 20 <br>(c)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $52.0 | &nbsp;&nbsp; $52.7 | &nbsp;&nbsp; $44.2 | &nbsp;&nbsp; $31.9 | &nbsp;&nbsp; $55.7 | &nbsp;&nbsp; $52.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-65**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—99.8% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificate of Deposit—28.0%** |  |  |
| Banco Santander SA |  |  |
| 4.510%, 07/08/25 | 12000000 | &nbsp;&nbsp; $12000091 |
| Bank of America NA |  |  |
| 4.420%, 11/05/25 | 2000000 | &nbsp;&nbsp; 1999839 |
| 4.500%, 01/02/26 | 2000000 | &nbsp;&nbsp; 2000310 |
| 4.540%, 07/10/25 | 2000000 | &nbsp;&nbsp; 2000020 |
| 4.640%, SOFR + 0.280%, 04/02/26 (a) | 3000000 | &nbsp;&nbsp; 2999745 |
| Bank of Montreal |  |  |
| 4.324%, 10/10/25 (b) | 3000000 | &nbsp;&nbsp; 2963220 |
| 4.500%, 01/23/26 | 3000000 | &nbsp;&nbsp; 3001405 |
| 4.560%, 11/10/25 | 2000000 | &nbsp;&nbsp; 2000035 |
| 4.680%, SOFR + 0.290%, 02/20/26 (a) | 2000000 | &nbsp;&nbsp; 2000675 |
| 4.770%, SOFR + 0.380%, 11/13/25 (a) | 2000000 | &nbsp;&nbsp; 2000541 |
| Barclays Bank PLC |  |  |
| 4.830%, SOFR + 0.440%, 04/21/26 (a) | 4000000 | &nbsp;&nbsp; 4003586 |
| BNP Paribas SA |  |  |
| 4.400%, 11/06/25 | 3000000 | &nbsp;&nbsp; 2999857 |
| 4.420%, 09/19/25 | 4000000 | &nbsp;&nbsp; 3999890 |
| 4.460%, 11/21/25 | 3000000 | &nbsp;&nbsp; 3000759 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.400%, 02/09/26 | 2000000 | &nbsp;&nbsp; 2001236 |
| 4.490%, 01/23/26 | 4000000 | &nbsp;&nbsp; 4002683 |
| 4.500%, 10/09/25 | 2000000 | &nbsp;&nbsp; 1999536 |
| 4.740%, SOFR + 0.350%, 09/23/25 (a) | 2000000 | &nbsp;&nbsp; 2001198 |
| 4.770%, SOFR + 0.380%, 12/22/25 (a) | 3000000 | &nbsp;&nbsp; 3002882 |
| 4.850%, SOFR + 0.460%, 05/15/26 (a) | 2000000 | &nbsp;&nbsp; 2003274 |
| 4.860%, SOFR + 0.470%, 05/21/26 (a) | 3000000 | &nbsp;&nbsp; 3005268 |
| Citibank NA |  |  |
| 4.480%, 01/21/26 | 1000000 | &nbsp;&nbsp; 1000222 |
| 4.480%, 02/25/26 | 1000000 | &nbsp;&nbsp; 1000490 |
| Cooperatieve Rabobank UA |  |  |
| 4.430%, 02/10/26 | 4000000 | &nbsp;&nbsp; 4002105 |
| 4.610%, SOFR + 0.220%, 03/06/26 (a) | 2000000 | &nbsp;&nbsp; 1999473 |
| Credit Agricole Corporate & Investment Bank SA |  |  |
| 4.410%, 11/07/25 | 4000000 | &nbsp;&nbsp; 4000356 |
| 4.450%, 11/21/25 | 2500000 | &nbsp;&nbsp; 2500757 |
| 4.470%, 07/31/25 | 7000000 | &nbsp;&nbsp; 7000731 |
| Korea Development Bank |  |  |
| 4.670%, SOFR + 0.270%, 11/13/25 (a) | 7500000 | &nbsp;&nbsp; 7500104 |
| 4.740%, SOFR + 0.340%, 10/24/25 (a) | 6500000 | &nbsp;&nbsp; 6501930 |
| Lloyds Bank Corporate Markets PLC |  |  |
| 4.410%, 05/15/26 | 3755000 | &nbsp;&nbsp; 3760244 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 4.450%, 12/03/25 | 4000000 | &nbsp;&nbsp; 4000250 |
| 4.620%, SOFR + 0.220%, 09/25/25 (a) | 4000000 | &nbsp;&nbsp; 4000509 |
| 4.650%, SOFR + 0.250%, 09/02/25 (a) | 3000000 | &nbsp;&nbsp; 3000691 |
| Mizuho Bank Ltd. |  |  |
| 4.650%, SOFR + 0.250%, 07/08/25 (a) | 2000000 | &nbsp;&nbsp; 2000069 |
| 4.700%, SOFR + 0.300%, 11/12/25 (a) | 2000000 | &nbsp;&nbsp; 2000838 |
| 4.740%, SOFR + 0.340%, 02/18/26 (a) | 2000000 | &nbsp;&nbsp; 2000713 |
| MUFG Bank Ltd. |  |  |
| 4.360%, 10/14/25 | 2500000 | &nbsp;&nbsp; 2499190 |
| 4.500%, 08/15/25 | 4000000 | &nbsp;&nbsp; 4000131 |
| 4.650%, SOFR + 0.250%, 07/07/25 (a) | 2000000 | &nbsp;&nbsp; 2000050 |
| Natixis SA |  |  |
| 4.430%, 11/05/25 | 2000000 | &nbsp;&nbsp; 1999866 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificate of Deposit—(Continued)** |  |  |
| Nordea Bank Abp |  |  |
| 4.640%, SOFR + 0.250%, 03/17/26 (a) | 2500000 | &nbsp;&nbsp; $2499873 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.420%, 08/22/25 | 12000000 | &nbsp;&nbsp; 11999339 |
| Royal Bank of Canada |  |  |
| 4.210%, 03/12/26 | 3000000 | &nbsp;&nbsp; 2997943 |
| 4.440%, 12/12/25 | 4000000 | &nbsp;&nbsp; 4000334 |
| 4.500%, 10/07/25 | 1000000 | &nbsp;&nbsp; 999956 |
| Standard Chartered Bank |  |  |
| 4.600%, 01/15/26 | 3250000 | &nbsp;&nbsp; 3252306 |
| 4.670%, 02/12/26 | 2000000 | &nbsp;&nbsp; 2003065 |
| State Street Bank & Trust Co. |  |  |
| 4.710%, SOFR + 0.320%, 11/12/25 (a) | 3000000 | &nbsp;&nbsp; 3000873 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.450%, 03/06/26 | 3000000 | &nbsp;&nbsp; 3001973 |
| 4.630%, SOFR + 0.230%, 10/01/25 (a) | 4000000 | &nbsp;&nbsp; 4001017 |
| 4.660%, SOFR + 0.260%, 12/11/25 (a) | 5000000 | &nbsp;&nbsp; 5000954 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.710%, SOFR + 0.310%, 10/30/25 (a) | 8000000 | &nbsp;&nbsp; 8004225 |
| Svenska Handelsbanken AB |  |  |
| 4.640%, SOFR + 0.250%, 07/10/25 (a) | 4000000 | &nbsp;&nbsp; 4000177 |
| 4.650%, SOFR + 0.260%, 02/20/26 (a) | 2500000 | &nbsp;&nbsp; 2500311 |
| Toronto-Dominion Bank |  |  |
| 4.500%, 10/07/25 | 1000000 | &nbsp;&nbsp; 999905 |
| 4.520%, 02/04/26 | 2500000 | &nbsp;&nbsp; 2501926 |
| 4.740%, SOFR + 0.350%, 09/22/25 (a) | 2000000 | &nbsp;&nbsp; 2000943 |
| 4.840%, SOFR + 0.450%, 04/28/26 (a) | 1500000 | &nbsp;&nbsp; 1501778 |
| 5.100%, 08/25/25 | 3000000 | &nbsp;&nbsp; 3002272 |
| Wells Fargo Bank NA |  |  |
| 4.700%, SOFR + 0.310%, 05/28/26 (a) | 3000000 | &nbsp;&nbsp; 3000253 |
| Westpac Banking Corp. |  |  |
| 4.360%, 03/04/26 | 3000000 | &nbsp;&nbsp; 3001471 |
| 4.620%, SOFR + 0.220%, 03/12/26 (a) | 4000000 | &nbsp;&nbsp; 3999430 |
| 4.650%, SOFR + 0.250%, 07/10/25 (a) | 3000000 | &nbsp;&nbsp; 3000133 |
| 4.680%, SOFR + 0.280%, 10/20/25 (a) | 4000000 | &nbsp;&nbsp; 4001525 |
|  |  | &nbsp;&nbsp; 216026751 |
| **Commercial Paper—48.3%** | **Commercial Paper—48.3%** | **Commercial Paper—48.3%** |
| ABN AMRO Funding USA LLC |  |  |
| 2.206%, 07/02/25 (144A) (b) | 3000000 | &nbsp;&nbsp; 2999277 |
| Alinghi Funding Co. LLC |  |  |
| 4.499%, 10/16/25 (144A) (b) | 3500000 | &nbsp;&nbsp; 3454115 |
| ANZ New Zealand International Ltd. |  |  |
| 4.436%, 02/23/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1945004 |
| 4.453%, 10/01/25 (144A) (b) | 3000000 | &nbsp;&nbsp; 2966911 |
| Aquitaine Funding Co. LLC |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 3000000 | &nbsp;&nbsp; 2999635 |
| ASB Bank Ltd. |  |  |
| 4.620%, SOFR + 0.230%, 09/29/25 (144A) (a) | 4000000 | &nbsp;&nbsp; 4000478 |
| Atlantic Asset Securitization LLC |  |  |
| 4.496%, 12/02/25 (144A) (b) | 2500000 | &nbsp;&nbsp; 2453374 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 4.502%, 11/25/25 (144A) (b) | 3000000 | &nbsp;&nbsp; 2947185 |
| 4.650%, SOFR + 0.260%, 08/21/25 (144A) (a) | 3000000 | &nbsp;&nbsp; 3000661 |
| Bank of New York Mellon |  |  |
| 4.640%, SOFR + 0.250%, 03/26/26 (a) | 2500000 | &nbsp;&nbsp; 2499093 |

---

*See accompanying notes to financial statements.*

**BHFTII-66**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Bank of Nova Scotia |  |  |
| 4.620%, SOFR + 0.230%, 03/06/26 (144A) (a) | 2500000 | &nbsp;&nbsp; $2499816 |
| Barclays Capital, Inc. |  |  |
| 4.525%, 10/22/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3944525 |
| Bedford Row Funding Corp. |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 6000000 | &nbsp;&nbsp; 5999278 |
| BPCE SA |  |  |
| 4.383%, 08/13/25 (144A) (b) | 2500000 | &nbsp;&nbsp; 2486637 |
| Britannia Funding Co. LLC |  |  |
| 4.513%, 10/09/25 (144A) (b) | 6000000 | &nbsp;&nbsp; 5925658 |
| 4.640%, SOFR + 0.250%, 08/06/25 (144A) (a) | 1000000 | &nbsp;&nbsp; 1000125 |
| Cabot Trail Funding LLC |  |  |
| 4.111%, 07/14/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3993210 |
| Caisse des Depots et Consignations |  |  |
| 4.400%, 09/25/25 (144A) (b) | 12000000 | &nbsp;&nbsp; 11873792 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.514%, 02/12/26 (144A) (b) | 1500000 | &nbsp;&nbsp; 1460781 |
| Cargill, Inc. |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 12000000 | &nbsp;&nbsp; 11998556 |
| CDP Financial, Inc. |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 20000000 | &nbsp;&nbsp; 19997604 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 9000000 | &nbsp;&nbsp; 8998915 |
| Zero Coupon, 07/01/25 (b) | 10000000 | &nbsp;&nbsp; 9998794 |
| 2.975%, 07/03/25 (144A) (b) | 1000000 | &nbsp;&nbsp; 999638 |
| Citigroup Global Markets, Inc. |  |  |
| 4.428%, 02/10/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3893938 |
| 4.690%, SOFR + 0.300%, 03/20/26 (144A) (a) | 2000000 | &nbsp;&nbsp; 1999983 |
| Columbia Funding Co. LLC |  |  |
| 4.061%, 07/11/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3994667 |
| 4.209%, 07/16/25 (144A) (b) | 7000000 | &nbsp;&nbsp; 6986411 |
| Commonwealth Bank of Australia |  |  |
| 4.590%, SOFR + 0.200%, 07/03/25 (144A) (a) | 3000000 | &nbsp;&nbsp; 3000027 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.553%, 12/08/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3922511 |
| DBS Bank Ltd. |  |  |
| 4.152%, 07/16/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3992306 |
| DNB Bank ASA |  |  |
| 4.332%, 03/18/26 (144A) (b) | 3000000 | &nbsp;&nbsp; 2910034 |
| 4.408%, 11/05/25 (144A) (b) | 2500000 | &nbsp;&nbsp; 2461775 |
| 4.418%, 02/12/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1947404 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am <br> Main<br>|  |  |
| 4.376%, 09/26/25 (144A) (b) | 2500000 | &nbsp;&nbsp; 2473225 |
| Falcon Asset Funding LLC |  |  |
| 4.720%, SOFR + 0.320%, 11/06/25 (144A) (a) | 3800000 | &nbsp;&nbsp; 3801053 |
| Federation des Caisses Desjardins du Quebec |  |  |
| 4.371%, 08/25/25 (144A) (b) | 12000000 | &nbsp;&nbsp; 11917941 |
| First Abu Dhabi Bank PJSC |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 2000000 | &nbsp;&nbsp; 1999760 |
| Glencove Funding LLC |  |  |
| 4.353%, 07/31/25 (144A) (b) | 8000000 | &nbsp;&nbsp; 7969822 |
| Helvetica Funding Co. LLC |  |  |
| 4.318%, 07/23/25 (144A) (b) | 9000000 | &nbsp;&nbsp; 8974850 |
| HQLA Funding LLC |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 9000000 | &nbsp;&nbsp; 8998905 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| HSBC Bank PLC |  |  |
| 4.670%, SOFR + 0.280%, 07/16/25 (144A) (a) | 3000000 | &nbsp;&nbsp; $3000241 |
| ING U.S. Funding LLC |  |  |
| 4.690%, SOFR + 0.300%, 02/06/26 (a) | 2000000 | &nbsp;&nbsp; 2000569 |
| 4.750%, SOFR + 0.360%, 10/24/25 (144A) (a) | 3600000 | &nbsp;&nbsp; 3602107 |
| Ionic Funding LLC |  |  |
| 2.251%, 07/02/25 (144A) (b) | 9082000 | &nbsp;&nbsp; 9079787 |
| 4.029%, 07/10/25 (144A) (b) | 2500000 | &nbsp;&nbsp; 2496935 |
| 4.088%, 07/11/25 (b) | 4000000 | &nbsp;&nbsp; 3994600 |
| Landesbank Baden-Wuerttemberg |  |  |
| Zero Coupon, 07/01/25 (b) | 15000000 | &nbsp;&nbsp; 14998188 |
| Lion Bay Funding LLC |  |  |
| 2.206%, 07/02/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3999036 |
| Lloyds Bank Corporate Markets PLC |  |  |
| 4.320%, 08/06/25 (b) | 4000000 | &nbsp;&nbsp; 3982088 |
| Lloyds Bank PLC |  |  |
| 4.433%, 10/29/25 (144A) (b) | 2000000 | &nbsp;&nbsp; 1970464 |
| Mackinac Funding Co. LLC |  |  |
| 4.356%, 08/05/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3982408 |
| 4.471%, 11/12/25 (144A) (b) | 3500000 | &nbsp;&nbsp; 3442709 |
| 4.487%, 11/19/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3931240 |
| 4.488%, 10/15/25 (144A) (b) | 3500000 | &nbsp;&nbsp; 3454210 |
| Macquarie Bank Ltd. |  |  |
| 4.352%, 08/21/25 (144A) (b) | 3500000 | &nbsp;&nbsp; 3477550 |
| 4.382%, 10/24/25 (144A) (b) | 1750000 | &nbsp;&nbsp; 1724973 |
| 4.455%, 11/19/25 (144A) (b) | 2000000 | &nbsp;&nbsp; 1965389 |
| 4.528%, 11/19/25 (144A) (b) | 3000000 | &nbsp;&nbsp; 2948083 |
| 4.546%, 02/12/26 (144A) (b) | 4000000 | &nbsp;&nbsp; 3893340 |
| 4.740%, SOFR + 0.350%, 04/07/26 (144A) (a) | 5000000 | &nbsp;&nbsp; 5001619 |
| 4.760%, SOFR + 0.370%, 08/15/25 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000667 |
| MUFG Bank Ltd. |  |  |
| 4.446%, 12/05/25 (b) | 3000000 | &nbsp;&nbsp; 2943221 |
| National Bank of Canada |  |  |
| 4.454%, 01/16/26 (144A) (b) | 3000000 | &nbsp;&nbsp; 2929250 |
| 4.770%, SOFR + 0.380%, 05/29/26 (144A) (a) | 2500000 | &nbsp;&nbsp; 2501919 |
| Natixis SA |  |  |
| 4.282%, 09/08/25 (b) | 3500000 | &nbsp;&nbsp; 3470223 |
| Nordea Bank Abp |  |  |
| 4.402%, 02/20/26 (144A) (b) | 3750000 | &nbsp;&nbsp; 3648202 |
| Paradelle Funding LLC |  |  |
| 4.715%, 07/16/25 (144A) (b) | 3000000 | &nbsp;&nbsp; 2994150 |
| Province of British Columbia |  |  |
| 3.036%, 07/03/25 (b) | 4500000 | &nbsp;&nbsp; 4498386 |
| Robert Bosch Finance LLC |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 12000000 | &nbsp;&nbsp; 11998548 |
| Royal Bank of Canada |  |  |
| 4.432%, 05/27/26 (144A) (b) | 2000000 | &nbsp;&nbsp; 1925781 |
| 4.446%, 11/07/25 (144A) (b) | 2500000 | &nbsp;&nbsp; 2461030 |
| 4.453%, 11/03/25 (144A) (b) | 2000000 | &nbsp;&nbsp; 1969732 |
| Sheffield Receivables Co. LLC |  |  |
| 3.983%, 07/10/25 (144A) (b) | 3500000 | &nbsp;&nbsp; 3495755 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.780%, SOFR + 0.390%, 04/28/26 (144A) (a) | 4000000 | &nbsp;&nbsp; 4002807 |
| Starbird Funding Corp. |  |  |
| 4.356%, 09/03/25 (144A) (b) | 3000000 | &nbsp;&nbsp; 2976212 |

---

*See accompanying notes to financial statements.*

**BHFTII-67**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.435%, 11/20/25 (144A) (b) | 2500000 | &nbsp;&nbsp; $2457383 |
| Svenska Handelsbanken AB |  |  |
| 4.650%, SOFR + 0.260%, 07/18/25 (144A) (a) | 3000000 | &nbsp;&nbsp; 3000260 |
| Swedbank AB |  |  |
| 4.590%, SOFR + 0.200%, 11/26/25 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000241 |
| 4.660%, SOFR + 0.270%, 07/03/25 (144A) (a) | 4000000 | &nbsp;&nbsp; 4000059 |
| 4.660%, SOFR + 0.270%, 07/16/25 (144A) (a) | 2000000 | &nbsp;&nbsp; 2000162 |
| UBS AG |  |  |
| 4.794%, SOFR + 0.450%, 04/14/26 (144A) (a) | 2000000 | &nbsp;&nbsp; 2001531 |
| United Overseas Bank Ltd. |  |  |
| 4.532%, SOFR + 0.170%, 09/17/25 (144A) (a) | 4000000 | &nbsp;&nbsp; 4000181 |
| Verto Capital I-A LLC |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 4000000 | &nbsp;&nbsp; 3999518 |
| Westpac Banking Corp. |  |  |
| 4.660%, SOFR + 0.270%, 02/03/26 (144A) (a) | 3500000 | &nbsp;&nbsp; 3500672 |
| 4.680%, SOFR + 0.290%, 01/02/26 (144A) (a) | 2500000 | &nbsp;&nbsp; 2500926 |
| 4.730%, SOFR + 0.340%, 04/30/26 (144A) (a) | 3000000 | &nbsp;&nbsp; 3002134 |
| 4.790%, SOFR + 0.400%, 04/10/26 (144A) (a) | 2500000 | &nbsp;&nbsp; 2502871 |
|  |  | &nbsp;&nbsp; 373415031 |
| **Repurchase Agreements—21.7%** | **Repurchase Agreements—21.7%** | **Repurchase Agreements—21.7%** |
| BofA Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.400%, due on <br> 07/01/25, with a maturity value of $73,008,922; <br> collateralized by U.S. Treasury Obligations at 0.000%, <br> maturing at 02/15/48 - 05/15/49, and an aggregate market <br> value of $74,973,952<br>| 73000000 | &nbsp;&nbsp; 73000000 |
| JPMorgan Securities LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.400%, due on <br> 07/01/25, with a maturity value of $80,009,778; <br> collateralized by U.S. Government Agency Obligations with <br> rates ranging from 5.000% - 7.000%, with maturity dates <br> ranging from 02/20/55 - 05/20/55, and an aggregate <br> market value of $81,409,644<br>| 80000000 | &nbsp;&nbsp; 80000000 |
| TD Securities (USA) LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25, with a maturity value of $15,001,838; <br> collateralized by U.S. Government Agency Obligations Security <br> at 3.000%, maturing 01/08/50, with a market value of <br> $15,438,186<br>| 15000000 | &nbsp;&nbsp; 15000000 |
|  |  | &nbsp;&nbsp; 168000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—0.4%** | **U.S. Treasury—0.4%** | **U.S. Treasury—0.4%** |
| U.S. Treasury Bills |  |  |
| 4.181%, 10/30/25 (b) | 3000000 | &nbsp;&nbsp; $2957819 |
| **Time Deposit—1.4%** |  |  |
| Royal Bank of Canada |  |  |
| 4.330%, 07/01/25 | 11000000 | &nbsp;&nbsp; 11000000 |
| Total Short-Term Investments <br>(Cost $771,336,794) <br>|  | &nbsp;&nbsp; 771399601 |
| Total Investments—99.8% <br>(Cost $771,336,794) <br>|  | &nbsp;&nbsp; 771399601 |
| Other assets and liabilities (net)—0.2%  |  | &nbsp;&nbsp; 1519141 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $772918742 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

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

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $325,029,869, which is 42.1% of net assets. 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Short-Term Investments\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $771399601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $771399601 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $771399601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $771399601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-68**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $603399601 |
| Repurchase Agreements at value which equals cost | &nbsp;&nbsp; 168000000 |
| Cash | &nbsp;&nbsp; 132727 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 504092 |
| Interest | &nbsp;&nbsp; 2143300 |
| Prepaid expenses | &nbsp;&nbsp; 6238 |
| Total Assets | &nbsp;&nbsp; 774185958 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 573376 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 206118 |
| Distribution and service fees | &nbsp;&nbsp; 81390 |
| Deferred trustees' fees | &nbsp;&nbsp; 213640 |
| Other expenses | &nbsp;&nbsp; 192692 |
| Total Liabilities | &nbsp;&nbsp; 1267216 |
| **Net Assets**  | &nbsp;&nbsp; $772918742 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $757790868 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 15127874 |
| **Net Assets**  | &nbsp;&nbsp; $772918742 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $349650020 |
| Class B | &nbsp;&nbsp; 359300484 |
| Class E | &nbsp;&nbsp; 63968238 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 3483961 |
| Class B | &nbsp;&nbsp; 3587769 |
| Class E | &nbsp;&nbsp; 637804 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $100.36 |
| Class B | 100.15 |
| Class E | 100.29 |

---

&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 $603,336,794.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $17474078 |
| Total investment income | &nbsp;&nbsp; 17474078 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1344201 |
| Administration fees | &nbsp;&nbsp; 24899 |
| Custodian and accounting fees | &nbsp;&nbsp; 24661 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 444219 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 48694 |
| Audit and tax services | &nbsp;&nbsp; 22709 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 32930 |
| Insurance | &nbsp;&nbsp; 3277 |
| Miscellaneous | &nbsp;&nbsp; 9928 |
| Total expenses | &nbsp;&nbsp; 1998284 |
| Less management fee waiver | &nbsp;&nbsp; (96014)<br>|
| Net expenses | &nbsp;&nbsp; 1902270 |
| **Net Investment Income** | &nbsp;&nbsp; 15571808 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (308) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (130138)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (130446)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $15441362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,423.

*See accompanying notes to financial statements.*

**BHFTII-69**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $15571808 | &nbsp;&nbsp; $38204738 |
| Net realized gain (loss) | &nbsp;&nbsp; (308)<br>| &nbsp;&nbsp; 1759 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (130138)<br>| &nbsp;&nbsp; (40660)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 15441362 | &nbsp;&nbsp; 38165837 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (17940519)<br>| &nbsp;&nbsp; (19861426)<br>|
| Class B | &nbsp;&nbsp; (17274935)<br>| &nbsp;&nbsp; (20849461)<br>|
| Class E | &nbsp;&nbsp; (3182701)<br>| &nbsp;&nbsp; (4171572)<br>|
| **Total distributions** | &nbsp;&nbsp; (38398155)<br>| &nbsp;&nbsp; (44882459)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 17405940 | &nbsp;&nbsp; 9575266 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (5550853)<br>| &nbsp;&nbsp; 2858644 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 778469595 | &nbsp;&nbsp; 775610951 |
| End of period | &nbsp;&nbsp; $772918742 | &nbsp;&nbsp; $778469595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 423377 | &nbsp;&nbsp; $44092925 | &nbsp;&nbsp; 1568603 | &nbsp;&nbsp; $163182686 |
| Reinvestments | &nbsp;&nbsp; 179154 | &nbsp;&nbsp; 17940519 | &nbsp;&nbsp; 196979 | &nbsp;&nbsp; 19861426 |
| Redemptions | &nbsp;&nbsp; (502405)<br>| &nbsp;&nbsp; (52179648)<br>| &nbsp;&nbsp; (1402690)<br>| &nbsp;&nbsp; (145672185)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 100126 | &nbsp;&nbsp; $9853796 | &nbsp;&nbsp; 362892 | &nbsp;&nbsp; $37371927 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 630507 | &nbsp;&nbsp; $65399861 | &nbsp;&nbsp; 1133617 | &nbsp;&nbsp; $117178216 |
| Reinvestments | &nbsp;&nbsp; 172853 | &nbsp;&nbsp; 17274935 | &nbsp;&nbsp; 207210 | &nbsp;&nbsp; 20849461 |
| Redemptions | &nbsp;&nbsp; (698209)<br>| &nbsp;&nbsp; (72552146)<br>| &nbsp;&nbsp; (1597523)<br>| &nbsp;&nbsp; (165050182)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 105151 | &nbsp;&nbsp; $10122650 | &nbsp;&nbsp; (256696)<br>| &nbsp;&nbsp; $(27022505)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 63120 | &nbsp;&nbsp; $6545993 | &nbsp;&nbsp; 151997 | &nbsp;&nbsp; $15875413 |
| Reinvestments | &nbsp;&nbsp; 31802 | &nbsp;&nbsp; 3182701 | &nbsp;&nbsp; 41401 | &nbsp;&nbsp; 4171572 |
| Redemptions | &nbsp;&nbsp; (118691)<br>| &nbsp;&nbsp; (12299200)<br>| &nbsp;&nbsp; (201028)<br>| &nbsp;&nbsp; (20821141)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (23769)<br>| &nbsp;&nbsp; $(2570506)<br>| &nbsp;&nbsp; (7630)<br>| &nbsp;&nbsp; $(774156)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $17405940 |  | &nbsp;&nbsp; $9575266 |

---

*See accompanying notes to financial statements.*

**BHFTII-70**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $103.59 | &nbsp;&nbsp; $104.59 | &nbsp;&nbsp; $101.26 | &nbsp;&nbsp; $99.82 | &nbsp;&nbsp; $100.35 | &nbsp;&nbsp; $101.88 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total income (loss) from investment operations | 2.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.97)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.97)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $100.36 | &nbsp;&nbsp; $103.59 | &nbsp;&nbsp; $104.59 | &nbsp;&nbsp; $101.26 | &nbsp;&nbsp; $99.82 | &nbsp;&nbsp; $100.35 |
| **Total Return (%)** (d) | 2.08 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.39 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net ratio of expenses to average net assets (%) (g) | 0.37 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Ratio of net investment income (loss) to average net assets (%) | 4.18 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $349.7 | &nbsp;&nbsp; $350.5 | &nbsp;&nbsp; $316.0 | &nbsp;&nbsp; $469.9 | &nbsp;&nbsp; $566.9 | &nbsp;&nbsp; $377.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $103.23 | &nbsp;&nbsp; $104.23 | &nbsp;&nbsp; $100.91 | &nbsp;&nbsp; $99.72 | &nbsp;&nbsp; $100.24 | &nbsp;&nbsp; $101.77 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total income (loss) from investment operations | 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.09)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.73)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (5.09)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.73)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $100.15 | &nbsp;&nbsp; $103.23 | &nbsp;&nbsp; $104.23 | &nbsp;&nbsp; $100.91 | &nbsp;&nbsp; $99.72 | &nbsp;&nbsp; $100.24 |
| **Total Return (%)** (d) | 1.95 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.64 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net ratio of expenses to average net assets (%) (g) | 0.62 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Ratio of net investment income (loss) to average net assets (%) | 3.93 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $359.3 | &nbsp;&nbsp; $359.5 | &nbsp;&nbsp; $389.8 | &nbsp;&nbsp; $421.3 | &nbsp;&nbsp; $405.7 | &nbsp;&nbsp; $446.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-71**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $103.43 | &nbsp;&nbsp; $104.43 | &nbsp;&nbsp; $101.10 | &nbsp;&nbsp; $99.81 | &nbsp;&nbsp; $100.33 | &nbsp;&nbsp; $101.85 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 2.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.02)<br>|
| Total income (loss) from investment operations | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.81)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.81)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $100.29 | &nbsp;&nbsp; $103.43 | &nbsp;&nbsp; $104.43 | &nbsp;&nbsp; $101.10 | &nbsp;&nbsp; $99.81 | &nbsp;&nbsp; $100.33 |
| **Total Return (%)** (d) | 1.99 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.54 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net ratio of expenses to average net assets (%) (g) | 0.52 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Ratio of net investment income (loss) to average net assets (%) | 4.03 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>| &nbsp;&nbsp; 0 <br>(h)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $64.0 | &nbsp;&nbsp; $68.4 | &nbsp;&nbsp; $69.9 | &nbsp;&nbsp; $79.3 | &nbsp;&nbsp; $81.8 | &nbsp;&nbsp; $90.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized and unrealized gain (loss) on investments was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from net realized capital gains were less than $0.01 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) There were no long term transactions during the six months ended June 30, 2025 and for each of the years ended December 31, 2024, 2023, 2022, 2021 and 2020.

*See accompanying notes to financial statements.*

**BHFTII-72**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.1%** | **Affiliated Mutual Funds — 100.1%** | **Affiliated Mutual Funds — 100.1%** |
| AB International Bond Portfolio (Class A) (a) | 829748 | &nbsp;&nbsp; $6347574 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 276600 | &nbsp;&nbsp; 3180895 |
| BlackRock Bond Income Portfolio (Class A) (b) | 465422 | &nbsp;&nbsp; 41259641 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 57139 | &nbsp;&nbsp; 2398708 |
| BlackRock High Yield Portfolio (Class A) (a) | 325713 | &nbsp;&nbsp; 2380965 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 291300 | &nbsp;&nbsp; 3169346 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 200955 | &nbsp;&nbsp; 2391361 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 4884 | &nbsp;&nbsp; 795160 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 610144 | &nbsp;&nbsp; 5534009 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) <br> (a)<br>| 1830245 | &nbsp;&nbsp; 15813316 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 212013 | &nbsp;&nbsp; 5565341 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a) <br>| 240104 | &nbsp;&nbsp; 3195777 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 151053 | &nbsp;&nbsp; 1570955 |
| Harris Oakmark International Portfolio (Class A) (a) | 225826 | &nbsp;&nbsp; 3181885 |
| Invesco Comstock Portfolio (Class A) (a) | 528896 | &nbsp;&nbsp; 6389064 |
| Invesco Global Equity Portfolio (Class A) (a) | 34143 | &nbsp;&nbsp; 798944 |
| Jennison Growth Portfolio (Class A) (b) | 216197 | &nbsp;&nbsp; 3197546 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 2914081 | &nbsp;&nbsp; 26022742 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 154551 | &nbsp;&nbsp; 1594967 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 75704 | &nbsp;&nbsp; 796407 |
| MFS Research International Portfolio (Class A) (a) | 247250 | &nbsp;&nbsp; 3179640 |
| MFS Value Portfolio (Class A) (b) | 621035 | &nbsp;&nbsp; 7986513 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 52277 | &nbsp;&nbsp; 791477 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 2611097 | &nbsp;&nbsp; 26215409 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| PIMCO Total Return Portfolio (Class A) (a) | 4077354 | &nbsp;&nbsp; $39754205 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 65776 | &nbsp;&nbsp; 794573 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 102923 | &nbsp;&nbsp; 2398110 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 189795 | &nbsp;&nbsp; 4773347 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 97047 | &nbsp;&nbsp; 797729 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 141000 | &nbsp;&nbsp; 2391358 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 3687797 | &nbsp;&nbsp; 31567541 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 334721 | &nbsp;&nbsp; 3936322 |
| Western Asset Management Strategic Bond Opportunities Portfolio <br> (Class A) (b)<br>| 1544117 | &nbsp;&nbsp; 15888963 |
| Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 3956486 | &nbsp;&nbsp; 41226581 |
| Total Investment Companies <br>(Cost $347,904,301) <br>|  | &nbsp;&nbsp; 317286371 |
| Total Investments—100.1% <br>(Cost $347,904,301) <br>|  | &nbsp;&nbsp; 317286371 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (341298)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $316945073 |

---

&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.)

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $6520258 | &nbsp;&nbsp; $710780 | &nbsp;&nbsp; $(519754)<br>| &nbsp;&nbsp; $(119451)<br>| &nbsp;&nbsp; $(244259)<br>| &nbsp;&nbsp; $6347574 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3211724 | &nbsp;&nbsp; 237181 | &nbsp;&nbsp; (677114)<br>| &nbsp;&nbsp; (131614)<br>| &nbsp;&nbsp; 540718 | &nbsp;&nbsp; 3180895 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 40803632 | &nbsp;&nbsp; 3475192 | &nbsp;&nbsp; (2530298)<br>| &nbsp;&nbsp; (448676)<br>| &nbsp;&nbsp; (40209)<br>| &nbsp;&nbsp; 41259641 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 2375641 | &nbsp;&nbsp; 543082 | &nbsp;&nbsp; (407150)<br>| &nbsp;&nbsp; 165589 | &nbsp;&nbsp; (278454)<br>| &nbsp;&nbsp; 2398708 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 2447303 | &nbsp;&nbsp; 193964 | &nbsp;&nbsp; (205613)<br>| &nbsp;&nbsp; 12888 | &nbsp;&nbsp; (67577)<br>| &nbsp;&nbsp; 2380965 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3158010 | &nbsp;&nbsp; 905509 | &nbsp;&nbsp; (183401)<br>| &nbsp;&nbsp; (58256)<br>| &nbsp;&nbsp; (652516)<br>| &nbsp;&nbsp; 3169346 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 2429687 | &nbsp;&nbsp; 488680 | &nbsp;&nbsp; (719087)<br>| &nbsp;&nbsp; 66497 | &nbsp;&nbsp; 125584 | &nbsp;&nbsp; 2391361 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 799263 | &nbsp;&nbsp; 213312 | &nbsp;&nbsp; (57912)<br>| &nbsp;&nbsp; 8099 | &nbsp;&nbsp; (167602)<br>| &nbsp;&nbsp; 795160 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 5708292 | &nbsp;&nbsp; 619850 | &nbsp;&nbsp; (401030)<br>| &nbsp;&nbsp; (21741)<br>| &nbsp;&nbsp; (371362)<br>| &nbsp;&nbsp; 5534009 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 16316059 | &nbsp;&nbsp; 1190600 | &nbsp;&nbsp; (1352938)<br>| &nbsp;&nbsp; (106822)<br>| &nbsp;&nbsp; (233583)<br>| &nbsp;&nbsp; 15813316 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 4811325 | &nbsp;&nbsp; 19239 | &nbsp;&nbsp; (5254822)<br>| &nbsp;&nbsp; (981113)<br>| &nbsp;&nbsp; 1405371 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 5634429 | &nbsp;&nbsp; 941143 | &nbsp;&nbsp; (447319)<br>| &nbsp;&nbsp; 18446 | &nbsp;&nbsp; (581358)<br>| &nbsp;&nbsp; 5565341 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 3203289 | &nbsp;&nbsp; 768705 | &nbsp;&nbsp; (358501)<br>| &nbsp;&nbsp; (42806)<br>| &nbsp;&nbsp; (374910)<br>| &nbsp;&nbsp; 3195777 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 1600074 | &nbsp;&nbsp; 84792 | &nbsp;&nbsp; (147851)<br>| &nbsp;&nbsp; 5335 | &nbsp;&nbsp; 28605 | &nbsp;&nbsp; 1570955 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 3240544 | &nbsp;&nbsp; 279176 | &nbsp;&nbsp; (829456)<br>| &nbsp;&nbsp; 177621 | &nbsp;&nbsp; 314000 | &nbsp;&nbsp; 3181885 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 6414899 | &nbsp;&nbsp; 1262091 | &nbsp;&nbsp; (877728)<br>| &nbsp;&nbsp; 83815 | &nbsp;&nbsp; (494013)<br>| &nbsp;&nbsp; 6389064 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 798862 | &nbsp;&nbsp; 173642 | &nbsp;&nbsp; (125076)<br>| &nbsp;&nbsp; (14381)<br>| &nbsp;&nbsp; (34103)<br>| &nbsp;&nbsp; 798944 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 3168447 | &nbsp;&nbsp; 824254 | &nbsp;&nbsp; (525470)<br>| &nbsp;&nbsp; 220870 | &nbsp;&nbsp; (490555)<br>| &nbsp;&nbsp; 3197546 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 25308642 | &nbsp;&nbsp; 2444403 | &nbsp;&nbsp; (1657350)<br>| &nbsp;&nbsp; (217465)<br>| &nbsp;&nbsp; 144512 | &nbsp;&nbsp; 26022742 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1571068 | &nbsp;&nbsp; 371858 | &nbsp;&nbsp; (124229)<br>| &nbsp;&nbsp; 6599 | &nbsp;&nbsp; (230329)<br>| &nbsp;&nbsp; 1594967 |

---

*See accompanying notes to financial statements.*

**BHFTII-73**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **June 30, 2025**<br>|
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; $790205 | &nbsp;&nbsp; $182961 | &nbsp;&nbsp; $(82725)<br>| &nbsp;&nbsp; $(17738)<br>| &nbsp;&nbsp; $(76296)<br>| &nbsp;&nbsp; $796407 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3225167 | &nbsp;&nbsp; 330656 | &nbsp;&nbsp; (636398)<br>| &nbsp;&nbsp; 133234 | &nbsp;&nbsp; 126981 | &nbsp;&nbsp; 3179640 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 8063817 | &nbsp;&nbsp; 1240074 | &nbsp;&nbsp; (829868)<br>| &nbsp;&nbsp; 59056 | &nbsp;&nbsp; (546566)<br>| &nbsp;&nbsp; 7986513 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 781129 | &nbsp;&nbsp; 190091 | &nbsp;&nbsp; (48119)<br>| &nbsp;&nbsp; 437 | &nbsp;&nbsp; (132061)<br>| &nbsp;&nbsp; 791477 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 26936649 | &nbsp;&nbsp; 880570 | &nbsp;&nbsp; (2418081)<br>| &nbsp;&nbsp; 56291 | &nbsp;&nbsp; 759980 | &nbsp;&nbsp; 26215409 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 40817440 | &nbsp;&nbsp; 2484614 | &nbsp;&nbsp; (3118494)<br>| &nbsp;&nbsp; (447575)<br>| &nbsp;&nbsp; 18220 | &nbsp;&nbsp; 39754205 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 900868 | &nbsp;&nbsp; (82310)<br>| &nbsp;&nbsp; (39345)<br>| &nbsp;&nbsp; 15360 | &nbsp;&nbsp; 794573 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 805685 | &nbsp;&nbsp; 35990 | &nbsp;&nbsp; (961575)<br>| &nbsp;&nbsp; (14896)<br>| &nbsp;&nbsp; 134796 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2380376 | &nbsp;&nbsp; 524672 | &nbsp;&nbsp; (346811)<br>| &nbsp;&nbsp; 127741 | &nbsp;&nbsp; (287868)<br>| &nbsp;&nbsp; 2398110 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4810571 | &nbsp;&nbsp; 824386 | &nbsp;&nbsp; (514444)<br>| &nbsp;&nbsp; 89730 | &nbsp;&nbsp; (436896)<br>| &nbsp;&nbsp; 4773347 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 798071 | &nbsp;&nbsp; 178431 | &nbsp;&nbsp; (85255)<br>| &nbsp;&nbsp; (30162)<br>| &nbsp;&nbsp; (63356)<br>| &nbsp;&nbsp; 797729 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2348144 | &nbsp;&nbsp; 713444 | &nbsp;&nbsp; (201820)<br>| &nbsp;&nbsp; 43125 | &nbsp;&nbsp; (511535)<br>| &nbsp;&nbsp; 2391358 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 31029333 | &nbsp;&nbsp; 2843532 | &nbsp;&nbsp; (2155027)<br>| &nbsp;&nbsp; (329751)<br>| &nbsp;&nbsp; 179454 | &nbsp;&nbsp; 31567541 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 3960799 | &nbsp;&nbsp; 489947 | &nbsp;&nbsp; (855865)<br>| &nbsp;&nbsp; 42471 | &nbsp;&nbsp; 298970 | &nbsp;&nbsp; 3936322 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 16314623 | &nbsp;&nbsp; 1461517 | &nbsp;&nbsp; (1394857)<br>| &nbsp;&nbsp; (418791)<br>| &nbsp;&nbsp; (73529)<br>| &nbsp;&nbsp; 15888963 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 42461220 | &nbsp;&nbsp; 2105196 | &nbsp;&nbsp; (3231179)<br>| &nbsp;&nbsp; (463558)<br>| &nbsp;&nbsp; 354902 | &nbsp;&nbsp; 41226581 |
|  | &nbsp;&nbsp; $325044677 | &nbsp;&nbsp; $31134402 | &nbsp;&nbsp; $(34364927)<br>| &nbsp;&nbsp; $(2586297)<br>| &nbsp;&nbsp; $(1941484)<br>| &nbsp;&nbsp; $317286371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $608108 | &nbsp;&nbsp; 829748 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 126753 | &nbsp;&nbsp; 21434 | &nbsp;&nbsp; 276600 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2210737 | &nbsp;&nbsp; 465422 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 310631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57139 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 161698 | &nbsp;&nbsp; 325713 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 461387 | &nbsp;&nbsp; 48784 | &nbsp;&nbsp; 291300 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 385957 | &nbsp;&nbsp; 30890 | &nbsp;&nbsp; 200955 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 146473 | &nbsp;&nbsp; 10407 | &nbsp;&nbsp; 4884 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 504412 | &nbsp;&nbsp; 610144 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 828205 | &nbsp;&nbsp; 1830245 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 684848 | &nbsp;&nbsp; 78760 | &nbsp;&nbsp; 212013 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 570701 | &nbsp;&nbsp; 16516 | &nbsp;&nbsp; 240104 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 45747 | &nbsp;&nbsp; 151053 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 105159 | &nbsp;&nbsp; 72109 | &nbsp;&nbsp; 225826 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 771257 | &nbsp;&nbsp; 133672 | &nbsp;&nbsp; 528896 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 118758 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 34143 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 547421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216197 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1082317 | &nbsp;&nbsp; 2914081 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 171618 | &nbsp;&nbsp; 19053 | &nbsp;&nbsp; 154551 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 88136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75704 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 177664 | &nbsp;&nbsp; 61137 | &nbsp;&nbsp; 247250 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 897841 | &nbsp;&nbsp; 143916 | &nbsp;&nbsp; 621035 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 101867 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 52277 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 194361 | &nbsp;&nbsp; 334300 | &nbsp;&nbsp; 2611097 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2313026 | &nbsp;&nbsp; 4077354 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7730 | &nbsp;&nbsp; 65776 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15431 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 327865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102923 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 444532 | &nbsp;&nbsp; 96092 | &nbsp;&nbsp; 189795 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 110059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97047 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 496372 | &nbsp;&nbsp; 6148 | &nbsp;&nbsp; 141000 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1472224 | &nbsp;&nbsp; 3687797 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 67597 | &nbsp;&nbsp; 127359 | &nbsp;&nbsp; 334721 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1240486 | &nbsp;&nbsp; 1544117 |

---

*See accompanying notes to financial statements.*

**BHFTII-74**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **June 30, 2025**<br>|
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1687583 | &nbsp;&nbsp; 3956486 |
|  | &nbsp;&nbsp; $7307257 | &nbsp;&nbsp; $13380242 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30241493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33472018 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $317286371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317286371 |
| Total Investments | &nbsp;&nbsp; $317286371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317286371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-75**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $317286371 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 220432 |
| Fund shares sold | &nbsp;&nbsp; 17726 |
| Due from investment advisor | &nbsp;&nbsp; 32782 |
| Total Assets | &nbsp;&nbsp; 317557311 |
| **Liabilities** |  |
| Payable for: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 10579 |
| Fund shares redeemed | &nbsp;&nbsp; 227579 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 25823 |
| Distribution and service fees | &nbsp;&nbsp; 60247 |
| Deferred trustees' fees | &nbsp;&nbsp; 213881 |
| Other expenses | &nbsp;&nbsp; 74129 |
| Total Liabilities | &nbsp;&nbsp; 612238 |
| **Net Assets**  | &nbsp;&nbsp; $316945073 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $348105064 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (31159991)<br>|
| **Net Assets**  | &nbsp;&nbsp; $316945073 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $21257420 |
| Class B | &nbsp;&nbsp; 295687653 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 2174034 |
| Class B | &nbsp;&nbsp; 30477737 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.78 |
| Class B | 9.70 |

---

&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 $347,904,301.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $13380242 |
| Total investment income | &nbsp;&nbsp; 13380242 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 157255 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 366918 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Miscellaneous | &nbsp;&nbsp; 4645 |
| Total expenses | &nbsp;&nbsp; 611276 |
| Less expenses reimbursed by the Adviser | &nbsp;&nbsp; (87103)<br>|
| Net expenses | &nbsp;&nbsp; 524173 |
| **Net Investment Income** | &nbsp;&nbsp; 12856069 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; (2586297)<br>|
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 7307257 |
| Net realized gain (loss) | &nbsp;&nbsp; 4720960 |
| Net change in unrealized appreciation (depreciation) on affiliated investments | &nbsp;&nbsp; (1941484)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 2779476 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $15635545 |

---

*See accompanying notes to financial statements.*

**BHFTII-76**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12856069 | &nbsp;&nbsp; $9780625 |
| Net realized gain (loss) | &nbsp;&nbsp; 4720960 | &nbsp;&nbsp; (2003476)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1941484)<br>| &nbsp;&nbsp; 6160505 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 15635545 | &nbsp;&nbsp; 13937654 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (724996)<br>| &nbsp;&nbsp; (656211)<br>|
| Class B | &nbsp;&nbsp; (9358747)<br>| &nbsp;&nbsp; (9312832)<br>|
| **Total distributions** | &nbsp;&nbsp; (10083743)<br>| &nbsp;&nbsp; (9969043)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (13340618)<br>| &nbsp;&nbsp; (52715438)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (7788816)<br>| &nbsp;&nbsp; (48746827)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 324733889 | &nbsp;&nbsp; 373480716 |
| End of period | &nbsp;&nbsp; $316945073 | &nbsp;&nbsp; $324733889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 94786 | &nbsp;&nbsp; $930197 | &nbsp;&nbsp; 207306 | &nbsp;&nbsp; $1997410 |
| Reinvestments | &nbsp;&nbsp; 75129 | &nbsp;&nbsp; 724996 | &nbsp;&nbsp; 69810 | &nbsp;&nbsp; 656211 |
| Redemptions | &nbsp;&nbsp; (195085)<br>| &nbsp;&nbsp; (1908875)<br>| &nbsp;&nbsp; (417662)<br>| &nbsp;&nbsp; (4021916)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (25170)<br>| &nbsp;&nbsp; $(253682)<br>| &nbsp;&nbsp; (140546)<br>| &nbsp;&nbsp; $(1368295)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1332689 | &nbsp;&nbsp; $12901678 | &nbsp;&nbsp; 2134467 | &nbsp;&nbsp; $20318023 |
| Reinvestments | &nbsp;&nbsp; 977925 | &nbsp;&nbsp; 9358747 | &nbsp;&nbsp; 998160 | &nbsp;&nbsp; 9312832 |
| Redemptions | &nbsp;&nbsp; (3649309)<br>| &nbsp;&nbsp; (35347361)<br>| &nbsp;&nbsp; (8497504)<br>| &nbsp;&nbsp; (80977998)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1338695)<br>| &nbsp;&nbsp; $(13086936)<br>| &nbsp;&nbsp; (5364877)<br>| &nbsp;&nbsp; $(51347143)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(13340618)<br>|  | &nbsp;&nbsp; $(52715438)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-77**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $11.11 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Total income (loss) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.59)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.55 |
| **Total Return (%)** (b) | 5.17 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp; (12.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;9.70 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (d) | 0.16 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net ratio of expenses to average net assets (%) (d) (f) | 0.10 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Ratio of net investment income (loss) to average net assets (%) (g) | 4.14 <br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 9 <br>(c)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $21.3 | &nbsp;&nbsp; $21.2 | &nbsp;&nbsp; $22.3 | &nbsp;&nbsp; $22.6 | &nbsp;&nbsp; $28.9 | &nbsp;&nbsp; $31.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $11.45 | &nbsp;&nbsp; $11.01 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Total income (loss) from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $11.45 |
| **Total Return (%)** (b) | 5.02 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp; (12.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (d) | 0.41 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net ratio of expenses to average net assets (%) (d) (f) | 0.35 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Ratio of net investment income (loss) to average net assets (%) (g) | 3.87 <br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 9 <br>(c)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $295.7 | &nbsp;&nbsp; $303.6 | &nbsp;&nbsp; $351.2 | &nbsp;&nbsp; $377.0 | &nbsp;&nbsp; $511.1 | &nbsp;&nbsp; $568.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

*See accompanying notes to financial statements.*

**BHFTII-78**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| AB International Bond Portfolio (Class A) (a) | 12676964 | &nbsp;&nbsp; $96978776 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 842235 | &nbsp;&nbsp; 8102299 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 7067733 | &nbsp;&nbsp; 81278927 |
| BlackRock Bond Income Portfolio (Class A) (b) | 3656643 | &nbsp;&nbsp; 324161371 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 1372360 | &nbsp;&nbsp; 57611653 |
| BlackRock High Yield Portfolio (Class A) (a) | 4339435 | &nbsp;&nbsp; 31721271 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 3655869 | &nbsp;&nbsp; 39775858 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 4798413 | &nbsp;&nbsp; 57101111 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 49761 | &nbsp;&nbsp; 8101584 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 6209359 | &nbsp;&nbsp; 56318885 |
| Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 11172988 | &nbsp;&nbsp; 96534618 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 3844654 | &nbsp;&nbsp; 30411214 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 4015705 | &nbsp;&nbsp; 105412266 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 5527431 | &nbsp;&nbsp; 73570110 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 2307755 | &nbsp;&nbsp; 24000655 |
| Harris Oakmark International Portfolio (Class A) (a) | 6366442 | &nbsp;&nbsp; 89703171 |
| Invesco Comstock Portfolio (Class A) (a) | 8773540 | &nbsp;&nbsp; 105984369 |
| Invesco Global Equity Portfolio (Class A) (a) | 1400866 | &nbsp;&nbsp; 32780257 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 1755660 | &nbsp;&nbsp; 16292522 |
| Jennison Growth Portfolio (Class A) (b) | 2779398 | &nbsp;&nbsp; 41107303 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 14801115 | &nbsp;&nbsp; 132173960 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 2365968 | &nbsp;&nbsp; 24416792 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 1822574 | &nbsp;&nbsp; 32842786 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 772832 | &nbsp;&nbsp; 8130193 |
| MFS Research International Portfolio (Class A) (a) | 4425949 | &nbsp;&nbsp; 56917699 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| MFS Value Portfolio (Class A) (b) | 9503911 | &nbsp;&nbsp; $122220300 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 1061938 | &nbsp;&nbsp; 16077740 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 16898476 | &nbsp;&nbsp; 169660696 |
| PIMCO Total Return Portfolio (Class A) (a) | 32324080 | &nbsp;&nbsp; 315159775 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 4032817 | &nbsp;&nbsp; 48716430 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 2115231 | &nbsp;&nbsp; 49284882 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 4520921 | &nbsp;&nbsp; 113701159 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 1978466 | &nbsp;&nbsp; 16262993 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 2394854 | &nbsp;&nbsp; 40616732 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 28224456 | &nbsp;&nbsp; 241601341 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 5468237 | &nbsp;&nbsp; 64306468 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 11013163 | &nbsp;&nbsp; 113325446 |
| Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 25550999 | &nbsp;&nbsp; 266241405 |
| Total Investment Companies <br>(Cost $3,413,711,779) <br>|  | &nbsp;&nbsp; 3208605017 |
| Total Investments—100.0% <br>(Cost $3,413,711,779) <br>|  | &nbsp;&nbsp; 3208605017 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (1160557)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3207444460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $108783897 | &nbsp;&nbsp; $9283937 | &nbsp;&nbsp; $(15684540)<br>| &nbsp;&nbsp; $(3432852)<br>| &nbsp;&nbsp; $(1971666)<br>| &nbsp;&nbsp; $96978776 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8081958 | &nbsp;&nbsp; 1574254 | &nbsp;&nbsp; (172860)<br>| &nbsp;&nbsp; (10388)<br>| &nbsp;&nbsp; (1370665)<br>| &nbsp;&nbsp; 8102299 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 81019849 | &nbsp;&nbsp; 3848475 | &nbsp;&nbsp; (13762660)<br>| &nbsp;&nbsp; (1100286)<br>| &nbsp;&nbsp; 11273549 | &nbsp;&nbsp; 81278927 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 326333178 | &nbsp;&nbsp; 23066585 | &nbsp;&nbsp; (21615140)<br>| &nbsp;&nbsp; (4364737)<br>| &nbsp;&nbsp; 741485 | &nbsp;&nbsp; 324161371 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 56779603 | &nbsp;&nbsp; 9765698 | &nbsp;&nbsp; (5548197)<br>| &nbsp;&nbsp; (852986)<br>| &nbsp;&nbsp; (2532465)<br>| &nbsp;&nbsp; 57611653 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 25119548 | &nbsp;&nbsp; 8714886 | &nbsp;&nbsp; (1269838)<br>| &nbsp;&nbsp; (31806)<br>| &nbsp;&nbsp; (811519)<br>| &nbsp;&nbsp; 31721271 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 39649437 | &nbsp;&nbsp; 9514504 | &nbsp;&nbsp; (213628)<br>| &nbsp;&nbsp; 28497 | &nbsp;&nbsp; (9202952)<br>| &nbsp;&nbsp; 39775858 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 57837912 | &nbsp;&nbsp; 10332842 | &nbsp;&nbsp; (15521434)<br>| &nbsp;&nbsp; 1386311 | &nbsp;&nbsp; 3065480 | &nbsp;&nbsp; 57101111 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8107898 | &nbsp;&nbsp; 1749659 | &nbsp;&nbsp; (100601)<br>| &nbsp;&nbsp; (4315)<br>| &nbsp;&nbsp; (1651057)<br>| &nbsp;&nbsp; 8101584 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 58613945 | &nbsp;&nbsp; 5771589 | &nbsp;&nbsp; (4076053)<br>| &nbsp;&nbsp; (263981)<br>| &nbsp;&nbsp; (3726615)<br>| &nbsp;&nbsp; 56318885 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 100492498 | &nbsp;&nbsp; 6598355 | &nbsp;&nbsp; (8520426)<br>| &nbsp;&nbsp; (1021881)<br>| &nbsp;&nbsp; (1013928)<br>| &nbsp;&nbsp; 96534618 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 78037554 | &nbsp;&nbsp; 80121 | &nbsp;&nbsp; (55935062)<br>| &nbsp;&nbsp; (22361771)<br>| &nbsp;&nbsp; 30590372 | &nbsp;&nbsp; 30411214 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 107201949 | &nbsp;&nbsp; 14497626 | &nbsp;&nbsp; (5390973)<br>| &nbsp;&nbsp; (251559)<br>| &nbsp;&nbsp; (10644777)<br>| &nbsp;&nbsp; 105412266 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 73801874 | &nbsp;&nbsp; 14019248 | &nbsp;&nbsp; (4127072)<br>| &nbsp;&nbsp; 393208 | &nbsp;&nbsp; (10517148)<br>| &nbsp;&nbsp; 73570110 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 23850499 | &nbsp;&nbsp; 730111 | &nbsp;&nbsp; (1034301)<br>| &nbsp;&nbsp; (131821)<br>| &nbsp;&nbsp; 586167 | &nbsp;&nbsp; 24000655 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 88811373 | &nbsp;&nbsp; 5067719 | &nbsp;&nbsp; (17496280)<br>| &nbsp;&nbsp; 3278890 | &nbsp;&nbsp; 10041469 | &nbsp;&nbsp; 89703171 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 105723464 | &nbsp;&nbsp; 15699009 | &nbsp;&nbsp; (8101145)<br>| &nbsp;&nbsp; 1699126 | &nbsp;&nbsp; (9036085)<br>| &nbsp;&nbsp; 105984369 |

---

*See accompanying notes to financial statements.*

**BHFTII-79**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **June 30, 2025**<br>|
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; $32565507 | &nbsp;&nbsp; $5587173 | &nbsp;&nbsp; $(3060831)<br>| &nbsp;&nbsp; $426924 | &nbsp;&nbsp; $(2738516)<br>| &nbsp;&nbsp; $32780257 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 15939936 | &nbsp;&nbsp; 1601534 | &nbsp;&nbsp; (921963)<br>| &nbsp;&nbsp; (306365)<br>| &nbsp;&nbsp; (20620)<br>| &nbsp;&nbsp; 16292522 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 40506557 | &nbsp;&nbsp; 8486217 | &nbsp;&nbsp; (3932992)<br>| &nbsp;&nbsp; (497372)<br>| &nbsp;&nbsp; (3455107)<br>| &nbsp;&nbsp; 41107303 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 125556829 | &nbsp;&nbsp; 15696802 | &nbsp;&nbsp; (8684679)<br>| &nbsp;&nbsp; (986438)<br>| &nbsp;&nbsp; 591446 | &nbsp;&nbsp; 132173960 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 23772063 | &nbsp;&nbsp; 4673118 | &nbsp;&nbsp; (454563)<br>| &nbsp;&nbsp; 5991 | &nbsp;&nbsp; (3579817)<br>| &nbsp;&nbsp; 24416792 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 32361333 | &nbsp;&nbsp; 5492632 | &nbsp;&nbsp; (3240339)<br>| &nbsp;&nbsp; 1222109 | &nbsp;&nbsp; (2992949)<br>| &nbsp;&nbsp; 32842786 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 7976058 | &nbsp;&nbsp; 1512667 | &nbsp;&nbsp; (325771)<br>| &nbsp;&nbsp; (34016)<br>| &nbsp;&nbsp; (998745)<br>| &nbsp;&nbsp; 8130193 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 56490895 | &nbsp;&nbsp; 4287777 | &nbsp;&nbsp; (8344357)<br>| &nbsp;&nbsp; 1480462 | &nbsp;&nbsp; 3002922 | &nbsp;&nbsp; 56917699 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 121874184 | &nbsp;&nbsp; 15908258 | &nbsp;&nbsp; (7891055)<br>| &nbsp;&nbsp; (456321)<br>| &nbsp;&nbsp; (7214766)<br>| &nbsp;&nbsp; 122220300 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 15619214 | &nbsp;&nbsp; 3415314 | &nbsp;&nbsp; (215544)<br>| &nbsp;&nbsp; (32651)<br>| &nbsp;&nbsp; (2708593)<br>| &nbsp;&nbsp; 16077740 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 175745191 | &nbsp;&nbsp; 4504182 | &nbsp;&nbsp; (15964185)<br>| &nbsp;&nbsp; (2302716)<br>| &nbsp;&nbsp; 7678224 | &nbsp;&nbsp; 169660696 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 317974476 | &nbsp;&nbsp; 23537708 | &nbsp;&nbsp; (23024618)<br>| &nbsp;&nbsp; (5008568)<br>| &nbsp;&nbsp; 1680777 | &nbsp;&nbsp; 315159775 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 24077018 | &nbsp;&nbsp; 29205056 | &nbsp;&nbsp; (5515104)<br>| &nbsp;&nbsp; 691664 | &nbsp;&nbsp; 257796 | &nbsp;&nbsp; 48716430 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 24023986 | &nbsp;&nbsp; 482252 | &nbsp;&nbsp; (29741429)<br>| &nbsp;&nbsp; (83883)<br>| &nbsp;&nbsp; 5319074 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 48791909 | &nbsp;&nbsp; 8343282 | &nbsp;&nbsp; (4057284)<br>| &nbsp;&nbsp; 190683 | &nbsp;&nbsp; (3983708)<br>| &nbsp;&nbsp; 49284882 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 112546381 | &nbsp;&nbsp; 14509996 | &nbsp;&nbsp; (4696134)<br>| &nbsp;&nbsp; (32595)<br>| &nbsp;&nbsp; (8626489)<br>| &nbsp;&nbsp; 113701159 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 16226988 | &nbsp;&nbsp; 2893398 | &nbsp;&nbsp; (827320)<br>| &nbsp;&nbsp; (119995)<br>| &nbsp;&nbsp; (1910078)<br>| &nbsp;&nbsp; 16262993 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 39427980 | &nbsp;&nbsp; 10481010 | &nbsp;&nbsp; (981870)<br>| &nbsp;&nbsp; (72025)<br>| &nbsp;&nbsp; (8238363)<br>| &nbsp;&nbsp; 40616732 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 242648392 | &nbsp;&nbsp; 17385377 | &nbsp;&nbsp; (17464198)<br>| &nbsp;&nbsp; (2163249)<br>| &nbsp;&nbsp; 1195019 | &nbsp;&nbsp; 241601341 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 62904846 | &nbsp;&nbsp; 4197231 | &nbsp;&nbsp; (8043696)<br>| &nbsp;&nbsp; 2276806 | &nbsp;&nbsp; 2971281 | &nbsp;&nbsp; 64306468 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 133900694 | &nbsp;&nbsp; 8817048 | &nbsp;&nbsp; (26224628)<br>| &nbsp;&nbsp; (6954036)<br>| &nbsp;&nbsp; 3786368 | &nbsp;&nbsp; 113325446 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 276440587 | &nbsp;&nbsp; 13685352 | &nbsp;&nbsp; (23289823)<br>| &nbsp;&nbsp; (2581008)<br>| &nbsp;&nbsp; 1986297 | &nbsp;&nbsp; 266241405 |
|  | &nbsp;&nbsp; $3295617460 | &nbsp;&nbsp; $345018002 | &nbsp;&nbsp; $(375472593)<br>| &nbsp;&nbsp; $(42378950)<br>| &nbsp;&nbsp; $(14178902)<br>| &nbsp;&nbsp; $3208605017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9264179 | &nbsp;&nbsp; 12676964 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1328742 | &nbsp;&nbsp; 131414 | &nbsp;&nbsp; 842235 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3242923 | &nbsp;&nbsp; 548386 | &nbsp;&nbsp; 7067733 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 17339917 | &nbsp;&nbsp; 3656643 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 7454760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1372360 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2131513 | &nbsp;&nbsp; 4339435 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 5825347 | &nbsp;&nbsp; 615936 | &nbsp;&nbsp; 3655869 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 9239289 | &nbsp;&nbsp; 739468 | &nbsp;&nbsp; 4798413 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1490255 | &nbsp;&nbsp; 105882 | &nbsp;&nbsp; 49761 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5115472 | &nbsp;&nbsp; 6209359 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5034942 | &nbsp;&nbsp; 11172988 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3844654 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 12953960 | &nbsp;&nbsp; 1489757 | &nbsp;&nbsp; 4015705 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 13140448 | &nbsp;&nbsp; 380285 | &nbsp;&nbsp; 5527431 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 701390 | &nbsp;&nbsp; 2307755 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 2977839 | &nbsp;&nbsp; 2041947 | &nbsp;&nbsp; 6366442 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 12869058 | &nbsp;&nbsp; 2230432 | &nbsp;&nbsp; 8773540 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 4915621 | &nbsp;&nbsp; 47371 | &nbsp;&nbsp; 1400866 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1755660 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 7025134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2779398 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5527694 | &nbsp;&nbsp; 14801115 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 2634264 | &nbsp;&nbsp; 292462 | &nbsp;&nbsp; 2365968 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 4283261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1822574 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 906250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 772832 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3179857 | &nbsp;&nbsp; 1094233 | &nbsp;&nbsp; 4425949 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 13679933 | &nbsp;&nbsp; 2192776 | &nbsp;&nbsp; 9503911 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 2074045 | &nbsp;&nbsp; 16629 | &nbsp;&nbsp; 1061938 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 1249390 | &nbsp;&nbsp; 2148950 | &nbsp;&nbsp; 16898476 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 18140020 | &nbsp;&nbsp; 32324080 |

---

*See accompanying notes to financial statements.*

**BHFTII-80**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **June 30, 2025**<br>|
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $477548 | &nbsp;&nbsp; 4032817 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 467557 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 6736596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2115231 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10577775 | &nbsp;&nbsp; 2286542 | &nbsp;&nbsp; 4520921 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2257270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1978466 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 8465059 | &nbsp;&nbsp; 104836 | &nbsp;&nbsp; 2394854 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 11317818 | &nbsp;&nbsp; 28224456 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 1114218 | &nbsp;&nbsp; 2099250 | &nbsp;&nbsp; 5468237 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8817048 | &nbsp;&nbsp; 11013163 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10885064 | &nbsp;&nbsp; 25550999 |
|  | &nbsp;&nbsp; $139621294 | &nbsp;&nbsp; $113786718 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $316304339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $346758930 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $3208605017 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3208605017 |
| Total Investments | &nbsp;&nbsp; $3208605017 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3208605017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-81**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $3208605017 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 2686017 |
| Fund shares sold | &nbsp;&nbsp; 7546 |
| Total Assets | &nbsp;&nbsp; 3211298580 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 2693563 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 161273 |
| Distribution and service fees | &nbsp;&nbsp; 640775 |
| Deferred trustees' fees | &nbsp;&nbsp; 285075 |
| Other expenses | &nbsp;&nbsp; 73434 |
| Total Liabilities | &nbsp;&nbsp; 3854120 |
| **Net Assets**  | &nbsp;&nbsp; $3207444460 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3266895300 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (59450840)<br>|
| **Net Assets**  | &nbsp;&nbsp; $3207444460 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $56619911 |
| Class B | &nbsp;&nbsp; 3150824549 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 5567286 |
| Class B | &nbsp;&nbsp; 313803729 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.17 |
| Class B | 10.04 |

---

&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 $3,413,711,779.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $113786718 |
| Total investment income | &nbsp;&nbsp; 113786718 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 984402 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 3923365 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Miscellaneous | &nbsp;&nbsp; 5937 |
| Total expenses | &nbsp;&nbsp; 4996162 |
| **Net Investment Income** | &nbsp;&nbsp; 108790556 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; (42378950)<br>|
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 139621294 |
| Net realized gain (loss) | &nbsp;&nbsp; 97242344 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; (14178902)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 83063442 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $191853998 |

---

*See accompanying notes to financial statements.*

**BHFTII-82**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $108790556 | &nbsp;&nbsp; $82663341 |
| Net realized gain (loss) | &nbsp;&nbsp; 97242344 | &nbsp;&nbsp; 36528031 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14178902)<br>| &nbsp;&nbsp; 83171898 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 191853998 | &nbsp;&nbsp; 202363270 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (2275240)<br>| &nbsp;&nbsp; (1594785)<br>|
| Class B | &nbsp;&nbsp; (120140382)<br>| &nbsp;&nbsp; (87266770)<br>|
| **Total distributions** | &nbsp;&nbsp; (122415622)<br>| &nbsp;&nbsp; (88861555)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (156412933)<br>| &nbsp;&nbsp; (457558733)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (86974557)<br>| &nbsp;&nbsp; (344057018)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3294419017 | &nbsp;&nbsp; 3638476035 |
| End of period | &nbsp;&nbsp; $3207444460 | &nbsp;&nbsp; $3294419017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 380249 | &nbsp;&nbsp; $3881435 | &nbsp;&nbsp; 198101 | &nbsp;&nbsp; $1967168 |
| Reinvestments | &nbsp;&nbsp; 227070 | &nbsp;&nbsp; 2275240 | &nbsp;&nbsp; 164242 | &nbsp;&nbsp; 1594785 |
| Redemptions | &nbsp;&nbsp; (622619)<br>| &nbsp;&nbsp; (6312654)<br>| &nbsp;&nbsp; (958002)<br>| &nbsp;&nbsp; (9507297)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (15300)<br>| &nbsp;&nbsp; $(155979)<br>| &nbsp;&nbsp; (595659)<br>| &nbsp;&nbsp; $(5945344)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1453566 | &nbsp;&nbsp; $14493471 | &nbsp;&nbsp; 2879151 | &nbsp;&nbsp; $28125143 |
| Reinvestments | &nbsp;&nbsp; 12135392 | &nbsp;&nbsp; 120140382 | &nbsp;&nbsp; 9099767 | &nbsp;&nbsp; 87266770 |
| Redemptions | &nbsp;&nbsp; (29109514)<br>| &nbsp;&nbsp; (290890807)<br>| &nbsp;&nbsp; (58041597)<br>| &nbsp;&nbsp; (567005302)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (15520556)<br>| &nbsp;&nbsp; $(156256954)<br>| &nbsp;&nbsp; (46062679)<br>| &nbsp;&nbsp; $(451613389)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(156412933)<br>|  | &nbsp;&nbsp; $(457558733)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-83**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.66 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total income (loss) from investment operations | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.34)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.54)<br>|
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.88)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $11.98 |
| **Total Return (%)** (b) | 6.31 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;10.82 | &nbsp;&nbsp; (13.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;11.31 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.07 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 3.54 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $56.6 | &nbsp;&nbsp; $55.7 | &nbsp;&nbsp; $59.7 | &nbsp;&nbsp; $60.3 | &nbsp;&nbsp; $76.8 | &nbsp;&nbsp; $75.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $11.94 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $11.53 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Total income (loss) from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.54)<br>|
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.85)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $11.94 | &nbsp;&nbsp; $11.84 |
| **Total Return (%)** (b) | 6.21 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp; (13.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;11.04 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.32 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 3.22 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $3150.8 | &nbsp;&nbsp; $3238.8 | &nbsp;&nbsp; $3578.8 | &nbsp;&nbsp; $3721.3 | &nbsp;&nbsp; $4940.6 | &nbsp;&nbsp; $5241.0 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

*See accompanying notes to financial statements.*

**BHFTII-84**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| AB International Bond Portfolio (Class A) (a) | 23304174 | &nbsp;&nbsp; $178276929 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 2318076 | &nbsp;&nbsp; 22299894 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 27382095 | &nbsp;&nbsp; 314894093 |
| BlackRock Bond Income Portfolio (Class A) (b) | 7642348 | &nbsp;&nbsp; 677494162 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 5436980 | &nbsp;&nbsp; 228244434 |
| BlackRock High Yield Portfolio (Class A) (a) | 12721787 | &nbsp;&nbsp; 92996261 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 11739523 | &nbsp;&nbsp; 127726012 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 22768050 | &nbsp;&nbsp; 270939798 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 135799 | &nbsp;&nbsp; 22109463 |
| Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 8134645 | &nbsp;&nbsp; 90863981 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 17112982 | &nbsp;&nbsp; 155214744 |
| Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 17948264 | &nbsp;&nbsp; 155073002 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 19849104 | &nbsp;&nbsp; 157006415 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 14482812 | &nbsp;&nbsp; 380173812 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 20270317 | &nbsp;&nbsp; 269797923 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 12725913 | &nbsp;&nbsp; 132349491 |
| Harris Oakmark International Portfolio (Class A) (a) | 25624427 | &nbsp;&nbsp; 361048181 |
| Invesco Comstock Portfolio (Class A) (a) | 31689012 | &nbsp;&nbsp; 382803266 |
| Invesco Global Equity Portfolio (Class A) (a) | 3875710 | &nbsp;&nbsp; 90691609 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 12091953 | &nbsp;&nbsp; 112213327 |
| Jennison Growth Portfolio (Class A) (b) | 18479425 | &nbsp;&nbsp; 273310701 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 24952229 | &nbsp;&nbsp; 222823404 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 6414592 | &nbsp;&nbsp; 66198591 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 13880598 | &nbsp;&nbsp; 250128372 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 6362379 | &nbsp;&nbsp; 66932227 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| MFS Research International Portfolio (Class A) (a) | 17496367 | &nbsp;&nbsp; $225003274 |
| MFS Value Portfolio (Class A) (b) | 34998314 | &nbsp;&nbsp; 450078312 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 4297764 | &nbsp;&nbsp; 65068142 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 22168339 | &nbsp;&nbsp; 222570125 |
| PIMCO Total Return Portfolio (Class A) (a) | 57194099 | &nbsp;&nbsp; 557642465 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 18518097 | &nbsp;&nbsp; 223698617 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 8788809 | &nbsp;&nbsp; 204779243 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 16015369 | &nbsp;&nbsp; 402786531 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 5449862 | &nbsp;&nbsp; 44797863 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 7828172 | &nbsp;&nbsp; 132765793 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 54583846 | &nbsp;&nbsp; 467237726 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 22674399 | &nbsp;&nbsp; 266650927 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 12938285 | &nbsp;&nbsp; 133134953 |
| Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 36282958 | &nbsp;&nbsp; 378068425 |
| Total Investment Companies <br>(Cost $9,175,226,729) <br>|  | &nbsp;&nbsp; 8875892488 |
| Total Investments—100.0% <br>(Cost $9,175,226,729) <br>|  | &nbsp;&nbsp; 8875892488 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (2448451)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $8873444037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $205216255 | &nbsp;&nbsp; $17015944 | &nbsp;&nbsp; $(34084835)<br>| &nbsp;&nbsp; $(7430324)<br>| &nbsp;&nbsp; $(2440111)<br>| &nbsp;&nbsp; $178276929 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22135988 | &nbsp;&nbsp; 4172957 | &nbsp;&nbsp; (213379)<br>| &nbsp;&nbsp; (29375)<br>| &nbsp;&nbsp; (3766297)<br>| &nbsp;&nbsp; 22299894 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 307470747 | &nbsp;&nbsp; 14691575 | &nbsp;&nbsp; (45974696)<br>| &nbsp;&nbsp; (8687395)<br>| &nbsp;&nbsp; 47393862 | &nbsp;&nbsp; 314894093 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 681608054 | &nbsp;&nbsp; 47460990 | &nbsp;&nbsp; (44034004)<br>| &nbsp;&nbsp; (10402647)<br>| &nbsp;&nbsp; 2861769 | &nbsp;&nbsp; 677494162 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 223770091 | &nbsp;&nbsp; 31978178 | &nbsp;&nbsp; (13840358)<br>| &nbsp;&nbsp; 700383 | &nbsp;&nbsp; (14363860)<br>| &nbsp;&nbsp; 228244434 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 77639189 | &nbsp;&nbsp; 21994324 | &nbsp;&nbsp; (4216587)<br>| &nbsp;&nbsp; (370118)<br>| &nbsp;&nbsp; (2050547)<br>| &nbsp;&nbsp; 92996261 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 130823154 | &nbsp;&nbsp; 26856328 | &nbsp;&nbsp; (194412)<br>| &nbsp;&nbsp; 32858 | &nbsp;&nbsp; (29791916)<br>| &nbsp;&nbsp; 127726012 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 269029373 | &nbsp;&nbsp; 47422275 | &nbsp;&nbsp; (65769692)<br>| &nbsp;&nbsp; 15813715 | &nbsp;&nbsp; 4444127 | &nbsp;&nbsp; 270939798 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22197416 | &nbsp;&nbsp; 4574303 | &nbsp;&nbsp; (139870)<br>| &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; (4522351)<br>| &nbsp;&nbsp; 22109463 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 88420559 | &nbsp;&nbsp; 7885936 | &nbsp;&nbsp; (16594581)<br>| &nbsp;&nbsp; (2034273)<br>| &nbsp;&nbsp; 13186340 | &nbsp;&nbsp; 90863981 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 160198273 | &nbsp;&nbsp; 16949117 | &nbsp;&nbsp; (10913183)<br>| &nbsp;&nbsp; (789308)<br>| &nbsp;&nbsp; (10230155)<br>| &nbsp;&nbsp; 155214744 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 182887991 | &nbsp;&nbsp; 8077224 | &nbsp;&nbsp; (33020550)<br>| &nbsp;&nbsp; (3468708)<br>| &nbsp;&nbsp; 597045 | &nbsp;&nbsp; 155073002 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 168584601 | &nbsp;&nbsp; 54003 | &nbsp;&nbsp; (32993954)<br>| &nbsp;&nbsp; (16379130)<br>| &nbsp;&nbsp; 37740895 | &nbsp;&nbsp; 157006415 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 381827670 | &nbsp;&nbsp; 52064176 | &nbsp;&nbsp; (14334147)<br>| &nbsp;&nbsp; 27609 | &nbsp;&nbsp; (39411496)<br>| &nbsp;&nbsp; 380173812 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 269790178 | &nbsp;&nbsp; 48833745 | &nbsp;&nbsp; (11973253)<br>| &nbsp;&nbsp; 1231564 | &nbsp;&nbsp; (38084311)<br>| &nbsp;&nbsp; 269797923 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 128924422 | &nbsp;&nbsp; 4521096 | &nbsp;&nbsp; (3521954)<br>| &nbsp;&nbsp; (275722)<br>| &nbsp;&nbsp; 2701649 | &nbsp;&nbsp; 132349491 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 349849969 | &nbsp;&nbsp; 20216072 | &nbsp;&nbsp; (61824801)<br>| &nbsp;&nbsp; (10683895)<br>| &nbsp;&nbsp; 63490836 | &nbsp;&nbsp; 361048181 |

---

*See accompanying notes to financial statements.*

**BHFTII-85**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **June 30, 2025**<br>|
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; $378905186 | &nbsp;&nbsp; $54101518 | &nbsp;&nbsp; $(23677930)<br>| &nbsp;&nbsp; $1153923 | &nbsp;&nbsp; $(27679431)<br>| &nbsp;&nbsp; $382803266 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 89501136 | &nbsp;&nbsp; 13627955 | &nbsp;&nbsp; (5945523)<br>| &nbsp;&nbsp; 754774 | &nbsp;&nbsp; (7246733)<br>| &nbsp;&nbsp; 90691609 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 109585662 | &nbsp;&nbsp; 8272204 | &nbsp;&nbsp; (3308643)<br>| &nbsp;&nbsp; (842951)<br>| &nbsp;&nbsp; (1492945)<br>| &nbsp;&nbsp; 112213327 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 267787999 | &nbsp;&nbsp; 48820911 | &nbsp;&nbsp; (16767704)<br>| &nbsp;&nbsp; (2091559)<br>| &nbsp;&nbsp; (24438946)<br>| &nbsp;&nbsp; 273310701 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 227578907 | &nbsp;&nbsp; 12801470 | &nbsp;&nbsp; (17180767)<br>| &nbsp;&nbsp; (1981975)<br>| &nbsp;&nbsp; 1605769 | &nbsp;&nbsp; 222823404 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 65348391 | &nbsp;&nbsp; 10644347 | &nbsp;&nbsp; (75056)<br>| &nbsp;&nbsp; (11799)<br>| &nbsp;&nbsp; (9707292)<br>| &nbsp;&nbsp; 66198591 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 245250379 | &nbsp;&nbsp; 34883809 | &nbsp;&nbsp; (16190404)<br>| &nbsp;&nbsp; 6075999 | &nbsp;&nbsp; (19891411)<br>| &nbsp;&nbsp; 250128372 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 65973185 | &nbsp;&nbsp; 10758118 | &nbsp;&nbsp; (1335652)<br>| &nbsp;&nbsp; 41117 | &nbsp;&nbsp; (8504541)<br>| &nbsp;&nbsp; 66932227 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 218432477 | &nbsp;&nbsp; 17630774 | &nbsp;&nbsp; (28312798)<br>| &nbsp;&nbsp; 7500729 | &nbsp;&nbsp; 9752092 | &nbsp;&nbsp; 225003274 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 444545877 | &nbsp;&nbsp; 58312981 | &nbsp;&nbsp; (24423250)<br>| &nbsp;&nbsp; (3531176)<br>| &nbsp;&nbsp; (24826120)<br>| &nbsp;&nbsp; 450078312 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 64344853 | &nbsp;&nbsp; 11978193 | &nbsp;&nbsp; (62928)<br>| &nbsp;&nbsp; (11229)<br>| &nbsp;&nbsp; (11180747)<br>| &nbsp;&nbsp; 65068142 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 227516779 | &nbsp;&nbsp; 7655222 | &nbsp;&nbsp; (19559874)<br>| &nbsp;&nbsp; (1867279)<br>| &nbsp;&nbsp; 8825277 | &nbsp;&nbsp; 222570125 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 569118406 | &nbsp;&nbsp; 39222062 | &nbsp;&nbsp; (44882181)<br>| &nbsp;&nbsp; (8679213)<br>| &nbsp;&nbsp; 2863391 | &nbsp;&nbsp; 557642465 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 108643444 | &nbsp;&nbsp; 134144299 | &nbsp;&nbsp; (21677298)<br>| &nbsp;&nbsp; 1846170 | &nbsp;&nbsp; 742002 | &nbsp;&nbsp; 223698617 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 108404172 | &nbsp;&nbsp; 2140109 | &nbsp;&nbsp; (135687570)<br>| &nbsp;&nbsp; (211779)<br>| &nbsp;&nbsp; 25355068 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 201203103 | &nbsp;&nbsp; 28541095 | &nbsp;&nbsp; (8993501)<br>| &nbsp;&nbsp; 1194574 | &nbsp;&nbsp; (17166028)<br>| &nbsp;&nbsp; 204779243 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 396011882 | &nbsp;&nbsp; 49772030 | &nbsp;&nbsp; (12427374)<br>| &nbsp;&nbsp; (1446433)<br>| &nbsp;&nbsp; (29123574)<br>| &nbsp;&nbsp; 402786531 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 44451441 | &nbsp;&nbsp; 6786013 | &nbsp;&nbsp; (874844)<br>| &nbsp;&nbsp; (69121)<br>| &nbsp;&nbsp; (5495626)<br>| &nbsp;&nbsp; 44797863 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 129900042 | &nbsp;&nbsp; 30251307 | &nbsp;&nbsp; (329407)<br>| &nbsp;&nbsp; (1993)<br>| &nbsp;&nbsp; (27054156)<br>| &nbsp;&nbsp; 132765793 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 467018692 | &nbsp;&nbsp; 33500908 | &nbsp;&nbsp; (31425951)<br>| &nbsp;&nbsp; (3822421)<br>| &nbsp;&nbsp; 1966498 | &nbsp;&nbsp; 467237726 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 255882500 | &nbsp;&nbsp; 19673735 | &nbsp;&nbsp; (30316115)<br>| &nbsp;&nbsp; 4282988 | &nbsp;&nbsp; 17127819 | &nbsp;&nbsp; 266650927 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 182341501 | &nbsp;&nbsp; 10246823 | &nbsp;&nbsp; (56246536)<br>| &nbsp;&nbsp; (14508241)<br>| &nbsp;&nbsp; 11301406 | &nbsp;&nbsp; 133134953 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 387853613 | &nbsp;&nbsp; 22450259 | &nbsp;&nbsp; (31294174)<br>| &nbsp;&nbsp; (4452304)<br>| &nbsp;&nbsp; 3511031 | &nbsp;&nbsp; 378068425 |
|  | &nbsp;&nbsp; $8925973557 | &nbsp;&nbsp; $1040984385 | &nbsp;&nbsp; $(924639736)<br>| &nbsp;&nbsp; $(63424000)<br>| &nbsp;&nbsp; $(103001718)<br>| &nbsp;&nbsp; $8875892488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17015944 | &nbsp;&nbsp; 23304174 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3648907 | &nbsp;&nbsp; 360881 | &nbsp;&nbsp; 2318076 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 12563314 | &nbsp;&nbsp; 2124485 | &nbsp;&nbsp; 27382095 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 36239744 | &nbsp;&nbsp; 7642348 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 29303874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5436980 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6248789 | &nbsp;&nbsp; 12721787 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 18705785 | &nbsp;&nbsp; 1977834 | &nbsp;&nbsp; 11739523 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 43908084 | &nbsp;&nbsp; 3514191 | &nbsp;&nbsp; 22768050 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4061847 | &nbsp;&nbsp; 288593 | &nbsp;&nbsp; 135799 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 5223790 | &nbsp;&nbsp; 2661176 | &nbsp;&nbsp; 8134645 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 14103700 | &nbsp;&nbsp; 17112982 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8076994 | &nbsp;&nbsp; 17948264 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19849104 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 46694160 | &nbsp;&nbsp; 5370016 | &nbsp;&nbsp; 14482812 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 47417818 | &nbsp;&nbsp; 1372273 | &nbsp;&nbsp; 20270317 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3868443 | &nbsp;&nbsp; 12725913 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 11989089 | &nbsp;&nbsp; 8221089 | &nbsp;&nbsp; 25624427 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 46104227 | &nbsp;&nbsp; 7990667 | &nbsp;&nbsp; 31689012 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 13481884 | &nbsp;&nbsp; 129922 | &nbsp;&nbsp; 3875710 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12091953 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 46386247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18479425 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 9367138 | &nbsp;&nbsp; 24952229 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 7063044 | &nbsp;&nbsp; 784156 | &nbsp;&nbsp; 6414592 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 32412326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13880598 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 7380355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6362379 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 12583186 | &nbsp;&nbsp; 4330049 | &nbsp;&nbsp; 17496367 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 50257184 | &nbsp;&nbsp; 8055796 | &nbsp;&nbsp; 34998314 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 8393760 | &nbsp;&nbsp; 67300 | &nbsp;&nbsp; 4297764 |

---

*See accompanying notes to financial statements.*

**BHFTII-86**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **June 30, 2025**<br>|
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; $1637088 | &nbsp;&nbsp; $2815791 | &nbsp;&nbsp; 22168339 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 32236956 | &nbsp;&nbsp; 57194099 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2143830 | &nbsp;&nbsp; 18518097 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2126556 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 27756894 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8788809 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 37283652 | &nbsp;&nbsp; 8059409 | &nbsp;&nbsp; 16015369 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 6139678 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5449862 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 27401036 | &nbsp;&nbsp; 339351 | &nbsp;&nbsp; 7828172 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 21887379 | &nbsp;&nbsp; 54583846 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 4624088 | &nbsp;&nbsp; 8712050 | &nbsp;&nbsp; 22674399 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10246823 | &nbsp;&nbsp; 12938285 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15442796 | &nbsp;&nbsp; 36282958 |
|  | &nbsp;&nbsp; $552421317 | &nbsp;&nbsp; $246180121 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $908995381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $792650731 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $8875892488 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8875892488 |
| Total Investments | &nbsp;&nbsp; $8875892488 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8875892488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-87**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $8875892488 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 6373840 |
| Fund shares sold | &nbsp;&nbsp; 37342 |
| Total Assets | &nbsp;&nbsp; 8882303670 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 6411182 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 390536 |
| Distribution and service fees | &nbsp;&nbsp; 1736357 |
| Deferred trustees' fees | &nbsp;&nbsp; 249478 |
| Other expenses | &nbsp;&nbsp; 72080 |
| Total Liabilities | &nbsp;&nbsp; 8859633 |
| **Net Assets**  | &nbsp;&nbsp; $8873444037 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $8549080020 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 324364017 |
| **Net Assets**  | &nbsp;&nbsp; $8873444037 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $308582790 |
| Class B | &nbsp;&nbsp; 8564861247 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 29266263 |
| Class B | &nbsp;&nbsp; 817529373 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.54 |
| Class B | 10.48 |

---

&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 $9,175,226,729.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $246180121 |
| Total investment income | &nbsp;&nbsp; 246180121 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2359293 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 10496154 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Miscellaneous | &nbsp;&nbsp; 7977 |
| Total expenses | &nbsp;&nbsp; 12945882 |
| **Net Investment Income** | &nbsp;&nbsp; 233234239 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; (63424000)<br>|
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 552421317 |
| Net realized gain (loss) | &nbsp;&nbsp; 488997317 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; (103001718)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 385995599 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $619229838 |

---

*See accompanying notes to financial statements.*

**BHFTII-88**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $233234239 | &nbsp;&nbsp; $184358438 |
| Net realized gain (loss) | &nbsp;&nbsp; 488997317 | &nbsp;&nbsp; 230183517 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (103001718)<br>| &nbsp;&nbsp; 322049258 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 619229838 | &nbsp;&nbsp; 736591213 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (15322991)<br>| &nbsp;&nbsp; (11396489)<br>|
| Class B | &nbsp;&nbsp; (408714052)<br>| &nbsp;&nbsp; (320276585)<br>|
| **Total distributions** | &nbsp;&nbsp; (424037043)<br>| &nbsp;&nbsp; (331673074)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (245143963)<br>| &nbsp;&nbsp; (1042645210)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (49951168)<br>| &nbsp;&nbsp; (637727071)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 8923395205 | &nbsp;&nbsp; 9561122276 |
| End of period | &nbsp;&nbsp; $8873444037 | &nbsp;&nbsp; $8923395205 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 439707 | &nbsp;&nbsp; $4618751 | &nbsp;&nbsp; 711271 | &nbsp;&nbsp; $7301106 |
| Reinvestments | &nbsp;&nbsp; 1476203 | &nbsp;&nbsp; 15322991 | &nbsp;&nbsp; 1137374 | &nbsp;&nbsp; 11396489 |
| Redemptions | &nbsp;&nbsp; (1590916)<br>| &nbsp;&nbsp; (16689966)<br>| &nbsp;&nbsp; (3441441)<br>| &nbsp;&nbsp; (35362124)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 324994 | &nbsp;&nbsp; $3251776 | &nbsp;&nbsp; (1592796)<br>| &nbsp;&nbsp; $(16664529)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1640917 | &nbsp;&nbsp; $17162729 | &nbsp;&nbsp; 4475541 | &nbsp;&nbsp; $45473025 |
| Reinvestments | &nbsp;&nbsp; 39642488 | &nbsp;&nbsp; 408714052 | &nbsp;&nbsp; 32156284 | &nbsp;&nbsp; 320276585 |
| Redemptions | &nbsp;&nbsp; (64754180)<br>| &nbsp;&nbsp; (674272520)<br>| &nbsp;&nbsp; (136792962)<br>| &nbsp;&nbsp; (1391730291)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (23470775)<br>| &nbsp;&nbsp; $(248395739)<br>| &nbsp;&nbsp; (100161137)<br>| &nbsp;&nbsp; $(1025980681)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(245143963)<br>|  | &nbsp;&nbsp; $(1042645210)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-89**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $12.17 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Total income (loss) from investment operations | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.83)<br>|
| Total distributions | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $12.55 |
| **Total Return (%)** (b) | 7.44 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp; (15.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.06 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 2.79 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 9 <br>(c)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $308.6 | &nbsp;&nbsp; $299.0 | &nbsp;&nbsp; $302.6 | &nbsp;&nbsp; $288.1 | &nbsp;&nbsp; $366.2 | &nbsp;&nbsp; $343.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $12.09 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Total income (loss) from investment operations | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.83)<br>|
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.09)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $12.47 |
| **Total Return (%)** (b) | 7.41 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp; (15.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;&nbsp;13.85 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.31 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 2.50 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 9 <br>(c)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $8564.9 | &nbsp;&nbsp; $8624.4 | &nbsp;&nbsp; $9258.6 | &nbsp;&nbsp; $9113.9 | &nbsp;&nbsp; $12101.8 | &nbsp;&nbsp; $12299.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

*See accompanying notes to financial statements.*

**BHFTII-90**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| AB International Bond Portfolio (Class A) (a) | 8028789 | &nbsp;&nbsp; $61420239 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 6396610 | &nbsp;&nbsp; 61535389 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 32402900 | &nbsp;&nbsp; 372633353 |
| BlackRock Bond Income Portfolio (Class A) (b) | 3950333 | &nbsp;&nbsp; 350197058 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 6001962 | &nbsp;&nbsp; 251962344 |
| BlackRock High Yield Portfolio (Class A) (a) | 8408789 | &nbsp;&nbsp; 61468250 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 14136913 | &nbsp;&nbsp; 153809609 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 27962686 | &nbsp;&nbsp; 332755962 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 124798 | &nbsp;&nbsp; 20318296 |
| Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 14984322 | &nbsp;&nbsp; 167374877 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 8971994 | &nbsp;&nbsp; 81375983 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 10391785 | &nbsp;&nbsp; 82199022 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 14070287 | &nbsp;&nbsp; 369345042 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 26384662 | &nbsp;&nbsp; 351179852 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 19492408 | &nbsp;&nbsp; 202721038 |
| Frontier Mid Cap Growth Portfolio (Class A) (b) | 1457092 | &nbsp;&nbsp; 41366842 |
| Harris Oakmark International Portfolio (Class A) (a) | 28012284 | &nbsp;&nbsp; 394693080 |
| Invesco Comstock Portfolio (Class A) (a) | 36049312 | &nbsp;&nbsp; 435475684 |
| Invesco Global Equity Portfolio (Class A) (a) | 5337057 | &nbsp;&nbsp; 124887136 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 15401035 | &nbsp;&nbsp; 142921600 |
| Jennison Growth Portfolio (Class A) (b) | 26906601 | &nbsp;&nbsp; 397948635 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 18323468 | &nbsp;&nbsp; 163628571 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 9655154 | &nbsp;&nbsp; 99641191 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 20899668 | &nbsp;&nbsp; 376612025 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 11492544 | &nbsp;&nbsp; 120901561 |
| MFS Research International Portfolio (Class A) (a) | 22523521 | &nbsp;&nbsp; 289652481 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| MFS Value Portfolio (Class A) (b) | 37013485 | &nbsp;&nbsp; $475993413 |
| Morgan Stanley Discovery Portfolio (Class A) (a) (c) | 2150373 | &nbsp;&nbsp; 21030647 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 1294193 | &nbsp;&nbsp; 19594076 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 8136767 | &nbsp;&nbsp; 81693143 |
| PIMCO Total Return Portfolio (Class A) (a) | 27307332 | &nbsp;&nbsp; 266246483 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 23556854 | &nbsp;&nbsp; 284566792 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 14346089 | &nbsp;&nbsp; 334263884 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 17157095 | &nbsp;&nbsp; 431500949 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 4927899 | &nbsp;&nbsp; 40507329 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 8247258 | &nbsp;&nbsp; 139873495 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 26422807 | &nbsp;&nbsp; 226179226 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 20838273 | &nbsp;&nbsp; 245058089 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) (a) | 1190855 | &nbsp;&nbsp; 20161180 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 9906109 | &nbsp;&nbsp; 101933865 |
| Total Investment Companies <br>(Cost $8,214,967,568) <br>|  | &nbsp;&nbsp; 8196627691 |
| Total Investments—100.0% <br>(Cost $8,214,967,568) <br>|  | &nbsp;&nbsp; 8196627691 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (2264902)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $8194362789 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $62698529 | &nbsp;&nbsp; $7446638 | &nbsp;&nbsp; $(5214294)<br>| &nbsp;&nbsp; $(1173854)<br>| &nbsp;&nbsp; $(2336780)<br>| &nbsp;&nbsp; $61420239 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 60948525 | &nbsp;&nbsp; 11780241 | &nbsp;&nbsp; (730062)<br>| &nbsp;&nbsp; (44890)<br>| &nbsp;&nbsp; (10418425)<br>| &nbsp;&nbsp; 61535389 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 357482278 | &nbsp;&nbsp; 17347270 | &nbsp;&nbsp; (47404386)<br>| &nbsp;&nbsp; 6740378 | &nbsp;&nbsp; 38467813 | &nbsp;&nbsp; 372633353 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 348403676 | &nbsp;&nbsp; 25946490 | &nbsp;&nbsp; (20255622)<br>| &nbsp;&nbsp; (3344465)<br>| &nbsp;&nbsp; (553021)<br>| &nbsp;&nbsp; 350197058 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 250580068 | &nbsp;&nbsp; 32262407 | &nbsp;&nbsp; (15540116)<br>| &nbsp;&nbsp; 1177238 | &nbsp;&nbsp; (16517253)<br>| &nbsp;&nbsp; 251962344 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 62698513 | &nbsp;&nbsp; 5553536 | &nbsp;&nbsp; (5332306)<br>| &nbsp;&nbsp; (490874)<br>| &nbsp;&nbsp; (960619)<br>| &nbsp;&nbsp; 61468250 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 161195219 | &nbsp;&nbsp; 29356921 | &nbsp;&nbsp; (644087)<br>| &nbsp;&nbsp; 118848 | &nbsp;&nbsp; (36217292)<br>| &nbsp;&nbsp; 153809609 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 326488764 | &nbsp;&nbsp; 57916355 | &nbsp;&nbsp; (76209120)<br>| &nbsp;&nbsp; 14894151 | &nbsp;&nbsp; 9665812 | &nbsp;&nbsp; 332755962 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 20369269 | &nbsp;&nbsp; 4286118 | &nbsp;&nbsp; (183893)<br>| &nbsp;&nbsp; 837 | &nbsp;&nbsp; (4154035)<br>| &nbsp;&nbsp; 20318296 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 159911308 | &nbsp;&nbsp; 14450368 | &nbsp;&nbsp; (27192876)<br>| &nbsp;&nbsp; (6169261)<br>| &nbsp;&nbsp; 26375338 | &nbsp;&nbsp; 167374877 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 83904108 | &nbsp;&nbsp; 9529957 | &nbsp;&nbsp; (6279799)<br>| &nbsp;&nbsp; (506487)<br>| &nbsp;&nbsp; (5271796)<br>| &nbsp;&nbsp; 81375983 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 94927528 | &nbsp;&nbsp; 1091223 | &nbsp;&nbsp; (25616372)<br>| &nbsp;&nbsp; (7650515)<br>| &nbsp;&nbsp; 19447158 | &nbsp;&nbsp; 82199022 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 366942529 | &nbsp;&nbsp; 51444119 | &nbsp;&nbsp; (10630383)<br>| &nbsp;&nbsp; 749907 | &nbsp;&nbsp; (39161130)<br>| &nbsp;&nbsp; 369345042 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 352650355 | &nbsp;&nbsp; 63492056 | &nbsp;&nbsp; (16922772)<br>| &nbsp;&nbsp; 634008 | &nbsp;&nbsp; (48673795)<br>| &nbsp;&nbsp; 351179852 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 193716177 | &nbsp;&nbsp; 8987994 | &nbsp;&nbsp; (3599283)<br>| &nbsp;&nbsp; (273637)<br>| &nbsp;&nbsp; 3889787 | &nbsp;&nbsp; 202721038 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 40678400 | &nbsp;&nbsp; 3880894 | &nbsp;&nbsp; (1887447)<br>| &nbsp;&nbsp; (409630)<br>| &nbsp;&nbsp; (895375)<br>| &nbsp;&nbsp; 41366842 |

---

*See accompanying notes to financial statements.*

**BHFTII-91**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **June 30, 2025**<br>|
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; $376050948 | &nbsp;&nbsp; $25383079 | &nbsp;&nbsp; $(63874419)<br>| &nbsp;&nbsp; $11264185 | &nbsp;&nbsp; $45869287 | &nbsp;&nbsp; $394693080 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 430536772 | &nbsp;&nbsp; 61411181 | &nbsp;&nbsp; (26450107)<br>| &nbsp;&nbsp; (4253381)<br>| &nbsp;&nbsp; (25768781)<br>| &nbsp;&nbsp; 435475684 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 124184240 | &nbsp;&nbsp; 18587726 | &nbsp;&nbsp; (8921098)<br>| &nbsp;&nbsp; 2577334 | &nbsp;&nbsp; (11541066)<br>| &nbsp;&nbsp; 124887136 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 142041625 | &nbsp;&nbsp; 7063900 | &nbsp;&nbsp; (2797810)<br>| &nbsp;&nbsp; (682398)<br>| &nbsp;&nbsp; (2703717)<br>| &nbsp;&nbsp; 142921600 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 395783984 | &nbsp;&nbsp; 67228544 | &nbsp;&nbsp; (26285744)<br>| &nbsp;&nbsp; (760852)<br>| &nbsp;&nbsp; (38017297)<br>| &nbsp;&nbsp; 397948635 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 164525045 | &nbsp;&nbsp; 10817002 | &nbsp;&nbsp; (11440572)<br>| &nbsp;&nbsp; (1410615)<br>| &nbsp;&nbsp; 1137711 | &nbsp;&nbsp; 163628571 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 100462603 | &nbsp;&nbsp; 14091079 | &nbsp;&nbsp; (109933)<br>| &nbsp;&nbsp; (17084)<br>| &nbsp;&nbsp; (14785474)<br>| &nbsp;&nbsp; 99641191 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 375967659 | &nbsp;&nbsp; 48608082 | &nbsp;&nbsp; (26942296)<br>| &nbsp;&nbsp; 10162279 | &nbsp;&nbsp; (31183699)<br>| &nbsp;&nbsp; 376612025 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 122474750 | &nbsp;&nbsp; 16724831 | &nbsp;&nbsp; (2761577)<br>| &nbsp;&nbsp; (105289)<br>| &nbsp;&nbsp; (15431154)<br>| &nbsp;&nbsp; 120901561 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 276759334 | &nbsp;&nbsp; 23493544 | &nbsp;&nbsp; (32327889)<br>| &nbsp;&nbsp; 5207866 | &nbsp;&nbsp; 16519626 | &nbsp;&nbsp; 289652481 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 467880982 | &nbsp;&nbsp; 63807817 | &nbsp;&nbsp; (25697476)<br>| &nbsp;&nbsp; (3512849)<br>| &nbsp;&nbsp; (26485061)<br>| &nbsp;&nbsp; 475993413 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; 20543934 | &nbsp;&nbsp; 262376 | &nbsp;&nbsp; (4105091)<br>| &nbsp;&nbsp; 2021421 | &nbsp;&nbsp; 2308007 | &nbsp;&nbsp; 21030647 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 19816674 | &nbsp;&nbsp; 3195740 | &nbsp;&nbsp; (17966)<br>| &nbsp;&nbsp; (3681)<br>| &nbsp;&nbsp; (3396691)<br>| &nbsp;&nbsp; 19594076 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 82575087 | &nbsp;&nbsp; 3481969 | &nbsp;&nbsp; (6913750)<br>| &nbsp;&nbsp; (44504)<br>| &nbsp;&nbsp; 2594341 | &nbsp;&nbsp; 81693143 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 268017435 | &nbsp;&nbsp; 21077894 | &nbsp;&nbsp; (20081115)<br>| &nbsp;&nbsp; (3261861)<br>| &nbsp;&nbsp; 494130 | &nbsp;&nbsp; 266246483 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 137435142 | &nbsp;&nbsp; 175871828 | &nbsp;&nbsp; (26815661)<br>| &nbsp;&nbsp; (1289561)<br>| &nbsp;&nbsp; (634956)<br>| &nbsp;&nbsp; 284566792 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 137144711 | &nbsp;&nbsp; 2751615 | &nbsp;&nbsp; (176755823)<br>| &nbsp;&nbsp; 160304 | &nbsp;&nbsp; 36699193 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 332870724 | &nbsp;&nbsp; 45009984 | &nbsp;&nbsp; (17445403)<br>| &nbsp;&nbsp; 3169692 | &nbsp;&nbsp; (29341113)<br>| &nbsp;&nbsp; 334263884 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 424136536 | &nbsp;&nbsp; 55224986 | &nbsp;&nbsp; (15191223)<br>| &nbsp;&nbsp; (2230462)<br>| &nbsp;&nbsp; (30438888)<br>| &nbsp;&nbsp; 431500949 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 41021373 | &nbsp;&nbsp; 5564683 | &nbsp;&nbsp; (1021635)<br>| &nbsp;&nbsp; (74751)<br>| &nbsp;&nbsp; (4982341)<br>| &nbsp;&nbsp; 40507329 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 139831275 | &nbsp;&nbsp; 29480571 | &nbsp;&nbsp; (831415)<br>| &nbsp;&nbsp; 108299 | &nbsp;&nbsp; (28715235)<br>| &nbsp;&nbsp; 139873495 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 224430341 | &nbsp;&nbsp; 15799905 | &nbsp;&nbsp; (13172517)<br>| &nbsp;&nbsp; (1539392)<br>| &nbsp;&nbsp; 660889 | &nbsp;&nbsp; 226179226 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 229804389 | &nbsp;&nbsp; 20043345 | &nbsp;&nbsp; (24064394)<br>| &nbsp;&nbsp; 1619916 | &nbsp;&nbsp; 17654833 | &nbsp;&nbsp; 245058089 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 20284205 | &nbsp;&nbsp; 2906065 | &nbsp;&nbsp; (174448)<br>| &nbsp;&nbsp; 1169 | &nbsp;&nbsp; (2855811)<br>| &nbsp;&nbsp; 20161180 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 125018281 | &nbsp;&nbsp; 7848733 | &nbsp;&nbsp; (28217630)<br>| &nbsp;&nbsp; (6753312)<br>| &nbsp;&nbsp; 4037793 | &nbsp;&nbsp; 101933865 |
|  | &nbsp;&nbsp; $8123193295 | &nbsp;&nbsp; $1090509066 | &nbsp;&nbsp; $(826059810)<br>| &nbsp;&nbsp; $14604227 | &nbsp;&nbsp; $(205619087)<br>| &nbsp;&nbsp; $8196627691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5851545 | &nbsp;&nbsp; 8028789 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10064795 | &nbsp;&nbsp; 995419 | &nbsp;&nbsp; 6396610 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 14826555 | &nbsp;&nbsp; 2507204 | &nbsp;&nbsp; 32402900 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 18731006 | &nbsp;&nbsp; 3950333 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 32139387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6001962 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4161053 | &nbsp;&nbsp; 8408789 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22523488 | &nbsp;&nbsp; 2381494 | &nbsp;&nbsp; 14136913 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 53624508 | &nbsp;&nbsp; 4291847 | &nbsp;&nbsp; 27962686 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3732731 | &nbsp;&nbsp; 265209 | &nbsp;&nbsp; 124798 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 9570312 | &nbsp;&nbsp; 4875442 | &nbsp;&nbsp; 14984322 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7385792 | &nbsp;&nbsp; 8971994 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10391785 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 45358103 | &nbsp;&nbsp; 5216365 | &nbsp;&nbsp; 14070287 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 61644882 | &nbsp;&nbsp; 1784006 | &nbsp;&nbsp; 26384662 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5908693 | &nbsp;&nbsp; 19492408 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2028686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1457092 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 13065389 | &nbsp;&nbsp; 8959124 | &nbsp;&nbsp; 28012284 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 52338278 | &nbsp;&nbsp; 9071137 | &nbsp;&nbsp; 36049312 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 18389692 | &nbsp;&nbsp; 177217 | &nbsp;&nbsp; 5337057 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15401035 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 67061393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26906601 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6863179 | &nbsp;&nbsp; 18323468 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10630474 | &nbsp;&nbsp; 1180220 | &nbsp;&nbsp; 9655154 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 48471697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20899668 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 13330845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11492544 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 16149827 | &nbsp;&nbsp; 5557379 | &nbsp;&nbsp; 22523521 |

---

*See accompanying notes to financial statements.*

**BHFTII-92**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain**<br> **Distributions from**<br> **Affiliated Investments**<br>| **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **June 30, 2025**<br>|
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; $52996507 | &nbsp;&nbsp; $8494886 | &nbsp;&nbsp; 37013485 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2150373 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 2527452 | &nbsp;&nbsp; 20265 | &nbsp;&nbsp; 1294193 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 599649 | &nbsp;&nbsp; 1031396 | &nbsp;&nbsp; 8136767 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15362198 | &nbsp;&nbsp; 27307332 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2708403 | &nbsp;&nbsp; 23556854 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2709455 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 44887281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14346089 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 39925472 | &nbsp;&nbsp; 8630477 | &nbsp;&nbsp; 17157095 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 5543813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4927899 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 28866495 | &nbsp;&nbsp; 357500 | &nbsp;&nbsp; 8247258 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10593898 | &nbsp;&nbsp; 26422807 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 4240493 | &nbsp;&nbsp; 7989335 | &nbsp;&nbsp; 20838273 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 2443788 | &nbsp;&nbsp; 286839 | &nbsp;&nbsp; 1190855 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7848733 | &nbsp;&nbsp; 9906109 |
|  | &nbsp;&nbsp; $676981992 | &nbsp;&nbsp; $162196716 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $917410225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $652960969 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $8196627691 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8196627691 |
| Total Investments | &nbsp;&nbsp; $8196627691 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8196627691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-93**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $8196627691 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 4520876 |
| Fund shares sold | &nbsp;&nbsp; 46944 |
| Total Assets | &nbsp;&nbsp; 8201195511 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 4567821 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 361543 |
| Distribution and service fees | &nbsp;&nbsp; 1557147 |
| Deferred trustees' fees | &nbsp;&nbsp; 273982 |
| Other expenses | &nbsp;&nbsp; 72229 |
| Total Liabilities | &nbsp;&nbsp; 6832722 |
| **Net Assets**  | &nbsp;&nbsp; $8194362789 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $7439683382 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 754679407 |
| **Net Assets**  | &nbsp;&nbsp; $8194362789 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $479715115 |
| Class B | &nbsp;&nbsp; 7714647674 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 40954441 |
| Class B | &nbsp;&nbsp; 662948079 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.71 |
| Class B | 11.64 |

---

&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 $8,214,967,568.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $162196716 |
| Total investment income | &nbsp;&nbsp; 162196716 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2167004 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 9337213 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Miscellaneous | &nbsp;&nbsp; 7529 |
| Total expenses | &nbsp;&nbsp; 11594204 |
| **Net Investment Income** | &nbsp;&nbsp; 150602512 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; 14604227 |
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 676981992 |
| Net realized gain (loss) | &nbsp;&nbsp; 691586219 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; (205619087)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 485967132 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $636569644 |

---

*See accompanying notes to financial statements.*

**BHFTII-94**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $150602512 | &nbsp;&nbsp; $124888377 |
| Net realized gain (loss) | &nbsp;&nbsp; 691586219 | &nbsp;&nbsp; 305689207 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (205619087)<br>| &nbsp;&nbsp; 440753020 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 636569644 | &nbsp;&nbsp; 871330604 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (25575582)<br>| &nbsp;&nbsp; (16368965)<br>|
| Class B | &nbsp;&nbsp; (397301411)<br>| &nbsp;&nbsp; (268266939)<br>|
| **Total distributions** | &nbsp;&nbsp; (422876993)<br>| &nbsp;&nbsp; (284635904)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (140155956)<br>| &nbsp;&nbsp; (879130310)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 73536695 | &nbsp;&nbsp; (292435610)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 8120826094 | &nbsp;&nbsp; 8413261704 |
| End of period | &nbsp;&nbsp; $8194362789 | &nbsp;&nbsp; $8120826094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 458977 | &nbsp;&nbsp; $5322343 | &nbsp;&nbsp; 1136237 | &nbsp;&nbsp; $12712937 |
| Reinvestments | &nbsp;&nbsp; 2223964 | &nbsp;&nbsp; 25575582 | &nbsp;&nbsp; 1486736 | &nbsp;&nbsp; 16368965 |
| Redemptions | &nbsp;&nbsp; (1643317)<br>| &nbsp;&nbsp; (19084539)<br>| &nbsp;&nbsp; (3976306)<br>| &nbsp;&nbsp; (44761573)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1039624 | &nbsp;&nbsp; $11813386 | &nbsp;&nbsp; (1353333)<br>| &nbsp;&nbsp; $(15679671)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2079435 | &nbsp;&nbsp; $23795916 | &nbsp;&nbsp; 5086886 | &nbsp;&nbsp; $56699090 |
| Reinvestments | &nbsp;&nbsp; 34759529 | &nbsp;&nbsp; 397301411 | &nbsp;&nbsp; 24521658 | &nbsp;&nbsp; 268266939 |
| Redemptions | &nbsp;&nbsp; (49877597)<br>| &nbsp;&nbsp; (573066669)<br>| &nbsp;&nbsp; (106652289)<br>| &nbsp;&nbsp; (1188416668)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (13038633)<br>| &nbsp;&nbsp; $(151969342)<br>| &nbsp;&nbsp; (77043745)<br>| &nbsp;&nbsp; $(863450639)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(140155956)<br>|  | &nbsp;&nbsp; $(879130310)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-95**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $13.91 | &nbsp;&nbsp; $13.48 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Total income (loss) from investment operations | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.50)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $13.91 |
| **Total Return (%)** (b) | 8.42 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp; (17.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;17.01 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.06 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 2.01 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $479.7 | &nbsp;&nbsp; $456.0 | &nbsp;&nbsp; $440.1 | &nbsp;&nbsp; $410.6 | &nbsp;&nbsp; $522.1 | &nbsp;&nbsp; $484.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $13.41 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Total income (loss) from investment operations | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.64 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $13.82 |
| **Total Return (%)** (b) | 8.29 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;17.30 | &nbsp;&nbsp; (17.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;16.59 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.31 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.72 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $7714.6 | &nbsp;&nbsp; $7664.8 | &nbsp;&nbsp; $7973.2 | &nbsp;&nbsp; $7603.8 | &nbsp;&nbsp; $10335.0 | &nbsp;&nbsp; $10204.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

*See accompanying notes to financial statements.*

**BHFTII-96**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.9% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** |
| Expeditors International of Washington, Inc.  | 45882 | &nbsp;&nbsp; $5242019 |
| **Banks — 7.3%** | **Banks — 7.3%** | **Banks — 7.3%** |
| Fifth Third Bancorp (a) | 218731 | &nbsp;&nbsp; 8996406 |
| First Citizens BancShares, Inc. - Class A | 11479 | &nbsp;&nbsp; 22458319 |
| M&T Bank Corp.  | 43666 | &nbsp;&nbsp; 8470768 |
| WaFd, Inc. (a) | 279654 | &nbsp;&nbsp; 8188269 |
|  |  | &nbsp;&nbsp; 48113762 |
| **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** |
| Moelis & Co. - Class A | 110885 | &nbsp;&nbsp; 6910353 |
| **Construction Materials — 1.4%** | **Construction Materials — 1.4%** | **Construction Materials — 1.4%** |
| Amrize Ltd. (a) (b) | 189781 | &nbsp;&nbsp; 9403649 |
| **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** |
| Dollar General Corp.  | 97780 | &nbsp;&nbsp; 11184076 |
| Sysco Corp.  | 148273 | &nbsp;&nbsp; 11230197 |
|  |  | &nbsp;&nbsp; 22414273 |
| **Distributors — 4.2%** | **Distributors — 4.2%** | **Distributors — 4.2%** |
| Genuine Parts Co.  | 120479 | &nbsp;&nbsp; 14615307 |
| LKQ Corp.  | 354873 | &nbsp;&nbsp; 13133850 |
|  |  | &nbsp;&nbsp; 27749157 |
| **Electric Utilities — 5.2%** | **Electric Utilities — 5.2%** | **Electric Utilities — 5.2%** |
| Alliant Energy Corp.  | 255307 | &nbsp;&nbsp; 15438414 |
| OGE Energy Corp.  | 427135 | &nbsp;&nbsp; 18956252 |
|  |  | &nbsp;&nbsp; 34394666 |
| **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** |
| nVent Electric PLC (a) | 225841 | &nbsp;&nbsp; 16542853 |
| **Electronic Equipment, Instruments & Components — 5.2%** | **Electronic Equipment, Instruments & Components — 5.2%** | **Electronic Equipment, Instruments & Components — 5.2%** |
| CDW Corp.  | 72448 | &nbsp;&nbsp; 12938488 |
| Vontier Corp.  | 575514 | &nbsp;&nbsp; 21236467 |
|  |  | &nbsp;&nbsp; 34174955 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| NOV, Inc.  | 890422 | &nbsp;&nbsp; 11067945 |
| **Entertainment — 2.0%** | **Entertainment — 2.0%** | **Entertainment — 2.0%** |
| Warner Music Group Corp. - Class A | 485716 | &nbsp;&nbsp; 13230904 |
| **Financial Services — 2.2%** | **Financial Services — 2.2%** | **Financial Services — 2.2%** |
| Corebridge Financial, Inc.  | 403666 | &nbsp;&nbsp; 14330143 |
| **Food Products — 2.2%** | **Food Products — 2.2%** | **Food Products — 2.2%** |
| Tyson Foods, Inc. - Class A | 257162 | &nbsp;&nbsp; 14385642 |
| **Ground Transportation — 2.8%** | **Ground Transportation — 2.8%** | **Ground Transportation — 2.8%** |
| U-Haul Holding Co. (Non-Voting Shares) (a) | 339070 | &nbsp;&nbsp; 18435236 |
| **Health Care Equipment & Supplies — 4.4%** | **Health Care Equipment & Supplies — 4.4%** | **Health Care Equipment & Supplies — 4.4%** |
| Align Technology, Inc. (b) | 74341 | &nbsp;&nbsp; 14074981 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Baxter International, Inc.  | 484485 | &nbsp;&nbsp; $14670206 |
|  |  | &nbsp;&nbsp; 28745187 |
| **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** |
| Centene Corp. (b) | 218145 | &nbsp;&nbsp; 11840911 |
| Humana, Inc.  | 62145 | &nbsp;&nbsp; 15193209 |
|  |  | &nbsp;&nbsp; 27034120 |
| **Hotels, Restaurants & Leisure — 6.7%** | **Hotels, Restaurants & Leisure — 6.7%** | **Hotels, Restaurants & Leisure — 6.7%** |
| Expedia Group, Inc.  | 102990 | &nbsp;&nbsp; 17372353 |
| MGM Resorts International (b) | 342122 | &nbsp;&nbsp; 11765576 |
| Vail Resorts, Inc. (a) | 94030 | &nbsp;&nbsp; 14774934 |
|  |  | &nbsp;&nbsp; 43912863 |
| **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** | **Industrial REITs — 1.1%** |
| Lineage, Inc. (a) | 158867 | &nbsp;&nbsp; 6913892 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Arch Capital Group Ltd.  | 103890 | &nbsp;&nbsp; 9459185 |
| Globe Life, Inc.  | 104090 | &nbsp;&nbsp; 12937346 |
|  |  | &nbsp;&nbsp; 22396531 |
| **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** |
| IAC, Inc. (b) | 233974 | &nbsp;&nbsp; 8736589 |
| Pinterest, Inc. - Class A (b) | 376990 | &nbsp;&nbsp; 13518862 |
|  |  | &nbsp;&nbsp; 22255451 |
| **Leisure Products — 1.6%** | **Leisure Products — 1.6%** | **Leisure Products — 1.6%** |
| Polaris, Inc. (a) | 260279 | &nbsp;&nbsp; 10580341 |
| **Life Sciences Tools & Services — 5.6%** | **Life Sciences Tools & Services — 5.6%** | **Life Sciences Tools & Services — 5.6%** |
| Bio-Rad Laboratories, Inc. - Class A (a) (b) | 30926 | &nbsp;&nbsp; 7463062 |
| ICON PLC (b) | 95202 | &nbsp;&nbsp; 13847131 |
| Waters Corp. (a) (b) | 45360 | &nbsp;&nbsp; 15832455 |
|  |  | &nbsp;&nbsp; 37142648 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| Otis Worldwide Corp.  | 138275 | &nbsp;&nbsp; 13691990 |
| **Media — 4.3%** | **Media — 4.3%** | **Media — 4.3%** |
| Cable One, Inc. (a) | 18502 | &nbsp;&nbsp; 2512757 |
| News Corp. - Class A | 458006 | &nbsp;&nbsp; 13611938 |
| Omnicom Group, Inc. (a) | 165492 | &nbsp;&nbsp; 11905494 |
|  |  | &nbsp;&nbsp; 28030189 |
| **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** | **Oil, Gas & Consumable Fuels — 2.0%** |
| Permian Resources Corp. (a) | 957167 | &nbsp;&nbsp; 13036615 |
| **Professional Services — 3.0%** | **Professional Services — 3.0%** | **Professional Services — 3.0%** |
| Genpact Ltd.  | 443420 | &nbsp;&nbsp; 19514914 |
| **Retail REITs — 2.1%** | **Retail REITs — 2.1%** | **Retail REITs — 2.1%** |
| NNN REIT, Inc. (a) | 319257 | &nbsp;&nbsp; 13785517 |
| **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** |
| Analog Devices, Inc.  | 65486 | &nbsp;&nbsp; 15586978 |

---

*See accompanying notes to financial statements.*

**BHFTII-97**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| Check Point Software Technologies Ltd. (b) | 50954 | &nbsp;&nbsp; $11273572 |
| **Specialized REITs — 4.9%** | **Specialized REITs — 4.9%** | **Specialized REITs — 4.9%** |
| Lamar Advertising Co. - Class A | 172204 | &nbsp;&nbsp; 20898677 |
| Public Storage | 38400 | &nbsp;&nbsp; 11267328 |
|  |  | &nbsp;&nbsp; 32166005 |
| **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
| Asbury Automotive Group, Inc. (a) (b) | 55005 | &nbsp;&nbsp; 13120893 |
| **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| Ferguson Enterprises, Inc.  | 66712 | &nbsp;&nbsp; 14526538 |
| Total Common Stocks <br>(Cost $541,143,391) <br>|  | &nbsp;&nbsp; 650109801 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| GCI Liberty, Inc. (b) (c) (d) <br>(Cost $0)<br>| 108185 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** |
| **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** | **Repurchase Agreement—1.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $6,630,573; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $6,762,683<br>| 6629974 | &nbsp;&nbsp; 6629974 |
| Total Short-Term Investments <br>(Cost $6,629,974) <br>|  | &nbsp;&nbsp; 6629974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—8.0%** | **Securities Lending Reinvestments (e)—8.0%** | **Securities Lending Reinvestments (e)—8.0%** |
| **Certificates of Deposit—0.8%** | **Certificates of Deposit—0.8%** | **Certificates of Deposit—0.8%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (f) | 1000000 | &nbsp;&nbsp; 999998 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 11/21/25 (f) | 2000000 | &nbsp;&nbsp; 2000012 |
| Svenska Handelsbanken AB |  |  |
| 4.580%, SOFR + 0.180%, 08/11/25 (f) | 1500000 | &nbsp;&nbsp; 1499996 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (f) | 1000000 | &nbsp;&nbsp; 999769 |
|  |  | &nbsp;&nbsp; 5499775 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (f) | 1000000 | &nbsp;&nbsp; 999951 |
| **Repurchase Agreements—6.7%** | **Repurchase Agreements—6.7%** | **Repurchase Agreements—6.7%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $5,000,619; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,565,370<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $7,000,850; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $7,140,000<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $2,040,248<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $2,049,807; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $2,091,135<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $6,324,659; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $6,450,374<br>| 6323894 | &nbsp;&nbsp; 6323894 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $7,006,207; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,805,860<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $7,000,852; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $7,140,003<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $1,004,472; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,253<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $5,000,617; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,563,094<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 44323894 |
| **Time Deposits—0.3%** | **Time Deposits—0.3%** | **Time Deposits—0.3%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-98**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments <br>(Cost $52,823,894) <br>|  | &nbsp;&nbsp; 52823620 |
| Total Investments—107.9% <br>(Cost $600,597,259) <br>|  | &nbsp;&nbsp; 709563395 |
| Other assets and liabilities (net)—(7.9)%  |  | &nbsp;&nbsp; (51869940)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $657693455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $69,683,890 and the collateral received consisted of cash in the amount of 

---

| | |
|:---|:---|
|  | $52,823,894 and non-cash collateral with a value of $18,733,752. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (f) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity <br> date shown for callable securities reflects the earliest possible call date. For securities based on a <br> published reference index and spread, the index and spread are indicated in the description <br> above. For certain variable rate securities, the coupon rate is determined by the issuer/agent <br> based on current market conditions. For certain asset- and mortgage-backed securities, the <br> coupon rate may fluctuate based on changes of the underlying collateral or prepayments of <br> principal. These securities do not indicate a reference index and spread in their description above.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $109651352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112253824 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(52823894)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(52823894)<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; $(52823894)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $650109801 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $650109801 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6629974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6629974 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 52823620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52823620 |
| Total Investments | &nbsp;&nbsp; $650109801 | &nbsp;&nbsp; $59453594 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $709563395 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(52823894)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(52823894)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-99**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $709563395 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1100870 |
| Dividends and interest | &nbsp;&nbsp; 806747 |
| Prepaid expenses | &nbsp;&nbsp; 5087 |
| Total Assets | &nbsp;&nbsp; 711476099 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 52823894 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 129660 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 382741 |
| Distribution and service fees | &nbsp;&nbsp; 49360 |
| Deferred trustees' fees | &nbsp;&nbsp; 213693 |
| Other expenses | &nbsp;&nbsp; 183296 |
| Total Liabilities | &nbsp;&nbsp; 53782644 |
| **Net Assets**  | &nbsp;&nbsp; $657693455 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $530197480 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 127495975 |
| **Net Assets**  | &nbsp;&nbsp; $657693455 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $395336118 |
| Class B | &nbsp;&nbsp; 220894675 |
| Class E | &nbsp;&nbsp; 41462662 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 2428222 |
| Class B | &nbsp;&nbsp; 1473313 |
| Class E | &nbsp;&nbsp; 265262 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $162.81 |
| Class B | 149.93 |
| Class E | 156.31 |

---

&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 $600,597,259.

(b) Includes securities loaned at value of $69,683,890.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $6935149 |
| Interest | &nbsp;&nbsp; 246523 |
| Securities lending income | &nbsp;&nbsp; 72974 |
| Total investment income | &nbsp;&nbsp; 7254646 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2688201 |
| Administration fees | &nbsp;&nbsp; 22776 |
| Custodian and accounting fees | &nbsp;&nbsp; 17783 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 278293 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 31642 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 42799 |
| Insurance | &nbsp;&nbsp; 3171 |
| Miscellaneous | &nbsp;&nbsp; 7282 |
| Total expenses | &nbsp;&nbsp; 3159760 |
| Less management fee waiver | &nbsp;&nbsp; (311023)<br>|
| Net expenses | &nbsp;&nbsp; 2848737 |
| **Net Investment Income** | &nbsp;&nbsp; 4405909 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 14922099<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (25518821)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (10596722)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(6190813)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-100**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $4405909 | &nbsp;&nbsp; $8538863 |
| Net realized gain (loss) | &nbsp;&nbsp; 14922099 | &nbsp;&nbsp; 123529224 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (25518821)<br>| &nbsp;&nbsp; (92458458)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (6190813)<br>| &nbsp;&nbsp; 39609629 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (77722805)<br>| &nbsp;&nbsp; (45406384)<br>|
| Class B | &nbsp;&nbsp; (45984102)<br>| &nbsp;&nbsp; (26550970)<br>|
| Class E | &nbsp;&nbsp; (8394621)<br>| &nbsp;&nbsp; (4906125)<br>|
| **Total distributions** | &nbsp;&nbsp; (132101528)<br>| &nbsp;&nbsp; (76863479)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 102471927 | &nbsp;&nbsp; (56496771)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (35820414)<br>| &nbsp;&nbsp; (93750621)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 693513869 | &nbsp;&nbsp; 787264490 |
| End of period | &nbsp;&nbsp; $657693455 | &nbsp;&nbsp; $693513869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 26660 | &nbsp;&nbsp; $4893316 | &nbsp;&nbsp; 341257 | &nbsp;&nbsp; $71114204 |
| Reinvestments | &nbsp;&nbsp; 481972 | &nbsp;&nbsp; 77722805 | &nbsp;&nbsp; 232341 | &nbsp;&nbsp; 45406384 |
| Redemptions | &nbsp;&nbsp; (82249)<br>| &nbsp;&nbsp; (16316160)<br>| &nbsp;&nbsp; (713941)<br>| &nbsp;&nbsp; (151315968)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 426383 | &nbsp;&nbsp; $66299961 | &nbsp;&nbsp; (140343)<br>| &nbsp;&nbsp; $(34795380)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 25051 | &nbsp;&nbsp; $4457811 | &nbsp;&nbsp; 27792 | &nbsp;&nbsp; $5487457 |
| Reinvestments | &nbsp;&nbsp; 309616 | &nbsp;&nbsp; 45984102 | &nbsp;&nbsp; 145103 | &nbsp;&nbsp; 26550970 |
| Redemptions | &nbsp;&nbsp; (105714)<br>| &nbsp;&nbsp; (19573745)<br>| &nbsp;&nbsp; (251146)<br>| &nbsp;&nbsp; (50293318)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 228953 | &nbsp;&nbsp; $30868168 | &nbsp;&nbsp; (78251)<br>| &nbsp;&nbsp; $(18254891)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2428 | &nbsp;&nbsp; $422095 | &nbsp;&nbsp; 6247 | &nbsp;&nbsp; $1262298 |
| Reinvestments | &nbsp;&nbsp; 54218 | &nbsp;&nbsp; 8394621 | &nbsp;&nbsp; 25939 | &nbsp;&nbsp; 4906125 |
| Redemptions | &nbsp;&nbsp; (18490)<br>| &nbsp;&nbsp; (3512918)<br>| &nbsp;&nbsp; (46662)<br>| &nbsp;&nbsp; (9614923)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 38156 | &nbsp;&nbsp; $5303798 | &nbsp;&nbsp; (14476)<br>| &nbsp;&nbsp; $(3446500)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $102471927 |  | &nbsp;&nbsp; $(56496771)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-101**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $204.88 | &nbsp;&nbsp; $217.38 | &nbsp;&nbsp; $212.25 | &nbsp;&nbsp; $290.67 | &nbsp;&nbsp; $236.08 | &nbsp;&nbsp; $229.44 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;33.45 | &nbsp;&nbsp; (39.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;60.63 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;36.14 | &nbsp;&nbsp; (37.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;63.05 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.90)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (37.33)<br>| &nbsp;&nbsp; (19.50)<br>| &nbsp;&nbsp; (29.09)<br>| &nbsp;&nbsp; (38.43)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (4.16)<br>|
| Total distributions | &nbsp;&nbsp; (39.98)<br>| &nbsp;&nbsp; (22.22)<br>| &nbsp;&nbsp; (31.01)<br>| &nbsp;&nbsp; (40.97)<br>| &nbsp;&nbsp; (8.46)<br>| &nbsp;&nbsp; (6.06)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $162.81 | &nbsp;&nbsp; $204.88 | &nbsp;&nbsp; $217.38 | &nbsp;&nbsp; $212.25 | &nbsp;&nbsp; $290.67 | &nbsp;&nbsp; $236.08 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.83 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;18.53 | &nbsp;&nbsp; (12.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.25 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net ratio of expenses to average net assets (%) (e) | 0.77 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | 1.44 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 <br>(c)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 44 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $395.3 | &nbsp;&nbsp; $410.1 | &nbsp;&nbsp; $465.7 | &nbsp;&nbsp; $448.2 | &nbsp;&nbsp; $589.4 | &nbsp;&nbsp; $564.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $191.57 | &nbsp;&nbsp; $204.64 | &nbsp;&nbsp; $201.42 | &nbsp;&nbsp; $278.02 | &nbsp;&nbsp; $226.22 | &nbsp;&nbsp; $220.07 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;31.59 | &nbsp;&nbsp; (37.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;58.07 | &nbsp;&nbsp;&nbsp;&nbsp;9.79 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;33.64 | &nbsp;&nbsp; (36.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;59.72 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp; (1.36)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (37.33)<br>| &nbsp;&nbsp; (19.50)<br>| &nbsp;&nbsp; (29.09)<br>| &nbsp;&nbsp; (38.43)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (4.16)<br>|
| Total distributions | &nbsp;&nbsp; (39.43)<br>| &nbsp;&nbsp; (21.69)<br>| &nbsp;&nbsp; (30.42)<br>| &nbsp;&nbsp; (40.22)<br>| &nbsp;&nbsp; (7.92)<br>| &nbsp;&nbsp; (5.52)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $149.93 | &nbsp;&nbsp; $191.57 | &nbsp;&nbsp; $204.64 | &nbsp;&nbsp; $201.42 | &nbsp;&nbsp; $278.02 | &nbsp;&nbsp; $226.22 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.96 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp; (12.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.59 | &nbsp;&nbsp;&nbsp;&nbsp;5.98 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.12 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net ratio of expenses to average net assets (%) (e) | 1.02 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income (loss) to average net assets (%) | 1.18 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 <br>(c)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 44 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $220.9 | &nbsp;&nbsp; $238.4 | &nbsp;&nbsp; $270.7 | &nbsp;&nbsp; $257.8 | &nbsp;&nbsp; $340.4 | &nbsp;&nbsp; $318.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-102**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $198.12 | &nbsp;&nbsp; $210.90 | &nbsp;&nbsp; $206.73 | &nbsp;&nbsp; $284.18 | &nbsp;&nbsp; $231.04 | &nbsp;&nbsp; $224.61 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;32.50 | &nbsp;&nbsp; (38.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;59.32 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;34.81 | &nbsp;&nbsp; (36.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;61.27 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.55)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (37.33)<br>| &nbsp;&nbsp; (19.50)<br>| &nbsp;&nbsp; (29.09)<br>| &nbsp;&nbsp; (38.43)<br>| &nbsp;&nbsp; (5.88)<br>| &nbsp;&nbsp; (4.16)<br>|
| Total distributions | &nbsp;&nbsp; (39.64)<br>| &nbsp;&nbsp; (21.89)<br>| &nbsp;&nbsp; (30.64)<br>| &nbsp;&nbsp; (40.50)<br>| &nbsp;&nbsp; (8.13)<br>| &nbsp;&nbsp; (5.71)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $156.31 | &nbsp;&nbsp; $198.12 | &nbsp;&nbsp; $210.90 | &nbsp;&nbsp; $206.73 | &nbsp;&nbsp; $284.18 | &nbsp;&nbsp; $231.04 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.91 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.02 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net ratio of expenses to average net assets (%) (e) | 0.92 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | 1.28 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 <br>(c)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 44 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $41.5 | &nbsp;&nbsp; $45.0 | &nbsp;&nbsp; $51.0 | &nbsp;&nbsp; $49.8 | &nbsp;&nbsp; $65.7 | &nbsp;&nbsp; $64.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-103**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—99.3% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 5.9%** | **Australia — 5.9%** | **Australia — 5.9%** |
| Accent Group Ltd.  | 97699 | &nbsp;&nbsp; $89634 |
| Adairs Ltd.  | 32872 | &nbsp;&nbsp; 45247 |
| Ainsworth Game Technology Ltd. (a) | 51616 | &nbsp;&nbsp; 30748 |
| Alkane Resources Ltd. (a) | 100921 | &nbsp;&nbsp; 47988 |
| Alliance Aviation Services Ltd. (a) | 6026 | &nbsp;&nbsp; 10431 |
| AMA Group Ltd. (a) | 880225 | &nbsp;&nbsp; 60830 |
| Amotiv Ltd.  | 31705 | &nbsp;&nbsp; 167316 |
| AMP Ltd.  | 476602 | &nbsp;&nbsp; 395332 |
| Amplitude Energy Ltd. (a) | 753059 | &nbsp;&nbsp; 104117 |
| Ansell Ltd.  | 25149 | &nbsp;&nbsp; 501414 |
| Appen Ltd. (a) | 23905 | &nbsp;&nbsp; 17625 |
| Arafura Rare Earths Ltd. (a) | 397507 | &nbsp;&nbsp; 45779 |
| ARB Corp. Ltd.  | 22905 | &nbsp;&nbsp; 493018 |
| ARN Media Ltd.  | 82651 | &nbsp;&nbsp; 25567 |
| Articore Group Ltd. (a) | 43202 | &nbsp;&nbsp; 5679 |
| AUB Group Ltd.  | 23873 | &nbsp;&nbsp; 557591 |
| Audinate Group Ltd. (a) | 5631 | &nbsp;&nbsp; 27724 |
| Aurelia Metals Ltd. (a) | 336966 | &nbsp;&nbsp; 42181 |
| Aussie Broadband Ltd.  | 38030 | &nbsp;&nbsp; 97921 |
| Austal Ltd. (a) | 90915 | &nbsp;&nbsp; 375788 |
| Australian Agricultural Co. Ltd. (a) | 54417 | &nbsp;&nbsp; 49426 |
| Australian Clinical Labs Ltd.  | 26737 | &nbsp;&nbsp; 48922 |
| Australian Ethical Investment Ltd.  | 10812 | &nbsp;&nbsp; 45474 |
| Australian Finance Group Ltd.  | 47413 | &nbsp;&nbsp; 71491 |
| Australian Strategic Materials Ltd. (a) | 39545 | &nbsp;&nbsp; 13149 |
| AVJennings Ltd. (a) | 14202 | &nbsp;&nbsp; 6216 |
| AVZ Minerals Ltd. (a) (b) (c) | 403512 | &nbsp;&nbsp; 42308 |
| Baby Bunting Group Ltd. (a) | 24951 | &nbsp;&nbsp; 30233 |
| Bank of Queensland Ltd.  | 86960 | &nbsp;&nbsp; 445303 |
| Bapcor Ltd.  | 78956 | &nbsp;&nbsp; 259846 |
| Beach Energy Ltd.  | 317481 | &nbsp;&nbsp; 275597 |
| Bega Cheese Ltd.  | 64119 | &nbsp;&nbsp; 230433 |
| Bellevue Gold Ltd. (a) | 35096 | &nbsp;&nbsp; 21103 |
| Blackstone Minerals Ltd. (a) (b) (c) | 14571 | &nbsp;&nbsp; 875 |
| Boss Energy Ltd. (a) | 27524 | &nbsp;&nbsp; 84615 |
| Bravura Solutions Ltd.  | 100867 | &nbsp;&nbsp; 147391 |
| Breville Group Ltd.  | 23403 | &nbsp;&nbsp; 454292 |
| Brickworks Ltd.  | 12229 | &nbsp;&nbsp; 276891 |
| Bubs Australia Ltd. (a) | 46469 | &nbsp;&nbsp; 5496 |
| Capral Ltd.  | 5292 | &nbsp;&nbsp; 36976 |
| Capricorn Metals Ltd. (a) | 69437 | &nbsp;&nbsp; 443874 |
| Carnarvon Energy Ltd. (a) | 136527 | &nbsp;&nbsp; 9415 |
| Cash Converters International Ltd.  | 152939 | &nbsp;&nbsp; 28189 |
| Catapult Group International Ltd. (a) | 14902 | &nbsp;&nbsp; 57480 |
| Cedar Woods Properties Ltd.  | 19138 | &nbsp;&nbsp; 89390 |
| Cettire Ltd. (a) | 38961 | &nbsp;&nbsp; 8691 |
| Chalice Mining Ltd. (a) | 19243 | &nbsp;&nbsp; 21344 |
| Challenger Ltd.  | 61004 | &nbsp;&nbsp; 324499 |
| Chrysos Corp. Ltd. (a) | 5357 | &nbsp;&nbsp; 16572 |
| ClearView Wealth Ltd.  | 44262 | &nbsp;&nbsp; 13401 |
| Clinuvel Pharmaceuticals Ltd.  | 9453 | &nbsp;&nbsp; 64586 |
| Clover Corp. Ltd.  | 39945 | &nbsp;&nbsp; 13542 |
| Coast Entertainment Holdings Ltd. (a) | 113950 | &nbsp;&nbsp; 28506 |
| Codan Ltd.  | 23563 | &nbsp;&nbsp; 311904 |
| Collins Foods Ltd.  | 23905 | &nbsp;&nbsp; 146155 |
| Corporate Travel Management Ltd.  | 28366 | &nbsp;&nbsp; 258606 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Credit Corp. Group Ltd.  | 13273 | &nbsp;&nbsp; $118297 |
| Dalrymple Bay Infrastructure Ltd.  | 22810 | &nbsp;&nbsp; 63825 |
| Data#3 Ltd.  | 33260 | &nbsp;&nbsp; 166600 |
| Deep Yellow Ltd. (a) | 111735 | &nbsp;&nbsp; 122689 |
| Deterra Royalties Ltd.  | 9179 | &nbsp;&nbsp; 22729 |
| Develop Global Ltd. (a) | 8766 | &nbsp;&nbsp; 28302 |
| Dicker Data Ltd.  | 14945 | &nbsp;&nbsp; 79382 |
| Domain Holdings Australia Ltd.  | 24051 | &nbsp;&nbsp; 69493 |
| Domino's Pizza Enterprises Ltd.  | 12514 | &nbsp;&nbsp; 158720 |
| Downer EDI Ltd.  | 150888 | &nbsp;&nbsp; 627827 |
| Duratec Ltd.  | 11553 | &nbsp;&nbsp; 10950 |
| Dyno Nobel Ltd.  | 82373 | &nbsp;&nbsp; 145935 |
| Eagers Automotive Ltd.  | 26028 | &nbsp;&nbsp; 298947 |
| Elanor Investor Group (a) (b) (c) | 5934 | &nbsp;&nbsp; 601 |
| Elders Ltd.  | 43031 | &nbsp;&nbsp; 178538 |
| Emeco Holdings Ltd. (a) | 105907 | &nbsp;&nbsp; 57857 |
| Emerald Resources NL (a) | 99710 | &nbsp;&nbsp; 261316 |
| EML Payments Ltd. (a) | 62760 | &nbsp;&nbsp; 48164 |
| Energy World Corp. Ltd. (a) | 472609 | &nbsp;&nbsp; 6540 |
| EQT Holdings Ltd.  | 4827 | &nbsp;&nbsp; 108057 |
| Euroz Hartleys Group Ltd.  | 24476 | &nbsp;&nbsp; 16274 |
| EVT Ltd.  | 21456 | &nbsp;&nbsp; 235143 |
| Fiducian Group Ltd.  | 3121 | &nbsp;&nbsp; 19987 |
| Finbar Group Ltd.  | 6909 | &nbsp;&nbsp; 3274 |
| Firefinch Ltd. (a) (b) (c) | 39761 | &nbsp;&nbsp; 981 |
| FleetPartners Group Ltd. (a) | 50695 | &nbsp;&nbsp; 102159 |
| Fleetwood Ltd.  | 20877 | &nbsp;&nbsp; 35451 |
| Flight Centre Travel Group Ltd.  | 34913 | &nbsp;&nbsp; 286797 |
| Frontier Digital Ventures Ltd. (a) | 10683 | &nbsp;&nbsp; 1478 |
| G8 Education Ltd.  | 181072 | &nbsp;&nbsp; 140631 |
| Galan Lithium Ltd. (a) | 48070 | &nbsp;&nbsp; 3800 |
| Genesis Minerals Ltd. (a) | 66585 | &nbsp;&nbsp; 191773 |
| Gold Road Resources Ltd.  | 178341 | &nbsp;&nbsp; 386913 |
| GR Engineering Services Ltd.  | 13197 | &nbsp;&nbsp; 28243 |
| GrainCorp Ltd. - Class A | 46177 | &nbsp;&nbsp; 236458 |
| GWA Group Ltd.  | 64632 | &nbsp;&nbsp; 102008 |
| Hansen Technologies Ltd.  | 42180 | &nbsp;&nbsp; 138264 |
| Healius Ltd.  | 148628 | &nbsp;&nbsp; 76658 |
| Helia Group Ltd.  | 55724 | &nbsp;&nbsp; 206493 |
| HUB24 Ltd.  | 5710 | &nbsp;&nbsp; 335181 |
| Humm Group Ltd.  | 122339 | &nbsp;&nbsp; 45495 |
| IDP Education Ltd.  | 30748 | &nbsp;&nbsp; 74077 |
| IGO Ltd.  | 14118 | &nbsp;&nbsp; 38783 |
| Iluka Resources Ltd.  | 54461 | &nbsp;&nbsp; 136332 |
| Imdex Ltd.  | 114903 | &nbsp;&nbsp; 205869 |
| Immutep Ltd. (ADR) (a) | 8886 | &nbsp;&nbsp; 14573 |
| Infomedia Ltd.  | 109692 | &nbsp;&nbsp; 85435 |
| Inghams Group Ltd.  | 86621 | &nbsp;&nbsp; 202430 |
| Insignia Financial Ltd. (a) | 181510 | &nbsp;&nbsp; 433686 |
| Integral Diagnostics Ltd.  | 81164 | &nbsp;&nbsp; 135466 |
| ioneer Ltd. (a) | 341217 | &nbsp;&nbsp; 21804 |
| IPH Ltd.  | 55115 | &nbsp;&nbsp; 166147 |
| IRESS Ltd.  | 15805 | &nbsp;&nbsp; 83225 |
| IVE Group Ltd.  | 19754 | &nbsp;&nbsp; 37444 |
| Johns Lyng Group Ltd.  | 24851 | &nbsp;&nbsp; 51880 |
| Jumbo Interactive Ltd.  | 12118 | &nbsp;&nbsp; 78165 |

---

*See accompanying notes to financial statements.*

**BHFTII-104**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Jupiter Mines Ltd.  | 267429 | &nbsp;&nbsp; $35203 |
| Kelsian Group Ltd.  | 24968 | &nbsp;&nbsp; 62332 |
| Kogan.com Ltd.  | 8324 | &nbsp;&nbsp; 20562 |
| Lendlease Corp. Ltd.  | 89844 | &nbsp;&nbsp; 318335 |
| Leo Lithium Ltd. (b) (c) | 28400 | &nbsp;&nbsp; 0 |
| Lifestyle Communities Ltd.  | 11437 | &nbsp;&nbsp; 52718 |
| Lindsay Australia Ltd.  | 17112 | &nbsp;&nbsp; 8100 |
| Lovisa Holdings Ltd.  | 13735 | &nbsp;&nbsp; 286417 |
| Lycopodium Ltd.  | 6179 | &nbsp;&nbsp; 42133 |
| MA Financial Group Ltd.  | 14408 | &nbsp;&nbsp; 72194 |
| Macmahon Holdings Ltd.  | 380170 | &nbsp;&nbsp; 76319 |
| Macquarie Technology Group Ltd. (a) | 1322 | &nbsp;&nbsp; 57902 |
| Mader Group Ltd.  | 3508 | &nbsp;&nbsp; 15546 |
| Magellan Financial Group Ltd.  | 22860 | &nbsp;&nbsp; 128807 |
| Mayne Pharma Group Ltd. (a) | 15480 | &nbsp;&nbsp; 50956 |
| McMillan Shakespeare Ltd.  | 10057 | &nbsp;&nbsp; 102984 |
| McPherson's Ltd. (a) | 39600 | &nbsp;&nbsp; 6516 |
| Megaport Ltd. (a) | 17487 | &nbsp;&nbsp; 166221 |
| Mesoblast Ltd. (a) | 79233 | &nbsp;&nbsp; 85927 |
| Metals X Ltd. (a) | 147577 | &nbsp;&nbsp; 52939 |
| Metcash Ltd.  | 176193 | &nbsp;&nbsp; 453430 |
| Michael Hill International Ltd. (a) | 82929 | &nbsp;&nbsp; 21737 |
| Monadelphous Group Ltd.  | 22670 | &nbsp;&nbsp; 262028 |
| Monash IVF Group Ltd.  | 73577 | &nbsp;&nbsp; 34150 |
| Mount Gibson Iron Ltd. (a) | 158334 | &nbsp;&nbsp; 28092 |
| Myer Holdings Ltd.  | 286260 | &nbsp;&nbsp; 113994 |
| MyState Ltd.  | 31935 | &nbsp;&nbsp; 88490 |
| Nanosonics Ltd. (a) | 13506 | &nbsp;&nbsp; 36043 |
| Navigator Global Investments Ltd.  | 52466 | &nbsp;&nbsp; 58888 |
| New Hope Corp. Ltd.  | 112261 | &nbsp;&nbsp; 273254 |
| nib holdings Ltd.  | 98922 | &nbsp;&nbsp; 460974 |
| Nick Scali Ltd.  | 16625 | &nbsp;&nbsp; 199350 |
| Nine Entertainment Co. Holdings Ltd.  | 208760 | &nbsp;&nbsp; 223293 |
| NRW Holdings Ltd.  | 100636 | &nbsp;&nbsp; 198061 |
| Nufarm Ltd. (a) | 73739 | &nbsp;&nbsp; 119399 |
| Nuix Ltd. (a) | 38590 | &nbsp;&nbsp; 55632 |
| Objective Corp. Ltd.  | 2117 | &nbsp;&nbsp; 26707 |
| OceanaGold Corp.  | 57770 | &nbsp;&nbsp; 815382 |
| OFX Group Ltd. (a) | 76506 | &nbsp;&nbsp; 37778 |
| Omni Bridgeway Ltd. (a) | 75128 | &nbsp;&nbsp; 66260 |
| oOh!media Ltd.  | 105904 | &nbsp;&nbsp; 120290 |
| Orora Ltd.  | 264915 | &nbsp;&nbsp; 329556 |
| Pacific Current Group Ltd.  | 12733 | &nbsp;&nbsp; 90577 |
| Paladin Energy Ltd. (a) | 41287 | &nbsp;&nbsp; 219195 |
| Pantoro Gold Ltd. (a) | 15326 | &nbsp;&nbsp; 31068 |
| Peet Ltd.  | 88199 | &nbsp;&nbsp; 98728 |
| PeopleIN Ltd. (a) | 9511 | &nbsp;&nbsp; 4604 |
| Perenti Ltd.  | 182021 | &nbsp;&nbsp; 194086 |
| Perpetual Ltd.  | 5092 | &nbsp;&nbsp; 60531 |
| Perseus Mining Ltd.  | 192803 | &nbsp;&nbsp; 439355 |
| PEXA Group Ltd. (a) | 21038 | &nbsp;&nbsp; 188322 |
| Platinum Asset Management Ltd.  | 124443 | &nbsp;&nbsp; 37639 |
| Praemium Ltd.  | 98955 | &nbsp;&nbsp; 41686 |
| Premier Investments Ltd.  | 15190 | &nbsp;&nbsp; 202385 |
| Propel Funeral Partners Ltd.  | 9117 | &nbsp;&nbsp; 27191 |
| PWR Holdings Ltd.  | 14398 | &nbsp;&nbsp; 65673 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Ramelius Resources Ltd.  | 244707 | &nbsp;&nbsp; $412362 |
| Regis Healthcare Ltd.  | 32213 | &nbsp;&nbsp; 166226 |
| Regis Resources Ltd. (a) | 188824 | &nbsp;&nbsp; 554650 |
| Reject Shop Ltd.  | 12421 | &nbsp;&nbsp; 54591 |
| Resolute Mining Ltd. (a) | 456777 | &nbsp;&nbsp; 186396 |
| Retail Food Group Ltd. (a) | 5455 | &nbsp;&nbsp; 7211 |
| Ridley Corp. Ltd.  | 67123 | &nbsp;&nbsp; 129888 |
| RPMGlobal Holdings Ltd. (a) | 32785 | &nbsp;&nbsp; 62821 |
| Sandfire Resources Ltd. (a) | 71475 | &nbsp;&nbsp; 530958 |
| Select Harvests Ltd. (a) | 33304 | &nbsp;&nbsp; 90016 |
| Servcorp Ltd.  | 18176 | &nbsp;&nbsp; 68662 |
| Service Stream Ltd.  | 137474 | &nbsp;&nbsp; 179608 |
| Seven West Media Ltd. (a) | 319979 | &nbsp;&nbsp; 30703 |
| Shaver Shop Group Ltd.  | 18090 | &nbsp;&nbsp; 15887 |
| SmartGroup Corp. Ltd.  | 30112 | &nbsp;&nbsp; 146075 |
| SolGold PLC (a) | 36239 | &nbsp;&nbsp; 3419 |
| Solvar Ltd.  | 43951 | &nbsp;&nbsp; 48408 |
| Southern Cross Media Group Ltd. (a) | 76997 | &nbsp;&nbsp; 27301 |
| SRG Global Ltd.  | 48370 | &nbsp;&nbsp; 54946 |
| St Barbara Ltd. (a) | 275392 | &nbsp;&nbsp; 52353 |
| Stanmore Resources Ltd.  | 10423 | &nbsp;&nbsp; 12830 |
| Star Entertainment Group Ltd. (a) | 158299 | &nbsp;&nbsp; 14090 |
| Strandline Resources Ltd. (a) (b) (c) | 43753 | &nbsp;&nbsp; 518 |
| Super Retail Group Ltd.  | 35225 | &nbsp;&nbsp; 330154 |
| Superloop Ltd. (a) | 115307 | &nbsp;&nbsp; 228548 |
| Syrah Resources Ltd. (a) | 206663 | &nbsp;&nbsp; 34611 |
| Tabcorp Holdings Ltd.  | 406397 | &nbsp;&nbsp; 191262 |
| Temple & Webster Group Ltd. (a) | 1051 | &nbsp;&nbsp; 14697 |
| Ten Sixty Four Ltd. (a) (b) (c) | 60972 | &nbsp;&nbsp; 4414 |
| Terracom Ltd.  | 54002 | &nbsp;&nbsp; 2523 |
| Tribune Resources Ltd.  | 2377 | &nbsp;&nbsp; 7370 |
| Tuas Ltd. (a) | 23255 | &nbsp;&nbsp; 90863 |
| Tyro Payments Ltd. (a) | 64496 | &nbsp;&nbsp; 37389 |
| Ventia Services Group Pty. Ltd.  | 110267 | &nbsp;&nbsp; 375952 |
| Virgin Australia Holdings Pty. Ltd. (a) (b) (c) | 968773 | &nbsp;&nbsp; 1 |
| Vista Group International Ltd. (a) | 33201 | &nbsp;&nbsp; 70834 |
| Viva Energy Group Ltd.  | 137760 | &nbsp;&nbsp; 195863 |
| Vulcan Energy Resources Ltd. (a) | 11071 | &nbsp;&nbsp; 26552 |
| WEB Travel Group Ltd. (a) | 62020 | &nbsp;&nbsp; 181003 |
| Webjet Group Ltd. (a) | 84765 | &nbsp;&nbsp; 50215 |
| West African Resources Ltd. (a) | 258051 | &nbsp;&nbsp; 394448 |
| Westgold Resources Ltd.  | 195797 | &nbsp;&nbsp; 373178 |
| Whitehaven Coal Ltd.  | 91780 | &nbsp;&nbsp; 328043 |
| Zip Co. Ltd. (a) | 266446 | &nbsp;&nbsp; 538523 |
|  |  | &nbsp;&nbsp; 28149968 |
| **Austria — 1.6%** | **Austria — 1.6%** | **Austria — 1.6%** |
| Agrana Beteiligungs AG | 3399 | &nbsp;&nbsp; 52897 |
| ams-OSRAM AG (a) | 3967 | &nbsp;&nbsp; 53521 |
| ANDRITZ AG (d) | 13919 | &nbsp;&nbsp; 1033567 |
| AT&S Austria Technologie & Systemtechnik AG (a) (d) | 2246 | &nbsp;&nbsp; 45100 |
| A-TEC Industries AG (a) (b) (c) | 1 | &nbsp;&nbsp; 0 |
| BAWAG Group AG (d) | 16497 | &nbsp;&nbsp; 2102763 |
| CA Immobilien Anlagen AG (d) | 5450 | &nbsp;&nbsp; 155647 |
| CPI Europe AG (a) (d) | 3557 | &nbsp;&nbsp; 78609 |
| DO & Co. AG (a) | 1723 | &nbsp;&nbsp; 367264 |

---

*See accompanying notes to financial statements.*

**BHFTII-105**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Austria — (Continued)** | **Austria — (Continued)** | **Austria — (Continued)** |
| Eurotelesites AG (a) | 6880 | &nbsp;&nbsp; $41211 |
| EVN AG | 6159 | &nbsp;&nbsp; 169669 |
| FACC AG (a) | 6291 | &nbsp;&nbsp; 52535 |
| Kapsch TrafficCom AG (a) (d) | 1870 | &nbsp;&nbsp; 14834 |
| Kontron AG | 9767 | &nbsp;&nbsp; 287532 |
| Lenzing AG (a) (d) | 4153 | &nbsp;&nbsp; 117653 |
| Mayr Melnhof Karton AG (d) | 1348 | &nbsp;&nbsp; 121169 |
| Oesterreichische Post AG (d) | 4583 | &nbsp;&nbsp; 163224 |
| Palfinger AG | 3436 | &nbsp;&nbsp; 144682 |
| POLYTEC Holding AG (a) (d) | 6228 | &nbsp;&nbsp; 24045 |
| Porr AG | 2768 | &nbsp;&nbsp; 91776 |
| Schoeller-Bleckmann Oilfield Equipment AG (d) | 1715 | &nbsp;&nbsp; 60821 |
| Semperit AG Holding (d) | 2077 | &nbsp;&nbsp; 32130 |
| Telekom Austria AG | 20268 | &nbsp;&nbsp; 230477 |
| UBM Development AG (a) | 1083 | &nbsp;&nbsp; 26877 |
| UNIQA Insurance Group AG | 23996 | &nbsp;&nbsp; 324737 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 7619 | &nbsp;&nbsp; 391855 |
| voestalpine AG | 20114 | &nbsp;&nbsp; 565299 |
| Wienerberger AG (d) | 23585 | &nbsp;&nbsp; 876521 |
| Zumtobel Group AG (d) | 8536 | &nbsp;&nbsp; 49007 |
|  |  | &nbsp;&nbsp; 7675422 |
| **Belgium — 1.5%** | **Belgium — 1.5%** | **Belgium — 1.5%** |
| Ackermans & van Haaren NV | 4266 | &nbsp;&nbsp; 1089766 |
| Ageas SA | 2711 | &nbsp;&nbsp; 183055 |
| AGFA-Gevaert NV (a) | 40080 | &nbsp;&nbsp; 49657 |
| Atenor (a) | 6098 | &nbsp;&nbsp; 19538 |
| Azelis Group NV | 9927 | &nbsp;&nbsp; 158118 |
| Barco NV | 12997 | &nbsp;&nbsp; 189804 |
| Bekaert SA | 7178 | &nbsp;&nbsp; 296985 |
| Biocartis Group NV (a) (b) (c) (d) | 16240 | &nbsp;&nbsp; 0 |
| bpost SA (a) | 18928 | &nbsp;&nbsp; 47127 |
| Cie d'Entreprises CFE | 2249 | &nbsp;&nbsp; 22960 |
| Colruyt Group NV | 6403 | &nbsp;&nbsp; 276962 |
| Deceuninck NV | 27313 | &nbsp;&nbsp; 66516 |
| Deme Group NV | 1666 | &nbsp;&nbsp; 253286 |
| Econocom Group SA NV | 20343 | &nbsp;&nbsp; 46672 |
| Elia Group SA (d) | 3752 | &nbsp;&nbsp; 431866 |
| EVS Broadcast Equipment SA | 2668 | &nbsp;&nbsp; 111972 |
| Fagron | 13331 | &nbsp;&nbsp; 352390 |
| Galapagos NV (a) | 9086 | &nbsp;&nbsp; 254528 |
| Gimv NV | 5229 | &nbsp;&nbsp; 257353 |
| Greenyard NV (a) | 5819 | &nbsp;&nbsp; 50174 |
| Immobel SA (a) (d) | 1276 | &nbsp;&nbsp; 28249 |
| Ion Beam Applications (d) | 5598 | &nbsp;&nbsp; 75459 |
| Jensen-Group NV | 1035 | &nbsp;&nbsp; 65323 |
| Kinepolis Group NV | 2995 | &nbsp;&nbsp; 126778 |
| Lotus Bakeries NV | 45 | &nbsp;&nbsp; 433530 |
| MDxHealth SA (a) | 843 | &nbsp;&nbsp; 1863 |
| Melexis NV (d) | 3152 | &nbsp;&nbsp; 268733 |
| Ontex Group NV (a) (d) | 14208 | &nbsp;&nbsp; 113753 |
| Orange Belgium SA (a) | 4348 | &nbsp;&nbsp; 86303 |
| Proximus SADP | 26805 | &nbsp;&nbsp; 261023 |
| Recticel SA (d) | 9517 | &nbsp;&nbsp; 114743 |
| Sipef NV | 1593 | &nbsp;&nbsp; 119413 |
| Solvay SA | 15973 | &nbsp;&nbsp; 551796 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Belgium — (Continued)** | **Belgium — (Continued)** | **Belgium — (Continued)** |
| Tessenderlo Group SA (d) | 3843 | &nbsp;&nbsp; $114537 |
| Umicore SA | 12841 | &nbsp;&nbsp; 188651 |
| Van de Velde NV (d) | 1688 | &nbsp;&nbsp; 66457 |
| VGP NV (d) | 1667 | &nbsp;&nbsp; 167777 |
| Viohalco SA | 22715 | &nbsp;&nbsp; 152929 |
| What's Cooking BV | 153 | &nbsp;&nbsp; 19099 |
| X-Fab Silicon Foundries SE (a) | 7239 | &nbsp;&nbsp; 57487 |
|  |  | &nbsp;&nbsp; 7172632 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| Northern Ocean Ltd. (a) (d) | 29554 | &nbsp;&nbsp; 17097 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| ERO Copper Corp. (a) (d) | 2951 | &nbsp;&nbsp; 49843 |
| Karoon Energy Ltd.  | 167873 | &nbsp;&nbsp; 211738 |
| Pluxee NV (d) | 7577 | &nbsp;&nbsp; 165222 |
|  |  | &nbsp;&nbsp; 426803 |
| **Burkina Faso — 0.2%** | **Burkina Faso — 0.2%** | **Burkina Faso — 0.2%** |
| IAMGOLD Corp. (a) | 118555 | &nbsp;&nbsp; 873220 |
| **Cambodia — 0.0%** | **Cambodia — 0.0%** | **Cambodia — 0.0%** |
| NagaCorp Ltd. (a) | 254719 | &nbsp;&nbsp; 115580 |
| **Canada — 10.2%** | **Canada — 10.2%** | **Canada — 10.2%** |
| 5N Plus, Inc. (a) | 30332 | &nbsp;&nbsp; 199132 |
| Acadian Timber Corp. (d) | 3800 | &nbsp;&nbsp; 49420 |
| ADENTRA, Inc.  | 1000 | &nbsp;&nbsp; 21186 |
| Advantage Energy Ltd. (a) | 40225 | &nbsp;&nbsp; 349449 |
| Aecon Group, Inc.  | 15646 | &nbsp;&nbsp; 236342 |
| Ag Growth International, Inc. (d) | 1586 | &nbsp;&nbsp; 48509 |
| AGF Management Ltd. - Class B | 13913 | &nbsp;&nbsp; 135069 |
| Aimia, Inc. (a) (d) | 24635 | &nbsp;&nbsp; 49207 |
| Air Canada (a) | 23833 | &nbsp;&nbsp; 368762 |
| AirBoss of America Corp. (d) | 3761 | &nbsp;&nbsp; 12981 |
| Algoma Central Corp.  | 4710 | &nbsp;&nbsp; 55859 |
| Algonquin Power & Utilities Corp. (d) | 101548 | &nbsp;&nbsp; 581362 |
| Altius Minerals Corp.  | 5660 | &nbsp;&nbsp; 113803 |
| Altus Group Ltd.  | 8586 | &nbsp;&nbsp; 332217 |
| Amerigo Resources Ltd. (d) | 35000 | &nbsp;&nbsp; 55774 |
| Andlauer Healthcare Group, Inc. (d) | 2076 | &nbsp;&nbsp; 80204 |
| Andrew Peller Ltd. - Class A (d) | 11417 | &nbsp;&nbsp; 44100 |
| Aritzia, Inc. (a) | 19417 | &nbsp;&nbsp; 1005962 |
| Atco Ltd. - Class I | 17446 | &nbsp;&nbsp; 650566 |
| Athabasca Oil Corp. (a) | 119524 | &nbsp;&nbsp; 495036 |
| ATS Corp. (a) (d) | 14582 | &nbsp;&nbsp; 465061 |
| AutoCanada, Inc. (a) | 3328 | &nbsp;&nbsp; 53571 |
| B2Gold Corp.  | 74132 | &nbsp;&nbsp; 267839 |
| B2Gold Corp. (d) | 222725 | &nbsp;&nbsp; 804037 |
| Badger Infrastructure Solutions Ltd.  | 8462 | &nbsp;&nbsp; 295665 |
| Ballard Power Systems, Inc. (a) | 22605 | &nbsp;&nbsp; 35942 |
| Baytex Energy Corp. (d) | 38083 | &nbsp;&nbsp; 68238 |
| Birchcliff Energy Ltd.  | 60988 | &nbsp;&nbsp; 334555 |
| Bird Construction, Inc.  | 13412 | &nbsp;&nbsp; 283555 |
| Black Diamond Group Ltd.  | 16412 | &nbsp;&nbsp; 119196 |
| BlackBerry Ltd. (a) | 7011 | &nbsp;&nbsp; 32110 |

---

*See accompanying notes to financial statements.*

**BHFTII-106**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| BMTC Group, Inc.  | 5387 | &nbsp;&nbsp; $56570 |
| Boralex, Inc. - Class A (d) | 21218 | &nbsp;&nbsp; 492996 |
| Boyd Group Services, Inc. (d) | 3307 | &nbsp;&nbsp; 519455 |
| Calfrac Well Services Ltd. (a) | 3087 | &nbsp;&nbsp; 7776 |
| Calian Group Ltd.  | 2146 | &nbsp;&nbsp; 78827 |
| Canaccord Genuity Group, Inc.  | 18859 | &nbsp;&nbsp; 143477 |
| Canada Goose Holdings, Inc. (a) (d) | 9656 | &nbsp;&nbsp; 108051 |
| Canadian Tire Corp. Ltd. - Class A (d) | 3424 | &nbsp;&nbsp; 466147 |
| Canfor Corp. (a) | 15511 | &nbsp;&nbsp; 161061 |
| Capital Power Corp. (d) | 27632 | &nbsp;&nbsp; 1111976 |
| Capstone Copper Corp. (a) | 93417 | &nbsp;&nbsp; 573502 |
| Cardinal Energy Ltd. (d) | 32459 | &nbsp;&nbsp; 160656 |
| Cascades, Inc.  | 16926 | &nbsp;&nbsp; 110748 |
| Centerra Gold, Inc.  | 50985 | &nbsp;&nbsp; 367294 |
| CES Energy Solutions Corp.  | 56542 | &nbsp;&nbsp; 275288 |
| Champion Iron Ltd.  | 70983 | &nbsp;&nbsp; 194844 |
| CI Financial Corp.  | 20780 | &nbsp;&nbsp; 483582 |
| Cineplex, Inc. (a) (d) | 6558 | &nbsp;&nbsp; 55864 |
| Cipher Pharmaceuticals, Inc. (a) (d) | 2300 | &nbsp;&nbsp; 21180 |
| Clairvest Group, Inc.  | 200 | &nbsp;&nbsp; 11382 |
| Cogeco Communications, Inc.  | 3380 | &nbsp;&nbsp; 176353 |
| Cogeco, Inc.  | 609 | &nbsp;&nbsp; 30066 |
| Computer Modelling Group Ltd.  | 9720 | &nbsp;&nbsp; 51464 |
| Corby Spirit & Wine Ltd.  | 3957 | &nbsp;&nbsp; 40885 |
| Cronos Group, Inc. (a) | 20813 | &nbsp;&nbsp; 39753 |
| Definity Financial Corp. (d) | 9869 | &nbsp;&nbsp; 575218 |
| Denison Mines Corp. (a) (d) | 87299 | &nbsp;&nbsp; 159629 |
| Dexterra Group, Inc. (d) | 11442 | &nbsp;&nbsp; 77134 |
| Docebo, Inc. (a) | 700 | &nbsp;&nbsp; 20289 |
| Doman Building Materials Group Ltd. (d) | 19304 | &nbsp;&nbsp; 123614 |
| Dorel Industries, Inc. - Class B (a) (d) | 8626 | &nbsp;&nbsp; 9502 |
| DREAM Unlimited Corp. - Class A | 6072 | &nbsp;&nbsp; 92033 |
| Dundee Precious Metals, Inc.  | 41272 | &nbsp;&nbsp; 663140 |
| Dye & Durham Ltd. (d) | 4963 | &nbsp;&nbsp; 34988 |
| E-L Financial Corp. Ltd. (d) | 57700 | &nbsp;&nbsp; 684307 |
| Endeavour Silver Corp. (a) (d) | 34348 | &nbsp;&nbsp; 169249 |
| Enerflex Ltd. (d) | 29289 | &nbsp;&nbsp; 231215 |
| Enghouse Systems Ltd. (d) | 11378 | &nbsp;&nbsp; 195266 |
| Ensign Energy Services, Inc. (a) (d) | 39626 | &nbsp;&nbsp; 65473 |
| EQB, Inc. (d) | 7098 | &nbsp;&nbsp; 539797 |
| Equinox Gold Corp. (a) | 27871 | &nbsp;&nbsp; 160258 |
| Equinox Gold Corp. (a) (d) | 28628 | &nbsp;&nbsp; 165240 |
| Evertz Technologies Ltd.  | 8149 | &nbsp;&nbsp; 74204 |
| Exchange Income Corp. (d) | 5351 | &nbsp;&nbsp; 246498 |
| Exco Technologies Ltd.  | 7732 | &nbsp;&nbsp; 39348 |
| Extendicare, Inc. (d) | 19562 | &nbsp;&nbsp; 203126 |
| Fiera Capital Corp. (d) | 22157 | &nbsp;&nbsp; 104460 |
| Finning International, Inc.  | 32132 | &nbsp;&nbsp; 1373765 |
| Firm Capital Mortgage Investment Corp. (d) | 9574 | &nbsp;&nbsp; 86477 |
| First Majestic Silver Corp.  | 9430 | &nbsp;&nbsp; 77986 |
| First Majestic Silver Corp. (d) | 45160 | &nbsp;&nbsp; 373749 |
| First Mining Gold Corp. (a) (d) | 50000 | &nbsp;&nbsp; 6793 |
| First National Financial Corp. (d) | 4207 | &nbsp;&nbsp; 127067 |
| Fortuna Mining Corp. (a) | 75418 | &nbsp;&nbsp; 493464 |
| Freehold Royalties Ltd. (d) | 30612 | &nbsp;&nbsp; 287518 |
| Galiano Gold, Inc. (a) | 23027 | &nbsp;&nbsp; 29254 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| Gamehost, Inc.  | 4952 | &nbsp;&nbsp; $44656 |
| GDI Integrated Facility Services, Inc. (a) | 3200 | &nbsp;&nbsp; 74469 |
| Gibson Energy, Inc. (d) | 38325 | &nbsp;&nbsp; 672640 |
| goeasy Ltd. (d) | 3095 | &nbsp;&nbsp; 381559 |
| GoGold Resources, Inc. (a) | 28473 | &nbsp;&nbsp; 41818 |
| GoldMoney, Inc. (a) | 2199 | &nbsp;&nbsp; 14372 |
| Guardian Capital Group Ltd. - Class A | 4500 | &nbsp;&nbsp; 142923 |
| Haivision Systems, Inc. (a) (d) | 4800 | &nbsp;&nbsp; 17624 |
| Hanfeng Evergreen, Inc. (a) (b) (c) | 12100 | &nbsp;&nbsp; 0 |
| Headwater Exploration, Inc. (d) | 48021 | &nbsp;&nbsp; 237328 |
| High Liner Foods, Inc. (d) | 6007 | &nbsp;&nbsp; 79887 |
| Hudbay Minerals, Inc.  | 84922 | &nbsp;&nbsp; 901137 |
| Imperial Metals Corp. (a) | 19966 | &nbsp;&nbsp; 71697 |
| Information Services Corp. (d) | 2900 | &nbsp;&nbsp; 68169 |
| Innergex Renewable Energy, Inc.  | 35108 | &nbsp;&nbsp; 353723 |
| InPlay Oil Corp. (d) | 982 | &nbsp;&nbsp; 6497 |
| Interfor Corp. (a) | 11632 | &nbsp;&nbsp; 107116 |
| International Petroleum Corp. (a) (d) | 17308 | &nbsp;&nbsp; 281719 |
| International Tower Hill Mines Ltd. (a) (d) | 21604 | &nbsp;&nbsp; 18562 |
| Jamieson Wellness, Inc.  | 10457 | &nbsp;&nbsp; 272761 |
| Journey Energy, Inc. (a) | 100 | &nbsp;&nbsp; 140 |
| K92 Mining, Inc. (a) | 27548 | &nbsp;&nbsp; 310730 |
| K-Bro Linen, Inc. (d) | 2819 | &nbsp;&nbsp; 72248 |
| Kelt Exploration Ltd. (a) (d) | 42251 | &nbsp;&nbsp; 227738 |
| Kinaxis, Inc. (a) | 155 | &nbsp;&nbsp; 23052 |
| Knight Therapeutics, Inc. (a) | 19152 | &nbsp;&nbsp; 81995 |
| KP Tissue, Inc. (d) | 1400 | &nbsp;&nbsp; 9541 |
| Labrador Iron Ore Royalty Corp. (d) | 15500 | &nbsp;&nbsp; 323033 |
| Largo, Inc. (a) | 8317 | &nbsp;&nbsp; 10749 |
| Lassonde Industries, Inc. - Class A | 900 | &nbsp;&nbsp; 137867 |
| Laurentian Bank of Canada (d) | 10404 | &nbsp;&nbsp; 237915 |
| Leon's Furniture Ltd.  | 6639 | &nbsp;&nbsp; 136656 |
| Lightspeed Commerce, Inc. (a) (d) | 22389 | &nbsp;&nbsp; 262175 |
| Lightstream Resources Ltd. (a) (b) (c) | 108373 | &nbsp;&nbsp; 0 |
| Linamar Corp.  | 8784 | &nbsp;&nbsp; 417994 |
| Lucara Diamond Corp. (a) (d) | 110136 | &nbsp;&nbsp; 18198 |
| Lundin Gold, Inc.  | 16376 | &nbsp;&nbsp; 864648 |
| Magellan Aerospace Corp.  | 3994 | &nbsp;&nbsp; 56607 |
| Mainstreet Equity Corp. (d) | 1161 | &nbsp;&nbsp; 158810 |
| Major Drilling Group International, Inc. (a) | 17077 | &nbsp;&nbsp; 111109 |
| Manitok Energy, Inc. (a) (b) (c) | 122 | &nbsp;&nbsp; 0 |
| Maple Leaf Foods, Inc.  | 19191 | &nbsp;&nbsp; 399815 |
| Martinrea International, Inc.  | 5846 | &nbsp;&nbsp; 36405 |
| Mattr Corp. (a) (d) | 3517 | &nbsp;&nbsp; 31018 |
| Maxim Power Corp. (d) | 2800 | &nbsp;&nbsp; 9150 |
| Medical Facilities Corp. (d) | 6957 | &nbsp;&nbsp; 80720 |
| MEG Energy Corp. (d) | 33411 | &nbsp;&nbsp; 631294 |
| Melcor Developments Ltd.  | 3120 | &nbsp;&nbsp; 31756 |
| Meren Energy, Inc.  | 57099 | &nbsp;&nbsp; 70024 |
| Methanex Corp.  | 11696 | &nbsp;&nbsp; 387153 |
| Morguard Corp.  | 1100 | &nbsp;&nbsp; 91498 |
| MTY Food Group, Inc.  | 4620 | &nbsp;&nbsp; 144189 |
| Mullen Group Ltd. (d) | 19954 | &nbsp;&nbsp; 207929 |
| Neo Performance Materials, Inc.  | 4300 | &nbsp;&nbsp; 45945 |
| New Gold, Inc. (a) | 172247 | &nbsp;&nbsp; 856333 |
| NFI Group, Inc. (a) (d) | 13975 | &nbsp;&nbsp; 185136 |

---

*See accompanying notes to financial statements.*

**BHFTII-107**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| North American Construction Group Ltd.  | 5263 | &nbsp;&nbsp; $84216 |
| North West Co., Inc.  | 11871 | &nbsp;&nbsp; 420792 |
| Northland Power, Inc. (d) | 38310 | &nbsp;&nbsp; 601200 |
| NuVista Energy Ltd. (a) | 37917 | &nbsp;&nbsp; 417108 |
| Obsidian Energy Ltd. (a) | 5354 | &nbsp;&nbsp; 29715 |
| Onex Corp.  | 6977 | &nbsp;&nbsp; 574350 |
| OR Royalties, Inc.  | 28827 | &nbsp;&nbsp; 740918 |
| Orla Mining Ltd. (a) (d) | 18012 | &nbsp;&nbsp; 180480 |
| Paramount Resources Ltd. - Class A (d) | 19490 | &nbsp;&nbsp; 310151 |
| Parex Resources, Inc.  | 6102 | &nbsp;&nbsp; 62331 |
| Parkland Corp.  | 24990 | &nbsp;&nbsp; 706895 |
| Pason Systems, Inc.  | 19916 | &nbsp;&nbsp; 179599 |
| Pet Valu Holdings Ltd.  | 2074 | &nbsp;&nbsp; 50306 |
| Peyto Exploration & Development Corp. (d) | 48991 | &nbsp;&nbsp; 699743 |
| PHX Energy Services Corp. (d) | 10794 | &nbsp;&nbsp; 63809 |
| Pizza Pizza Royalty Corp. (d) | 6998 | &nbsp;&nbsp; 77136 |
| Polaris Renewable Energy, Inc.  | 5300 | &nbsp;&nbsp; 46821 |
| Pollard Banknote Ltd. (d) | 1790 | &nbsp;&nbsp; 28459 |
| PrairieSky Royalty Ltd. (d) | 51952 | &nbsp;&nbsp; 901124 |
| Precision Drilling Corp. (a) (d) | 1018 | &nbsp;&nbsp; 48211 |
| Premium Brands Holdings Corp. (d) | 10555 | &nbsp;&nbsp; 629541 |
| Propel Holdings, Inc. (d) | 1050 | &nbsp;&nbsp; 29177 |
| Pulse Seismic, Inc.  | 13500 | &nbsp;&nbsp; 30534 |
| Quarterhill, Inc. (a) (d) | 37345 | &nbsp;&nbsp; 38668 |
| Quebecor, Inc. - Class B | 16161 | &nbsp;&nbsp; 491921 |
| Questerre Energy Corp. - Class A (a) (d) | 83569 | &nbsp;&nbsp; 19638 |
| Real Matters, Inc. (a) | 1336 | &nbsp;&nbsp; 5455 |
| RF Capital Group, Inc. (a) (d) | 1730 | &nbsp;&nbsp; 13200 |
| Richelieu Hardware Ltd.  | 12790 | &nbsp;&nbsp; 343665 |
| Rogers Sugar, Inc. (d) | 28139 | &nbsp;&nbsp; 115718 |
| Russel Metals, Inc.  | 13422 | &nbsp;&nbsp; 432205 |
| Sandstorm Gold Ltd.  | 29150 | &nbsp;&nbsp; 274010 |
| Savaria Corp.  | 10600 | &nbsp;&nbsp; 151790 |
| Seabridge Gold, Inc. (a) | 8233 | &nbsp;&nbsp; 119543 |
| Secure Waste Infrastructure Corp. (d) | 45912 | &nbsp;&nbsp; 524949 |
| Sienna Senior Living, Inc. (d) | 20676 | &nbsp;&nbsp; 289244 |
| SNDL, Inc. (a) | 11204 | &nbsp;&nbsp; 13557 |
| Spartan Delta Corp. (a) | 16736 | &nbsp;&nbsp; 46825 |
| Spin Master Corp.  | 8748 | &nbsp;&nbsp; 148461 |
| Sprott, Inc.  | 5042 | &nbsp;&nbsp; 348525 |
| SSR Mining, Inc. (a) | 45893 | &nbsp;&nbsp; 585395 |
| Stella-Jones, Inc.  | 11994 | &nbsp;&nbsp; 691323 |
| StorageVault Canada, Inc.  | 12770 | &nbsp;&nbsp; 38355 |
| SunOpta, Inc. (a) | 7292 | &nbsp;&nbsp; 42143 |
| Superior Plus Corp. (d) | 22786 | &nbsp;&nbsp; 133528 |
| Surge Energy, Inc. (d) | 12100 | &nbsp;&nbsp; 54291 |
| Sylogist Ltd. (d) | 1343 | &nbsp;&nbsp; 8521 |
| Tamarack Valley Energy Ltd. (d) | 85898 | &nbsp;&nbsp; 304672 |
| Taseko Mines Ltd. (a) (d) | 80286 | &nbsp;&nbsp; 253519 |
| TerraVest Industries, Inc. (d) | 1600 | &nbsp;&nbsp; 198685 |
| Timbercreek Financial Corp. (d) | 17551 | &nbsp;&nbsp; 97953 |
| Topaz Energy Corp. (d) | 8101 | &nbsp;&nbsp; 152650 |
| Torex Gold Resources, Inc. (a) | 22294 | &nbsp;&nbsp; 727226 |
| Total Energy Services, Inc.  | 9886 | &nbsp;&nbsp; 78406 |
| TransAlta Corp. (d) | 58778 | &nbsp;&nbsp; 634073 |
| Transat AT, Inc. (a) (d) | 3600 | &nbsp;&nbsp; 7323 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| Transcontinental, Inc. - Class A (d) | 17620 | &nbsp;&nbsp; $270559 |
| Trevali Mining Corp. (a) (b) (c) | 9060 | &nbsp;&nbsp; 0 |
| Trican Well Service Ltd.  | 47483 | &nbsp;&nbsp; 157260 |
| Triple Flag Precious Metals Corp.  | 3866 | &nbsp;&nbsp; 91610 |
| Trisura Group Ltd. (a) | 8223 | &nbsp;&nbsp; 267387 |
| Vecima Networks, Inc.  | 2500 | &nbsp;&nbsp; 16927 |
| Vermilion Energy, Inc. (d) | 25217 | &nbsp;&nbsp; 183931 |
| VersaBank (d) | 2000 | &nbsp;&nbsp; 22897 |
| VersaBank | 1000 | &nbsp;&nbsp; 11400 |
| Vitalhub Corp. (a) | 1790 | &nbsp;&nbsp; 14394 |
| Wajax Corp.  | 3113 | &nbsp;&nbsp; 52144 |
| Well Health Technologies Corp. (a) | 21014 | &nbsp;&nbsp; 62652 |
| Wesdome Gold Mines Ltd. (a) | 36507 | &nbsp;&nbsp; 508565 |
| Western Forest Products, Inc. (a) | 105262 | &nbsp;&nbsp; 30920 |
| Westshore Terminals Investment Corp. (d) | 8214 | &nbsp;&nbsp; 159183 |
| Whitecap Resources, Inc. (d) | 142948 | &nbsp;&nbsp; 960510 |
| Whitecap Resources, Inc.  | 35095 | &nbsp;&nbsp; 235838 |
| Winpak Ltd. (d) | 6752 | &nbsp;&nbsp; 221340 |
| Yellow Pages Ltd. (d) | 3727 | &nbsp;&nbsp; 31201 |
| Zenith Capital Corp. (a) (b) (c) | 12830 | &nbsp;&nbsp; 192 |
|  |  | &nbsp;&nbsp; 48929157 |
| **China — 0.3%** | **China — 0.3%** | **China — 0.3%** |
| Bund Center Investment Ltd.  | 107700 | &nbsp;&nbsp; 30470 |
| China Gold International Resources Corp. Ltd.  | 79013 | &nbsp;&nbsp; 717746 |
| CITIC Telecom International Holdings Ltd.  | 346000 | &nbsp;&nbsp; 105892 |
| ESR Group Ltd. (a) | 21800 | &nbsp;&nbsp; 36102 |
| First Sponsor Group Ltd.  | 9490 | &nbsp;&nbsp; 7687 |
| KLN Logistics Group Ltd.  | 67000 | &nbsp;&nbsp; 64930 |
| Neo-Neon Holdings Ltd. (a) | 322500 | &nbsp;&nbsp; 15201 |
| Shangri-La Asia Ltd.  | 234000 | &nbsp;&nbsp; 127304 |
| Theme International Holdings Ltd. (a) | 170000 | &nbsp;&nbsp; 14754 |
| VSTECS Holdings Ltd.  | 125200 | &nbsp;&nbsp; 124228 |
| Xinyi Glass Holdings Ltd.  | 21000 | &nbsp;&nbsp; 20210 |
|  |  | &nbsp;&nbsp; 1264524 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Canacol Energy Ltd. (a) (d) | 7932 | &nbsp;&nbsp; 15377 |
| Frontera Energy Corp.  | 9241 | &nbsp;&nbsp; 44924 |
| Gran Tierra Energy, Inc. (a) | 7821 | &nbsp;&nbsp; 37332 |
|  |  | &nbsp;&nbsp; 97633 |
| **Denmark — 2.7%** | **Denmark — 2.7%** | **Denmark — 2.7%** |
| ALK-Abello AS (a) | 29477 | &nbsp;&nbsp; 871496 |
| Alm Brand AS | 180054 | &nbsp;&nbsp; 480938 |
| Ambu AS - Class B (d) | 31560 | &nbsp;&nbsp; 495206 |
| Bang & Olufsen AS (a) (d) | 30627 | &nbsp;&nbsp; 65169 |
| Bavarian Nordic AS (a) (d) | 15597 | &nbsp;&nbsp; 415957 |
| Better Collective AS (a) | 2123 | &nbsp;&nbsp; 29410 |
| cBrain AS | 1254 | &nbsp;&nbsp; 42557 |
| Cementir Holding NV | 11808 | &nbsp;&nbsp; 206203 |
| Chemometec AS | 3635 | &nbsp;&nbsp; 335343 |
| Columbus AS | 20865 | &nbsp;&nbsp; 32781 |
| D/S Norden AS | 1976 | &nbsp;&nbsp; 62756 |
| Demant AS (a) | 879 | &nbsp;&nbsp; 36707 |
| Dfds AS (a) | 2432 | &nbsp;&nbsp; 43151 |

---

*See accompanying notes to financial statements.*

**BHFTII-108**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Denmark — (Continued)** | **Denmark — (Continued)** | **Denmark — (Continued)** |
| FLSmidth & Co. AS | 8433 | &nbsp;&nbsp; $515122 |
| GN Store Nord AS (a) (d) | 5654 | &nbsp;&nbsp; 87005 |
| H Lundbeck AS | 44313 | &nbsp;&nbsp; 254341 |
| H Lundbeck AS - A Shares | 5266 | &nbsp;&nbsp; 25395 |
| H&H International AS - Class B (a) (d) | 3245 | &nbsp;&nbsp; 69458 |
| Harboes Bryggeri AS - Class B | 1454 | &nbsp;&nbsp; 33235 |
| ISS AS | 32750 | &nbsp;&nbsp; 915000 |
| Jeudan AS | 2360 | &nbsp;&nbsp; 80485 |
| Jyske Bank AS | 8954 | &nbsp;&nbsp; 905972 |
| Matas AS (d) | 7772 | &nbsp;&nbsp; 163661 |
| Napatech AS (a) | 3374 | &nbsp;&nbsp; 8325 |
| Netcompany Group AS (a) | 7774 | &nbsp;&nbsp; 331342 |
| Nilfisk Holding AS (a) | 2510 | &nbsp;&nbsp; 34866 |
| NKT AS (a) | 11890 | &nbsp;&nbsp; 961859 |
| NNIT AS (a) | 2656 | &nbsp;&nbsp; 27878 |
| North Media AS (a) (d) | 679 | &nbsp;&nbsp; 4234 |
| NTG Nordic Transport Group AS (a) | 1858 | &nbsp;&nbsp; 55309 |
| Parken Sport & Entertainment AS | 2351 | &nbsp;&nbsp; 58269 |
| Per Aarsleff Holding AS | 4996 | &nbsp;&nbsp; 518145 |
| Ringkjoebing Landbobank AS | 5550 | &nbsp;&nbsp; 1215959 |
| Rockwool AS - A Shares | 5450 | &nbsp;&nbsp; 253769 |
| Rockwool AS - B Shares | 9580 | &nbsp;&nbsp; 448195 |
| Royal Unibrew AS | 11120 | &nbsp;&nbsp; 907585 |
| RTX AS (a) (d) | 2486 | &nbsp;&nbsp; 32653 |
| Scandinavian Tobacco Group AS | 10418 | &nbsp;&nbsp; 138154 |
| Schouw & Co. AS | 2940 | &nbsp;&nbsp; 280329 |
| Solar AS - B Shares | 753 | &nbsp;&nbsp; 36790 |
| SP Group AS | 1294 | &nbsp;&nbsp; 64136 |
| Sparekassen Sjaelland-Fyn AS | 1358 | &nbsp;&nbsp; 64957 |
| Sydbank AS | 11012 | &nbsp;&nbsp; 816585 |
| TCM Group AS | 502 | &nbsp;&nbsp; 6007 |
| Tivoli AS (d) | 844 | &nbsp;&nbsp; 81810 |
| UIE PLC (d) | 4635 | &nbsp;&nbsp; 224989 |
| Vestjysk Bank AS | 23730 | &nbsp;&nbsp; 17681 |
| Zealand Pharma AS (a) | 3935 | &nbsp;&nbsp; 220308 |
|  |  | &nbsp;&nbsp; 12977482 |
| **Faeroe Islands — 0.0%** | **Faeroe Islands — 0.0%** | **Faeroe Islands — 0.0%** |
| Foroya Banki P (d) | 1109 | &nbsp;&nbsp; 32914 |
| **Finland — 2.9%** | **Finland — 2.9%** | **Finland — 2.9%** |
| Aktia Bank OYJ | 11350 | &nbsp;&nbsp; 129939 |
| Alma Media OYJ | 10487 | &nbsp;&nbsp; 165339 |
| Anora Group OYJ | 1398 | &nbsp;&nbsp; 5281 |
| Apetit OYJ (d) | 1205 | &nbsp;&nbsp; 20297 |
| Aspo OYJ | 7386 | &nbsp;&nbsp; 46664 |
| Atria OYJ (d) | 3290 | &nbsp;&nbsp; 52926 |
| Bittium OYJ (d) | 8034 | &nbsp;&nbsp; 80793 |
| Citycon OYJ (a) (d) | 18999 | &nbsp;&nbsp; 85180 |
| Digia OYJ | 6625 | &nbsp;&nbsp; 57623 |
| Elisa OYJ | 15224 | &nbsp;&nbsp; 848011 |
| Enento Group OYJ (d) | 3892 | &nbsp;&nbsp; 77958 |
| eQ OYJ (d) | 382 | &nbsp;&nbsp; 4861 |
| Finnair OYJ (d) | 39441 | &nbsp;&nbsp; 124758 |
| Fiskars OYJ Abp (d) | 6971 | &nbsp;&nbsp; 117810 |
| F-Secure OYJ | 15912 | &nbsp;&nbsp; 35907 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Finland — (Continued)** | **Finland — (Continued)** | **Finland — (Continued)** |
| Harvia OYJ (d) | 2955 | &nbsp;&nbsp; $169008 |
| Hiab OYJ - B Shares | 8074 | &nbsp;&nbsp; 489431 |
| HKFoods OYJ (a) | 6704 | &nbsp;&nbsp; 11853 |
| Huhtamaki OYJ | 20084 | &nbsp;&nbsp; 716926 |
| Ilkka OYJ | 5725 | &nbsp;&nbsp; 22466 |
| Kalmar OYJ - B Shares | 8074 | &nbsp;&nbsp; 343327 |
| Kamux Corp.  | 4328 | &nbsp;&nbsp; 10074 |
| Kemira OYJ (d) | 22674 | &nbsp;&nbsp; 525794 |
| Kesko OYJ - A Shares | 6578 | &nbsp;&nbsp; 158185 |
| Kesko OYJ - B Shares (d) | 30707 | &nbsp;&nbsp; 758006 |
| Kojamo OYJ (a) (d) | 21412 | &nbsp;&nbsp; 279303 |
| Konecranes OYJ | 14849 | &nbsp;&nbsp; 1179568 |
| Lassila & Tikanoja OYJ | 6984 | &nbsp;&nbsp; 78454 |
| Lindex Group OYJ (a) | 9321 | &nbsp;&nbsp; 30382 |
| Mandatum OYJ (d) | 36201 | &nbsp;&nbsp; 236598 |
| Marimekko OYJ | 4363 | &nbsp;&nbsp; 63681 |
| Metsa Board OYJ - Class B (d) | 9160 | &nbsp;&nbsp; 33977 |
| Metso OYJ (d) | 58158 | &nbsp;&nbsp; 753223 |
| Nokian Renkaat OYJ (d) | 21157 | &nbsp;&nbsp; 153253 |
| Olvi OYJ - A Shares | 3849 | &nbsp;&nbsp; 152186 |
| Oriola OYJ - B Shares | 36630 | &nbsp;&nbsp; 45256 |
| Orion OYJ - Class A (d) | 7027 | &nbsp;&nbsp; 524369 |
| Orion OYJ - Class B (d) | 14294 | &nbsp;&nbsp; 1075931 |
| Outokumpu OYJ (d) | 59078 | &nbsp;&nbsp; 243940 |
| Ponsse OYJ (d) | 2847 | &nbsp;&nbsp; 90993 |
| Puuilo OYJ | 5676 | &nbsp;&nbsp; 87309 |
| QT Group OYJ (a) | 2738 | &nbsp;&nbsp; 185534 |
| Raisio OYJ - V Shares | 30401 | &nbsp;&nbsp; 88523 |
| Rapala VMC OYJ (a) | 8902 | &nbsp;&nbsp; 12905 |
| Revenio Group OYJ (d) | 5309 | &nbsp;&nbsp; 173417 |
| Sampo OYJ - A Shares | 63600 | &nbsp;&nbsp; 677126 |
| Sanoma OYJ | 18857 | &nbsp;&nbsp; 220233 |
| Stora Enso OYJ - R Shares (d) | 42033 | &nbsp;&nbsp; 455728 |
| Taaleri PLC | 1210 | &nbsp;&nbsp; 10059 |
| Talenom OYJ | 2085 | &nbsp;&nbsp; 9661 |
| Teleste OYJ | 2149 | &nbsp;&nbsp; 7322 |
| Terveystalo OYJ | 14772 | &nbsp;&nbsp; 199553 |
| TietoEVRY OYJ (d) | 21451 | &nbsp;&nbsp; 407115 |
| Tokmanni Group Corp. (d) | 6854 | &nbsp;&nbsp; 85221 |
| Vaisala OYJ - A Shares | 4746 | &nbsp;&nbsp; 277600 |
| Valmet OYJ (d) | 31694 | &nbsp;&nbsp; 981821 |
| Wartsila OYJ Abp | 2341 | &nbsp;&nbsp; 55325 |
| WithSecure OYJ (a) (d) | 26373 | &nbsp;&nbsp; 31337 |
| YIT OYJ (a) | 27133 | &nbsp;&nbsp; 76017 |
|  |  | &nbsp;&nbsp; 14041337 |
| **France — 5.3%** | **France — 5.3%** | **France — 5.3%** |
| 74Software SA (a) | 2930 | &nbsp;&nbsp; 139532 |
| ABC arbitrage | 2865 | &nbsp;&nbsp; 21405 |
| AKWEL SADIR (d) | 2629 | &nbsp;&nbsp; 25513 |
| Alstom SA (a) | 41954 | &nbsp;&nbsp; 980851 |
| Altamir (a) | 7426 | &nbsp;&nbsp; 250314 |
| Alten SA | 5240 | &nbsp;&nbsp; 460355 |
| Arkema SA | 7926 | &nbsp;&nbsp; 585112 |
| Assystem SA (d) | 576 | &nbsp;&nbsp; 28602 |
| Aubay | 803 | &nbsp;&nbsp; 47430 |

---

*See accompanying notes to financial statements.*

**BHFTII-109**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Ayvens SA | 2568 | &nbsp;&nbsp; $28625 |
| Bastide le Confort Medical (a) | 938 | &nbsp;&nbsp; 34622 |
| Beneteau SACA (d) | 8857 | &nbsp;&nbsp; 81376 |
| Boiron SA | 1382 | &nbsp;&nbsp; 36472 |
| Bonduelle SCA | 4120 | &nbsp;&nbsp; 41575 |
| Catana Group (d) | 2793 | &nbsp;&nbsp; 10870 |
| CBo Territoria (d) | 2864 | &nbsp;&nbsp; 12250 |
| Cegedim SA (a) | 2295 | &nbsp;&nbsp; 28419 |
| Cie des Alpes | 4881 | &nbsp;&nbsp; 118518 |
| Clariane SE (a) | 48256 | &nbsp;&nbsp; 296119 |
| Coface SA | 27029 | &nbsp;&nbsp; 519304 |
| Derichebourg SA | 22712 | &nbsp;&nbsp; 154445 |
| Edenred SE | 7079 | &nbsp;&nbsp; 219560 |
| Ekinops SAS (a) | 1670 | &nbsp;&nbsp; 8872 |
| Electricite de Strasbourg SA (d) | 329 | &nbsp;&nbsp; 54675 |
| Elior Group SA (a) (d) | 29385 | &nbsp;&nbsp; 89827 |
| Elis SA (d) | 40575 | &nbsp;&nbsp; 1165607 |
| Equasens | 56 | &nbsp;&nbsp; 3230 |
| Eramet SA (d) | 627 | &nbsp;&nbsp; 33987 |
| Esso SA Francaise (d) | 625 | &nbsp;&nbsp; 111165 |
| Etablissements Maurel et Prom SA | 15300 | &nbsp;&nbsp; 86429 |
| Eurazeo SE (d) | 9792 | &nbsp;&nbsp; 699741 |
| Euroapi SA (a) (d) | 7243 | &nbsp;&nbsp; 24651 |
| Eutelsat Communications SACA (a) (d) | 30929 | &nbsp;&nbsp; 135166 |
| Exel Industries SA - A Shares | 618 | &nbsp;&nbsp; 29118 |
| FDJ UNITED | 13301 | &nbsp;&nbsp; 521994 |
| Fnac Darty SA | 2444 | &nbsp;&nbsp; 96896 |
| Foraco International SA (a) (d) | 17535 | &nbsp;&nbsp; 24208 |
| Forvia SE (a) | 8965 | &nbsp;&nbsp; 91166 |
| Gaztransport Et Technigaz SA | 7959 | &nbsp;&nbsp; 1579847 |
| GEA | 165 | &nbsp;&nbsp; 17302 |
| Getlink SE | 17997 | &nbsp;&nbsp; 347817 |
| GL Events SACA | 2288 | &nbsp;&nbsp; 73634 |
| Groupe Crit SA (d) | 900 | &nbsp;&nbsp; 76143 |
| Guerbet (a) (d) | 1201 | &nbsp;&nbsp; 31082 |
| Haulotte Group SA (a) (d) | 5337 | &nbsp;&nbsp; 15231 |
| ID Logistics Group SACA (a) | 796 | &nbsp;&nbsp; 386771 |
| Imerys SA | 7588 | &nbsp;&nbsp; 250138 |
| Infotel SA | 342 | &nbsp;&nbsp; 15559 |
| Interparfums SA | 1532 | &nbsp;&nbsp; 59684 |
| IPSOS SA | 6397 | &nbsp;&nbsp; 343303 |
| Jacquet Metals SACA (d) | 2954 | &nbsp;&nbsp; 76998 |
| JCDecaux SE | 13978 | &nbsp;&nbsp; 255622 |
| Kaufman & Broad SA | 3257 | &nbsp;&nbsp; 126883 |
| Laurent-Perrier | 1255 | &nbsp;&nbsp; 138697 |
| LISI SA | 1686 | &nbsp;&nbsp; 75124 |
| LNA Sante SA (d) | 1534 | &nbsp;&nbsp; 45751 |
| Maisons du Monde SA (a) (d) | 7475 | &nbsp;&nbsp; 19914 |
| Manitou BF SA | 2626 | &nbsp;&nbsp; 64743 |
| Mersen SA | 1657 | &nbsp;&nbsp; 43199 |
| Metropole Television SA | 6596 | &nbsp;&nbsp; 102193 |
| Nacon SA (a) (d) | 3416 | &nbsp;&nbsp; 2890 |
| Nexans SA | 6484 | &nbsp;&nbsp; 848672 |
| Nexity SA (a) (d) | 9433 | &nbsp;&nbsp; 106462 |
| NRJ Group (d) | 9690 | &nbsp;&nbsp; 83571 |
| Oeneo SA | 2122 | &nbsp;&nbsp; 23247 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Opmobility | 12724 | &nbsp;&nbsp; $163086 |
| Pierre Et Vacances SA (a) | 6918 | &nbsp;&nbsp; 14309 |
| Quadient SA | 7246 | &nbsp;&nbsp; 135854 |
| Recylex SA (a) (b) (c) | 3335 | &nbsp;&nbsp; 0 |
| Remy Cointreau SA (d) | 686 | &nbsp;&nbsp; 35062 |
| Rexel SA | 43232 | &nbsp;&nbsp; 1334119 |
| Robertet SA | 43 | &nbsp;&nbsp; 40337 |
| Rubis SCA | 17934 | &nbsp;&nbsp; 580033 |
| Samse SACA | 107 | &nbsp;&nbsp; 19543 |
| Savencia SA | 1270 | &nbsp;&nbsp; 96400 |
| SCOR SE | 34667 | &nbsp;&nbsp; 1146316 |
| SEB SA (d) | 4545 | &nbsp;&nbsp; 429808 |
| Seche Environnement SACA | 605 | &nbsp;&nbsp; 71754 |
| SMCP SA (a) | 1230 | &nbsp;&nbsp; 6212 |
| Societe BIC SA | 5062 | &nbsp;&nbsp; 315075 |
| Societe LDC SADIR | 700 | &nbsp;&nbsp; 72996 |
| SOITEC (a) | 1292 | &nbsp;&nbsp; 71189 |
| Sopra Steria Group | 3520 | &nbsp;&nbsp; 859603 |
| SPIE SA | 31212 | &nbsp;&nbsp; 1755999 |
| Stef SA | 902 | &nbsp;&nbsp; 139459 |
| Sword Group | 1364 | &nbsp;&nbsp; 61360 |
| Synergie SE (d) | 3366 | &nbsp;&nbsp; 126907 |
| Technip Energies NV | 25933 | &nbsp;&nbsp; 1093052 |
| Teleperformance SE (d) | 9401 | &nbsp;&nbsp; 912822 |
| Television Francaise 1 SA | 9749 | &nbsp;&nbsp; 101314 |
| TFF Group (d) | 284 | &nbsp;&nbsp; 7636 |
| Thermador Groupe (d) | 1800 | &nbsp;&nbsp; 156357 |
| Tikehau Capital SCA (d) | 7508 | &nbsp;&nbsp; 167883 |
| Trigano SA (d) | 2175 | &nbsp;&nbsp; 379432 |
| Ubisoft Entertainment SA (a) | 4996 | &nbsp;&nbsp; 55287 |
| Valeo SE | 36656 | &nbsp;&nbsp; 402066 |
| Vallourec SACA (d) | 37257 | &nbsp;&nbsp; 689737 |
| Verallia SA (d) | 11834 | &nbsp;&nbsp; 393122 |
| Vetoquinol SA | 376 | &nbsp;&nbsp; 32887 |
| Vicat SACA | 3936 | &nbsp;&nbsp; 273045 |
| VIEL & Cie SA (d) | 4205 | &nbsp;&nbsp; 75811 |
| Virbac SACA | 307 | &nbsp;&nbsp; 115656 |
| Viridien (a) | 1557 | &nbsp;&nbsp; 111188 |
| Vivendi SE (a) | 63152 | &nbsp;&nbsp; 218123 |
| Voltalia SA (a) | 4361 | &nbsp;&nbsp; 44331 |
| Vranken-Pommery Monopole SA | 958 | &nbsp;&nbsp; 13316 |
| Wavestone (d) | 126 | &nbsp;&nbsp; 8798 |
|  |  | &nbsp;&nbsp; 25235762 |
| **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** |
| Georgia Capital PLC (a) | 7105 | &nbsp;&nbsp; 187658 |
| Lion Finance Group PLC | 9821 | &nbsp;&nbsp; 954710 |
| TBC Bank Group PLC | 7218 | &nbsp;&nbsp; 459875 |
|  |  | &nbsp;&nbsp; 1602243 |
| **Germany — 6.0%** | **Germany — 6.0%** | **Germany — 6.0%** |
| 1&1 AG (d) | 9578 | &nbsp;&nbsp; 210232 |
| 7C Solarparken AG (a) | 12415 | &nbsp;&nbsp; 26047 |
| Adesso SE | 561 | &nbsp;&nbsp; 58670 |
| Adtran Networks SE | 908 | &nbsp;&nbsp; 21713 |
| All for One Group SE | 498 | &nbsp;&nbsp; 32864 |

---

*See accompanying notes to financial statements.*

**BHFTII-110**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — (Continued)** | **Germany — (Continued)** | **Germany — (Continued)** |
| Allgeier SE | 2611 | &nbsp;&nbsp; $60922 |
| AlzChem Group AG (d) | 731 | &nbsp;&nbsp; 119465 |
| Amadeus Fire AG (d) | 779 | &nbsp;&nbsp; 74131 |
| Aroundtown SA (a) | 165287 | &nbsp;&nbsp; 605875 |
| Atoss Software SE | 1982 | &nbsp;&nbsp; 329188 |
| Aurubis AG (d) | 7379 | &nbsp;&nbsp; 767515 |
| Auto1 Group SE (a) | 1308 | &nbsp;&nbsp; 42213 |
| Basler AG (a) | 3660 | &nbsp;&nbsp; 53159 |
| BayWa AG (a) (d) | 4390 | &nbsp;&nbsp; 46697 |
| Bechtle AG (d) | 19131 | &nbsp;&nbsp; 897341 |
| Bertrandt AG (d) | 1545 | &nbsp;&nbsp; 37023 |
| Bijou Brigitte AG | 1055 | &nbsp;&nbsp; 48854 |
| Bilfinger SE | 7883 | &nbsp;&nbsp; 758866 |
| Borussia Dortmund GmbH & Co. KGaA | 18711 | &nbsp;&nbsp; 86617 |
| BRANICKS Group AG (a) (d) | 13461 | &nbsp;&nbsp; 32107 |
| Brenntag SE | 6711 | &nbsp;&nbsp; 444479 |
| CANCOM SE | 2487 | &nbsp;&nbsp; 82185 |
| Ceconomy AG (a) | 42722 | &nbsp;&nbsp; 182189 |
| CENIT AG (a) | 3413 | &nbsp;&nbsp; 35158 |
| Cewe Stiftung & Co. KGaA | 1300 | &nbsp;&nbsp; 150226 |
| CTS Eventim AG & Co. KGaA | 5258 | &nbsp;&nbsp; 654788 |
| Data Modul AG Produktion Und Vertrieb Von Elektronischen <br> Systemen<br>| 138 | &nbsp;&nbsp; 3512 |
| Dermapharm Holding SE | 3957 | &nbsp;&nbsp; 161704 |
| Deutsche Beteiligungs AG (d) | 3328 | &nbsp;&nbsp; 101151 |
| Deutsche EuroShop AG | 1221 | &nbsp;&nbsp; 29402 |
| Deutsche Pfandbriefbank AG (d) | 30601 | &nbsp;&nbsp; 189317 |
| Deutz AG | 26653 | &nbsp;&nbsp; 239714 |
| Dr. Hoenle AG (a) | 2084 | &nbsp;&nbsp; 23274 |
| Draegerwerk AG & Co. KGaA | 859 | &nbsp;&nbsp; 57672 |
| Duerr AG | 11956 | &nbsp;&nbsp; 318273 |
| DWS Group GmbH & Co. KGaA | 3655 | &nbsp;&nbsp; 216253 |
| Eckert & Ziegler SE | 3478 | &nbsp;&nbsp; 279114 |
| Elmos Semiconductor SE (d) | 1461 | &nbsp;&nbsp; 154517 |
| ElringKlinger AG (d) | 6993 | &nbsp;&nbsp; 37181 |
| Energiekontor AG (a) | 880 | &nbsp;&nbsp; 45343 |
| EuroEyes International Eye Clinic Ltd.  | 10000 | &nbsp;&nbsp; 3448 |
| Evonik Industries AG | 14031 | &nbsp;&nbsp; 289239 |
| Evotec SE (a) (d) | 5019 | &nbsp;&nbsp; 42423 |
| Fielmann Group AG | 6031 | &nbsp;&nbsp; 402782 |
| flatexDEGIRO AG | 12762 | &nbsp;&nbsp; 360830 |
| FORTEC Elektronik AG | 253 | &nbsp;&nbsp; 4798 |
| Fraport AG Frankfurt Airport Services Worldwide (a) (d) | 8815 | &nbsp;&nbsp; 664029 |
| Freenet AG | 29074 | &nbsp;&nbsp; 949030 |
| Friedrich Vorwerk Group SE | 938 | &nbsp;&nbsp; 64718 |
| FUCHS SE | 6231 | &nbsp;&nbsp; 258501 |
| GEA Group AG | 14834 | &nbsp;&nbsp; 1037734 |
| Gerresheimer AG (d) | 4942 | &nbsp;&nbsp; 278654 |
| Gesco SE | 2953 | &nbsp;&nbsp; 59995 |
| GFT Technologies SE (d) | 3497 | &nbsp;&nbsp; 102605 |
| Grand City Properties SA | 17052 | &nbsp;&nbsp; 222726 |
| Grenke AG (d) | 1610 | &nbsp;&nbsp; 29470 |
| H&R GmbH & Co. KGaA | 4195 | &nbsp;&nbsp; 24366 |
| Hawesko Holding SE | 223 | &nbsp;&nbsp; 6015 |
| Heidelberger Druckmaschinen AG (a) | 61130 | &nbsp;&nbsp; 106573 |
| HelloFresh SE (a) (d) | 30689 | &nbsp;&nbsp; 287103 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — (Continued)** | **Germany — (Continued)** | **Germany — (Continued)** |
| Hensoldt AG | 11970 | &nbsp;&nbsp; $1374570 |
| Hornbach Holding AG & Co. KGaA | 2431 | &nbsp;&nbsp; 303636 |
| HUGO BOSS AG (d) | 8004 | &nbsp;&nbsp; 370264 |
| Indus Holding AG (d) | 3250 | &nbsp;&nbsp; 87299 |
| Init Innovation in Traffic Systems SE (d) | 1794 | &nbsp;&nbsp; 80413 |
| Instone Real Estate Group SE | 9568 | &nbsp;&nbsp; 108761 |
| IVU Traffic Technologies AG | 1432 | &nbsp;&nbsp; 32397 |
| Jenoptik AG | 8078 | &nbsp;&nbsp; 185957 |
| JOST Werke SE | 2840 | &nbsp;&nbsp; 179605 |
| K&S AG | 39216 | &nbsp;&nbsp; 718812 |
| KION Group AG | 13725 | &nbsp;&nbsp; 764153 |
| Koenig & Bauer AG (a) | 2020 | &nbsp;&nbsp; 32687 |
| Krones AG | 3288 | &nbsp;&nbsp; 542229 |
| KSB SE & Co. KGaA | 70 | &nbsp;&nbsp; 73365 |
| KWS Saat SE & Co. KGaA (d) | 2541 | &nbsp;&nbsp; 184675 |
| Lanxess AG | 19379 | &nbsp;&nbsp; 575329 |
| LEG Immobilien SE | 16968 | &nbsp;&nbsp; 1505411 |
| Leifheit AG (d) | 2964 | &nbsp;&nbsp; 55344 |
| Medios AG (a) (d) | 1312 | &nbsp;&nbsp; 19384 |
| MLP SE | 19478 | &nbsp;&nbsp; 193394 |
| Mutares SE & Co. KGaA (a) | 1778 | &nbsp;&nbsp; 75582 |
| Nagarro SE (a) | 1692 | &nbsp;&nbsp; 120776 |
| Nordex SE (a) | 5603 | &nbsp;&nbsp; 111039 |
| Norma Group SE (d) | 3073 | &nbsp;&nbsp; 49726 |
| Patrizia SE (d) | 9361 | &nbsp;&nbsp; 90580 |
| Pentixapharm Holding AG (a) | 3291 | &nbsp;&nbsp; 8221 |
| Pfeiffer Vacuum Technology AG | 215 | &nbsp;&nbsp; 41078 |
| ProCredit Holding AG | 1061 | &nbsp;&nbsp; 11770 |
| ProSiebenSat.1 Media SE | 34397 | &nbsp;&nbsp; 289478 |
| Puma SE | 15884 | &nbsp;&nbsp; 433690 |
| PVA TePla AG (a) (d) | 2982 | &nbsp;&nbsp; 70513 |
| PWO AG (d) | 822 | &nbsp;&nbsp; 27890 |
| q.beyond AG (a) | 24973 | &nbsp;&nbsp; 27178 |
| R Stahl AG (a) (d) | 1594 | &nbsp;&nbsp; 35496 |
| SAF-Holland SE | 9928 | &nbsp;&nbsp; 200086 |
| Salzgitter AG (d) | 6391 | &nbsp;&nbsp; 154181 |
| Secunet Security Networks AG (d) | 391 | &nbsp;&nbsp; 105337 |
| SFC Energy AG (a) (d) | 802 | &nbsp;&nbsp; 20557 |
| SGL Carbon SE (a) (d) | 8945 | &nbsp;&nbsp; 36876 |
| Siltronic AG (d) | 738 | &nbsp;&nbsp; 35402 |
| Sixt SE | 3109 | &nbsp;&nbsp; 303005 |
| SMA Solar Technology AG (a) (d) | 1529 | &nbsp;&nbsp; 38255 |
| Softwareone Holding AG (d) | 5559 | &nbsp;&nbsp; 55536 |
| Stabilus SE | 1865 | &nbsp;&nbsp; 60612 |
| STRATEC SE | 1280 | &nbsp;&nbsp; 39500 |
| Stroeer SE & Co. KGaA | 7763 | &nbsp;&nbsp; 465720 |
| Suedzucker AG | 15567 | &nbsp;&nbsp; 204485 |
| Surteco Group SE | 2209 | &nbsp;&nbsp; 41259 |
| SUSS MicroTec SE | 644 | &nbsp;&nbsp; 35342 |
| TAG Immobilien AG | 42291 | &nbsp;&nbsp; 751611 |
| Takkt AG (d) | 6604 | &nbsp;&nbsp; 51740 |
| TeamViewer SE (a) | 29368 | &nbsp;&nbsp; 330622 |
| Technotrans SE | 2191 | &nbsp;&nbsp; 55480 |
| thyssenkrupp AG | 116223 | &nbsp;&nbsp; 1248065 |
| TUI AG (a) | 58083 | &nbsp;&nbsp; 507588 |
| United Internet AG | 13280 | &nbsp;&nbsp; 370830 |

---

*See accompanying notes to financial statements.*

**BHFTII-111**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — (Continued)** | **Germany — (Continued)** | **Germany — (Continued)** |
| Verbio SE (d) | 3222 | &nbsp;&nbsp; $46369 |
| Vossloh AG | 2425 | &nbsp;&nbsp; 241457 |
| Wacker Chemie AG (d) | 2741 | &nbsp;&nbsp; 200322 |
| Wacker Neuson SE (d) | 7746 | &nbsp;&nbsp; 221766 |
| Washtec AG (d) | 3673 | &nbsp;&nbsp; 174783 |
| Westwing Group SE (a) | 395 | &nbsp;&nbsp; 3703 |
| Wuestenrot & Wuerttembergische AG | 4932 | &nbsp;&nbsp; 79325 |
| Zalando SE (a) | 24162 | &nbsp;&nbsp; 795513 |
| Zeal Network SE | 469 | &nbsp;&nbsp; 26842 |
|  |  | &nbsp;&nbsp; 28592861 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Tullow Oil PLC (a) (d) | 216529 | &nbsp;&nbsp; 47397 |
| **Greece — 0.0%** | **Greece — 0.0%** | **Greece — 0.0%** |
| Okeanis Eco Tankers Corp. (d) | 1944 | &nbsp;&nbsp; 41782 |
| **Greenland — 0.0%** | **Greenland — 0.0%** | **Greenland — 0.0%** |
| GronlandsBANKEN AS | 140 | &nbsp;&nbsp; 17128 |
| **Guernsey, Channel Islands — 0.0%** | **Guernsey, Channel Islands — 0.0%** | **Guernsey, Channel Islands — 0.0%** |
| Raven Property Group Ltd. (a) (b) (c) | 112611 | &nbsp;&nbsp; 0 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| Aceso Life Science Group Ltd. (a) | 191000 | &nbsp;&nbsp; 584 |
| Aeon Credit Service Asia Co. Ltd.  | 44000 | &nbsp;&nbsp; 40801 |
| Allied Group Ltd. (a) | 382000 | &nbsp;&nbsp; 78832 |
| APAC Resources Ltd.  | 94156 | &nbsp;&nbsp; 14767 |
| Apollo Future Mobility Group Ltd. (a) | 17400 | &nbsp;&nbsp; 1838 |
| Asia Financial Holdings Ltd.  | 88000 | &nbsp;&nbsp; 45402 |
| Asia Standard International Group Ltd. (a) | 296000 | &nbsp;&nbsp; 11287 |
| ASMPT Ltd.  | 19000 | &nbsp;&nbsp; 139369 |
| Associated International Hotels Ltd.  | 14000 | &nbsp;&nbsp; 9060 |
| Bank of East Asia Ltd.  | 110734 | &nbsp;&nbsp; 170977 |
| Bel Global Resources Holdings Ltd. (a) (b) (c) | 520000 | &nbsp;&nbsp; 0 |
| Bright Smart Securities & Commodities Group Ltd. (a) (d) | 98000 | &nbsp;&nbsp; 107771 |
| Brightoil Petroleum Holdings Ltd. (a) (b) (c) | 591000 | &nbsp;&nbsp; 0 |
| Build King Holdings Ltd.  | 160000 | &nbsp;&nbsp; 23201 |
| Burwill Holdings Ltd. (a) (b) (c) | 1566000 | &nbsp;&nbsp; 0 |
| Cafe de Coral Holdings Ltd. (d) | 82000 | &nbsp;&nbsp; 72256 |
| Chen Hsong Holdings | 150000 | &nbsp;&nbsp; 30387 |
| Cheuk Nang Holdings Ltd.  | 108566 | &nbsp;&nbsp; 20745 |
| Chevalier International Holdings Ltd.  | 75139 | &nbsp;&nbsp; 36852 |
| China Energy Development Holdings Ltd. (a) | 3376000 | &nbsp;&nbsp; 21047 |
| China Motor Bus Co. Ltd.  | 4800 | &nbsp;&nbsp; 33332 |
| China Solar (a) (b) (c) | 162000 | &nbsp;&nbsp; 0 |
| China Star Entertainment Ltd. (a) | 378000 | &nbsp;&nbsp; 110034 |
| Chinese Estates Holdings Ltd.  | 151000 | &nbsp;&nbsp; 25832 |
| Chow Sang Sang Holdings International Ltd.  | 70000 | &nbsp;&nbsp; 76086 |
| Chuang's Consortium International Ltd. (a) | 382357 | &nbsp;&nbsp; 16317 |
| CK Life Sciences International Holdings, Inc. (a) | 304000 | &nbsp;&nbsp; 32986 |
| C-Mer Medical Holdings Ltd.  | 74000 | &nbsp;&nbsp; 17006 |
| CNT Group Ltd. (a) | 246000 | &nbsp;&nbsp; 6675 |
| Convoy, Inc. (a) (b) (c) | 1314000 | &nbsp;&nbsp; 5239 |
| Cowell e Holdings, Inc. (a) (d) | 39000 | &nbsp;&nbsp; 135522 |
| Crystal International Group Ltd.  | 29500 | &nbsp;&nbsp; 17451 |
| CSC Holdings Ltd. (a) | 4927500 | &nbsp;&nbsp; 20119 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| CSI Properties Ltd. (a) | 3183630 | &nbsp;&nbsp; $70920 |
| CTF Services Ltd.  | 205000 | &nbsp;&nbsp; 194661 |
| CW Group Holdings Ltd. (a) (b) (c) | 106000 | &nbsp;&nbsp; 0 |
| Dah Sing Banking Group Ltd.  | 81471 | &nbsp;&nbsp; 94501 |
| Dah Sing Financial Holdings Ltd.  | 34660 | &nbsp;&nbsp; 131607 |
| DFI Retail Group Holdings Ltd.  | 5900 | &nbsp;&nbsp; 16277 |
| Dickson Concepts International Ltd.  | 87500 | &nbsp;&nbsp; 76411 |
| DMX Technologies Group Ltd. (a) (b) (c) | 186000 | &nbsp;&nbsp; 0 |
| Eagle Nice International Holdings Ltd.  | 80000 | &nbsp;&nbsp; 36931 |
| EC Healthcare | 59000 | &nbsp;&nbsp; 4435 |
| EcoGreen International Group Ltd. (a) (b) (c) | 118800 | &nbsp;&nbsp; 5392 |
| Emperor International Holdings Ltd. (a) | 529250 | &nbsp;&nbsp; 14171 |
| Emperor Watch & Jewellery Ltd.  | 1520000 | &nbsp;&nbsp; 85406 |
| ENM Holdings Ltd. (a) | 412000 | &nbsp;&nbsp; 13397 |
| Esprit Holdings Ltd. (a) (b) (c) | 504275 | &nbsp;&nbsp; 6295 |
| Fairwood Holdings Ltd.  | 26500 | &nbsp;&nbsp; 18279 |
| Far East Consortium International Ltd.  | 394956 | &nbsp;&nbsp; 42324 |
| Genting Hong Kong Ltd. (a) (b) (c) | 327000 | &nbsp;&nbsp; 0 |
| Get Nice Holdings Ltd.  | 416000 | &nbsp;&nbsp; 8215 |
| Giordano International Ltd.  | 322000 | &nbsp;&nbsp; 59152 |
| Glorious Sun Enterprises Ltd.  | 393000 | &nbsp;&nbsp; 64654 |
| Gold Financial Holdings Ltd. (a) (b) (c) | 214000 | &nbsp;&nbsp; 0 |
| Gold Peak Technology Group Ltd.  | 277714 | &nbsp;&nbsp; 21221 |
| Golden Resources Development International Ltd.  | 264000 | &nbsp;&nbsp; 11586 |
| Good Resources Holdings, Ltd. (a) (b) (c) | 420000 | &nbsp;&nbsp; 0 |
| GR Life Style Co. Ltd. (a) | 82000 | &nbsp;&nbsp; 6794 |
| Great Eagle Holdings Ltd.  | 40491 | &nbsp;&nbsp; 70848 |
| G-Resources Group Ltd.  | 62180 | &nbsp;&nbsp; 72888 |
| Guoco Group Ltd.  | 1000 | &nbsp;&nbsp; 8821 |
| Guotai Junan International Holdings Ltd. (d) | 515600 | &nbsp;&nbsp; 225839 |
| Hang Lung Group Ltd.  | 167000 | &nbsp;&nbsp; 291104 |
| Hang Lung Properties Ltd.  | 92709 | &nbsp;&nbsp; 88474 |
| Hanison Construction Holdings Ltd. (a) | 148009 | &nbsp;&nbsp; 4465 |
| Harbour Centre Development Ltd.  | 88000 | &nbsp;&nbsp; 44849 |
| HKBN Ltd.  | 167500 | &nbsp;&nbsp; 106100 |
| HKR International Ltd. (a) | 343680 | &nbsp;&nbsp; 39878 |
| Hon Kwok Land Investment Co. Ltd.  | 140000 | &nbsp;&nbsp; 17838 |
| Hong Kong Ferry Holdings Co. Ltd.  | 39000 | &nbsp;&nbsp; 22848 |
| Hong Kong Technology Venture Co. Ltd.  | 52296 | &nbsp;&nbsp; 10542 |
| Hongkong & Shanghai Hotels Ltd. (a) | 95902 | &nbsp;&nbsp; 67204 |
| Hsin Chong Group Holdings Ltd. (a) (b) (c) | 918000 | &nbsp;&nbsp; 0 |
| Hung Hing Printing Group Ltd.  | 252000 | &nbsp;&nbsp; 30522 |
| Hutchison Port Holdings Trust | 909200 | &nbsp;&nbsp; 158151 |
| Hutchison Telecommunications Hong Kong Holdings Ltd.  | 366000 | &nbsp;&nbsp; 47583 |
| Hysan Development Co. Ltd.  | 125000 | &nbsp;&nbsp; 224802 |
| International Housewares Retail Co. Ltd.  | 105000 | &nbsp;&nbsp; 12453 |
| IPE Group Ltd. (a) | 285000 | &nbsp;&nbsp; 15249 |
| Jacobson Pharma Corp. Ltd.  | 90000 | &nbsp;&nbsp; 18705 |
| Johnson Electric Holdings Ltd.  | 73691 | &nbsp;&nbsp; 202909 |
| Joy Faith Investment Ltd. (a) (b) (c) | 420000 | &nbsp;&nbsp; 0 |
| K Wah International Holdings Ltd.  | 172000 | &nbsp;&nbsp; 42790 |
| Kader Holdings Co. Ltd. (a) | 104000 | &nbsp;&nbsp; 3206 |
| Karrie International Holdings Ltd.  | 140000 | &nbsp;&nbsp; 15728 |
| Keck Seng Investments Hong Kong Ltd.  | 72000 | &nbsp;&nbsp; 20694 |
| Kerry Properties Ltd.  | 116000 | &nbsp;&nbsp; 299693 |
| Kowloon Development Co. Ltd.  | 137655 | &nbsp;&nbsp; 52090 |

---

*See accompanying notes to financial statements.*

**BHFTII-112**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| Lai Sun Development Co. Ltd. (a) | 111919 | &nbsp;&nbsp; $7249 |
| Lai Sun Garment International Ltd. (a) | 194634 | &nbsp;&nbsp; 13141 |
| Lam Soon Hong Kong Ltd.  | 15000 | &nbsp;&nbsp; 19300 |
| Langham Hospitality Investments & Langham Hospitality <br> Investments Ltd. <br>| 207000 | &nbsp;&nbsp; 14240 |
| Lerthai Group Ltd. (a) (b) (c) | 18000 | &nbsp;&nbsp; 0 |
| Liu Chong Hing Investment Ltd.  | 78000 | &nbsp;&nbsp; 41868 |
| Luk Fook Holdings International Ltd.  | 69000 | &nbsp;&nbsp; 176472 |
| Man Wah Holdings Ltd.  | 240800 | &nbsp;&nbsp; 132537 |
| Mandarin Oriental International Ltd.  | 67000 | &nbsp;&nbsp; 127957 |
| Matrix Holdings Ltd.  | 36000 | &nbsp;&nbsp; 2110 |
| Melco International Development Ltd. (a) | 49499 | &nbsp;&nbsp; 25551 |
| MH Development NPV (a) (b) (c) | 124000 | &nbsp;&nbsp; 0 |
| Midland Holdings Ltd. (a) | 178010 | &nbsp;&nbsp; 36336 |
| Miramar Hotel & Investment | 51000 | &nbsp;&nbsp; 61902 |
| Modern Dental Group Ltd. (d) | 79000 | &nbsp;&nbsp; 42913 |
| Nameson Holdings Ltd.  | 130000 | &nbsp;&nbsp; 13027 |
| New World Development Co. Ltd. (a) (d) | 167000 | &nbsp;&nbsp; 121569 |
| NewOcean Energy Holdings Ltd. (a) (b) (c) | 398000 | &nbsp;&nbsp; 0 |
| Nissin Foods Co. Ltd. (d) | 47000 | &nbsp;&nbsp; 41644 |
| Oriental Watch Holdings | 96484 | &nbsp;&nbsp; 41907 |
| Oshidori International Holdings Ltd. (a) | 1068000 | &nbsp;&nbsp; 61270 |
| Pacific Andes International Holdings Ltd. (a) (b) (c) | 1819984 | &nbsp;&nbsp; 0 |
| Pacific Basin Shipping Ltd. (d) | 983000 | &nbsp;&nbsp; 253194 |
| Pacific Textiles Holdings Ltd. (d) | 194000 | &nbsp;&nbsp; 31699 |
| Paliburg Holdings Ltd. (a) | 208000 | &nbsp;&nbsp; 8083 |
| Paradise Entertainment Ltd.  | 48000 | &nbsp;&nbsp; 4465 |
| PAX Global Technology Ltd.  | 20000 | &nbsp;&nbsp; 15450 |
| PC Partner Group Ltd.  | 54000 | &nbsp;&nbsp; 47067 |
| PCCW Ltd.  | 362582 | &nbsp;&nbsp; 246383 |
| Perfect Medical Health Management Ltd.  | 108000 | &nbsp;&nbsp; 23433 |
| Pico Far East Holdings Ltd.  | 212000 | &nbsp;&nbsp; 67092 |
| Playmates Holdings Ltd.  | 460000 | &nbsp;&nbsp; 30442 |
| Plover Bay Technologies Ltd.  | 17000 | &nbsp;&nbsp; 12566 |
| Public Financial Holdings Ltd. (a) | 166000 | &nbsp;&nbsp; 27951 |
| Regal Hotels International Holdings Ltd. (a) | 126000 | &nbsp;&nbsp; 9928 |
| Regina Miracle International Holdings Ltd.  | 71000 | &nbsp;&nbsp; 19368 |
| SAS Dragon Holdings Ltd.  | 140000 | &nbsp;&nbsp; 72556 |
| SEA Holdings Ltd.  | 63896 | &nbsp;&nbsp; 9686 |
| Shun Tak Holdings Ltd. (a) (d) | 379500 | &nbsp;&nbsp; 30025 |
| Singamas Container Holdings Ltd.  | 388000 | &nbsp;&nbsp; 33179 |
| SmarTone Telecommunications Holdings Ltd.  | 66888 | &nbsp;&nbsp; 37603 |
| Soundwill Holdings Ltd. (a) | 41500 | &nbsp;&nbsp; 30946 |
| South China Holdings Co. Ltd. (a) | 1240000 | &nbsp;&nbsp; 4897 |
| Stella International Holdings Ltd. (d) | 124000 | &nbsp;&nbsp; 228443 |
| Sun Hung Kai & Co. Ltd.  | 126440 | &nbsp;&nbsp; 54842 |
| SUNeVision Holdings Ltd.  | 133000 | &nbsp;&nbsp; 128340 |
| TAI Cheung Holdings Ltd.  | 192000 | &nbsp;&nbsp; 79329 |
| Tan Chong International Ltd.  | 63000 | &nbsp;&nbsp; 8507 |
| Tao Heung Holdings Ltd. (a) | 16000 | &nbsp;&nbsp; 612 |
| Television Broadcasts Ltd. (a) | 97700 | &nbsp;&nbsp; 43194 |
| Texwinca Holdings Ltd.  | 236000 | &nbsp;&nbsp; 23399 |
| Tradelink Electronic Commerce Ltd.  | 256000 | &nbsp;&nbsp; 30661 |
| Transport International Holdings Ltd.  | 69561 | &nbsp;&nbsp; 78371 |
| United Laboratories International Holdings Ltd. (d) | 201000 | &nbsp;&nbsp; 385121 |
| Up Energy Development Group Ltd. (a) (b) (c) | 92000 | &nbsp;&nbsp; 0 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| Upbest Group Ltd.  | 16000 | &nbsp;&nbsp; $1405 |
| Value Partners Group Ltd.  | 215000 | &nbsp;&nbsp; 53426 |
| Valuetronics Holdings Ltd.  | 89790 | &nbsp;&nbsp; 51565 |
| Vedan International Holdings Ltd.  | 296000 | &nbsp;&nbsp; 21870 |
| Vitasoy International Holdings Ltd.  | 144000 | &nbsp;&nbsp; 168425 |
| VPower Group International Holdings Ltd. (a) | 53251 | &nbsp;&nbsp; 1830 |
| VTech Holdings Ltd. (d) | 34600 | &nbsp;&nbsp; 251108 |
| Wai Kee Holdings Ltd. (a) | 54000 | &nbsp;&nbsp; 4469 |
| Wang On Group Ltd. (a) | 2200000 | &nbsp;&nbsp; 5895 |
| Wealthink AI-Innovation Capital Ltd. (a) | 284000 | &nbsp;&nbsp; 3288 |
| Wing On Co. International Ltd.  | 46000 | &nbsp;&nbsp; 72223 |
| Wing Tai Properties Ltd.  | 176000 | &nbsp;&nbsp; 34084 |
| Yue Yuen Industrial Holdings Ltd.  | 143500 | &nbsp;&nbsp; 219873 |
| Yunfeng Financial Group Ltd. (a) | 34000 | &nbsp;&nbsp; 9913 |
| Zhaobangji Lifestyle Holdings Ltd. (a) | 184000 | &nbsp;&nbsp; 2956 |
|  |  | &nbsp;&nbsp; 8480832 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| First Pacific Co. Ltd.  | 484000 | &nbsp;&nbsp; 342892 |
| First Resources Ltd.  | 78300 | &nbsp;&nbsp; 90587 |
| Gallant Venture Ltd. (a) | 257900 | &nbsp;&nbsp; 18077 |
| Golden Agri-Resources Ltd.  | 1125500 | &nbsp;&nbsp; 221358 |
| Nickel Industries Ltd.  | 203875 | &nbsp;&nbsp; 93271 |
|  |  | &nbsp;&nbsp; 766185 |
| **Iraq — 0.0%** | **Iraq — 0.0%** | **Iraq — 0.0%** |
| Genel Energy PLC (a) | 25050 | &nbsp;&nbsp; 20625 |
| Gulf Keystone Petroleum Ltd.  | 52664 | &nbsp;&nbsp; 122195 |
|  |  | &nbsp;&nbsp; 142820 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| C&C Group PLC (d) | 103856 | &nbsp;&nbsp; 232011 |
| Cairn Homes PLC | 140240 | &nbsp;&nbsp; 354313 |
| COSMO Pharmaceuticals NV | 1084 | &nbsp;&nbsp; 78054 |
| Dalata Hotel Group PLC | 23703 | &nbsp;&nbsp; 180296 |
| FBD Holdings PLC | 8841 | &nbsp;&nbsp; 144786 |
| Glanbia PLC | 36185 | &nbsp;&nbsp; 532762 |
| Glenveagh Properties PLC (a) | 61605 | &nbsp;&nbsp; 124517 |
| Greencore Group PLC | 124104 | &nbsp;&nbsp; 397720 |
| Hostelworld Group PLC (a) | 8529 | &nbsp;&nbsp; 16050 |
| Irish Continental Group PLC | 22005 | &nbsp;&nbsp; 142693 |
| Permanent TSB Group Holdings PLC (a) | 15086 | &nbsp;&nbsp; 36253 |
|  |  | &nbsp;&nbsp; 2239455 |
| **Isle of Man — 0.0%** | **Isle of Man — 0.0%** | **Isle of Man — 0.0%** |
| Strix Group PLC (a) | 40073 | &nbsp;&nbsp; 23392 |
| **Israel — 1.4%** | **Israel — 1.4%** | **Israel — 1.4%** |
| Adgar Investment & Development Ltd. (a) | 11788 | &nbsp;&nbsp; 19038 |
| Afcon Holdings Ltd.  | 771 | &nbsp;&nbsp; 42281 |
| AFI Properties Ltd. (a) | 3584 | &nbsp;&nbsp; 205564 |
| Africa Israel Residences Ltd.  | 880 | &nbsp;&nbsp; 78666 |
| Alarum Technologies Ltd. (a) | 4900 | &nbsp;&nbsp; 6644 |
| Allot Ltd. (a) | 10216 | &nbsp;&nbsp; 86427 |
| Alrov Properties & Lodgings Ltd.  | 1801 | &nbsp;&nbsp; 119704 |
| Arad Ltd.  | 2224 | &nbsp;&nbsp; 35132 |

---

*See accompanying notes to financial statements.*

**BHFTII-113**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Israel — (Continued)** | **Israel — (Continued)** | **Israel — (Continued)** |
| AudioCodes Ltd.  | 1 | &nbsp;&nbsp; $6 |
| Avgol Industries 1953 Ltd. (a) | 27883 | &nbsp;&nbsp; 12102 |
| Azorim-Investment Development & Construction Co. Ltd.  | 13499 | &nbsp;&nbsp; 94881 |
| Bet Shemesh Engines Holdings 1997 Ltd. (a) | 2139 | &nbsp;&nbsp; 356283 |
| Blue Square Real Estate Ltd.  | 1080 | &nbsp;&nbsp; 124662 |
| Carasso Motors Ltd.  | 5984 | &nbsp;&nbsp; 58874 |
| Cellcom Israel Ltd. (a) | 12049 | &nbsp;&nbsp; 97850 |
| Ceragon Networks Ltd. (a) (d) | 14799 | &nbsp;&nbsp; 36406 |
| Danel Adir Yeoshua Ltd.  | 1006 | &nbsp;&nbsp; 143782 |
| Delek Automotive Systems Ltd.  | 4372 | &nbsp;&nbsp; 36830 |
| Delta Galil Ltd.  | 1156 | &nbsp;&nbsp; 61412 |
| Direct Finance of Direct Group 2006 Ltd.  | 106 | &nbsp;&nbsp; 18176 |
| Dor Alon Energy in Israel 1988 Ltd. (a) | 1540 | &nbsp;&nbsp; 61727 |
| Doral Group Renewable Energy Resources Ltd. (a) | 8985 | &nbsp;&nbsp; 40893 |
| Electra Consumer Products 1970 Ltd.  | 1793 | &nbsp;&nbsp; 69834 |
| Energean PLC (d) | 27001 | &nbsp;&nbsp; 337918 |
| Equital Ltd. (a) | 1747 | &nbsp;&nbsp; 80680 |
| FMS Enterprises Migun Ltd.  | 864 | &nbsp;&nbsp; 39285 |
| Formula Systems 1985 Ltd.  | 333 | &nbsp;&nbsp; 42410 |
| Fox Wizel Ltd.  | 908 | &nbsp;&nbsp; 90887 |
| Gilat Satellite Networks Ltd. (a) | 9844 | &nbsp;&nbsp; 71924 |
| Globrands Ltd.  | 93 | &nbsp;&nbsp; 16804 |
| IDI Insurance Co. Ltd.  | 1564 | &nbsp;&nbsp; 101924 |
| IES Holdings Ltd. (a) | 569 | &nbsp;&nbsp; 42096 |
| Ilex Medical Ltd.  | 959 | &nbsp;&nbsp; 18360 |
| Inrom Construction Industries Ltd.  | 17580 | &nbsp;&nbsp; 109698 |
| Isracard Ltd.  | 22812 | &nbsp;&nbsp; 117602 |
| Israel Canada TR Ltd.  | 9580 | &nbsp;&nbsp; 43121 |
| Isras Investment Co. Ltd.  | 188 | &nbsp;&nbsp; 53481 |
| Issta Ltd.  | 1175 | &nbsp;&nbsp; 38131 |
| Kamada Ltd.  | 7951 | &nbsp;&nbsp; 61843 |
| Kardan Real Estate Enterprise & Development Ltd.  | 9389 | &nbsp;&nbsp; 20972 |
| Kerur Holdings Ltd.  | 2088 | &nbsp;&nbsp; 50824 |
| Klil Industries Ltd.  | 315 | &nbsp;&nbsp; 23754 |
| Kvutzat Acro Ltd.  | 2674 | &nbsp;&nbsp; 43617 |
| Lahav L.R. Real Estate Ltd.  | 7734 | &nbsp;&nbsp; 11937 |
| Land Development Nimrodi Group Ltd.  | 3950 | &nbsp;&nbsp; 42584 |
| Lapidoth Capital Ltd.  | 607 | &nbsp;&nbsp; 14584 |
| M Yochananof & Sons Ltd.  | 586 | &nbsp;&nbsp; 53663 |
| Magic Software Enterprises Ltd.  | 4778 | &nbsp;&nbsp; 91303 |
| Malam - Team Ltd. (a) | 1665 | &nbsp;&nbsp; 49226 |
| Max Stock Ltd.  | 4536 | &nbsp;&nbsp; 21542 |
| Mediterranean Towers Ltd.  | 19316 | &nbsp;&nbsp; 71721 |
| Mega Or Holdings Ltd. (REIT) | 2217 | &nbsp;&nbsp; 103705 |
| Meitav Investment House Ltd.  | 10041 | &nbsp;&nbsp; 220724 |
| Meshulam Levinstein Contracting & Engineering Ltd.  | 255 | &nbsp;&nbsp; 32296 |
| Mivtach Shamir Holdings Ltd.  | 906 | &nbsp;&nbsp; 76336 |
| Mizrahi Tefahot Bank Ltd.  | 1 | &nbsp;&nbsp; 60 |
| Nawi Group Ltd.  | 3985 | &nbsp;&nbsp; 71466 |
| Neto Malinda Trading Ltd.  | 783 | &nbsp;&nbsp; 32186 |
| Neto ME Holdings Ltd. (a) | 788 | &nbsp;&nbsp; 47762 |
| Nexxen International Ltd. (a) | 7429 | &nbsp;&nbsp; 77336 |
| Novolog Ltd.  | 43939 | &nbsp;&nbsp; 18393 |
| Oil Refineries Ltd.  | 381808 | &nbsp;&nbsp; 102967 |
| OY Nofar Energy Ltd. (a) | 1445 | &nbsp;&nbsp; 40154 |
| Partner Communications Co. Ltd.  | 15589 | &nbsp;&nbsp; 118306 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Israel — (Continued)** | **Israel — (Continued)** | **Israel — (Continued)** |
| Paz Retail & Energy Ltd.  | 370 | &nbsp;&nbsp; $67667 |
| Perion Network Ltd. (a) | 2894 | &nbsp;&nbsp; 29600 |
| Plasson Industries Ltd.  | 855 | &nbsp;&nbsp; 60497 |
| Plus500 Ltd.  | 25321 | &nbsp;&nbsp; 1180508 |
| Polyram Plastic Industries Ltd.  | 3415 | &nbsp;&nbsp; 10243 |
| Prashkovsky Investments & Construction Ltd.  | 569 | &nbsp;&nbsp; 19999 |
| Priortech Ltd. (a) | 792 | &nbsp;&nbsp; 46706 |
| Qualitau Ltd.  | 607 | &nbsp;&nbsp; 69994 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.  | 1570 | &nbsp;&nbsp; 151558 |
| Retailors Ltd.  | 1447 | &nbsp;&nbsp; 27987 |
| Sano-Brunos Enterprises Ltd.  | 46 | &nbsp;&nbsp; 5066 |
| Scope Metals Group Ltd. (a) | 1374 | &nbsp;&nbsp; 64528 |
| Shikun & Binui Soltec Renewable Energy (a) | 15758 | &nbsp;&nbsp; 14273 |
| Summit Real Estate Holdings Ltd. (REIT) | 7129 | &nbsp;&nbsp; 129739 |
| Suny Cellular Communication Ltd.  | 16495 | &nbsp;&nbsp; 7198 |
| Tadiran Group Ltd.  | 539 | &nbsp;&nbsp; 28823 |
| Tamar Petroleum Ltd.  | 3762 | &nbsp;&nbsp; 46252 |
| Telsys Ltd.  | 1 | &nbsp;&nbsp; 61 |
| Veridis Environment Ltd. (a) | 3156 | &nbsp;&nbsp; 24925 |
| Victory Supermarket Chain Ltd.  | 589 | &nbsp;&nbsp; 8709 |
| YD More Investments Ltd.  | 3237 | &nbsp;&nbsp; 25873 |
|  |  | &nbsp;&nbsp; 6530962 |
| **Italy — 4.4%** | **Italy — 4.4%** | **Italy — 4.4%** |
| A2A SpA | 372093 | &nbsp;&nbsp; 1001741 |
| Abitare In SpA (a) | 2488 | &nbsp;&nbsp; 9732 |
| ACEA SpA (d) | 10339 | &nbsp;&nbsp; 250189 |
| Aeffe SpA (a) (d) | 11359 | &nbsp;&nbsp; 6709 |
| Amplifon SpA (d) | 13545 | &nbsp;&nbsp; 318381 |
| Ariston Holding NV | 3301 | &nbsp;&nbsp; 16299 |
| Arnoldo Mondadori Editore SpA | 30273 | &nbsp;&nbsp; 76723 |
| Ascopiave SpA | 19908 | &nbsp;&nbsp; 71439 |
| Avio SpA | 3178 | &nbsp;&nbsp; 88566 |
| Azimut Holding SpA | 24097 | &nbsp;&nbsp; 771857 |
| Banca Generali SpA | 12644 | &nbsp;&nbsp; 702953 |
| Banca IFIS SpA | 4675 | &nbsp;&nbsp; 125053 |
| Banca Monte dei Paschi di Siena SpA (d) | 111940 | &nbsp;&nbsp; 952742 |
| Banca Popolare di Sondrio SpA | 80788 | &nbsp;&nbsp; 1123430 |
| Banca Profilo SpA (d) | 117883 | &nbsp;&nbsp; 22847 |
| Banca Sistema SpA (a) | 13168 | &nbsp;&nbsp; 27029 |
| Banco di Desio e della Brianza SpA | 7920 | &nbsp;&nbsp; 66081 |
| BFF Bank SpA (a) | 20564 | &nbsp;&nbsp; 225465 |
| BPER Banca SpA | 58698 | &nbsp;&nbsp; 533745 |
| Brembo NV (d) | 29996 | &nbsp;&nbsp; 286976 |
| Brunello Cucinelli SpA (d) | 8010 | &nbsp;&nbsp; 973579 |
| Buzzi SpA | 11153 | &nbsp;&nbsp; 618548 |
| Cairo Communication SpA (a) | 13212 | &nbsp;&nbsp; 45217 |
| Carel Industries SpA | 1168 | &nbsp;&nbsp; 31104 |
| Cembre SpA | 248 | &nbsp;&nbsp; 16568 |
| CIR SpA-Compagnie Industriali (a) | 120339 | &nbsp;&nbsp; 82939 |
| Credito Emiliano SpA | 17880 | &nbsp;&nbsp; 264202 |
| d'Amico International Shipping SA | 6853 | &nbsp;&nbsp; 27825 |
| Danieli & C Officine Meccaniche SpA (d) | 2816 | &nbsp;&nbsp; 110664 |
| doValue SpA (a) (d) | 13535 | &nbsp;&nbsp; 39458 |
| Emak SpA | 23063 | &nbsp;&nbsp; 23591 |
| Enav SpA | 38399 | &nbsp;&nbsp; 177553 |

---

*See accompanying notes to financial statements.*

**BHFTII-114**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — (Continued)** | **Italy — (Continued)** | **Italy — (Continued)** |
| Equita Group SpA | 2498 | &nbsp;&nbsp; $13200 |
| ERG SpA | 916 | &nbsp;&nbsp; 20038 |
| Esprinet SpA (d) | 5413 | &nbsp;&nbsp; 25577 |
| Fila SpA | 5412 | &nbsp;&nbsp; 61704 |
| Fincantieri SpA (a) | 16235 | &nbsp;&nbsp; 312780 |
| FNM SpA (d) | 55327 | &nbsp;&nbsp; 26072 |
| Garofalo Health Care SpA (d) | 4060 | &nbsp;&nbsp; 23626 |
| Geox SpA (a) (d) | 48698 | &nbsp;&nbsp; 18819 |
| Hera SpA | 188309 | &nbsp;&nbsp; 910048 |
| IMMSI SpA (d) | 51196 | &nbsp;&nbsp; 30127 |
| Intercos SpA | 2359 | &nbsp;&nbsp; 35907 |
| Iren SpA (d) | 143244 | &nbsp;&nbsp; 442146 |
| Italgas SpA (d) | 142986 | &nbsp;&nbsp; 1215562 |
| Italian Sea Group SpA (d) | 961 | &nbsp;&nbsp; 6522 |
| Italmobiliare SpA (d) | 3032 | &nbsp;&nbsp; 92885 |
| Iveco Group NV | 40291 | &nbsp;&nbsp; 792928 |
| LU-VE SpA | 1991 | &nbsp;&nbsp; 71200 |
| Maire SpA | 35969 | &nbsp;&nbsp; 475137 |
| MARR SpA | 2278 | &nbsp;&nbsp; 26049 |
| MFE-MediaForEurope NV - Class A (d) | 36806 | &nbsp;&nbsp; 126206 |
| MFE-MediaForEurope NV - Class B | 15815 | &nbsp;&nbsp; 73646 |
| Moltiply Group SpA | 3520 | &nbsp;&nbsp; 188706 |
| NewPrinces SpA (a) | 1806 | &nbsp;&nbsp; 36601 |
| Nexi SpA (d) | 67453 | &nbsp;&nbsp; 403325 |
| Orsero SpA | 814 | &nbsp;&nbsp; 13387 |
| OVS SpA | 32456 | &nbsp;&nbsp; 141570 |
| Pharmanutra SpA | 826 | &nbsp;&nbsp; 45958 |
| Piaggio & C SpA (d) | 29766 | &nbsp;&nbsp; 65934 |
| Pirelli & C SpA | 71853 | &nbsp;&nbsp; 495604 |
| RAI Way SpA | 21468 | &nbsp;&nbsp; 153777 |
| Reply SpA | 5278 | &nbsp;&nbsp; 911706 |
| Rizzoli Corriere Della Sera Mediagroup SpA | 25276 | &nbsp;&nbsp; 29899 |
| Sabaf SpA | 3059 | &nbsp;&nbsp; 52289 |
| Safilo Group SpA (a) | 12212 | &nbsp;&nbsp; 12994 |
| Saipem SpA (d) | 282320 | &nbsp;&nbsp; 773486 |
| Salvatore Ferragamo SpA (a) (d) | 3759 | &nbsp;&nbsp; 22190 |
| Sanlorenzo SpA (d) | 1764 | &nbsp;&nbsp; 62042 |
| Sesa SpA (d) | 1039 | &nbsp;&nbsp; 105478 |
| Sogefi SpA (d) | 13532 | &nbsp;&nbsp; 35667 |
| SOL SpA | 8590 | &nbsp;&nbsp; 486780 |
| Tamburi Investment Partners SpA (d) | 20113 | &nbsp;&nbsp; 185789 |
| Technogym SpA | 27353 | &nbsp;&nbsp; 392226 |
| Telecom Italia SpA (a) (d) | 1819770 | &nbsp;&nbsp; 897602 |
| TXT e-solutions SpA | 388 | &nbsp;&nbsp; 15704 |
| Uni Land SpA (a) (b) (c) | 4937 | &nbsp;&nbsp; 0 |
| Unipol Assicurazioni SpA | 68455 | &nbsp;&nbsp; 1357252 |
| Webuild SpA | 70140 | &nbsp;&nbsp; 297232 |
| Wiit SpA | 956 | &nbsp;&nbsp; 17413 |
| Zignago Vetro SpA | 1145 | &nbsp;&nbsp; 11292 |
|  |  | &nbsp;&nbsp; 21101287 |
| **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** |
| Endeavour Mining PLC | 28144 | &nbsp;&nbsp; 867829 |
| **Japan — 23.1%** | **Japan — 23.1%** | **Japan — 23.1%** |
| &Do Holdings Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 10712 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| 77 Bank Ltd.  | 11600 | &nbsp;&nbsp; $394241 |
| A&D HOLON Holdings Co. Ltd.  | 5100 | &nbsp;&nbsp; 74006 |
| Achilles Corp.  | 3700 | &nbsp;&nbsp; 28388 |
| Adastria Co. Ltd. (d) | 5440 | &nbsp;&nbsp; 112595 |
| ADEKA Corp.  | 17100 | &nbsp;&nbsp; 326174 |
| Ad-sol Nissin Corp.  | 3800 | &nbsp;&nbsp; 30947 |
| Adtec Plasma Technology Co. Ltd.  | 600 | &nbsp;&nbsp; 5839 |
| Advan Group Co. Ltd.  | 5200 | &nbsp;&nbsp; 29641 |
| Advanced Media, Inc.  | 1200 | &nbsp;&nbsp; 10206 |
| Adventure, Inc. (d) | 600 | &nbsp;&nbsp; 13975 |
| Aeon Fantasy Co. Ltd.  | 1600 | &nbsp;&nbsp; 30213 |
| AEON Financial Service Co. Ltd. (d) | 12700 | &nbsp;&nbsp; 112924 |
| Aeon Hokkaido Corp.  | 4800 | &nbsp;&nbsp; 29606 |
| Aeon Kyushu Co. Ltd. (d) | 600 | &nbsp;&nbsp; 11758 |
| AFC-HD AMS Life Science Co. Ltd.  | 1900 | &nbsp;&nbsp; 11378 |
| Ahresty Corp.  | 5200 | &nbsp;&nbsp; 27472 |
| Ai Holdings Corp. (d) | 8200 | &nbsp;&nbsp; 133418 |
| Aica Kogyo Co. Ltd.  | 11800 | &nbsp;&nbsp; 294513 |
| Aichi Corp.  | 7600 | &nbsp;&nbsp; 71296 |
| Aichi Financial Group, Inc.  | 714 | &nbsp;&nbsp; 12522 |
| Aichi Steel Corp. (d) | 7600 | &nbsp;&nbsp; 112762 |
| Aichi Tokei Denki Co. Ltd.  | 2200 | &nbsp;&nbsp; 34624 |
| Aida Engineering Ltd.  | 8100 | &nbsp;&nbsp; 51041 |
| Aiful Corp.  | 51900 | &nbsp;&nbsp; 151512 |
| Ain Holdings, Inc.  | 5700 | &nbsp;&nbsp; 215121 |
| Ainavo Holdings Co. Ltd.  | 2200 | &nbsp;&nbsp; 10533 |
| Aiphone Co. Ltd.  | 2100 | &nbsp;&nbsp; 40064 |
| Airman Corp.  | 5900 | &nbsp;&nbsp; 80474 |
| Airport Facilities Co. Ltd.  | 7500 | &nbsp;&nbsp; 41537 |
| Airtrip Corp.  | 2500 | &nbsp;&nbsp; 15082 |
| Aisan Industry Co. Ltd.  | 6300 | &nbsp;&nbsp; 73152 |
| AIT Corp.  | 1600 | &nbsp;&nbsp; 19685 |
| Ajis Co. Ltd.  | 500 | &nbsp;&nbsp; 10237 |
| Akatsuki Corp.  | 8100 | &nbsp;&nbsp; 28249 |
| Akatsuki, Inc.  | 2100 | &nbsp;&nbsp; 44106 |
| Akebono Brake Industry Co. Ltd. (a) | 17400 | &nbsp;&nbsp; 12508 |
| Akita Bank Ltd.  | 3300 | &nbsp;&nbsp; 68958 |
| Albis Co. Ltd.  | 1600 | &nbsp;&nbsp; 33052 |
| Alconix Corp.  | 6400 | &nbsp;&nbsp; 82242 |
| Alinco, Inc.  | 4600 | &nbsp;&nbsp; 32922 |
| Alleanza Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp; 9847 |
| Alpen Co. Ltd. (d) | 3900 | &nbsp;&nbsp; 64232 |
| Alpha Corp.  | 2200 | &nbsp;&nbsp; 16726 |
| AlphaPolis Co. Ltd.  | 1200 | &nbsp;&nbsp; 12522 |
| Alps Alpine Co. Ltd.  | 36600 | &nbsp;&nbsp; 392789 |
| Altech Corp. (d) | 4520 | &nbsp;&nbsp; 86613 |
| Amano Corp.  | 12100 | &nbsp;&nbsp; 375650 |
| Amiyaki Tei Co. Ltd.  | 3300 | &nbsp;&nbsp; 34438 |
| Amuse, Inc.  | 2800 | &nbsp;&nbsp; 31437 |
| Amvis Holdings, Inc.  | 5200 | &nbsp;&nbsp; 17425 |
| Anabuki Kosan, Inc. (d) | 800 | &nbsp;&nbsp; 11176 |
| Anest Iwata Corp.  | 7800 | &nbsp;&nbsp; 74511 |
| Anicom Holdings, Inc.  | 11300 | &nbsp;&nbsp; 53976 |
| Anycolor, Inc.  | 900 | &nbsp;&nbsp; 32617 |
| AOI Electronics Co. Ltd.  | 1100 | &nbsp;&nbsp; 15114 |
| AOKI Holdings, Inc.  | 7300 | &nbsp;&nbsp; 84370 |

---

*See accompanying notes to financial statements.*

**BHFTII-115**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Aoyama Trading Co. Ltd.  | 8900 | &nbsp;&nbsp; $134979 |
| Aoyama Zaisan Networks Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 35049 |
| Arakawa Chemical Industries Ltd.  | 4600 | &nbsp;&nbsp; 32681 |
| Arata Corp.  | 5900 | &nbsp;&nbsp; 124030 |
| ARCLANDS Corp. (d) | 9680 | &nbsp;&nbsp; 118760 |
| Arcs Co. Ltd. (d) | 7864 | &nbsp;&nbsp; 163085 |
| ARE Holdings, Inc.  | 16300 | &nbsp;&nbsp; 203574 |
| Arealink Co. Ltd.  | 4500 | &nbsp;&nbsp; 75439 |
| Argo Graphics, Inc.  | 4400 | &nbsp;&nbsp; 160087 |
| Arisawa Manufacturing Co. Ltd.  | 5900 | &nbsp;&nbsp; 60121 |
| Artience Co. Ltd.  | 6800 | &nbsp;&nbsp; 141813 |
| Artnature, Inc.  | 5000 | &nbsp;&nbsp; 25795 |
| As One Corp. (d) | 12100 | &nbsp;&nbsp; 209284 |
| Asahi Broadcasting Group Holdings Corp.  | 2400 | &nbsp;&nbsp; 11448 |
| Asahi Co. Ltd.  | 3400 | &nbsp;&nbsp; 31374 |
| Asahi Diamond Industrial Co. Ltd.  | 7800 | &nbsp;&nbsp; 38655 |
| Asahi Kogyosha Co. Ltd.  | 3400 | &nbsp;&nbsp; 58685 |
| Asahi Net, Inc.  | 5000 | &nbsp;&nbsp; 23992 |
| Asahi Printing Co. Ltd.  | 400 | &nbsp;&nbsp; 2423 |
| Asahi Yukizai Corp.  | 3000 | &nbsp;&nbsp; 84250 |
| Asanuma Corp.  | 17400 | &nbsp;&nbsp; 90566 |
| Asax Co. Ltd.  | 3200 | &nbsp;&nbsp; 15397 |
| Ashimori Industry Co. Ltd.  | 1600 | &nbsp;&nbsp; 32627 |
| Asia Pile Holdings Corp.  | 3800 | &nbsp;&nbsp; 25668 |
| ASKA Pharmaceutical Holdings Co. Ltd.  | 4400 | &nbsp;&nbsp; 74755 |
| ASKUL Corp.  | 7400 | &nbsp;&nbsp; 78961 |
| Astena Holdings Co. Ltd.  | 9000 | &nbsp;&nbsp; 29270 |
| Atsugi Co. Ltd. (a) | 4300 | &nbsp;&nbsp; 37436 |
| Aucnet, Inc.  | 5400 | &nbsp;&nbsp; 60514 |
| Autobacs Seven Co. Ltd.  | 14700 | &nbsp;&nbsp; 146280 |
| Avant Group Corp.  | 4700 | &nbsp;&nbsp; 50040 |
| Avantia Co. Ltd. (d) | 3000 | &nbsp;&nbsp; 16582 |
| Avex, Inc.  | 7600 | &nbsp;&nbsp; 67122 |
| Awa Bank Ltd.  | 6000 | &nbsp;&nbsp; 119161 |
| Axial Retailing, Inc.  | 14800 | &nbsp;&nbsp; 115507 |
| Axyz Co. Ltd.  | 500 | &nbsp;&nbsp; 10103 |
| AZ-COM MARUWA Holdings, Inc.  | 7400 | &nbsp;&nbsp; 52458 |
| Bando Chemical Industries Ltd.  | 6300 | &nbsp;&nbsp; 74270 |
| Bank of Iwate Ltd.  | 3100 | &nbsp;&nbsp; 65239 |
| Bank of Kochi Ltd.  | 1600 | &nbsp;&nbsp; 8378 |
| Bank of Nagoya Ltd.  | 1800 | &nbsp;&nbsp; 98965 |
| Bank of Saga Ltd.  | 2600 | &nbsp;&nbsp; 41774 |
| Bank of the Ryukyus Ltd.  | 7300 | &nbsp;&nbsp; 57591 |
| Base Co. Ltd.  | 600 | &nbsp;&nbsp; 14323 |
| Beauty Garage, Inc.  | 1600 | &nbsp;&nbsp; 17422 |
| Belc Co. Ltd.  | 2500 | &nbsp;&nbsp; 128596 |
| Bell System24 Holdings, Inc.  | 6900 | &nbsp;&nbsp; 61361 |
| Belluna Co. Ltd.  | 10200 | &nbsp;&nbsp; 62958 |
| Bic Camera, Inc.  | 18000 | &nbsp;&nbsp; 206717 |
| BML, Inc.  | 5300 | &nbsp;&nbsp; 121491 |
| Bookoff Group Holdings Ltd. (d) | 3500 | &nbsp;&nbsp; 34387 |
| Bourbon Corp.  | 2100 | &nbsp;&nbsp; 37839 |
| Br Holdings Corp.  | 7400 | &nbsp;&nbsp; 16634 |
| BrainPad, Inc. (d) | 3300 | &nbsp;&nbsp; 30949 |
| BRONCO BILLY Co. Ltd. (d) | 500 | &nbsp;&nbsp; 12377 |
| Buffalo, Inc.  | 1500 | &nbsp;&nbsp; 23792 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Bull-Dog Sauce Co. Ltd.  | 1200 | &nbsp;&nbsp; $15138 |
| Bunka Shutter Co. Ltd.  | 11500 | &nbsp;&nbsp; 188595 |
| Business Brain Showa-Ota, Inc.  | 2600 | &nbsp;&nbsp; 46181 |
| Business Engineering Corp.  | 800 | &nbsp;&nbsp; 31215 |
| C Uyemura & Co. Ltd.  | 2300 | &nbsp;&nbsp; 147391 |
| CAC Holdings Corp.  | 3500 | &nbsp;&nbsp; 48130 |
| Canare Electric Co. Ltd.  | 800 | &nbsp;&nbsp; 8576 |
| Canon Electronics, Inc.  | 4300 | &nbsp;&nbsp; 76154 |
| Careerlink Co. Ltd.  | 1000 | &nbsp;&nbsp; 15160 |
| Carenet, Inc. (d) | 3600 | &nbsp;&nbsp; 17332 |
| Carlit Co. Ltd.  | 3000 | &nbsp;&nbsp; 25534 |
| Casio Computer Co. Ltd.  | 3800 | &nbsp;&nbsp; 29022 |
| Cawachi Ltd.  | 2000 | &nbsp;&nbsp; 38306 |
| CDS Co. Ltd.  | 700 | &nbsp;&nbsp; 8518 |
| Celsys, Inc.  | 4800 | &nbsp;&nbsp; 50288 |
| Central Automotive Products Ltd.  | 7800 | &nbsp;&nbsp; 97946 |
| Central Glass Co. Ltd.  | 4500 | &nbsp;&nbsp; 92525 |
| Central Security Patrols Co. Ltd.  | 2300 | &nbsp;&nbsp; 35548 |
| Central Sports Co. Ltd. (d) | 2400 | &nbsp;&nbsp; 40044 |
| Ceres, Inc. (d) | 1600 | &nbsp;&nbsp; 27623 |
| Change Holdings, Inc. (d) | 5500 | &nbsp;&nbsp; 44063 |
| Charm Care Corp. KK | 3800 | &nbsp;&nbsp; 34192 |
| Chiba Kogyo Bank Ltd. (d) | 8000 | &nbsp;&nbsp; 65849 |
| Chino Corp.  | 2700 | &nbsp;&nbsp; 45521 |
| Chiyoda Co. Ltd.  | 3400 | &nbsp;&nbsp; 28209 |
| Chiyoda Integre Co. Ltd.  | 2500 | &nbsp;&nbsp; 47487 |
| Chofu Seisakusho Co. Ltd. (d) | 4000 | &nbsp;&nbsp; 50661 |
| Chori Co. Ltd.  | 2400 | &nbsp;&nbsp; 67097 |
| Chubu Shiryo Co. Ltd.  | 5500 | &nbsp;&nbsp; 59614 |
| Chudenko Corp. (d) | 5700 | &nbsp;&nbsp; 131298 |
| Chuetsu Pulp & Paper Co. Ltd.  | 1900 | &nbsp;&nbsp; 21160 |
| Chugai Ro Co. Ltd.  | 1400 | &nbsp;&nbsp; 33483 |
| Chugin Financial Group, Inc.  | 28600 | &nbsp;&nbsp; 345223 |
| Chugoku Marine Paints Ltd.  | 8800 | &nbsp;&nbsp; 165438 |
| Chuo Gyorui Co. Ltd.  | 200 | &nbsp;&nbsp; 4805 |
| Chuo Spring Co. Ltd.  | 3200 | &nbsp;&nbsp; 44628 |
| Citizen Watch Co. Ltd.  | 43600 | &nbsp;&nbsp; 257845 |
| CKD Corp.  | 9700 | &nbsp;&nbsp; 176483 |
| Cleanup Corp.  | 7300 | &nbsp;&nbsp; 34416 |
| CMK Corp. (d) | 12600 | &nbsp;&nbsp; 28979 |
| COLOPL, Inc.  | 7200 | &nbsp;&nbsp; 26777 |
| Colowide Co. Ltd.  | 19300 | &nbsp;&nbsp; 254157 |
| Como Co. Ltd.  | 400 | &nbsp;&nbsp; 8733 |
| Computer Engineering & Consulting Ltd.  | 1500 | &nbsp;&nbsp; 22776 |
| Computer Institute of Japan Ltd.  | 12240 | &nbsp;&nbsp; 40647 |
| Comture Corp.  | 4400 | &nbsp;&nbsp; 51933 |
| Core Corp.  | 2500 | &nbsp;&nbsp; 33128 |
| Corona Corp.  | 4400 | &nbsp;&nbsp; 27534 |
| Cosel Co. Ltd.  | 5400 | &nbsp;&nbsp; 41890 |
| Cosmos Initia Co. Ltd.  | 3500 | &nbsp;&nbsp; 32487 |
| Cota Co. Ltd.  | 6020 | &nbsp;&nbsp; 60486 |
| Create Medic Co. Ltd.  | 1800 | &nbsp;&nbsp; 11765 |
| Create Restaurants Holdings, Inc. (d) | 26100 | &nbsp;&nbsp; 257888 |
| Create SD Holdings Co. Ltd.  | 5600 | &nbsp;&nbsp; 124450 |
| Creek & River Co. Ltd.  | 2700 | &nbsp;&nbsp; 28193 |
| Cresco Ltd.  | 6700 | &nbsp;&nbsp; 80447 |

---

*See accompanying notes to financial statements.*

**BHFTII-116**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Cross Cat Co. Ltd.  | 1400 | &nbsp;&nbsp; $9955 |
| CTI Engineering Co. Ltd.  | 5100 | &nbsp;&nbsp; 99147 |
| CTS Co. Ltd.  | 7700 | &nbsp;&nbsp; 42982 |
| CUC, Inc. (a) | 1300 | &nbsp;&nbsp; 10090 |
| Curves Holdings Co. Ltd.  | 10900 | &nbsp;&nbsp; 52200 |
| Cybozu, Inc.  | 5300 | &nbsp;&nbsp; 137151 |
| Dai Nippon Toryo Co. Ltd.  | 3800 | &nbsp;&nbsp; 31276 |
| Dai-Dan Co. Ltd.  | 2800 | &nbsp;&nbsp; 86405 |
| Daido Kogyo Co. Ltd.  | 2000 | &nbsp;&nbsp; 15482 |
| Daido Metal Co. Ltd.  | 10600 | &nbsp;&nbsp; 48698 |
| Daido Steel Co. Ltd.  | 23900 | &nbsp;&nbsp; 164528 |
| Daihatsu Infinearth Mfg Co. Ltd.  | 2500 | &nbsp;&nbsp; 39478 |
| Daiho Corp.  | 6900 | &nbsp;&nbsp; 37883 |
| Daiichi Jitsugyo Co. Ltd.  | 4500 | &nbsp;&nbsp; 76340 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd.  | 5000 | &nbsp;&nbsp; 22667 |
| Daiichikosho Co. Ltd.  | 8100 | &nbsp;&nbsp; 91309 |
| Daiken Medical Co. Ltd.  | 4400 | &nbsp;&nbsp; 13452 |
| Daiki Aluminium Industry Co. Ltd.  | 7000 | &nbsp;&nbsp; 46988 |
| Daiki Axis Co. Ltd.  | 1300 | &nbsp;&nbsp; 6048 |
| DAIKO XTECH Ltd.  | 1300 | &nbsp;&nbsp; 8990 |
| Daikoku Denki Co. Ltd. (d) | 1800 | &nbsp;&nbsp; 27306 |
| Daikokutenbussan Co. Ltd. (d) | 1300 | &nbsp;&nbsp; 63317 |
| Daikyonishikawa Corp.  | 8300 | &nbsp;&nbsp; 37285 |
| Dainichi Co. Ltd.  | 4100 | &nbsp;&nbsp; 19188 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd.  | 2400 | &nbsp;&nbsp; 52488 |
| Daio Paper Corp.  | 16200 | &nbsp;&nbsp; 89691 |
| Daiseki Co. Ltd. (d) | 10239 | &nbsp;&nbsp; 247059 |
| Daishi Hokuetsu Financial Group, Inc.  | 13300 | &nbsp;&nbsp; 306351 |
| Daishinku Corp. (d) | 7400 | &nbsp;&nbsp; 28821 |
| Daisue Construction Co. Ltd.  | 2300 | &nbsp;&nbsp; 34340 |
| Daito Bank Ltd. (d) | 1400 | &nbsp;&nbsp; 6970 |
| Daito Pharmaceutical Co. Ltd.  | 5912 | &nbsp;&nbsp; 40899 |
| Daitron Co. Ltd.  | 1500 | &nbsp;&nbsp; 39058 |
| Daiwa Industries Ltd. (d) | 7700 | &nbsp;&nbsp; 88439 |
| Daiwabo Holdings Co. Ltd.  | 18500 | &nbsp;&nbsp; 333118 |
| DCM Holdings Co. Ltd.  | 20500 | &nbsp;&nbsp; 189458 |
| Dear Life Co. Ltd.  | 5400 | &nbsp;&nbsp; 45402 |
| Delica Foods Holdings Co. Ltd.  | 600 | &nbsp;&nbsp; 2495 |
| Denka Co. Ltd. (d) | 13100 | &nbsp;&nbsp; 179415 |
| Densan System Holdings Co. Ltd.  | 1700 | &nbsp;&nbsp; 31050 |
| Dentsu Soken, Inc.  | 900 | &nbsp;&nbsp; 41897 |
| Denyo Co. Ltd.  | 4100 | &nbsp;&nbsp; 80291 |
| DIC Corp. (d) | 14500 | &nbsp;&nbsp; 290747 |
| Digital Arts, Inc. (d) | 2100 | &nbsp;&nbsp; 110408 |
| Digital Hearts Holdings Co. Ltd. (d) | 2600 | &nbsp;&nbsp; 18003 |
| Digital Holdings, Inc.  | 2100 | &nbsp;&nbsp; 17629 |
| Digital Information Technologies Corp.  | 2100 | &nbsp;&nbsp; 34990 |
| Dip Corp. (d) | 6600 | &nbsp;&nbsp; 104480 |
| DKK Co. Ltd.  | 2600 | &nbsp;&nbsp; 38270 |
| DKS Co. Ltd.  | 1900 | &nbsp;&nbsp; 51960 |
| DMW Corp.  | 700 | &nbsp;&nbsp; 22965 |
| Doshisha Co. Ltd.  | 5200 | &nbsp;&nbsp; 89473 |
| Double Standard, Inc.  | 1400 | &nbsp;&nbsp; 15144 |
| Doutor Nichires Holdings Co. Ltd.  | 6700 | &nbsp;&nbsp; 122015 |
| Dowa Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp; 206819 |
| DTS Corp.  | 7500 | &nbsp;&nbsp; 268373 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Duskin Co. Ltd.  | 5500 | &nbsp;&nbsp; $151196 |
| DyDo Group Holdings, Inc. (d) | 4200 | &nbsp;&nbsp; 77605 |
| Eagle Industry Co. Ltd.  | 5300 | &nbsp;&nbsp; 70648 |
| EAT&HOLDINGS Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 19848 |
| Ebara Foods Industry, Inc.  | 700 | &nbsp;&nbsp; 12215 |
| Ebara Jitsugyo Co. Ltd.  | 2500 | &nbsp;&nbsp; 63406 |
| Ebase Co. Ltd.  | 4800 | &nbsp;&nbsp; 17262 |
| Eco's Co. Ltd.  | 2100 | &nbsp;&nbsp; 37009 |
| EDION Corp. (d) | 15700 | &nbsp;&nbsp; 229776 |
| EF-ON, Inc.  | 6100 | &nbsp;&nbsp; 13808 |
| eGuarantee, Inc.  | 6200 | &nbsp;&nbsp; 63409 |
| E-Guardian, Inc. (d) | 1000 | &nbsp;&nbsp; 14632 |
| Ehime Bank Ltd.  | 7600 | &nbsp;&nbsp; 52679 |
| Eidai Co. Ltd.  | 10000 | &nbsp;&nbsp; 15474 |
| Eizo Corp.  | 7300 | &nbsp;&nbsp; 109147 |
| Elan Corp. (d) | 2200 | &nbsp;&nbsp; 11833 |
| Elecom Co. Ltd.  | 8800 | &nbsp;&nbsp; 110332 |
| EM Systems Co. Ltd.  | 3500 | &nbsp;&nbsp; 17522 |
| en Japan, Inc.  | 5500 | &nbsp;&nbsp; 63528 |
| Endo Lighting Corp.  | 2600 | &nbsp;&nbsp; 43323 |
| Enplas Corp.  | 1400 | &nbsp;&nbsp; 42575 |
| Entrust, Inc.  | 1500 | &nbsp;&nbsp; 9406 |
| eRex Co. Ltd. (d) | 8000 | &nbsp;&nbsp; 41378 |
| ES-Con Japan Ltd.  | 6700 | &nbsp;&nbsp; 46102 |
| Eslead Corp.  | 1600 | &nbsp;&nbsp; 51044 |
| ESPEC Corp.  | 3900 | &nbsp;&nbsp; 83494 |
| Exedy Corp.  | 5600 | &nbsp;&nbsp; 160119 |
| EXEO Group, Inc. (d) | 25700 | &nbsp;&nbsp; 326912 |
| Ezaki Glico Co. Ltd.  | 9200 | &nbsp;&nbsp; 294385 |
| F&M Co. Ltd.  | 1600 | &nbsp;&nbsp; 28232 |
| FALCO HOLDINGS Co. Ltd.  | 2300 | &nbsp;&nbsp; 36256 |
| FCC Co. Ltd.  | 7600 | &nbsp;&nbsp; 146844 |
| FDK Corp. (a) | 1100 | &nbsp;&nbsp; 2730 |
| Feed One Co. Ltd.  | 6376 | &nbsp;&nbsp; 43348 |
| Ferrotec Holdings Corp.  | 9500 | &nbsp;&nbsp; 199866 |
| Fibergate, Inc. (d) | 1800 | &nbsp;&nbsp; 8972 |
| FIDEA Holdings Co. Ltd.  | 3950 | &nbsp;&nbsp; 39380 |
| Financial Partners Group Co. Ltd.  | 8200 | &nbsp;&nbsp; 135286 |
| FINDEX, Inc.  | 3900 | &nbsp;&nbsp; 19660 |
| First Bank of Toyama Ltd. (d) | 10700 | &nbsp;&nbsp; 73210 |
| First Brothers Co. Ltd.  | 900 | &nbsp;&nbsp; 6297 |
| First Juken Co. Ltd. (d) | 1600 | &nbsp;&nbsp; 11173 |
| First-Corp., Inc.  | 1600 | &nbsp;&nbsp; 9436 |
| Fixstars Corp. (d) | 4100 | &nbsp;&nbsp; 58233 |
| FJ Next Holdings Co. Ltd.  | 3800 | &nbsp;&nbsp; 30685 |
| Focus Systems Corp.  | 2900 | &nbsp;&nbsp; 30121 |
| Forval Corp.  | 1900 | &nbsp;&nbsp; 17719 |
| Foster Electric Co. Ltd.  | 4000 | &nbsp;&nbsp; 43489 |
| FP Corp.  | 3600 | &nbsp;&nbsp; 66335 |
| France Bed Holdings Co. Ltd. (d) | 5700 | &nbsp;&nbsp; 50500 |
| Freebit Co. Ltd.  | 2100 | &nbsp;&nbsp; 20175 |
| Freund Corp.  | 2400 | &nbsp;&nbsp; 12465 |
| F-Tech, Inc.  | 3200 | &nbsp;&nbsp; 15129 |
| FTGroup Co. Ltd.  | 1500 | &nbsp;&nbsp; 12123 |
| Fudo Tetra Corp.  | 2830 | &nbsp;&nbsp; 44307 |
| Fuji Corp.  | 2300 | &nbsp;&nbsp; 45072 |

---

*See accompanying notes to financial statements.*

**BHFTII-117**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Fuji Corp. (d) | 16500 | &nbsp;&nbsp; $306906 |
| Fuji Corp. Ltd.  | 8600 | &nbsp;&nbsp; 40783 |
| Fuji Kyuko Co. Ltd.  | 4600 | &nbsp;&nbsp; 66406 |
| Fuji Oil Co. Ltd.  | 19600 | &nbsp;&nbsp; 187460 |
| Fuji Pharma Co. Ltd.  | 2400 | &nbsp;&nbsp; 23043 |
| Fuji Seal International, Inc.  | 9200 | &nbsp;&nbsp; 177735 |
| Fujibo Holdings, Inc.  | 1800 | &nbsp;&nbsp; 73758 |
| Fujicco Co. Ltd.  | 4700 | &nbsp;&nbsp; 52021 |
| Fujikura Composites, Inc.  | 3700 | &nbsp;&nbsp; 38282 |
| Fujikura Kasei Co. Ltd.  | 9500 | &nbsp;&nbsp; 34101 |
| Fujimi, Inc.  | 9900 | &nbsp;&nbsp; 140021 |
| Fujisash Co. Ltd.  | 2450 | &nbsp;&nbsp; 11807 |
| Fujishoji Co. Ltd.  | 1300 | &nbsp;&nbsp; 9738 |
| Fujita Kanko, Inc.  | 400 | &nbsp;&nbsp; 30936 |
| Fujiya Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 41607 |
| FuKoKu Co. Ltd.  | 2800 | &nbsp;&nbsp; 32226 |
| Fukuda Corp.  | 1700 | &nbsp;&nbsp; 58899 |
| Fukuda Denshi Co. Ltd.  | 3900 | &nbsp;&nbsp; 189333 |
| Fukui Bank Ltd.  | 4500 | &nbsp;&nbsp; 54528 |
| Fukui Computer Holdings, Inc.  | 2700 | &nbsp;&nbsp; 55902 |
| Fukuyama Transporting Co. Ltd.  | 3200 | &nbsp;&nbsp; 74715 |
| FULLCAST Holdings Co. Ltd.  | 3400 | &nbsp;&nbsp; 40129 |
| Funai Soken Holdings, Inc.  | 8370 | &nbsp;&nbsp; 140586 |
| Furukawa Co. Ltd.  | 5300 | &nbsp;&nbsp; 78362 |
| Furuno Electric Co. Ltd. (d) | 5300 | &nbsp;&nbsp; 138148 |
| Furuya Metal Co. Ltd.  | 3300 | &nbsp;&nbsp; 57868 |
| Furyu Corp.  | 4300 | &nbsp;&nbsp; 30183 |
| Fuso Chemical Co. Ltd. (d) | 4100 | &nbsp;&nbsp; 109795 |
| Fuso Pharmaceutical Industries Ltd.  | 2600 | &nbsp;&nbsp; 38161 |
| Futaba Corp.  | 10200 | &nbsp;&nbsp; 43378 |
| Futaba Industrial Co. Ltd.  | 9900 | &nbsp;&nbsp; 54790 |
| Future Corp.  | 10000 | &nbsp;&nbsp; 148661 |
| Fuyo General Lease Co. Ltd.  | 2400 | &nbsp;&nbsp; 64849 |
| G-7 Holdings, Inc.  | 5800 | &nbsp;&nbsp; 53277 |
| Gakken Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp; 42038 |
| Gakkyusha Co. Ltd.  | 2800 | &nbsp;&nbsp; 43201 |
| Galilei Co. Ltd.  | 4900 | &nbsp;&nbsp; 103487 |
| Gecoss Corp.  | 4600 | &nbsp;&nbsp; 38429 |
| Genki Global Dining Concepts Corp.  | 2400 | &nbsp;&nbsp; 70236 |
| Genky DrugStores Co. Ltd.  | 3600 | &nbsp;&nbsp; 95160 |
| Geo Holdings Corp.  | 6000 | &nbsp;&nbsp; 64197 |
| Gift Holdings, Inc. (d) | 1600 | &nbsp;&nbsp; 39103 |
| giftee, Inc.  | 2800 | &nbsp;&nbsp; 33177 |
| GLOBERIDE, Inc.  | 4300 | &nbsp;&nbsp; 63021 |
| Glory Ltd.  | 9300 | &nbsp;&nbsp; 216383 |
| GLtechno Holdings, Inc.  | 1300 | &nbsp;&nbsp; 26573 |
| GMO Financial Gate, Inc.  | 400 | &nbsp;&nbsp; 15052 |
| GMO Financial Holdings, Inc.  | 8000 | &nbsp;&nbsp; 43657 |
| GMO GlobalSign Holdings KK | 1000 | &nbsp;&nbsp; 14304 |
| GMO internet group, Inc.  | 7300 | &nbsp;&nbsp; 182331 |
| Godo Steel Ltd.  | 2300 | &nbsp;&nbsp; 59693 |
| Goldcrest Co. Ltd.  | 3230 | &nbsp;&nbsp; 73898 |
| Grandy House Corp.  | 3600 | &nbsp;&nbsp; 13399 |
| GREE Holdings, Inc.  | 3500 | &nbsp;&nbsp; 12661 |
| Greens Co. Ltd.  | 1700 | &nbsp;&nbsp; 24568 |
| grems, Inc.  | 900 | &nbsp;&nbsp; 14834 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| GS Yuasa Corp. (d) | 15900 | &nbsp;&nbsp; $296184 |
| GSI Creos Corp.  | 2800 | &nbsp;&nbsp; 40240 |
| G-Tekt Corp.  | 5100 | &nbsp;&nbsp; 62406 |
| Gun-Ei Chemical Industry Co. Ltd.  | 1800 | &nbsp;&nbsp; 35736 |
| Gunma Bank Ltd.  | 4000 | &nbsp;&nbsp; 33447 |
| Gunze Ltd.  | 6600 | &nbsp;&nbsp; 163598 |
| H.U. Group Holdings, Inc. (d) | 9500 | &nbsp;&nbsp; 210507 |
| H2O Retailing Corp.  | 19500 | &nbsp;&nbsp; 255403 |
| HABA Laboratories, Inc.  | 700 | &nbsp;&nbsp; 8084 |
| Hagihara Industries, Inc.  | 2600 | &nbsp;&nbsp; 27512 |
| Hagiwara Electric Holdings Co. Ltd.  | 1800 | &nbsp;&nbsp; 40989 |
| Hakudo Co. Ltd.  | 2400 | &nbsp;&nbsp; 38091 |
| Halows Co. Ltd.  | 2100 | &nbsp;&nbsp; 70332 |
| Hamakyorex Co. Ltd.  | 12500 | &nbsp;&nbsp; 117337 |
| Hamee Corp.  | 1800 | &nbsp;&nbsp; 15470 |
| Handsman Co. Ltd.  | 800 | &nbsp;&nbsp; 4483 |
| Hanwa Co. Ltd.  | 6900 | &nbsp;&nbsp; 259678 |
| Happinet Corp. (d) | 3400 | &nbsp;&nbsp; 135026 |
| Hard Off Corp. Co. Ltd.  | 2500 | &nbsp;&nbsp; 29446 |
| Harima Chemicals Group, Inc.  | 4300 | &nbsp;&nbsp; 23595 |
| Hashimoto Sogyo Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp; 12617 |
| Hazama Ando Corp.  | 32190 | &nbsp;&nbsp; 323601 |
| Heiwa Corp. (d) | 11900 | &nbsp;&nbsp; 173398 |
| Heiwado Co. Ltd.  | 6100 | &nbsp;&nbsp; 119758 |
| Hennge KK | 600 | &nbsp;&nbsp; 7548 |
| Hibiya Engineering Ltd.  | 4500 | &nbsp;&nbsp; 115914 |
| Hiday Hidaka Corp.  | 500 | &nbsp;&nbsp; 11474 |
| HI-LEX Corp.  | 5500 | &nbsp;&nbsp; 77932 |
| Himaraya Co. Ltd.  | 2600 | &nbsp;&nbsp; 15379 |
| Hino Motors Ltd. (a) (d) | 34000 | &nbsp;&nbsp; 84414 |
| Hioki EE Corp.  | 2300 | &nbsp;&nbsp; 90738 |
| Hirakawa Hewtech Corp.  | 2100 | &nbsp;&nbsp; 20036 |
| Hirano Tecseed Co. Ltd.  | 1300 | &nbsp;&nbsp; 13303 |
| Hirata Corp.  | 3000 | &nbsp;&nbsp; 41294 |
| Hirogin Holdings, Inc.  | 36800 | &nbsp;&nbsp; 306945 |
| Hirose Tusyo, Inc.  | 300 | &nbsp;&nbsp; 9035 |
| Hiroshima Electric Railway Co. Ltd.  | 1500 | &nbsp;&nbsp; 6420 |
| Hiroshima Gas Co. Ltd.  | 7000 | &nbsp;&nbsp; 17382 |
| Hisaka Works Ltd.  | 4000 | &nbsp;&nbsp; 37456 |
| Hito Communications Holdings, Inc.  | 1700 | &nbsp;&nbsp; 12051 |
| Hochiki Corp.  | 3100 | &nbsp;&nbsp; 66810 |
| Hodogaya Chemical Co. Ltd.  | 1800 | &nbsp;&nbsp; 18108 |
| Hogy Medical Co. Ltd.  | 3700 | &nbsp;&nbsp; 103353 |
| Hokkaido Electric Power Co., Inc. (d) | 36900 | &nbsp;&nbsp; 191771 |
| Hokkaido Gas Co. Ltd.  | 16500 | &nbsp;&nbsp; 67907 |
| Hokkan Holdings Ltd.  | 3300 | &nbsp;&nbsp; 42939 |
| Hokko Chemical Industry Co. Ltd.  | 3500 | &nbsp;&nbsp; 33406 |
| Hokkoku Financial Holdings, Inc. (d) | 3900 | &nbsp;&nbsp; 130526 |
| Hokuetsu Corp. (d) | 21100 | &nbsp;&nbsp; 153570 |
| Hokuhoku Financial Group, Inc.  | 19100 | &nbsp;&nbsp; 362834 |
| Hokuriku Electric Industry Co. Ltd.  | 2800 | &nbsp;&nbsp; 43605 |
| Hokuriku Electric Power Co. (d) | 36400 | &nbsp;&nbsp; 181436 |
| Hokuriku Electrical Construction Co. Ltd.  | 3600 | &nbsp;&nbsp; 29284 |
| Hokuriku Gas Co. Ltd.  | 1000 | &nbsp;&nbsp; 24258 |
| Hokuto Corp.  | 5100 | &nbsp;&nbsp; 63673 |
| H-One Co. Ltd.  | 6000 | &nbsp;&nbsp; 53331 |

---

*See accompanying notes to financial statements.*

**BHFTII-118**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Honeys Holdings Co. Ltd.  | 3630 | &nbsp;&nbsp; $39625 |
| Honma Golf Ltd. (a) | 27000 | &nbsp;&nbsp; 12144 |
| Hoosiers Holdings Co. Ltd.  | 5400 | &nbsp;&nbsp; 46642 |
| Hoshi Iryo-Sanki Co. Ltd.  | 300 | &nbsp;&nbsp; 9321 |
| Hosiden Corp.  | 8900 | &nbsp;&nbsp; 136364 |
| Hosokawa Micron Corp.  | 3100 | &nbsp;&nbsp; 106859 |
| Hotland Holdings Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 45615 |
| House Foods Group, Inc.  | 3300 | &nbsp;&nbsp; 64163 |
| Howa Machinery Ltd.  | 1400 | &nbsp;&nbsp; 10088 |
| HS Holdings Co. Ltd.  | 5000 | &nbsp;&nbsp; 38365 |
| Hyakugo Bank Ltd.  | 39100 | &nbsp;&nbsp; 186636 |
| Hyakujushi Bank Ltd.  | 4100 | &nbsp;&nbsp; 118528 |
| IBJ, Inc. (d) | 4900 | &nbsp;&nbsp; 28980 |
| Ichigo, Inc.  | 11100 | &nbsp;&nbsp; 31134 |
| Ichiken Co. Ltd.  | 1800 | &nbsp;&nbsp; 39016 |
| Ichikoh Industries Ltd.  | 9000 | &nbsp;&nbsp; 22537 |
| Ichimasa Kamaboko Co. Ltd. (d) | 1100 | &nbsp;&nbsp; 5681 |
| Ichinen Holdings Co. Ltd.  | 4300 | &nbsp;&nbsp; 46991 |
| Ichiyoshi Securities Co. Ltd.  | 7000 | &nbsp;&nbsp; 39511 |
| Icom, Inc.  | 2000 | &nbsp;&nbsp; 40891 |
| Idec Corp.  | 6100 | &nbsp;&nbsp; 96120 |
| IDOM, Inc.  | 12500 | &nbsp;&nbsp; 91715 |
| Iino Kaiun Kaisha Ltd. (d) | 15500 | &nbsp;&nbsp; 108649 |
| I'll, Inc.  | 900 | &nbsp;&nbsp; 17321 |
| Imasen Electric Industrial | 2000 | &nbsp;&nbsp; 9675 |
| i-mobile Co. Ltd.  | 5400 | &nbsp;&nbsp; 24971 |
| Imuraya Group Co. Ltd.  | 2900 | &nbsp;&nbsp; 49792 |
| Inaba Denki Sangyo Co. Ltd.  | 11200 | &nbsp;&nbsp; 307184 |
| Inaba Seisakusho Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 41286 |
| Inabata & Co. Ltd. (d) | 9800 | &nbsp;&nbsp; 218274 |
| I-NE Co. Ltd. (d) | 800 | &nbsp;&nbsp; 9023 |
| Ines Corp.  | 5100 | &nbsp;&nbsp; 58747 |
| I-Net Corp.  | 3520 | &nbsp;&nbsp; 46505 |
| Infomart Corp.  | 16100 | &nbsp;&nbsp; 46722 |
| INFRONEER Holdings, Inc.  | 17300 | &nbsp;&nbsp; 145137 |
| Innotech Corp.  | 3900 | &nbsp;&nbsp; 38295 |
| Insource Co. Ltd.  | 11200 | &nbsp;&nbsp; 76981 |
| Intage Holdings, Inc. (d) | 2600 | &nbsp;&nbsp; 31958 |
| Intelligent Wave, Inc.  | 3400 | &nbsp;&nbsp; 26208 |
| Inui Global Logistics Co. Ltd. (d) | 3000 | &nbsp;&nbsp; 25032 |
| IR Japan Holdings Ltd.  | 2000 | &nbsp;&nbsp; 8692 |
| Iriso Electronics Co. Ltd.  | 4300 | &nbsp;&nbsp; 85016 |
| ISB Corp.  | 400 | &nbsp;&nbsp; 3756 |
| Ise Chemicals Corp. (d) | 400 | &nbsp;&nbsp; 73956 |
| Iseki & Co. Ltd.  | 5700 | &nbsp;&nbsp; 48078 |
| Ishihara Sangyo Kaisha Ltd.  | 6600 | &nbsp;&nbsp; 92633 |
| Ishizuka Glass Co. Ltd.  | 500 | &nbsp;&nbsp; 9006 |
| Itfor, Inc.  | 6400 | &nbsp;&nbsp; 66654 |
| ITmedia, Inc.  | 1500 | &nbsp;&nbsp; 17101 |
| Ito En Ltd.  | 6100 | &nbsp;&nbsp; 138332 |
| Itochu Enex Co. Ltd.  | 10800 | &nbsp;&nbsp; 129033 |
| Itochu-Shokuhin Co. Ltd. (d) | 1200 | &nbsp;&nbsp; 82572 |
| Itoham Yonekyu Holdings, Inc. (d) | 5900 | &nbsp;&nbsp; 200738 |
| Itoki Corp.  | 8200 | &nbsp;&nbsp; 124508 |
| IwaiCosmo Holdings, Inc.  | 4300 | &nbsp;&nbsp; 66802 |
| Iwaki Co. Ltd.  | 1300 | &nbsp;&nbsp; 21600 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Iwatsuka Confectionery Co. Ltd.  | 2000 | &nbsp;&nbsp; $41050 |
| Izumi Co. Ltd.  | 6800 | &nbsp;&nbsp; 157184 |
| J Trust Co. Ltd.  | 16800 | &nbsp;&nbsp; 49199 |
| JAC Recruitment Co. Ltd.  | 15600 | &nbsp;&nbsp; 109724 |
| Jaccs Co. Ltd.  | 4200 | &nbsp;&nbsp; 116549 |
| JAFCO Group Co. Ltd. (d) | 8900 | &nbsp;&nbsp; 151970 |
| JANOME Corp.  | 3899 | &nbsp;&nbsp; 30249 |
| Japan Aviation Electronics Industry Ltd.  | 10000 | &nbsp;&nbsp; 177595 |
| Japan Cash Machine Co. Ltd.  | 1200 | &nbsp;&nbsp; 8166 |
| Japan Communications, Inc. (a) | 35600 | &nbsp;&nbsp; 39546 |
| Japan Elevator Service Holdings Co. Ltd.  | 15100 | &nbsp;&nbsp; 435635 |
| Japan Foundation Engineering Co. Ltd.  | 7900 | &nbsp;&nbsp; 35005 |
| Japan Investment Adviser Co. Ltd.  | 6400 | &nbsp;&nbsp; 75504 |
| Japan Lifeline Co. Ltd.  | 12400 | &nbsp;&nbsp; 128442 |
| Japan Material Co. Ltd. (d) | 13600 | &nbsp;&nbsp; 139113 |
| Japan Medical Dynamic Marketing, Inc.  | 4400 | &nbsp;&nbsp; 17382 |
| Japan Oil Transportation Co. Ltd.  | 700 | &nbsp;&nbsp; 14776 |
| Japan Petroleum Exploration Co. Ltd. (d) | 26500 | &nbsp;&nbsp; 186377 |
| Japan Property Management Center Co. Ltd.  | 4100 | &nbsp;&nbsp; 33265 |
| Japan Pulp & Paper Co. Ltd.  | 20900 | &nbsp;&nbsp; 89785 |
| Japan Pure Chemical Co. Ltd.  | 500 | &nbsp;&nbsp; 10960 |
| Japan Securities Finance Co. Ltd.  | 14300 | &nbsp;&nbsp; 173661 |
| Japan Transcity Corp.  | 9700 | &nbsp;&nbsp; 73371 |
| Japan Wool Textile Co. Ltd.  | 9200 | &nbsp;&nbsp; 92808 |
| JBCC Holdings, Inc.  | 12400 | &nbsp;&nbsp; 116140 |
| JCU Corp.  | 4900 | &nbsp;&nbsp; 112587 |
| Jeol Ltd.  | 9700 | &nbsp;&nbsp; 295151 |
| JFE Systems, Inc.  | 1400 | &nbsp;&nbsp; 17618 |
| JGC Holdings Corp.  | 23600 | &nbsp;&nbsp; 204724 |
| JIG-SAW, Inc. (a) | 900 | &nbsp;&nbsp; 16914 |
| JINS Holdings, Inc. (d) | 2600 | &nbsp;&nbsp; 153949 |
| JINUSHI Co. Ltd.  | 3500 | &nbsp;&nbsp; 53048 |
| JK Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp; 23042 |
| J-Lease Co. Ltd.  | 1200 | &nbsp;&nbsp; 11131 |
| JM Holdings Co. Ltd.  | 3200 | &nbsp;&nbsp; 58066 |
| JMS Co. Ltd.  | 6400 | &nbsp;&nbsp; 19222 |
| J-Oil Mills, Inc.  | 4900 | &nbsp;&nbsp; 66594 |
| Joshin Denki Co. Ltd.  | 4300 | &nbsp;&nbsp; 70740 |
| Joyful Honda Co. Ltd.  | 10800 | &nbsp;&nbsp; 156434 |
| JP-Holdings, Inc.  | 8000 | &nbsp;&nbsp; 31049 |
| JSB Co. Ltd.  | 2000 | &nbsp;&nbsp; 52979 |
| JSP Corp.  | 2400 | &nbsp;&nbsp; 31324 |
| JTEKT Corp.  | 15100 | &nbsp;&nbsp; 123961 |
| Juki Corp. (a) | 7200 | &nbsp;&nbsp; 19744 |
| Juroku Financial Group, Inc.  | 5700 | &nbsp;&nbsp; 190905 |
| Justsystems Corp.  | 6100 | &nbsp;&nbsp; 156494 |
| JVCKenwood Corp.  | 33800 | &nbsp;&nbsp; 269216 |
| K&O Energy Group, Inc.  | 2800 | &nbsp;&nbsp; 55033 |
| Kadoya Sesame Mills, Inc.  | 800 | &nbsp;&nbsp; 20193 |
| Kaga Electronics Co. Ltd.  | 8600 | &nbsp;&nbsp; 162969 |
| Kagome Co. Ltd. (d) | 6400 | &nbsp;&nbsp; 127492 |
| Kaken Pharmaceutical Co. Ltd.  | 3400 | &nbsp;&nbsp; 90025 |
| Kakiyasu Honten Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 45932 |
| Kamakura Shinsho Ltd.  | 3700 | &nbsp;&nbsp; 14117 |
| Kameda Seika Co. Ltd.  | 3100 | &nbsp;&nbsp; 86145 |
| Kamei Corp.  | 4900 | &nbsp;&nbsp; 84055 |

---

*See accompanying notes to financial statements.*

**BHFTII-119**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Kanaden Corp.  | 3800 | &nbsp;&nbsp; $53165 |
| Kanadevia Corp.  | 37000 | &nbsp;&nbsp; 249435 |
| Kanagawa Chuo Kotsu Co. Ltd.  | 1900 | &nbsp;&nbsp; 46605 |
| Kanamic Network Co. Ltd.  | 900 | &nbsp;&nbsp; 2661 |
| Kanamoto Co. Ltd.  | 6400 | &nbsp;&nbsp; 143810 |
| Kaneka Corp.  | 9500 | &nbsp;&nbsp; 261603 |
| Kaneko Seeds Co. Ltd.  | 1300 | &nbsp;&nbsp; 12268 |
| Kanematsu Corp.  | 17400 | &nbsp;&nbsp; 330291 |
| Kanemi Co. Ltd.  | 100 | &nbsp;&nbsp; 2305 |
| Kanto Denka Kogyo Co. Ltd. (d) | 9000 | &nbsp;&nbsp; 52364 |
| Kappa Create Co. Ltd.  | 1000 | &nbsp;&nbsp; 10444 |
| Katakura Industries Co. Ltd.  | 5200 | &nbsp;&nbsp; 83326 |
| Katitas Co. Ltd. (d) | 11600 | &nbsp;&nbsp; 201051 |
| Kato Sangyo Co. Ltd.  | 4800 | &nbsp;&nbsp; 183006 |
| Kato Works Co. Ltd.  | 2500 | &nbsp;&nbsp; 22824 |
| Kawada Technologies, Inc.  | 2700 | &nbsp;&nbsp; 72282 |
| Kawai Musical Instruments Manufacturing Co. Ltd.  | 1600 | &nbsp;&nbsp; 28755 |
| KeePer Technical Laboratory Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 61438 |
| Keihan Holdings Co. Ltd. (d) | 6400 | &nbsp;&nbsp; 135714 |
| Keihanshin Building Co. Ltd.  | 7100 | &nbsp;&nbsp; 74081 |
| Keihin Co. Ltd.  | 2300 | &nbsp;&nbsp; 40721 |
| Keikyu Corp.  | 9000 | &nbsp;&nbsp; 93959 |
| KEIWA, Inc.  | 1200 | &nbsp;&nbsp; 8997 |
| Keiyo Bank Ltd.  | 18900 | &nbsp;&nbsp; 130765 |
| Kenko Mayonnaise Co. Ltd.  | 2400 | &nbsp;&nbsp; 28595 |
| KH Neochem Co. Ltd.  | 7700 | &nbsp;&nbsp; 135043 |
| Kibun Foods, Inc.  | 1500 | &nbsp;&nbsp; 11317 |
| Kimura Chemical Plants Co. Ltd.  | 3300 | &nbsp;&nbsp; 20642 |
| King Jim Co. Ltd.  | 1400 | &nbsp;&nbsp; 8094 |
| Kintetsu Department Store Co. Ltd.  | 400 | &nbsp;&nbsp; 4877 |
| Kissei Pharmaceutical Co. Ltd.  | 6300 | &nbsp;&nbsp; 176205 |
| Ki-Star Real Estate Co. Ltd.  | 1800 | &nbsp;&nbsp; 57801 |
| Kitagawa Corp.  | 3100 | &nbsp;&nbsp; 29853 |
| Kita-Nippon Bank Ltd.  | 2200 | &nbsp;&nbsp; 45051 |
| Kitano Construction Corp.  | 1400 | &nbsp;&nbsp; 41309 |
| Kitz Corp.  | 13900 | &nbsp;&nbsp; 114008 |
| Kiyo Bank Ltd.  | 11000 | &nbsp;&nbsp; 189810 |
| Koa Corp.  | 6400 | &nbsp;&nbsp; 37458 |
| Koatsu Gas Kogyo Co. Ltd.  | 5600 | &nbsp;&nbsp; 40617 |
| Kobe Electric Railway Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 22784 |
| Kohnan Shoji Co. Ltd.  | 4200 | &nbsp;&nbsp; 113733 |
| Kohsoku Corp.  | 1000 | &nbsp;&nbsp; 18754 |
| Koike Sanso Kogyo Co. Ltd.  | 3500 | &nbsp;&nbsp; 33044 |
| Kojima Co. Ltd.  | 7800 | &nbsp;&nbsp; 66886 |
| Kokuyo Co. Ltd. (d) | 42000 | &nbsp;&nbsp; 241105 |
| Komatsu Matere Co. Ltd.  | 4200 | &nbsp;&nbsp; 21144 |
| Komatsu Wall Industry Co. Ltd.  | 3600 | &nbsp;&nbsp; 57613 |
| KOMEDA Holdings Co. Ltd.  | 10200 | &nbsp;&nbsp; 210188 |
| Komehyo Holdings Co. Ltd. (d) | 1300 | &nbsp;&nbsp; 25260 |
| Komeri Co. Ltd.  | 6500 | &nbsp;&nbsp; 132744 |
| Komori Corp.  | 8600 | &nbsp;&nbsp; 88830 |
| Konaka Co. Ltd.  | 7300 | &nbsp;&nbsp; 12410 |
| Kondotec, Inc.  | 4500 | &nbsp;&nbsp; 48349 |
| Konica Minolta, Inc. (a) | 93000 | &nbsp;&nbsp; 300944 |
| Konishi Co. Ltd.  | 11600 | &nbsp;&nbsp; 90598 |
| Konoike Transport Co. Ltd.  | 5700 | &nbsp;&nbsp; 116100 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Konoshima Chemical Co. Ltd.  | 600 | &nbsp;&nbsp; $5137 |
| Kosaido Holdings Co. Ltd.  | 12300 | &nbsp;&nbsp; 40956 |
| Koshidaka Holdings Co. Ltd.  | 6000 | &nbsp;&nbsp; 46826 |
| Kotobuki Spirits Co. Ltd. (d) | 13000 | &nbsp;&nbsp; 185224 |
| Kotobukiya Co. Ltd. (d) | 1500 | &nbsp;&nbsp; 15934 |
| Kozo Keikaku Engineering Holdings, Inc.  | 2400 | &nbsp;&nbsp; 41288 |
| KPP Group Holdings Co. Ltd.  | 3700 | &nbsp;&nbsp; 19026 |
| Krosaki Harima Corp. (d) | 4400 | &nbsp;&nbsp; 101001 |
| KRS Corp.  | 3400 | &nbsp;&nbsp; 67963 |
| K's Holdings Corp.  | 28800 | &nbsp;&nbsp; 292592 |
| KU Holdings Co. Ltd.  | 5500 | &nbsp;&nbsp; 43076 |
| Kumagai Gumi Co. Ltd.  | 6700 | &nbsp;&nbsp; 194319 |
| Kumiai Chemical Industry Co. Ltd.  | 10995 | &nbsp;&nbsp; 60859 |
| Kunimine Industries Co. Ltd.  | 1200 | &nbsp;&nbsp; 8774 |
| Kura Sushi, Inc. (d) | 1800 | &nbsp;&nbsp; 44245 |
| Kurabo Industries Ltd. (d) | 2600 | &nbsp;&nbsp; 134348 |
| Kureha Corp.  | 8000 | &nbsp;&nbsp; 174143 |
| Kurimoto Ltd.  | 1900 | &nbsp;&nbsp; 74545 |
| Kuriyama Holdings Corp.  | 2300 | &nbsp;&nbsp; 23616 |
| Kusuri No. Aoki Holdings Co. Ltd.  | 9400 | &nbsp;&nbsp; 236689 |
| KYB Corp.  | 7600 | &nbsp;&nbsp; 157003 |
| Kyodo Printing Co. Ltd.  | 3800 | &nbsp;&nbsp; 34209 |
| Kyoei Steel Ltd.  | 4700 | &nbsp;&nbsp; 66904 |
| Kyokuto Boeki Kaisha Ltd.  | 3600 | &nbsp;&nbsp; 38051 |
| Kyokuto Kaihatsu Kogyo Co. Ltd.  | 6600 | &nbsp;&nbsp; 122418 |
| Kyokuto Securities Co. Ltd.  | 4100 | &nbsp;&nbsp; 43063 |
| Kyokuyo Co. Ltd.  | 2200 | &nbsp;&nbsp; 70040 |
| Kyorin Pharmaceutical Co. Ltd.  | 9100 | &nbsp;&nbsp; 95566 |
| KYORITSU Co. Ltd.  | 6800 | &nbsp;&nbsp; 8215 |
| Kyoritsu Maintenance Co. Ltd.  | 13200 | &nbsp;&nbsp; 322970 |
| Kyosan Electric Manufacturing Co. Ltd.  | 12600 | &nbsp;&nbsp; 42877 |
| Kyowa Electronic Instruments Co. Ltd.  | 8000 | &nbsp;&nbsp; 29773 |
| Kyowa Leather Cloth Co. Ltd.  | 3300 | &nbsp;&nbsp; 17914 |
| Kyushu Financial Group, Inc.  | 17500 | &nbsp;&nbsp; 88119 |
| Lacto Japan Co. Ltd.  | 1400 | &nbsp;&nbsp; 35809 |
| LEC, Inc.  | 5000 | &nbsp;&nbsp; 40567 |
| Leopalace21 Corp.  | 33400 | &nbsp;&nbsp; 144239 |
| Life Corp.  | 6800 | &nbsp;&nbsp; 104330 |
| LIFULL Co. Ltd.  | 17000 | &nbsp;&nbsp; 22660 |
| LIKE, Inc. (d) | 2100 | &nbsp;&nbsp; 19865 |
| Link & Motivation, Inc.  | 8900 | &nbsp;&nbsp; 30462 |
| Lintec Corp.  | 8400 | &nbsp;&nbsp; 172450 |
| LITALICO, Inc.  | 4700 | &nbsp;&nbsp; 41280 |
| Look Holdings, Inc. (d) | 2200 | &nbsp;&nbsp; 36649 |
| Mabuchi Motor Co. Ltd. (d) | 16600 | &nbsp;&nbsp; 244858 |
| Macnica Holdings, Inc.  | 11300 | &nbsp;&nbsp; 151685 |
| Maeda Kosen Co. Ltd. (d) | 8400 | &nbsp;&nbsp; 110565 |
| Maezawa Kasei Industries Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 40468 |
| Maezawa Kyuso Industries Co. Ltd.  | 5800 | &nbsp;&nbsp; 49266 |
| Makino Milling Machine Co. Ltd.  | 4000 | &nbsp;&nbsp; 319621 |
| Management Solutions Co. Ltd. (d) | 1800 | &nbsp;&nbsp; 22220 |
| Mandom Corp.  | 8900 | &nbsp;&nbsp; 86827 |
| Mani, Inc.  | 17500 | &nbsp;&nbsp; 150035 |
| MarkLines Co. Ltd.  | 3000 | &nbsp;&nbsp; 39867 |
| Mars Group Holdings Corp.  | 2200 | &nbsp;&nbsp; 43991 |
| Marubun Corp.  | 4200 | &nbsp;&nbsp; 30043 |

---

*See accompanying notes to financial statements.*

**BHFTII-120**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Marudai Food Co. Ltd.  | 4700 | &nbsp;&nbsp; $58676 |
| Marufuji Sheet Piling Co. Ltd.  | 1300 | &nbsp;&nbsp; 26899 |
| Maruha Nichiro Corp.  | 9000 | &nbsp;&nbsp; 190356 |
| Maruichi Steel Tube Ltd.  | 9300 | &nbsp;&nbsp; 225032 |
| MARUKA FURUSATO Corp.  | 993 | &nbsp;&nbsp; 16001 |
| Marusan Securities Co. Ltd.  | 9900 | &nbsp;&nbsp; 61309 |
| Maruyama Manufacturing Co., Inc.  | 1500 | &nbsp;&nbsp; 21041 |
| Maruzen CHI Holdings Co. Ltd.  | 11900 | &nbsp;&nbsp; 27001 |
| Maruzen Co. Ltd.  | 900 | &nbsp;&nbsp; 21212 |
| Maruzen Showa Unyu Co. Ltd. (d) | 2400 | &nbsp;&nbsp; 116650 |
| Marvelous, Inc.  | 9500 | &nbsp;&nbsp; 33572 |
| Matching Service Japan Co. Ltd.  | 1200 | &nbsp;&nbsp; 7740 |
| Matsuda Sangyo Co. Ltd.  | 3100 | &nbsp;&nbsp; 71346 |
| Matsui Construction Co. Ltd.  | 6400 | &nbsp;&nbsp; 48689 |
| Matsui Securities Co. Ltd. (d) | 22300 | &nbsp;&nbsp; 107765 |
| Matsuya Co. Ltd.  | 2400 | &nbsp;&nbsp; 16831 |
| Matsuyafoods Holdings Co. Ltd.  | 400 | &nbsp;&nbsp; 16443 |
| Max Co. Ltd.  | 4500 | &nbsp;&nbsp; 145081 |
| Maxell Ltd.  | 9500 | &nbsp;&nbsp; 124877 |
| Maxvalu Tokai Co. Ltd.  | 3000 | &nbsp;&nbsp; 66765 |
| MCJ Co. Ltd.  | 14800 | &nbsp;&nbsp; 133633 |
| MEC Co. Ltd.  | 3600 | &nbsp;&nbsp; 67154 |
| Media Do Co. Ltd.  | 2100 | &nbsp;&nbsp; 25296 |
| Medical Data Vision Co. Ltd.  | 600 | &nbsp;&nbsp; 1687 |
| Medical System Network Co. Ltd.  | 7000 | &nbsp;&nbsp; 23006 |
| Medikit Co. Ltd.  | 1300 | &nbsp;&nbsp; 22823 |
| Medius Holdings Co. Ltd. (d) | 1800 | &nbsp;&nbsp; 10958 |
| Medley, Inc. (a) | 1700 | &nbsp;&nbsp; 37442 |
| MedPeer, Inc.  | 2600 | &nbsp;&nbsp; 14079 |
| Megmilk Snow Brand Co. Ltd. (d) | 9600 | &nbsp;&nbsp; 181979 |
| Meidensha Corp.  | 7700 | &nbsp;&nbsp; 289110 |
| Meiji Electric Industries Co. Ltd.  | 1000 | &nbsp;&nbsp; 13059 |
| Meiji Shipping Group Co. Ltd. (d) | 4300 | &nbsp;&nbsp; 20025 |
| Meiko Electronics Co. Ltd.  | 5200 | &nbsp;&nbsp; 243736 |
| Meisei Industrial Co. Ltd.  | 7900 | &nbsp;&nbsp; 82029 |
| MEITEC Group Holdings, Inc.  | 16000 | &nbsp;&nbsp; 352841 |
| Meito Sangyo Co. Ltd.  | 3000 | &nbsp;&nbsp; 42245 |
| Meiwa Corp.  | 8100 | &nbsp;&nbsp; 38879 |
| Meiwa Estate Co. Ltd. (d) | 3800 | &nbsp;&nbsp; 24693 |
| Menicon Co. Ltd. (d) | 14400 | &nbsp;&nbsp; 111749 |
| Mercari, Inc. (a) | 18000 | &nbsp;&nbsp; 334153 |
| Mercuria Holdings Co. Ltd.  | 2100 | &nbsp;&nbsp; 11475 |
| METAWATER Co. Ltd.  | 3600 | &nbsp;&nbsp; 55310 |
| Micronics Japan Co. Ltd. (d) | 5400 | &nbsp;&nbsp; 201442 |
| Midac Holdings Co. Ltd.  | 900 | &nbsp;&nbsp; 12824 |
| Mie Kotsu Group Holdings, Inc.  | 8600 | &nbsp;&nbsp; 29856 |
| Mikuni Corp.  | 7300 | &nbsp;&nbsp; 14522 |
| Milbon Co. Ltd. (d) | 6120 | &nbsp;&nbsp; 102761 |
| MIMAKI ENGINEERING Co. Ltd.  | 1700 | &nbsp;&nbsp; 22481 |
| Miraial Co. Ltd.  | 2900 | &nbsp;&nbsp; 22428 |
| Mirait One Corp.  | 17980 | &nbsp;&nbsp; 316830 |
| Mirarth Holdings, Inc.  | 18300 | &nbsp;&nbsp; 47722 |
| Miroku Jyoho Service Co. Ltd.  | 4600 | &nbsp;&nbsp; 57122 |
| Mitani Corp.  | 22700 | &nbsp;&nbsp; 337934 |
| Mitani Sekisan Co. Ltd.  | 2100 | &nbsp;&nbsp; 118626 |
| Mito Securities Co. Ltd.  | 10400 | &nbsp;&nbsp; 41010 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Mitsuba Corp.  | 6900 | &nbsp;&nbsp; $39512 |
| Mitsubishi Kakoki Kaisha Ltd.  | 2400 | &nbsp;&nbsp; 33401 |
| Mitsubishi Logisnext Co. Ltd. (d) | 6600 | &nbsp;&nbsp; 89803 |
| Mitsubishi Materials Corp. (d) | 14600 | &nbsp;&nbsp; 230175 |
| Mitsubishi Paper Mills Ltd. (d) | 5400 | &nbsp;&nbsp; 23716 |
| Mitsubishi Pencil Co. Ltd. (d) | 5400 | &nbsp;&nbsp; 76372 |
| Mitsubishi Research Institute, Inc.  | 2000 | &nbsp;&nbsp; 63424 |
| Mitsubishi Shokuhin Co. Ltd.  | 3800 | &nbsp;&nbsp; 167014 |
| Mitsubishi Steel Manufacturing Co. Ltd.  | 2500 | &nbsp;&nbsp; 27218 |
| Mitsuboshi Belting Ltd. (d) | 3900 | &nbsp;&nbsp; 92764 |
| Mitsui DM Sugar Co. Ltd.  | 3400 | &nbsp;&nbsp; 72115 |
| Mitsui E&S Co. Ltd.  | 18100 | &nbsp;&nbsp; 356153 |
| Mitsui High-Tec, Inc. (d) | 14000 | &nbsp;&nbsp; 68809 |
| Mitsui Matsushima Holdings Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 49084 |
| Mitsui Mining & Smelting Co. Ltd.  | 12300 | &nbsp;&nbsp; 428103 |
| Mitsui-Soko Holdings Co. Ltd. (d) | 12100 | &nbsp;&nbsp; 330052 |
| Mitsuuroko Group Holdings Co. Ltd.  | 7200 | &nbsp;&nbsp; 94754 |
| MIXI, Inc.  | 7400 | &nbsp;&nbsp; 178800 |
| Miyaji Engineering Group, Inc.  | 4500 | &nbsp;&nbsp; 58600 |
| Miyazaki Bank Ltd.  | 3000 | &nbsp;&nbsp; 76288 |
| Miyoshi Oil & Fat Co. Ltd.  | 1600 | &nbsp;&nbsp; 19156 |
| Mizuho Leasing Co. Ltd.  | 27000 | &nbsp;&nbsp; 200061 |
| Mizuho Medy Co. Ltd.  | 1000 | &nbsp;&nbsp; 10013 |
| Mizuno Corp.  | 11100 | &nbsp;&nbsp; 204674 |
| Mochida Pharmaceutical Co. Ltd.  | 4700 | &nbsp;&nbsp; 96684 |
| Modec, Inc.  | 500 | &nbsp;&nbsp; 21366 |
| Monogatari Corp. (d) | 6800 | &nbsp;&nbsp; 184325 |
| MORESCO Corp.  | 2500 | &nbsp;&nbsp; 21404 |
| Morinaga & Co. Ltd.  | 14600 | &nbsp;&nbsp; 240773 |
| Morinaga Milk Industry Co. Ltd.  | 15000 | &nbsp;&nbsp; 336987 |
| Moriroku Co. Ltd.  | 800 | &nbsp;&nbsp; 12870 |
| Morita Holdings Corp.  | 6800 | &nbsp;&nbsp; 101426 |
| Morito Co. Ltd.  | 3400 | &nbsp;&nbsp; 32512 |
| Morozoff Ltd.  | 1600 | &nbsp;&nbsp; 17571 |
| Mory Industries, Inc.  | 8000 | &nbsp;&nbsp; 47261 |
| MOS Food Services, Inc.  | 1000 | &nbsp;&nbsp; 25741 |
| MrMax Holdings Ltd.  | 8400 | &nbsp;&nbsp; 38163 |
| Mugen Estate Co. Ltd.  | 1700 | &nbsp;&nbsp; 23546 |
| m-up Holdings, Inc.  | 5900 | &nbsp;&nbsp; 84916 |
| Murakami Corp. (d) | 1500 | &nbsp;&nbsp; 65820 |
| Musashi Seimitsu Industry Co. Ltd.  | 10300 | &nbsp;&nbsp; 218107 |
| Musashino Bank Ltd.  | 4900 | &nbsp;&nbsp; 110561 |
| Mutoh Holdings Co. Ltd. (d) | 900 | &nbsp;&nbsp; 17140 |
| Nabtesco Corp. (d) | 10600 | &nbsp;&nbsp; 189269 |
| NAC Co. Ltd. (d) | 7200 | &nbsp;&nbsp; 27784 |
| Nachi-Fujikoshi Corp.  | 2700 | &nbsp;&nbsp; 57713 |
| Nafco Co. Ltd.  | 2600 | &nbsp;&nbsp; 31664 |
| Nagano Keiki Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 38625 |
| Nagase & Co. Ltd.  | 16700 | &nbsp;&nbsp; 321206 |
| Nagoya Railroad Co. Ltd. (d) | 22000 | &nbsp;&nbsp; 248773 |
| Nakabayashi Co. Ltd.  | 5500 | &nbsp;&nbsp; 19877 |
| Nakamuraya Co. Ltd.  | 1600 | &nbsp;&nbsp; 34648 |
| Nakanishi, Inc.  | 13200 | &nbsp;&nbsp; 173764 |
| Nakano Corp.  | 4000 | &nbsp;&nbsp; 20299 |
| Nakayama Steel Works Ltd.  | 6300 | &nbsp;&nbsp; 27120 |
| Nakayamafuku Co. Ltd.  | 2000 | &nbsp;&nbsp; 5635 |

---

*See accompanying notes to financial statements.*

**BHFTII-121**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Namura Shipbuilding Co. Ltd. (d) | 9856 | &nbsp;&nbsp; $213849 |
| Nankai Electric Railway Co. Ltd.  | 9200 | &nbsp;&nbsp; 138979 |
| Nanto Bank Ltd.  | 4300 | &nbsp;&nbsp; 122539 |
| Narasaki Sangyo Co. Ltd.  | 800 | &nbsp;&nbsp; 18058 |
| Natori Co. Ltd.  | 2600 | &nbsp;&nbsp; 36360 |
| NCD Co. Ltd./Shinagawa | 1700 | &nbsp;&nbsp; 33376 |
| NEC Capital Solutions Ltd. (d) | 2000 | &nbsp;&nbsp; 52907 |
| Neturen Co. Ltd.  | 4300 | &nbsp;&nbsp; 32426 |
| New Art Holdings Co. Ltd. (d) | 1358 | &nbsp;&nbsp; 12801 |
| New Japan Chemical Co. Ltd.  | 9900 | &nbsp;&nbsp; 13885 |
| Nextage Co. Ltd.  | 9300 | &nbsp;&nbsp; 112729 |
| NexTone, Inc. (a) | 700 | &nbsp;&nbsp; 10405 |
| NF Holdings Corp.  | 1600 | &nbsp;&nbsp; 15154 |
| NHK Spring Co. Ltd.  | 1200 | &nbsp;&nbsp; 13053 |
| Nicca Chemical Co. Ltd.  | 1400 | &nbsp;&nbsp; 12072 |
| Nice Corp.  | 2300 | &nbsp;&nbsp; 26543 |
| Nichia Steel Works Ltd.  | 9100 | &nbsp;&nbsp; 19271 |
| Nichias Corp.  | 6900 | &nbsp;&nbsp; 264004 |
| Nichiban Co. Ltd.  | 3200 | &nbsp;&nbsp; 42927 |
| Nichicon Corp.  | 9700 | &nbsp;&nbsp; 79765 |
| Nichiden Corp.  | 2900 | &nbsp;&nbsp; 55358 |
| Nichiha Corp.  | 5600 | &nbsp;&nbsp; 115638 |
| Nichimo Co. Ltd.  | 2000 | &nbsp;&nbsp; 30324 |
| Nichireki Group Co. Ltd.  | 6400 | &nbsp;&nbsp; 107137 |
| Nichirin Co. Ltd.  | 1400 | &nbsp;&nbsp; 33342 |
| Nifco, Inc.  | 5400 | &nbsp;&nbsp; 127739 |
| Nihon Chouzai Co. Ltd.  | 2220 | &nbsp;&nbsp; 49358 |
| Nihon Dempa Kogyo Co. Ltd.  | 3300 | &nbsp;&nbsp; 17251 |
| Nihon Dengi Co. Ltd.  | 800 | &nbsp;&nbsp; 25203 |
| Nihon Flush Co. Ltd.  | 6000 | &nbsp;&nbsp; 33977 |
| Nihon House Holdings Co. Ltd.  | 10000 | &nbsp;&nbsp; 20482 |
| Nihon Kagaku Sangyo Co. Ltd.  | 3000 | &nbsp;&nbsp; 41084 |
| Nihon M&A Center Holdings, Inc. (d) | 53600 | &nbsp;&nbsp; 271368 |
| Nihon Nohyaku Co. Ltd.  | 5700 | &nbsp;&nbsp; 33251 |
| Nihon Parkerizing Co. Ltd.  | 19200 | &nbsp;&nbsp; 169030 |
| Nihon Plast Co. Ltd.  | 4500 | &nbsp;&nbsp; 11029 |
| Nihon Tokushu Toryo Co. Ltd.  | 2900 | &nbsp;&nbsp; 39945 |
| Nihon Yamamura Glass Co. Ltd.  | 2100 | &nbsp;&nbsp; 35809 |
| Nikkiso Co. Ltd. (d) | 10700 | &nbsp;&nbsp; 94926 |
| Nikko Co. Ltd.  | 9000 | &nbsp;&nbsp; 45336 |
| Nikkon Holdings Co. Ltd. (d) | 18100 | &nbsp;&nbsp; 402903 |
| Nippn Corp. (d) | 10000 | &nbsp;&nbsp; 147789 |
| Nippon Air Conditioning Services Co. Ltd.  | 7700 | &nbsp;&nbsp; 60091 |
| Nippon Aqua Co. Ltd.  | 3000 | &nbsp;&nbsp; 16475 |
| Nippon Beet Sugar Manufacturing Co. Ltd.  | 2900 | &nbsp;&nbsp; 48414 |
| Nippon Carbide Industries Co., Inc.  | 2300 | &nbsp;&nbsp; 29382 |
| Nippon Carbon Co. Ltd. (d) | 2100 | &nbsp;&nbsp; 59394 |
| Nippon Chemical Industrial Co. Ltd.  | 1400 | &nbsp;&nbsp; 19686 |
| Nippon Chemi-Con Corp. (a) | 4400 | &nbsp;&nbsp; 36380 |
| Nippon Coke & Engineering Co. Ltd. (a) | 47000 | &nbsp;&nbsp; 27084 |
| Nippon Concept Corp.  | 1500 | &nbsp;&nbsp; 23176 |
| Nippon Concrete Industries Co. Ltd. (d) | 14000 | &nbsp;&nbsp; 28394 |
| Nippon Denko Co. Ltd.  | 18565 | &nbsp;&nbsp; 32093 |
| Nippon Densetsu Kogyo Co. Ltd.  | 7300 | &nbsp;&nbsp; 129868 |
| Nippon Dry-Chemical Co. Ltd.  | 1000 | &nbsp;&nbsp; 35666 |
| Nippon Electric Glass Co. Ltd. (d) | 13800 | &nbsp;&nbsp; 327315 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Nippon Felt Co. Ltd.  | 8600 | &nbsp;&nbsp; $27362 |
| Nippon Filcon Co. Ltd.  | 5200 | &nbsp;&nbsp; 17934 |
| Nippon Gas Co. Ltd.  | 22800 | &nbsp;&nbsp; 420552 |
| Nippon Hume Corp. (d) | 5600 | &nbsp;&nbsp; 84316 |
| Nippon Kayaku Co. Ltd.  | 25700 | &nbsp;&nbsp; 231726 |
| Nippon Kodoshi Corp.  | 1600 | &nbsp;&nbsp; 19633 |
| Nippon Light Metal Holdings Co. Ltd.  | 11800 | &nbsp;&nbsp; 133025 |
| Nippon Paper Industries Co. Ltd.  | 21000 | &nbsp;&nbsp; 150986 |
| Nippon Parking Development Co. Ltd.  | 46000 | &nbsp;&nbsp; 84120 |
| Nippon Rietec Co. Ltd.  | 3700 | &nbsp;&nbsp; 47154 |
| Nippon Road Co. Ltd.  | 4500 | &nbsp;&nbsp; 78225 |
| Nippon Seiki Co. Ltd.  | 10200 | &nbsp;&nbsp; 101121 |
| Nippon Seisen Co. Ltd.  | 3500 | &nbsp;&nbsp; 25885 |
| Nippon Sharyo Ltd.  | 2600 | &nbsp;&nbsp; 37006 |
| Nippon Sheet Glass Co. Ltd. (a) | 15100 | &nbsp;&nbsp; 47155 |
| Nippon Shinyaku Co. Ltd.  | 5300 | &nbsp;&nbsp; 115539 |
| Nippon Shokubai Co. Ltd.  | 12400 | &nbsp;&nbsp; 141152 |
| Nippon Signal Co. Ltd.  | 8300 | &nbsp;&nbsp; 62123 |
| Nippon Soda Co. Ltd.  | 9800 | &nbsp;&nbsp; 205944 |
| Nippon Thompson Co. Ltd.  | 11700 | &nbsp;&nbsp; 43178 |
| Nippon Yakin Kogyo Co. Ltd.  | 2800 | &nbsp;&nbsp; 77369 |
| Nipro Corp.  | 35100 | &nbsp;&nbsp; 310633 |
| Nishikawa Rubber Co. Ltd.  | 2400 | &nbsp;&nbsp; 43004 |
| Nishimatsu Construction Co. Ltd.  | 5000 | &nbsp;&nbsp; 166298 |
| Nishimatsuya Chain Co. Ltd.  | 900 | &nbsp;&nbsp; 13070 |
| Nishi-Nippon Financial Holdings, Inc.  | 21500 | &nbsp;&nbsp; 321671 |
| Nishi-Nippon Railroad Co. Ltd.  | 13700 | &nbsp;&nbsp; 193252 |
| Nishio Holdings Co. Ltd.  | 4000 | &nbsp;&nbsp; 111781 |
| Nissan Shatai Co. Ltd. (d) | 12600 | &nbsp;&nbsp; 94308 |
| Nissan Tokyo Sales Holdings Co. Ltd.  | 11000 | &nbsp;&nbsp; 38143 |
| Nissei ASB Machine Co. Ltd.  | 1900 | &nbsp;&nbsp; 77298 |
| Nissei Plastic Industrial Co. Ltd.  | 4500 | &nbsp;&nbsp; 26905 |
| Nissha Co. Ltd.  | 7400 | &nbsp;&nbsp; 69020 |
| Nisshin Group Holdings Co. Ltd.  | 9400 | &nbsp;&nbsp; 33585 |
| Nisshin Oillio Group Ltd.  | 5500 | &nbsp;&nbsp; 186283 |
| Nisshinbo Holdings, Inc. (d) | 27920 | &nbsp;&nbsp; 178385 |
| Nissin Corp.  | 2900 | &nbsp;&nbsp; 162229 |
| Nisso Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp; 6298 |
| Nissui Corp.  | 63700 | &nbsp;&nbsp; 387314 |
| Nitta Corp.  | 4300 | &nbsp;&nbsp; 114917 |
| Nitta Gelatin, Inc.  | 4500 | &nbsp;&nbsp; 27462 |
| Nittetsu Mining Co. Ltd. (d) | 2200 | &nbsp;&nbsp; 113089 |
| Nitto Fuji Flour Milling Co. Ltd.  | 800 | &nbsp;&nbsp; 39549 |
| Nitto Kogyo Corp. (d) | 4800 | &nbsp;&nbsp; 103532 |
| Nitto Kohki Co. Ltd.  | 3200 | &nbsp;&nbsp; 40536 |
| Nitto Seiko Co. Ltd.  | 8900 | &nbsp;&nbsp; 35312 |
| Nittoc Construction Co. Ltd.  | 5950 | &nbsp;&nbsp; 45400 |
| Noevir Holdings Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 96210 |
| Nohmi Bosai Ltd.  | 600 | &nbsp;&nbsp; 15226 |
| Nojima Corp.  | 13100 | &nbsp;&nbsp; 286528 |
| NOK Corp.  | 900 | &nbsp;&nbsp; 13291 |
| Noritake Co. Ltd. (d) | 4500 | &nbsp;&nbsp; 113843 |
| Noritsu Koki Co. Ltd.  | 12000 | &nbsp;&nbsp; 126849 |
| Noritz Corp.  | 6400 | &nbsp;&nbsp; 81981 |
| North Pacific Bank Ltd.  | 48800 | &nbsp;&nbsp; 194644 |
| NPR-RIKEN Corp. (d) | 4264 | &nbsp;&nbsp; 69180 |

---

*See accompanying notes to financial statements.*

**BHFTII-122**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| NS Tool Co. Ltd.  | 4800 | &nbsp;&nbsp; $23610 |
| NS United Kaiun Kaisha Ltd.  | 2500 | &nbsp;&nbsp; 67666 |
| NSD Co. Ltd.  | 14540 | &nbsp;&nbsp; 359833 |
| NSK Ltd.  | 10300 | &nbsp;&nbsp; 48361 |
| NSW, Inc.  | 1900 | &nbsp;&nbsp; 35722 |
| NTN Corp. (d) | 92700 | &nbsp;&nbsp; 145900 |
| Oat Agrio Co. Ltd.  | 400 | &nbsp;&nbsp; 5441 |
| Obara Group, Inc.  | 2300 | &nbsp;&nbsp; 57124 |
| Oenon Holdings, Inc.  | 12300 | &nbsp;&nbsp; 47397 |
| Ogaki Kyoritsu Bank Ltd.  | 7200 | &nbsp;&nbsp; 124543 |
| Ohara, Inc.  | 1600 | &nbsp;&nbsp; 12121 |
| Ohashi Technica, Inc.  | 2900 | &nbsp;&nbsp; 40028 |
| Ohba Co. Ltd.  | 4600 | &nbsp;&nbsp; 33057 |
| Ohsho Food Service Corp.  | 7800 | &nbsp;&nbsp; 206079 |
| OIE Sangyo Co. Ltd.  | 800 | &nbsp;&nbsp; 11759 |
| Oiles Corp.  | 5500 | &nbsp;&nbsp; 78683 |
| Oita Bank Ltd.  | 3100 | &nbsp;&nbsp; 85739 |
| Okabe Co. Ltd.  | 6800 | &nbsp;&nbsp; 39154 |
| Okada Aiyon Corp.  | 1900 | &nbsp;&nbsp; 24852 |
| Okamoto Industries, Inc.  | 2200 | &nbsp;&nbsp; 73355 |
| Okamoto Machine Tool Works Ltd.  | 1000 | &nbsp;&nbsp; 33878 |
| Okamura Corp.  | 12000 | &nbsp;&nbsp; 184475 |
| Okasan Securities Group, Inc. (d) | 24600 | &nbsp;&nbsp; 114227 |
| Oki Electric Industry Co. Ltd.  | 18400 | &nbsp;&nbsp; 204830 |
| Okinawa Cellular Telephone Co.  | 4500 | &nbsp;&nbsp; 159766 |
| Okinawa Electric Power Co., Inc. (d) | 10727 | &nbsp;&nbsp; 67583 |
| Okinawa Financial Group, Inc.  | 3960 | &nbsp;&nbsp; 83497 |
| OKUMA Corp. (d) | 9800 | &nbsp;&nbsp; 248395 |
| Okumura Corp.  | 6700 | &nbsp;&nbsp; 199854 |
| Okura Industrial Co. Ltd. (d) | 1600 | &nbsp;&nbsp; 47746 |
| Okuwa Co. Ltd.  | 7400 | &nbsp;&nbsp; 48702 |
| Onoken Co. Ltd.  | 4300 | &nbsp;&nbsp; 41797 |
| Onward Holdings Co. Ltd.  | 22500 | &nbsp;&nbsp; 92625 |
| Open Up Group, Inc. (d) | 4700 | &nbsp;&nbsp; 55765 |
| Optex Group Co. Ltd. (d) | 6800 | &nbsp;&nbsp; 81994 |
| Optim Corp. (a) | 4200 | &nbsp;&nbsp; 15804 |
| Optorun Co. Ltd.  | 5500 | &nbsp;&nbsp; 62098 |
| Organo Corp.  | 2900 | &nbsp;&nbsp; 181166 |
| Oricon, Inc.  | 1200 | &nbsp;&nbsp; 6458 |
| Orient Corp.  | 11670 | &nbsp;&nbsp; 78220 |
| Oriental Shiraishi Corp.  | 29200 | &nbsp;&nbsp; 74610 |
| Origin Co. Ltd.  | 400 | &nbsp;&nbsp; 2932 |
| Oro Co. Ltd.  | 2100 | &nbsp;&nbsp; 43492 |
| Osaka Organic Chemical Industry Ltd.  | 2900 | &nbsp;&nbsp; 52161 |
| Osaka Steel Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 48981 |
| OSAKA Titanium Technologies Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 32644 |
| Osaki Electric Co. Ltd.  | 7800 | &nbsp;&nbsp; 51751 |
| OSG Corp.  | 16000 | &nbsp;&nbsp; 188632 |
| OUG Holdings, Inc.  | 700 | &nbsp;&nbsp; 16864 |
| Oyo Corp. (d) | 3700 | &nbsp;&nbsp; 77212 |
| Ozu Corp. (d) | 600 | &nbsp;&nbsp; 6829 |
| Pacific Industrial Co. Ltd.  | 8900 | &nbsp;&nbsp; 83064 |
| Pacific Metals Co. Ltd.  | 3900 | &nbsp;&nbsp; 47245 |
| Pack Corp. (d) | 10200 | &nbsp;&nbsp; 77834 |
| PAL GROUP Holdings Co. Ltd.  | 7000 | &nbsp;&nbsp; 175076 |
| PALTAC Corp.  | 3300 | &nbsp;&nbsp; 92522 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Paraca, Inc.  | 300 | &nbsp;&nbsp; $3789 |
| Paramount Bed Holdings Co. Ltd.  | 8000 | &nbsp;&nbsp; 142094 |
| Park24 Co. Ltd.  | 23400 | &nbsp;&nbsp; 300570 |
| Pasona Group, Inc.  | 4600 | &nbsp;&nbsp; 71269 |
| Pegasus Co. Ltd.  | 5400 | &nbsp;&nbsp; 19919 |
| Penta-Ocean Construction Co. Ltd.  | 25100 | &nbsp;&nbsp; 157114 |
| People Dreams & Technologies Group Co. Ltd.  | 1400 | &nbsp;&nbsp; 16486 |
| PeptiDream, Inc. (a) (d) | 10000 | &nbsp;&nbsp; 114202 |
| Pharma Foods International Co. Ltd. (d) | 3600 | &nbsp;&nbsp; 20819 |
| PIA Corp. (a) | 500 | &nbsp;&nbsp; 10195 |
| Pickles Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp; 17494 |
| Pigeon Corp. (d) | 25800 | &nbsp;&nbsp; 313856 |
| PILLAR Corp.  | 4100 | &nbsp;&nbsp; 110028 |
| Pilot Corp.  | 5800 | &nbsp;&nbsp; 164080 |
| Piolax, Inc.  | 4000 | &nbsp;&nbsp; 49266 |
| Plus Alpha Consulting Co. Ltd.  | 2000 | &nbsp;&nbsp; 31172 |
| Pole To Win Holdings, Inc. (d) | 7900 | &nbsp;&nbsp; 20159 |
| PR Times Corp.  | 700 | &nbsp;&nbsp; 11372 |
| Premium Group Co. Ltd.  | 6700 | &nbsp;&nbsp; 97213 |
| Premium Water Holdings, Inc.  | 500 | &nbsp;&nbsp; 10576 |
| Press Kogyo Co. Ltd.  | 16600 | &nbsp;&nbsp; 62594 |
| Prestige International, Inc.  | 24200 | &nbsp;&nbsp; 101485 |
| Prima Meat Packers Ltd.  | 6000 | &nbsp;&nbsp; 94401 |
| Procrea Holdings, Inc.  | 5421 | &nbsp;&nbsp; 53814 |
| Pronexus, Inc.  | 5100 | &nbsp;&nbsp; 39224 |
| Pro-Ship, Inc.  | 2300 | &nbsp;&nbsp; 46165 |
| PS Construction Co. Ltd.  | 2700 | &nbsp;&nbsp; 32332 |
| Punch Industry Co. Ltd.  | 2700 | &nbsp;&nbsp; 6972 |
| QB Net Holdings Co. Ltd. (d) | 1400 | &nbsp;&nbsp; 11082 |
| Qol Holdings Co. Ltd.  | 3900 | &nbsp;&nbsp; 50204 |
| Quick Co. Ltd.  | 3100 | &nbsp;&nbsp; 50947 |
| Raccoon Holdings, Inc.  | 4100 | &nbsp;&nbsp; 20155 |
| Raito Kogyo Co. Ltd.  | 7800 | &nbsp;&nbsp; 155058 |
| Raiznext Corp.  | 6300 | &nbsp;&nbsp; 78256 |
| Raksul, Inc.  | 3300 | &nbsp;&nbsp; 25591 |
| Rakus Co. Ltd.  | 4800 | &nbsp;&nbsp; 77288 |
| Rasa Industries Ltd.  | 2000 | &nbsp;&nbsp; 56236 |
| Relo Group, Inc.  | 11500 | &nbsp;&nbsp; 136415 |
| Rengo Co. Ltd.  | 42800 | &nbsp;&nbsp; 231599 |
| RENOVA, Inc. (a) | 5100 | &nbsp;&nbsp; 22895 |
| Resorttrust, Inc.  | 36600 | &nbsp;&nbsp; 447520 |
| Restar Corp.  | 4500 | &nbsp;&nbsp; 79792 |
| Retail Partners Co. Ltd.  | 4300 | &nbsp;&nbsp; 42152 |
| Rheon Automatic Machinery Co. Ltd.  | 5000 | &nbsp;&nbsp; 42953 |
| Rhythm Co. Ltd. (d) | 1300 | &nbsp;&nbsp; 28232 |
| Ricoh Leasing Co. Ltd. (d) | 2700 | &nbsp;&nbsp; 95968 |
| Ride On Express Holdings Co. Ltd.  | 1700 | &nbsp;&nbsp; 11822 |
| Riken Keiki Co. Ltd. (d) | 6400 | &nbsp;&nbsp; 133938 |
| Riken Technos Corp.  | 8400 | &nbsp;&nbsp; 63756 |
| Riken Vitamin Co. Ltd.  | 4500 | &nbsp;&nbsp; 85287 |
| Ringer Hut Co. Ltd.  | 600 | &nbsp;&nbsp; 9207 |
| Rion Co. Ltd.  | 2200 | &nbsp;&nbsp; 39665 |
| Riso Kyoiku Co. Ltd. (d) | 12870 | &nbsp;&nbsp; 19972 |
| Rokko Butter Co. Ltd.  | 3600 | &nbsp;&nbsp; 30546 |
| Roland Corp. (d) | 2800 | &nbsp;&nbsp; 61282 |
| Round One Corp. (d) | 37800 | &nbsp;&nbsp; 384209 |

---

*See accompanying notes to financial statements.*

**BHFTII-123**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Ryobi Ltd. (d) | 4900 | &nbsp;&nbsp; $72692 |
| RYODEN Corp.  | 2700 | &nbsp;&nbsp; 52525 |
| Ryoyo Ryosan Holdings, Inc.  | 2220 | &nbsp;&nbsp; 40801 |
| S Foods, Inc.  | 3600 | &nbsp;&nbsp; 65394 |
| S&B Foods, Inc.  | 3000 | &nbsp;&nbsp; 63949 |
| Sac's Bar Holdings, Inc.  | 5250 | &nbsp;&nbsp; 29275 |
| Sagami Rubber Industries Co. Ltd. (d) | 1800 | &nbsp;&nbsp; 11535 |
| Saibu Gas Holdings Co. Ltd.  | 5400 | &nbsp;&nbsp; 65796 |
| Saizeriya Co. Ltd.  | 2400 | &nbsp;&nbsp; 83273 |
| Sakai Chemical Industry Co. Ltd.  | 3200 | &nbsp;&nbsp; 58939 |
| Sakai Heavy Industries Ltd.  | 2000 | &nbsp;&nbsp; 27744 |
| Sakai Moving Service Co. Ltd.  | 4900 | &nbsp;&nbsp; 90399 |
| Sakata INX Corp.  | 8400 | &nbsp;&nbsp; 113116 |
| Sala Corp.  | 9700 | &nbsp;&nbsp; 64655 |
| San Holdings, Inc.  | 4500 | &nbsp;&nbsp; 47465 |
| San ju San Financial Group, Inc.  | 4870 | &nbsp;&nbsp; 99587 |
| San-A Co. Ltd.  | 8400 | &nbsp;&nbsp; 171910 |
| San-Ai Obbli Co. Ltd. (d) | 11200 | &nbsp;&nbsp; 140721 |
| Sangetsu Corp.  | 10400 | &nbsp;&nbsp; 213032 |
| San-In Godo Bank Ltd.  | 26400 | &nbsp;&nbsp; 217304 |
| Sanken Electric Co. Ltd. (a) | 4000 | &nbsp;&nbsp; 223151 |
| Sanki Engineering Co. Ltd.  | 8400 | &nbsp;&nbsp; 236192 |
| Sanko Metal Industrial Co. Ltd.  | 1000 | &nbsp;&nbsp; 44297 |
| Sankyo Frontier Co. Ltd.  | 2000 | &nbsp;&nbsp; 27715 |
| Sankyo Seiko Co. Ltd.  | 10800 | &nbsp;&nbsp; 46439 |
| Sankyo Tateyama, Inc.  | 6500 | &nbsp;&nbsp; 29026 |
| Sankyu, Inc.  | 7800 | &nbsp;&nbsp; 417549 |
| Sanoh Industrial Co. Ltd.  | 6300 | &nbsp;&nbsp; 27729 |
| Sansei Technologies, Inc.  | 800 | &nbsp;&nbsp; 8498 |
| Sansha Electric Manufacturing Co. Ltd.  | 2700 | &nbsp;&nbsp; 16597 |
| Sanshin Electronics Co. Ltd.  | 2400 | &nbsp;&nbsp; 39295 |
| Sanyo Chemical Industries Ltd.  | 2800 | &nbsp;&nbsp; 70867 |
| Sanyo Denki Co. Ltd.  | 1700 | &nbsp;&nbsp; 113325 |
| Sanyo Electric Railway Co. Ltd. (d) | 4800 | &nbsp;&nbsp; 65840 |
| Sanyo Industries Ltd.  | 1300 | &nbsp;&nbsp; 35566 |
| Sanyo Shokai Ltd.  | 1500 | &nbsp;&nbsp; 27141 |
| Sanyo Trading Co. Ltd.  | 5300 | &nbsp;&nbsp; 53241 |
| Sata Construction Co. Ltd.  | 2600 | &nbsp;&nbsp; 19540 |
| Sato Corp.  | 5300 | &nbsp;&nbsp; 75727 |
| Sato Shoji Corp.  | 4100 | &nbsp;&nbsp; 43073 |
| Satori Electric Co. Ltd.  | 2100 | &nbsp;&nbsp; 23778 |
| Sawai Group Holdings Co. Ltd.  | 20100 | &nbsp;&nbsp; 255886 |
| SAXA, Inc.  | 1000 | &nbsp;&nbsp; 28339 |
| SBI ARUHI Corp.  | 2000 | &nbsp;&nbsp; 10997 |
| SBI Insurance Group Co. Ltd.  | 1400 | &nbsp;&nbsp; 12665 |
| SBS Holdings, Inc.  | 3200 | &nbsp;&nbsp; 64523 |
| Scroll Corp.  | 6400 | &nbsp;&nbsp; 47159 |
| SEC Carbon Ltd.  | 1000 | &nbsp;&nbsp; 14059 |
| Seed Co. Ltd. (d) | 1700 | &nbsp;&nbsp; 5471 |
| Seika Corp.  | 1300 | &nbsp;&nbsp; 41951 |
| Seikagaku Corp.  | 9800 | &nbsp;&nbsp; 41612 |
| Seikitokyu Kogyo Co. Ltd.  | 2100 | &nbsp;&nbsp; 21390 |
| Seiko Group Corp.  | 6200 | &nbsp;&nbsp; 187771 |
| Seiren Co. Ltd.  | 10800 | &nbsp;&nbsp; 173967 |
| Sekisui Jushi Corp.  | 5300 | &nbsp;&nbsp; 72305 |
| Sekisui Kasei Co. Ltd.  | 8100 | &nbsp;&nbsp; 18502 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| SEMITEC Corp.  | 1600 | &nbsp;&nbsp; $22930 |
| Senko Group Holdings Co. Ltd.  | 25500 | &nbsp;&nbsp; 347080 |
| Senshu Electric Co. Ltd.  | 2600 | &nbsp;&nbsp; 75892 |
| Senshu Ikeda Holdings, Inc. (d) | 42200 | &nbsp;&nbsp; 166568 |
| Senshukai Co. Ltd. (a) (d) | 11000 | &nbsp;&nbsp; 18636 |
| SERAKU Co. Ltd.  | 700 | &nbsp;&nbsp; 7858 |
| Seria Co. Ltd.  | 11100 | &nbsp;&nbsp; 207159 |
| Seven Bank Ltd. (d) | 65300 | &nbsp;&nbsp; 119113 |
| Shibaura Electronics Co. Ltd. (d) | 3300 | &nbsp;&nbsp; 137245 |
| Shibaura Machine Co. Ltd.  | 4800 | &nbsp;&nbsp; 105547 |
| Shibaura Mechatronics Corp. (d) | 2700 | &nbsp;&nbsp; 204282 |
| Shibusawa Logistics Corp.  | 2200 | &nbsp;&nbsp; 61490 |
| Shibuya Corp. (d) | 3900 | &nbsp;&nbsp; 87024 |
| SHIFT, Inc. (a) | 19500 | &nbsp;&nbsp; 236638 |
| Shiga Bank Ltd. (d) | 7400 | &nbsp;&nbsp; 297450 |
| Shikibo Ltd.  | 4700 | &nbsp;&nbsp; 31818 |
| Shikoku Bank Ltd.  | 7400 | &nbsp;&nbsp; 56829 |
| Shikoku Electric Power Co., Inc.  | 36200 | &nbsp;&nbsp; 302686 |
| Shikoku Kasei Holdings Corp.  | 6600 | &nbsp;&nbsp; 89453 |
| Shima Seiki Manufacturing Ltd.  | 7000 | &nbsp;&nbsp; 44807 |
| Shimadaya Corp.  | 1500 | &nbsp;&nbsp; 19195 |
| Shimizu Bank Ltd.  | 3400 | &nbsp;&nbsp; 33426 |
| Shimojima Co. Ltd.  | 4200 | &nbsp;&nbsp; 34834 |
| Shin Nippon Air Technologies Co. Ltd.  | 4200 | &nbsp;&nbsp; 69851 |
| Shinagawa Refractories Co. Ltd.  | 6300 | &nbsp;&nbsp; 72300 |
| Shindengen Electric Manufacturing Co. Ltd.  | 1900 | &nbsp;&nbsp; 29019 |
| Shin-Etsu Polymer Co. Ltd.  | 7700 | &nbsp;&nbsp; 92492 |
| Shinki Bus Co. Ltd.  | 900 | &nbsp;&nbsp; 21999 |
| Shinko Shoji Co. Ltd.  | 8400 | &nbsp;&nbsp; 54821 |
| Shinmaywa Industries Ltd.  | 11000 | &nbsp;&nbsp; 123037 |
| Shinnihon Corp.  | 4300 | &nbsp;&nbsp; 49590 |
| Shinnihonseiyaku Co. Ltd.  | 1100 | &nbsp;&nbsp; 17756 |
| Shinsho Corp.  | 2700 | &nbsp;&nbsp; 37884 |
| Shinwa Co. Ltd.  | 4900 | &nbsp;&nbsp; 69197 |
| Ship Healthcare Holdings, Inc.  | 15700 | &nbsp;&nbsp; 211383 |
| Shizuoka Gas Co. Ltd.  | 8800 | &nbsp;&nbsp; 65268 |
| SHO-BOND Holdings Co. Ltd.  | 400 | &nbsp;&nbsp; 13061 |
| Shoei Co. Ltd.  | 10800 | &nbsp;&nbsp; 130473 |
| Shoei Foods Corp.  | 400 | &nbsp;&nbsp; 10903 |
| Showa Sangyo Co. Ltd.  | 4000 | &nbsp;&nbsp; 82709 |
| SIGMAXYZ Holdings, Inc.  | 14400 | &nbsp;&nbsp; 125372 |
| Siix Corp.  | 6200 | &nbsp;&nbsp; 50190 |
| Simplex Holdings, Inc.  | 700 | &nbsp;&nbsp; 18979 |
| Sinanen Holdings Co. Ltd. (d) | 1800 | &nbsp;&nbsp; 78109 |
| Sinfonia Technology Co. Ltd.  | 4600 | &nbsp;&nbsp; 311637 |
| Sinko Industries Ltd. (d) | 10800 | &nbsp;&nbsp; 89573 |
| Sintokogio Ltd.  | 8900 | &nbsp;&nbsp; 53206 |
| SK-Electronics Co. Ltd.  | 1800 | &nbsp;&nbsp; 34049 |
| SKY Perfect JSAT Holdings, Inc.  | 34700 | &nbsp;&nbsp; 347187 |
| Smaregi, Inc. (d) | 1200 | &nbsp;&nbsp; 25419 |
| SMK Corp.  | 1700 | &nbsp;&nbsp; 26550 |
| SMS Co. Ltd.  | 8200 | &nbsp;&nbsp; 84455 |
| Soda Nikka Co. Ltd.  | 4500 | &nbsp;&nbsp; 34538 |
| Sodick Co. Ltd.  | 11000 | &nbsp;&nbsp; 75166 |
| Soft99 Corp.  | 4200 | &nbsp;&nbsp; 46939 |
| Softcreate Holdings Corp.  | 3800 | &nbsp;&nbsp; 57889 |

---

*See accompanying notes to financial statements.*

**BHFTII-124**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Software Service, Inc.  | 900 | &nbsp;&nbsp; $82453 |
| Soken Chemical & Engineering Co. Ltd.  | 1400 | &nbsp;&nbsp; 14711 |
| Solasto Corp.  | 12800 | &nbsp;&nbsp; 37058 |
| Soliton Systems KK | 2500 | &nbsp;&nbsp; 22738 |
| Solxyz Co. Ltd.  | 1400 | &nbsp;&nbsp; 3772 |
| Sotetsu Holdings, Inc.  | 12100 | &nbsp;&nbsp; 190418 |
| Sotoh Co. Ltd.  | 3100 | &nbsp;&nbsp; 14876 |
| Space Co. Ltd.  | 5060 | &nbsp;&nbsp; 40673 |
| Sparx Group Co. Ltd.  | 3740 | &nbsp;&nbsp; 38244 |
| SPK Corp.  | 2600 | &nbsp;&nbsp; 40157 |
| Sprix, Inc.  | 1300 | &nbsp;&nbsp; 9889 |
| SRA Holdings | 2700 | &nbsp;&nbsp; 85389 |
| SRE Holdings Corp.  | 1900 | &nbsp;&nbsp; 44782 |
| ST Corp.  | 4100 | &nbsp;&nbsp; 45219 |
| St. Care Holding Corp.  | 2300 | &nbsp;&nbsp; 12121 |
| St. Marc Holdings Co. Ltd.  | 3700 | &nbsp;&nbsp; 59887 |
| Star Mica Holdings Co. Ltd.  | 6000 | &nbsp;&nbsp; 41382 |
| Star Micronics Co. Ltd. (d) | 5500 | &nbsp;&nbsp; 64182 |
| Starts Corp., Inc.  | 6800 | &nbsp;&nbsp; 214508 |
| Starzen Co. Ltd.  | 9500 | &nbsp;&nbsp; 72593 |
| Stella Chemifa Corp.  | 2000 | &nbsp;&nbsp; 54638 |
| Step Co. Ltd.  | 2500 | &nbsp;&nbsp; 38807 |
| Strike Co. Ltd.  | 1300 | &nbsp;&nbsp; 33610 |
| Studio Alice Co. Ltd.  | 2900 | &nbsp;&nbsp; 43094 |
| Subaru Enterprise Co. Ltd.  | 500 | &nbsp;&nbsp; 9479 |
| Sugimoto & Co. Ltd.  | 3900 | &nbsp;&nbsp; 45412 |
| Sumida Corp. (d) | 7500 | &nbsp;&nbsp; 50211 |
| Suminoe Co. Ltd.  | 2800 | &nbsp;&nbsp; 21729 |
| Sumitomo Densetsu Co. Ltd.  | 3200 | &nbsp;&nbsp; 137082 |
| Sumitomo Mitsui Construction Co. Ltd.  | 15260 | &nbsp;&nbsp; 63054 |
| Sumitomo Osaka Cement Co. Ltd.  | 6200 | &nbsp;&nbsp; 162442 |
| Sumitomo Riko Co. Ltd.  | 8000 | &nbsp;&nbsp; 92477 |
| Sumitomo Seika Chemicals Co. Ltd.  | 1800 | &nbsp;&nbsp; 54239 |
| Sumitomo Warehouse Co. Ltd.  | 10000 | &nbsp;&nbsp; 205652 |
| Sun Frontier Fudousan Co. Ltd.  | 6100 | &nbsp;&nbsp; 87627 |
| Suncall Corp. (a) | 8300 | &nbsp;&nbsp; 17121 |
| Sun-Wa Technos Corp.  | 2200 | &nbsp;&nbsp; 37089 |
| Suruga Bank Ltd.  | 27000 | &nbsp;&nbsp; 250813 |
| Suzuken Co. Ltd.  | 1200 | &nbsp;&nbsp; 43392 |
| Suzuki Co. Ltd.  | 1700 | &nbsp;&nbsp; 20807 |
| SWCC Corp. (d) | 6400 | &nbsp;&nbsp; 334970 |
| System Research Co. Ltd.  | 2400 | &nbsp;&nbsp; 32642 |
| Systems Engineering Consultants Co. Ltd.  | 600 | &nbsp;&nbsp; 21619 |
| Systena Corp.  | 59100 | &nbsp;&nbsp; 167413 |
| Syuppin Co. Ltd.  | 4400 | &nbsp;&nbsp; 34521 |
| T Hasegawa Co. Ltd.  | 4500 | &nbsp;&nbsp; 91588 |
| T RAD Co. Ltd.  | 900 | &nbsp;&nbsp; 27487 |
| Tachibana Eletech Co. Ltd.  | 2940 | &nbsp;&nbsp; 53946 |
| Tachikawa Corp.  | 3100 | &nbsp;&nbsp; 34527 |
| Tachi-S Co. Ltd. (d) | 7300 | &nbsp;&nbsp; 87001 |
| Tadano Ltd. (d) | 21500 | &nbsp;&nbsp; 142863 |
| Taihei Dengyo Kaisha Ltd.  | 2400 | &nbsp;&nbsp; 89484 |
| Taiheiyo Kouhatsu, Inc.  | 2100 | &nbsp;&nbsp; 10274 |
| Taiho Kogyo Co. Ltd.  | 6400 | &nbsp;&nbsp; 25187 |
| Taikisha Ltd.  | 10200 | &nbsp;&nbsp; 182303 |
| Taiko Bank Ltd.  | 3100 | &nbsp;&nbsp; 30734 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Taisei Lamick Group Head Quarter & Innovation Co. Ltd.  | 2200 | &nbsp;&nbsp; $38088 |
| Taiyo Holdings Co. Ltd.  | 8700 | &nbsp;&nbsp; 425202 |
| Taiyo Yuden Co. Ltd. (d) | 13000 | &nbsp;&nbsp; 227288 |
| Takamatsu Construction Group Co. Ltd.  | 3700 | &nbsp;&nbsp; 75183 |
| Takamiya Co. Ltd.  | 5200 | &nbsp;&nbsp; 11771 |
| Takano Co. Ltd.  | 4600 | &nbsp;&nbsp; 23101 |
| Takaoka Toko Co. Ltd.  | 1765 | &nbsp;&nbsp; 28471 |
| Takara & Co. Ltd.  | 1300 | &nbsp;&nbsp; 30644 |
| Takara Bio, Inc.  | 11100 | &nbsp;&nbsp; 61802 |
| Takara Holdings, Inc. (d) | 32100 | &nbsp;&nbsp; 267023 |
| Takara Standard Co. Ltd.  | 8300 | &nbsp;&nbsp; 139723 |
| Takasago International Corp.  | 2700 | &nbsp;&nbsp; 130479 |
| Takasago Thermal Engineering Co. Ltd.  | 3500 | &nbsp;&nbsp; 171859 |
| Takashima & Co. Ltd.  | 2700 | &nbsp;&nbsp; 28382 |
| Takemoto Yohki Co. Ltd.  | 1200 | &nbsp;&nbsp; 6772 |
| Takeuchi Manufacturing Co. Ltd. (d) | 7700 | &nbsp;&nbsp; 249184 |
| Takuma Co. Ltd.  | 3600 | &nbsp;&nbsp; 51191 |
| Tama Home Co. Ltd. (d) | 3200 | &nbsp;&nbsp; 73657 |
| Tamron Co. Ltd.  | 28400 | &nbsp;&nbsp; 171851 |
| Tamura Corp.  | 18800 | &nbsp;&nbsp; 62198 |
| Tanseisha Co. Ltd.  | 9450 | &nbsp;&nbsp; 87001 |
| Tayca Corp.  | 4000 | &nbsp;&nbsp; 35744 |
| Tazmo Co. Ltd. (d) | 2500 | &nbsp;&nbsp; 38491 |
| Tbk Co. Ltd.  | 8000 | &nbsp;&nbsp; 16093 |
| TDC Soft, Inc. (d) | 8600 | &nbsp;&nbsp; 79747 |
| TechMatrix Corp.  | 7800 | &nbsp;&nbsp; 122445 |
| Techno Medica Co. Ltd.  | 2400 | &nbsp;&nbsp; 30253 |
| Techno Ryowa Ltd.  | 1700 | &nbsp;&nbsp; 42885 |
| TechnoPro Holdings, Inc. (d) | 10000 | &nbsp;&nbsp; 291858 |
| Teijin Ltd.  | 32500 | &nbsp;&nbsp; 262569 |
| Teikoku Electric Manufacturing Co. Ltd.  | 3400 | &nbsp;&nbsp; 76357 |
| Teikoku Sen-I Co. Ltd. (d) | 4200 | &nbsp;&nbsp; 78951 |
| Teikoku Tsushin Kogyo Co. Ltd.  | 2300 | &nbsp;&nbsp; 36153 |
| Tekken Corp.  | 2700 | &nbsp;&nbsp; 54139 |
| Temairazu, Inc.  | 700 | &nbsp;&nbsp; 15006 |
| Tess Holdings Co. Ltd. (d) | 2600 | &nbsp;&nbsp; 5957 |
| Tigers Polymer Corp.  | 2200 | &nbsp;&nbsp; 12204 |
| TKC Corp.  | 5400 | &nbsp;&nbsp; 157952 |
| Toa Corp.  | 17200 | &nbsp;&nbsp; 159551 |
| TOA ROAD Corp.  | 7500 | &nbsp;&nbsp; 77683 |
| Toagosei Co. Ltd. (d) | 19000 | &nbsp;&nbsp; 183887 |
| TOBISHIMA HOLDINGS, Inc.  | 4560 | &nbsp;&nbsp; 57778 |
| TOC Co. Ltd.  | 7900 | &nbsp;&nbsp; 36494 |
| Tocalo Co. Ltd.  | 12000 | &nbsp;&nbsp; 157930 |
| Tochigi Bank Ltd.  | 21300 | &nbsp;&nbsp; 59426 |
| Toda Corp.  | 36000 | &nbsp;&nbsp; 228254 |
| Toda Kogyo Corp. (a) (d) | 600 | &nbsp;&nbsp; 4920 |
| Toei Co. Ltd.  | 1200 | &nbsp;&nbsp; 43476 |
| Toell Co. Ltd. (d) | 3100 | &nbsp;&nbsp; 16854 |
| Toenec Corp.  | 9500 | &nbsp;&nbsp; 80332 |
| Toho Bank Ltd. (d) | 37200 | &nbsp;&nbsp; 85139 |
| Toho Co. Ltd.  | 1700 | &nbsp;&nbsp; 36728 |
| Toho Gas Co. Ltd.  | 600 | &nbsp;&nbsp; 16708 |
| Toho Holdings Co. Ltd. (d) | 7200 | &nbsp;&nbsp; 232970 |
| Toho Titanium Co. Ltd.  | 8200 | &nbsp;&nbsp; 73982 |
| Toho Zinc Co. Ltd. (a) | 3400 | &nbsp;&nbsp; 16357 |

---

*See accompanying notes to financial statements.*

**BHFTII-125**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Tohoku Bank Ltd.  | 4700 | &nbsp;&nbsp; $35211 |
| Tohokushinsha Film Corp. (d) | 14400 | &nbsp;&nbsp; 55690 |
| Tokai Carbon Co. Ltd. (d) | 42000 | &nbsp;&nbsp; 295942 |
| Tokai Corp.  | 5800 | &nbsp;&nbsp; 85700 |
| TOKAI Holdings Corp.  | 22700 | &nbsp;&nbsp; 156417 |
| Tokai Rika Co. Ltd.  | 10800 | &nbsp;&nbsp; 166021 |
| Tokai Tokyo Financial Holdings, Inc.  | 40100 | &nbsp;&nbsp; 137805 |
| Token Corp.  | 1060 | &nbsp;&nbsp; 104072 |
| Tokushu Tokai Paper Co. Ltd.  | 2000 | &nbsp;&nbsp; 53161 |
| Tokuyama Corp.  | 14400 | &nbsp;&nbsp; 300328 |
| Tokyo Base Co. Ltd.  | 4100 | &nbsp;&nbsp; 11968 |
| Tokyo Electron Device Ltd. (d) | 3900 | &nbsp;&nbsp; 76699 |
| Tokyo Energy & Systems, Inc.  | 4700 | &nbsp;&nbsp; 41742 |
| Tokyo Individualized Educational Institute, Inc.  | 2500 | &nbsp;&nbsp; 6440 |
| Tokyo Kiraboshi Financial Group, Inc.  | 4524 | &nbsp;&nbsp; 190045 |
| Tokyo Rope Manufacturing Co. Ltd.  | 2800 | &nbsp;&nbsp; 24670 |
| Tokyo Sangyo Co. Ltd.  | 5500 | &nbsp;&nbsp; 29782 |
| Tokyo Seimitsu Co. Ltd.  | 4800 | &nbsp;&nbsp; 318301 |
| Tokyo Steel Manufacturing Co. Ltd.  | 12800 | &nbsp;&nbsp; 134250 |
| Tokyo Tekko Co. Ltd. (d) | 1600 | &nbsp;&nbsp; 60123 |
| Tokyo Theatres Co., Inc.  | 2900 | &nbsp;&nbsp; 21877 |
| Tokyotokeiba Co. Ltd.  | 3400 | &nbsp;&nbsp; 112516 |
| Tokyu Construction Co. Ltd.  | 17800 | &nbsp;&nbsp; 130636 |
| Toli Corp.  | 12000 | &nbsp;&nbsp; 41293 |
| Tomato Bank Ltd.  | 4200 | &nbsp;&nbsp; 35666 |
| Tomen Devices Corp.  | 800 | &nbsp;&nbsp; 33376 |
| Tomoe Corp. (d) | 5500 | &nbsp;&nbsp; 52089 |
| Tomoe Engineering Co. Ltd.  | 4800 | &nbsp;&nbsp; 47480 |
| Tomoku Co. Ltd.  | 1900 | &nbsp;&nbsp; 37796 |
| TOMONY Holdings, Inc. (d) | 28700 | &nbsp;&nbsp; 107129 |
| Tomy Co. Ltd.  | 12000 | &nbsp;&nbsp; 271171 |
| Topcon Corp. (d) | 16700 | &nbsp;&nbsp; 378667 |
| Topre Corp.  | 7600 | &nbsp;&nbsp; 100586 |
| Topy Industries Ltd.  | 3100 | &nbsp;&nbsp; 48556 |
| Torex Semiconductor Ltd. (d) | 500 | &nbsp;&nbsp; 4686 |
| Toridoll Holdings Corp.  | 6500 | &nbsp;&nbsp; 188211 |
| Torigoe Co. Ltd.  | 6000 | &nbsp;&nbsp; 37662 |
| Torishima Pump Manufacturing Co. Ltd. (d) | 3700 | &nbsp;&nbsp; 51215 |
| Tosei Corp.  | 5700 | &nbsp;&nbsp; 101949 |
| Toshiba TEC Corp.  | 6000 | &nbsp;&nbsp; 121830 |
| Totech Corp.  | 2100 | &nbsp;&nbsp; 41197 |
| Totetsu Kogyo Co. Ltd.  | 4700 | &nbsp;&nbsp; 125858 |
| Tottori Bank Ltd. (d) | 3700 | &nbsp;&nbsp; 32190 |
| Toukei Computer Co. Ltd.  | 600 | &nbsp;&nbsp; 16388 |
| Towa Bank Ltd.  | 9000 | &nbsp;&nbsp; 43198 |
| Towa Corp. (d) | 15100 | &nbsp;&nbsp; 211179 |
| Towa Pharmaceutical Co. Ltd.  | 5600 | &nbsp;&nbsp; 116507 |
| Toyo Construction Co. Ltd.  | 11799 | &nbsp;&nbsp; 117145 |
| Toyo Corp. (d) | 7900 | &nbsp;&nbsp; 81660 |
| Toyo Denki Seizo KK | 3200 | &nbsp;&nbsp; 32439 |
| Toyo Engineering Corp.  | 5800 | &nbsp;&nbsp; 31251 |
| Toyo Gosei Co. Ltd.  | 800 | &nbsp;&nbsp; 26790 |
| Toyo Innovex Co. Ltd.  | 6000 | &nbsp;&nbsp; 25690 |
| Toyo Kanetsu KK | 1600 | &nbsp;&nbsp; 43989 |
| Toyo Securities Co. Ltd.  | 8900 | &nbsp;&nbsp; 30946 |
| Toyo Tanso Co. Ltd. (d) | 2800 | &nbsp;&nbsp; 95151 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Toyo Tire Corp.  | 10900 | &nbsp;&nbsp; $230120 |
| Toyo Wharf & Warehouse Co. Ltd.  | 2500 | &nbsp;&nbsp; 23734 |
| Toyobo Co. Ltd.  | 18600 | &nbsp;&nbsp; 118270 |
| Toyoda Gosei Co. Ltd.  | 1400 | &nbsp;&nbsp; 27508 |
| Toyota Boshoku Corp.  | 4300 | &nbsp;&nbsp; 58518 |
| TPR Co. Ltd. (d) | 4100 | &nbsp;&nbsp; 55277 |
| Traders Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp; 20934 |
| Transaction Co. Ltd.  | 1400 | &nbsp;&nbsp; 22745 |
| Transcosmos, Inc.  | 4200 | &nbsp;&nbsp; 102069 |
| TRE Holdings Corp.  | 5600 | &nbsp;&nbsp; 53015 |
| Treasure Factory Co. Ltd.  | 1800 | &nbsp;&nbsp; 22630 |
| Trusco Nakayama Corp.  | 10500 | &nbsp;&nbsp; 150134 |
| TRYT, Inc. (d) | 8700 | &nbsp;&nbsp; 52824 |
| TS Tech Co. Ltd. (d) | 17300 | &nbsp;&nbsp; 202503 |
| TSI Holdings Co. Ltd.  | 9805 | &nbsp;&nbsp; 77283 |
| Tsubaki Nakashima Co. Ltd.  | 10100 | &nbsp;&nbsp; 23420 |
| Tsubakimoto Chain Co.  | 15200 | &nbsp;&nbsp; 189022 |
| Tsubakimoto Kogyo Co. Ltd.  | 2800 | &nbsp;&nbsp; 46842 |
| Tsuburaya Fields Holdings, Inc.  | 3600 | &nbsp;&nbsp; 51962 |
| Tsugami Corp.  | 9000 | &nbsp;&nbsp; 115620 |
| Tsukishima Holdings Co. Ltd. (d) | 5700 | &nbsp;&nbsp; 84255 |
| Tsukuba Bank Ltd.  | 19200 | &nbsp;&nbsp; 30902 |
| Tsumura & Co.  | 9300 | &nbsp;&nbsp; 224465 |
| Tsurumi Manufacturing Co. Ltd.  | 4000 | &nbsp;&nbsp; 100919 |
| Tsutsumi Jewelry Co. Ltd.  | 700 | &nbsp;&nbsp; 10777 |
| TV Asahi Holdings Corp.  | 4200 | &nbsp;&nbsp; 81479 |
| Tv Tokyo Holdings Corp.  | 900 | &nbsp;&nbsp; 21528 |
| TYK Corp.  | 6000 | &nbsp;&nbsp; 22439 |
| UACJ Corp.  | 7985 | &nbsp;&nbsp; 291813 |
| UBE Corp. (d) | 19900 | &nbsp;&nbsp; 311334 |
| Ubicom Holdings, Inc.  | 500 | &nbsp;&nbsp; 3311 |
| Uchida Yoko Co. Ltd.  | 1900 | &nbsp;&nbsp; 126331 |
| Ueki Corp.  | 2200 | &nbsp;&nbsp; 29924 |
| ULS Group, Inc.  | 600 | &nbsp;&nbsp; 25952 |
| Ulvac, Inc.  | 1900 | &nbsp;&nbsp; 69640 |
| U-Next Holdings Co. Ltd.  | 8100 | &nbsp;&nbsp; 128997 |
| Unipres Corp.  | 7600 | &nbsp;&nbsp; 50476 |
| United Arrows Ltd.  | 3100 | &nbsp;&nbsp; 46060 |
| United Super Markets Holdings, Inc.  | 13068 | &nbsp;&nbsp; 82848 |
| UNITED, Inc. (d) | 6000 | &nbsp;&nbsp; 23887 |
| Universal Entertainment Corp. (a) (d) | 6100 | &nbsp;&nbsp; 41046 |
| Urbanet Corp. Co. Ltd. (d) | 4500 | &nbsp;&nbsp; 14529 |
| Ushio, Inc.  | 16000 | &nbsp;&nbsp; 198389 |
| UT Group Co. Ltd. (d) | 4900 | &nbsp;&nbsp; 83816 |
| V Technology Co. Ltd.  | 1800 | &nbsp;&nbsp; 38361 |
| Valor Holdings Co. Ltd.  | 8000 | &nbsp;&nbsp; 139829 |
| Valqua Ltd.  | 3800 | &nbsp;&nbsp; 80733 |
| Value HR Co. Ltd. (d) | 2000 | &nbsp;&nbsp; 22022 |
| ValueCommerce Co. Ltd.  | 4300 | &nbsp;&nbsp; 23186 |
| Vector, Inc.  | 5600 | &nbsp;&nbsp; 42416 |
| Vertex Corp.  | 3000 | &nbsp;&nbsp; 47803 |
| Vision, Inc.  | 4000 | &nbsp;&nbsp; 31857 |
| Visional, Inc. (a) | 1900 | &nbsp;&nbsp; 146568 |
| Vital KSK Holdings, Inc.  | 9100 | &nbsp;&nbsp; 76577 |
| VT Holdings Co. Ltd.  | 14700 | &nbsp;&nbsp; 48176 |
| Wacoal Holdings Corp. (d) | 5300 | &nbsp;&nbsp; 182858 |

---

*See accompanying notes to financial statements.*

**BHFTII-126**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Wacom Co. Ltd.  | 1800 | &nbsp;&nbsp; $8534 |
| Wakachiku Construction Co. Ltd.  | 1500 | &nbsp;&nbsp; 42701 |
| Wakita & Co. Ltd.  | 7100 | &nbsp;&nbsp; 82994 |
| Warabeya Nichiyo Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp; 46890 |
| Waseda Academy Co. Ltd.  | 1400 | &nbsp;&nbsp; 23952 |
| Watahan & Co. Ltd.  | 3200 | &nbsp;&nbsp; 36190 |
| Watts Co. Ltd.  | 1900 | &nbsp;&nbsp; 9222 |
| WDB Holdings Co. Ltd.  | 2700 | &nbsp;&nbsp; 31698 |
| Weathernews, Inc.  | 3000 | &nbsp;&nbsp; 80660 |
| Wellneo Sugar Co. Ltd.  | 2400 | &nbsp;&nbsp; 37579 |
| Wellnet Corp. (d) | 4400 | &nbsp;&nbsp; 21872 |
| West Holdings Corp.  | 4729 | &nbsp;&nbsp; 54460 |
| Will Group, Inc. (d) | 4200 | &nbsp;&nbsp; 27208 |
| WingArc1st, Inc.  | 1800 | &nbsp;&nbsp; 51553 |
| Wood One Co. Ltd.  | 2600 | &nbsp;&nbsp; 14712 |
| World Co. Ltd.  | 5000 | &nbsp;&nbsp; 89156 |
| World Holdings Co. Ltd.  | 2500 | &nbsp;&nbsp; 39486 |
| Wowow, Inc.  | 2200 | &nbsp;&nbsp; 15418 |
| Xebio Holdings Co. Ltd.  | 5600 | &nbsp;&nbsp; 42693 |
| Yahagi Construction Co. Ltd.  | 5400 | &nbsp;&nbsp; 63853 |
| YAKUODO Holdings Co. Ltd.  | 2900 | &nbsp;&nbsp; 46712 |
| YAMABIKO Corp. (d) | 6900 | &nbsp;&nbsp; 101254 |
| YAMADA Consulting Group Co. Ltd.  | 3100 | &nbsp;&nbsp; 34802 |
| Yamagata Bank Ltd.  | 5800 | &nbsp;&nbsp; 60047 |
| Yamaguchi Financial Group, Inc.  | 13700 | &nbsp;&nbsp; 146952 |
| Yamaichi Electronics Co. Ltd.  | 3700 | &nbsp;&nbsp; 68659 |
| Yamanashi Chuo Bank Ltd. (d) | 5600 | &nbsp;&nbsp; 98626 |
| Yamatane Corp.  | 4200 | &nbsp;&nbsp; 65649 |
| Yamato Corp. (d) | 3900 | &nbsp;&nbsp; 48984 |
| Yamaura Corp. (d) | 2800 | &nbsp;&nbsp; 24457 |
| Yamaya Corp.  | 1150 | &nbsp;&nbsp; 19860 |
| Yamazawa Co. Ltd.  | 1000 | &nbsp;&nbsp; 8073 |
| Yamazen Corp.  | 10500 | &nbsp;&nbsp; 91103 |
| Yaoko Co. Ltd.  | 700 | &nbsp;&nbsp; 46197 |
| Yashima Denki Co. Ltd.  | 6500 | &nbsp;&nbsp; 75049 |
| Yasuda Logistics Corp.  | 4000 | &nbsp;&nbsp; 50697 |
| Yellow Hat Ltd.  | 13400 | &nbsp;&nbsp; 142944 |
| Yodogawa Steel Works Ltd. (d) | 22500 | &nbsp;&nbsp; 178611 |
| Yokogawa Bridge Holdings Corp.  | 6900 | &nbsp;&nbsp; 120859 |
| Yokorei Co. Ltd.  | 10500 | &nbsp;&nbsp; 62554 |
| Yokowo Co. Ltd. (d) | 4300 | &nbsp;&nbsp; 40330 |
| Yomeishu Seizo Co. Ltd.  | 2400 | &nbsp;&nbsp; 51845 |
| Yondenko Corp.  | 6000 | &nbsp;&nbsp; 54531 |
| Yondoshi Holdings, Inc. (d) | 2800 | &nbsp;&nbsp; 33750 |
| Yonex Co. Ltd.  | 9500 | &nbsp;&nbsp; 190999 |
| Yorozu Corp. (d) | 5000 | &nbsp;&nbsp; 32103 |
| Yoshinoya Holdings Co. Ltd. (d) | 14400 | &nbsp;&nbsp; 313070 |
| Yotai Refractories Co. Ltd.  | 200 | &nbsp;&nbsp; 2417 |
| Yuasa Funashoku Co. Ltd.  | 1300 | &nbsp;&nbsp; 39523 |
| Yuasa Trading Co. Ltd.  | 3300 | &nbsp;&nbsp; 102946 |
| Yuken Kogyo Co. Ltd.  | 1300 | &nbsp;&nbsp; 23765 |
| Yukiguni Factory Co. Ltd.  | 2100 | &nbsp;&nbsp; 16017 |
| Yurtec Corp.  | 7600 | &nbsp;&nbsp; 111759 |
| Yushin Co.  | 2900 | &nbsp;&nbsp; 11907 |
| Yushiro, Inc.  | 2900 | &nbsp;&nbsp; 38859 |
| Yutaka Giken Co. Ltd.  | 600 | &nbsp;&nbsp; 10868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Zacros Corp.  | 4000 | &nbsp;&nbsp; $104428 |
| Zaoh Co. Ltd.  | 800 | &nbsp;&nbsp; 13521 |
| Zenkoku Hosho Co. Ltd.  | 9300 | &nbsp;&nbsp; 208229 |
| Zenrin Co. Ltd.  | 7150 | &nbsp;&nbsp; 50890 |
| Zeon Corp.  | 14000 | &nbsp;&nbsp; 141919 |
| ZERIA Pharmaceutical Co. Ltd.  | 2800 | &nbsp;&nbsp; 40535 |
| ZIGExN Co. Ltd.  | 8400 | &nbsp;&nbsp; 28284 |
| Zojirushi Corp.  | 900 | &nbsp;&nbsp; 8335 |
| Zuiko Corp. (d) | 4000 | &nbsp;&nbsp; 29551 |
|  |  | &nbsp;&nbsp; 110471079 |
| **Jersey, Channel Islands — 0.0%** | **Jersey, Channel Islands — 0.0%** | **Jersey, Channel Islands — 0.0%** |
| Coinshares International Ltd.  | 2621 | &nbsp;&nbsp; 27453 |
| **Liechtenstein — 0.1%** | **Liechtenstein — 0.1%** | **Liechtenstein — 0.1%** |
| Liechtensteinische Landesbank AG | 2393 | &nbsp;&nbsp; 246853 |
| VP Bank AG - Class A | 722 | &nbsp;&nbsp; 74223 |
|  |  | &nbsp;&nbsp; 321076 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| Aperam SA (d) | 9154 | &nbsp;&nbsp; 296576 |
| RTL Group SA (d) | 3665 | &nbsp;&nbsp; 160327 |
| SES SA (d) | 78345 | &nbsp;&nbsp; 557277 |
|  |  | &nbsp;&nbsp; 1014180 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| MECOM Power & Construction Ltd. (a) | 211500 | &nbsp;&nbsp; 3020 |
| SJM Holdings Ltd. (a) (d) | 384249 | &nbsp;&nbsp; 123876 |
| Wynn Macau Ltd. (d) | 68800 | &nbsp;&nbsp; 47603 |
|  |  | &nbsp;&nbsp; 174499 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Frencken Group Ltd.  | 57600 | &nbsp;&nbsp; 56205 |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |
| Mongolian Mining Corp. (a) | 63000 | &nbsp;&nbsp; 51051 |
| **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** |
| Aalberts NV | 5427 | &nbsp;&nbsp; 197111 |
| Acomo NV | 2850 | &nbsp;&nbsp; 77220 |
| Akzo Nobel NV | 1587 | &nbsp;&nbsp; 111063 |
| Alfen NV (a) (d) | 2166 | &nbsp;&nbsp; 26589 |
| AMG Critical Materials NV | 1922 | &nbsp;&nbsp; 49367 |
| Arcadis NV | 12365 | &nbsp;&nbsp; 600168 |
| Argo Properties NV (a) | 626 | &nbsp;&nbsp; 22776 |
| Basic-Fit NV (a) (d) | 8733 | &nbsp;&nbsp; 266097 |
| BE Semiconductor Industries NV (d) | 1496 | &nbsp;&nbsp; 223947 |
| Brunel International NV (d) | 4749 | &nbsp;&nbsp; 50074 |
| Corbion NV | 13215 | &nbsp;&nbsp; 284296 |
| CTP NV | 13468 | &nbsp;&nbsp; 283457 |
| Flow Traders Ltd. (a) | 7758 | &nbsp;&nbsp; 251702 |
| ForFarmers NV | 10101 | &nbsp;&nbsp; 47538 |
| Fugro NV (d) | 6333 | &nbsp;&nbsp; 89006 |
| IMCD NV | 6208 | &nbsp;&nbsp; 835475 |
| Kendrion NV | 4067 | &nbsp;&nbsp; 55485 |
| Koninklijke BAM Groep NV | 72114 | &nbsp;&nbsp; 641874 |

---

*See accompanying notes to financial statements.*

**BHFTII-127**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Netherlands — (Continued)** | **Netherlands — (Continued)** | **Netherlands — (Continued)** |
| Koninklijke Heijmans NV | 6281 | &nbsp;&nbsp; $406617 |
| Koninklijke Vopak NV | 13444 | &nbsp;&nbsp; 668657 |
| Nedap NV | 1302 | &nbsp;&nbsp; 110744 |
| New World Resources PLC - Class A (a) (b) (c) | 11898 | &nbsp;&nbsp; 0 |
| OCI NV (a) | 12506 | &nbsp;&nbsp; 112995 |
| Pharming Group NV (a) | 76183 | &nbsp;&nbsp; 81718 |
| PostNL NV (d) | 53199 | &nbsp;&nbsp; 57890 |
| Randstad NV (d) | 14799 | &nbsp;&nbsp; 683491 |
| SBM Offshore NV (d) | 29300 | &nbsp;&nbsp; 776657 |
| SIF Holding NV (a) | 1469 | &nbsp;&nbsp; 15661 |
| Sligro Food Group NV | 4674 | &nbsp;&nbsp; 79462 |
| TKH Group NV (d) | 8995 | &nbsp;&nbsp; 412015 |
| TomTom NV (a) | 7804 | &nbsp;&nbsp; 45528 |
| Van Lanschot Kempen NV | 6743 | &nbsp;&nbsp; 434746 |
|  |  | &nbsp;&nbsp; 7999426 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Air New Zealand Ltd.  | 216039 | &nbsp;&nbsp; 77128 |
| Briscoe Group Ltd.  | 13123 | &nbsp;&nbsp; 42785 |
| Channel Infrastructure NZ Ltd.  | 42545 | &nbsp;&nbsp; 57056 |
| Delegat Group Ltd.  | 6671 | &nbsp;&nbsp; 17076 |
| Eroad Ltd. (a) | 7847 | &nbsp;&nbsp; 6650 |
| Fletcher Building Ltd. (a) | 6120 | &nbsp;&nbsp; 10760 |
| Freightways Group Ltd.  | 26416 | &nbsp;&nbsp; 178733 |
| Genesis Energy Ltd.  | 22556 | &nbsp;&nbsp; 31308 |
| Gentrack Group Ltd. (a) | 7810 | &nbsp;&nbsp; 58849 |
| Hallenstein Glasson Holdings Ltd.  | 13182 | &nbsp;&nbsp; 66123 |
| Heartland Group Holdings Ltd.  | 137070 | &nbsp;&nbsp; 66673 |
| Investore Property Ltd. (REIT) | 50353 | &nbsp;&nbsp; 35859 |
| KMD Brands Ltd. (a) | 106864 | &nbsp;&nbsp; 17915 |
| Manawa Energy Ltd.  | 13980 | &nbsp;&nbsp; 53530 |
| NZME Ltd.  | 71247 | &nbsp;&nbsp; 49148 |
| NZX Ltd.  | 87370 | &nbsp;&nbsp; 79365 |
| Oceania Healthcare Ltd. (a) | 113418 | &nbsp;&nbsp; 46303 |
| Pacific Edge Ltd. (a) | 89677 | &nbsp;&nbsp; 5247 |
| PGG Wrightson Ltd.  | 5854 | &nbsp;&nbsp; 7454 |
| Restaurant Brands New Zealand Ltd.  | 7507 | &nbsp;&nbsp; 14093 |
| Ryman Healthcare Ltd. (a) | 6586 | &nbsp;&nbsp; 8982 |
| Sanford Ltd.  | 17782 | &nbsp;&nbsp; 62440 |
| Scales Corp. Ltd.  | 25709 | &nbsp;&nbsp; 75535 |
| Serko Ltd. (a) | 5880 | &nbsp;&nbsp; 11398 |
| Skellerup Holdings Ltd.  | 34311 | &nbsp;&nbsp; 98515 |
| SKY Network Television Ltd.  | 38232 | &nbsp;&nbsp; 69655 |
| SKYCITY Entertainment Group Ltd. (a) | 67247 | &nbsp;&nbsp; 38529 |
| Steel & Tube Holdings Ltd.  | 51732 | &nbsp;&nbsp; 22389 |
| Summerset Group Holdings Ltd.  | 21771 | &nbsp;&nbsp; 149169 |
| Tourism Holdings Ltd.  | 29422 | &nbsp;&nbsp; 40357 |
| TOWER Ltd.  | 48467 | &nbsp;&nbsp; 47018 |
| Turners Automotive Group Ltd.  | 9623 | &nbsp;&nbsp; 41047 |
| Warehouse Group Ltd. (a) | 26369 | &nbsp;&nbsp; 12854 |
|  |  | &nbsp;&nbsp; 1599943 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| 2020 Bulkers Ltd.  | 3023 | &nbsp;&nbsp; 34139 |
| ABG Sundal Collier Holding ASA | 117365 | &nbsp;&nbsp; 81875 |
| AF Gruppen ASA | 720 | &nbsp;&nbsp; 10921 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Norway — (Continued)** | **Norway — (Continued)** | **Norway — (Continued)** |
| Akastor ASA (a) | 38221 | &nbsp;&nbsp; $46137 |
| Aker BioMarine ASA | 1110 | &nbsp;&nbsp; 6609 |
| ArcticZymes Technologies ASA (a) | 4578 | &nbsp;&nbsp; 7838 |
| Axactor ASA (a) | 50628 | &nbsp;&nbsp; 37352 |
| B2 Impact ASA | 41724 | &nbsp;&nbsp; 59043 |
| BEWi ASA (a) | 3915 | &nbsp;&nbsp; 8709 |
| Bluenord ASA (a) | 3543 | &nbsp;&nbsp; 173120 |
| Bonheur ASA | 4815 | &nbsp;&nbsp; 109458 |
| Bouvet ASA | 11240 | &nbsp;&nbsp; 88892 |
| BW Offshore Ltd.  | 24958 | &nbsp;&nbsp; 74791 |
| Cloudberry Clean Energy ASA (a) | 5774 | &nbsp;&nbsp; 7128 |
| Crayon Group Holding ASA (a) | 9599 | &nbsp;&nbsp; 137387 |
| DNO ASA | 94590 | &nbsp;&nbsp; 120309 |
| Elkem ASA (a) | 15271 | &nbsp;&nbsp; 35917 |
| Elmera Group ASA | 17814 | &nbsp;&nbsp; 62536 |
| Elopak ASA | 11854 | &nbsp;&nbsp; 55315 |
| Europris ASA | 34777 | &nbsp;&nbsp; 294665 |
| FLEX LNG Ltd.  | 948 | &nbsp;&nbsp; 21135 |
| Grieg Seafood ASA (a) | 10403 | &nbsp;&nbsp; 78090 |
| Hexagon Composites ASA (a) | 27150 | &nbsp;&nbsp; 48926 |
| Hexagon Purus ASA (a) | 12472 | &nbsp;&nbsp; 2809 |
| Kid ASA | 4880 | &nbsp;&nbsp; 75321 |
| Kitron ASA | 28832 | &nbsp;&nbsp; 179242 |
| Klaveness Combination Carriers ASA | 2039 | &nbsp;&nbsp; 12350 |
| LINK Mobility Group Holding ASA (a) | 18904 | &nbsp;&nbsp; 54318 |
| Medistim ASA | 1762 | &nbsp;&nbsp; 36576 |
| MPC Container Ships ASA | 52837 | &nbsp;&nbsp; 83833 |
| Multiconsult ASA | 1528 | &nbsp;&nbsp; 31686 |
| Nekkar ASA (a) | 8927 | &nbsp;&nbsp; 9035 |
| Norbit ASA | 4655 | &nbsp;&nbsp; 99614 |
| Nordic Mining ASA (a) | 13259 | &nbsp;&nbsp; 31336 |
| Norwegian Air Shuttle ASA | 68212 | &nbsp;&nbsp; 98816 |
| Odfjell Drilling Ltd.  | 21044 | &nbsp;&nbsp; 139433 |
| Odfjell SE - A Shares | 1949 | &nbsp;&nbsp; 20911 |
| OKEA ASA (a) | 884 | &nbsp;&nbsp; 1481 |
| Panoro Energy ASA | 8712 | &nbsp;&nbsp; 19559 |
| Pareto Bank ASA | 4052 | &nbsp;&nbsp; 33299 |
| Pexip Holding ASA | 4814 | &nbsp;&nbsp; 28211 |
| PhotoCure ASA (a) | 2065 | &nbsp;&nbsp; 11091 |
| Rana Gruber ASA | 1733 | &nbsp;&nbsp; 11856 |
| SATS ASA (a) | 10406 | &nbsp;&nbsp; 37584 |
| Sea1 offshore, Inc.  | 3692 | &nbsp;&nbsp; 8994 |
| Selvaag Bolig ASA | 13262 | &nbsp;&nbsp; 46280 |
| Solstad Maritime Holding AS | 16056 | &nbsp;&nbsp; 38143 |
| Sparebanken More | 2450 | &nbsp;&nbsp; 25988 |
| Zaptec ASA (a) | 7253 | &nbsp;&nbsp; 15302 |
|  |  | &nbsp;&nbsp; 2753360 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Hochschild Mining PLC | 95965 | &nbsp;&nbsp; 338255 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Del Monte Pacific Ltd. (a) | 77636 | &nbsp;&nbsp; 3727 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost SA (a) | 16422 | &nbsp;&nbsp; 272804 |

---

*See accompanying notes to financial statements.*

**BHFTII-128**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Portugal — 0.5%** | **Portugal — 0.5%** | **Portugal — 0.5%** |
| Altri SGPS SA (d) | 17539 | &nbsp;&nbsp; $100663 |
| Banco Comercial Portugues SA - Class R | 1344333 | &nbsp;&nbsp; 1047489 |
| Corticeira Amorim SGPS SA | 2047 | &nbsp;&nbsp; 19109 |
| CTT-Correios de Portugal SA | 21155 | &nbsp;&nbsp; 188322 |
| Ibersol SGPS SA (d) | 1360 | &nbsp;&nbsp; 15513 |
| Mota-Engil SGPS SA (d) | 13936 | &nbsp;&nbsp; 63110 |
| Navigator Co. SA (d) | 51633 | &nbsp;&nbsp; 193871 |
| NOS SGPS SA | 40645 | &nbsp;&nbsp; 185377 |
| REN - Redes Energeticas Nacionais SGPS SA | 86438 | &nbsp;&nbsp; 308367 |
| Semapa-Sociedade de Investimento e Gestao | 805 | &nbsp;&nbsp; 15845 |
| Sonae SGPS SA | 172884 | &nbsp;&nbsp; 246123 |
|  |  | &nbsp;&nbsp; 2383789 |
| **Singapore — 1.0%** | **Singapore — 1.0%** | **Singapore — 1.0%** |
| Abterra Ltd. (a) (b) (c) | 51720 | &nbsp;&nbsp; 0 |
| AEM Holdings Ltd. (a) | 47167 | &nbsp;&nbsp; 55683 |
| Aztech Global Ltd.  | 28600 | &nbsp;&nbsp; 12711 |
| Banyan Tree Holdings Ltd.  | 97700 | &nbsp;&nbsp; 32665 |
| Bonvests Holdings Ltd.  | 18000 | &nbsp;&nbsp; 12741 |
| Boustead Singapore Ltd.  | 70471 | &nbsp;&nbsp; 79296 |
| Bukit Sembawang Estates Ltd.  | 48100 | &nbsp;&nbsp; 152181 |
| Capitaland India Trust | 183572 | &nbsp;&nbsp; 151722 |
| Centurion Corp. Ltd.  | 34500 | &nbsp;&nbsp; 45644 |
| China Aviation Oil Singapore Corp. Ltd.  | 55000 | &nbsp;&nbsp; 39384 |
| China Sunsine Chemical Holdings Ltd.  | 70000 | &nbsp;&nbsp; 30009 |
| Chuan Hup Holdings Ltd.  | 125000 | &nbsp;&nbsp; 16221 |
| ComfortDelGro Corp. Ltd.  | 398200 | &nbsp;&nbsp; 447907 |
| COSCO Shipping International Singapore Co. Ltd. (a) | 214300 | &nbsp;&nbsp; 20575 |
| Creative Technology Ltd. (a) | 16300 | &nbsp;&nbsp; 10326 |
| CSE Global Ltd.  | 125886 | &nbsp;&nbsp; 55954 |
| Delfi Ltd.  | 80600 | &nbsp;&nbsp; 47843 |
| Ezion Holdings Ltd. (a) (b) (c) | 753729 | &nbsp;&nbsp; 1 |
| Ezra Holdings Ltd. (a) (b) (c) | 1000703 | &nbsp;&nbsp; 1 |
| Far East Orchard Ltd.  | 76120 | &nbsp;&nbsp; 61086 |
| Food Empire Holdings Ltd.  | 46700 | &nbsp;&nbsp; 67641 |
| Fraser & Neave Ltd.  | 36400 | &nbsp;&nbsp; 36095 |
| Fu Yu Corp. Ltd. (a) | 98800 | &nbsp;&nbsp; 8082 |
| Geo Energy Resources Ltd.  | 155000 | &nbsp;&nbsp; 40844 |
| GuocoLand Ltd.  | 68800 | &nbsp;&nbsp; 81220 |
| Haw Par Corp. Ltd.  | 18900 | &nbsp;&nbsp; 178174 |
| Hiap Hoe Ltd.  | 58000 | &nbsp;&nbsp; 23949 |
| Ho Bee Land Ltd.  | 49800 | &nbsp;&nbsp; 79497 |
| Hong Fok Corp. Ltd.  | 72940 | &nbsp;&nbsp; 42142 |
| Hong Leong Asia Ltd.  | 52600 | &nbsp;&nbsp; 66296 |
| Hong Leong Finance Ltd.  | 43900 | &nbsp;&nbsp; 88738 |
| Hotel Grand Central Ltd.  | 26435 | &nbsp;&nbsp; 14349 |
| Hour Glass Ltd.  | 51300 | &nbsp;&nbsp; 77452 |
| HRnetgroup Ltd.  | 67700 | &nbsp;&nbsp; 36475 |
| Hyflux Ltd. (a) (b) (c) | 179500 | &nbsp;&nbsp; 0 |
| iFAST Corp. Ltd.  | 8600 | &nbsp;&nbsp; 44686 |
| IGG, Inc.  | 162000 | &nbsp;&nbsp; 90832 |
| Indofood Agri Resources Ltd.  | 152000 | &nbsp;&nbsp; 38247 |
| InnoTek Ltd.  | 17400 | &nbsp;&nbsp; 5609 |
| Keppel Infrastructure Trust | 823428 | &nbsp;&nbsp; 259571 |
| Low Keng Huat Singapore Ltd.  | 122600 | &nbsp;&nbsp; 31841 |
| Metro Holdings Ltd.  | 141600 | &nbsp;&nbsp; 44007 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Singapore — (Continued)** | **Singapore — (Continued)** | **Singapore — (Continued)** |
| Mewah International, Inc.  | 110000 | &nbsp;&nbsp; $22926 |
| Midas Holdings Ltd. (a) (b) (c) | 452000 | &nbsp;&nbsp; 0 |
| Nanofilm Technologies International Ltd.  | 29200 | &nbsp;&nbsp; 14837 |
| Netlink NBN Trust | 345500 | &nbsp;&nbsp; 239130 |
| OM Holdings Ltd.  | 21506 | &nbsp;&nbsp; 3962 |
| OUE Ltd.  | 42867 | &nbsp;&nbsp; 35062 |
| Oxley Holdings Ltd. (a) | 268718 | &nbsp;&nbsp; 19237 |
| Pan-United Corp. Ltd.  | 53750 | &nbsp;&nbsp; 36167 |
| Propnex Ltd.  | 15400 | &nbsp;&nbsp; 13075 |
| PSC Corp. Ltd.  | 19000 | &nbsp;&nbsp; 5379 |
| Q&M Dental Group Singapore Ltd.  | 50160 | &nbsp;&nbsp; 17571 |
| QAF Ltd.  | 74167 | &nbsp;&nbsp; 52499 |
| Raffles Medical Group Ltd.  | 156411 | &nbsp;&nbsp; 122414 |
| Rickmers Maritime (a) (b) (c) | 110000 | &nbsp;&nbsp; 0 |
| Riverstone Holdings Ltd.  | 11900 | &nbsp;&nbsp; 6269 |
| SBS Transit Ltd.  | 20900 | &nbsp;&nbsp; 45876 |
| Sheng Siong Group Ltd.  | 136600 | &nbsp;&nbsp; 200913 |
| SIA Engineering Co. Ltd.  | 55200 | &nbsp;&nbsp; 136701 |
| SIIC Environment Holdings Ltd.  | 220300 | &nbsp;&nbsp; 27024 |
| Sing Holdings Ltd.  | 82000 | &nbsp;&nbsp; 22900 |
| Singapore Land Group Ltd.  | 20800 | &nbsp;&nbsp; 36178 |
| Singapore Post Ltd.  | 233200 | &nbsp;&nbsp; 111983 |
| Stamford Land Corp. Ltd.  | 220201 | &nbsp;&nbsp; 76153 |
| StarHub Ltd.  | 117100 | &nbsp;&nbsp; 106811 |
| Straits Trading Co. Ltd.  | 15939 | &nbsp;&nbsp; 18939 |
| Swiber Holdings Ltd. (a) (b) (c) | 117749 | &nbsp;&nbsp; 0 |
| Swiber Holdings Ltd. (a) (b) (c) | 117749 | &nbsp;&nbsp; 0 |
| Thomson Medical Group Ltd. (a) | 328600 | &nbsp;&nbsp; 11115 |
| Tuan Sing Holdings Ltd.  | 201514 | &nbsp;&nbsp; 42809 |
| UMS Integration Ltd.  | 110512 | &nbsp;&nbsp; 115644 |
| United Overseas Insurance Ltd.  | 4000 | &nbsp;&nbsp; 24857 |
| UOB-Kay Hian Holdings Ltd.  | 82760 | &nbsp;&nbsp; 136063 |
| Venture Corp. Ltd.  | 36900 | &nbsp;&nbsp; 331224 |
| Vicom Ltd.  | 26000 | &nbsp;&nbsp; 29856 |
| Wee Hur Holdings Ltd.  | 85000 | &nbsp;&nbsp; 31768 |
| Wing Tai Holdings Ltd.  | 86421 | &nbsp;&nbsp; 87734 |
| Yeo Hiap Seng Ltd.  | 20155 | &nbsp;&nbsp; 9114 |
|  |  | &nbsp;&nbsp; 4819887 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Pan African Resources PLC | 368191 | &nbsp;&nbsp; 230364 |
| Scatec ASA (a) | 10806 | &nbsp;&nbsp; 99783 |
|  |  | &nbsp;&nbsp; 330147 |
| **Spain — 2.7%** | **Spain — 2.7%** | **Spain — 2.7%** |
| Acciona SA (d) | 2171 | &nbsp;&nbsp; 390798 |
| Acerinox SA | 33305 | &nbsp;&nbsp; 424528 |
| Aedas Homes SA | 1081 | &nbsp;&nbsp; 31223 |
| Almirall SA | 15271 | &nbsp;&nbsp; 191409 |
| Amper SA (a) (d) | 302851 | &nbsp;&nbsp; 57370 |
| Atalaya Mining Copper SA | 5060 | &nbsp;&nbsp; 31542 |
| Atresmedia Corp. de Medios de Comunicacion SA | 17571 | &nbsp;&nbsp; 107014 |
| Audax Renovables SA (a) | 19316 | &nbsp;&nbsp; 34860 |
| Azkoyen SA (d) | 3142 | &nbsp;&nbsp; 34534 |
| Banco de Sabadell SA | 559836 | &nbsp;&nbsp; 1782744 |
| Bankinter SA (d) | 72718 | &nbsp;&nbsp; 949200 |

---

*See accompanying notes to financial statements.*

**BHFTII-129**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Spain — (Continued)** | **Spain — (Continued)** | **Spain — (Continued)** |
| Befesa SA | 6454 | &nbsp;&nbsp; $210614 |
| Caja de Ahorros del Mediterraneo (a) (b) (c) (d) | 14621 | &nbsp;&nbsp; 0 |
| CIE Automotive SA (d) | 5073 | &nbsp;&nbsp; 145815 |
| Construcciones y Auxiliar de Ferrocarriles SA | 3689 | &nbsp;&nbsp; 202731 |
| Corp. ACCIONA Energias Renovables SA | 1088 | &nbsp;&nbsp; 25122 |
| Distribuidora Internacional de Alimentacion SA (a) | 2455 | &nbsp;&nbsp; 77477 |
| Ebro Foods SA (d) | 9265 | &nbsp;&nbsp; 188901 |
| eDreams ODIGEO SA (a) | 15944 | &nbsp;&nbsp; 145570 |
| Elecnor SA (d) | 6784 | &nbsp;&nbsp; 173022 |
| Enagas SA (d) | 44707 | &nbsp;&nbsp; 752570 |
| Ence Energia y Celulosa SA (d) | 14915 | &nbsp;&nbsp; 51024 |
| Ercros SA | 20859 | &nbsp;&nbsp; 72977 |
| Faes Farma SA | 58080 | &nbsp;&nbsp; 311981 |
| Fluidra SA (d) | 14698 | &nbsp;&nbsp; 367081 |
| Gestamp Automocion SA (d) | 22065 | &nbsp;&nbsp; 75950 |
| Global Dominion Access SA (d) | 14183 | &nbsp;&nbsp; 52441 |
| Grenergy Renovables SA (a) | 1152 | &nbsp;&nbsp; 83462 |
| Grifols SA (a) (d) | 27748 | &nbsp;&nbsp; 338325 |
| Grupo Catalana Occidente SA | 8350 | &nbsp;&nbsp; 484413 |
| Grupo Empresarial San Jose SA | 3249 | &nbsp;&nbsp; 23309 |
| Iberpapel Gestion SA | 1150 | &nbsp;&nbsp; 27771 |
| Indra Sistemas SA (d) | 15284 | &nbsp;&nbsp; 665637 |
| Laboratorios Farmaceuticos Rovi SA (d) | 2560 | &nbsp;&nbsp; 165111 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (d) | 106413 | &nbsp;&nbsp; 169479 |
| Logista Integral SA | 11404 | &nbsp;&nbsp; 373467 |
| Mapfre SA | 105490 | &nbsp;&nbsp; 431228 |
| Melia Hotels International SA | 14995 | &nbsp;&nbsp; 125596 |
| Miquel y Costas & Miquel SA | 8745 | &nbsp;&nbsp; 145763 |
| Neinor Homes SA | 4915 | &nbsp;&nbsp; 96228 |
| Obrascon Huarte Lain SA (a) | 67145 | &nbsp;&nbsp; 23768 |
| Pharma Mar SA (a) (d) | 2214 | &nbsp;&nbsp; 207352 |
| Prim SA (d) | 3013 | &nbsp;&nbsp; 40817 |
| Promotora de Informaciones SA - Class A (a) (d) | 83921 | &nbsp;&nbsp; 36201 |
| Prosegur Cash SA | 28432 | &nbsp;&nbsp; 27331 |
| Realia Business SA | 109360 | &nbsp;&nbsp; 113990 |
| Sacyr SA (d) | 106374 | &nbsp;&nbsp; 434590 |
| Solaria Energia y Medio Ambiente SA (a) (d) | 5626 | &nbsp;&nbsp; 65189 |
| Talgo SA (a) (d) | 15152 | &nbsp;&nbsp; 52834 |
| Tecnicas Reunidas SA (a) | 8766 | &nbsp;&nbsp; 202411 |
| Tubacex SA (d) | 18010 | &nbsp;&nbsp; 89005 |
| Unicaja Banco SA | 184631 | &nbsp;&nbsp; 436326 |
| Vidrala SA | 4138 | &nbsp;&nbsp; 480580 |
| Viscofan SA | 7944 | &nbsp;&nbsp; 565214 |
| Vocento SA (a) | 18128 | &nbsp;&nbsp; 13667 |
|  |  | &nbsp;&nbsp; 12807562 |
| **Sweden — 2.8%** | **Sweden — 2.8%** | **Sweden — 2.8%** |
| AcadeMedia AB | 19785 | &nbsp;&nbsp; 174298 |
| AddLife AB - Class B | 13922 | &nbsp;&nbsp; 277881 |
| Addnode Group AB (d) | 29228 | &nbsp;&nbsp; 343128 |
| AFRY AB (d) | 16879 | &nbsp;&nbsp; 282605 |
| Alimak Group AB | 13678 | &nbsp;&nbsp; 210686 |
| Alleima AB | 21516 | &nbsp;&nbsp; 170139 |
| Alligo AB - Class B | 6495 | &nbsp;&nbsp; 75609 |
| Ambea AB | 8960 | &nbsp;&nbsp; 106792 |
| Annehem Fastigheter AB - Class B (a) | 11788 | &nbsp;&nbsp; 20312 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| AQ Group AB | 7910 | &nbsp;&nbsp; $151313 |
| Arise AB | 7859 | &nbsp;&nbsp; 28466 |
| Arjo AB - B Shares | 45181 | &nbsp;&nbsp; 161979 |
| Atea ASA (a) | 13059 | &nbsp;&nbsp; 206319 |
| Attendo AB | 25855 | &nbsp;&nbsp; 173473 |
| Beijer Alma AB (d) | 10047 | &nbsp;&nbsp; 241800 |
| Bergman & Beving AB | 5968 | &nbsp;&nbsp; 184300 |
| Betsson AB - Class B | 16814 | &nbsp;&nbsp; 355440 |
| BHG Group AB (a) | 26427 | &nbsp;&nbsp; 64910 |
| Bilia AB - A Shares | 16255 | &nbsp;&nbsp; 219568 |
| Billerud Aktiebolag | 3168 | &nbsp;&nbsp; 32884 |
| BioGaia AB - B Shares | 5025 | &nbsp;&nbsp; 56446 |
| BioInvent International AB (a) | 5008 | &nbsp;&nbsp; 18273 |
| Bjorn Borg AB | 2344 | &nbsp;&nbsp; 14675 |
| Bonava AB - B Shares (a) | 54204 | &nbsp;&nbsp; 73694 |
| Boozt AB (a) | 5455 | &nbsp;&nbsp; 45784 |
| Bravida Holding AB (d) | 5903 | &nbsp;&nbsp; 59405 |
| Bufab AB | 32980 | &nbsp;&nbsp; 306352 |
| Bulten AB | 4294 | &nbsp;&nbsp; 27654 |
| Bure Equity AB | 280 | &nbsp;&nbsp; 8431 |
| Byggmax Group AB | 15616 | &nbsp;&nbsp; 84062 |
| Catella AB | 2281 | &nbsp;&nbsp; 7113 |
| Cellavision AB | 1841 | &nbsp;&nbsp; 35400 |
| Cibus Nordic Real Estate AB publ (d) | 5146 | &nbsp;&nbsp; 101803 |
| Clas Ohlson AB - B Shares | 12314 | &nbsp;&nbsp; 420974 |
| Cloetta AB - B Shares | 48586 | &nbsp;&nbsp; 174996 |
| Coor Service Management Holding AB | 17845 | &nbsp;&nbsp; 78213 |
| Corem Property Group AB - Class B (d) | 81372 | &nbsp;&nbsp; 44761 |
| Corem Property Group AB - Class D | 1945 | &nbsp;&nbsp; 49055 |
| CTT Systems AB | 466 | &nbsp;&nbsp; 10694 |
| Dios Fastigheter AB | 26164 | &nbsp;&nbsp; 191595 |
| Dometic Group AB | 13630 | &nbsp;&nbsp; 57093 |
| Dustin Group AB (a) (d) | 150416 | &nbsp;&nbsp; 37812 |
| Dynavox Group AB (a) | 5808 | &nbsp;&nbsp; 68676 |
| Eastnine AB (d) | 13498 | &nbsp;&nbsp; 71080 |
| Electrolux Professional AB - Class B | 46563 | &nbsp;&nbsp; 330080 |
| Elekta AB - B Shares (d) | 26773 | &nbsp;&nbsp; 138446 |
| Eltel AB (a) | 18428 | &nbsp;&nbsp; 20270 |
| Enea AB (a) (d) | 4082 | &nbsp;&nbsp; 30053 |
| Engcon AB | 987 | &nbsp;&nbsp; 9417 |
| Ependion AB | 6445 | &nbsp;&nbsp; 75663 |
| Ework Group AB | 2864 | &nbsp;&nbsp; 31069 |
| Fagerhult Group AB | 11446 | &nbsp;&nbsp; 51211 |
| Fastighets AB Trianon (a) | 3988 | &nbsp;&nbsp; 8004 |
| Fastighetsbolaget Emilshus AB - Class B (a) | 1066 | &nbsp;&nbsp; 5865 |
| FastPartner AB - Class A | 10644 | &nbsp;&nbsp; 65173 |
| Ferronordic AB (a) | 275 | &nbsp;&nbsp; 1460 |
| FormPipe Software AB | 2450 | &nbsp;&nbsp; 7103 |
| G5 Entertainment AB | 208 | &nbsp;&nbsp; 2398 |
| Granges AB | 25093 | &nbsp;&nbsp; 322410 |
| Hanza AB | 3508 | &nbsp;&nbsp; 33321 |
| Heba Fastighets AB - Class B | 15224 | &nbsp;&nbsp; 51055 |
| Hexatronic Group AB (a) | 17361 | &nbsp;&nbsp; 45709 |
| HMS Networks AB (a) | 1585 | &nbsp;&nbsp; 69607 |
| Hoist Finance AB | 9270 | &nbsp;&nbsp; 81879 |
| Humana AB | 6890 | &nbsp;&nbsp; 26960 |

---

*See accompanying notes to financial statements.*

**BHFTII-130**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Instalco AB | 38975 | &nbsp;&nbsp; $100196 |
| INVISIO AB | 3480 | &nbsp;&nbsp; 131598 |
| Inwido AB | 13456 | &nbsp;&nbsp; 299190 |
| ITAB Shop Concept AB (a) | 8675 | &nbsp;&nbsp; 21062 |
| JM AB | 14105 | &nbsp;&nbsp; 226300 |
| Karnov Group AB (a) | 7749 | &nbsp;&nbsp; 87933 |
| K-fast Holding AB (a) | 15798 | &nbsp;&nbsp; 23855 |
| KNOW IT AB | 6021 | &nbsp;&nbsp; 81408 |
| Lime Technologies AB | 1613 | &nbsp;&nbsp; 70841 |
| Lindab International AB (d) | 17206 | &nbsp;&nbsp; 356939 |
| Medcap AB (a) | 1308 | &nbsp;&nbsp; 61980 |
| MEKO AB | 9164 | &nbsp;&nbsp; 104277 |
| Modern Times Group MTG AB - Class B (a) | 20683 | &nbsp;&nbsp; 262474 |
| Momentum Group AB | 5588 | &nbsp;&nbsp; 95186 |
| NCAB Group AB (a) | 11144 | &nbsp;&nbsp; 55787 |
| NCC AB - B Shares | 17089 | &nbsp;&nbsp; 318845 |
| Nederman Holding AB | 6257 | &nbsp;&nbsp; 116852 |
| Net Insight AB - Class B (a) | 74697 | &nbsp;&nbsp; 31840 |
| New Wave Group AB - B Shares | 19785 | &nbsp;&nbsp; 260147 |
| Nilorngruppen AB - B Shares | 1106 | &nbsp;&nbsp; 7741 |
| Nobia AB (a) | 65115 | &nbsp;&nbsp; 29684 |
| Nolato AB - B Shares | 45970 | &nbsp;&nbsp; 281576 |
| Note AB | 2362 | &nbsp;&nbsp; 44893 |
| NP3 Fastigheter AB (d) | 8038 | &nbsp;&nbsp; 229498 |
| Nyfosa AB | 37968 | &nbsp;&nbsp; 378498 |
| OEM International AB - B Shares | 21824 | &nbsp;&nbsp; 321805 |
| Ovzon AB (a) | 12178 | &nbsp;&nbsp; 59931 |
| Peab AB - Class B | 20785 | &nbsp;&nbsp; 170260 |
| Platzer Fastigheter Holding AB - Class B | 13164 | &nbsp;&nbsp; 111122 |
| Pricer AB - B Shares (a) | 45096 | &nbsp;&nbsp; 24421 |
| Proact IT Group AB | 5689 | &nbsp;&nbsp; 63058 |
| Ratos AB - B Shares | 45000 | &nbsp;&nbsp; 191016 |
| RaySearch Laboratories AB | 7299 | &nbsp;&nbsp; 258600 |
| Rejlers AB | 1659 | &nbsp;&nbsp; 34845 |
| Rottneros AB (a) | 26936 | &nbsp;&nbsp; 7745 |
| Scandi Standard AB | 7722 | &nbsp;&nbsp; 78822 |
| Scandic Hotels Group AB | 33911 | &nbsp;&nbsp; 295807 |
| Sdiptech AB - Class B (a) (d) | 3511 | &nbsp;&nbsp; 79029 |
| Sensys Gatso Group AB (a) | 2792 | &nbsp;&nbsp; 12432 |
| SkiStar AB | 10416 | &nbsp;&nbsp; 170390 |
| SmartCraft ASA (a) | 5113 | &nbsp;&nbsp; 13564 |
| Softronic AB - B Shares | 3875 | &nbsp;&nbsp; 9136 |
| Solid Forsakring AB | 2708 | &nbsp;&nbsp; 22915 |
| Stendorren Fastigheter AB (a) | 1576 | &nbsp;&nbsp; 32693 |
| Stillfront Group AB (a) | 11905 | &nbsp;&nbsp; 8582 |
| Storskogen Group AB - Class B | 132429 | &nbsp;&nbsp; 158145 |
| Swedish Logistic Property AB - Class B (a) | 6848 | &nbsp;&nbsp; 30704 |
| Synsam AB | 5068 | &nbsp;&nbsp; 28674 |
| Systemair AB (d) | 20210 | &nbsp;&nbsp; 187916 |
| TF Bank AB | 690 | &nbsp;&nbsp; 25616 |
| Troax Group AB | 6269 | &nbsp;&nbsp; 95231 |
| Truecaller AB - Class B | 13719 | &nbsp;&nbsp; 97376 |
| VBG Group AB - B Shares | 2115 | &nbsp;&nbsp; 58179 |
| Vitec Software Group AB - B Shares (d) | 5020 | &nbsp;&nbsp; 253583 |
| Volati AB | 1043 | &nbsp;&nbsp; 13117 |
|  |  | &nbsp;&nbsp; 13526410 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — 8.3%** | **Switzerland — 8.3%** | **Switzerland — 8.3%** |
| Accelleron Industries AG | 19429 | &nbsp;&nbsp; $1370549 |
| Adecco Group AG (d) | 29277 | &nbsp;&nbsp; 870309 |
| Allreal Holding AG | 2796 | &nbsp;&nbsp; 656769 |
| ALSO Holding AG | 1166 | &nbsp;&nbsp; 395885 |
| APG SGA SA | 350 | &nbsp;&nbsp; 104734 |
| Arbonia AG (d) | 10459 | &nbsp;&nbsp; 70136 |
| Aryzta AG (a) | 4996 | &nbsp;&nbsp; 510393 |
| Autoneum Holding AG (d) | 533 | &nbsp;&nbsp; 93483 |
| Avolta AG | 12849 | &nbsp;&nbsp; 699250 |
| Baloise Holding AG | 5580 | &nbsp;&nbsp; 1320619 |
| Banque Cantonale de Geneve | 494 | &nbsp;&nbsp; 147646 |
| Banque Cantonale Vaudoise | 2373 | &nbsp;&nbsp; 274063 |
| Barry Callebaut AG (d) | 21 | &nbsp;&nbsp; 22831 |
| Belimo Holding AG | 2298 | &nbsp;&nbsp; 2349278 |
| Bell Food Group AG | 504 | &nbsp;&nbsp; 158600 |
| Bellevue Group AG | 2930 | &nbsp;&nbsp; 28216 |
| Berner Kantonalbank AG | 1195 | &nbsp;&nbsp; 378742 |
| BKW AG | 107 | &nbsp;&nbsp; 23422 |
| Bossard Holding AG - Class A (d) | 1188 | &nbsp;&nbsp; 262087 |
| Bucher Industries AG | 1362 | &nbsp;&nbsp; 678650 |
| Burckhardt Compression Holding AG | 663 | &nbsp;&nbsp; 551752 |
| Burkhalter Holding AG | 555 | &nbsp;&nbsp; 91244 |
| Bystronic AG (d) | 259 | &nbsp;&nbsp; 126038 |
| Calida Holding AG | 117 | &nbsp;&nbsp; 2257 |
| Carlo Gavazzi Holding AG | 124 | &nbsp;&nbsp; 31887 |
| Cembra Money Bank AG | 6531 | &nbsp;&nbsp; 822462 |
| Cham Swiss Properties AG | 1388 | &nbsp;&nbsp; 39542 |
| Cicor Technologies Ltd. (a) | 644 | &nbsp;&nbsp; 131933 |
| Cie Financiere Tradition SA | 414 | &nbsp;&nbsp; 114003 |
| Clariant AG (d) | 30849 | &nbsp;&nbsp; 328727 |
| Coltene Holding AG | 480 | &nbsp;&nbsp; 41071 |
| CPH Group AG (d) | 227 | &nbsp;&nbsp; 21168 |
| Daetwyler Holding AG (d) | 760 | &nbsp;&nbsp; 115411 |
| DKSH Holding AG | 7328 | &nbsp;&nbsp; 571034 |
| dormakaba Holding AG | 654 | &nbsp;&nbsp; 599109 |
| EDAG Engineering Group AG (a) | 3171 | &nbsp;&nbsp; 20022 |
| EFG International AG | 18152 | &nbsp;&nbsp; 337626 |
| Emmi AG | 471 | &nbsp;&nbsp; 471583 |
| Feintool International Holding AG (a) (d) | 1764 | &nbsp;&nbsp; 26454 |
| Fenix Outdoor International AG | 1091 | &nbsp;&nbsp; 60074 |
| Flughafen Zurich AG | 4090 | &nbsp;&nbsp; 1166973 |
| Forbo Holding AG | 203 | &nbsp;&nbsp; 211472 |
| Fundamenta Real Estate AG | 4539 | &nbsp;&nbsp; 104110 |
| Galenica AG | 10670 | &nbsp;&nbsp; 1169339 |
| GAM Holding AG (a) (d) | 30739 | &nbsp;&nbsp; 3950 |
| Georg Fischer AG (d) | 16055 | &nbsp;&nbsp; 1317366 |
| Helvetia Holding AG (d) | 4847 | &nbsp;&nbsp; 1140345 |
| Hiag Immobilien Holding AG | 888 | &nbsp;&nbsp; 123811 |
| Huber & Suhner AG | 3144 | &nbsp;&nbsp; 351760 |
| Hypothekarbank Lenzburg AG | 3 | &nbsp;&nbsp; 15353 |
| Implenia AG | 2401 | &nbsp;&nbsp; 168413 |
| Inficon Holding AG (d) | 3711 | &nbsp;&nbsp; 499615 |
| International Workplace Group PLC | 172341 | &nbsp;&nbsp; 494133 |
| Interroll Holding AG | 132 | &nbsp;&nbsp; 330994 |
| Intershop Holding AG | 1143 | &nbsp;&nbsp; 204765 |
| Investis Holding SA | 421 | &nbsp;&nbsp; 67423 |

---

*See accompanying notes to financial statements.*

**BHFTII-131**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Jungfraubahn Holding AG | 970 | &nbsp;&nbsp; $247297 |
| Kardex Holding AG | 1340 | &nbsp;&nbsp; 467889 |
| Komax Holding AG (a) (d) | 584 | &nbsp;&nbsp; 71575 |
| Kongsberg Automotive ASA (a) | 156504 | &nbsp;&nbsp; 26028 |
| Kudelski SA (a) (d) | 13221 | &nbsp;&nbsp; 22765 |
| Landis & Gyr Group AG (d) | 3315 | &nbsp;&nbsp; 232977 |
| LEM Holding SA | 33 | &nbsp;&nbsp; 34799 |
| Luzerner Kantonalbank AG | 4054 | &nbsp;&nbsp; 365812 |
| Medacta Group SA | 1178 | &nbsp;&nbsp; 199998 |
| Medmix AG | 3519 | &nbsp;&nbsp; 53755 |
| Meier Tobler Group AG (d) | 1121 | &nbsp;&nbsp; 55516 |
| Metall Zug AG - B Shares | 44 | &nbsp;&nbsp; 58256 |
| Mikron Holding AG (d) | 2145 | &nbsp;&nbsp; 44510 |
| Mobilezone Holding AG (d) | 8850 | &nbsp;&nbsp; 127888 |
| Mobimo Holding AG | 1500 | &nbsp;&nbsp; 613677 |
| Naturenergie Holding AG | 3633 | &nbsp;&nbsp; 130540 |
| Novavest Real Estate AG (d) | 468 | &nbsp;&nbsp; 22650 |
| OC Oerlikon Corp. AG Pfaffikon | 37725 | &nbsp;&nbsp; 176217 |
| Orell Fuessli AG | 331 | &nbsp;&nbsp; 40395 |
| Orior AG (a) (d) | 1947 | &nbsp;&nbsp; 31542 |
| Phoenix Mecano AG | 125 | &nbsp;&nbsp; 69349 |
| Plazza AG - Class A | 222 | &nbsp;&nbsp; 111079 |
| PSP Swiss Property AG | 9789 | &nbsp;&nbsp; 1807753 |
| Relief Therapeutics Holding AG (a) | 1520 | &nbsp;&nbsp; 4103 |
| Rieter Holding AG (d) | 249 | &nbsp;&nbsp; 21447 |
| Romande Energie Holding SA (d) | 2775 | &nbsp;&nbsp; 147721 |
| Schweiter Technologies AG | 192 | &nbsp;&nbsp; 91495 |
| Schweizerische Nationalbank (d) | 5 | &nbsp;&nbsp; 21111 |
| SFS Group AG | 3745 | &nbsp;&nbsp; 514427 |
| Siegfried Holding AG | 8784 | &nbsp;&nbsp; 991589 |
| SIG Group AG (d) | 37728 | &nbsp;&nbsp; 698737 |
| SKAN Group AG | 495 | &nbsp;&nbsp; 44830 |
| St. Galler Kantonalbank AG | 588 | &nbsp;&nbsp; 357706 |
| Stadler Rail AG | 4535 | &nbsp;&nbsp; 111965 |
| Sulzer AG | 4028 | &nbsp;&nbsp; 729974 |
| Swiss Prime Site AG | 14714 | &nbsp;&nbsp; 2210299 |
| Swissquote Group Holding SA | 3092 | &nbsp;&nbsp; 1756234 |
| Tecan Group AG | 223 | &nbsp;&nbsp; 45580 |
| Temenos AG | 11493 | &nbsp;&nbsp; 823456 |
| TX Group AG | 597 | &nbsp;&nbsp; 157129 |
| u-blox Holding AG (a) | 1340 | &nbsp;&nbsp; 168403 |
| Valiant Holding AG | 3267 | &nbsp;&nbsp; 498112 |
| Vaudoise Assurances Holding SA | 171 | &nbsp;&nbsp; 131668 |
| Vetropack Holding AG | 2053 | &nbsp;&nbsp; 82855 |
| Vontobel Holding AG | 5544 | &nbsp;&nbsp; 449003 |
| VZ Holding AG | 3926 | &nbsp;&nbsp; 862056 |
| V-ZUG Holding AG | 605 | &nbsp;&nbsp; 49538 |
| Walliser Kantonalbank | 1149 | &nbsp;&nbsp; 176668 |
| Warteck Invest AG | 65 | &nbsp;&nbsp; 165468 |
| Ypsomed Holding AG (d) | 859 | &nbsp;&nbsp; 458677 |
| Zehnder Group AG | 2274 | &nbsp;&nbsp; 192611 |
| Zug Estates Holding AG - B Shares | 83 | &nbsp;&nbsp; 227251 |
| Zuger Kantonalbank | 41 | &nbsp;&nbsp; 445725 |
|  |  | &nbsp;&nbsp; 39936986 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Taiwan — 0.0%** | **Taiwan — 0.0%** | **Taiwan — 0.0%** |
| FIT Hon Teng Ltd. (a) | 80000 | &nbsp;&nbsp; $23974 |
| **Tanzania — 0.0%** | **Tanzania — 0.0%** | **Tanzania — 0.0%** |
| Helios Towers PLC (a) | 122357 | &nbsp;&nbsp; 204282 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Eldorado Gold Corp. (a) | 51016 | &nbsp;&nbsp; 1038490 |
| **United Kingdom — 11.2%** | **United Kingdom — 11.2%** | **United Kingdom — 11.2%** |
| 4imprint Group PLC | 958 | &nbsp;&nbsp; 48142 |
| Aberdeen Group PLC | 151455 | &nbsp;&nbsp; 389297 |
| Accesso Technology Group PLC (a) | 2402 | &nbsp;&nbsp; 17293 |
| Advanced Medical Solutions Group PLC | 23347 | &nbsp;&nbsp; 69565 |
| AG Barr PLC | 16692 | &nbsp;&nbsp; 157647 |
| AJ Bell PLC | 59750 | &nbsp;&nbsp; 418955 |
| Alfa Financial Software Holdings PLC | 10992 | &nbsp;&nbsp; 33879 |
| Allfunds Group PLC | 2273 | &nbsp;&nbsp; 17446 |
| Anglo-Eastern Plantations PLC | 5782 | &nbsp;&nbsp; 69901 |
| AO World PLC (a) | 30384 | &nbsp;&nbsp; 40364 |
| Ashmore Group PLC | 97994 | &nbsp;&nbsp; 210554 |
| Ashtead Technology Holdings PLC | 5898 | &nbsp;&nbsp; 35875 |
| ASOS PLC (a) (d) | 1729 | &nbsp;&nbsp; 7193 |
| Auction Technology Group PLC (a) | 2941 | &nbsp;&nbsp; 18406 |
| Avon Technologies PLC | 1947 | &nbsp;&nbsp; 51648 |
| Babcock International Group PLC | 84242 | &nbsp;&nbsp; 1326668 |
| Bakkavor Group PLC | 37729 | &nbsp;&nbsp; 111970 |
| Balfour Beatty PLC | 103703 | &nbsp;&nbsp; 743907 |
| Begbies Traynor Group PLC (d) | 20686 | &nbsp;&nbsp; 31377 |
| Bellway PLC | 26462 | &nbsp;&nbsp; 1047788 |
| Berkeley Group Holdings PLC | 4674 | &nbsp;&nbsp; 247789 |
| Bloomsbury Publishing PLC (d) | 23878 | &nbsp;&nbsp; 167994 |
| Bodycote PLC | 48367 | &nbsp;&nbsp; 388084 |
| boohoo Group PLC (a) (d) | 68276 | &nbsp;&nbsp; 19172 |
| Braemar PLC | 7120 | &nbsp;&nbsp; 20530 |
| Breedon Group PLC | 29978 | &nbsp;&nbsp; 158865 |
| Bridgepoint Group PLC | 24482 | &nbsp;&nbsp; 104732 |
| Brooks Macdonald Group PLC (d) | 486 | &nbsp;&nbsp; 11404 |
| Bytes Technology Group PLC | 49945 | &nbsp;&nbsp; 351427 |
| Capita PLC (a) | 18914 | &nbsp;&nbsp; 86606 |
| Capricorn Energy PLC (a) | 30939 | &nbsp;&nbsp; 97667 |
| Card Factory PLC | 88270 | &nbsp;&nbsp; 109906 |
| Carr's Group PLC | 7612 | &nbsp;&nbsp; 15435 |
| Castings PLC | 2870 | &nbsp;&nbsp; 10835 |
| Centaur Media PLC | 92526 | &nbsp;&nbsp; 41921 |
| Central Asia Metals PLC | 24699 | &nbsp;&nbsp; 54052 |
| Chemring Group PLC | 60304 | &nbsp;&nbsp; 468274 |
| Chesnara PLC | 43507 | &nbsp;&nbsp; 178586 |
| Clarkson PLC | 7539 | &nbsp;&nbsp; 337951 |
| Close Brothers Group PLC (a) | 22700 | &nbsp;&nbsp; 115499 |
| CMC Markets PLC | 28990 | &nbsp;&nbsp; 100447 |
| Coats Group PLC | 319324 | &nbsp;&nbsp; 348531 |
| Computacenter PLC | 17936 | &nbsp;&nbsp; 591024 |
| Costain Group PLC | 37005 | &nbsp;&nbsp; 75289 |
| Cranswick PLC | 11961 | &nbsp;&nbsp; 879075 |
| Crest Nicholson Holdings PLC | 61543 | &nbsp;&nbsp; 157910 |
| Currys PLC (a) | 250394 | &nbsp;&nbsp; 418337 |
| CVS Group PLC | 10557 | &nbsp;&nbsp; 181178 |

---

*See accompanying notes to financial statements.*

**BHFTII-132**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| De La Rue PLC (a) | 40075 | &nbsp;&nbsp; $71248 |
| DFS Furniture PLC (a) | 51390 | &nbsp;&nbsp; 118224 |
| Dialight PLC (a) | 5140 | &nbsp;&nbsp; 13057 |
| Direct Line Insurance Group PLC | 196487 | &nbsp;&nbsp; 827055 |
| DiscoverIE Group PLC | 15588 | &nbsp;&nbsp; 139637 |
| Domino's Pizza Group PLC | 99590 | &nbsp;&nbsp; 351920 |
| dotdigital group PLC | 41626 | &nbsp;&nbsp; 43089 |
| Dr. Martens PLC | 56127 | &nbsp;&nbsp; 57855 |
| Drax Group PLC | 93265 | &nbsp;&nbsp; 887309 |
| Dunelm Group PLC | 26326 | &nbsp;&nbsp; 428267 |
| easyJet PLC | 5538 | &nbsp;&nbsp; 40464 |
| Ecora Resources PLC | 51447 | &nbsp;&nbsp; 44306 |
| EKF Diagnostics Holdings PLC (a) | 38020 | &nbsp;&nbsp; 13988 |
| Elementis PLC | 166703 | &nbsp;&nbsp; 366214 |
| EnQuest PLC | 442032 | &nbsp;&nbsp; 76783 |
| Epwin Group PLC | 14369 | &nbsp;&nbsp; 20118 |
| Essentra PLC | 25778 | &nbsp;&nbsp; 37856 |
| FDM Group Holdings PLC | 14365 | &nbsp;&nbsp; 42104 |
| Firstgroup PLC | 155442 | &nbsp;&nbsp; 492129 |
| Flowtech Fluidpower PLC (a) | 6703 | &nbsp;&nbsp; 5970 |
| Foresight Group Holdings Ltd.  | 2157 | &nbsp;&nbsp; 13141 |
| Forterra PLC | 53770 | &nbsp;&nbsp; 145426 |
| Foxtons Group PLC | 87727 | &nbsp;&nbsp; 81630 |
| Frasers Group PLC (a) (d) | 17279 | &nbsp;&nbsp; 161622 |
| Frontier Developments PLC (a) | 3312 | &nbsp;&nbsp; 14182 |
| Fuller Smith & Turner PLC - Class A | 9279 | &nbsp;&nbsp; 76174 |
| Fund Technologies PLC (a) (d) | 1059 | &nbsp;&nbsp; 35488 |
| Funding Circle Holdings PLC (a) | 10326 | &nbsp;&nbsp; 18246 |
| Future PLC | 7488 | &nbsp;&nbsp; 75088 |
| Galliford Try Holdings PLC | 37648 | &nbsp;&nbsp; 216984 |
| Games Workshop Group PLC | 4470 | &nbsp;&nbsp; 995456 |
| Gamma Communications PLC | 15986 | &nbsp;&nbsp; 249756 |
| GB Group PLC | 26230 | &nbsp;&nbsp; 85177 |
| Genuit Group PLC | 63506 | &nbsp;&nbsp; 343470 |
| Gooch & Housego PLC | 2212 | &nbsp;&nbsp; 19492 |
| Goodwin PLC | 121 | &nbsp;&nbsp; 12723 |
| Grafton Group PLC | 47357 | &nbsp;&nbsp; 664484 |
| Grainger PLC | 194038 | &nbsp;&nbsp; 586079 |
| Greggs PLC | 19301 | &nbsp;&nbsp; 508514 |
| Gym Group PLC (a) | 49004 | &nbsp;&nbsp; 102231 |
| H&T Group PLC | 1027 | &nbsp;&nbsp; 8992 |
| Halfords Group PLC | 60301 | &nbsp;&nbsp; 128273 |
| Harbour Energy PLC | 27086 | &nbsp;&nbsp; 72855 |
| Harworth Group PLC | 10757 | &nbsp;&nbsp; 26576 |
| Hays PLC | 172843 | &nbsp;&nbsp; 169528 |
| Headlam Group PLC (a) | 29149 | &nbsp;&nbsp; 34893 |
| Helical PLC (REIT) | 9563 | &nbsp;&nbsp; 30184 |
| Henry Boot PLC | 14477 | &nbsp;&nbsp; 45709 |
| Hikma Pharmaceuticals PLC | 17728 | &nbsp;&nbsp; 483860 |
| Hill & Smith PLC | 22952 | &nbsp;&nbsp; 564742 |
| Hilton Food Group PLC | 17879 | &nbsp;&nbsp; 212800 |
| Hiscox Ltd.  | 63107 | &nbsp;&nbsp; 1087430 |
| Hollywood Bowl Group PLC | 35798 | &nbsp;&nbsp; 123793 |
| Howden Joinery Group PLC | 23454 | &nbsp;&nbsp; 275899 |
| Hunting PLC | 31934 | &nbsp;&nbsp; 131901 |
| Ibstock PLC | 90209 | &nbsp;&nbsp; 181081 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| IDOX PLC (d) | 75537 | &nbsp;&nbsp; $68435 |
| IG Group Holdings PLC | 57306 | &nbsp;&nbsp; 837554 |
| IMI PLC | 17248 | &nbsp;&nbsp; 495902 |
| Impax Asset Management Group PLC | 14750 | &nbsp;&nbsp; 37614 |
| Inchcape PLC | 81447 | &nbsp;&nbsp; 811781 |
| Indivior PLC (a) | 4008 | &nbsp;&nbsp; 59608 |
| IntegraFin Holdings PLC | 51584 | &nbsp;&nbsp; 230893 |
| International Personal Finance PLC | 60577 | &nbsp;&nbsp; 141388 |
| iomart Group PLC | 16833 | &nbsp;&nbsp; 6584 |
| IP Group PLC (a) | 225731 | &nbsp;&nbsp; 161171 |
| IQE PLC (a) (d) | 81184 | &nbsp;&nbsp; 11480 |
| ITV PLC | 636123 | &nbsp;&nbsp; 721243 |
| J D Wetherspoon PLC | 15164 | &nbsp;&nbsp; 161446 |
| James Fisher & Sons PLC (a) | 15436 | &nbsp;&nbsp; 74190 |
| James Halstead PLC (d) | 59490 | &nbsp;&nbsp; 130376 |
| JET2 PLC | 34034 | &nbsp;&nbsp; 862097 |
| John Wood Group PLC (a) (b) (c) | 61862 | &nbsp;&nbsp; 15658 |
| Johnson Matthey PLC | 18884 | &nbsp;&nbsp; 450070 |
| Johnson Service Group PLC | 61047 | &nbsp;&nbsp; 127334 |
| Jupiter Fund Management PLC | 116490 | &nbsp;&nbsp; 159935 |
| Just Eat Takeaway.com NV (a) | 15903 | &nbsp;&nbsp; 363937 |
| Just Group PLC | 224609 | &nbsp;&nbsp; 408344 |
| Kainos Group PLC | 10263 | &nbsp;&nbsp; 104915 |
| Keller Group PLC | 19417 | &nbsp;&nbsp; 389741 |
| Kier Group PLC | 94700 | &nbsp;&nbsp; 271751 |
| Kingfisher PLC | 102271 | &nbsp;&nbsp; 408648 |
| Kitwave Group PLC | 3724 | &nbsp;&nbsp; 16409 |
| Lancashire Holdings Ltd.  | 64007 | &nbsp;&nbsp; 505297 |
| Liontrust Asset Management PLC | 7615 | &nbsp;&nbsp; 43204 |
| LSL Property Services PLC | 14072 | &nbsp;&nbsp; 61237 |
| Luceco PLC | 24615 | &nbsp;&nbsp; 50555 |
| M&C Saatchi PLC | 3677 | &nbsp;&nbsp; 9767 |
| Macfarlane Group PLC | 5811 | &nbsp;&nbsp; 9411 |
| Man Group PLC | 230659 | &nbsp;&nbsp; 535532 |
| Marshalls PLC | 23296 | &nbsp;&nbsp; 86035 |
| Marston's PLC (a) | 189607 | &nbsp;&nbsp; 108719 |
| McBride PLC (a) | 53009 | &nbsp;&nbsp; 109279 |
| Me Group International PLC | 67157 | &nbsp;&nbsp; 211607 |
| Mears Group PLC | 24318 | &nbsp;&nbsp; 129275 |
| Metro Bank Holdings PLC (a) | 2816 | &nbsp;&nbsp; 5111 |
| Mitchells & Butlers PLC (a) | 73046 | &nbsp;&nbsp; 287362 |
| Mitie Group PLC | 320207 | &nbsp;&nbsp; 621417 |
| MJ Gleeson PLC | 13112 | &nbsp;&nbsp; 71465 |
| Mobico Group PLC (a) | 136715 | &nbsp;&nbsp; 55374 |
| MONY Group PLC | 130662 | &nbsp;&nbsp; 396812 |
| Moonpig Group PLC | 56222 | &nbsp;&nbsp; 173589 |
| Morgan Advanced Materials PLC | 48369 | &nbsp;&nbsp; 146093 |
| Morgan Sindall Group PLC | 12994 | &nbsp;&nbsp; 815840 |
| Mortgage Advice Bureau Holdings Ltd.  | 6665 | &nbsp;&nbsp; 80562 |
| MP Evans Group PLC | 2300 | &nbsp;&nbsp; 35678 |
| Naked Wines PLC (a) | 1427 | &nbsp;&nbsp; 1536 |
| NCC Group PLC | 81808 | &nbsp;&nbsp; 162858 |
| Next 15 Group PLC | 11449 | &nbsp;&nbsp; 37918 |
| Nichols PLC | 950 | &nbsp;&nbsp; 17997 |
| Ninety One PLC | 75730 | &nbsp;&nbsp; 192571 |
| Norcros PLC | 11343 | &nbsp;&nbsp; 42689 |

---

*See accompanying notes to financial statements.*

**BHFTII-133**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Ocado Group PLC (a) | 9493 | &nbsp;&nbsp; $29619 |
| Odfjell Technology Ltd.  | 4274 | &nbsp;&nbsp; 21038 |
| On the Beach Group PLC | 32313 | &nbsp;&nbsp; 131181 |
| OSB Group PLC | 88586 | &nbsp;&nbsp; 635500 |
| Oxford Instruments PLC | 3722 | &nbsp;&nbsp; 96969 |
| Pagegroup PLC | 35705 | &nbsp;&nbsp; 130773 |
| Paragon Banking Group PLC | 55035 | &nbsp;&nbsp; 713279 |
| PayPoint PLC | 18072 | &nbsp;&nbsp; 210147 |
| Pennon Group PLC | 106594 | &nbsp;&nbsp; 733928 |
| Persimmon PLC | 40560 | &nbsp;&nbsp; 722272 |
| Pets at Home Group PLC | 125925 | &nbsp;&nbsp; 453366 |
| Pharos Energy PLC | 50968 | &nbsp;&nbsp; 14344 |
| Phoenix Spree Deutschland Ltd. (a) | 665 | &nbsp;&nbsp; 1506 |
| Pinewood Technologies Group PLC (a) | 17259 | &nbsp;&nbsp; 105685 |
| Playtech PLC | 73270 | &nbsp;&nbsp; 378231 |
| Polar Capital Holdings PLC | 16568 | &nbsp;&nbsp; 107881 |
| Porvair PLC | 4985 | &nbsp;&nbsp; 49412 |
| PPHE Hotel Group Ltd.  | 3290 | &nbsp;&nbsp; 72306 |
| Premier Foods PLC | 171283 | &nbsp;&nbsp; 468880 |
| PZ Cussons PLC | 63002 | &nbsp;&nbsp; 64042 |
| QinetiQ Group PLC | 129949 | &nbsp;&nbsp; 920556 |
| Quilter PLC | 370926 | &nbsp;&nbsp; 800589 |
| Rank Group PLC | 54017 | &nbsp;&nbsp; 98631 |
| Rathbones Group PLC | 10507 | &nbsp;&nbsp; 250717 |
| Reach PLC | 93037 | &nbsp;&nbsp; 93538 |
| Record PLC | 12453 | &nbsp;&nbsp; 10904 |
| Renew Holdings PLC | 9893 | &nbsp;&nbsp; 115626 |
| Renold PLC | 238 | &nbsp;&nbsp; 262 |
| Ricardo PLC | 13452 | &nbsp;&nbsp; 81825 |
| Robert Walters PLC | 13056 | &nbsp;&nbsp; 32788 |
| Rotork PLC | 160222 | &nbsp;&nbsp; 706559 |
| RS Group PLC | 58984 | &nbsp;&nbsp; 465255 |
| RWS Holdings PLC | 12286 | &nbsp;&nbsp; 14952 |
| S&U PLC | 1188 | &nbsp;&nbsp; 29351 |
| S4 Capital PLC (d) | 28030 | &nbsp;&nbsp; 9776 |
| Sabre Insurance Group PLC | 49439 | &nbsp;&nbsp; 100465 |
| Saga PLC (a) | 8514 | &nbsp;&nbsp; 20492 |
| Savills PLC | 26178 | &nbsp;&nbsp; 357032 |
| Senior PLC | 115612 | &nbsp;&nbsp; 292099 |
| Serco Group PLC | 282288 | &nbsp;&nbsp; 782868 |
| Serica Energy PLC | 47039 | &nbsp;&nbsp; 103077 |
| Severfield PLC | 100890 | &nbsp;&nbsp; 52064 |
| SIG PLC (a) | 255262 | &nbsp;&nbsp; 54486 |
| Sigmaroc PLC (a) | 61341 | &nbsp;&nbsp; 90700 |
| Smiths News PLC | 20535 | &nbsp;&nbsp; 16475 |
| Softcat PLC | 30193 | &nbsp;&nbsp; 711758 |
| Spectris PLC | 7718 | &nbsp;&nbsp; 406687 |
| Speedy Hire PLC | 151595 | &nbsp;&nbsp; 60678 |
| Spire Healthcare Group PLC | 62350 | &nbsp;&nbsp; 191881 |
| Spirent Communications PLC (a) | 181575 | &nbsp;&nbsp; 485929 |
| SSP Group PLC | 175333 | &nbsp;&nbsp; 415289 |
| SThree PLC | 14651 | &nbsp;&nbsp; 49181 |
| Studio Retail Group PLC (a) (b) (c) | 17439 | &nbsp;&nbsp; 0 |
| STV Group PLC | 7194 | &nbsp;&nbsp; 17230 |
| Synthomer PLC (a) | 30557 | &nbsp;&nbsp; 45952 |
| Tate & Lyle PLC | 71773 | &nbsp;&nbsp; 508954 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Taylor Wimpey PLC | 183709 | &nbsp;&nbsp; $299771 |
| Telecom Plus PLC | 16220 | &nbsp;&nbsp; 430199 |
| Topps Tiles PLC | 61961 | &nbsp;&nbsp; 29769 |
| TORM PLC - Class A (d) | 1653 | &nbsp;&nbsp; 27854 |
| TP ICAP Group PLC | 205538 | &nbsp;&nbsp; 769016 |
| Trainline PLC (a) | 20223 | &nbsp;&nbsp; 77436 |
| Travis Perkins PLC | 45793 | &nbsp;&nbsp; 381729 |
| Treatt PLC | 2068 | &nbsp;&nbsp; 7367 |
| Trifast PLC | 20432 | &nbsp;&nbsp; 19921 |
| TT Electronics PLC | 35042 | &nbsp;&nbsp; 53897 |
| Vanquis Banking Group PLC (a) | 52029 | &nbsp;&nbsp; 71907 |
| Vertu Motors PLC | 46012 | &nbsp;&nbsp; 40100 |
| Vesuvius PLC | 57534 | &nbsp;&nbsp; 309987 |
| Victorian Plumbing Group PLC | 8019 | &nbsp;&nbsp; 8609 |
| Victrex PLC | 18566 | &nbsp;&nbsp; 197811 |
| Videndum PLC (a) | 14491 | &nbsp;&nbsp; 16327 |
| Vistry Group PLC (a) | 24417 | &nbsp;&nbsp; 213911 |
| Volex PLC (d) | 24134 | &nbsp;&nbsp; 126866 |
| Volution Group PLC | 34155 | &nbsp;&nbsp; 277001 |
| Vp PLC | 4147 | &nbsp;&nbsp; 34159 |
| Watches of Switzerland Group PLC (a) | 47460 | &nbsp;&nbsp; 267192 |
| Watkin Jones PLC (a) | 46386 | &nbsp;&nbsp; 17879 |
| WH Smith PLC | 29003 | &nbsp;&nbsp; 434052 |
| Wickes Group PLC | 69111 | &nbsp;&nbsp; 213003 |
| Xaar PLC (a) | 18088 | &nbsp;&nbsp; 30532 |
| XPS Pensions Group PLC | 15758 | &nbsp;&nbsp; 82940 |
| Young & Co.'s Brewery PLC | 3097 | &nbsp;&nbsp; 26105 |
| Young & Co.'s Brewery PLC - Class A (d) | 4640 | &nbsp;&nbsp; 61151 |
| Zigup PLC | 52839 | &nbsp;&nbsp; 257434 |
| Zotefoams PLC | 7268 | &nbsp;&nbsp; 32034 |
|  |  | &nbsp;&nbsp; 53532105 |
| **United States — 0.9%** | **United States — 0.9%** | **United States — 0.9%** |
| ADTRAN Holdings, Inc. (a) | 6835 | &nbsp;&nbsp; 61718 |
| Bausch Health Cos., Inc. (a) | 48401 | &nbsp;&nbsp; 322351 |
| BRP, Inc.  | 519 | &nbsp;&nbsp; 25156 |
| Burford Capital Ltd.  | 42289 | &nbsp;&nbsp; 495889 |
| Diversified Energy Co. PLC (d) | 9570 | &nbsp;&nbsp; 142436 |
| Energy Fuels, Inc. (a) (d) | 7296 | &nbsp;&nbsp; 42166 |
| Frontage Holdings Corp. (a) | 58000 | &nbsp;&nbsp; 7915 |
| MDA Space Ltd. (a) | 16664 | &nbsp;&nbsp; 429648 |
| Ormat Technologies, Inc.  | 1 | &nbsp;&nbsp; 46 |
| PureTech Health PLC (a) | 24125 | &nbsp;&nbsp; 41266 |
| Qiagen NV (a) (d) | 6130 | &nbsp;&nbsp; 294608 |
| REC Silicon ASA (a) | 64361 | &nbsp;&nbsp; 16258 |
| Reliance Worldwide Corp. Ltd.  | 176413 | &nbsp;&nbsp; 476099 |
| RHI Magnesita NV | 1193 | &nbsp;&nbsp; 48561 |
| Samsonite Group SA (d) | 225900 | &nbsp;&nbsp; 418266 |
| Signify NV | 28840 | &nbsp;&nbsp; 780805 |
| Sims Ltd.  | 38316 | &nbsp;&nbsp; 386892 |
| Sinch AB (a) | 77098 | &nbsp;&nbsp; 224040 |
| TAT Technologies Ltd. (a) | 533 | &nbsp;&nbsp; 16488 |
| Varia U.S. Properties AG (d) | 1203 | &nbsp;&nbsp; 30070 |

---

*See accompanying notes to financial statements.*

**BHFTII-134**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (e)—6.4%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United States — (Continued)** | **United States — (Continued)** | **United States — (Continued)** |
| Viemed Healthcare, Inc. (a) | 5284 | &nbsp;&nbsp; $36512 |
|  |  | &nbsp;&nbsp; 4297190 |
| Total Common Stocks <br>(Cost $394,939,684) <br>|  | &nbsp;&nbsp; 475447584 |
| **Preferred Stocks—0.5%** | **Preferred Stocks—0.5%** | **Preferred Stocks—0.5%** |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| Draegerwerk AG & Co. KGaA | 2243 | &nbsp;&nbsp; 177632 |
| Einhell Germany AG | 246 | &nbsp;&nbsp; 21762 |
| FUCHS SE | 15647 | &nbsp;&nbsp; 862287 |
| Jungheinrich AG | 11701 | &nbsp;&nbsp; 550590 |
| Sixt SE (d) | 3992 | &nbsp;&nbsp; 280350 |
| STO SE & Co. KGaA (d) | 618 | &nbsp;&nbsp; 87184 |
| Villeroy & Boch AG (d) | 505 | &nbsp;&nbsp; 10766 |
|  |  | &nbsp;&nbsp; 1990571 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Danieli & C Officine Meccaniche SpA (Savings Shares) | 4725 | &nbsp;&nbsp; 142534 |
| Total Preferred Stocks <br>(Cost $1,543,344) <br>|  | &nbsp;&nbsp; 2133105 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Australia — 0.0%** | **Australia — 0.0%** | **Australia — 0.0%** |
| Galan Lithium Ltd., Expires 07/24/25 (a) | 2469 | &nbsp;&nbsp; 0 |
| Silver Mines Ltd., Expires 06/17/26 (a) | 4037 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| CSI Properties Ltd., Expires 04/07/27 (a) | 113701 | &nbsp;&nbsp; 290 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Geox SpA, Expires 09/30/26 (a) | 14320 | &nbsp;&nbsp; 624 |
| Webuild SpA, Expires 08/02/30 (a) (d) | 6346 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 624 |
| Total Warrants <br>(Cost $0) <br>|  | &nbsp;&nbsp; 914 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| Intercell AG (a) (b) (c) | 24163 | &nbsp;&nbsp; 0 |
| **Sweden — 0.0%** | **Sweden — 0.0%** | **Sweden — 0.0%** |
| Rottneros AB (a) | 80808 | &nbsp;&nbsp; 55 |
| Total Rights <br>(Cost $6,039) <br>|  | &nbsp;&nbsp; 55 |

---

&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%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (f)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (f)<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (f)<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 4.270% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Western Asset Institutional Government Reserves Fund, <br>Institutional Class, 4.240% (f)<br>| 1829584 | &nbsp;&nbsp; 1829584 |
|  |  | &nbsp;&nbsp; 8829584 |
| **Time Deposits — 0.6%** | **Time Deposits — 0.6%** | **Time Deposits — 0.6%** |
| Banco Santander SA <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Credit Agricole Corp. and Investment Bank <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 4.0%** | **Repurchase Agreements — 4.0%** | **Repurchase Agreements — 4.0%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $2,000,252; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,226,148<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $1,020,124<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,956,153; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $1,995,034<br>| 1955915 | &nbsp;&nbsp; 1955915 |

---

*See accompanying notes to financial statements.*

**BHFTII-135**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,000<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $2,001,773; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,246<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $2,040,001<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $1,000,123; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,619<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $3,000,369; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,406<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 18955915 |
| Total Securities Lending Reinvestments <br>(Cost $30,785,499) <br>|  | &nbsp;&nbsp; 30785499 |
| Total Investments—106.2% <br>(Cost $427,274,566) <br>|  | &nbsp;&nbsp; 508367157 |
| Other assets and liabilities (net)—(6.2)%  |  | &nbsp;&nbsp; (29653230)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $478713927 |

---

&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) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $75,069,509 and the collateral received consisted of cash in the amount of $30,785,499 and non-cash collateral with a value of $49,943,934. 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;(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the annualized seven-day yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Machinery | 6.7 |
| Metals & Mining | 6.4 |
| Banks | 5.4 |
| Real Estate Management & Development | 4.5 |
| Capital Markets | 4.3 |
| Chemicals | 3.6 |
| Construction & Engineering | 3.6 |
| Oil, Gas & Consumable Fuels | 3.5 |
| Food Products | 3.3 |
| Insurance | 3.2 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7307205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74660211 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(30785499)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(30785499)<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; $(30785499)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-136**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $988391 | &nbsp;&nbsp; $27111879 | &nbsp;&nbsp; $49698 | &nbsp;&nbsp; $28149968 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 7675422 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 7675422 |
| Belgium | &nbsp;&nbsp; 1863 | &nbsp;&nbsp; 7170769 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 7172632 |
| Bermuda | &nbsp;&nbsp; — | &nbsp;&nbsp; 17097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17097 |
| Brazil | &nbsp;&nbsp; 49843 | &nbsp;&nbsp; 376960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 426803 |
| Burkina Faso | &nbsp;&nbsp; 873220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 873220 |
| Cambodia | &nbsp;&nbsp; — | &nbsp;&nbsp; 115580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 115580 |
| Canada | &nbsp;&nbsp; 48479235 | &nbsp;&nbsp; 449730 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 48929157 |
| China | &nbsp;&nbsp; 740634 | &nbsp;&nbsp; 523890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1264524 |
| Colombia | &nbsp;&nbsp; 97633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97633 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 12977482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12977482 |
| Faeroe Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 32914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32914 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 14041337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14041337 |
| France | &nbsp;&nbsp; 24208 | &nbsp;&nbsp; 25211554 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 25235762 |
| Georgia | &nbsp;&nbsp; — | &nbsp;&nbsp; 1602243 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1602243 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 28592861 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28592861 |
| Ghana | &nbsp;&nbsp; — | &nbsp;&nbsp; 47397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47397 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 41782 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41782 |
| Greenland | &nbsp;&nbsp; — | &nbsp;&nbsp; 17128 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17128 |
| Guernsey, Channel Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Hong Kong | &nbsp;&nbsp; 233017 | &nbsp;&nbsp; 8230889 | &nbsp;&nbsp; 16926 | &nbsp;&nbsp; 8480832 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 766185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 766185 |
| Iraq | &nbsp;&nbsp; — | &nbsp;&nbsp; 142820 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142820 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 2239455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2239455 |
| Isle of Man | &nbsp;&nbsp; — | &nbsp;&nbsp; 23392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23392 |
| Israel | &nbsp;&nbsp; 113742 | &nbsp;&nbsp; 6417220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6530962 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 21101287 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 21101287 |
| Ivory Coast | &nbsp;&nbsp; 867829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 867829 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 110471079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 110471079 |
| Jersey, Channel Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 27453 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27453 |
| Liechtenstein | &nbsp;&nbsp; — | &nbsp;&nbsp; 321076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 321076 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 1014180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1014180 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 174499 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174499 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 56205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56205 |
| Mongolia | &nbsp;&nbsp; — | &nbsp;&nbsp; 51051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51051 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 7999426 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 7999426 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 1599943 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1599943 |
| Norway | &nbsp;&nbsp; 38143 | &nbsp;&nbsp; 2715217 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2753360 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp; 338255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 338255 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 3727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3727 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 272804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 272804 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 2383789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2383789 |
| Singapore | &nbsp;&nbsp; 35667 | &nbsp;&nbsp; 4784218 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4819887 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 330147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 330147 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 12807562 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12807562 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 13526410 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13526410 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 39936986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39936986 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 23974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23974 |
| Tanzania | &nbsp;&nbsp; — | &nbsp;&nbsp; 204282 | &nbsp;&nbsp; — | &nbsp;&nbsp; 204282 |
| Turkey | &nbsp;&nbsp; 1038490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1038490 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 53516447 | &nbsp;&nbsp; 15658 | &nbsp;&nbsp; 53532105 |
| United States | &nbsp;&nbsp; 1150441 | &nbsp;&nbsp; 3146749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4297190 |
| Total Common Stocks | &nbsp;&nbsp; 54732356 | &nbsp;&nbsp; 420632752 | &nbsp;&nbsp; 82476 | &nbsp;&nbsp; 475447584 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2133105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2133105 |

---

*See accompanying notes to financial statements.*

**BHFTII-137**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Rights |  |  |  |  |
| Austria | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Sweden | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55 |
| Total Rights | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 55 |
| Warrants |  |  |  |  |
| Australia | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Hong Kong | &nbsp;&nbsp; 290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 290 |
| Italy | &nbsp;&nbsp; 624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 624 |
| Total Warrants | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 914 |
| Securities Lending Reinvestments |  |  |  |  |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Short-Term Investment Funds | &nbsp;&nbsp; 8829584 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8829584 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 18955915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18955915 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 8829584 | &nbsp;&nbsp; 21955915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30785499 |
| Total Investments | &nbsp;&nbsp; $63562909 | &nbsp;&nbsp; $444721772 | &nbsp;&nbsp; $82476 | &nbsp;&nbsp; $508367157 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30785499)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30785499)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

During the six months ended June 30, 2025, transfers into Level 3 in the amount of $144,265 were due to trading halts on the securities' respective exchanges which resulted in the lack of observable inputs.

*See accompanying notes to financial statements.*

**BHFTII-138**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $508367157 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 1155414 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1412680 |
| Dividends and interest | &nbsp;&nbsp; 2114749 |
| Prepaid expenses | &nbsp;&nbsp; 3842 |
| Total Assets | &nbsp;&nbsp; 513053842 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 1401312 |
| Collateral for securities loaned | &nbsp;&nbsp; 30785499 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1315551 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 252565 |
| Distribution and service fees | &nbsp;&nbsp; 12626 |
| Deferred trustees' fees | &nbsp;&nbsp; 213882 |
| Other expenses | &nbsp;&nbsp; 358480 |
| Total Liabilities | &nbsp;&nbsp; 34339915 |
| **Net Assets**  | &nbsp;&nbsp; $478713927 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $387471970 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 91241957 |
| **Net Assets**  | &nbsp;&nbsp; $478713927 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $416072737 |
| Class B | &nbsp;&nbsp; 62641190 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 37255664 |
| Class B | &nbsp;&nbsp; 5661350 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.17 |
| Class B | 11.06 |

---

&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 $427,274,566.

(b) Includes securities loaned at value of $75,069,509.

(c) Identified cost of cash denominated in foreign currencies was $1,149,486.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $10585418 |
| Interest | &nbsp;&nbsp; 10000 |
| Securities lending income | &nbsp;&nbsp; 219458 |
| Total investment income | &nbsp;&nbsp; 10814876 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1888906 |
| Administration fees | &nbsp;&nbsp; 18730 |
| Custodian and accounting fees | &nbsp;&nbsp; 115795 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 74826 |
| Audit and tax services | &nbsp;&nbsp; 38934 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20043 |
| Shareholder reporting | &nbsp;&nbsp; 12145 |
| Insurance | &nbsp;&nbsp; 2213 |
| Miscellaneous | &nbsp;&nbsp; 58966 |
| Total expenses | &nbsp;&nbsp; 2253280 |
| Less management fee waiver | &nbsp;&nbsp; (374315)<br>|
| Net expenses | &nbsp;&nbsp; 1878965 |
| **Net Investment Income** | &nbsp;&nbsp; 8935911 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 11783715 |
| Foreign currency transactions | &nbsp;&nbsp; 206698 |
| Net realized gain (loss) | &nbsp;&nbsp; 11990413 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 78000296 |
| Foreign currency transactions | &nbsp;&nbsp; 169121 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 78169417 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 90159830 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $99095741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,152,683.

*See accompanying notes to financial statements.*

**BHFTII-139**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $8935911 | &nbsp;&nbsp; $11825053 |
| Net realized gain (loss) | &nbsp;&nbsp; 11990413 | &nbsp;&nbsp; 29592019 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 78169417 | &nbsp;&nbsp; (22809956)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 99095741 | &nbsp;&nbsp; 18607116 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (36141781)<br>| &nbsp;&nbsp; (20976849)<br>|
| Class B | &nbsp;&nbsp; (5301481)<br>| &nbsp;&nbsp; (2844349)<br>|
| **Total distributions** | &nbsp;&nbsp; (41443262)<br>| &nbsp;&nbsp; (23821198)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (39839741)<br>| &nbsp;&nbsp; (61448154)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 17812738 | &nbsp;&nbsp; (66662236)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 460901189 | &nbsp;&nbsp; 527563425 |
| End of period | &nbsp;&nbsp; $478713927 | &nbsp;&nbsp; $460901189 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 564 | &nbsp;&nbsp; $5584 | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; $304020 |
| Reinvestments | &nbsp;&nbsp; 3321855 | &nbsp;&nbsp; 36141781 | &nbsp;&nbsp; 2076916 | &nbsp;&nbsp; 20976849 |
| Redemptions | &nbsp;&nbsp; (6503129)<br>| &nbsp;&nbsp; (71617765)<br>| &nbsp;&nbsp; (7501215)<br>| &nbsp;&nbsp; (77163431)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3180710)<br>| &nbsp;&nbsp; $(35470400)<br>| &nbsp;&nbsp; (5393799)<br>| &nbsp;&nbsp; $(55882562)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 109131 | &nbsp;&nbsp; $1116148 | &nbsp;&nbsp; 224328 | &nbsp;&nbsp; $2249621 |
| Reinvestments | &nbsp;&nbsp; 491789 | &nbsp;&nbsp; 5301481 | &nbsp;&nbsp; 284151 | &nbsp;&nbsp; 2844349 |
| Redemptions | &nbsp;&nbsp; (1013976)<br>| &nbsp;&nbsp; (10786970)<br>| &nbsp;&nbsp; (1050441)<br>| &nbsp;&nbsp; (10659562)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (413056)<br>| &nbsp;&nbsp; $(4369341)<br>| &nbsp;&nbsp; (541962)<br>| &nbsp;&nbsp; $(5565592)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(39839741)<br>|  | &nbsp;&nbsp; $(61448154)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-140**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $13.25 | &nbsp;&nbsp; $12.43 | &nbsp;&nbsp; $12.22 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 2.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total income (loss) from investment operations | 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total distributions | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $13.25 | &nbsp;&nbsp; $12.43 |
| **Total Return (%)** (b) | 23.36 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp; (17.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.93 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net ratio of expenses to average net assets (%) (e) | 0.77 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | 3.87 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 2 <br>(c)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $416.1 | &nbsp;&nbsp; $401.2 | &nbsp;&nbsp; $461.6 | &nbsp;&nbsp; $463.7 | &nbsp;&nbsp; $609.4 | &nbsp;&nbsp; $636.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $12.13 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Total income (loss) from investment operations | 2.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total distributions | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.67)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $12.33 |
| **Total Return (%)** (b) | 23.05 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.85 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.18 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Net ratio of expenses to average net assets (%) (e) | 1.02 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Ratio of net investment income (loss) to average net assets (%) | 3.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 2 <br>(c)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $62.6 | &nbsp;&nbsp; $59.7 | &nbsp;&nbsp; $66.0 | &nbsp;&nbsp; $65.0 | &nbsp;&nbsp; $83.9 | &nbsp;&nbsp; $85.0 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-141**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—60.8% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Boeing Co. (a) | 13289 | &nbsp;&nbsp; $2784444 |
| General Dynamics Corp.  | 3069 | &nbsp;&nbsp; 895105 |
| Northrop Grumman Corp.  | 5385 | &nbsp;&nbsp; 2692392 |
| RTX Corp.  | 14125 | &nbsp;&nbsp; 2062533 |
| StandardAero, Inc. (a) | 72045 | &nbsp;&nbsp; 2280224 |
|  |  | &nbsp;&nbsp; 10714698 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| CH Robinson Worldwide, Inc.  | 30254 | &nbsp;&nbsp; 2902871 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Goodyear Tire & Rubber Co. (a) | 81575 | &nbsp;&nbsp; 845933 |
| Modine Manufacturing Co. (a) | 20638 | &nbsp;&nbsp; 2032843 |
|  |  | &nbsp;&nbsp; 2878776 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| Tesla, Inc. (a) | 23939 | &nbsp;&nbsp; 7604463 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| JPMorgan Chase & Co.  | 13923 | &nbsp;&nbsp; 4036417 |
| Wells Fargo & Co.  | 310058 | &nbsp;&nbsp; 24841847 |
|  |  | &nbsp;&nbsp; 28878264 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Celsius Holdings, Inc. (a) | 26316 | &nbsp;&nbsp; 1220799 |
| Coca-Cola Co.  | 67249 | &nbsp;&nbsp; 4757867 |
| Monster Beverage Corp. (a) | 11308 | &nbsp;&nbsp; 708333 |
| Vita Coco Co., Inc. (a) | 2600 | &nbsp;&nbsp; 93860 |
|  |  | &nbsp;&nbsp; 6780859 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| AbbVie, Inc.  | 12692 | &nbsp;&nbsp; 2355889 |
| Akero Therapeutics, Inc. (a) | 3396 | &nbsp;&nbsp; 181211 |
| Alnylam Pharmaceuticals, Inc. (a) | 1375 | &nbsp;&nbsp; 448374 |
| Ascendis Pharma AS (ADR) (a) | 2138 | &nbsp;&nbsp; 369019 |
| Avidity Biosciences, Inc. (a) | 10992 | &nbsp;&nbsp; 312173 |
| Cytokinetics, Inc. (a) | 27387 | &nbsp;&nbsp; 904867 |
| Gilead Sciences, Inc.  | 20284 | &nbsp;&nbsp; 2248887 |
| Kymera Therapeutics, Inc. (a) | 3880 | &nbsp;&nbsp; 169323 |
| Merus NV (a) | 5550 | &nbsp;&nbsp; 291930 |
| Metsera, Inc. (a) (b) | 10549 | &nbsp;&nbsp; 300119 |
| Newamsterdam Pharma Co. NV (a) (b) | 24800 | &nbsp;&nbsp; 449128 |
| PTC Therapeutics, Inc. (a) | 4492 | &nbsp;&nbsp; 219389 |
| Regeneron Pharmaceuticals, Inc.  | 710 | &nbsp;&nbsp; 372750 |
| Revolution Medicines, Inc. (a) | 8760 | &nbsp;&nbsp; 322280 |
| Scholar Rock Holding Corp. (a) | 5908 | &nbsp;&nbsp; 209261 |
| Ultragenyx Pharmaceutical, Inc. (a) | 4006 | &nbsp;&nbsp; 145658 |
| United Therapeutics Corp. (a) | 3186 | &nbsp;&nbsp; 915497 |
| Vertex Pharmaceuticals, Inc. (a) | 6238 | &nbsp;&nbsp; 2777158 |
|  |  | &nbsp;&nbsp; 12992913 |
| **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** |
| Amazon.com, Inc. (a) | 145771 | &nbsp;&nbsp; 31980700 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| AZEK Co., Inc. (a) | 38946 | &nbsp;&nbsp; 2116715 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Building Products—(Continued)** | **Building Products—(Continued)** | **Building Products—(Continued)** |
| Builders FirstSource, Inc. (a) | 3303 | &nbsp;&nbsp; $385427 |
| Fortune Brands Innovations, Inc.  | 3652 | &nbsp;&nbsp; 188005 |
|  |  | &nbsp;&nbsp; 2690147 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| ARES Management Corp. - Class A | 22189 | &nbsp;&nbsp; 3843135 |
| Goldman Sachs Group, Inc.  | 2280 | &nbsp;&nbsp; 1613670 |
| Intercontinental Exchange, Inc.  | 37494 | &nbsp;&nbsp; 6879024 |
| KKR & Co., Inc.  | 81925 | &nbsp;&nbsp; 10898483 |
|  |  | &nbsp;&nbsp; 23234312 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Cabot Corp.  | 10521 | &nbsp;&nbsp; 789075 |
| Celanese Corp.  | 17075 | &nbsp;&nbsp; 944760 |
| FMC Corp.  | 28391 | &nbsp;&nbsp; 1185324 |
| Ingevity Corp. (a) | 11171 | &nbsp;&nbsp; 481359 |
| Linde PLC | 12757 | &nbsp;&nbsp; 5985329 |
| PPG Industries, Inc.  | 27075 | &nbsp;&nbsp; 3079781 |
|  |  | &nbsp;&nbsp; 12465628 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Clean Harbors, Inc. (a) | 24309 | &nbsp;&nbsp; 5619755 |
| Waste Connections, Inc.  | 6034 | &nbsp;&nbsp; 1126668 |
|  |  | &nbsp;&nbsp; 6746423 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. (a) | 42581 | &nbsp;&nbsp; 4356462 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| Fluor Corp. (a) | 60260 | &nbsp;&nbsp; 3089530 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| James Hardie Industries PLC (ADR) (a) | 94572 | &nbsp;&nbsp; 2543041 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| American Express Co.  | 7579 | &nbsp;&nbsp; 2417549 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Casey's General Stores, Inc.  | 1580 | &nbsp;&nbsp; 806227 |
| Costco Wholesale Corp.  | 3476 | &nbsp;&nbsp; 3441031 |
| Performance Food Group Co. (a) | 16231 | &nbsp;&nbsp; 1419726 |
| U.S. Foods Holding Corp. (a) | 84084 | &nbsp;&nbsp; 6475309 |
| Walmart, Inc.  | 69453 | &nbsp;&nbsp; 6791114 |
|  |  | &nbsp;&nbsp; 18933407 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| Pool Corp. (b) | 13616 | &nbsp;&nbsp; 3968792 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| American Electric Power Co., Inc.  | 39192 | &nbsp;&nbsp; 4066562 |
| NextEra Energy, Inc.  | 21427 | &nbsp;&nbsp; 1487462 |
| PG&E Corp.  | 263492 | &nbsp;&nbsp; 3673079 |
|  |  | &nbsp;&nbsp; 9227103 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Vertiv Holdings Co. - Class A | 13359 | &nbsp;&nbsp; 1715429 |

---

*See accompanying notes to financial statements.*

**BHFTII-142**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**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%** |
| Coherent Corp. (a) | 42667 | &nbsp;&nbsp; $3806323 |
| Flex Ltd. (a) | 71334 | &nbsp;&nbsp; 3560993 |
| Ralliant Corp. (a) | 4645 | &nbsp;&nbsp; 225236 |
|  |  | &nbsp;&nbsp; 7592552 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. (a) | 7259 | &nbsp;&nbsp; 9720745 |
| Spotify Technology SA (a) | 958 | &nbsp;&nbsp; 735112 |
| Walt Disney Co.  | 40465 | &nbsp;&nbsp; 5018064 |
|  |  | &nbsp;&nbsp; 15473921 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| Berkshire Hathaway, Inc. - Class B (a) | 28775 | &nbsp;&nbsp; 13978032 |
| Equitable Holdings, Inc.  | 56486 | &nbsp;&nbsp; 3168864 |
| Mastercard, Inc. - Class A | 22906 | &nbsp;&nbsp; 12871798 |
|  |  | &nbsp;&nbsp; 30018694 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Freshpet, Inc. (a) | 17092 | &nbsp;&nbsp; 1161572 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| Atmos Energy Corp. (b) | 21778 | &nbsp;&nbsp; 3356208 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Knight-Swift Transportation Holdings, Inc.  | 80595 | &nbsp;&nbsp; 3564717 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Abbott Laboratories | 18436 | &nbsp;&nbsp; 2507480 |
| Align Technology, Inc. (a) | 2939 | &nbsp;&nbsp; 556441 |
| Boston Scientific Corp. (a) | 47881 | &nbsp;&nbsp; 5142898 |
| Edwards Lifesciences Corp. (a) | 32127 | &nbsp;&nbsp; 2512653 |
| Intuitive Surgical, Inc. (a) | 8330 | &nbsp;&nbsp; 4526605 |
|  |  | &nbsp;&nbsp; 15246077 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Acadia Healthcare Co., Inc. (a) (b) | 20449 | &nbsp;&nbsp; 463988 |
| Cencora, Inc.  | 7888 | &nbsp;&nbsp; 2365217 |
| CVS Health Corp.  | 21565 | &nbsp;&nbsp; 1487554 |
| Elevance Health, Inc.  | 3418 | &nbsp;&nbsp; 1329465 |
| HCA Healthcare, Inc.  | 4117 | &nbsp;&nbsp; 1577223 |
| Labcorp Holdings, Inc.  | 5262 | &nbsp;&nbsp; 1381327 |
| Molina Healthcare, Inc. (a) (b) | 1899 | &nbsp;&nbsp; 565712 |
| UnitedHealth Group, Inc.  | 19196 | &nbsp;&nbsp; 5988576 |
|  |  | &nbsp;&nbsp; 15159062 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Welltower, Inc.  | 37435 | &nbsp;&nbsp; 5754883 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Airbnb, Inc. - Class A (a) | 48416 | &nbsp;&nbsp; 6407374 |
| Chipotle Mexican Grill, Inc. (a) | 69312 | &nbsp;&nbsp; 3891869 |
| Flutter Entertainment PLC (a) | 9253 | &nbsp;&nbsp; 2644137 |
| Hyatt Hotels Corp. - Class A (b) | 37248 | &nbsp;&nbsp; 5201683 |
| Marriott International, Inc. - Class A | 8530 | &nbsp;&nbsp; 2330481 |
| Royal Caribbean Cruises Ltd. (b) | 8720 | &nbsp;&nbsp; 2730581 |
| Starbucks Corp.  | 27618 | &nbsp;&nbsp; 2530637 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Wingstop, Inc.  | 6734 | &nbsp;&nbsp; $2267607 |
|  |  | &nbsp;&nbsp; 28004369 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Champion Homes, Inc. (a) | 18156 | &nbsp;&nbsp; 1136747 |
| DR Horton, Inc.  | 6798 | &nbsp;&nbsp; 876398 |
| Lennar Corp. - Class A (b) | 3997 | &nbsp;&nbsp; 442109 |
|  |  | &nbsp;&nbsp; 2455254 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Church & Dwight Co., Inc.  | 3820 | &nbsp;&nbsp; 367140 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Vistra Corp.  | 15292 | &nbsp;&nbsp; 2963743 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| American International Group, Inc.  | 45645 | &nbsp;&nbsp; 3906756 |
| Chubb Ltd.  | 12297 | &nbsp;&nbsp; 3562687 |
| Everest Group Ltd.  | 5540 | &nbsp;&nbsp; 1882769 |
| Hamilton Insurance Group Ltd. - Class B (a) | 44365 | &nbsp;&nbsp; 959171 |
| Marsh & McLennan Cos., Inc.  | 23814 | &nbsp;&nbsp; 5206693 |
| SiriusPoint Ltd. (a) | 64254 | &nbsp;&nbsp; 1310139 |
|  |  | &nbsp;&nbsp; 16828215 |
| **Interactive Media & Services — 3.6%** | **Interactive Media & Services — 3.6%** | **Interactive Media & Services — 3.6%** |
| Alphabet, Inc. - Class A | 189007 | &nbsp;&nbsp; 33308704 |
| Meta Platforms, Inc. - Class A | 11873 | &nbsp;&nbsp; 8763342 |
|  |  | &nbsp;&nbsp; 42072046 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Snowflake, Inc. - Class A (a) | 15422 | &nbsp;&nbsp; 3450981 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Agilent Technologies, Inc.  | 18782 | &nbsp;&nbsp; 2216464 |
| Danaher Corp.  | 18744 | &nbsp;&nbsp; 3702689 |
| ICON PLC (a) | 2633 | &nbsp;&nbsp; 382970 |
|  |  | &nbsp;&nbsp; 6302123 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| Deere & Co.  | 1383 | &nbsp;&nbsp; 703242 |
| Fortive Corp.  | 13935 | &nbsp;&nbsp; 726431 |
| IDEX Corp.  | 13558 | &nbsp;&nbsp; 2380378 |
| Ingersoll Rand, Inc.  | 13634 | &nbsp;&nbsp; 1134076 |
| Middleby Corp. (a) (b) | 14877 | &nbsp;&nbsp; 2142288 |
|  |  | &nbsp;&nbsp; 7086415 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| MNTN, Inc. - Class A (a) | 2900 | &nbsp;&nbsp; 63423 |
| New York Times Co. - Class A | 24861 | &nbsp;&nbsp; 1391719 |
|  |  | &nbsp;&nbsp; 1455142 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Nucor Corp.  | 11168 | &nbsp;&nbsp; 1446703 |

---

*See accompanying notes to financial statements.*

**BHFTII-143**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Sempra | 56360 | &nbsp;&nbsp; $4270397 |
| **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| EQT Corp.  | 34953 | &nbsp;&nbsp; 2038459 |
| Exxon Mobil Corp.  | 112963 | &nbsp;&nbsp; 12177412 |
| Marathon Petroleum Corp.  | 19930 | &nbsp;&nbsp; 3310572 |
| Shell PLC (ADR) | 98471 | &nbsp;&nbsp; 6933343 |
| Targa Resources Corp.  | 21980 | &nbsp;&nbsp; 3826278 |
|  |  | &nbsp;&nbsp; 28286064 |
| **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** |
| BellRing Brands, Inc. (a) | 39071 | &nbsp;&nbsp; 2263383 |
| elf Beauty, Inc. (a) (b) | 4109 | &nbsp;&nbsp; 511324 |
| Haleon PLC (ADR) (b) | 338826 | &nbsp;&nbsp; 3513625 |
| Unilever PLC (ADR) (b) | 69204 | &nbsp;&nbsp; 4233209 |
|  |  | &nbsp;&nbsp; 10521541 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| AstraZeneca PLC (ADR) | 30840 | &nbsp;&nbsp; 2155099 |
| Eli Lilly & Co.  | 14098 | &nbsp;&nbsp; 10989814 |
| GSK PLC (ADR) (b) | 39572 | &nbsp;&nbsp; 1519565 |
| Johnson & Johnson | 21163 | &nbsp;&nbsp; 3232648 |
| Merck & Co., Inc.  | 64302 | &nbsp;&nbsp; 5090146 |
| Novo Nordisk AS (ADR) (b) | 15714 | &nbsp;&nbsp; 1084580 |
| Structure Therapeutics, Inc. (ADR) (a) (b) | 18093 | &nbsp;&nbsp; 375249 |
| Verona Pharma PLC (ADR) (a) | 5913 | &nbsp;&nbsp; 559252 |
|  |  | &nbsp;&nbsp; 25006353 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Camden Property Trust | 19507 | &nbsp;&nbsp; 2198244 |
| **Semiconductors & Semiconductor Equipment — 7.7%** | **Semiconductors & Semiconductor Equipment — 7.7%** | **Semiconductors & Semiconductor Equipment — 7.7%** |
| Broadcom, Inc.  | 83121 | &nbsp;&nbsp; 22912304 |
| First Solar, Inc. (a) | 9327 | &nbsp;&nbsp; 1543992 |
| MKS, Inc.  | 22792 | &nbsp;&nbsp; 2264613 |
| NVIDIA Corp.  | 368942 | &nbsp;&nbsp; 58289146 |
| NXP Semiconductors NV | 26911 | &nbsp;&nbsp; 5879784 |
|  |  | &nbsp;&nbsp; 90889839 |
| **Software — 7.5%** | **Software — 7.5%** | **Software — 7.5%** |
| HubSpot, Inc. (a) | 6225 | &nbsp;&nbsp; 3465022 |
| Intuit, Inc.  | 8790 | &nbsp;&nbsp; 6923268 |
| Microsoft Corp.  | 108045 | &nbsp;&nbsp; 53742663 |
| Palantir Technologies, Inc. - Class A (a) | 6924 | &nbsp;&nbsp; 943880 |
| SAP SE (ADR) (b) | 16969 | &nbsp;&nbsp; 5160273 |
| ServiceNow, Inc. (a) | 7886 | &nbsp;&nbsp; 8107439 |
| Synopsys, Inc. (a) | 11274 | &nbsp;&nbsp; 5779954 |
| Zscaler, Inc. (a) | 12323 | &nbsp;&nbsp; 3868682 |
|  |  | &nbsp;&nbsp; 87991181 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| O'Reilly Automotive, Inc. (a) | 28959 | &nbsp;&nbsp; 2610074 |
| TJX Cos., Inc.  | 33381 | &nbsp;&nbsp; 4122220 |
|  |  | &nbsp;&nbsp; 6732294 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals — 3.4%** | **Technology Hardware, Storage & Peripherals — 3.4%** | **Technology Hardware, Storage & Peripherals — 3.4%** |
| Apple, Inc.  | 181847 | &nbsp;&nbsp; $37309549 |
| NetApp, Inc.  | 23723 | &nbsp;&nbsp; 2527686 |
|  |  | &nbsp;&nbsp; 39837235 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Deckers Outdoor Corp. (a) | 6886 | &nbsp;&nbsp; 709740 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Philip Morris International, Inc.  | 30131 | &nbsp;&nbsp; 5487759 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| WESCO International, Inc.  | 15549 | &nbsp;&nbsp; 2879675 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| T-Mobile U.S., Inc.  | 25779 | &nbsp;&nbsp; 6142105 |
| Total Common Stocks <br>(Cost $589,397,977) <br>|  | &nbsp;&nbsp; 716833611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Agency Sponsored Mortgage-Backed Securities—15.7%** | **Agency Sponsored Mortgage-Backed Securities—15.7%** | **Agency Sponsored Mortgage-Backed Securities—15.7%** |
| **Agency Collateralized Mortgage Obligations — 1.7%** | **Agency Collateralized Mortgage Obligations — 1.7%** | **Agency Collateralized Mortgage Obligations — 1.7%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| Zero Coupon, 11/15/36 (c) | 6343 | &nbsp;&nbsp; 5299 |
| 1.000%, 02/25/51 | 414695 | &nbsp;&nbsp; 359062 |
| 1.445%, -1x SOFR30A + 5.750%, 05/25/55 (d) (e) | 1359102 | &nbsp;&nbsp; 93061 |
| 1.750%, 10/15/42 | 113339 | &nbsp;&nbsp; 98914 |
| 2.000%, 07/25/50 | 117190 | &nbsp;&nbsp; 102923 |
| 2.500%, 05/15/28 (d) | 19895 | &nbsp;&nbsp; 480 |
| 2.500%, 06/25/50 (d) | 678075 | &nbsp;&nbsp; 96599 |
| 2.500%, 03/25/52 | 389176 | &nbsp;&nbsp; 348730 |
| 3.000%, 03/15/28 (d) | 37365 | &nbsp;&nbsp; 991 |
| 3.000%, 05/15/32 (d) | 3757 | &nbsp;&nbsp; 10 |
| 3.000%, 03/15/33 (d) | 45198 | &nbsp;&nbsp; 3219 |
| 3.000%, 03/25/40 | 500000 | &nbsp;&nbsp; 439843 |
| 3.000%, 12/25/49 (d) | 687968 | &nbsp;&nbsp; 119295 |
| 3.000%, 09/25/51 (d) | 610920 | &nbsp;&nbsp; 98968 |
| 3.250%, 11/15/41 | 70143 | &nbsp;&nbsp; 65732 |
| 3.500%, 09/15/26 (d) | 4392 | &nbsp;&nbsp; 64 |
| 3.500%, 03/15/27 (d) | 1254 | &nbsp;&nbsp; 4 |
| 3.500%, 03/15/41 (d) | 17062 | &nbsp;&nbsp; 334 |
| 3.500%, 10/15/45 | 105144 | &nbsp;&nbsp; 97627 |
| 3.500%, 12/15/46 | 229928 | &nbsp;&nbsp; 212883 |
| 4.000%, 07/15/27 (d) | 3935 | &nbsp;&nbsp; 70 |
| 4.000%, 03/15/28 (d) | 5872 | &nbsp;&nbsp; 57 |
| 4.000%, 06/15/28 (d) | 4552 | &nbsp;&nbsp; 61 |
| 4.000%, 07/15/30 (d) | 39930 | &nbsp;&nbsp; 2071 |
| 4.000%, 05/25/40 (d) | 246905 | &nbsp;&nbsp; 36886 |
| 4.000%, 09/15/41 | 275294 | &nbsp;&nbsp; 268808 |
| 4.000%, 03/25/45 (d) | 509249 | &nbsp;&nbsp; 92140 |
| 4.750%, 07/15/39 | 147459 | &nbsp;&nbsp; 148600 |
| 5.000%, 09/15/33 (d) | 61748 | &nbsp;&nbsp; 8221 |
| 5.000%, 02/15/48 (d) | 95367 | &nbsp;&nbsp; 19003 |
| 5.500%, 08/15/33 | 15402 | &nbsp;&nbsp; 15923 |
| 5.500%, 07/15/36 | 35859 | &nbsp;&nbsp; 37518 |
| 5.500%, 06/15/46 | 50382 | &nbsp;&nbsp; 52731 |
| 6.500%, 07/15/36 | 35491 | &nbsp;&nbsp; 36836 |

---

*See accompanying notes to financial statements.*

**BHFTII-144**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 6.500%, 04/15/39 (d) | 214272 | &nbsp;&nbsp; $40512 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust<br>|  |  |
| 2.500%, 08/25/59 | 412152 | &nbsp;&nbsp; 335529 |
| 3.500%, 11/25/57 | 359555 | &nbsp;&nbsp; 339443 |
| 3.500%, 03/25/58 | 676468 | &nbsp;&nbsp; 603071 |
| 3.500%, 07/25/58 | 996728 | &nbsp;&nbsp; 930965 |
| 3.500%, 08/25/58 | 195726 | &nbsp;&nbsp; 181205 |
| 3.500%, 10/25/58 | 740916 | &nbsp;&nbsp; 671095 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 7.205%, SOFR30A + 2.900%, 04/25/42 (144A) (e) | 969000 | &nbsp;&nbsp; 998070 |
| 7.655%, SOFR30A + 3.350%, 05/25/42 (144A) (e) | 495000 | &nbsp;&nbsp; 514367 |
| 7.655%, SOFR30A + 3.350%, 06/25/43 (144A) (e) | 1000000 | &nbsp;&nbsp; 1041509 |
| 7.705%, SOFR30A + 3.400%, 10/25/41 (144A) (e) | 450000 | &nbsp;&nbsp; 462125 |
| 7.805%, SOFR30A + 3.500%, 05/25/43 (144A) (e) | 945000 | &nbsp;&nbsp; 998112 |
| 7.855%, SOFR30A + 3.550%, 08/25/42 (144A) (e) | 155000 | &nbsp;&nbsp; 162169 |
| 7.955%, SOFR30A + 3.650%, 11/25/41 (144A) (e) | 426000 | &nbsp;&nbsp; 439949 |
| 8.005%, SOFR30A + 3.700%, 09/25/42 (144A) (e) | 425000 | &nbsp;&nbsp; 447712 |
| 8.305%, SOFR30A + 4.000%, 07/25/42 (144A) (e) | 380000 | &nbsp;&nbsp; 401018 |
| 8.805%, SOFR30A + 4.500%, 06/25/42 (144A) (e) | 600000 | &nbsp;&nbsp; 637712 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 1.500%, 05/15/37 (d) | 1908219 | &nbsp;&nbsp; 103628 |
| 2.000%, 06/15/52 (d) | 869930 | &nbsp;&nbsp; 114113 |
| 2.500%, 03/15/52 (d) | 648558 | &nbsp;&nbsp; 103981 |
| 2.500%, 08/25/52 (d) | 768874 | &nbsp;&nbsp; 118741 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 6.105%, SOFR30A + 1.800%, 02/25/44 (144A) (e) | 190000 | &nbsp;&nbsp; 191600 |
| 7.405%, SOFR30A + 3.100%, 10/25/41 (144A) (e) | 174400 | &nbsp;&nbsp; 178627 |
| 7.455%, SOFR30A + 3.150%, 12/25/41 (144A) (e) | 405000 | &nbsp;&nbsp; 415757 |
| 8.805%, SOFR30A + 4.500%, 01/25/42 (144A) (e) | 860000 | &nbsp;&nbsp; 897439 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 09/25/39 | 108486 | &nbsp;&nbsp; 95333 |
| 2.000%, 03/25/52 (d) | 815256 | &nbsp;&nbsp; 104014 |
| 2.500%, 06/25/52 (d) | 705723 | &nbsp;&nbsp; 110778 |
| 2.500%, 09/25/52 (d) | 734231 | &nbsp;&nbsp; 115937 |
| 4.000%, 05/25/27 (d) | 6198 | &nbsp;&nbsp; 73 |
| Federal National Mortgage Association REMICS |  |  |
| Zero Coupon, 03/25/36 (c) | 6981 | &nbsp;&nbsp; 6173 |
| Zero Coupon, 06/25/41 (c) | 72091 | &nbsp;&nbsp; 54393 |
| 1.645%, -1x SOFR30A + 5.950%, 10/25/54 (d) (e) | 1352708 | &nbsp;&nbsp; 88957 |
| 1.750%, 12/25/42 | 177872 | &nbsp;&nbsp; 160389 |
| 1.923%, 04/25/55 (d) (e) | 150706 | &nbsp;&nbsp; 6728 |
| 2.000%, 03/25/50 | 316200 | &nbsp;&nbsp; 263240 |
| 2.070%, 08/25/44 (d) (e) | 109473 | &nbsp;&nbsp; 7188 |
| 2.103%, 05/25/46 (d) (e) | 139300 | &nbsp;&nbsp; 6832 |
| 2.261%, 06/25/55 (d) (e) | 103971 | &nbsp;&nbsp; 5079 |
| 2.500%, 06/25/28 (d) | 16886 | &nbsp;&nbsp; 395 |
| 2.500%, 02/25/51 (d) | 689800 | &nbsp;&nbsp; 115473 |
| 3.000%, 09/25/27 (d) | 11109 | &nbsp;&nbsp; 224 |
| 3.000%, 01/25/28 (d) | 54249 | &nbsp;&nbsp; 903 |
| 3.000%, 08/25/49 | 225555 | &nbsp;&nbsp; 205147 |
| 3.500%, 05/25/27 (d) | 25117 | &nbsp;&nbsp; 501 |
| 3.500%, 10/25/27 (d) | 21827 | &nbsp;&nbsp; 634 |
| 3.500%, 05/25/30 (d) | 42882 | &nbsp;&nbsp; 2252 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 3.500%, 08/25/30 (d) | 10800 | &nbsp;&nbsp; $443 |
| 3.500%, 02/25/31 (d) | 4692 | &nbsp;&nbsp; 43 |
| 3.500%, 03/25/34 (d) | 434148 | &nbsp;&nbsp; 16344 |
| 3.500%, 09/25/35 (d) | 48968 | &nbsp;&nbsp; 4405 |
| 3.500%, 11/25/39 (d) | 321092 | &nbsp;&nbsp; 27920 |
| 3.500%, 01/25/42 | 416000 | &nbsp;&nbsp; 391475 |
| 3.500%, 04/25/46 | 181184 | &nbsp;&nbsp; 149790 |
| 3.500%, 10/25/46 (d) | 61925 | &nbsp;&nbsp; 12128 |
| 3.500%, 12/25/58 | 475159 | &nbsp;&nbsp; 424574 |
| 4.000%, 03/25/42 (d) | 28404 | &nbsp;&nbsp; 3003 |
| 4.000%, 11/25/42 (d) | 14620 | &nbsp;&nbsp; 1331 |
| 4.000%, 02/25/50 (d) | 1012668 | &nbsp;&nbsp; 198530 |
| 4.000%, 06/25/50 (d) | 525937 | &nbsp;&nbsp; 105173 |
| 4.000%, 11/25/50 (d) | 527860 | &nbsp;&nbsp; 110866 |
| 4.500%, 07/25/27 (d) | 127 | &nbsp;&nbsp; 1 |
| 5.000%, 12/25/43 (d) | 226526 | &nbsp;&nbsp; 41910 |
| 5.000%, 06/25/48 (d) | 244542 | &nbsp;&nbsp; 36002 |
| 5.000%, 12/25/51 | 416228 | &nbsp;&nbsp; 414465 |
| 5.500%, 04/25/35 | 137880 | &nbsp;&nbsp; 143560 |
| 5.500%, 04/25/37 | 37231 | &nbsp;&nbsp; 39035 |
| 5.500%, 11/25/40 (d) | 210331 | &nbsp;&nbsp; 24983 |
| 5.500%, 09/25/44 (d) | 162073 | &nbsp;&nbsp; 28519 |
| 5.500%, 06/25/48 (d) | 181900 | &nbsp;&nbsp; 32879 |
| 5.500%, 03/25/52 | 439985 | &nbsp;&nbsp; 443788 |
| 5.500%, 04/25/52 | 423692 | &nbsp;&nbsp; 427674 |
| 5.528%, 05/25/42 (d) (e) | 2613 | &nbsp;&nbsp; 179 |
| 6.000%, 01/25/42 (d) | 95761 | &nbsp;&nbsp; 5553 |
| Government National Mortgage Association REMICS |  |  |
| 2.500%, 12/16/39 | 69820 | &nbsp;&nbsp; 66189 |
| 2.500%, 07/20/41 | 160100 | &nbsp;&nbsp; 144418 |
| 2.500%, 10/20/49 | 574577 | &nbsp;&nbsp; 511942 |
| 3.000%, 09/20/28 (d) | 13387 | &nbsp;&nbsp; 190 |
| 3.000%, 05/20/35 (d) | 336995 | &nbsp;&nbsp; 16278 |
| 3.000%, 02/16/43 (d) | 47468 | &nbsp;&nbsp; 6337 |
| 3.000%, 02/20/52 | 319171 | &nbsp;&nbsp; 295261 |
| 3.500%, 02/16/27 (d) | 2544 | &nbsp;&nbsp; 13 |
| 3.500%, 03/20/27 (d) | 12025 | &nbsp;&nbsp; 82 |
| 3.500%, 10/20/29 (d) | 158622 | &nbsp;&nbsp; 8126 |
| 3.500%, 07/20/40 (d) | 10081 | &nbsp;&nbsp; 115 |
| 3.500%, 04/20/42 (d) | 54396 | &nbsp;&nbsp; 1701 |
| 3.500%, 10/20/42 (d) | 263885 | &nbsp;&nbsp; 33224 |
| 3.500%, 07/20/43 (d) | 81545 | &nbsp;&nbsp; 11971 |
| 4.000%, 12/16/26 (d) | 1131 | &nbsp;&nbsp; 12 |
| 4.000%, 05/20/29 (d) | 22301 | &nbsp;&nbsp; 544 |
| 4.000%, 05/16/42 (d) | 20465 | &nbsp;&nbsp; 1764 |
| 4.000%, 09/16/42 (d) | 476781 | &nbsp;&nbsp; 112937 |
| 4.000%, 01/20/44 (d) | 22264 | &nbsp;&nbsp; 4216 |
| 4.000%, 11/20/44 (d) | 305330 | &nbsp;&nbsp; 44021 |
| 4.000%, 03/20/47 (d) | 147614 | &nbsp;&nbsp; 26368 |
| 4.500%, 08/20/45 (d) | 289321 | &nbsp;&nbsp; 56518 |
| 4.500%, 05/20/48 (d) | 244168 | &nbsp;&nbsp; 36451 |
| 5.000%, 02/16/40 (d) | 178799 | &nbsp;&nbsp; 35832 |
| 5.000%, 10/16/41 (d) | 74505 | &nbsp;&nbsp; 12707 |
| 5.000%, 12/20/43 (d) | 218953 | &nbsp;&nbsp; 36900 |
| 5.000%, 01/16/47 (d) | 39256 | &nbsp;&nbsp; 8194 |

---

*See accompanying notes to financial statements.*

**BHFTII-145**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| 5.500%, 03/20/39 (d) | 99805 | &nbsp;&nbsp; $8707 |
| 5.500%, 02/16/47 (d) | 105639 | &nbsp;&nbsp; 14826 |
| 5.500%, 02/20/47 (d) | 71530 | &nbsp;&nbsp; 10764 |
| 6.000%, 09/20/40 (d) | 136333 | &nbsp;&nbsp; 20641 |
| 6.000%, 02/20/46 (d) | 119691 | &nbsp;&nbsp; 12660 |
|  |  | &nbsp;&nbsp; 20166537 |
| **Agency Mortgage-Backed Securities — 14.0%** | **Agency Mortgage-Backed Securities — 14.0%** | **Agency Mortgage-Backed Securities — 14.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.000%, 06/01/36 | 100482 | &nbsp;&nbsp; 92439 |
| 2.000%, 12/01/40 | 62622 | &nbsp;&nbsp; 53960 |
| 2.000%, 05/01/41 | 418454 | &nbsp;&nbsp; 359886 |
| 2.000%, 12/01/41 | 448821 | &nbsp;&nbsp; 386345 |
| 2.000%, 09/01/50 | 198256 | &nbsp;&nbsp; 158980 |
| 2.000%, 10/01/50 | 386058 | &nbsp;&nbsp; 308037 |
| 2.000%, 02/01/51 | 578071 | &nbsp;&nbsp; 462141 |
| 2.000%, 03/01/51 | 1853457 | &nbsp;&nbsp; 1477763 |
| 2.000%, 04/01/51 | 672551 | &nbsp;&nbsp; 535190 |
| 2.000%, 05/01/51 | 360466 | &nbsp;&nbsp; 290246 |
| 2.000%, 08/01/51 | 151087 | &nbsp;&nbsp; 120690 |
| 2.000%, 11/01/51 | 152800 | &nbsp;&nbsp; 122493 |
| 2.000%, 04/01/52 | 602647 | &nbsp;&nbsp; 483991 |
| 2.500%, 05/01/50 | 200644 | &nbsp;&nbsp; 168758 |
| 2.500%, 06/01/50 | 245562 | &nbsp;&nbsp; 207068 |
| 2.500%, 07/01/50 | 1416903 | &nbsp;&nbsp; 1193067 |
| 2.500%, 09/01/50 | 395546 | &nbsp;&nbsp; 333661 |
| 2.500%, 11/01/50 | 432726 | &nbsp;&nbsp; 362606 |
| 2.500%, 02/01/51 | 131575 | &nbsp;&nbsp; 111118 |
| 2.500%, 03/01/51 | 334564 | &nbsp;&nbsp; 278826 |
| 2.500%, 05/01/51 | 166452 | &nbsp;&nbsp; 139431 |
| 2.500%, 07/01/51 | 167097 | &nbsp;&nbsp; 140004 |
| 2.500%, 08/01/51 | 129936 | &nbsp;&nbsp; 108741 |
| 2.500%, 10/01/51 | 253363 | &nbsp;&nbsp; 211957 |
| 2.500%, 04/01/52 | 830337 | &nbsp;&nbsp; 692302 |
| 3.000%, 07/01/28 | 85804 | &nbsp;&nbsp; 84386 |
| 3.000%, 08/01/29 | 50629 | &nbsp;&nbsp; 49692 |
| 3.000%, 10/01/32 | 137662 | &nbsp;&nbsp; 133740 |
| 3.000%, 04/01/33 | 142139 | &nbsp;&nbsp; 138200 |
| 3.000%, 11/01/36 | 305245 | &nbsp;&nbsp; 289373 |
| 3.000%, 01/01/37 | 203156 | &nbsp;&nbsp; 192509 |
| 3.000%, 12/01/44 | 4134 | &nbsp;&nbsp; 3699 |
| 3.000%, 08/01/46 | 365501 | &nbsp;&nbsp; 325116 |
| 3.000%, 10/01/46 | 372823 | &nbsp;&nbsp; 331264 |
| 3.000%, 11/01/46 | 822591 | &nbsp;&nbsp; 733053 |
| 3.000%, 12/01/46 | 242024 | &nbsp;&nbsp; 215531 |
| 3.000%, 01/01/47 | 229922 | &nbsp;&nbsp; 204492 |
| 3.000%, 07/01/50 | 159428 | &nbsp;&nbsp; 139506 |
| 3.000%, 08/01/51 | 63880 | &nbsp;&nbsp; 55828 |
| 3.000%, 05/01/52 | 253974 | &nbsp;&nbsp; 222322 |
| 3.500%, 08/01/34 | 153509 | &nbsp;&nbsp; 149429 |
| 3.500%, 08/01/42 | 42469 | &nbsp;&nbsp; 39916 |
| 3.500%, 11/01/42 | 56368 | &nbsp;&nbsp; 52962 |
| 3.500%, 06/01/46 | 40627 | &nbsp;&nbsp; 37722 |
| 3.500%, 10/01/47 | 220048 | &nbsp;&nbsp; 201821 |
| 3.500%, 12/01/47 | 90817 | &nbsp;&nbsp; 83311 |

---

---

| | | |
|:---|:---|:---|
| **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%, 03/01/48 | 206398 | &nbsp;&nbsp; $190445 |
| 3.500%, 12/01/48 | 134886 | &nbsp;&nbsp; 123474 |
| 4.000%, 05/01/42 | 183870 | &nbsp;&nbsp; 177847 |
| 4.000%, 08/01/42 | 52003 | &nbsp;&nbsp; 50185 |
| 4.000%, 09/01/42 | 64594 | &nbsp;&nbsp; 62343 |
| 4.000%, 07/01/44 | 3084 | &nbsp;&nbsp; 3034 |
| 4.000%, 02/01/46 | 54338 | &nbsp;&nbsp; 51604 |
| 4.000%, 04/01/47 | 29967 | &nbsp;&nbsp; 28759 |
| 4.000%, 09/01/48 | 27547 | &nbsp;&nbsp; 26108 |
| 4.000%, 04/01/49 | 563914 | &nbsp;&nbsp; 532204 |
| 4.000%, 05/01/49 | 111612 | &nbsp;&nbsp; 105996 |
| 4.000%, 07/01/49 | 422220 | &nbsp;&nbsp; 401842 |
| 4.500%, 09/01/43 | 29748 | &nbsp;&nbsp; 29102 |
| 4.500%, 11/01/43 | 251662 | &nbsp;&nbsp; 247982 |
| 5.000%, 05/01/39 | 1920 | &nbsp;&nbsp; 1936 |
| 5.000%, 06/01/41 | 144456 | &nbsp;&nbsp; 146373 |
| 5.000%, 09/01/52 | 553535 | &nbsp;&nbsp; 545184 |
| 5.000%, 11/01/52 | 284190 | &nbsp;&nbsp; 280248 |
| 5.000%, 12/01/52 | 314107 | &nbsp;&nbsp; 309336 |
| 5.000%, 01/01/53 | 2995819 | &nbsp;&nbsp; 2950159 |
| 5.000%, 04/01/53 | 221322 | &nbsp;&nbsp; 218343 |
| 5.500%, 07/01/33 | 28945 | &nbsp;&nbsp; 29497 |
| 5.500%, 12/01/37 | 901547 | &nbsp;&nbsp; 918787 |
| 5.500%, 04/01/39 | 13808 | &nbsp;&nbsp; 14189 |
| 5.500%, 06/01/41 | 51593 | &nbsp;&nbsp; 53102 |
| 5.500%, 02/01/53 | 487484 | &nbsp;&nbsp; 489709 |
| 5.500%, 09/01/54 | 1163880 | &nbsp;&nbsp; 1164099 |
| 5.500%, 10/01/54 | 95201 | &nbsp;&nbsp; 95219 |
| 6.000%, 11/01/52 | 267569 | &nbsp;&nbsp; 272780 |
| 6.000%, 12/01/52 | 298018 | &nbsp;&nbsp; 304812 |
| 6.000%, 03/01/53 | 153301 | &nbsp;&nbsp; 157531 |
| 6.000%, 06/01/54 | 1060386 | &nbsp;&nbsp; 1079780 |
| 6.000%, 08/01/54 | 1036611 | &nbsp;&nbsp; 1054383 |
| 6.775%, 1Y RFUCCT + 1.900%, 02/01/41 (e) | 3101 | &nbsp;&nbsp; 3164 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.570%, 12/25/33 (d) (e) | 1465909 | &nbsp;&nbsp; 43356 |
| 0.725%, 10/25/26 (d) (e) | 995879 | &nbsp;&nbsp; 6598 |
| 0.725%, 03/25/27 (d) (e) | 3829586 | &nbsp;&nbsp; 31946 |
| 0.867%, 06/25/27 (d) (e) | 2261112 | &nbsp;&nbsp; 25459 |
| 0.962%, 11/25/30 (d) (e) | 946593 | &nbsp;&nbsp; 35853 |
| 1.113%, 10/25/30 (d) (e) | 1628265 | &nbsp;&nbsp; 69121 |
| 1.208%, 06/25/30 (d) (e) | 3018582 | &nbsp;&nbsp; 138891 |
| 1.230%, 01/25/30 (d) (e) | 2401345 | &nbsp;&nbsp; 100198 |
| 1.534%, 05/25/30 (d) (e) | 2333936 | &nbsp;&nbsp; 133599 |
| 1.676%, 05/25/30 (d) (e) | 1467479 | &nbsp;&nbsp; 91756 |
| Federal National Mortgage Association |  |  |
| 1.500%, 09/01/51 | 1797928 | &nbsp;&nbsp; 1354589 |
| 2.000%, 05/01/36 | 153695 | &nbsp;&nbsp; 140429 |
| 2.000%, 08/01/36 | 324288 | &nbsp;&nbsp; 296292 |
| 2.000%, 09/01/40 | 242167 | &nbsp;&nbsp; 211604 |
| 2.000%, 12/01/40 | 910833 | &nbsp;&nbsp; 788338 |
| 2.000%, 04/01/41 | 274549 | &nbsp;&nbsp; 236550 |
| 2.000%, 05/01/41 | 86414 | &nbsp;&nbsp; 74541 |
| 2.000%, 10/01/41 | 331261 | &nbsp;&nbsp; 285494 |

---

*See accompanying notes to financial statements.*

**BHFTII-146**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.000%, 02/01/42 | 209501 | &nbsp;&nbsp; $180780 |
| 2.000%, 08/01/50 | 197228 | &nbsp;&nbsp; 157255 |
| 2.000%, 12/01/50 | 538509 | &nbsp;&nbsp; 429511 |
| 2.000%, 01/01/51 | 299508 | &nbsp;&nbsp; 242871 |
| 2.000%, 02/01/51 | 1786172 | &nbsp;&nbsp; 1424168 |
| 2.000%, 03/01/51 | 2978575 | &nbsp;&nbsp; 2370844 |
| 2.000%, 04/01/51 | 3211023 | &nbsp;&nbsp; 2552725 |
| 2.000%, 05/01/51 | 1117416 | &nbsp;&nbsp; 888113 |
| 2.000%, 07/01/51 | 488128 | &nbsp;&nbsp; 390708 |
| 2.250%, 04/01/33 | 200057 | &nbsp;&nbsp; 173039 |
| 2.500%, 06/01/40 | 542520 | &nbsp;&nbsp; 493059 |
| 2.500%, 04/01/50 | 217263 | &nbsp;&nbsp; 182598 |
| 2.500%, 06/01/50 | 245785 | &nbsp;&nbsp; 206547 |
| 2.500%, 07/01/50 | 40960 | &nbsp;&nbsp; 34326 |
| 2.500%, 09/01/50 | 391195 | &nbsp;&nbsp; 327814 |
| 2.500%, 10/01/50 | 655268 | &nbsp;&nbsp; 552568 |
| 2.500%, 01/01/51 | 283551 | &nbsp;&nbsp; 238551 |
| 2.500%, 05/01/51 | 4647180 | &nbsp;&nbsp; 3903163 |
| 2.500%, 06/01/51 | 557282 | &nbsp;&nbsp; 465115 |
| 2.500%, 07/01/51 | 321372 | &nbsp;&nbsp; 269203 |
| 2.500%, 08/01/51 | 169188 | &nbsp;&nbsp; 142888 |
| 2.500%, 09/01/51 | 203070 | &nbsp;&nbsp; 169993 |
| 2.500%, 10/01/51 | 1500250 | &nbsp;&nbsp; 1254030 |
| 2.500%, 11/01/51 | 2973131 | &nbsp;&nbsp; 2504533 |
| 2.500%, 12/01/51 | 368869 | &nbsp;&nbsp; 310491 |
| 2.500%, 01/01/52 | 363078 | &nbsp;&nbsp; 304601 |
| 2.500%, 03/01/52 | 549729 | &nbsp;&nbsp; 458032 |
| 2.500%, 04/01/52 | 376577 | &nbsp;&nbsp; 316490 |
| 2.500%, 01/01/57 | 492352 | &nbsp;&nbsp; 408633 |
| 3.000%, 07/01/28 | 155879 | &nbsp;&nbsp; 153234 |
| 3.000%, 02/01/31 | 30750 | &nbsp;&nbsp; 30031 |
| 3.000%, 08/01/33 | 97066 | &nbsp;&nbsp; 94333 |
| 3.000%, 03/01/37 | 237688 | &nbsp;&nbsp; 225218 |
| 3.000%, 02/01/43 | 277804 | &nbsp;&nbsp; 251311 |
| 3.000%, 03/01/43 | 344171 | &nbsp;&nbsp; 311113 |
| 3.000%, 04/01/43 | 335245 | &nbsp;&nbsp; 303067 |
| 3.000%, 05/01/43 | 877476 | &nbsp;&nbsp; 793205 |
| 3.000%, 06/01/43 | 496624 | &nbsp;&nbsp; 449517 |
| 3.000%, 12/01/49 | 39459 | &nbsp;&nbsp; 34574 |
| 3.000%, 02/01/50 | 168670 | &nbsp;&nbsp; 149420 |
| 3.000%, 08/01/50 | 582367 | &nbsp;&nbsp; 508588 |
| 3.000%, 10/01/50 | 242661 | &nbsp;&nbsp; 210986 |
| 3.000%, 12/01/50 | 335267 | &nbsp;&nbsp; 291556 |
| 3.000%, 04/01/51 | 125480 | &nbsp;&nbsp; 109301 |
| 3.000%, 05/01/51 | 302026 | &nbsp;&nbsp; 268511 |
| 3.000%, 06/01/51 | 66355 | &nbsp;&nbsp; 57992 |
| 3.000%, 07/01/51 | 83772 | &nbsp;&nbsp; 73280 |
| 3.000%, 08/01/51 | 156406 | &nbsp;&nbsp; 137354 |
| 3.000%, 10/01/51 | 188919 | &nbsp;&nbsp; 165083 |
| 3.000%, 11/01/51 | 843668 | &nbsp;&nbsp; 734189 |
| 3.000%, 12/01/51 | 461298 | &nbsp;&nbsp; 402810 |
| 3.000%, 01/01/52 | 219087 | &nbsp;&nbsp; 190971 |
| 3.000%, 04/01/52 | 218167 | &nbsp;&nbsp; 190907 |
| 3.000%, 05/01/52 | 322044 | &nbsp;&nbsp; 281400 |
| 3.500%, 03/01/43 | 11306 | &nbsp;&nbsp; 10615 |

---

---

| | | |
|:---|:---|:---|
| **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%, 05/01/43 | 27921 | &nbsp;&nbsp; $26164 |
| 3.500%, 07/01/43 | 57558 | &nbsp;&nbsp; 53977 |
| 3.500%, 08/01/43 | 565700 | &nbsp;&nbsp; 525804 |
| 3.500%, 10/01/44 | 105287 | &nbsp;&nbsp; 98200 |
| 3.500%, 02/01/45 | 105037 | &nbsp;&nbsp; 97641 |
| 3.500%, 01/01/46 | 123911 | &nbsp;&nbsp; 115026 |
| 3.500%, 03/01/46 | 89518 | &nbsp;&nbsp; 83182 |
| 3.500%, 09/01/46 | 177778 | &nbsp;&nbsp; 163407 |
| 3.500%, 10/01/46 | 78903 | &nbsp;&nbsp; 72794 |
| 3.500%, 11/01/46 | 76481 | &nbsp;&nbsp; 70765 |
| 3.500%, 12/01/46 | 446927 | &nbsp;&nbsp; 419269 |
| 3.500%, 05/01/47 | 155654 | &nbsp;&nbsp; 144154 |
| 3.500%, 09/01/47 | 341460 | &nbsp;&nbsp; 313915 |
| 3.500%, 12/01/47 | 47532 | &nbsp;&nbsp; 43903 |
| 3.500%, 01/01/48 | 195982 | &nbsp;&nbsp; 179126 |
| 3.500%, 02/01/48 | 818748 | &nbsp;&nbsp; 754694 |
| 3.500%, 07/01/48 | 243164 | &nbsp;&nbsp; 224997 |
| 3.500%, 11/01/48 | 51241 | &nbsp;&nbsp; 47042 |
| 3.500%, 04/01/52 | 526229 | &nbsp;&nbsp; 479102 |
| 3.500%, 09/01/57 | 829320 | &nbsp;&nbsp; 745008 |
| 3.500%, 05/01/58 | 473732 | &nbsp;&nbsp; 425570 |
| 4.000%, 04/01/26 | 708 | &nbsp;&nbsp; 704 |
| 4.000%, 02/01/29 | 5608 | &nbsp;&nbsp; 5583 |
| 4.000%, 10/01/40 | 227016 | &nbsp;&nbsp; 219307 |
| 4.000%, 11/01/40 | 86590 | &nbsp;&nbsp; 83655 |
| 4.000%, 12/01/40 | 63296 | &nbsp;&nbsp; 61153 |
| 4.000%, 02/01/41 | 29816 | &nbsp;&nbsp; 28803 |
| 4.000%, 03/01/41 | 77701 | &nbsp;&nbsp; 75030 |
| 4.000%, 06/01/41 | 249486 | &nbsp;&nbsp; 242616 |
| 4.000%, 08/01/42 | 43235 | &nbsp;&nbsp; 41651 |
| 4.000%, 09/01/42 | 78090 | &nbsp;&nbsp; 75301 |
| 4.000%, 03/01/45 | 9740 | &nbsp;&nbsp; 9255 |
| 4.000%, 07/01/45 | 65720 | &nbsp;&nbsp; 62444 |
| 4.000%, 03/01/46 | 64600 | &nbsp;&nbsp; 61696 |
| 4.000%, 05/01/46 | 19203 | &nbsp;&nbsp; 18195 |
| 4.000%, 06/01/46 | 78339 | &nbsp;&nbsp; 74234 |
| 4.000%, 04/01/47 | 82039 | &nbsp;&nbsp; 77694 |
| 4.000%, 10/01/47 | 335178 | &nbsp;&nbsp; 317462 |
| 4.000%, 06/01/48 | 629042 | &nbsp;&nbsp; 594158 |
| 4.000%, 09/01/48 | 103117 | &nbsp;&nbsp; 97592 |
| 4.000%, 01/01/49 | 369440 | &nbsp;&nbsp; 350449 |
| 4.000%, 04/01/49 | 732006 | &nbsp;&nbsp; 686171 |
| 4.000%, 08/01/49 | 27762 | &nbsp;&nbsp; 26515 |
| 4.000%, 04/01/50 | 497203 | &nbsp;&nbsp; 471142 |
| 4.000%, 08/01/51 | 80570 | &nbsp;&nbsp; 77547 |
| 4.000%, 06/01/52 | 321819 | &nbsp;&nbsp; 301172 |
| 4.390%, 04/01/29 | 649470 | &nbsp;&nbsp; 655415 |
| 4.500%, 07/01/25 | 10 | &nbsp;&nbsp; 10 |
| 4.500%, 06/01/26 | 2843 | &nbsp;&nbsp; 2836 |
| 4.500%, 12/01/37 | 216222 | &nbsp;&nbsp; 215787 |
| 4.500%, 10/01/40 | 168035 | &nbsp;&nbsp; 167566 |
| 4.500%, 09/01/41 | 19814 | &nbsp;&nbsp; 19714 |
| 4.500%, 10/01/41 | 86671 | &nbsp;&nbsp; 86341 |
| 4.500%, 08/01/42 | 28746 | &nbsp;&nbsp; 28601 |
| 4.500%, 09/01/43 | 385775 | &nbsp;&nbsp; 377847 |

---

*See accompanying notes to financial statements.*

**BHFTII-147**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.500%, 10/01/43 | 69533 | &nbsp;&nbsp; $67507 |
| 4.500%, 12/01/43 | 57046 | &nbsp;&nbsp; 56119 |
| 4.500%, 01/01/44 | 127230 | &nbsp;&nbsp; 124498 |
| 4.500%, 04/01/49 | 111935 | &nbsp;&nbsp; 108783 |
| 4.500%, 01/01/51 | 515698 | &nbsp;&nbsp; 494157 |
| 4.750%, 04/01/28 | 95000 | &nbsp;&nbsp; 96382 |
| 5.000%, 07/01/41 | 13517 | &nbsp;&nbsp; 13679 |
| 5.000%, 08/01/41 | 5550 | &nbsp;&nbsp; 5619 |
| 5.000%, 09/01/52 | 537440 | &nbsp;&nbsp; 529332 |
| 5.000%, 10/01/52 | 903370 | &nbsp;&nbsp; 890317 |
| 5.000%, 11/01/52 | 1285146 | &nbsp;&nbsp; 1265835 |
| 5.000%, 04/01/53 | 990310 | &nbsp;&nbsp; 973479 |
| 5.065%, 12/01/28 | 490000 | &nbsp;&nbsp; 503088 |
| 5.500%, 08/01/28 | 7951 | &nbsp;&nbsp; 8063 |
| 5.500%, 04/01/33 | 11687 | &nbsp;&nbsp; 11934 |
| 5.500%, 08/01/37 | 70697 | &nbsp;&nbsp; 72404 |
| 5.500%, 04/01/41 | 6758 | &nbsp;&nbsp; 6909 |
| 5.500%, 10/01/52 | 292648 | &nbsp;&nbsp; 294331 |
| 5.500%, 11/01/52 | 872772 | &nbsp;&nbsp; 877755 |
| 5.500%, 12/01/52 | 1002818 | &nbsp;&nbsp; 1007341 |
| 5.500%, 06/01/53 | 501206 | &nbsp;&nbsp; 503466 |
| 5.500%, 11/01/53 | 265004 | &nbsp;&nbsp; 265293 |
| 6.000%, 02/01/34 | 47974 | &nbsp;&nbsp; 49862 |
| 6.000%, 08/01/34 | 25562 | &nbsp;&nbsp; 26533 |
| 6.000%, 04/01/35 | 213251 | &nbsp;&nbsp; 220824 |
| 6.000%, 02/01/38 | 15929 | &nbsp;&nbsp; 16699 |
| 6.000%, 03/01/38 | 7085 | &nbsp;&nbsp; 7427 |
| 6.000%, 05/01/38 | 18800 | &nbsp;&nbsp; 19709 |
| 6.000%, 10/01/38 | 5203 | &nbsp;&nbsp; 5437 |
| 6.000%, 12/01/38 | 7324 | &nbsp;&nbsp; 7678 |
| 6.000%, 05/01/53 | 313964 | &nbsp;&nbsp; 323010 |
| 6.000%, 01/01/54 | 518341 | &nbsp;&nbsp; 527232 |
| 6.000%, 02/01/54 | 861952 | &nbsp;&nbsp; 876752 |
| 6.000%, 09/01/54 | 346742 | &nbsp;&nbsp; 353639 |
| 6.500%, 05/01/40 | 128778 | &nbsp;&nbsp; 134769 |
| 6.625%, 1Y RFUCCT + 1.750%, 03/01/41 (e) | 2786 | &nbsp;&nbsp; 2858 |
| 6.755%, 1Y RFUCCT + 1.755%, 12/01/40 (e) | 1084 | &nbsp;&nbsp; 1105 |
| 6.972%, 1Y RFUCCT + 1.774%, 06/01/41 (e) | 16005 | &nbsp;&nbsp; 16440 |
| 7.197%, 1Y RFUCCT + 1.821%, 09/01/41 (e) | 15943 | &nbsp;&nbsp; 16556 |
| Federal National Mortgage Association-ACES |  |  |
| 0.380%, 01/25/30 (d) (e) | 1749940 | &nbsp;&nbsp; 14359 |
| 1.251%, 06/25/34 (d) (e) | 3631127 | &nbsp;&nbsp; 210481 |
| 1.577%, 05/25/29 (d) (e) | 1781260 | &nbsp;&nbsp; 66605 |
| Government National Mortgage Association |  |  |
| 0.645%, 02/16/53 (d) (e) | 619372 | &nbsp;&nbsp; 9310 |
| 2.000%, 10/20/50 | 580427 | &nbsp;&nbsp; 472791 |
| 2.000%, 12/20/50 | 964338 | &nbsp;&nbsp; 785505 |
| 2.000%, 02/20/52 | 2239052 | &nbsp;&nbsp; 1824024 |
| 2.000%, 05/20/52 | 754585 | &nbsp;&nbsp; 614622 |
| 2.000%, 07/20/54 | 424956 | &nbsp;&nbsp; 346184 |
| 2.500%, 11/20/49 | 437718 | &nbsp;&nbsp; 374064 |
| 2.500%, 03/20/51 | 347204 | &nbsp;&nbsp; 295229 |
| 2.500%, 09/20/51 | 464712 | &nbsp;&nbsp; 395014 |
| 2.500%, 10/20/51 | 1559414 | &nbsp;&nbsp; 1325530 |
| 3.000%, 12/15/44 | 15664 | &nbsp;&nbsp; 13968 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 3.000%, 04/15/45 | 150087 | &nbsp;&nbsp; $133843 |
| 3.000%, 07/15/45 | 6355 | &nbsp;&nbsp; 5667 |
| 3.000%, 04/20/51 | 1608954 | &nbsp;&nbsp; 1426455 |
| 3.000%, 08/20/51 | 365672 | &nbsp;&nbsp; 323842 |
| 3.000%, 09/20/51 | 591041 | &nbsp;&nbsp; 523430 |
| 3.000%, 12/20/51 | 1488641 | &nbsp;&nbsp; 1317310 |
| 3.000%, 07/20/52 | 365673 | &nbsp;&nbsp; 323630 |
| 3.500%, 03/20/44 | 231492 | &nbsp;&nbsp; 216055 |
| 3.500%, 06/20/46 | 266646 | &nbsp;&nbsp; 248012 |
| 3.500%, 07/20/46 | 63538 | &nbsp;&nbsp; 59069 |
| 3.500%, 10/20/46 | 68507 | &nbsp;&nbsp; 63578 |
| 3.500%, 02/20/47 | 308256 | &nbsp;&nbsp; 285597 |
| 3.500%, 08/20/47 | 55512 | &nbsp;&nbsp; 51294 |
| 3.500%, 11/20/47 | 62532 | &nbsp;&nbsp; 57761 |
| 3.500%, 03/20/48 | 79470 | &nbsp;&nbsp; 73390 |
| 3.500%, 02/20/49 | 240419 | &nbsp;&nbsp; 221981 |
| 3.500%, 07/20/49 | 229137 | &nbsp;&nbsp; 210074 |
| 3.500%, 01/20/51 | 64191 | &nbsp;&nbsp; 58783 |
| 3.500%, 04/20/52 | 184383 | &nbsp;&nbsp; 168220 |
| 3.500%, 06/20/52 | 535794 | &nbsp;&nbsp; 488826 |
| 3.500%, 12/20/52 | 1466721 | &nbsp;&nbsp; 1338831 |
| 3.500%, 01/20/53 | 654496 | &nbsp;&nbsp; 597101 |
| 3.875%, 08/15/42 | 173154 | &nbsp;&nbsp; 164292 |
| 4.000%, 09/15/42 | 232514 | &nbsp;&nbsp; 221809 |
| 4.000%, 08/20/45 | 229065 | &nbsp;&nbsp; 216774 |
| 4.000%, 11/20/47 | 80542 | &nbsp;&nbsp; 75205 |
| 4.000%, 03/20/48 | 182011 | &nbsp;&nbsp; 170334 |
| 4.000%, 07/20/48 | 615755 | &nbsp;&nbsp; 580415 |
| 4.000%, 08/20/52 | 630548 | &nbsp;&nbsp; 589173 |
| 4.500%, 04/15/41 | 154467 | &nbsp;&nbsp; 151371 |
| 4.500%, 02/15/42 | 315111 | &nbsp;&nbsp; 308418 |
| 4.500%, 01/20/46 | 29122 | &nbsp;&nbsp; 28410 |
| 4.500%, 05/20/52 | 49149 | &nbsp;&nbsp; 47431 |
| 4.500%, 08/20/52 | 219606 | &nbsp;&nbsp; 211976 |
| 4.500%, 09/20/52 | 201511 | &nbsp;&nbsp; 194550 |
| 4.500%, 10/20/52 | 901033 | &nbsp;&nbsp; 870096 |
| 4.500%, 11/20/54 | 1223756 | &nbsp;&nbsp; 1171894 |
| 4.500%, 12/20/54 | 1192957 | &nbsp;&nbsp; 1142400 |
| 5.000%, 12/15/38 | 11947 | &nbsp;&nbsp; 12093 |
| 5.000%, 04/15/39 | 238143 | &nbsp;&nbsp; 241291 |
| 5.000%, 07/15/39 | 15572 | &nbsp;&nbsp; 15775 |
| 5.000%, 10/20/39 | 5118 | &nbsp;&nbsp; 5200 |
| 5.000%, 05/20/40 | 196478 | &nbsp;&nbsp; 198777 |
| 5.000%, 06/20/40 | 156499 | &nbsp;&nbsp; 158808 |
| 5.000%, 07/20/40 | 61332 | &nbsp;&nbsp; 62086 |
| 5.000%, 11/20/49 | 222472 | &nbsp;&nbsp; 221579 |
| 5.500%, 12/15/40 | 123979 | &nbsp;&nbsp; 128803 |
| 6.000%, 07/20/55 | 171042 | &nbsp;&nbsp; 173661 |
| Government National Mortgage Association, TBA |  |  |
| 2.500%, TBA (f) | 1080000 | &nbsp;&nbsp; 917395 |
| 5.000%, TBA (f) | 1200000 | &nbsp;&nbsp; 1178577 |
| 5.500%, TBA (f) | 3795000 | &nbsp;&nbsp; 3799980 |
| 6.000%, TBA (f) | 3575000 | &nbsp;&nbsp; 3627221 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.000%, TBA (f) | 3366000 | &nbsp;&nbsp; 2627160 |

---

*See accompanying notes to financial statements.*

**BHFTII-148**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

**Corporate Bonds & Notes—8.9%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 5.000%, TBA (f) | 1700000 | &nbsp;&nbsp; $1665830 |
| 5.500%, TBA (f) | 1994000 | &nbsp;&nbsp; 1993544 |
| 6.000%, TBA (f) | 46372000 | &nbsp;&nbsp; 47119648 |
| 6.500%, TBA (f) | 520000 | &nbsp;&nbsp; 536888 |
| 7.000%, TBA (f) | 850000 | &nbsp;&nbsp; 894797 |
|  |  | &nbsp;&nbsp; 164593260 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $192,867,167) <br>|  | &nbsp;&nbsp; 184759797 |
| **U.S. Treasury & Government Agencies—11.2%** | **U.S. Treasury & Government Agencies—11.2%** | **U.S. Treasury & Government Agencies—11.2%** |
| **U.S. Treasury — 11.2%** | **U.S. Treasury — 11.2%** | **U.S. Treasury — 11.2%** |
| U.S. Treasury Bonds |  |  |
| 1.250%, 05/15/50 | 11030000 | &nbsp;&nbsp; 5297847 |
| 1.625%, 11/15/50 | 3460000 | &nbsp;&nbsp; 1822852 |
| 2.250%, 08/15/46 | 910000 | &nbsp;&nbsp; 596157 |
| 2.375%, 11/15/49 | 1385000 | &nbsp;&nbsp; 890782 |
| 2.500%, 02/15/45 | 2555000 | &nbsp;&nbsp; 1798680 |
| 2.875%, 08/15/45 (b) (g) (h) | 19040000 | &nbsp;&nbsp; 14236119 |
| 2.875%, 11/15/46 | 1200000 | &nbsp;&nbsp; 883500 |
| 3.000%, 02/15/47 | 6040000 | &nbsp;&nbsp; 4534483 |
| 3.000%, 08/15/52 | 2540000 | &nbsp;&nbsp; 1833463 |
| 3.125%, 05/15/48 | 6365000 | &nbsp;&nbsp; 4829195 |
| 3.375%, 08/15/42 | 2385000 | &nbsp;&nbsp; 2001816 |
| 3.375%, 11/15/48 | 3805000 | &nbsp;&nbsp; 3009963 |
| 3.625%, 08/15/43 | 3785000 | &nbsp;&nbsp; 3256283 |
| 3.625%, 05/15/53 | 1650000 | &nbsp;&nbsp; 1345781 |
| 4.125%, 08/15/53 | 1595000 | &nbsp;&nbsp; 1424721 |
| 4.500%, 11/15/54 | 7245000 | &nbsp;&nbsp; 6904259 |
| 4.625%, 02/15/55 | 2080000 | &nbsp;&nbsp; 2024750 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.250%, 02/15/50 (i) | 2956907 | &nbsp;&nbsp; 1716279 |
| 0.625%, 02/15/43 (i) | 648749 | &nbsp;&nbsp; 482015 |
| 0.750%, 02/15/42 (i) | 4720004 | &nbsp;&nbsp; 3664186 |
| 0.750%, 02/15/45 (i) | 1886578 | &nbsp;&nbsp; 1376750 |
| 1.000%, 02/15/46 (i) | 866394 | &nbsp;&nbsp; 656240 |
| 1.375%, 02/15/44 (i) | 3647221 | &nbsp;&nbsp; 3061359 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 1.750%, 01/15/34 (i) | 6057517 | &nbsp;&nbsp; 6004485 |
| U.S. Treasury Notes |  |  |
| 0.625%, 11/30/27 | 8390000 | &nbsp;&nbsp; 7799095 |
| 2.375%, 03/31/29 | 1510000 | &nbsp;&nbsp; 1438747 |
| 3.750%, 06/30/30 | 11045000 | &nbsp;&nbsp; 11016956 |
| 4.000%, 02/15/34 | 11090000 | &nbsp;&nbsp; 10974335 |
| 4.125%, 11/30/31 | 3960000 | &nbsp;&nbsp; 4000064 |
| 4.250%, 11/15/34 | 14590000 | &nbsp;&nbsp; 14637873 |
| 4.500%, 11/15/33 | 3825000 | &nbsp;&nbsp; 3928992 |
| 4.625%, 05/31/31 | 4045000 | &nbsp;&nbsp; 4199374 |
| Total U.S. Treasury & Government Agencies <br>(Cost $153,527,665) <br>|  | &nbsp;&nbsp; 131647401 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Lamar Media Corp. |  |  |
| 3.625%, 01/15/31 | 665000 | &nbsp;&nbsp; $614486 |
| 4.000%, 02/15/30 (b) | 310000 | &nbsp;&nbsp; 296143 |
|  |  | &nbsp;&nbsp; 910629 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| BAE Systems PLC |  |  |
| 5.125%, 03/26/29 (144A) | 275000 | &nbsp;&nbsp; 281871 |
| Boeing Co. |  |  |
| 2.950%, 02/01/30 (b) | 125000 | &nbsp;&nbsp; 115882 |
| 3.200%, 03/01/29 | 80000 | &nbsp;&nbsp; 76152 |
| 3.750%, 02/01/50 (b) | 30000 | &nbsp;&nbsp; 21186 |
| 5.150%, 05/01/30 | 65000 | &nbsp;&nbsp; 66176 |
| 6.388%, 05/01/31 | 80000 | &nbsp;&nbsp; 85976 |
| 6.528%, 05/01/34 | 160000 | &nbsp;&nbsp; 173845 |
| L3Harris Technologies, Inc. |  |  |
| 5.050%, 06/01/29 | 170000 | &nbsp;&nbsp; 173904 |
| 5.500%, 08/15/54 | 109000 | &nbsp;&nbsp; 105704 |
|  |  | &nbsp;&nbsp; 1100696 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| BAT Capital Corp. |  |  |
| 5.625%, 08/15/35 | 320000 | &nbsp;&nbsp; 325623 |
| 5.834%, 02/20/31 | 115000 | &nbsp;&nbsp; 121014 |
| Philip Morris International, Inc. |  |  |
| 4.375%, 11/01/27 | 255000 | &nbsp;&nbsp; 256159 |
| 4.750%, 11/01/31 | 185000 | &nbsp;&nbsp; 186363 |
| 5.125%, 02/15/30 (b) | 385000 | &nbsp;&nbsp; 396098 |
| 5.125%, 02/13/31 | 140000 | &nbsp;&nbsp; 144192 |
| 5.375%, 02/15/33 (b) | 115000 | &nbsp;&nbsp; 118762 |
| 5.625%, 11/17/29 (b) | 90000 | &nbsp;&nbsp; 94503 |
| 5.625%, 09/07/33 | 130000 | &nbsp;&nbsp; 136221 |
|  |  | &nbsp;&nbsp; 1778935 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Tapestry, Inc. |  |  |
| 5.100%, 03/11/30 | 175000 | &nbsp;&nbsp; 177277 |
| 5.500%, 03/11/35 | 195000 | &nbsp;&nbsp; 195755 |
| William Carter Co. |  |  |
| 5.625%, 03/15/27 (144A) (b) | 765000 | &nbsp;&nbsp; 760244 |
|  |  | &nbsp;&nbsp; 1133276 |
| **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
| Ford Motor Co. |  |  |
| 6.100%, 08/19/32 | 250000 | &nbsp;&nbsp; 249649 |
| General Motors Financial Co., Inc. |  |  |
| 5.450%, 07/15/30 | 160000 | &nbsp;&nbsp; 162247 |
|  |  | &nbsp;&nbsp; 411896 |
| **Banks — 1.6%** | **Banks — 1.6%** | **Banks — 1.6%** |
| Banca Comerciala Romana SA |  |  |
| 7.625%, 3M EURIBOR + 4.539%, 05/19/27 (EUR) (e) | 200000 | &nbsp;&nbsp; 244676 |
| Banca Transilvania SA |  |  |
| 8.875%, 1Y EUR Swap + 5.580%, 04/27/27 (EUR) (e) | 305000 | &nbsp;&nbsp; 373197 |

---

*See accompanying notes to financial statements.*

**BHFTII-149**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Bank of America Corp. |  |  |
| 1.898%, SOFR + 1.530%, 07/23/31 (e) | 295000 | &nbsp;&nbsp; $259209 |
| 1.922%, SOFR + 1.370%, 10/24/31 (e) | 190000 | &nbsp;&nbsp; 165696 |
| 2.482%, 5Y H15 + 1.200%, 09/21/36 (e) | 285000 | &nbsp;&nbsp; 241495 |
| 2.592%, SOFR + 2.150%, 04/29/31 (e) | 290000 | &nbsp;&nbsp; 265118 |
| 2.972%, SOFR + 1.330%, 02/04/33 (e) | 570000 | &nbsp;&nbsp; 510427 |
| 4.376%, SOFR + 1.580%, 04/27/28 (e) | 515000 | &nbsp;&nbsp; 514892 |
| 5.162%, SOFR + 1.000%, 01/24/31 (e) | 25000 | &nbsp;&nbsp; 25624 |
| 5.518%, SOFR + 1.738%, 10/25/35 (e) | 330000 | &nbsp;&nbsp; 330003 |
| Bank of New York Mellon Corp. |  |  |
| 5.060%, SOFR + 1.230%, 07/22/32 (e) | 155000 | &nbsp;&nbsp; 158660 |
| 5.188%, SOFR + 1.418%, 03/14/35 (e) | 55000 | &nbsp;&nbsp; 55692 |
| 6.317%, SOFR + 1.598%, 10/25/29 (e) | 85000 | &nbsp;&nbsp; 90267 |
| BNP Paribas SA |  |  |
| 5.906%, SOFR + 1.920%, 11/19/35 (144A) (e) | 330000 | &nbsp;&nbsp; 332831 |
| BPCE SA |  |  |
| 5.389%, SOFR + 1.581%, 05/28/31 (144A) (e) | 565000 | &nbsp;&nbsp; 575307 |
| 5.876%, SOFR + 1.680%, 01/14/31 (144A) (e) | 315000 | &nbsp;&nbsp; 326746 |
| 6.508%, SOFR + 2.791%, 01/18/35 (144A) (b) (e) | 380000 | &nbsp;&nbsp; 394485 |
| Citibank NA |  |  |
| 4.914%, 05/29/30 | 435000 | &nbsp;&nbsp; 443352 |
| Citigroup, Inc. |  |  |
| 4.952%, SOFR + 1.463%, 05/07/31 (e) | 435000 | &nbsp;&nbsp; 439958 |
| 5.174%, SOFR + 1.364%, 02/13/30 (e) | 95000 | &nbsp;&nbsp; 96922 |
| Citizens Financial Group, Inc. |  |  |
| 5.253%, SOFR + 1.259%, 03/05/31 (e) | 260000 | &nbsp;&nbsp; 263483 |
| 6.645%, SOFR + 2.325%, 04/25/35 (e) | 85000 | &nbsp;&nbsp; 91619 |
| Credit Agricole SA |  |  |
| 5.222%, SOFR + 1.460%, 05/27/31 (144A) (e) | 590000 | &nbsp;&nbsp; 601002 |
| 6.251%, SOFR + 2.670%, 01/10/35 (144A) (e) | 455000 | &nbsp;&nbsp; 473112 |
| Deutsche Bank AG |  |  |
| 5.297%, SOFR + 1.720%, 05/09/31 (e) | 570000 | &nbsp;&nbsp; 578904 |
| Goldman Sachs Group, Inc. |  |  |
| 2.383%, SOFR + 1.248%, 07/21/32 (e) | 85000 | &nbsp;&nbsp; 74234 |
| 2.615%, SOFR + 1.281%, 04/22/32 (e) | 260000 | &nbsp;&nbsp; 231102 |
| 4.692%, SOFR + 1.135%, 10/23/30 (e) | 365000 | &nbsp;&nbsp; 366096 |
| 5.016%, SOFR + 1.420%, 10/23/35 (e) | 75000 | &nbsp;&nbsp; 74093 |
| 5.049%, SOFR + 1.210%, 07/23/30 (e) | 460000 | &nbsp;&nbsp; 467638 |
| 5.218%, SOFR + 1.580%, 04/23/31 (e) | 145000 | &nbsp;&nbsp; 148650 |
| 5.727%, SOFR + 1.265%, 04/25/30 (e) | 95000 | &nbsp;&nbsp; 98891 |
| HSBC Holdings PLC |  |  |
| 2.848%, SOFR + 2.387%, 06/04/31 (e) | 200000 | &nbsp;&nbsp; 182772 |
| 5.130%, SOFR + 1.290%, 03/03/31 (e) | 340000 | &nbsp;&nbsp; 344540 |
| 5.240%, SOFR + 1.570%, 05/13/31 (e) | 600000 | &nbsp;&nbsp; 610912 |
| 5.286%, SOFR + 1.290%, 11/19/30 (e) | 275000 | &nbsp;&nbsp; 280932 |
| JPMorgan Chase & Co. |  |  |
| 2.545%, SOFR + 1.180%, 11/08/32 (e) | 180000 | &nbsp;&nbsp; 158462 |
| 2.580%, 3M TSFR + 1.250%, 04/22/32 (e) | 110000 | &nbsp;&nbsp; 98238 |
| 3.509%, 3M TSFR + 1.207%, 01/23/29 (e) | 305000 | &nbsp;&nbsp; 298761 |
| 4.005%, 3M TSFR + 1.382%, 04/23/29 (e) | 90000 | &nbsp;&nbsp; 89208 |
| 4.505%, SOFR + 0.860%, 10/22/28 (e) | 385000 | &nbsp;&nbsp; 386151 |
| 4.946%, SOFR + 1.340%, 10/22/35 (e) | 65000 | &nbsp;&nbsp; 64319 |
| 4.995%, SOFR + 1.125%, 07/22/30 (e) | 395000 | &nbsp;&nbsp; 402214 |
| 5.103%, SOFR + 1.435%, 04/22/31 (e) | 170000 | &nbsp;&nbsp; 174217 |
| 5.140%, SOFR + 1.010%, 01/24/31 (e) | 125000 | &nbsp;&nbsp; 128185 |
| 5.299%, SOFR + 1.450%, 07/24/29 (e) | 375000 | &nbsp;&nbsp; 385017 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| 5.336%, SOFR + 1.620%, 01/23/35 (b) (e) | 345000 | &nbsp;&nbsp; $353152 |
| 5.581%, SOFR + 1.160%, 04/22/30 (e) | 245000 | &nbsp;&nbsp; 254397 |
| 6.087%, SOFR + 1.570%, 10/23/29 (e) | 95000 | &nbsp;&nbsp; 99850 |
| mBank SA |  |  |
| 0.966%, 3M EURIBOR + 1.250%, 09/21/27 (EUR) (e) | 400000 | &nbsp;&nbsp; 460783 |
| Morgan Stanley |  |  |
| 1.794%, SOFR + 1.034%, 02/13/32 (e) | 465000 | &nbsp;&nbsp; 397828 |
| 1.928%, SOFR + 1.020%, 04/28/32 (e) | 280000 | &nbsp;&nbsp; 239397 |
| 4.431%, 3M TSFR + 1.890%, 01/23/30 (b) (e) | 50000 | &nbsp;&nbsp; 49930 |
| 4.654%, SOFR + 1.100%, 10/18/30 (e) | 125000 | &nbsp;&nbsp; 125238 |
| 5.164%, SOFR + 1.590%, 04/20/29 (e) | 60000 | &nbsp;&nbsp; 61176 |
| 5.230%, SOFR + 1.108%, 01/15/31 (e) | 90000 | &nbsp;&nbsp; 92132 |
| 5.449%, SOFR + 1.630%, 07/20/29 (e) | 115000 | &nbsp;&nbsp; 118272 |
| 5.656%, SOFR + 1.260%, 04/18/30 (e) | 235000 | &nbsp;&nbsp; 244097 |
| 6.407%, SOFR + 1.830%, 11/01/29 (e) | 75000 | &nbsp;&nbsp; 79442 |
| Royal Bank of Canada |  |  |
| 5.153%, SOFR + 1.030%, 02/04/31 (e) | 315000 | &nbsp;&nbsp; 321477 |
| Societe Generale SA |  |  |
| 5.249%, SOFR + 1.420%, 05/22/29 (144A) (e) | 295000 | &nbsp;&nbsp; 298602 |
| Standard Chartered PLC |  |  |
| 7.767%, 1Y H15 + 3.450%, 11/16/28 (144A) (e) | 215000 | &nbsp;&nbsp; 230087 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.246%, SOFR + 1.500%, 07/08/36 (e) | 410000 | &nbsp;&nbsp; 410000 |
| UBS Group AG |  |  |
| 6.442%, SOFR + 3.700%, 08/11/28 (144A) (e) | 380000 | &nbsp;&nbsp; 394847 |
| Wells Fargo & Co. |  |  |
| 3.000%, 10/23/26 | 120000 | &nbsp;&nbsp; 117943 |
| 3.350%, SOFR + 1.500%, 03/02/33 (e) | 435000 | &nbsp;&nbsp; 397264 |
| 4.897%, SOFR + 2.100%, 07/25/33 (e) | 325000 | &nbsp;&nbsp; 325063 |
| 5.150%, SOFR + 1.500%, 04/23/31 (e) | 200000 | &nbsp;&nbsp; 204833 |
| 5.244%, SOFR + 1.110%, 01/24/31 (e) | 85000 | &nbsp;&nbsp; 87196 |
| 5.389%, SOFR + 2.020%, 04/24/34 (e) | 35000 | &nbsp;&nbsp; 35814 |
| 5.574%, SOFR + 1.740%, 07/25/29 (e) | 260000 | &nbsp;&nbsp; 268465 |
| 6.491%, SOFR + 2.060%, 10/23/34 (e) | 145000 | &nbsp;&nbsp; 158490 |
|  |  | &nbsp;&nbsp; 18743084 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Bacardi Ltd./Bacardi-Martini BV |  |  |
| 5.400%, 06/15/33 (144A) | 167000 | &nbsp;&nbsp; 166439 |
| Bacardi-Martini BV |  |  |
| 6.000%, 02/01/35 (144A) (b) | 170000 | &nbsp;&nbsp; 175506 |
| Constellation Brands, Inc. |  |  |
| 3.150%, 08/01/29 | 195000 | &nbsp;&nbsp; 185242 |
| 4.800%, 05/01/30 | 175000 | &nbsp;&nbsp; 176443 |
|  |  | &nbsp;&nbsp; 703630 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Biogen, Inc. |  |  |
| 5.750%, 05/15/35 | 225000 | &nbsp;&nbsp; 231709 |
| Gilead Sciences, Inc. |  |  |
| 4.800%, 11/15/29 | 275000 | &nbsp;&nbsp; 280690 |
|  |  | &nbsp;&nbsp; 512399 |

---

*See accompanying notes to financial statements.*

**BHFTII-150**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Builders FirstSource, Inc. |  |  |
| 4.250%, 02/01/32 (144A) | 200000 | &nbsp;&nbsp; $185292 |
| 5.000%, 03/01/30 (144A) | 785000 | &nbsp;&nbsp; 770574 |
| Standard Building Solutions, Inc. |  |  |
| 6.500%, 08/15/32 (144A) | 60000 | &nbsp;&nbsp; 61478 |
| Standard Industries, Inc. |  |  |
| 3.375%, 01/15/31 (144A) (b) | 125000 | &nbsp;&nbsp; 112099 |
| 4.375%, 07/15/30 (144A) | 720000 | &nbsp;&nbsp; 681726 |
|  |  | &nbsp;&nbsp; 1811169 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| OCP SA |  |  |
| 7.500%, 05/02/54 | 450000 | &nbsp;&nbsp; 449451 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Ashtead Capital, Inc. |  |  |
| 2.450%, 08/12/31 (144A) | 400000 | &nbsp;&nbsp; 345160 |
| Block, Inc. |  |  |
| 3.500%, 06/01/31 (b) | 275000 | &nbsp;&nbsp; 252249 |
| 6.500%, 05/15/32 | 861000 | &nbsp;&nbsp; 888313 |
| Howard University |  |  |
| 2.291%, 10/01/26 | 100000 | &nbsp;&nbsp; 96792 |
| 2.701%, 10/01/29 | 260000 | &nbsp;&nbsp; 238377 |
| 2.801%, 10/01/30 | 100000 | &nbsp;&nbsp; 90159 |
| 2.901%, 10/01/31 | 100000 | &nbsp;&nbsp; 87223 |
| 3.476%, 10/01/41 | 115000 | &nbsp;&nbsp; 83813 |
| Service Corp. International |  |  |
| 3.375%, 08/15/30 | 785000 | &nbsp;&nbsp; 721514 |
| 5.125%, 06/01/29 | 618000 | &nbsp;&nbsp; 615354 |
| 5.750%, 10/15/32 | 205000 | &nbsp;&nbsp; 207091 |
|  |  | &nbsp;&nbsp; 3626045 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Dell International LLC/EMC Corp. |  |  |
| 5.300%, 04/01/32 | 265000 | &nbsp;&nbsp; 270859 |
| Gartner, Inc. |  |  |
| 4.500%, 07/01/28 (144A) | 386000 | &nbsp;&nbsp; 381976 |
| Insight Enterprises, Inc. |  |  |
| 6.625%, 05/15/32 (144A) | 884000 | &nbsp;&nbsp; 910640 |
| International Business Machines Corp. |  |  |
| 4.800%, 02/10/30 | 375000 | &nbsp;&nbsp; 380978 |
|  |  | &nbsp;&nbsp; 1944453 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| American Express Co. |  |  |
| 5.016%, SOFR + 1.440%, 04/25/31 (e) | 435000 | &nbsp;&nbsp; 444185 |
| 5.085%, SOFR + 1.020%, 01/30/31 (e) | 350000 | &nbsp;&nbsp; 358215 |
| Ameriprise Financial, Inc. |  |  |
| 5.200%, 04/15/35 | 245000 | &nbsp;&nbsp; 246802 |
| Capital One Financial Corp. |  |  |
| 6.051%, SOFR + 2.260%, 02/01/35 (b) (e) | 25000 | &nbsp;&nbsp; 26060 |
| 6.183%, SOFR + 2.036%, 01/30/36 (e) | 80000 | &nbsp;&nbsp; 81444 |
| 7.624%, SOFR + 3.070%, 10/30/31 (e) | 510000 | &nbsp;&nbsp; 576221 |
| 7.964%, SOFR + 3.370%, 11/02/34 (e) | 255000 | &nbsp;&nbsp; 296409 |
|  |  | &nbsp;&nbsp; 2029336 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric — 1.1%** | **Electric — 1.1%** | **Electric — 1.1%** |
| AES Andes SA |  |  |
| 6.250%, 03/14/32 (144A) | 205000 | &nbsp;&nbsp; $209051 |
| Alabama Power Co. |  |  |
| 3.450%, 10/01/49 | 245000 | &nbsp;&nbsp; 173863 |
| 4.150%, 08/15/44 | 225000 | &nbsp;&nbsp; 185746 |
| 5.100%, 04/02/35 | 50000 | &nbsp;&nbsp; 50390 |
| American Electric Power Co., Inc. |  |  |
| 6.950%, 5Y H15 + 2.675%, 12/15/54 (e) | 130000 | &nbsp;&nbsp; 135543 |
| Baltimore Gas & Electric Co. |  |  |
| 5.450%, 06/01/35 | 240000 | &nbsp;&nbsp; 245997 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 5.200%, 10/01/28 | 365000 | &nbsp;&nbsp; 376267 |
| Cleco Corporate Holdings LLC |  |  |
| 3.375%, 09/15/29 | 275000 | &nbsp;&nbsp; 255696 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 3.200%, 12/01/51 | 250000 | &nbsp;&nbsp; 165679 |
| 5.500%, 03/15/55 | 235000 | &nbsp;&nbsp; 227771 |
| 5.700%, 05/15/54 | 35000 | &nbsp;&nbsp; 34940 |
| Dominion Energy, Inc. |  |  |
| 5.000%, 06/15/30 | 305000 | &nbsp;&nbsp; 311268 |
| Duke Energy Carolinas LLC |  |  |
| 4.250%, 12/15/41 | 205000 | &nbsp;&nbsp; 175319 |
| Duke Energy Corp. |  |  |
| 2.550%, 06/15/31 (b) | 485000 | &nbsp;&nbsp; 432153 |
| 3.300%, 06/15/41 | 90000 | &nbsp;&nbsp; 67518 |
| 4.500%, 08/15/32 (b) | 40000 | &nbsp;&nbsp; 39109 |
| 5.000%, 08/15/52 | 255000 | &nbsp;&nbsp; 223559 |
| 5.450%, 06/15/34 | 50000 | &nbsp;&nbsp; 51354 |
| Duke Energy Florida LLC |  |  |
| 1.750%, 06/15/30 | 245000 | &nbsp;&nbsp; 216104 |
| Duke Energy Indiana LLC |  |  |
| 2.750%, 04/01/50 | 145000 | &nbsp;&nbsp; 89328 |
| Duke Energy Ohio, Inc. |  |  |
| 5.550%, 03/15/54 | 135000 | &nbsp;&nbsp; 131886 |
| Duke Energy Progress LLC |  |  |
| 4.375%, 03/30/44 | 320000 | &nbsp;&nbsp; 271023 |
| 5.050%, 03/15/35 | 85000 | &nbsp;&nbsp; 85360 |
| 5.550%, 03/15/55 | 140000 | &nbsp;&nbsp; 136841 |
| Eversource Energy |  |  |
| 5.125%, 05/15/33 | 400000 | &nbsp;&nbsp; 400295 |
| 5.500%, 01/01/34 | 218000 | &nbsp;&nbsp; 222002 |
| Georgia Power Co. |  |  |
| 4.300%, 03/15/42 (b) | 70000 | &nbsp;&nbsp; 60415 |
| 4.550%, 03/15/30 | 195000 | &nbsp;&nbsp; 196846 |
| 5.200%, 03/15/35 | 160000 | &nbsp;&nbsp; 162226 |
| Interstate Power & Light Co. |  |  |
| 5.600%, 06/29/35 | 345000 | &nbsp;&nbsp; 354615 |
| Jersey Central Power & Light Co. |  |  |
| 5.100%, 01/15/35 | 75000 | &nbsp;&nbsp; 74778 |
| Monongahela Power Co. |  |  |
| 5.850%, 02/15/34 (144A) | 35000 | &nbsp;&nbsp; 36389 |
| Niagara Mohawk Power Corp. |  |  |
| 5.290%, 01/17/34 (144A) | 140000 | &nbsp;&nbsp; 139551 |
| NSTAR Electric Co. |  |  |
| 5.400%, 06/01/34 | 180000 | &nbsp;&nbsp; 184403 |

---

*See accompanying notes to financial statements.*

**BHFTII-151**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Ohio Edison Co. |  |  |
| 5.500%, 01/15/33 (144A) | 95000 | &nbsp;&nbsp; $97113 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.350%, 04/01/35 (144A) | 230000 | &nbsp;&nbsp; 234302 |
| Pacific Gas & Electric Co. |  |  |
| 2.500%, 02/01/31 | 635000 | &nbsp;&nbsp; 551213 |
| 5.900%, 06/15/32 | 180000 | &nbsp;&nbsp; 183710 |
| 6.100%, 01/15/29 | 100000 | &nbsp;&nbsp; 103605 |
| 6.150%, 01/15/33 | 196000 | &nbsp;&nbsp; 201871 |
| 6.950%, 03/15/34 | 134000 | &nbsp;&nbsp; 144250 |
| Pinnacle West Capital Corp. |  |  |
| 4.900%, 05/15/28 | 277000 | &nbsp;&nbsp; 280878 |
| 5.150%, 05/15/30 | 257000 | &nbsp;&nbsp; 263085 |
| Public Service Co. of Oklahoma |  |  |
| 5.200%, 01/15/35 | 255000 | &nbsp;&nbsp; 254541 |
| Public Service Enterprise Group, Inc. |  |  |
| 4.900%, 03/15/30 | 230000 | &nbsp;&nbsp; 233951 |
| 5.450%, 04/01/34 | 35000 | &nbsp;&nbsp; 35767 |
| 6.125%, 10/15/33 | 110000 | &nbsp;&nbsp; 116834 |
| Puget Energy, Inc. |  |  |
| 4.100%, 06/15/30 | 78000 | &nbsp;&nbsp; 75342 |
| 4.224%, 03/15/32 | 42000 | &nbsp;&nbsp; 39527 |
| 5.725%, 03/15/35 (144A) | 820000 | &nbsp;&nbsp; 824910 |
| San Diego Gas & Electric Co. |  |  |
| 5.400%, 04/15/35 (b) | 230000 | &nbsp;&nbsp; 234855 |
| Southern California Edison Co. |  |  |
| 2.250%, 06/01/30 | 110000 | &nbsp;&nbsp; 96574 |
| 3.650%, 02/01/50 | 50000 | &nbsp;&nbsp; 33047 |
| 4.000%, 04/01/47 | 215000 | &nbsp;&nbsp; 154410 |
| 5.200%, 06/01/34 | 34000 | &nbsp;&nbsp; 32975 |
| 5.450%, 03/01/35 | 195000 | &nbsp;&nbsp; 191415 |
| 5.950%, 11/01/32 | 45000 | &nbsp;&nbsp; 46179 |
| Southwestern Electric Power Co. |  |  |
| 5.300%, 04/01/33 | 25000 | &nbsp;&nbsp; 25189 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 5.000%, 01/15/31 (144A) | 65000 | &nbsp;&nbsp; 66132 |
| Virginia Electric & Power Co. |  |  |
| 2.450%, 12/15/50 | 91000 | &nbsp;&nbsp; 51054 |
| 5.000%, 04/01/33 | 285000 | &nbsp;&nbsp; 287929 |
| 5.000%, 01/15/34 | 285000 | &nbsp;&nbsp; 285343 |
| 5.050%, 08/15/34 | 100000 | &nbsp;&nbsp; 100212 |
| 5.150%, 03/15/35 | 255000 | &nbsp;&nbsp; 255781 |
| 5.350%, 01/15/54 | 65000 | &nbsp;&nbsp; 61054 |
| 5.650%, 03/15/55 | 100000 | &nbsp;&nbsp; 98492 |
| Wisconsin Power & Light Co. |  |  |
| 5.375%, 03/30/34 | 210000 | &nbsp;&nbsp; 214827 |
| Xcel Energy, Inc. |  |  |
| 4.600%, 06/01/32 | 185000 | &nbsp;&nbsp; 180907 |
| 4.750%, 03/21/28 | 245000 | &nbsp;&nbsp; 247378 |
| 5.600%, 04/15/35 | 180000 | &nbsp;&nbsp; 183764 |
|  |  | &nbsp;&nbsp; 12611701 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| IHS Holding Ltd. |  |  |
| 6.250%, 11/29/28 (144A) | 390000 | &nbsp;&nbsp; 379045 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** |
| International Airport Finance SA |  |  |
| 12.000%, 03/15/33 (144A) | 631828 | &nbsp;&nbsp; $677097 |
|  |  | &nbsp;&nbsp; 1056142 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 | 808000 | &nbsp;&nbsp; 679730 |
| 5.141%, 03/15/52 | 187000 | &nbsp;&nbsp; 115473 |
| WMG Acquisition Corp. |  |  |
| 3.000%, 02/15/31 (144A) | 160000 | &nbsp;&nbsp; 145087 |
| 3.750%, 12/01/29 (144A) | 285000 | &nbsp;&nbsp; 267140 |
| 3.875%, 07/15/30 (144A) | 855000 | &nbsp;&nbsp; 799143 |
|  |  | &nbsp;&nbsp; 2006573 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Clean Harbors, Inc. |  |  |
| 4.875%, 07/15/27 (144A) | 1195000 | &nbsp;&nbsp; 1189138 |
| 6.375%, 02/01/31 (144A) (b) | 215000 | &nbsp;&nbsp; 220272 |
| Republic Services, Inc. |  |  |
| 1.450%, 02/15/31 | 55000 | &nbsp;&nbsp; 46909 |
| 4.875%, 04/01/29 | 130000 | &nbsp;&nbsp; 132766 |
| 5.200%, 11/15/34 | 135000 | &nbsp;&nbsp; 138174 |
| Waste Management, Inc. |  |  |
| 3.875%, 01/15/29 (b) | 180000 | &nbsp;&nbsp; 177748 |
| 4.950%, 03/15/35 | 125000 | &nbsp;&nbsp; 125530 |
|  |  | &nbsp;&nbsp; 2030537 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Cencosud SA |  |  |
| 5.950%, 05/28/31 (144A) | 200000 | &nbsp;&nbsp; 206425 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 5.750%, 04/01/33 | 130000 | &nbsp;&nbsp; 133630 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co.<br>|  |  |
| 5.500%, 01/15/36 (144A) | 430000 | &nbsp;&nbsp; 430632 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| 5.950%, 04/20/35 (144A) | 120000 | &nbsp;&nbsp; 124318 |
| Mars, Inc. |  |  |
| 4.600%, 03/01/28 (144A) (b) | 155000 | &nbsp;&nbsp; 156260 |
| 5.000%, 03/01/32 (144A) | 660000 | &nbsp;&nbsp; 668774 |
| 5.200%, 03/01/35 (144A) | 95000 | &nbsp;&nbsp; 96138 |
| 5.650%, 05/01/45 (144A) | 205000 | &nbsp;&nbsp; 205496 |
| 5.700%, 05/01/55 (144A) | 85000 | &nbsp;&nbsp; 84792 |
| 5.800%, 05/01/65 (144A) | 120000 | &nbsp;&nbsp; 119794 |
| Pilgrim's Pride Corp. |  |  |
| 4.250%, 04/15/31 | 245000 | &nbsp;&nbsp; 236210 |
| Sysco Corp. |  |  |
| 5.100%, 09/23/30 | 245000 | &nbsp;&nbsp; 251009 |
|  |  | &nbsp;&nbsp; 2713478 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Boston Gas Co. |  |  |
| 3.757%, 03/16/32 (144A) | 171000 | &nbsp;&nbsp; 157798 |
| Brooklyn Union Gas Co. |  |  |
| 3.865%, 03/04/29 (144A) | 125000 | &nbsp;&nbsp; 121611 |

---

*See accompanying notes to financial statements.*

**BHFTII-152**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas—(Continued)** | **Gas—(Continued)** | **Gas—(Continued)** |
| East Ohio Gas Co. |  |  |
| 3.000%, 06/15/50 (144A) | 30000 | &nbsp;&nbsp; $18734 |
| KeySpan Gas East Corp. |  |  |
| 5.994%, 03/06/33 (144A) | 50000 | &nbsp;&nbsp; 51962 |
| NiSource, Inc. |  |  |
| 5.350%, 07/15/35 | 175000 | &nbsp;&nbsp; 176436 |
| 5.400%, 06/30/33 | 150000 | &nbsp;&nbsp; 153406 |
| Southern California Gas Co. |  |  |
| 5.600%, 04/01/54 | 180000 | &nbsp;&nbsp; 175217 |
| 6.000%, 06/15/55 | 435000 | &nbsp;&nbsp; 443069 |
|  |  | &nbsp;&nbsp; 1298233 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| Alcon Finance Corp. |  |  |
| 2.600%, 05/27/30 (144A) | 275000 | &nbsp;&nbsp; 251404 |
| Avantor Funding, Inc. |  |  |
| 3.875%, 11/01/29 (144A) (b) | 295000 | &nbsp;&nbsp; 279306 |
| 4.625%, 07/15/28 (144A) | 780000 | &nbsp;&nbsp; 765928 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.500%, 06/15/35 | 220000 | &nbsp;&nbsp; 225288 |
| Hologic, Inc. |  |  |
| 3.250%, 02/15/29 (144A) (b) | 445000 | &nbsp;&nbsp; 424063 |
| 4.625%, 02/01/28 (144A) | 658000 | &nbsp;&nbsp; 650298 |
| Smith & Nephew PLC |  |  |
| 2.032%, 10/14/30 | 285000 | &nbsp;&nbsp; 249609 |
| Solventum Corp. |  |  |
| 5.400%, 03/01/29 (b) | 430000 | &nbsp;&nbsp; 442799 |
|  |  | &nbsp;&nbsp; 3288695 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| Centene Corp. |  |  |
| 2.500%, 03/01/31 | 400000 | &nbsp;&nbsp; 344395 |
| 2.625%, 08/01/31 | 300000 | &nbsp;&nbsp; 257041 |
| 3.375%, 02/15/30 | 20000 | &nbsp;&nbsp; 18421 |
| 4.250%, 12/15/27 | 110000 | &nbsp;&nbsp; 108333 |
| 4.625%, 12/15/29 | 1185000 | &nbsp;&nbsp; 1152569 |
| Humana, Inc. |  |  |
| 5.375%, 04/15/31 | 10000 | &nbsp;&nbsp; 10229 |
| 5.550%, 05/01/35 | 270000 | &nbsp;&nbsp; 271510 |
| Icon Investments Six DAC |  |  |
| 5.809%, 05/08/27 | 200000 | &nbsp;&nbsp; 204180 |
| UnitedHealth Group, Inc. |  |  |
| 2.750%, 05/15/40 | 345000 | &nbsp;&nbsp; 250300 |
| 3.500%, 08/15/39 | 60000 | &nbsp;&nbsp; 48420 |
| 4.950%, 05/15/62 | 60000 | &nbsp;&nbsp; 51489 |
| 5.300%, 02/15/30 | 35000 | &nbsp;&nbsp; 36250 |
| 5.300%, 06/15/35 | 120000 | &nbsp;&nbsp; 122307 |
| 5.375%, 04/15/54 | 270000 | &nbsp;&nbsp; 252401 |
| 5.750%, 07/15/64 | 85000 | &nbsp;&nbsp; 82673 |
| 6.050%, 02/15/63 | 65000 | &nbsp;&nbsp; 65957 |
|  |  | &nbsp;&nbsp; 3276475 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Taylor Morrison Communities, Inc. |  |  |
| 5.125%, 08/01/30 (144A) (b) | 368000 | &nbsp;&nbsp; 366707 |
| 5.750%, 01/15/28 (144A) | 623000 | &nbsp;&nbsp; 632347 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Builders—(Continued)** | **Home Builders—(Continued)** | **Home Builders—(Continued)** |
| Toll Brothers Finance Corp. |  |  |
| 4.875%, 11/15/25 | 130000 | &nbsp;&nbsp; $129946 |
|  |  | &nbsp;&nbsp; 1129000 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Athene Global Funding |  |  |
| 2.646%, 10/04/31 (144A) | 510000 | &nbsp;&nbsp; 441844 |
| 2.717%, 01/07/29 (144A) | 45000 | &nbsp;&nbsp; 41949 |
| 4.721%, 10/08/29 (144A) | 315000 | &nbsp;&nbsp; 314299 |
| CNO Global Funding |  |  |
| 4.875%, 12/10/27 (144A) | 300000 | &nbsp;&nbsp; 302345 |
| Equitable Financial Life Global Funding |  |  |
| 1.800%, 03/08/28 (144A) | 160000 | &nbsp;&nbsp; 149522 |
| 5.000%, 03/27/30 (144A) | 175000 | &nbsp;&nbsp; 177613 |
| Equitable Holdings, Inc. |  |  |
| 4.350%, 04/20/28 (b) | 70000 | &nbsp;&nbsp; 69867 |
| Lincoln Financial Global Funding |  |  |
| 4.625%, 05/28/28 (144A) | 280000 | &nbsp;&nbsp; 281733 |
|  |  | &nbsp;&nbsp; 1779172 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| Alphabet, Inc. |  |  |
| 4.000%, 05/15/30 | 220000 | &nbsp;&nbsp; 220165 |
| 5.300%, 05/15/65 | 375000 | &nbsp;&nbsp; 367178 |
| Gen Digital, Inc. |  |  |
| 6.250%, 04/01/33 (144A) | 600000 | &nbsp;&nbsp; 616105 |
| 6.750%, 09/30/27 (144A) | 540000 | &nbsp;&nbsp; 549562 |
|  |  | &nbsp;&nbsp; 1753010 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Ares Capital Corp. |  |  |
| 5.800%, 03/08/32 | 305000 | &nbsp;&nbsp; 303723 |
| ARES Strategic Income Fund |  |  |
| 5.800%, 09/09/30 (144A) | 745000 | &nbsp;&nbsp; 747603 |
| HPS Corporate Lending Fund |  |  |
| 5.850%, 06/05/30 (144A) | 475000 | &nbsp;&nbsp; 473949 |
| Sixth Street Lending Partners |  |  |
| 6.125%, 07/15/30 (144A) | 310000 | &nbsp;&nbsp; 315664 |
|  |  | &nbsp;&nbsp; 1840939 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Las Vegas Sands Corp. |  |  |
| 5.625%, 06/15/28 | 280000 | &nbsp;&nbsp; 285610 |
| 6.000%, 06/14/30 (b) | 230000 | &nbsp;&nbsp; 237285 |
|  |  | &nbsp;&nbsp; 522895 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| Caterpillar Financial Services Corp. |  |  |
| 4.700%, 11/15/29 (b) | 395000 | &nbsp;&nbsp; 402289 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| John Deere Capital Corp. |  |  |
| 4.250%, 06/05/28 | 575000 | &nbsp;&nbsp; 578400 |
| Otis Worldwide Corp. |  |  |
| 2.565%, 02/15/30 | 355000 | &nbsp;&nbsp; 327473 |

---

*See accompanying notes to financial statements.*

**BHFTII-153**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** |
| Regal Rexnord Corp. |  |  |
| 6.050%, 04/15/28 (b) | 310000 | &nbsp;&nbsp; $319450 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 4.900%, 05/29/30 (b) | 245000 | &nbsp;&nbsp; 248457 |
|  |  | &nbsp;&nbsp; 1473780 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 2.250%, 01/15/29 (b) | 75000 | &nbsp;&nbsp; 69074 |
| 2.300%, 02/01/32 (b) | 95000 | &nbsp;&nbsp; 80156 |
| 2.800%, 04/01/31 (b) | 385000 | &nbsp;&nbsp; 343302 |
| 6.484%, 10/23/45 | 395000 | &nbsp;&nbsp; 391382 |
| Comcast Corp. |  |  |
| 2.887%, 11/01/51 | 240000 | &nbsp;&nbsp; 146058 |
| 2.987%, 11/01/63 | 157000 | &nbsp;&nbsp; 88279 |
| 3.750%, 04/01/40 | 135000 | &nbsp;&nbsp; 112062 |
| Cox Communications, Inc. |  |  |
| 2.600%, 06/15/31 (144A) | 190000 | &nbsp;&nbsp; 166284 |
| 5.450%, 09/01/34 (144A) (b) | 130000 | &nbsp;&nbsp; 128201 |
| 5.950%, 09/01/54 (144A) | 140000 | &nbsp;&nbsp; 129973 |
| Paramount Global |  |  |
| 5.250%, 04/01/44 | 250000 | &nbsp;&nbsp; 199000 |
| 5.850%, 09/01/43 | 90000 | &nbsp;&nbsp; 78329 |
| 6.875%, 04/30/36 | 220000 | &nbsp;&nbsp; 225294 |
| Sirius XM Radio LLC |  |  |
| 4.000%, 07/15/28 (144A) | 380000 | &nbsp;&nbsp; 364961 |
| Time Warner Cable LLC |  |  |
| 4.500%, 09/15/42 | 200000 | &nbsp;&nbsp; 159296 |
|  |  | &nbsp;&nbsp; 2681651 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Glencore Funding LLC |  |  |
| 5.371%, 04/04/29 (144A) | 260000 | &nbsp;&nbsp; 266587 |
| 5.634%, 04/04/34 (144A) | 110000 | &nbsp;&nbsp; 112115 |
| 6.375%, 10/06/30 (144A) | 355000 | &nbsp;&nbsp; 381004 |
| 6.500%, 10/06/33 (144A) | 160000 | &nbsp;&nbsp; 173506 |
| Rio Tinto Alcan, Inc. |  |  |
| 6.125%, 12/15/33 | 250000 | &nbsp;&nbsp; 271506 |
| Rio Tinto Finance USA PLC |  |  |
| 5.000%, 03/14/32 (b) | 70000 | &nbsp;&nbsp; 71223 |
| 5.875%, 03/14/65 | 220000 | &nbsp;&nbsp; 220942 |
|  |  | &nbsp;&nbsp; 1496883 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Siemens Funding BV |  |  |
| 4.600%, 05/28/30 (144A) | 200000 | &nbsp;&nbsp; 201999 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| Aker BP ASA |  |  |
| 4.000%, 01/15/31 (144A) | 390000 | &nbsp;&nbsp; 370414 |
| 5.125%, 10/01/34 (144A) | 150000 | &nbsp;&nbsp; 144019 |
| 5.800%, 10/01/54 (144A) | 150000 | &nbsp;&nbsp; 136745 |
| 6.000%, 06/13/33 (144A) | 150000 | &nbsp;&nbsp; 154645 |
| APA Corp. |  |  |
| 6.100%, 02/15/35 (144A) | 200000 | &nbsp;&nbsp; 196146 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| APA Corp. |  |  |
| 6.750%, 02/15/55 (144A) | 135000 | &nbsp;&nbsp; $127523 |
| BP Capital Markets America, Inc. |  |  |
| 4.812%, 02/13/33 | 120000 | &nbsp;&nbsp; 119840 |
| 4.893%, 09/11/33 | 115000 | &nbsp;&nbsp; 115274 |
| ConocoPhillips Co. |  |  |
| 3.800%, 03/15/52 | 179000 | &nbsp;&nbsp; 129942 |
| 4.025%, 03/15/62 (b) | 30000 | &nbsp;&nbsp; 21601 |
| 5.300%, 05/15/53 | 90000 | &nbsp;&nbsp; 82999 |
| 5.550%, 03/15/54 (b) | 65000 | &nbsp;&nbsp; 62120 |
| 5.650%, 01/15/65 | 140000 | &nbsp;&nbsp; 133179 |
| 5.700%, 09/15/63 | 265000 | &nbsp;&nbsp; 253440 |
| Coterra Energy, Inc. |  |  |
| 5.400%, 02/15/35 | 328000 | &nbsp;&nbsp; 324678 |
| 5.600%, 03/15/34 | 72000 | &nbsp;&nbsp; 72611 |
| Diamondback Energy, Inc. |  |  |
| 5.550%, 04/01/35 | 65000 | &nbsp;&nbsp; 65706 |
| 5.750%, 04/18/54 | 95000 | &nbsp;&nbsp; 88181 |
| 5.900%, 04/18/64 | 85000 | &nbsp;&nbsp; 78670 |
| 6.250%, 03/15/53 | 80000 | &nbsp;&nbsp; 79100 |
| Ecopetrol SA |  |  |
| 4.625%, 11/02/31 | 595000 | &nbsp;&nbsp; 502511 |
| 7.750%, 02/01/32 | 465000 | &nbsp;&nbsp; 456980 |
| 8.375%, 01/19/36 | 500000 | &nbsp;&nbsp; 482433 |
| Energean Israel Finance Ltd. |  |  |
| 5.875%, 03/30/31 (144A) | 230000 | &nbsp;&nbsp; 211600 |
| 8.500%, 09/30/33 (144A) | 295000 | &nbsp;&nbsp; 302209 |
| Eni SpA |  |  |
| 5.500%, 05/15/34 (144A) | 255000 | &nbsp;&nbsp; 256874 |
| 5.750%, 05/19/35 (144A) | 200000 | &nbsp;&nbsp; 204562 |
| EOG Resources, Inc. |  |  |
| 5.000%, 07/15/32 | 175000 | &nbsp;&nbsp; 177128 |
| 5.350%, 01/15/36 | 265000 | &nbsp;&nbsp; 268743 |
| 5.650%, 12/01/54 | 215000 | &nbsp;&nbsp; 209872 |
| EQT Corp. |  |  |
| 4.500%, 01/15/29 (144A) | 275000 | &nbsp;&nbsp; 271657 |
| Hess Corp. |  |  |
| 7.125%, 03/15/33 | 380000 | &nbsp;&nbsp; 430326 |
| 7.300%, 08/15/31 | 100000 | &nbsp;&nbsp; 113415 |
| Leviathan Bond Ltd. |  |  |
| 6.500%, 06/30/27 (144A) | 480000 | &nbsp;&nbsp; 475938 |
| Patterson-UTI Energy, Inc. |  |  |
| 7.150%, 10/01/33 (b) | 360000 | &nbsp;&nbsp; 368631 |
| Saudi Arabian Oil Co. |  |  |
| 6.375%, 06/02/55 (144A) | 200000 | &nbsp;&nbsp; 199925 |
| TotalEnergies Capital SA |  |  |
| 5.425%, 09/10/64 | 105000 | &nbsp;&nbsp; 98233 |
| 5.638%, 04/05/64 | 350000 | &nbsp;&nbsp; 339289 |
| Var Energi ASA |  |  |
| 5.875%, 05/22/30 (144A) | 200000 | &nbsp;&nbsp; 204898 |
|  |  | &nbsp;&nbsp; 8332057 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Ball Corp. |  |  |
| 6.000%, 06/15/29 (b) | 1550000 | &nbsp;&nbsp; 1589023 |

---

*See accompanying notes to financial statements.*

**BHFTII-154**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Cardinal Health, Inc. |  |  |
| 5.000%, 11/15/29 | 565000 | &nbsp;&nbsp; $575918 |
| Cencora, Inc. |  |  |
| 4.850%, 12/15/29 | 345000 | &nbsp;&nbsp; 350458 |
| CVS Health Corp. |  |  |
| 1.750%, 08/21/30 | 110000 | &nbsp;&nbsp; 95077 |
| 1.875%, 02/28/31 | 110000 | &nbsp;&nbsp; 94158 |
| 2.125%, 09/15/31 (b) | 140000 | &nbsp;&nbsp; 119758 |
| 3.250%, 08/15/29 | 65000 | &nbsp;&nbsp; 61778 |
| 3.750%, 04/01/30 | 80000 | &nbsp;&nbsp; 76744 |
| 6.750%, 5Y H15 + 2.516%, 12/10/54 (e) | 230000 | &nbsp;&nbsp; 230501 |
|  |  | &nbsp;&nbsp; 1604392 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| Cheniere Energy Partners LP |  |  |
| 5.550%, 10/30/35 (144A) | 470000 | &nbsp;&nbsp; 473695 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.097%, 10/01/31 (144A) | 127000 | &nbsp;&nbsp; 127551 |
| 5.681%, 01/15/34 (144A) | 215000 | &nbsp;&nbsp; 217643 |
| 6.042%, 08/15/28 (144A) | 345000 | &nbsp;&nbsp; 359218 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.927%, 08/15/30 (144A) | 60000 | &nbsp;&nbsp; 63338 |
| 6.036%, 11/15/33 (144A) | 35000 | &nbsp;&nbsp; 36725 |
| DT Midstream, Inc. |  |  |
| 5.800%, 12/15/34 (144A) | 270000 | &nbsp;&nbsp; 274971 |
| Enbridge, Inc. |  |  |
| 3.125%, 11/15/29 (b) | 220000 | &nbsp;&nbsp; 207827 |
| 5.550%, 06/20/35 | 110000 | &nbsp;&nbsp; 111828 |
| 5.625%, 04/05/34 | 20000 | &nbsp;&nbsp; 20548 |
| Energy Transfer LP |  |  |
| 3.750%, 05/15/30 | 172000 | &nbsp;&nbsp; 165027 |
| 5.700%, 04/01/35 | 335000 | &nbsp;&nbsp; 341229 |
| 6.400%, 12/01/30 (b) | 235000 | &nbsp;&nbsp; 253246 |
| Enterprise Products Operating LLC |  |  |
| 3.300%, 02/15/53 | 85000 | &nbsp;&nbsp; 56206 |
| 4.600%, 01/15/31 | 195000 | &nbsp;&nbsp; 196483 |
| 5.200%, 01/15/36 (b) | 60000 | &nbsp;&nbsp; 60406 |
| 5.550%, 02/16/55 (b) | 180000 | &nbsp;&nbsp; 173651 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.940%, 09/30/40 (144A) | 322382 | &nbsp;&nbsp; 264080 |
| Hess Midstream Operations LP |  |  |
| 4.250%, 02/15/30 (144A) | 105000 | &nbsp;&nbsp; 100955 |
| 6.500%, 06/01/29 (144A) | 290000 | &nbsp;&nbsp; 298239 |
| ONEOK, Inc. |  |  |
| 4.400%, 10/15/29 | 125000 | &nbsp;&nbsp; 124042 |
| 4.750%, 10/15/31 | 75000 | &nbsp;&nbsp; 74256 |
| 5.050%, 11/01/34 | 135000 | &nbsp;&nbsp; 131375 |
| 5.850%, 11/01/64 (b) | 70000 | &nbsp;&nbsp; 64896 |
| 6.050%, 09/01/33 | 260000 | &nbsp;&nbsp; 272807 |
| 6.100%, 11/15/32 | 105000 | &nbsp;&nbsp; 111042 |
| 6.625%, 09/01/53 | 30000 | &nbsp;&nbsp; 31178 |
| 7.150%, 01/15/51 | 15000 | &nbsp;&nbsp; 16153 |
| Targa Resources Corp. |  |  |
| 4.900%, 09/15/30 | 115000 | &nbsp;&nbsp; 115971 |
| 5.550%, 08/15/35 | 275000 | &nbsp;&nbsp; 276391 |
| 5.650%, 02/15/36 | 65000 | &nbsp;&nbsp; 65611 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Targa Resources Corp. |  |  |
| 6.125%, 03/15/33 | 10000 | &nbsp;&nbsp; $10539 |
| 6.500%, 03/30/34 | 45000 | &nbsp;&nbsp; 48357 |
| Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp.<br>|  |  |
| 4.000%, 01/15/32 | 310000 | &nbsp;&nbsp; 288916 |
| Whistler Pipeline LLC |  |  |
| 5.400%, 09/30/29 (144A) | 15000 | &nbsp;&nbsp; 15172 |
| 5.700%, 09/30/31 (144A) | 205000 | &nbsp;&nbsp; 208984 |
| 5.950%, 09/30/34 (144A) | 75000 | &nbsp;&nbsp; 75965 |
|  |  | &nbsp;&nbsp; 5734521 |
| **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** | **Real Estate Investment Trusts — 0.1%** |
| American Tower Corp. |  |  |
| 2.700%, 04/15/31 | 370000 | &nbsp;&nbsp; 331798 |
| Cousins Properties LP |  |  |
| 5.375%, 02/15/32 | 320000 | &nbsp;&nbsp; 323330 |
| Crown Castle, Inc. |  |  |
| 3.100%, 11/15/29 | 340000 | &nbsp;&nbsp; 318939 |
| Iron Mountain, Inc. |  |  |
| 6.250%, 01/15/33 (144A) | 710000 | &nbsp;&nbsp; 730026 |
|  |  | &nbsp;&nbsp; 1704093 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| AutoZone, Inc. |  |  |
| 4.750%, 08/01/32 | 40000 | &nbsp;&nbsp; 39771 |
| 4.750%, 02/01/33 | 60000 | &nbsp;&nbsp; 59355 |
| 5.400%, 07/15/34 (b) | 65000 | &nbsp;&nbsp; 66555 |
| 6.550%, 11/01/33 | 85000 | &nbsp;&nbsp; 93841 |
| FirstCash, Inc. |  |  |
| 4.625%, 09/01/28 (144A) (b) | 758000 | &nbsp;&nbsp; 744223 |
| 5.625%, 01/01/30 (144A) | 585000 | &nbsp;&nbsp; 583329 |
|  |  | &nbsp;&nbsp; 1587074 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| Broadcom, Inc. |  |  |
| 4.150%, 02/15/28 (b) | 270000 | &nbsp;&nbsp; 269214 |
| 5.050%, 07/12/29 | 140000 | &nbsp;&nbsp; 143363 |
| Foundry JV Holdco LLC |  |  |
| 5.500%, 01/25/31 (144A) | 200000 | &nbsp;&nbsp; 205139 |
| 5.900%, 01/25/33 (144A) | 225000 | &nbsp;&nbsp; 233253 |
| Intel Corp. |  |  |
| 3.100%, 02/15/60 | 95000 | &nbsp;&nbsp; 53116 |
| 3.250%, 11/15/49 | 117000 | &nbsp;&nbsp; 74102 |
| 3.734%, 12/08/47 | 555000 | &nbsp;&nbsp; 391542 |
| 4.750%, 03/25/50 (b) | 35000 | &nbsp;&nbsp; 28554 |
| Marvell Technology, Inc. |  |  |
| 2.450%, 04/15/28 | 170000 | &nbsp;&nbsp; 161536 |
| 2.950%, 04/15/31 | 85000 | &nbsp;&nbsp; 77409 |
| Micron Technology, Inc. |  |  |
| 5.650%, 11/01/32 | 430000 | &nbsp;&nbsp; 446977 |
| Qorvo, Inc. |  |  |
| 3.375%, 04/01/31 (144A) | 425000 | &nbsp;&nbsp; 383249 |

---

*See accompanying notes to financial statements.*

**BHFTII-155**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| QUALCOMM, Inc. |  |  |
| 4.750%, 05/20/32 | 325000 | &nbsp;&nbsp; $328792 |
|  |  | &nbsp;&nbsp; 2796246 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Fair Isaac Corp. |  |  |
| 4.000%, 06/15/28 (144A) (b) | 853000 | &nbsp;&nbsp; 830198 |
| MSCI, Inc. |  |  |
| 3.625%, 11/01/31 (144A) | 355000 | &nbsp;&nbsp; 327083 |
| Open Text Corp. |  |  |
| 3.875%, 12/01/29 (144A) | 1260000 | &nbsp;&nbsp; 1186823 |
| 6.900%, 12/01/27 (144A) | 220000 | &nbsp;&nbsp; 227768 |
| Open Text Holdings, Inc. |  |  |
| 4.125%, 12/01/31 (144A) | 130000 | &nbsp;&nbsp; 119693 |
| Oracle Corp. |  |  |
| 2.950%, 04/01/30 (b) | 100000 | &nbsp;&nbsp; 93385 |
| 3.850%, 04/01/60 | 395000 | &nbsp;&nbsp; 272203 |
| 4.100%, 03/25/61 | 35000 | &nbsp;&nbsp; 25303 |
| 5.250%, 02/03/32 | 65000 | &nbsp;&nbsp; 66676 |
| 5.500%, 09/27/64 | 115000 | &nbsp;&nbsp; 104737 |
| SS&C Technologies, Inc. |  |  |
| 5.500%, 09/30/27 (144A) | 1140000 | &nbsp;&nbsp; 1141000 |
|  |  | &nbsp;&nbsp; 4394869 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| T-Mobile USA, Inc. |  |  |
| 2.550%, 02/15/31 | 45000 | &nbsp;&nbsp; 40285 |
| 4.700%, 01/15/35 | 90000 | &nbsp;&nbsp; 87197 |
| 5.050%, 07/15/33 | 105000 | &nbsp;&nbsp; 105712 |
| 5.125%, 05/15/32 | 115000 | &nbsp;&nbsp; 117276 |
| 5.750%, 01/15/34 | 115000 | &nbsp;&nbsp; 120439 |
|  |  | &nbsp;&nbsp; 470909 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| 4.000%, 07/15/25 (144A) | 190000 | &nbsp;&nbsp; 189956 |
| Total Corporate Bonds & Notes <br>(Cost $105,557,530) <br>|  | &nbsp;&nbsp; 105121591 |
| **Non-Agency Mortgage-Backed Securities—3.8%** | **Non-Agency Mortgage-Backed Securities—3.8%** | **Non-Agency Mortgage-Backed Securities—3.8%** |
| **Collateralized Mortgage Obligations — 2.0%** | **Collateralized Mortgage Obligations — 2.0%** | **Collateralized Mortgage Obligations — 2.0%** |
| Angel Oak Mortgage Trust |  |  |
| 0.951%, 07/25/66 (144A) (e) | 489030 | &nbsp;&nbsp; 423258 |
| 0.985%, 04/25/66 (144A) (e) | 210303 | &nbsp;&nbsp; 179882 |
| 0.990%, 04/25/53 (144A) (e) | 117533 | &nbsp;&nbsp; 111756 |
| 1.068%, 05/25/66 (144A) (e) | 411139 | &nbsp;&nbsp; 350067 |
| 1.820%, 11/25/66 (144A) (e) | 370179 | &nbsp;&nbsp; 328923 |
| 2.881%, 12/25/66 (144A) (j) | 227598 | &nbsp;&nbsp; 210967 |
| Arroyo Mortgage Trust |  |  |
| 3.347%, 04/25/49 (144A) (e) | 205467 | &nbsp;&nbsp; 198912 |
| BINOM Securitization Trust |  |  |
| 2.034%, 06/25/56 (144A) (e) | 239208 | &nbsp;&nbsp; 215987 |
| BRAVO Residential Funding Trust |  |  |
| 0.941%, 02/25/49 (144A) (e) | 109849 | &nbsp;&nbsp; 102675 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| BRAVO Residential Funding Trust |  |  |
| 0.970%, 03/25/60 (144A) (e) | 73279 | &nbsp;&nbsp; $71037 |
| COLT Mortgage Loan Trust |  |  |
| 0.910%, 06/25/66 (144A) (e) | 334291 | &nbsp;&nbsp; 287541 |
| 0.956%, 09/27/66 (144A) (e) | 613693 | &nbsp;&nbsp; 511637 |
| 4.301%, 03/25/67 (144A) (e) | 137465 | &nbsp;&nbsp; 136990 |
| CSMC Trust |  |  |
| 0.938%, 05/25/66 (144A) (e) | 326405 | &nbsp;&nbsp; 276184 |
| 1.179%, 02/25/66 (144A) (e) | 422605 | &nbsp;&nbsp; 378539 |
| 1.841%, 10/25/66 (144A) (e) | 407775 | &nbsp;&nbsp; 365792 |
| 2.265%, 11/25/66 (144A) (e) | 1035769 | &nbsp;&nbsp; 942008 |
| 3.250%, 04/25/47 (144A) (e) | 221386 | &nbsp;&nbsp; 201999 |
| 4.118%, 12/27/60 (144A) (e) | 231987 | &nbsp;&nbsp; 231052 |
| Deephaven Residential Mortgage Trust |  |  |
| 0.899%, 04/25/66 (144A) (e) | 136844 | &nbsp;&nbsp; 120875 |
| Ellington Financial Mortgage Trust |  |  |
| 0.931%, 06/25/66 (144A) (e) | 152101 | &nbsp;&nbsp; 126999 |
| 2.206%, 01/25/67 (144A) (e) | 469862 | &nbsp;&nbsp; 407209 |
| GCAT Trust |  |  |
| 1.036%, 05/25/66 (144A) (e) | 301554 | &nbsp;&nbsp; 257717 |
| 1.091%, 05/25/66 (144A) (e) | 380194 | &nbsp;&nbsp; 329606 |
| 1.262%, 07/25/66 (144A) (e) | 819607 | &nbsp;&nbsp; 690972 |
| 1.915%, 08/25/66 (144A) (e) | 259881 | &nbsp;&nbsp; 240746 |
| 2.885%, 12/27/66 (144A) (e) | 792749 | &nbsp;&nbsp; 739588 |
| Imperial Fund Mortgage Trust |  |  |
| 3.638%, 03/25/67 (144A) (j) | 991073 | &nbsp;&nbsp; 947759 |
| Legacy Mortgage Asset Trust |  |  |
| 4.650%, 11/25/60 (144A) (j) | 146658 | &nbsp;&nbsp; 146631 |
| 5.750%, 04/25/61 (144A) (j) | 220835 | &nbsp;&nbsp; 220784 |
| 5.750%, 07/25/61 (144A) (j) | 300564 | &nbsp;&nbsp; 299607 |
| MetLife Securitization Trust |  |  |
| 3.750%, 03/25/57 (144A) (e) | 233036 | &nbsp;&nbsp; 226200 |
| MFA Trust |  |  |
| 1.029%, 11/25/64 (144A) (e) | 209601 | &nbsp;&nbsp; 184574 |
| 1.153%, 04/25/65 (144A) (e) | 125608 | &nbsp;&nbsp; 117535 |
| New Residential Mortgage Loan Trust |  |  |
| 0.941%, 10/25/58 (144A) (e) | 94011 | &nbsp;&nbsp; 89507 |
| 2.492%, 09/25/59 (144A) (e) | 51595 | &nbsp;&nbsp; 49216 |
| 3.500%, 08/25/59 (144A) (e) | 210382 | &nbsp;&nbsp; 199762 |
| 3.750%, 11/26/35 (144A) (e) | 198721 | &nbsp;&nbsp; 192357 |
| 3.797%, 09/25/57 (144A) (e) | 298435 | &nbsp;&nbsp; 283049 |
| 4.000%, 03/25/57 (144A) (e) | 382757 | &nbsp;&nbsp; 369948 |
| 4.000%, 05/25/57 (144A) (e) | 218629 | &nbsp;&nbsp; 209890 |
| 5.184%, 1M TSFR + 0.864%, 01/25/48 (144A) (e) | 227479 | &nbsp;&nbsp; 222628 |
| NMLT Trust |  |  |
| 1.185%, 05/25/56 (144A) (e) | 614335 | &nbsp;&nbsp; 537543 |
| OBX Trust |  |  |
| 1.054%, 07/25/61 (144A) (e) | 389350 | &nbsp;&nbsp; 318555 |
| 1.072%, 02/25/66 (144A) (e) | 409655 | &nbsp;&nbsp; 351847 |
| 1.957%, 10/25/61 (144A) (e) | 239038 | &nbsp;&nbsp; 202652 |
| 2.305%, 11/25/61 (144A) (e) | 807923 | &nbsp;&nbsp; 722841 |
| PRET LLC |  |  |
| 5.925%, 10/25/54 (144A) (j) | 154333 | &nbsp;&nbsp; 153930 |
| PRET Trust |  |  |
| 4.150%, 04/25/65 (144A) (j) | 660000 | &nbsp;&nbsp; 633733 |

---

*See accompanying notes to financial statements.*

**BHFTII-156**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| PRPM LLC |  |  |
| 3.750%, 04/25/55 (144A) (j) | 947178 | &nbsp;&nbsp; $914938 |
| 5.699%, 11/25/29 (144A) (j) | 141927 | &nbsp;&nbsp; 142259 |
| 5.867%, 04/25/26 (144A) (j) | 380844 | &nbsp;&nbsp; 381204 |
| 5.870%, 11/25/29 (144A) (j) | 445281 | &nbsp;&nbsp; 445150 |
| 6.255%, 05/25/30 (144A) (j) | 129033 | &nbsp;&nbsp; 129753 |
| 6.414%, 08/25/29 (144A) (j) | 872601 | &nbsp;&nbsp; 874791 |
| 6.610%, 10/25/25 (144A) (j) | 433046 | &nbsp;&nbsp; 432769 |
| RCO VIII Mortgage LLC |  |  |
| 6.435%, 05/25/30 (144A) (j) | 93705 | &nbsp;&nbsp; 94722 |
| SG Residential Mortgage Trust |  |  |
| 3.166%, 03/27/62 (144A) (e) | 489605 | &nbsp;&nbsp; 452759 |
| STAR Trust |  |  |
| 1.219%, 05/25/65 (144A) (e) | 242505 | &nbsp;&nbsp; 226890 |
| Starwood Mortgage Residential Trust |  |  |
| 0.943%, 05/25/65 (144A) (e) | 84091 | &nbsp;&nbsp; 78744 |
| 1.920%, 11/25/66 (144A) (e) | 612220 | &nbsp;&nbsp; 542119 |
| Towd Point Mortgage Trust |  |  |
| 2.918%, 11/30/60 (144A) (e) | 1111788 | &nbsp;&nbsp; 968016 |
| Verus Securitization Trust |  |  |
| 0.918%, 02/25/64 (144A) (e) | 174876 | &nbsp;&nbsp; 161703 |
| 0.938%, 07/25/66 (144A) (e) | 277493 | &nbsp;&nbsp; 230248 |
| 1.031%, 02/25/66 (144A) (e) | 146286 | &nbsp;&nbsp; 129821 |
| 1.046%, 06/25/66 (144A) (e) | 1186711 | &nbsp;&nbsp; 1041182 |
| 1.824%, 11/25/66 (144A) (e) | 407149 | &nbsp;&nbsp; 371786 |
| 1.829%, 10/25/66 (144A) (j) | 1020676 | &nbsp;&nbsp; 917007 |
| 4.130%, 02/25/67 (144A) (j) | 145917 | &nbsp;&nbsp; 139528 |
|  |  | &nbsp;&nbsp; 23794855 |
| **Commercial Mortgage-Backed Securities — 1.8%** | **Commercial Mortgage-Backed Securities — 1.8%** | **Commercial Mortgage-Backed Securities — 1.8%** |
| 280 Park Avenue Mortgage Trust |  |  |
| 6.731%, 1M TSFR + 2.419%, 09/15/34 (144A) (e) | 460000 | &nbsp;&nbsp; 442750 |
| Bank |  |  |
| 0.694%, 11/15/62 (d) (e) | 4464091 | &nbsp;&nbsp; 99882 |
| 0.750%, 11/15/62 (d) (e) | 2213566 | &nbsp;&nbsp; 55476 |
| 0.799%, 12/15/52 (d) (e) | 3590491 | &nbsp;&nbsp; 91056 |
| 0.842%, 11/15/50 (d) (e) | 6645651 | &nbsp;&nbsp; 90240 |
| 0.894%, 11/15/54 (d) (e) | 760280 | &nbsp;&nbsp; 11791 |
| 0.924%, 09/15/62 (d) (e) | 3951747 | &nbsp;&nbsp; 115554 |
| 1.026%, 05/15/62 (d) (e) | 2823087 | &nbsp;&nbsp; 79463 |
| 1.205%, 02/15/56 (d) (e) | 1355262 | &nbsp;&nbsp; 74971 |
| 1.352%, 10/15/57 (d) (e) | 3216082 | &nbsp;&nbsp; 267283 |
| 1.875%, 03/15/63 (d) (e) | 4828113 | &nbsp;&nbsp; 352035 |
| 3.688%, 02/15/61 | 1700000 | &nbsp;&nbsp; 1668195 |
| Bank5 |  |  |
| 1.258%, 12/15/56 (d) (e) | 880923 | &nbsp;&nbsp; 25806 |
| BBCMS Mortgage Trust |  |  |
| 1.083%, 04/15/53 (d) (e) | 1280000 | &nbsp;&nbsp; 54696 |
| 1.356%, 02/15/62 (d) (e) | 1788989 | &nbsp;&nbsp; 152796 |
| 1.610%, 02/15/50 (d) (e) | 4239044 | &nbsp;&nbsp; 69430 |
| 1.864%, 02/15/57 (d) (e) | 2027584 | &nbsp;&nbsp; 199770 |
| 3.662%, 04/15/55 (e) | 230000 | &nbsp;&nbsp; 211074 |
| Benchmark Mortgage Trust |  |  |
| 0.618%, 07/15/51 (d) (e) | 3700214 | &nbsp;&nbsp; 39252 |
| 0.667%, 01/15/51 (d) (e) | 1567873 | &nbsp;&nbsp; 16966 |
| 1.203%, 08/15/52 (d) (e) | 1839254 | &nbsp;&nbsp; 51657 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Benchmark Mortgage Trust |  |  |
| 1.383%, 03/15/62 (d) (e) | 5019440 | &nbsp;&nbsp; $191582 |
| 1.615%, 01/15/54 (d) (e) | 2338697 | &nbsp;&nbsp; 153695 |
| 1.923%, 07/15/53 (d) (e) | 1209030 | &nbsp;&nbsp; 59852 |
| 3.882%, 02/15/51 (e) | 795000 | &nbsp;&nbsp; 779572 |
| 4.016%, 03/15/52 | 630000 | &nbsp;&nbsp; 613241 |
| BOCA Commercial Mortgage Trust |  |  |
| 6.652%, 1M TSFR + 2.340%, 08/15/41 (144A) (e) | 455000 | &nbsp;&nbsp; 456422 |
| BPR Trust |  |  |
| 5.850%, 11/05/41 (144A) (e) | 220000 | &nbsp;&nbsp; 223315 |
| 7.544%, 1M TSFR + 3.232%, 08/15/39 (144A) (e) | 575000 | &nbsp;&nbsp; 575098 |
| BWAY Trust |  |  |
| 7.710%, 05/05/42 (144A) (e) | 635000 | &nbsp;&nbsp; 658887 |
| BX Trust |  |  |
| 7.351%, 1M TSFR + 3.039%, 03/15/41 (144A) (e) | 86000 | &nbsp;&nbsp; 86000 |
| COMM Mortgage Trust |  |  |
| 1.289%, 10/15/45 (d) (e) | 68890 | &nbsp;&nbsp; 1069 |
| 2.819%, 01/10/39 (144A) | 205000 | &nbsp;&nbsp; 194907 |
| 4.084%, 01/10/39 (144A) (e) | 210000 | &nbsp;&nbsp; 193710 |
| CSAIL Commercial Mortgage Trust |  |  |
| 0.420%, 06/15/57 (d) (e) | 1094866 | &nbsp;&nbsp; 6 |
| 0.984%, 11/15/48 (d) (e) | 518587 | &nbsp;&nbsp; 229 |
| 2.015%, 01/15/49 (d) (e) | 1387444 | &nbsp;&nbsp; 6556 |
| DBJPM Mortgage Trust |  |  |
| 1.822%, 09/15/53 (d) (e) | 919707 | &nbsp;&nbsp; 39319 |
| DC Trust |  |  |
| 5.934%, 04/13/40 (144A) (e) | 200000 | &nbsp;&nbsp; 202143 |
| 7.286%, 04/13/40 (144A) (e) | 100000 | &nbsp;&nbsp; 99924 |
| FS Trust |  |  |
| 6.403%, 1M TSFR + 2.091%, 08/15/39 (144A) (e) | 100000 | &nbsp;&nbsp; 100000 |
| GS Mortgage Securities Corp. II |  |  |
| 5.887%, 03/10/41 (144A) (e) | 615000 | &nbsp;&nbsp; 615900 |
| GS Mortgage Securities Corp. Trust |  |  |
| 2.954%, 11/05/34 (144A) | 1154069 | &nbsp;&nbsp; 995603 |
| GS Mortgage Securities Trust |  |  |
| Zero Coupon, 07/10/46 (d) (e) | 370089 | &nbsp;&nbsp; 4 |
| 0.086%, 08/10/44 (144A) (d) (e) | 88707 | &nbsp;&nbsp; 57 |
| 5.099%, 04/10/47 (144A) (e) | 421315 | &nbsp;&nbsp; 331369 |
| HIH Trust |  |  |
| 6.653%, 1M TSFR + 2.341%, 10/15/41 (144A) (e) | 192124 | &nbsp;&nbsp; 192124 |
| HTL Commercial Mortgage Trust |  |  |
| 6.774%, 05/10/39 (144A) (e) | 280000 | &nbsp;&nbsp; 282339 |
| 7.324%, 05/10/39 (144A) (e) | 150000 | &nbsp;&nbsp; 151750 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 2.812%, 01/16/37 (144A) | 305000 | &nbsp;&nbsp; 272978 |
| 3.691%, 12/15/47 (144A) (e) | 130000 | &nbsp;&nbsp; 105059 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| 0.506%, 09/15/47 (d) (e) | 412858 | &nbsp;&nbsp; 4 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 0.945%, 10/15/48 (d) (e) | 383220 | &nbsp;&nbsp; 8 |
| Morgan Stanley Capital I Trust |  |  |
| 1.448%, 06/15/50 (d) (e) | 1339799 | &nbsp;&nbsp; 21393 |
| 3.912%, 09/09/32 (144A) | 1140000 | &nbsp;&nbsp; 1009528 |
| 5.106%, 07/15/49 (144A) (e) | 265000 | &nbsp;&nbsp; 243103 |
| 5.230%, 10/12/52 (144A) (e) | 13985 | &nbsp;&nbsp; 4207 |

---

*See accompanying notes to financial statements.*

**BHFTII-157**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Natixis Commercial Mortgage Securities Trust |  |  |
| 4.932%, 06/17/38 (144A) (e) | 165000 | &nbsp;&nbsp; $160001 |
| NYC Commercial Mortgage Trust |  |  |
| 6.004%, 1M TSFR + 1.692%, 02/15/42 (144A) (e) | 840000 | &nbsp;&nbsp; 832650 |
| RFR Trust |  |  |
| 5.562%, 03/11/41 (144A) (e) | 795875 | &nbsp;&nbsp; 810989 |
| 5.863%, 03/11/41 (144A) (e) | 730000 | &nbsp;&nbsp; 742060 |
| SG Commercial Mortgage Securities Trust |  |  |
| 2.632%, 03/15/37 (144A) | 1230000 | &nbsp;&nbsp; 1148022 |
| SHR Trust |  |  |
| 6.762%, 1M TSFR + 2.450%, 10/15/41 (144A) (e) | 1445000 | &nbsp;&nbsp; 1444097 |
| TEXAS Commercial Mortgage Trust |  |  |
| 5.905%, 1M TSFR + 1.593%, 04/15/42 (144A) (e) | 145000 | &nbsp;&nbsp; 144638 |
| UBS Commercial Mortgage Trust |  |  |
| 1.204%, 08/15/50 (d) (e) | 656341 | &nbsp;&nbsp; 10856 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 0.983%, 09/15/57 (d) (e) | 3707144 | &nbsp;&nbsp; 77 |
| 2.942%, 10/15/49 | 890000 | &nbsp;&nbsp; 873426 |
| 4.041%, 05/15/48 (e) | 80000 | &nbsp;&nbsp; 77386 |
| WFRBS Commercial Mortgage Trust |  |  |
| 5.000%, 06/15/44 (144A) (e) | 105000 | &nbsp;&nbsp; 87256 |
| Willowbrook Mall |  |  |
| 5.867%, 03/05/35 (144A) (e) | 335000 | &nbsp;&nbsp; 346035 |
| 6.278%, 03/05/35 (144A) (e) | 790000 | &nbsp;&nbsp; 807481 |
|  |  | &nbsp;&nbsp; 20516070 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $50,460,677) <br>|  | &nbsp;&nbsp; 44310925 |
| **Asset-Backed Securities—2.7%** | **Asset-Backed Securities—2.7%** | **Asset-Backed Securities—2.7%** |
| **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| 5.580%, 12/20/30 (144A) | 170000 | &nbsp;&nbsp; 174084 |
| Credit Acceptance Auto Loan Trust |  |  |
| 4.680%, 09/15/34 (144A) | 640000 | &nbsp;&nbsp; 642183 |
| Exeter Automobile Receivables Trust |  |  |
| 6.110%, 09/15/27 | 23150 | &nbsp;&nbsp; 23172 |
| GLS Auto Receivables Issuer Trust |  |  |
| 4.890%, 04/16/29 (144A) | 380000 | &nbsp;&nbsp; 381412 |
| 4.980%, 07/16/29 (144A) | 620000 | &nbsp;&nbsp; 624278 |
| GLS Auto Select Receivables Trust |  |  |
| 4.810%, 09/15/31 (144A) | 981000 | &nbsp;&nbsp; 980740 |
| Hertz Vehicle Financing III LLC |  |  |
| 5.130%, 09/25/31 (144A) | 310000 | &nbsp;&nbsp; 310900 |
| Santander Drive Auto Receivables Trust |  |  |
| 4.980%, 02/15/28 | 95011 | &nbsp;&nbsp; 95057 |
| Securitized Term Auto Receivables Trust |  |  |
| 4.925%, 12/29/32 (144A) | 490000 | &nbsp;&nbsp; 491133 |
| SFS Auto Receivables Securitization Trust |  |  |
| 5.710%, 01/22/30 (144A) | 245000 | &nbsp;&nbsp; 250712 |
|  |  | &nbsp;&nbsp; 3973671 |
| **Asset-Backed - Other — 2.3%** | **Asset-Backed - Other — 2.3%** | **Asset-Backed - Other — 2.3%** |
| AASET Trust |  |  |
| 3.351%, 01/16/40 (144A) | 50772 | &nbsp;&nbsp; 49307 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Affirm Master Trust |  |  |
| 4.670%, 07/15/33 (144A) | 590000 | &nbsp;&nbsp; $591963 |
| Aligned Data Centers Issuer LLC |  |  |
| 6.000%, 08/17/48 (144A) | 545000 | &nbsp;&nbsp; 550158 |
| Benefit Street Partners CLO XXXI Ltd. |  |  |
| 6.032%, 3M TSFR + 1.750%, 04/25/38 (144A) (e) | 575000 | &nbsp;&nbsp; 576679 |
| Blue Owl Asset Leasing Trust LLC |  |  |
| 5.410%, 03/15/30 (144A) | 100000 | &nbsp;&nbsp; 101000 |
| CF Hippolyta Issuer LLC |  |  |
| 1.530%, 03/15/61 (144A) | 94245 | &nbsp;&nbsp; 90675 |
| 1.690%, 07/15/60 (144A) | 224107 | &nbsp;&nbsp; 221709 |
| 1.990%, 07/15/60 (144A) | 240657 | &nbsp;&nbsp; 222444 |
| 5.970%, 08/15/62 (144A) | 142661 | &nbsp;&nbsp; 143023 |
| Commercial Equipment Finance LLC |  |  |
| 5.970%, 07/16/29 (144A) | 263469 | &nbsp;&nbsp; 266026 |
| Domino's Pizza Master Issuer LLC |  |  |
| 2.662%, 04/25/51 (144A) | 505700 | &nbsp;&nbsp; 471838 |
| 3.668%, 10/25/49 (144A) | 316800 | &nbsp;&nbsp; 301810 |
| 4.116%, 07/25/48 (144A) | 663250 | &nbsp;&nbsp; 661146 |
| 4.328%, 07/25/48 (144A) | 473750 | &nbsp;&nbsp; 469907 |
| Elmwood CLO 23 Ltd. |  |  |
| 6.079%, 3M TSFR + 1.750%, 04/16/36 (144A) (e) | 530000 | &nbsp;&nbsp; 531063 |
| FirstKey Homes Trust |  |  |
| 4.145%, 05/19/39 (144A) | 284300 | &nbsp;&nbsp; 282425 |
| 4.250%, 07/17/39 (144A) | 1162230 | &nbsp;&nbsp; 1156574 |
| Golub Capital Partners CLO 68B Ltd. |  |  |
| 7.082%, 3M TSFR + 2.800%, 07/25/36 (144A) (e) | 460000 | &nbsp;&nbsp; 461125 |
| Knollwood CDO Ltd. |  |  |
| 10.700%, PRIME + 3.200%, 01/10/39 (144A) (e) | 1023441 | &nbsp;&nbsp; 102 |
| MF1 Ltd. |  |  |
| 6.068%, 1M TSFR + 1.750%, 02/19/37 (144A) (e) | 685000 | &nbsp;&nbsp; 682622 |
| New Economy Assets - Phase 1 Sponsor LLC |  |  |
| 1.910%, 10/20/61 (144A) | 465000 | &nbsp;&nbsp; 437792 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| 3.844%, 12/25/25 (144A) | 47441 | &nbsp;&nbsp; 46964 |
| Post Road Equipment Finance LLC |  |  |
| 4.900%, 05/15/31 (144A) | 165000 | &nbsp;&nbsp; 165910 |
| 5.040%, 05/15/31 (144A) | 140000 | &nbsp;&nbsp; 141785 |
| PRET LLC |  |  |
| 5.744%, 06/25/55 (144A) (j) | 1150000 | &nbsp;&nbsp; 1150078 |
| 5.963%, 09/25/54 (144A) (j) | 112772 | &nbsp;&nbsp; 112894 |
| Progress Residential Trust |  |  |
| 1.510%, 10/17/38 (144A) | 793832 | &nbsp;&nbsp; 769724 |
| 3.200%, 04/17/39 (144A) | 268083 | &nbsp;&nbsp; 261582 |
| 3.400%, 02/17/42 (144A) (j) | 645000 | &nbsp;&nbsp; 611131 |
| 4.438%, 05/17/41 (144A) | 753344 | &nbsp;&nbsp; 751557 |
| 4.451%, 06/17/39 (144A) | 206236 | &nbsp;&nbsp; 206016 |
| 4.750%, 10/27/39 (144A) | 343936 | &nbsp;&nbsp; 345417 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| 5.000%, 09/15/48 (144A) | 845000 | &nbsp;&nbsp; 837886 |
| RR 23 Ltd. |  |  |
| 5.967%, 3M TSFR + 1.650%, 07/15/37 (144A) (e) | 1110000 | &nbsp;&nbsp; 1110000 |
| 6.906%, 3M TSFR + 2.650%, 10/15/35 (144A) (e) | 1110000 | &nbsp;&nbsp; 1109445 |
| RR 26 Ltd. |  |  |
| 5.756%, 3M TSFR + 1.500%, 04/15/38 (144A) (e) | 520000 | &nbsp;&nbsp; 520625 |

---

*See accompanying notes to financial statements.*

**BHFTII-158**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Sabey Data Center Issuer LLC |  |  |
| 6.000%, 04/20/49 (144A) | 135000 | &nbsp;&nbsp; $136722 |
| Sapphire Aviation Finance II Ltd. |  |  |
| 3.228%, 03/15/40 (144A) | 127220 | &nbsp;&nbsp; 121503 |
| SCF Equipment Trust LLC |  |  |
| 5.110%, 11/21/33 (144A) | 365000 | &nbsp;&nbsp; 372328 |
| Sound Point CLO XXIX Ltd. |  |  |
| 5.613%, 3M TSFR + 1.332%, 04/25/34 (144A) (e) | 1300000 | &nbsp;&nbsp; 1301756 |
| Stack Infrastructure Issuer LLC |  |  |
| 5.900%, 07/25/48 (144A) | 480000 | &nbsp;&nbsp; 483944 |
| 5.900%, 03/25/49 (144A) | 265000 | &nbsp;&nbsp; 269390 |
| Stream Innovations Issuer Trust |  |  |
| 5.050%, 09/15/45 (144A) | 370000 | &nbsp;&nbsp; 372659 |
| Summit Issuer LLC |  |  |
| 2.290%, 12/20/50 (144A) | 320000 | &nbsp;&nbsp; 315482 |
| Taco Bell Funding LLC |  |  |
| 2.294%, 08/25/51 (144A) | 1889348 | &nbsp;&nbsp; 1718016 |
| Texas Debt Capital CLO Ltd. |  |  |
| 5.925%, 3M TSFR + 1.650%, 07/20/38 (144A) (e) | 635000 | &nbsp;&nbsp; 635000 |
| Tricon Residential Trust |  |  |
| 5.412%, 1M TSFR + 1.100%, 03/17/42 (144A) (e) | 479176 | &nbsp;&nbsp; 479251 |
| VB-S1 Issuer LLC |  |  |
| 5.590%, 05/15/54 (144A) | 550000 | &nbsp;&nbsp; 557083 |
| Venture 42 CLO Ltd. |  |  |
| 5.648%, 3M TSFR + 1.392%, 04/15/34 (144A) (e) | 1300000 | &nbsp;&nbsp; 1300885 |
| VOLT XCIV LLC |  |  |
| 6.240%, 02/27/51 (144A) (j) | 40154 | &nbsp;&nbsp; 40137 |
| Wendy's Funding LLC |  |  |
| 2.775%, 06/15/51 (144A) | 1358391 | &nbsp;&nbsp; 1201074 |
| 3.884%, 03/15/48 (144A) | 402282 | &nbsp;&nbsp; 392445 |
| Wingstop Funding LLC |  |  |
| 2.841%, 12/05/50 (144A) | 315200 | &nbsp;&nbsp; 298725 |
| 5.858%, 12/05/54 (144A) | 235000 | &nbsp;&nbsp; 239376 |
| Zayo Issuer LLC |  |  |
| 5.648%, 03/20/55 (144A) | 630000 | &nbsp;&nbsp; 643147 |
|  |  | &nbsp;&nbsp; 27289325 |
| **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** |
| Navient Private Education Refi Loan Trust |  |  |
| 1.110%, 02/18/70 (144A) | 350254 | &nbsp;&nbsp; 310159 |
| 5.510%, 10/15/71 (144A) | 436659 | &nbsp;&nbsp; 446226 |
|  |  | &nbsp;&nbsp; 756385 |
| Total Asset-Backed Securities <br>(Cost $32,460,507) <br>|  | &nbsp;&nbsp; 32019381 |
| **Foreign Government—0.9%** | **Foreign Government—0.9%** | **Foreign Government—0.9%** |
| **Sovereign — 0.9%** | **Sovereign — 0.9%** | **Sovereign — 0.9%** |
| Bermuda Government International Bonds |  |  |
| 2.375%, 08/20/30 (144A) | 200000 | &nbsp;&nbsp; 177460 |
| 5.000%, 07/15/32 (144A) | 405000 | &nbsp;&nbsp; 399127 |
| Bulgaria Government International Bonds |  |  |
| 1.375%, 09/23/50 (EUR) | 225000 | &nbsp;&nbsp; 157542 |
| 4.875%, 05/13/36 (EUR) | 315000 | &nbsp;&nbsp; 411607 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Colombia Government International Bonds |  |  |
| 5.000%, 06/15/45 | 800000 | &nbsp;&nbsp; $539003 |
| 8.375%, 11/07/54 | 200000 | &nbsp;&nbsp; 189810 |
| Costa Rica Government International Bonds |  |  |
| 6.550%, 04/03/34 (144A) | 280000 | &nbsp;&nbsp; 291978 |
| Hungary Government International Bonds |  |  |
| 1.625%, 04/28/32 (EUR) | 685000 | &nbsp;&nbsp; 702188 |
| 5.375%, 09/26/30 (144A) | 200000 | &nbsp;&nbsp; 201798 |
| 6.000%, 09/26/35 (144A) | 230000 | &nbsp;&nbsp; 231153 |
| Indonesia Government International Bonds |  |  |
| 1.100%, 03/12/33 (EUR) | 800000 | &nbsp;&nbsp; 787495 |
| Israel Government International Bonds |  |  |
| 2.750%, 07/03/30 | 200000 | &nbsp;&nbsp; 181003 |
| 5.375%, 02/19/30 | 440000 | &nbsp;&nbsp; 448395 |
| Ivory Coast Government International Bonds |  |  |
| 4.875%, 01/30/32 (EUR) | 460000 | &nbsp;&nbsp; 485248 |
| Mexico Government International Bonds |  |  |
| 3.500%, 02/12/34 | 200000 | &nbsp;&nbsp; 167600 |
| 4.750%, 04/27/32 | 200000 | &nbsp;&nbsp; 189982 |
| 4.750%, 03/08/44 | 4000 | &nbsp;&nbsp; 3145 |
| 6.000%, 05/07/36 | 1040000 | &nbsp;&nbsp; 1026376 |
| 6.338%, 05/04/53 | 200000 | &nbsp;&nbsp; 183120 |
| 6.400%, 05/07/54 | 200000 | &nbsp;&nbsp; 183800 |
| 6.625%, 01/29/38 | 250000 | &nbsp;&nbsp; 253750 |
| 6.875%, 05/13/37 | 275000 | &nbsp;&nbsp; 286633 |
| 7.375%, 05/13/55 | 465000 | &nbsp;&nbsp; 479294 |
| North Macedonia Government International Bonds |  |  |
| 3.675%, 06/03/26 (144A) (EUR) | 515000 | &nbsp;&nbsp; 607050 |
| Peru Government International Bonds |  |  |
| 5.375%, 02/08/35 | 180000 | &nbsp;&nbsp; 179671 |
| 5.875%, 08/08/54 | 235000 | &nbsp;&nbsp; 226394 |
| Philippines Government International Bonds |  |  |
| 1.200%, 04/28/33 (EUR) | 255000 | &nbsp;&nbsp; 253068 |
| 1.750%, 04/28/41 (EUR) | 300000 | &nbsp;&nbsp; 251361 |
| Romania Government International Bonds |  |  |
| 2.625%, 12/02/40 (144A) (EUR) | 635000 | &nbsp;&nbsp; 464641 |
| 2.750%, 04/14/41 (EUR) | 1310000 | &nbsp;&nbsp; 961695 |
| 5.750%, 03/24/35 (144A) | 80000 | &nbsp;&nbsp; 73891 |
| 5.875%, 01/30/29 (144A) | 96000 | &nbsp;&nbsp; 96642 |
| 7.500%, 02/10/37 (144A) | 110000 | &nbsp;&nbsp; 114191 |
| Total Foreign Government <br>(Cost $12,242,820) <br>|  | &nbsp;&nbsp; 11206111 |
| **Municipals—0.4%** | **Municipals—0.4%** | **Municipals—0.4%** |
| Chicago Board of Education, General Obligation Unlimited |  |  |
| 6.138%, 12/01/39 | 325000 | &nbsp;&nbsp; 301359 |
| 6.319%, 11/01/29 | 315000 | &nbsp;&nbsp; 310150 |
| Metropolitan Transportation Authority |  |  |
| 4.750%, 11/15/45 | 505000 | &nbsp;&nbsp; 492016 |
| 5.175%, 11/15/49 | 55000 | &nbsp;&nbsp; 49261 |
| New York Transportation Development Corp. |  |  |
| 4.248%, 09/01/35 | 870000 | &nbsp;&nbsp; 851688 |
| Philadelphia Authority for Industrial Development |  |  |
| 6.550%, 10/15/28 | 1235000 | &nbsp;&nbsp; 1311925 |

---

*See accompanying notes to financial statements.*

**BHFTII-159**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Municipals—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| State Board of Administration Finance Corp. |  |  |
| 1.258%, 07/01/25 | 975000 | &nbsp;&nbsp; $975000 |
| Total Municipals <br>(Cost $4,426,603) <br>|  | &nbsp;&nbsp; 4291399 |
| **Floating Rate Loan (k)—0.0%** | **Floating Rate Loan (k)—0.0%** | **Floating Rate Loan (k)—0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Paragon Offshore Finance Co. |  |  |
| Term Loan B, 07/18/22 (l) (m) (n) <br>(Cost $587)<br>| 587 | &nbsp;&nbsp; 0 |

---

&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 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $14,170,966; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $14,453,177<br>| 14169687 | &nbsp;&nbsp; 14169687 |
| Total Short-Term Investments <br>(Cost $14,169,687) <br>|  | &nbsp;&nbsp; 14169687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (o)—2.4%** | **Securities Lending Reinvestments (o)—2.4%** | **Securities Lending Reinvestments (o)—2.4%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (p)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (p)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (p)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (p)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (p)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—1.7%** | **Repurchase Agreements—1.7%** | **Repurchase Agreements—1.7%** |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $3,000,364; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $3,060,000<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,000,365; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $3,060,372<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $1,024,903; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $1,045,567<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,078,931; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $2,120,253<br>| 2078679 | &nbsp;&nbsp; $2078679 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $3,000,368; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,000<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $2,001,773; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,246<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $2,040,001<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $4,000,493; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,450,475<br>| 4000000 | &nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp; 20078679 |
| **Time Deposits—0.3%** | **Time Deposits—0.3%** | **Time Deposits—0.3%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments <br>(Cost $28,078,679) <br>|  | &nbsp;&nbsp; 28078679 |
| Total Investments—108.0% <br>(Cost $1,183,189,899) <br>|  | &nbsp;&nbsp; 1272438582 |
| Other assets and liabilities (net)—(8.0)%  |  | &nbsp;&nbsp; (94206446)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1178232136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $33,294,930 and the collateral received consisted of cash in the amount of $28,078,679 and non-cash collateral with a value of $6,112,164. 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 

*See accompanying notes to financial statements.*

**BHFTII-160**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | excluded from the Statement of Assets and Liabilities. |
| (c) | Principal only security. |
| (d) | Interest only security. |
| (e) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (f) | 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>|
| (g) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of June 30, 2025, the market value of securities pledged was $1,876,715.<br>|
| (h) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> June 30, 2025, the market value of securities pledged was $1,785,496.<br>|
| (i) | Principal amount of security is adjusted for inflation. |
| (j) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (k) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or  |

---

---

| | |
|:---|:---|
|  | permit the borrowers to repay at their election. The degree to which borrowers repay, <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>|
| (l) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (m) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (n) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (o) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (p) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $118,669,936, which is 10.1% of net assets.<br>|

---

**TBA Forward Sale Commitments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest** <br>**Rate**<br>| **Maturity** | **Face** <br> **Amount**<br>| **Cost** | **Value** |
| Government National Mortgage Association, TBA | 3.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; $(350000)<br>| &nbsp;&nbsp; $(305429)<br>| &nbsp;&nbsp; $(309526)<br>|
| Government National Mortgage Association, TBA | 3.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (1455000)<br>| &nbsp;&nbsp; (1302397)<br>| &nbsp;&nbsp; (1322644)<br>|
| Government National Mortgage Association, TBA | 4.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (175000)<br>| &nbsp;&nbsp; (160636)<br>| &nbsp;&nbsp; (162684)<br>|
| Government National Mortgage Association, TBA | 4.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (270000)<br>| &nbsp;&nbsp; (267823)<br>| &nbsp;&nbsp; (258406)<br>|
| Uniform Mortgage-Backed Security, TBA | 1.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp; (54700)<br>| &nbsp;&nbsp; (56366)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (2845000)<br>| &nbsp;&nbsp; (2319650)<br>| &nbsp;&nbsp; (2358421)<br>|
| Uniform Mortgage-Backed Security, TBA | 3.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (2179000)<br>| &nbsp;&nbsp; (1875121)<br>| &nbsp;&nbsp; (1911624)<br>|
| Uniform Mortgage-Backed Security, TBA | 3.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp; (976348)<br>| &nbsp;&nbsp; (990226)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.000<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (6485000)<br>| &nbsp;&nbsp; (5926713)<br>| &nbsp;&nbsp; (6029278)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (363000)<br>| &nbsp;&nbsp; (382191)<br>| &nbsp;&nbsp; (382003)<br>|
| Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(13571008)<br>| &nbsp;&nbsp; $(13781178)<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $773777108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $358150383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $768 <br>,388328<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $406988254 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $743289200 | &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; $737622543 |

---

*See accompanying notes to financial statements.*

**BHFTII-161**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(23270569)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(23270569)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (4041710)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4041710)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (766400)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (766400)<br>|
| Total Borrowings | &nbsp;&nbsp; $(28078679)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(28078679)<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; $(28078679)<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; 829000 | GSI | 09/17/25 | USD | 145349 | &nbsp;&nbsp; $4347 |
| EUR | &nbsp;&nbsp; 138000 | NWM | 09/17/25 | USD | 160798 | &nbsp;&nbsp; 2586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| BRL | &nbsp;&nbsp; 829000 | MSIP | 09/17/25 | USD | 145592 | &nbsp;&nbsp; (4104)<br>|
| EUR | &nbsp;&nbsp; 5326000 | DBAG | 09/17/25 | USD | 6123781 | &nbsp;&nbsp; (181894)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(179065)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 120 | AUD | 13754311 | &nbsp;&nbsp; $73021 |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 176 | CAD | 21472000 | &nbsp;&nbsp; 97795 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 144 | USD | 29955375 | &nbsp;&nbsp; 49091 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 378 | USD | 41202000 | &nbsp;&nbsp; 509661 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 3 | USD | 342797 | &nbsp;&nbsp; 1739 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 53 | USD | 6313625 | &nbsp;&nbsp; 209393 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro-BTP Bond Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (43)<br>| EUR | (5203000)<br>| &nbsp;&nbsp; (9468)<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (2)<br>| EUR | (260300)<br>| &nbsp;&nbsp; 1383 |
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (15)<br>| EUR | (1781100)<br>| &nbsp;&nbsp; 42391 |
| Euro-OAT Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (59)<br>| EUR | (7306560)<br>| &nbsp;&nbsp; 65395 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (135)<br>| USD | (15588281)<br>| &nbsp;&nbsp; (556021)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (190)<br>| USD | (21303750)<br>| &nbsp;&nbsp; (273082)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $211298 |

---

*See accompanying notes to financial statements.*

**BHFTII-162**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**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>|
| Receive | 12M SOFR | Annually | 2.880<br> %<br>| Annually | 03/17/53 | USD | 1610000 | $287085 | $17307 | $269778 |
| Receive | 12M SOFR | Annually | 2.970<br> %<br>| Annually | 03/17/53 | USD | 2325000 | 379210 | 4419 | 374791 |
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/23/53 | USD | 860000 | 99598 | (8257)<br>| 107855 |
| Receive | 12M SOFR | Annually | 3.590<br> %<br>| Annually | 09/22/53 | USD | 2955000 | 171454 | 12422 | 159032 |
| Receive | 12M SOFR | Annually | 3.704<br> %<br>| Annually | 05/31/29 | USD | 3275000 | (37432)<br>|  | (37432)<br>|
| Receive | 12M SOFR | Annually | 4.160<br> %<br>| Annually | 03/20/45 | USD | 8460000 | (227671)<br>| (16320)<br>| (211351)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $672244 | $9571 | $662673 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $6933 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $185998 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 911456 | Unrealized depreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 248783 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 1049869 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 838571 |
| Total |  | &nbsp;&nbsp; $1968258 |  | &nbsp;&nbsp; $1273352 |

---

&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 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Goldman Sachs International | &nbsp;&nbsp; $4347 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4347 |
| NatWest Markets PLC | &nbsp;&nbsp; 2586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2586 |
|  | &nbsp;&nbsp; $6933 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6933 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Deutsche Bank AG | &nbsp;&nbsp; $181894 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $181894 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 4104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4104 |
|  | &nbsp;&nbsp; $185998 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $185998 |

---

&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.*

**BHFTII-163**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(611409)<br>| &nbsp;&nbsp;&nbsp; $(611409)<br>|
| Futures contracts | &nbsp;&nbsp; (1381571)<br>| &nbsp;&nbsp;&nbsp; 106782 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1274789)<br>|
| Swap contracts | &nbsp;&nbsp; 35179 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35179 |
|  | &nbsp;&nbsp; $(1346392)<br>| &nbsp;&nbsp;&nbsp; $106782 | &nbsp;&nbsp;&nbsp; $(611409)<br>| &nbsp;&nbsp;&nbsp; $(1851019)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $(349460)<br>| &nbsp;&nbsp;&nbsp; $(349460)<br>|
| Futures contracts | &nbsp;&nbsp; 310741 | &nbsp;&nbsp;&nbsp; 22762 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 333503 |
| Swap contracts | &nbsp;&nbsp; (351260)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (351260)<br>|
|  | &nbsp;&nbsp; $(40519)<br>| &nbsp;&nbsp;&nbsp; $22762 | &nbsp;&nbsp;&nbsp; $(349460)<br>| &nbsp;&nbsp;&nbsp; $(367217)<br>|

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $9629359 |
| Futures contracts long | &nbsp;&nbsp; 62273453 |
| Futures contracts short | &nbsp;&nbsp; (64415977)<br>|
| Swap contracts | &nbsp;&nbsp; 20297500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $716833611 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $716833611 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 184759797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184759797 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 131647401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131647401 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 105121591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105121591 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 44310925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44310925 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 32019381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32019381 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 11206111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11206111 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4291399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4291399 |
| Total Floating Rate Loans\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 14169687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14169687 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 20078679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20078679 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 23078679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28078679 |
| Total Investments | &nbsp;&nbsp; $721833611 | &nbsp;&nbsp; $550604971 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1272438582 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28078679)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28078679)<br>|
| TBA Forward Sales Commitments (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13781178)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13781178)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6933 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6933 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (185998)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (185998)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(179065)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(179065)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-164**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $1049869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1049869 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (838571)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (838571)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $211298 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $211298 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $911456 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $911456 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (248783)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (248783)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $662673 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $662673 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-165**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1272438582 |
| Cash | &nbsp;&nbsp; 1832604 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 1078436 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 6933 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 3016968 |
| TBA securities sold (d) | &nbsp;&nbsp; 24436891 |
| Fund shares sold | &nbsp;&nbsp; 294621 |
| Dividends and interest | &nbsp;&nbsp; 3722967 |
| Prepaid expenses | &nbsp;&nbsp; 9255 |
| Total Assets | &nbsp;&nbsp; 1306837257 |
| **Liabilities** |  |
| TBA Forward sale commitments, at value | &nbsp;&nbsp; 13781178 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 185998 |
| Collateral for securities loaned | &nbsp;&nbsp; 28078679 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 10082287 |
| TBA securities purchased (d) | &nbsp;&nbsp; 74717325 |
| Fund shares redeemed | &nbsp;&nbsp; 474022 |
| Variation margin on futures contracts | &nbsp;&nbsp; 53740 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 113335 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 414967 |
| Distribution and service fees | &nbsp;&nbsp; 12063 |
| Deferred trustees' fees | &nbsp;&nbsp; 214900 |
| Other expenses | &nbsp;&nbsp; 476627 |
| Total Liabilities | &nbsp;&nbsp; 128605121 |
| **Net Assets**  | &nbsp;&nbsp; $1178232136 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1049941393 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 128290743 |
| **Net Assets**  | &nbsp;&nbsp; $1178232136 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1110579701 |
| Class B | &nbsp;&nbsp; 47621932 |
| Class E | &nbsp;&nbsp; 20030503 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 63201780 |
| Class B | &nbsp;&nbsp; 2737124 |
| Class E | &nbsp;&nbsp; 1143205 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $17.57 |
| Class B | 17.40 |
| Class E | 17.52 |

---

&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 $1,183,189,899.

(b) Includes securities loaned at value of $33,294,930.

(c) Identified cost of cash denominated in foreign currencies was $1,054,770.

(d) Included within TBA securities sold is $17,721,807 related to TBA forward sale commitments and included within TBA securities purchased is $4,132,568 related to TBA forward sale commitments. 

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $3548319 |
| Interest | &nbsp;&nbsp; 10111406 |
| Securities lending income | &nbsp;&nbsp; 29114 |
| Total investment income | &nbsp;&nbsp; 13688839 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2660919 |
| Administration fees | &nbsp;&nbsp; 37998 |
| Custodian and accounting fees | &nbsp;&nbsp; 114973 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 58439 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 14750 |
| Audit and tax services | &nbsp;&nbsp; 56287 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 49191 |
| Insurance | &nbsp;&nbsp; 4989 |
| Miscellaneous | &nbsp;&nbsp; 12206 |
| Total expenses | &nbsp;&nbsp; 3052518 |
| Less management fee waiver | &nbsp;&nbsp; (153709)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (2680)<br>|
| Net expenses | &nbsp;&nbsp; 2896129 |
| **Net Investment Income** | &nbsp;&nbsp; 10792710 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 35679960 |
| Futures contracts | &nbsp;&nbsp; (1274789)<br>|
| Swap contracts | &nbsp;&nbsp; 35179 |
| Foreign currency transactions | &nbsp;&nbsp; 106572 |
| Forward foreign currency transactions | &nbsp;&nbsp; (611409)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 33935513 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 5089216 |
| Futures contracts | &nbsp;&nbsp; 333503 |
| Swap contracts | &nbsp;&nbsp; (351260)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 38740 |
| Forward foreign currency transactions | &nbsp;&nbsp; (349460)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4760739 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 38696252 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $49488962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $22,557.

*See accompanying notes to financial statements.*

**BHFTII-166**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $10792710 | &nbsp;&nbsp; $22616342 |
| Net realized gain (loss) | &nbsp;&nbsp; 33935513 | &nbsp;&nbsp; 135747022 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4760739 | &nbsp;&nbsp; (4196991)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 49488962 | &nbsp;&nbsp; 154166373 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (148760584)<br>| &nbsp;&nbsp; (56610273)<br>|
| Class B | &nbsp;&nbsp; (6374619)<br>| &nbsp;&nbsp; (2393952)<br>|
| Class E | &nbsp;&nbsp; (2662775)<br>| &nbsp;&nbsp; (1104022)<br>|
| **Total distributions** | &nbsp;&nbsp; (157797978)<br>| &nbsp;&nbsp; (60108247)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 97696982 | &nbsp;&nbsp; (68316721)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (10612034)<br>| &nbsp;&nbsp; 25741405 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1188844170 | &nbsp;&nbsp; 1163102765 |
| End of period | &nbsp;&nbsp; $1178232136 | &nbsp;&nbsp; $1188844170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 342108 | &nbsp;&nbsp; $6501774 | &nbsp;&nbsp; 738482 | &nbsp;&nbsp; $14084342 |
| Reinvestments | &nbsp;&nbsp; 8643846 | &nbsp;&nbsp; 148760584 | &nbsp;&nbsp; 3041928 | &nbsp;&nbsp; 56610273 |
| Redemptions | &nbsp;&nbsp; (3276849)<br>| &nbsp;&nbsp; (62509452)<br>| &nbsp;&nbsp; (6877809)<br>| &nbsp;&nbsp; (130686717)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5709105 | &nbsp;&nbsp; $92752906 | &nbsp;&nbsp; (3097399)<br>| &nbsp;&nbsp; $(59992102)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 63789 | &nbsp;&nbsp; $1215227 | &nbsp;&nbsp; 129138 | &nbsp;&nbsp; $2420789 |
| Reinvestments | &nbsp;&nbsp; 374097 | &nbsp;&nbsp; 6374619 | &nbsp;&nbsp; 129753 | &nbsp;&nbsp; 2393952 |
| Redemptions | &nbsp;&nbsp; (214569)<br>| &nbsp;&nbsp; (4036385)<br>| &nbsp;&nbsp; (489678)<br>| &nbsp;&nbsp; (9209942)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 223317 | &nbsp;&nbsp; $3553461 | &nbsp;&nbsp; (230787)<br>| &nbsp;&nbsp; $(4395201)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 8417 | &nbsp;&nbsp; $163987 | &nbsp;&nbsp; 33359 | &nbsp;&nbsp; $632386 |
| Reinvestments | &nbsp;&nbsp; 155173 | &nbsp;&nbsp; 2662775 | &nbsp;&nbsp; 59484 | &nbsp;&nbsp; 1104022 |
| Redemptions | &nbsp;&nbsp; (76085)<br>| &nbsp;&nbsp; (1436147)<br>| &nbsp;&nbsp; (300017)<br>| &nbsp;&nbsp; (5665826)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 87505 | &nbsp;&nbsp; $1390615 | &nbsp;&nbsp; (207174)<br>| &nbsp;&nbsp; $(3929418)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $97696982 |  | &nbsp;&nbsp; $(68316721)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-167**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $15.70 | &nbsp;&nbsp; $22.57 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $20.12 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| Total income (loss) from investment operations | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.46)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.90)<br>|
| Total distributions | &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.36)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp;&nbsp;&nbsp; $19.48 | &nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $15.70 | &nbsp;&nbsp; $22.57 | &nbsp;&nbsp; $22.09 |
| **Total Return (%)** (b) | 4.41 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp; (17.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.02 | &nbsp;&nbsp;&nbsp;&nbsp;17.72 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.52 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.49 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Ratio of net investment income (loss) to average net assets (%) | 1.90 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 94 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197 <br>(g)<br>| &nbsp;&nbsp; 211 <br>(g)<br>| &nbsp;&nbsp; 214 <br>(g)<br>| &nbsp;&nbsp; 250 <br>(g)<br>| &nbsp;&nbsp; 298 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1110.6 | &nbsp;&nbsp;&nbsp;&nbsp; $1119.9 | &nbsp;&nbsp; $1091.4 | &nbsp;&nbsp; $1018.8 | &nbsp;&nbsp; $1344.5 | &nbsp;&nbsp; $1280.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.29 | &nbsp;&nbsp;&nbsp;&nbsp; $17.85 | &nbsp;&nbsp; $15.55 | &nbsp;&nbsp; $22.37 | &nbsp;&nbsp; $21.92 | &nbsp;&nbsp; $19.97 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total income (loss) from investment operations | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.41)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.90)<br>|
| Total distributions | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.40 | &nbsp;&nbsp;&nbsp;&nbsp; $19.29 | &nbsp;&nbsp; $17.85 | &nbsp;&nbsp; $15.55 | &nbsp;&nbsp; $22.37 | &nbsp;&nbsp; $21.92 |
| **Total Return (%)** (b) | 4.29 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;17.88 | &nbsp;&nbsp; (17.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.73 | &nbsp;&nbsp;&nbsp;&nbsp;17.45 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.77 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 1.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 94 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197 <br>(g)<br>| &nbsp;&nbsp; 211 <br>(g)<br>| &nbsp;&nbsp; 214 <br>(g)<br>| &nbsp;&nbsp; 250 <br>(g)<br>| &nbsp;&nbsp; 298 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $47.6 | &nbsp;&nbsp;&nbsp;&nbsp; $48.5 | &nbsp;&nbsp; $49.0 | &nbsp;&nbsp; $46.6 | &nbsp;&nbsp; $67.4 | &nbsp;&nbsp; $67.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-168**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp;&nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $22.50 | &nbsp;&nbsp; $22.03 | &nbsp;&nbsp; $20.07 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total income (loss) from investment operations | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.43)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (0.90)<br>|
| Total distributions | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (1.33)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.52 | &nbsp;&nbsp;&nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $22.50 | &nbsp;&nbsp; $22.03 |
| **Total Return (%)** (b) | 4.35 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;17.98 | &nbsp;&nbsp; (17.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;17.53 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.67 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Ratio of net investment income (loss) to average net assets (%) | 1.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 94 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197 <br>(g)<br>| &nbsp;&nbsp; 211 <br>(g)<br>| &nbsp;&nbsp; 214 <br>(g)<br>| &nbsp;&nbsp; 250 <br>(g)<br>| &nbsp;&nbsp; 298 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $20.0 | &nbsp;&nbsp;&nbsp;&nbsp; $20.5 | &nbsp;&nbsp; $22.7 | &nbsp;&nbsp; $22.2 | &nbsp;&nbsp; $30.2 | &nbsp;&nbsp; $30.0 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 34%, 64%, 60%, 57%, 62%, and 77% for the six months ended June 30, 2025 and for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTII-169**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.8%** | **Aerospace & Defense — 3.8%** | **Aerospace & Defense — 3.8%** |
| General Dynamics Corp.  | 41202 | &nbsp;&nbsp; $12016975 |
| Lockheed Martin Corp.  | 62613 | &nbsp;&nbsp; 28998585 |
| Northrop Grumman Corp.  | 134957 | &nbsp;&nbsp; 67475801 |
|  |  | &nbsp;&nbsp; 108491361 |
| **Beverages — 5.7%** | **Beverages — 5.7%** | **Beverages — 5.7%** |
| Coca-Cola Co.  | 845466 | &nbsp;&nbsp; 59816720 |
| Diageo PLC | 2350624 | &nbsp;&nbsp; 59126506 |
| PepsiCo, Inc.  | 349210 | &nbsp;&nbsp; 46109688 |
|  |  | &nbsp;&nbsp; 165052914 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Trane Technologies PLC | 81853 | &nbsp;&nbsp; 35803321 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| S&P Global, Inc.  | 86475 | &nbsp;&nbsp; 45597403 |
| **Chemicals — 5.0%** | **Chemicals — 5.0%** | **Chemicals — 5.0%** |
| Ecolab, Inc.  | 220298 | &nbsp;&nbsp; 59357093 |
| Linde PLC | 177422 | &nbsp;&nbsp; 83242854 |
|  |  | &nbsp;&nbsp; 142599947 |
| **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** | **Consumer Finance — 3.3%** |
| American Express Co.  | 297878 | &nbsp;&nbsp; 95017124 |
| **Financial Services — 6.3%** | **Financial Services — 6.3%** | **Financial Services — 6.3%** |
| Mastercard, Inc. - Class A | 165170 | &nbsp;&nbsp; 92815630 |
| Visa, Inc. - Class A (a) | 250037 | &nbsp;&nbsp; 88775637 |
|  |  | &nbsp;&nbsp; 181591267 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Nestle SA | 194975 | &nbsp;&nbsp; 19365273 |
| **Ground Transportation — 3.9%** | **Ground Transportation — 3.9%** | **Ground Transportation — 3.9%** |
| Canadian National Railway Co.  | 565150 | &nbsp;&nbsp; 58886825 |
| Union Pacific Corp.  | 230415 | &nbsp;&nbsp; 53013883 |
|  |  | &nbsp;&nbsp; 111900708 |
| **Health Care Equipment & Supplies — 4.6%** | **Health Care Equipment & Supplies — 4.6%** | **Health Care Equipment & Supplies — 4.6%** |
| Abbott Laboratories | 420028 | &nbsp;&nbsp; 57128008 |
| Stryker Corp.  | 191687 | &nbsp;&nbsp; 75837128 |
|  |  | &nbsp;&nbsp; 132965136 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| UnitedHealth Group, Inc.  | 140752 | &nbsp;&nbsp; 43910401 |
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| Marriott International, Inc. - Class A (a) | 71050 | &nbsp;&nbsp; 19411571 |
| McDonald's Corp.  | 246620 | &nbsp;&nbsp; 72054965 |
|  |  | &nbsp;&nbsp; 91466536 |
| **Household Products — 3.9%** | **Household Products — 3.9%** | **Household Products — 3.9%** |
| Colgate-Palmolive Co.  | 562144 | &nbsp;&nbsp; 51098889 |
| Procter & Gamble Co.  | 392965 | &nbsp;&nbsp; 62607184 |
|  |  | &nbsp;&nbsp; 113706073 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial Conglomerates — 2.8%** | **Industrial Conglomerates — 2.8%** | **Industrial Conglomerates — 2.8%** |
| Honeywell International, Inc.  | 346128 | &nbsp;&nbsp; $80606289 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| Chubb Ltd.  | 237280 | &nbsp;&nbsp; 68744762 |
| Marsh & McLennan Cos., Inc.  | 290458 | &nbsp;&nbsp; 63505737 |
|  |  | &nbsp;&nbsp; 132250499 |
| **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** |
| Alphabet, Inc. - Class A (a) | 437513 | &nbsp;&nbsp; 77102916 |
| **IT Services — 2.6%** | **IT Services — 2.6%** | **IT Services — 2.6%** |
| Accenture PLC - Class A | 246057 | &nbsp;&nbsp; 73543977 |
| **Life Sciences Tools & Services — 2.8%** | **Life Sciences Tools & Services — 2.8%** | **Life Sciences Tools & Services — 2.8%** |
| Danaher Corp.  | 402839 | &nbsp;&nbsp; 79576816 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Deere & Co.  | 100229 | &nbsp;&nbsp; 50965444 |
| **Pharmaceuticals — 6.1%** | **Pharmaceuticals — 6.1%** | **Pharmaceuticals — 6.1%** |
| Eli Lilly & Co.  | 76586 | &nbsp;&nbsp; 59701084 |
| Johnson & Johnson | 174814 | &nbsp;&nbsp; 26702838 |
| Merck & Co., Inc.  | 317611 | &nbsp;&nbsp; 25142087 |
| Zoetis, Inc.  | 405646 | &nbsp;&nbsp; 63260494 |
|  |  | &nbsp;&nbsp; 174806503 |
| **Professional Services — 2.1%** | **Professional Services — 2.1%** | **Professional Services — 2.1%** |
| Automatic Data Processing, Inc.  | 197154 | &nbsp;&nbsp; 60802294 |
| **Semiconductors & Semiconductor Equipment — 7.2%** | **Semiconductors & Semiconductor Equipment — 7.2%** | **Semiconductors & Semiconductor Equipment — 7.2%** |
| Broadcom, Inc.  | 395805 | &nbsp;&nbsp; 109103648 |
| Texas Instruments, Inc.  | 479607 | &nbsp;&nbsp; 99576005 |
|  |  | &nbsp;&nbsp; 208679653 |
| **Software — 8.4%** | **Software — 8.4%** | **Software — 8.4%** |
| Intuit, Inc.  | 127855 | &nbsp;&nbsp; 100702434 |
| Microsoft Corp.  | 284469 | &nbsp;&nbsp; 141497725 |
|  |  | &nbsp;&nbsp; 242200159 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| Public Storage | 88764 | &nbsp;&nbsp; 26045133 |
| **Specialty Retail — 5.0%** | **Specialty Retail — 5.0%** | **Specialty Retail — 5.0%** |
| Home Depot, Inc.  | 144909 | &nbsp;&nbsp; 53129436 |
| TJX Cos., Inc.  | 744708 | &nbsp;&nbsp; 91963991 |
|  |  | &nbsp;&nbsp; 145093427 |
| **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** |
| Apple, Inc.  | 433743 | &nbsp;&nbsp; 88991051 |
| **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** |
| NIKE, Inc. - Class B | 940052 | &nbsp;&nbsp; 66781294 |
| Total Common Stocks <br>(Cost $2,110,909,817) <br>|  | &nbsp;&nbsp; 2794912919 |

---

*See accompanying notes to financial statements.*

**BHFTII-170**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Escrow Shares—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Sino Forest Corp. (b) (c) (d) <br>(Cost $0)<br>| 5844000 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.8%** | **Short-Term Investments—2.8%** | **Short-Term Investments—2.8%** |
| **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $79,489,064; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $81,071,539<br>| 79481889 | &nbsp;&nbsp; 79481889 |
| Total Short-Term Investments <br>(Cost $79,481,889) <br>|  | &nbsp;&nbsp; 79481889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—0.0%** | **Securities Lending Reinvestments (e)—0.0%** | **Securities Lending Reinvestments (e)—0.0%** |
| **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $125,015; collateralized <br> by various Common Stock with an aggregate market value of <br> $139,134<br>| 125000 | &nbsp;&nbsp; 125000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $192,479; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $196,305<br>| 192456 | &nbsp;&nbsp; 192456 |
| Goldman Sachs & Co. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $114,902; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 3.125%, maturity dates ranging from 02/15/29 - 08/15/51, <br> and an aggregate market value of $117,186<br>| 114888 | &nbsp;&nbsp; 114888 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $192,479; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $196,305<br>| 192456 | &nbsp;&nbsp; 192456 |

---

---

| | | |
|:---|:---|:---|
| **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 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $125,016; collateralized <br> by various Common Stock with an aggregate market value of <br> $139,388<br>| 125000 | &nbsp;&nbsp; $125000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $125,016; collateralized <br> by various Common Stock with an aggregate market value of <br> $139,055<br>| 125000 | &nbsp;&nbsp; 125000 |
| Total Securities Lending Reinvestments <br>(Cost $874,800) <br>|  | &nbsp;&nbsp; 874800 |
| Total Investments—99.9% <br>(Cost $2,191,266,506) <br>|  | &nbsp;&nbsp; 2875269608 |
| Other assets and liabilities (net)—0.1%  |  | &nbsp;&nbsp; 3583233 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2878852841 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $61,579,597 and the collateral received consisted of cash in the amount of $874,800 and non-cash collateral with a value of $61,237,895. 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) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.0% of net assets. 

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

(d) Non-income producing security.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $457516358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $616748187 |

---

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $6,563,217 in sales of investments, which are included above,and resulted in a net realized gains of $1,639,342.

*See accompanying notes to financial statements.*

**BHFTII-171**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(874800)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(874800)<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; $(874800)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $108491361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108491361 |
| Beverages | &nbsp;&nbsp; 105926408 | &nbsp;&nbsp; 59126506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 165052914 |
| Building Products | &nbsp;&nbsp; 35803321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35803321 |
| Capital Markets | &nbsp;&nbsp; 45597403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45597403 |
| Chemicals | &nbsp;&nbsp; 142599947 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 142599947 |
| Consumer Finance | &nbsp;&nbsp; 95017124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95017124 |
| Financial Services | &nbsp;&nbsp; 181591267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 181591267 |
| Food Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 19365273 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19365273 |
| Ground Transportation | &nbsp;&nbsp; 111900708 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111900708 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 132965136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132965136 |
| Health Care Providers & Services | &nbsp;&nbsp; 43910401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43910401 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 91466536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91466536 |
| Household Products | &nbsp;&nbsp; 113706073 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 113706073 |
| Industrial Conglomerates | &nbsp;&nbsp; 80606289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80606289 |
| Insurance | &nbsp;&nbsp; 132250499 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132250499 |
| Interactive Media & Services | &nbsp;&nbsp; 77102916 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77102916 |
| IT Services | &nbsp;&nbsp; 73543977 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73543977 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 79576816 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79576816 |
| Machinery | &nbsp;&nbsp; 50965444 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50965444 |
| Pharmaceuticals | &nbsp;&nbsp; 174806503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 174806503 |
| Professional Services | &nbsp;&nbsp; 60802294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60802294 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 208679653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 208679653 |
| Software | &nbsp;&nbsp; 242200159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 242200159 |
| Specialized REITs | &nbsp;&nbsp; 26045133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26045133 |
| Specialty Retail | &nbsp;&nbsp; 145093427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145093427 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 88991051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88991051 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 66781294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66781294 |
| Total Common Stocks | &nbsp;&nbsp; 2716421140 | &nbsp;&nbsp; 78491779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2794912919 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 79481889 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79481889 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 874800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 874800 |
| Total Investments | &nbsp;&nbsp; $2716421140 | &nbsp;&nbsp; $158848468 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2875269608 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(874800)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(874800)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-172**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2875269608 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 326093 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 6765473 |
| Fund shares sold | &nbsp;&nbsp; 1593136 |
| Dividends and interest | &nbsp;&nbsp; 2374477 |
| Prepaid expenses | &nbsp;&nbsp; 22990 |
| Total Assets | &nbsp;&nbsp; 2886351777 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 874800 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3363864 |
| Fund shares redeemed | &nbsp;&nbsp; 1030133 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1313201 |
| Distribution and service fees | &nbsp;&nbsp; 167009 |
| Deferred trustees' fees | &nbsp;&nbsp; 280054 |
| Other expenses | &nbsp;&nbsp; 469875 |
| Total Liabilities | &nbsp;&nbsp; 7498936 |
| **Net Assets**  | &nbsp;&nbsp; $2878852841 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2032120448 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 846732393 |
| **Net Assets**  | &nbsp;&nbsp; $2878852841 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1843960946 |
| Class B | &nbsp;&nbsp; 511414326 |
| Class E | &nbsp;&nbsp; 523477569 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 70240097 |
| Class B | &nbsp;&nbsp; 20033977 |
| Class E | &nbsp;&nbsp; 20362934 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $26.25 |
| Class B | 25.53 |
| Class E | 25.71 |

---

&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 $2,191,266,506.

(b) Includes securities loaned at value of $61,579,597.

(c) Identified cost of cash denominated in foreign currencies was $323,799.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $24172376 |
| Interest | &nbsp;&nbsp; 1033811 |
| Securities lending income | &nbsp;&nbsp; 65171 |
| Total investment income | &nbsp;&nbsp; 25271358 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 10190455 |
| Administration fees | &nbsp;&nbsp; 63767 |
| Custodian and accounting fees | &nbsp;&nbsp; 66516 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 636597 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 391674 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20043 |
| Shareholder reporting | &nbsp;&nbsp; 86136 |
| Insurance | &nbsp;&nbsp; 12863 |
| Miscellaneous | &nbsp;&nbsp; 13950 |
| Total expenses | &nbsp;&nbsp; 11529770 |
| Less management fee waiver | &nbsp;&nbsp; (2176261)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (3563)<br>|
| Net expenses | &nbsp;&nbsp; 9349946 |
| **Net Investment Income** | &nbsp;&nbsp; 15921412 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 150068259 |
| Foreign currency transactions | &nbsp;&nbsp; 50727 |
| Net realized gain (loss) | &nbsp;&nbsp; 150118986 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (72348696)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1456 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (72347240)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 77771746 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $93693158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $219,019.

*See accompanying notes to financial statements.*

**BHFTII-173**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $15921412 | &nbsp;&nbsp; $38730477 |
| Net realized gain (loss) | &nbsp;&nbsp; 150118986 | &nbsp;&nbsp; 357059473 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (72347240)<br>| &nbsp;&nbsp; (134961063)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 93693158 | &nbsp;&nbsp; 260828887 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (252993064)<br>| &nbsp;&nbsp; (95576374)<br>|
| Class B | &nbsp;&nbsp; (70786462)<br>| &nbsp;&nbsp; (27112340)<br>|
| Class E | &nbsp;&nbsp; (72631012)<br>| &nbsp;&nbsp; (28045432)<br>|
| **Total distributions** | &nbsp;&nbsp; (396410538)<br>| &nbsp;&nbsp; (150734146)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 241960152 | &nbsp;&nbsp; (270270183)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (60757228)<br>| &nbsp;&nbsp; (160175442)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2939610069 | &nbsp;&nbsp; 3099785511 |
| End of period | &nbsp;&nbsp; $2878852841 | &nbsp;&nbsp; $2939610069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 339350 | &nbsp;&nbsp; $9649426 | &nbsp;&nbsp; 553794 | &nbsp;&nbsp; $16400567 |
| Reinvestments | &nbsp;&nbsp; 9700654 | &nbsp;&nbsp; 252993064 | &nbsp;&nbsp; 3364181 | &nbsp;&nbsp; 95576374 |
| Redemptions | &nbsp;&nbsp; (3087256)<br>| &nbsp;&nbsp; (90544091)<br>| &nbsp;&nbsp; (8608522)<br>| &nbsp;&nbsp; (255713576)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6952748 | &nbsp;&nbsp; $172098399 | &nbsp;&nbsp; (4690547)<br>| &nbsp;&nbsp; $(143736635)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 299353 | &nbsp;&nbsp; $8301436 | &nbsp;&nbsp; 542293 | &nbsp;&nbsp; $15736052 |
| Reinvestments | &nbsp;&nbsp; 2791264 | &nbsp;&nbsp; 70786462 | &nbsp;&nbsp; 977726 | &nbsp;&nbsp; 27112340 |
| Redemptions | &nbsp;&nbsp; (1530348)<br>| &nbsp;&nbsp; (43373308)<br>| &nbsp;&nbsp; (3798180)<br>| &nbsp;&nbsp; (110244921)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1560269 | &nbsp;&nbsp; $35714590 | &nbsp;&nbsp; (2278161)<br>| &nbsp;&nbsp; $(67396529)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 107453 | &nbsp;&nbsp; $3034139 | &nbsp;&nbsp; 283540 | &nbsp;&nbsp; $8238498 |
| Reinvestments | &nbsp;&nbsp; 2843814 | &nbsp;&nbsp; 72631012 | &nbsp;&nbsp; 1005213 | &nbsp;&nbsp; 28045432 |
| Redemptions | &nbsp;&nbsp; (1451727)<br>| &nbsp;&nbsp; (41517988)<br>| &nbsp;&nbsp; (3272702)<br>| &nbsp;&nbsp; (95420949)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1499540 | &nbsp;&nbsp; $34147163 | &nbsp;&nbsp; (1983949)<br>| &nbsp;&nbsp; $(59137019)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $241960152 |  | &nbsp;&nbsp; $(270270183)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-174**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $29.45 | &nbsp;&nbsp; $28.52 | &nbsp;&nbsp; $30.09 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $34.36 | &nbsp;&nbsp; $35.51 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain (loss) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Total income (loss) from investment operations | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.56)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (3.74)<br>|
| Total distributions | &nbsp;&nbsp; (4.17)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (7.24)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (4.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $26.25 | &nbsp;&nbsp; $29.45 | &nbsp;&nbsp; $28.52 | &nbsp;&nbsp; $30.09 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $34.36 |
| **Total Return (%)** (b) | 3.38 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp; (5.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.43 | &nbsp;&nbsp;&nbsp;&nbsp;11.27 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.59 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Ratio of net investment income (loss) to average net assets (%) | 1.19 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(c)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1844.0 | &nbsp;&nbsp; $1864.1 | &nbsp;&nbsp; $1938.5 | &nbsp;&nbsp; $1961.3 | &nbsp;&nbsp; $2492.0 | &nbsp;&nbsp; $2492.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $28.71 | &nbsp;&nbsp; $27.83 | &nbsp;&nbsp; $29.44 | &nbsp;&nbsp; $39.25 | &nbsp;&nbsp; $33.79 | &nbsp;&nbsp; $34.99 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| Total income (loss) from investment operations | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.47)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (3.74)<br>|
| Total distributions | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (7.14)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (4.21)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $25.53 | &nbsp;&nbsp; $28.71 | &nbsp;&nbsp; $27.83 | &nbsp;&nbsp; $29.44 | &nbsp;&nbsp; $39.25 | &nbsp;&nbsp; $33.79 |
| **Total Return (%)** (b) | 3.25 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.97 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.99 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Ratio of net investment income (loss) to average net assets (%) | 0.94 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(c)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $511.4 | &nbsp;&nbsp; $530.4 | &nbsp;&nbsp; $577.5 | &nbsp;&nbsp; $592.5 | &nbsp;&nbsp; $726.0 | &nbsp;&nbsp; $679.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-175**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $28.90 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $29.61 | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp; $33.94 | &nbsp;&nbsp; $35.13 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| Total income (loss) from investment operations | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.51)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (3.74)<br>|
| Total distributions | &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp; (7.18)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (4.25)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $25.71 | &nbsp;&nbsp; $28.90 | &nbsp;&nbsp; $28.01 | &nbsp;&nbsp; $29.61 | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp; $33.94 |
| **Total Return (%)** (b) | 3.31 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp; (5.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.23 | &nbsp;&nbsp;&nbsp;&nbsp;11.08 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.89 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | 1.04 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(c)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $523.5 | &nbsp;&nbsp; $545.2 | &nbsp;&nbsp; $583.8 | &nbsp;&nbsp; $606.6 | &nbsp;&nbsp; $765.8 | &nbsp;&nbsp; $712.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six month period ended June 30, 2025 and for each of years ended December 31, 2024 through 2020 (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-176**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| ATI, Inc. (a) | 198246 | &nbsp;&nbsp; $17116560 |
| BWX Technologies, Inc.  | 48248 | &nbsp;&nbsp; 6950607 |
| L3Harris Technologies, Inc.  | 38900 | &nbsp;&nbsp; 9757676 |
|  |  | &nbsp;&nbsp; 33824843 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Modine Manufacturing Co. (a) | 29967 | &nbsp;&nbsp; 2951749 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Celsius Holdings, Inc. (a) (b) | 144143 | &nbsp;&nbsp; 6686794 |
| **Biotechnology — 2.8%** | **Biotechnology — 2.8%** | **Biotechnology — 2.8%** |
| Alnylam Pharmaceuticals, Inc. (a) | 26181 | &nbsp;&nbsp; 8537362 |
| Natera, Inc. (a) | 61573 | &nbsp;&nbsp; 10402143 |
| United Therapeutics Corp. (a) | 33712 | &nbsp;&nbsp; 9687143 |
|  |  | &nbsp;&nbsp; 28626648 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Builders FirstSource, Inc. (a) | 76258 | &nbsp;&nbsp; 8898546 |
| Trex Co., Inc. (a) (b) | 63934 | &nbsp;&nbsp; 3476731 |
|  |  | &nbsp;&nbsp; 12375277 |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| Carlyle Group, Inc.  | 210540 | &nbsp;&nbsp; 10821756 |
| KKR & Co., Inc.  | 61452 | &nbsp;&nbsp; 8174960 |
| MSCI, Inc.  | 12310 | &nbsp;&nbsp; 7099669 |
| Nasdaq, Inc.  | 79636 | &nbsp;&nbsp; 7121051 |
|  |  | &nbsp;&nbsp; 33217436 |
| **Commercial Services & Supplies — 3.0%** | **Commercial Services & Supplies — 3.0%** | **Commercial Services & Supplies — 3.0%** |
| Cintas Corp.  | 38487 | &nbsp;&nbsp; 8577598 |
| Rollins, Inc.  | 222884 | &nbsp;&nbsp; 12575115 |
| Waste Connections, Inc.  | 48520 | &nbsp;&nbsp; 9059654 |
|  |  | &nbsp;&nbsp; 30212367 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Arista Networks, Inc. (a) | 55426 | &nbsp;&nbsp; 5670634 |
| **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** |
| API Group Corp. (a) (b) | 198326 | &nbsp;&nbsp; 10124542 |
| Quanta Services, Inc. (b) | 40556 | &nbsp;&nbsp; 15333413 |
|  |  | &nbsp;&nbsp; 25457955 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Eagle Materials, Inc.  | 58380 | &nbsp;&nbsp; 11799182 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Bright Horizons Family Solutions, Inc. (a) | 66116 | &nbsp;&nbsp; 8171276 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
| Vertiv Holdings Co. - Class A (b) | 134649 | &nbsp;&nbsp; 17290278 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
| Amphenol Corp. - Class A | 128660 | &nbsp;&nbsp; 12705175 |
| CDW Corp.  | 48114 | &nbsp;&nbsp; 8592679 |
|  |  | &nbsp;&nbsp; 21297854 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| ROBLOX Corp. - Class A (a) | 163336 | &nbsp;&nbsp; $17182947 |
| **Financial Services — 2.9%** | **Financial Services — 2.9%** | **Financial Services — 2.9%** |
| Apollo Global Management, Inc.  | 65131 | &nbsp;&nbsp; 9240135 |
| Block, Inc. (a) | 296309 | &nbsp;&nbsp; 20128270 |
|  |  | &nbsp;&nbsp; 29368405 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Lamb Weston Holdings, Inc. (b) | 99724 | &nbsp;&nbsp; 5170689 |
| **Ground Transportation — 3.2%** | **Ground Transportation — 3.2%** | **Ground Transportation — 3.2%** |
| Knight-Swift Transportation Holdings, Inc.  | 107269 | &nbsp;&nbsp; 4744508 |
| XPO, Inc. (a) (b) | 222831 | &nbsp;&nbsp; 28141327 |
|  |  | &nbsp;&nbsp; 32885835 |
| **Health Care Equipment & Supplies — 9.4%** | **Health Care Equipment & Supplies — 9.4%** | **Health Care Equipment & Supplies — 9.4%** |
| Alcon AG (b) | 135760 | &nbsp;&nbsp; 11984893 |
| Align Technology, Inc. (a) | 44391 | &nbsp;&nbsp; 8404548 |
| Dexcom, Inc. (a) | 220602 | &nbsp;&nbsp; 19256349 |
| GE HealthCare Technologies, Inc.  | 90979 | &nbsp;&nbsp; 6738814 |
| IDEXX Laboratories, Inc. (a) | 27704 | &nbsp;&nbsp; 14858763 |
| Inspire Medical Systems, Inc. (a) | 65412 | &nbsp;&nbsp; 8488515 |
| ResMed, Inc.  | 45983 | &nbsp;&nbsp; 11863614 |
| STERIS PLC | 56009 | &nbsp;&nbsp; 13454482 |
|  |  | &nbsp;&nbsp; 95049978 |
| **Health Care Technology — 1.7%** | **Health Care Technology — 1.7%** | **Health Care Technology — 1.7%** |
| Veeva Systems, Inc. - Class A (a) | 60408 | &nbsp;&nbsp; 17396296 |
| **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** |
| Chipotle Mexican Grill, Inc. (a) | 151629 | &nbsp;&nbsp; 8513968 |
| Domino's Pizza, Inc.  | 15664 | &nbsp;&nbsp; 7058199 |
| DraftKings, Inc. - Class A (a) (b) | 317742 | &nbsp;&nbsp; 13627954 |
| Wingstop, Inc.  | 28325 | &nbsp;&nbsp; 9538161 |
|  |  | &nbsp;&nbsp; 38738282 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Church & Dwight Co., Inc.  | 84001 | &nbsp;&nbsp; 8073336 |
| **Independent Power and Renewable Electricity Producers — 1.6%** | **Independent Power and Renewable Electricity Producers — 1.6%** | **Independent Power and Renewable Electricity Producers — 1.6%** |
| Vistra Corp. (b) | 83705 | &nbsp;&nbsp; 16222866 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| First Industrial Realty Trust, Inc.  | 153881 | &nbsp;&nbsp; 7406293 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Aon PLC - Class A | 47460 | &nbsp;&nbsp; 16931830 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Match Group, Inc.  | 66140 | &nbsp;&nbsp; 2043065 |
| **IT Services — 6.9%** | **IT Services — 6.9%** | **IT Services — 6.9%** |
| Cloudflare, Inc. - Class A (a) | 69380 | &nbsp;&nbsp; 13586685 |
| Cognizant Technology Solutions Corp. - Class A | 70388 | &nbsp;&nbsp; 5492376 |
| EPAM Systems, Inc. (a) | 60301 | &nbsp;&nbsp; 10662423 |
| MongoDB, Inc. (a) | 28122 | &nbsp;&nbsp; 5905339 |
| Snowflake, Inc. - Class A (a) | 47811 | &nbsp;&nbsp; 10698667 |

---

*See accompanying notes to financial statements.*

**BHFTII-177**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** |
| Twilio, Inc. - Class A (a) | 186392 | &nbsp;&nbsp; $23179709 |
|  |  | &nbsp;&nbsp; 69525199 |
| **Leisure Products — 1.4%** | **Leisure Products — 1.4%** | **Leisure Products — 1.4%** |
| Mattel, Inc. (a) | 737748 | &nbsp;&nbsp; 14548391 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Agilent Technologies, Inc.  | 51861 | &nbsp;&nbsp; 6120116 |
| Mettler-Toledo International, Inc. (a) (b) | 8001 | &nbsp;&nbsp; 9398935 |
|  |  | &nbsp;&nbsp; 15519051 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| RBC Bearings, Inc. (a) | 26292 | &nbsp;&nbsp; 10117162 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Trade Desk, Inc. - Class A (a) | 174236 | &nbsp;&nbsp; 12543250 |
| **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** |
| Cheniere Energy, Inc.  | 105840 | &nbsp;&nbsp; 25774157 |
| Permian Resources Corp.  | 628183 | &nbsp;&nbsp; 8555852 |
|  |  | &nbsp;&nbsp; 34330009 |
| **Other — 0.5%** | **Other — 0.5%** | **Other — 0.5%** |
| QXO, Inc. (a) | 220433 | &nbsp;&nbsp; 4748127 |
| **Professional Services — 2.9%** | **Professional Services — 2.9%** | **Professional Services — 2.9%** |
| CACI International, Inc. - Class A (a) (b) | 15356 | &nbsp;&nbsp; 7320205 |
| Equifax, Inc.  | 32945 | &nbsp;&nbsp; 8544945 |
| TransUnion | 150341 | &nbsp;&nbsp; 13230008 |
|  |  | &nbsp;&nbsp; 29095158 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| CoStar Group, Inc. (a) | 110371 | &nbsp;&nbsp; 8873828 |
| **Semiconductors & Semiconductor Equipment — 7.0%** | **Semiconductors & Semiconductor Equipment — 7.0%** | **Semiconductors & Semiconductor Equipment — 7.0%** |
| Allegro MicroSystems, Inc. (a) (b) | 489516 | &nbsp;&nbsp; 16736552 |
| KLA Corp. (b) | 9545 | &nbsp;&nbsp; 8549838 |
| Lattice Semiconductor Corp. (a) (b) | 96248 | &nbsp;&nbsp; 4715190 |
| Marvell Technology, Inc.  | 162701 | &nbsp;&nbsp; 12593057 |
| Monolithic Power Systems, Inc.  | 22279 | &nbsp;&nbsp; 16294415 |
| Teradyne, Inc.  | 133940 | &nbsp;&nbsp; 12043885 |
|  |  | &nbsp;&nbsp; 70932937 |
| **Software — 12.8%** | **Software — 12.8%** | **Software — 12.8%** |
| AppLovin Corp. - Class A (a) | 43791 | &nbsp;&nbsp; 15330353 |
| Datadog, Inc. - Class A (a) | 92339 | &nbsp;&nbsp; 12403898 |
| Dolby Laboratories, Inc. - Class A | 109878 | &nbsp;&nbsp; 8159540 |
| Fair Isaac Corp. (a) | 8441 | &nbsp;&nbsp; 15429811 |
| Fortinet, Inc. (a) | 143519 | &nbsp;&nbsp; 15172829 |
| Guidewire Software, Inc. (a) | 41413 | &nbsp;&nbsp; 9750691 |
| HubSpot, Inc. (a) | 22572 | &nbsp;&nbsp; 12564252 |
| Palantir Technologies, Inc. - Class A (a) | 91425 | &nbsp;&nbsp; 12463056 |
| Unity Software, Inc. (a) (b) | 492945 | &nbsp;&nbsp; 11929269 |
| Zscaler, Inc. (a) | 51799 | &nbsp;&nbsp; 16261778 |
|  |  | &nbsp;&nbsp; 129465477 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
| Burlington Stores, Inc. (a) | 59486 | &nbsp;&nbsp; $13838823 |
| Lithia Motors, Inc.  | 22087 | &nbsp;&nbsp; 7461431 |
| Ross Stores, Inc.  | 57521 | &nbsp;&nbsp; 7338529 |
| Tractor Supply Co.  | 153390 | &nbsp;&nbsp; 8094390 |
|  |  | &nbsp;&nbsp; 36733173 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| Pure Storage, Inc. - Class A (a) | 113401 | &nbsp;&nbsp; 6529630 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| On Holding AG - Class A (a) | 140708 | &nbsp;&nbsp; 7323851 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| FTAI Aviation Ltd. (b) | 179576 | &nbsp;&nbsp; 20658423 |
| Total Common Stocks <br>(Cost $844,943,506) <br>|  | &nbsp;&nbsp; 994995781 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.1%** | **Short-Term Investments—2.1%** | **Short-Term Investments—2.1%** |
| **Repurchase Agreement—2.1%** | **Repurchase Agreement—2.1%** | **Repurchase Agreement—2.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $20,891,755; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $21,307,862<br>| 20889869 | &nbsp;&nbsp; 20889869 |
| Total Short-Term Investments <br>(Cost $20,889,869) <br>|  | &nbsp;&nbsp; 20889869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—0.7%** | **Securities Lending Reinvestments (c)—0.7%** | **Securities Lending Reinvestments (c)—0.7%** |
| **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.2%** | **Certificate of Deposit—0.2%** | **Certificate of Deposit—0.2%** |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (e) | 2000000 | &nbsp;&nbsp; 2000340 |
| **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,000,123; collateralized <br> by U.S. Government Agency Obligations with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $1,020,124<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-178**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $364,576; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $371,822<br>| 364532 | &nbsp;&nbsp; $364532 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $1,000,887; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,115,123<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 4364532 |
| Total Securities Lending Reinvestments <br>(Cost $7,364,532) <br>|  | &nbsp;&nbsp; 7364872 |
| Total Investments—100.9% <br>(Cost $873,197,907) <br>|  | &nbsp;&nbsp; 1023250522 |
| Other assets and liabilities (net)—(0.9)%  |  | &nbsp;&nbsp; (8874089)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1014376433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $84,556,257 and the collateral received consisted of cash in the amount of <br> $7,364,532 and non-cash collateral with a value of $80,138,513. 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) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (d) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (e) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity <br> date shown for callable securities reflects the earliest possible call date. For securities based on a <br> published reference index and spread, the index and spread are indicated in the description <br> above. For certain variable rate securities, the coupon rate is determined by the issuer/agent <br> based on current market conditions. For certain asset- and mortgage-backed securities, the <br> coupon rate may fluctuate based on changes of the underlying collateral or prepayments of <br> principal. These securities do not indicate a reference index and spread in their description above.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $391354226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $448069119 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(7364532)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7364532)<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; $(7364532)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $994995781 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $994995781 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20889869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20889869 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000340 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000340 |

---

*See accompanying notes to financial statements.*

**BHFTII-179**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4364532 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4364532 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 6364872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7364872 |
| Total Investments | &nbsp;&nbsp; $995995781 | &nbsp;&nbsp; $27254741 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1023250522 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7364532)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7364532)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-180**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1023250522 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 17429 |
| Dividends and interest | &nbsp;&nbsp; 149601 |
| Prepaid expenses | &nbsp;&nbsp; 7918 |
| Total Assets | &nbsp;&nbsp; 1023425470 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 7364532 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 653413 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 532564 |
| Distribution and service fees | &nbsp;&nbsp; 33263 |
| Deferred trustees' fees | &nbsp;&nbsp; 236335 |
| Other expenses | &nbsp;&nbsp; 228930 |
| Total Liabilities | &nbsp;&nbsp; 9049037 |
| **Net Assets**  | &nbsp;&nbsp; $1014376433 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $797422838 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 216953595 |
| **Net Assets**  | &nbsp;&nbsp; $1014376433 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $804286530 |
| Class B | &nbsp;&nbsp; 131173170 |
| Class D | &nbsp;&nbsp; 71926553 |
| Class E | &nbsp;&nbsp; 6990180 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 28326782 |
| Class B | &nbsp;&nbsp; 6299886 |
| Class D | &nbsp;&nbsp; 2697750 |
| Class E | &nbsp;&nbsp; 267298 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $28.39 |
| Class B | 20.82 |
| Class D | 26.66 |
| Class E | 26.15 |

---

&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 $873,197,907.

(b) Includes securities loaned at value of $84,556,257.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $2332696 |
| Interest | &nbsp;&nbsp; 210752 |
| Securities lending income | &nbsp;&nbsp; 73522 |
| Total investment income | &nbsp;&nbsp; 2616970 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3528640 |
| Administration fees | &nbsp;&nbsp; 29238 |
| Custodian and accounting fees | &nbsp;&nbsp; 30475 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 156046 |
| Distribution and service fees—Class D | &nbsp;&nbsp; 35493 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 5048 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 49326 |
| Insurance | &nbsp;&nbsp; 4304 |
| Miscellaneous | &nbsp;&nbsp; 8467 |
| Total expenses | &nbsp;&nbsp; 3914850 |
| Less management fee waiver | &nbsp;&nbsp; (363872)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (39630)<br>|
| Net expenses | &nbsp;&nbsp; 3511348 |
| **Net Investment Loss** | &nbsp;&nbsp; (894378)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 82671049 |
| Foreign currency transactions | &nbsp;&nbsp; 15 |
| Net realized gain (loss) | &nbsp;&nbsp; 82671064 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (69243940)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 13427124 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $12532746 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $11,567.

*See accompanying notes to financial statements.*

**BHFTII-181**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(894378)<br>| &nbsp;&nbsp; $(1488198)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 82671064 | &nbsp;&nbsp; 110144561 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (69243940)<br>| &nbsp;&nbsp; 68631252 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 12532746 | &nbsp;&nbsp; 177287615 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (39457132)<br>| &nbsp;&nbsp; (2045395)<br>|
| Class B | &nbsp;&nbsp; (8678585)<br>| &nbsp;&nbsp; (115000)<br>|
| Class D | &nbsp;&nbsp; (3833732)<br>| &nbsp;&nbsp; (122961)<br>|
| Class E | &nbsp;&nbsp; (370506)<br>| &nbsp;&nbsp; (8377)<br>|
| **Total distributions** | &nbsp;&nbsp; (52339955)<br>| &nbsp;&nbsp; (2291733)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 9524169 | &nbsp;&nbsp; (178362867)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (30283040)<br>| &nbsp;&nbsp; (3366985)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1044659473 | &nbsp;&nbsp; 1048026458 |
| End of period | &nbsp;&nbsp; $1014376433 | &nbsp;&nbsp; $1044659473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 355215 | &nbsp;&nbsp; $9717716 | &nbsp;&nbsp; 211814 | &nbsp;&nbsp; $5813647 |
| Reinvestments | &nbsp;&nbsp; 1418301 | &nbsp;&nbsp; 39457132 | &nbsp;&nbsp; 76207 | &nbsp;&nbsp; 2045395 |
| Redemptions | &nbsp;&nbsp; (1513970)<br>| &nbsp;&nbsp; (43084538)<br>| &nbsp;&nbsp; (5095463)<br>| &nbsp;&nbsp; (144440027)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 259546 | &nbsp;&nbsp; $6090310 | &nbsp;&nbsp; (4807442)<br>| &nbsp;&nbsp; $(136580985)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 296267 | &nbsp;&nbsp; $5894023 | &nbsp;&nbsp; 178987 | &nbsp;&nbsp; $3630265 |
| Reinvestments | &nbsp;&nbsp; 425421 | &nbsp;&nbsp; 8678585 | &nbsp;&nbsp; 5724 | &nbsp;&nbsp; 115000 |
| Redemptions | &nbsp;&nbsp; (447099)<br>| &nbsp;&nbsp; (9584574)<br>| &nbsp;&nbsp; (1644892)<br>| &nbsp;&nbsp; (34193305)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 274589 | &nbsp;&nbsp; $4988034 | &nbsp;&nbsp; (1460181)<br>| &nbsp;&nbsp; $(30448040)<br>|
| **Class D** |  |  |  |  |
| Sales | &nbsp;&nbsp; 35616 | &nbsp;&nbsp; $921508 | &nbsp;&nbsp; 83534 | &nbsp;&nbsp; $2146199 |
| Reinvestments | &nbsp;&nbsp; 146774 | &nbsp;&nbsp; 3833732 | &nbsp;&nbsp; 4858 | &nbsp;&nbsp; 122961 |
| Redemptions | &nbsp;&nbsp; (239783)<br>| &nbsp;&nbsp; (6328099)<br>| &nbsp;&nbsp; (483778)<br>| &nbsp;&nbsp; (12429288)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (57393)<br>| &nbsp;&nbsp; $(1572859)<br>| &nbsp;&nbsp; (395386)<br>| &nbsp;&nbsp; $(10160128)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 5905 | &nbsp;&nbsp; $146818 | &nbsp;&nbsp; 10208 | &nbsp;&nbsp; $261716 |
| Reinvestments | &nbsp;&nbsp; 14462 | &nbsp;&nbsp; 370506 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 8377 |
| Redemptions | &nbsp;&nbsp; (18543)<br>| &nbsp;&nbsp; (498640)<br>| &nbsp;&nbsp; (57004)<br>| &nbsp;&nbsp; (1443807)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; $18684 | &nbsp;&nbsp; (46459)<br>| &nbsp;&nbsp; $(1173714)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $9524169 |  | &nbsp;&nbsp; $(178362867)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-182**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $29.50 | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $21.28 | &nbsp;&nbsp; $43.74 | &nbsp;&nbsp; $44.02 | &nbsp;&nbsp; $37.70 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp; (12.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| Total income (loss) from investment operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp; (12.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.07)<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 net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $29.50 | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $21.28 | &nbsp;&nbsp; $43.74 | &nbsp;&nbsp; $44.02 |
| **Total Return (%)** (b) | 1.27 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.77 | &nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp; (28.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.68 | &nbsp;&nbsp;&nbsp;&nbsp;31.70 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.76 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net ratio of expenses to average net assets (%) (e) | 0.69 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.14 ) (d)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.10)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 <br>(c)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 64 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $804.3 | &nbsp;&nbsp; $828.0 | &nbsp;&nbsp; $825.6 | &nbsp;&nbsp; $774.6 | &nbsp;&nbsp; $1142.1 | &nbsp;&nbsp; $1114.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $22.05 | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp; $15.96 | &nbsp;&nbsp; $36.41 | &nbsp;&nbsp; $37.72 | &nbsp;&nbsp; $32.99 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gain (loss) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 |
| Total income (loss) from investment operations | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $20.82 | &nbsp;&nbsp; $22.05 | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp; $15.96 | &nbsp;&nbsp; $36.41 | &nbsp;&nbsp; $37.72 |
| **Total Return (%)** (b) | 1.16 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp;&nbsp;&nbsp;17.73 | &nbsp;&nbsp; (28.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.38 | &nbsp;&nbsp;&nbsp;&nbsp;31.38 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.01 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net ratio of expenses to average net assets (%) (e) | 0.94 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.39 ) (d)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.35)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 <br>(c)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 64 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $131.2 | &nbsp;&nbsp; $132.9 | &nbsp;&nbsp; $140.6 | &nbsp;&nbsp; $128.2 | &nbsp;&nbsp; $188.7 | &nbsp;&nbsp; $188.5 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-183**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.80 | &nbsp;&nbsp; $23.67 | &nbsp;&nbsp; $20.08 | &nbsp;&nbsp; $42.10 | &nbsp;&nbsp; $42.64 | &nbsp;&nbsp; $36.68 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp; (12.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 |
| Total income (loss) from investment operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (12.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.04)<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 net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $26.66 | &nbsp;&nbsp; $27.80 | &nbsp;&nbsp; $23.67 | &nbsp;&nbsp; $20.08 | &nbsp;&nbsp; $42.10 | &nbsp;&nbsp; $42.64 |
| **Total Return (%)** (b) | 1.24 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp;&nbsp;&nbsp;17.88 | &nbsp;&nbsp; (28.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;&nbsp;&nbsp;31.59 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.86 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (e) | 0.79 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.24 ) (d)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.20)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 <br>(c)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 64 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $71.9 | &nbsp;&nbsp; $76.6 | &nbsp;&nbsp; $74.6 | &nbsp;&nbsp; $67.9 | &nbsp;&nbsp; $103.7 | &nbsp;&nbsp; $99.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.30 | &nbsp;&nbsp; $23.25 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $41.63 | &nbsp;&nbsp; $42.25 | &nbsp;&nbsp; $36.40 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp; (12.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.15 |
| Total income (loss) from investment operations | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp; (12.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.03)<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 net realized capital gains | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp; (4.21)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp; $27.30 | &nbsp;&nbsp; $23.25 | &nbsp;&nbsp; $19.73 | &nbsp;&nbsp; $41.63 | &nbsp;&nbsp; $42.25 |
| **Total Return (%)** (b) | 1.23 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;17.84 | &nbsp;&nbsp; (28.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;31.53 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.91 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net ratio of expenses to average net assets (%) (e) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.29 ) (d)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.25)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 <br>(c)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 64 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $7.0 | &nbsp;&nbsp; $7.2 | &nbsp;&nbsp; $7.3 | &nbsp;&nbsp; $7.0 | &nbsp;&nbsp; $11.0 | &nbsp;&nbsp; $11.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-184**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—99.9% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** |
| Axon Enterprise, Inc. (a) (b) | 20287 | &nbsp;&nbsp; $16796419 |
| Boeing Co. (b) | 319677 | &nbsp;&nbsp; 66981922 |
| General Electric Co.  | 154008 | &nbsp;&nbsp; 39640119 |
|  |  | &nbsp;&nbsp; 123418460 |
| **Automobiles — 2.0%** | **Automobiles — 2.0%** | **Automobiles — 2.0%** |
| Tesla, Inc. (b) | 187741 | &nbsp;&nbsp; 59637806 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| Vertex Pharmaceuticals, Inc. (b) | 123186 | &nbsp;&nbsp; 54842407 |
| **Broadline Retail — 8.9%** | **Broadline Retail — 8.9%** | **Broadline Retail — 8.9%** |
| Amazon.com, Inc. (b) | 1034255 | &nbsp;&nbsp; 226905204 |
| MercadoLibre, Inc. (b) | 14108 | &nbsp;&nbsp; 36873092 |
|  |  | &nbsp;&nbsp; 263778296 |
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Goldman Sachs Group, Inc.  | 24477 | &nbsp;&nbsp; 17323597 |
| KKR & Co., Inc.  | 71832 | &nbsp;&nbsp; 9555811 |
| LPL Financial Holdings, Inc.  | 37058 | &nbsp;&nbsp; 13895638 |
| Moody's Corp.  | 30119 | &nbsp;&nbsp; 15107389 |
|  |  | &nbsp;&nbsp; 55882435 |
| **Consumer Staples Distribution & Retail — 3.5%** | **Consumer Staples Distribution & Retail — 3.5%** | **Consumer Staples Distribution & Retail — 3.5%** |
| Costco Wholesale Corp.  | 61026 | &nbsp;&nbsp; 60412078 |
| Walmart, Inc.  | 445655 | &nbsp;&nbsp; 43576146 |
|  |  | &nbsp;&nbsp; 103988224 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Constellation Energy Corp.  | 138983 | &nbsp;&nbsp; 44858153 |
| **Entertainment — 8.4%** | **Entertainment — 8.4%** | **Entertainment — 8.4%** |
| Netflix, Inc. (b) | 112332 | &nbsp;&nbsp; 150427151 |
| Spotify Technology SA (b) | 50796 | &nbsp;&nbsp; 38977803 |
| Walt Disney Co.  | 485486 | &nbsp;&nbsp; 60205119 |
|  |  | &nbsp;&nbsp; 249610073 |
| **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
| Mastercard, Inc. - Class A | 144450 | &nbsp;&nbsp; 81172233 |
| Visa, Inc. - Class A (a) | 177975 | &nbsp;&nbsp; 63190024 |
|  |  | &nbsp;&nbsp; 144362257 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| Uber Technologies, Inc. (b) | 394245 | &nbsp;&nbsp; 36783058 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| Abbott Laboratories | 91819 | &nbsp;&nbsp; 12488301 |
| Boston Scientific Corp. (b) | 53962 | &nbsp;&nbsp; 5796059 |
| Dexcom, Inc. (b) | 277627 | &nbsp;&nbsp; 24234061 |
| Edwards Lifesciences Corp. (b) | 342495 | &nbsp;&nbsp; 26786534 |
| Intuitive Surgical, Inc. (b) | 60003 | &nbsp;&nbsp; 32606230 |
|  |  | &nbsp;&nbsp; 101911185 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Airbnb, Inc. - Class A (a) (b) | 108497 | &nbsp;&nbsp; 14358493 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Cava Group, Inc. (a) (b) | 76440 | &nbsp;&nbsp; $6438541 |
| Hilton Worldwide Holdings, Inc. (a) | 136231 | &nbsp;&nbsp; 36283765 |
| Starbucks Corp.  | 43340 | &nbsp;&nbsp; 3971244 |
|  |  | &nbsp;&nbsp; 61052043 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Progressive Corp.  | 77101 | &nbsp;&nbsp; 20575173 |
| **Interactive Media & Services — 9.7%** | **Interactive Media & Services — 9.7%** | **Interactive Media & Services — 9.7%** |
| Alphabet, Inc. - Class A | 309081 | &nbsp;&nbsp; 54469345 |
| Alphabet, Inc. - Class C | 306933 | &nbsp;&nbsp; 54446845 |
| Meta Platforms, Inc. - Class A | 244059 | &nbsp;&nbsp; 180137507 |
|  |  | &nbsp;&nbsp; 289053697 |
| **IT Services — 1.5%** | **IT Services — 1.5%** | **IT Services — 1.5%** |
| Shopify, Inc. - Class A (b) | 132828 | &nbsp;&nbsp; 15321710 |
| Snowflake, Inc. - Class A (b) | 134270 | &nbsp;&nbsp; 30045598 |
|  |  | &nbsp;&nbsp; 45367308 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Trade Desk, Inc. - Class A (b) | 371148 | &nbsp;&nbsp; 26718945 |
| **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** |
| AstraZeneca PLC (ADR) | 171049 | &nbsp;&nbsp; 11952904 |
| Eli Lilly & Co.  | 112446 | &nbsp;&nbsp; 87655030 |
| Novo Nordisk AS (ADR) (a) | 448631 | &nbsp;&nbsp; 30964512 |
|  |  | &nbsp;&nbsp; 130572446 |
| **Semiconductors & Semiconductor Equipment — 17.3%** | **Semiconductors & Semiconductor Equipment — 17.3%** | **Semiconductors & Semiconductor Equipment — 17.3%** |
| Broadcom, Inc.  | 572085 | &nbsp;&nbsp; 157695230 |
| NVIDIA Corp.  | 1937548 | &nbsp;&nbsp; 306113209 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 152925 | &nbsp;&nbsp; 34635983 |
| Texas Instruments, Inc.  | 71986 | &nbsp;&nbsp; 14945733 |
|  |  | &nbsp;&nbsp; 513390155 |
| **Software — 13.7%** | **Software — 13.7%** | **Software — 13.7%** |
| AppLovin Corp. - Class A (b) | 7661 | &nbsp;&nbsp; 2681963 |
| Cadence Design Systems, Inc. (b) | 191693 | &nbsp;&nbsp; 59070198 |
| Crowdstrike Holdings, Inc. - Class A (b) | 106619 | &nbsp;&nbsp; 54302123 |
| Datadog, Inc. - Class A (b) | 126580 | &nbsp;&nbsp; 17003491 |
| HubSpot, Inc. (b) | 22684 | &nbsp;&nbsp; 12626595 |
| Microsoft Corp.  | 415646 | &nbsp;&nbsp; 206746477 |
| Salesforce, Inc.  | 43464 | &nbsp;&nbsp; 11852198 |
| ServiceNow, Inc. (b) | 41151 | &nbsp;&nbsp; 42306520 |
|  |  | &nbsp;&nbsp; 406589565 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| Industria de Diseno Textil SA | 289029 | &nbsp;&nbsp; 15061145 |
| O'Reilly Automotive, Inc. (b) | 310470 | &nbsp;&nbsp; 27982661 |
| TJX Cos., Inc.  | 165834 | &nbsp;&nbsp; 20478841 |
|  |  | &nbsp;&nbsp; 63522647 |
| **Technology Hardware, Storage & Peripherals — 4.6%** | **Technology Hardware, Storage & Peripherals — 4.6%** | **Technology Hardware, Storage & Peripherals — 4.6%** |
| Apple, Inc.  | 670106 | &nbsp;&nbsp; 137485649 |

---

*See accompanying notes to financial statements.*

**BHFTII-185**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** | **Textiles, Apparel & Luxury Goods — 1.3%** |
| adidas AG | 91890 | &nbsp;&nbsp; $21419496 |
| NIKE, Inc. - Class B | 230957 | &nbsp;&nbsp; 16407185 |
|  |  | &nbsp;&nbsp; 37826681 |
| Total Common Stocks <br>(Cost $1,559,548,342) <br>|  | &nbsp;&nbsp; 2971226663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—2.2%** | **Securities Lending Reinvestments (c)—2.2%** | **Securities Lending Reinvestments (c)—2.2%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 12000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.0%** | **Certificate of Deposit—0.0%** | **Certificate of Deposit—0.0%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 | 1000000 | &nbsp;&nbsp; 999998 |
| **Repurchase Agreements—1.6%** | **Repurchase Agreements—1.6%** | **Repurchase Agreements—1.6%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,600,196; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $1,632,000<br>| 1600000 | &nbsp;&nbsp; 1600000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $5,775,715; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,428,002<br>| 5775000 | &nbsp;&nbsp; 5775000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $7,800,982; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,681,977<br>| 7800000 | &nbsp;&nbsp; 7800000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $4,000,486; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $4,080,000<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,000,487; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $4,080,496<br>| 4000000 | &nbsp;&nbsp; 4000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $7,517,887; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $7,667,319<br>| 7516977 | &nbsp;&nbsp; $7516977 |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $3,000,368; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,000<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,000,365; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $3,060,001<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $11,001,357; <br> collateralized by various Common Stock with an aggregate <br> market value of $12,238,807<br>| 11000000 | &nbsp;&nbsp; 11000000 |
|  |  | &nbsp;&nbsp; 47691977 |
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $64,691,977) <br>|  | &nbsp;&nbsp; 64691975 |
| Total Investments—102.1% <br>(Cost $1,624,240,319) <br>|  | &nbsp;&nbsp; 3035918638 |
| Other assets and liabilities (net)—(2.1)%  |  | &nbsp;&nbsp; (62000760)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2973917878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $140,036,708 and the collateral received consisted of cash in the amount of $64,691,977 and non-cash collateral with a value of $76,196,618. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

*See accompanying notes to financial statements.*

**BHFTII-186**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $405938932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $604918712 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(64691977)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(64691977)<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; $(64691977)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $123418460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123418460 |
| Automobiles | &nbsp;&nbsp; 59637806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59637806 |
| Biotechnology | &nbsp;&nbsp; 54842407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54842407 |
| Broadline Retail | &nbsp;&nbsp; 263778296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 263778296 |
| Capital Markets | &nbsp;&nbsp; 55882435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55882435 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 103988224 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103988224 |
| Electric Utilities | &nbsp;&nbsp; 44858153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44858153 |
| Entertainment | &nbsp;&nbsp; 249610073 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 249610073 |
| Financial Services | &nbsp;&nbsp; 144362257 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 144362257 |
| Ground Transportation | &nbsp;&nbsp; 36783058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36783058 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 101911185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101911185 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 61052043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61052043 |
| Insurance | &nbsp;&nbsp; 20575173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20575173 |
| Interactive Media & Services | &nbsp;&nbsp; 289053697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 289053697 |
| IT Services | &nbsp;&nbsp; 45367308 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45367308 |
| Media | &nbsp;&nbsp; 26718945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26718945 |
| Pharmaceuticals | &nbsp;&nbsp; 130572446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130572446 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 513390155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 513390155 |
| Software | &nbsp;&nbsp; 406589565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 406589565 |
| Specialty Retail | &nbsp;&nbsp; 48461502 | &nbsp;&nbsp; 15061145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63522647 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 137485649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 137485649 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 16407185 | &nbsp;&nbsp; 21419496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37826681 |
| Total Common Stocks | &nbsp;&nbsp; 2934746022 | &nbsp;&nbsp; 36480641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2971226663 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 999998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999998 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 47691977 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47691977 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; 52691975 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64691975 |
| Total Investments | &nbsp;&nbsp; $2946746022 | &nbsp;&nbsp; $89172616 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3035918638 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(64691977)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(64691977)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-187**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $3035918638 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 14090235 |
| Fund shares sold | &nbsp;&nbsp; 924911 |
| Dividends | &nbsp;&nbsp; 802668 |
| Prepaid expenses | &nbsp;&nbsp; 23051 |
| Total Assets | &nbsp;&nbsp; 3051759503 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 1335054 |
| Due to custodian denominated in foreign currencies (c) | &nbsp;&nbsp; 562 |
| Collateral for securities loaned | &nbsp;&nbsp; 64691977 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5049879 |
| Fund shares redeemed | &nbsp;&nbsp; 4664260 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1220151 |
| Distribution and service fees | &nbsp;&nbsp; 216042 |
| Deferred trustees' fees | &nbsp;&nbsp; 255249 |
| Other expenses | &nbsp;&nbsp; 408451 |
| Total Liabilities | &nbsp;&nbsp; 77841625 |
| **Net Assets**  | &nbsp;&nbsp; $2973917878 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1334475089 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1639442789 |
| **Net Assets**  | &nbsp;&nbsp; $2973917878 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1881621567 |
| Class B | &nbsp;&nbsp; 1078173583 |
| Class E | &nbsp;&nbsp; 14122728 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 127186773 |
| Class B | &nbsp;&nbsp; 78485165 |
| Class E | &nbsp;&nbsp; 987355 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $14.79 |
| Class B | 13.74 |
| Class E | 14.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,624,240,319.

(b) Includes securities loaned at value of $140,036,708.

(c) Identified cost of cash due to bank denominated in foreign currencies was $536.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $6506693 |
| Interest | &nbsp;&nbsp; 556603 |
| Securities lending income | &nbsp;&nbsp; 71905 |
| Total investment income | &nbsp;&nbsp; 7135201 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 8288045 |
| Administration fees | &nbsp;&nbsp; 62410 |
| Custodian and accounting fees | &nbsp;&nbsp; 64939 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1263206 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 10197 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 50614 |
| Insurance | &nbsp;&nbsp; 11997 |
| Miscellaneous | &nbsp;&nbsp; 13077 |
| Total expenses | &nbsp;&nbsp; 9832298 |
| Less management fee waiver | &nbsp;&nbsp; (1108159)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (28961)<br>|
| Net expenses | &nbsp;&nbsp; 8695178 |
| **Net Investment Loss** | &nbsp;&nbsp; (1559977)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 235285840 |
| Foreign currency transactions | &nbsp;&nbsp; (5868)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 235279972 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (24310556)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 532 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (24310024)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 210969948 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $209409971 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $178,778.

*See accompanying notes to financial statements.*

**BHFTII-188**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1559977)<br>| &nbsp;&nbsp; $(4800547)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 235279972 | &nbsp;&nbsp; 507754543 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (24310024)<br>| &nbsp;&nbsp; 256812867 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 209409971 | &nbsp;&nbsp; 759766863 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (316419451)<br>| &nbsp;&nbsp; (204259642)<br>|
| Class B | &nbsp;&nbsp; (193659172)<br>| &nbsp;&nbsp; (125919832)<br>|
| Class E | &nbsp;&nbsp; (2477757)<br>| &nbsp;&nbsp; (1740413)<br>|
| **Total distributions** | &nbsp;&nbsp; (512556380)<br>| &nbsp;&nbsp; (331919887)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 318869004 | &nbsp;&nbsp; (137963717)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 15722595 | &nbsp;&nbsp; 289883259 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2958195283 | &nbsp;&nbsp; 2668312024 |
| End of period | &nbsp;&nbsp; $2973917878 | &nbsp;&nbsp; $2958195283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2646062 | &nbsp;&nbsp; $42674131 | &nbsp;&nbsp; 5942017 | &nbsp;&nbsp; $93170283 |
| Reinvestments | &nbsp;&nbsp; 22142719 | &nbsp;&nbsp; 316419451 | &nbsp;&nbsp; 13376532 | &nbsp;&nbsp; 204259642 |
| Redemptions | &nbsp;&nbsp; (9422586)<br>| &nbsp;&nbsp; (153544928)<br>| &nbsp;&nbsp; (23669229)<br>| &nbsp;&nbsp; (376576871)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 15366195 | &nbsp;&nbsp; $205548654 | &nbsp;&nbsp; (4350680)<br>| &nbsp;&nbsp; $(79146946)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1432829 | &nbsp;&nbsp; $20749064 | &nbsp;&nbsp; 3120080 | &nbsp;&nbsp; $46587019 |
| Reinvestments | &nbsp;&nbsp; 14593758 | &nbsp;&nbsp; 193659172 | &nbsp;&nbsp; 8738365 | &nbsp;&nbsp; 125919832 |
| Redemptions | &nbsp;&nbsp; (6704315)<br>| &nbsp;&nbsp; (101479835)<br>| &nbsp;&nbsp; (15397195)<br>| &nbsp;&nbsp; (230549115)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 9322272 | &nbsp;&nbsp; $112928401 | &nbsp;&nbsp; (3538750)<br>| &nbsp;&nbsp; $(58042264)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 24922 | &nbsp;&nbsp; $354921 | &nbsp;&nbsp; 83417 | &nbsp;&nbsp; $1279831 |
| Reinvestments | &nbsp;&nbsp; 179418 | &nbsp;&nbsp; 2477757 | &nbsp;&nbsp; 116963 | &nbsp;&nbsp; 1740413 |
| Redemptions | &nbsp;&nbsp; (156831)<br>| &nbsp;&nbsp; (2440729)<br>| &nbsp;&nbsp; (249028)<br>| &nbsp;&nbsp; (3794751)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 47509 | &nbsp;&nbsp; $391949 | &nbsp;&nbsp; (48648)<br>| &nbsp;&nbsp; $(774507)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $318869004 |  | &nbsp;&nbsp; $(137963717)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-189**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $20.85 | &nbsp;&nbsp; $22.63 | &nbsp;&nbsp; $16.32 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp; (7.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 |
| Total income (loss) from investment operations | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp; (7.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.04)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (2.13)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (2.17)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $20.85 | &nbsp;&nbsp; $22.63 |
| **Total Return (%)** (d) | 7.49 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.28 | &nbsp;&nbsp;&nbsp;&nbsp;53.26 | &nbsp;&nbsp; (38.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;56.80 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.62 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net ratio of expenses to average net assets (%) (g) | 0.54 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.02 ) (f)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.04)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 14 <br>(e)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1881.6 | &nbsp;&nbsp; $1859.5 | &nbsp;&nbsp; $1664.4 | &nbsp;&nbsp; $1300.2 | &nbsp;&nbsp; $2086.0 | &nbsp;&nbsp; $2134.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $20.17 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $15.98 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 |
| Total income (loss) from investment operations | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp; (7.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (h)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (2.13)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (2.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $20.17 | &nbsp;&nbsp; $22.09 |
| **Total Return (%)** (d) | 7.39 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;&nbsp;52.86 | &nbsp;&nbsp; (39.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp;&nbsp;&nbsp;56.37 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net ratio of expenses to average net assets (%) (g) | 0.79 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.27 ) (f)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.29)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 14 <br>(e)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1078.2 | &nbsp;&nbsp; $1083.5 | &nbsp;&nbsp; $990.1 | &nbsp;&nbsp; $771.6 | &nbsp;&nbsp; $1270.2 | &nbsp;&nbsp; $1226.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-190**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $20.55 | &nbsp;&nbsp; $22.40 | &nbsp;&nbsp; $16.17 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain (loss) | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp; (7.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 |
| Total income (loss) from investment operations | 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp; (7.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.02)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (2.13)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (2.15)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.30 | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $20.55 | &nbsp;&nbsp; $22.40 |
| **Total Return (%)** (d) | 7.40 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.10 | &nbsp;&nbsp;&nbsp;&nbsp;53.11 | &nbsp;&nbsp; (38.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;56.60 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.77 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net ratio of expenses to average net assets (%) (g) | 0.69 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.17 ) (f)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.19)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 14 <br>(e)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $14.1 | &nbsp;&nbsp; $15.2 | &nbsp;&nbsp; $13.8 | &nbsp;&nbsp; $9.9 | &nbsp;&nbsp; $18.8 | &nbsp;&nbsp; $20.6 |

---

&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) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from return of capital were less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Distributions from net investment income were less than $0.01.

*See accompanying notes to financial statements.*

**BHFTII-191**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.4%** | **Aerospace & Defense — 4.4%** | **Aerospace & Defense — 4.4%** |
| AAR Corp. (a) | 13601 | &nbsp;&nbsp; $935613 |
| ATI, Inc. (a) | 14832 | &nbsp;&nbsp; 1280595 |
| Cadre Holdings, Inc.  | 21654 | &nbsp;&nbsp; 689680 |
| Hexcel Corp.  | 13712 | &nbsp;&nbsp; 774591 |
| Kratos Defense & Security Solutions, Inc. (a) | 36186 | &nbsp;&nbsp; 1680840 |
| Mercury Systems, Inc. (a) | 62455 | &nbsp;&nbsp; 3363826 |
| Moog, Inc. - Class A | 25237 | &nbsp;&nbsp; 4567140 |
| V2X, Inc. (a) | 44253 | &nbsp;&nbsp; 2148483 |
|  |  | &nbsp;&nbsp; 15440768 |
| **Automobile Components — 1.5%** | **Automobile Components — 1.5%** | **Automobile Components — 1.5%** |
| Dorman Products, Inc. (a) | 6088 | &nbsp;&nbsp; 746815 |
| Garrett Motion, Inc. (b) | 311459 | &nbsp;&nbsp; 3273434 |
| Modine Manufacturing Co. (a) | 4671 | &nbsp;&nbsp; 460094 |
| Patrick Industries, Inc. (b) | 10456 | &nbsp;&nbsp; 964775 |
|  |  | &nbsp;&nbsp; 5445118 |
| **Banks — 10.1%** | **Banks — 10.1%** | **Banks — 10.1%** |
| Ameris Bancorp | 55426 | &nbsp;&nbsp; 3586062 |
| Bancorp, Inc. (a) (b) | 14811 | &nbsp;&nbsp; 843783 |
| Cadence Bank | 81023 | &nbsp;&nbsp; 2591116 |
| First Busey Corp.  | 66360 | &nbsp;&nbsp; 1518649 |
| Hanmi Financial Corp.  | 34144 | &nbsp;&nbsp; 842674 |
| Home BancShares, Inc.  | 129203 | &nbsp;&nbsp; 3677117 |
| Pinnacle Financial Partners, Inc.  | 33316 | &nbsp;&nbsp; 3678420 |
| Popular, Inc.  | 37872 | &nbsp;&nbsp; 4173873 |
| Prosperity Bancshares, Inc.  | 46321 | &nbsp;&nbsp; 3253587 |
| SouthState Corp.  | 41465 | &nbsp;&nbsp; 3816024 |
| Western Alliance Bancorp | 37985 | &nbsp;&nbsp; 2962070 |
| Wintrust Financial Corp.  | 36232 | &nbsp;&nbsp; 4492043 |
|  |  | &nbsp;&nbsp; 35435418 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Vita Coco Co., Inc. (a) (b) | 26853 | &nbsp;&nbsp; 969393 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| Akero Therapeutics, Inc. (a) (b) | 11680 | &nbsp;&nbsp; 623245 |
| Alkermes PLC (a) | 30591 | &nbsp;&nbsp; 875209 |
| Insmed, Inc. (a) | 10082 | &nbsp;&nbsp; 1014652 |
| Mirum Pharmaceuticals, Inc. (a) | 11960 | &nbsp;&nbsp; 608644 |
| Rhythm Pharmaceuticals, Inc. (a) | 12791 | &nbsp;&nbsp; 808263 |
| Scholar Rock Holding Corp. (a) | 16068 | &nbsp;&nbsp; 569129 |
| Ultragenyx Pharmaceutical, Inc. (a) | 11826 | &nbsp;&nbsp; 429993 |
| Vericel Corp. (a) (b) | 22316 | &nbsp;&nbsp; 949546 |
| Viridian Therapeutics, Inc. (a) (b) | 28953 | &nbsp;&nbsp; 404763 |
| Xenon Pharmaceuticals, Inc. (a) | 14213 | &nbsp;&nbsp; 444867 |
|  |  | &nbsp;&nbsp; 6728311 |
| **Building Products — 2.3%** | **Building Products — 2.3%** | **Building Products — 2.3%** |
| CSW Industrials, Inc.  | 2600 | &nbsp;&nbsp; 745758 |
| Griffon Corp.  | 40761 | &nbsp;&nbsp; 2949874 |
| Quanex Building Products Corp. (b) | 99177 | &nbsp;&nbsp; 1874445 |
| UFP Industries, Inc. (b) | 25572 | &nbsp;&nbsp; 2540834 |
|  |  | &nbsp;&nbsp; 8110911 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets — 4.2%** | **Capital Markets — 4.2%** | **Capital Markets — 4.2%** |
| Donnelley Financial Solutions, Inc. (a) | 32622 | &nbsp;&nbsp; $2011146 |
| Hamilton Lane, Inc. - Class A | 7686 | &nbsp;&nbsp; 1092335 |
| Marex Group PLC | 100734 | &nbsp;&nbsp; 3975971 |
| P10, Inc. - Class A (b) | 44093 | &nbsp;&nbsp; 450631 |
| Perella Weinberg Partners | 94715 | &nbsp;&nbsp; 1839365 |
| Piper Sandler Cos.  | 3002 | &nbsp;&nbsp; 834376 |
| PJT Partners, Inc. - Class A | 7017 | &nbsp;&nbsp; 1157875 |
| Stifel Financial Corp.  | 32172 | &nbsp;&nbsp; 3338810 |
|  |  | &nbsp;&nbsp; 14700509 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Cabot Corp.  | 29782 | &nbsp;&nbsp; 2233650 |
| Ecovyst, Inc. (a) (b) | 216145 | &nbsp;&nbsp; 1778873 |
| Hawkins, Inc.  | 15731 | &nbsp;&nbsp; 2235375 |
|  |  | &nbsp;&nbsp; 6247898 |
| **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** |
| ACV Auctions, Inc. - Class A (a) | 54961 | &nbsp;&nbsp; 891467 |
| Casella Waste Systems, Inc. - Class A (a) (b) | 11755 | &nbsp;&nbsp; 1356292 |
| CECO Environmental Corp. (a) (b) | 85152 | &nbsp;&nbsp; 2410653 |
| Clean Harbors, Inc. (a) | 9321 | &nbsp;&nbsp; 2154829 |
| VSE Corp.  | 23214 | &nbsp;&nbsp; 3040570 |
|  |  | &nbsp;&nbsp; 9853811 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Calix, Inc. (a) | 8773 | &nbsp;&nbsp; 466636 |
| **Construction & Engineering — 2.9%** | **Construction & Engineering — 2.9%** | **Construction & Engineering — 2.9%** |
| Arcosa, Inc.  | 48844 | &nbsp;&nbsp; 4235263 |
| Construction Partners, Inc. - Class A (a) (b) | 13639 | &nbsp;&nbsp; 1449553 |
| Everus Construction Group, Inc. (a) | 3742 | &nbsp;&nbsp; 237729 |
| Limbach Holdings, Inc. (a) | 17925 | &nbsp;&nbsp; 2511292 |
| Sterling Infrastructure, Inc. (a) | 7635 | &nbsp;&nbsp; 1761624 |
|  |  | &nbsp;&nbsp; 10195461 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Knife River Corp. (a) | 45781 | &nbsp;&nbsp; 3737561 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| TriMas Corp.  | 72008 | &nbsp;&nbsp; 2060149 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Grand Canyon Education, Inc. (a) | 5749 | &nbsp;&nbsp; 1086561 |
| OneSpaWorld Holdings Ltd.  | 43326 | &nbsp;&nbsp; 883417 |
| Stride, Inc. (a) | 6371 | &nbsp;&nbsp; 925006 |
|  |  | &nbsp;&nbsp; 2894984 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| TXNM Energy, Inc.  | 49207 | &nbsp;&nbsp; 2771338 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| Powell Industries, Inc. (b) | 9391 | &nbsp;&nbsp; 1976336 |
| **Electronic Equipment, Instruments & Components — 6.4%** | **Electronic Equipment, Instruments & Components — 6.4%** | **Electronic Equipment, Instruments & Components — 6.4%** |
| Advanced Energy Industries, Inc.  | 7820 | &nbsp;&nbsp; 1036150 |
| Bel Fuse, Inc. - Class B | 39138 | &nbsp;&nbsp; 3823391 |

---

*See accompanying notes to financial statements.*

**BHFTII-192**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** |
| Crane NXT Co. (b) | 37608 | &nbsp;&nbsp; $2027071 |
| Itron, Inc. (a) | 9743 | &nbsp;&nbsp; 1282471 |
| Mirion Technologies, Inc. (a) | 19900 | &nbsp;&nbsp; 428447 |
| OSI Systems, Inc. (a) | 2780 | &nbsp;&nbsp; 625111 |
| PAR Technology Corp. (a) (b) | 12193 | &nbsp;&nbsp; 845828 |
| TD SYNNEX Corp. (b) | 26111 | &nbsp;&nbsp; 3543263 |
| TTM Technologies, Inc. (a) | 120626 | &nbsp;&nbsp; 4923953 |
| Vontier Corp.  | 110435 | &nbsp;&nbsp; 4075052 |
|  |  | &nbsp;&nbsp; 22610737 |
| **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** | **Energy Equipment & Services — 2.5%** |
| Cactus, Inc. - Class A | 17060 | &nbsp;&nbsp; 745863 |
| Kodiak Gas Services, Inc.  | 69563 | &nbsp;&nbsp; 2383924 |
| Noble Corp. PLC | 14644 | &nbsp;&nbsp; 388798 |
| Oceaneering International, Inc. (a) (b) | 78820 | &nbsp;&nbsp; 1633151 |
| Tidewater, Inc. (a) (b) | 42977 | &nbsp;&nbsp; 1982529 |
| Weatherford International PLC | 29201 | &nbsp;&nbsp; 1469102 |
|  |  | &nbsp;&nbsp; 8603367 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Atlanta Braves Holdings, Inc. - Class C (a) | 57972 | &nbsp;&nbsp; 2711350 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
| EVERTEC, Inc.  | 25773 | &nbsp;&nbsp; 929117 |
| Federal Agricultural Mortgage Corp. - Class C | 21308 | &nbsp;&nbsp; 4139718 |
| WEX, Inc. (a) | 14334 | &nbsp;&nbsp; 2105521 |
|  |  | &nbsp;&nbsp; 7174356 |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Nomad Foods Ltd.  | 155318 | &nbsp;&nbsp; 2638853 |
| Post Holdings, Inc. (a) | 22952 | &nbsp;&nbsp; 2502456 |
|  |  | &nbsp;&nbsp; 5141309 |
| **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** |
| MDU Resources Group, Inc.  | 136174 | &nbsp;&nbsp; 2270020 |
| UGI Corp.  | 86830 | &nbsp;&nbsp; 3162349 |
|  |  | &nbsp;&nbsp; 5432369 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| RXO, Inc. (a) | 28289 | &nbsp;&nbsp; 444703 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| Embecta Corp.  | 41974 | &nbsp;&nbsp; 406728 |
| Establishment Labs Holdings, Inc. (a) (b) | 16429 | &nbsp;&nbsp; 701682 |
| Glaukos Corp. (a) | 8309 | &nbsp;&nbsp; 858237 |
| Haemonetics Corp. (a) | 40165 | &nbsp;&nbsp; 2996711 |
| Integer Holdings Corp. (a) (b) | 7169 | &nbsp;&nbsp; 881572 |
| iRhythm Technologies, Inc. (a) | 5496 | &nbsp;&nbsp; 846164 |
| Lantheus Holdings, Inc. (a) | 26288 | &nbsp;&nbsp; 2151936 |
| Merit Medical Systems, Inc. (a) | 11490 | &nbsp;&nbsp; 1074085 |
| PROCEPT BioRobotics Corp. (a) (b) | 16856 | &nbsp;&nbsp; 970905 |
| UFP Technologies, Inc. (a) | 4186 | &nbsp;&nbsp; 1022054 |
|  |  | &nbsp;&nbsp; 11910074 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| Addus HomeCare Corp. (a) | 18802 | &nbsp;&nbsp; $2165803 |
| Concentra Group Holdings Parent, Inc. (b) | 152072 | &nbsp;&nbsp; 3128121 |
| Ensign Group, Inc.  | 5193 | &nbsp;&nbsp; 801072 |
| HealthEquity, Inc. (a) | 11707 | &nbsp;&nbsp; 1226425 |
| Omada Health, Inc. (a) (b) | 23464 | &nbsp;&nbsp; 429391 |
| Option Care Health, Inc. (a) | 76047 | &nbsp;&nbsp; 2470007 |
| RadNet, Inc. (a) | 17265 | &nbsp;&nbsp; 982551 |
| Select Medical Holdings Corp. (b) | 104191 | &nbsp;&nbsp; 1581619 |
|  |  | &nbsp;&nbsp; 12784989 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Phreesia, Inc. (a) | 25843 | &nbsp;&nbsp; 735492 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Churchill Downs, Inc.  | 26838 | &nbsp;&nbsp; 2710638 |
| First Watch Restaurant Group, Inc. (a) | 24610 | &nbsp;&nbsp; 394744 |
| Life Time Group Holdings, Inc. (a) | 41902 | &nbsp;&nbsp; 1270888 |
| Pursuit Attractions & Hospitality, Inc. (a) | 52038 | &nbsp;&nbsp; 1500255 |
| Six Flags Entertainment Corp. (a) (b) | 44338 | &nbsp;&nbsp; 1349205 |
| Super Group SGHC Ltd.  | 17881 | &nbsp;&nbsp; 196155 |
| Texas Roadhouse, Inc.  | 4394 | &nbsp;&nbsp; 823480 |
|  |  | &nbsp;&nbsp; 8245365 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| Cavco Industries, Inc. (a) | 1145 | &nbsp;&nbsp; 497423 |
| Champion Homes, Inc. (a) | 15779 | &nbsp;&nbsp; 987923 |
| KB Home | 33101 | &nbsp;&nbsp; 1753360 |
|  |  | &nbsp;&nbsp; 3238706 |
| **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** |
| Talen Energy Corp. (a) | 15729 | &nbsp;&nbsp; 4573521 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| STAG Industrial, Inc.  | 64885 | &nbsp;&nbsp; 2354028 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Aspen Insurance Holdings Ltd. - Class A (a) | 65977 | &nbsp;&nbsp; 2076296 |
| Baldwin Insurance Group, Inc. (a) | 23609 | &nbsp;&nbsp; 1010702 |
| Fidelis Insurance Holdings Ltd.  | 107747 | &nbsp;&nbsp; 1786445 |
| Kemper Corp.  | 36976 | &nbsp;&nbsp; 2386431 |
| Skyward Specialty Insurance Group, Inc. (a) | 54175 | &nbsp;&nbsp; 3130773 |
|  |  | &nbsp;&nbsp; 10390647 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Cargurus, Inc. (a) | 13234 | &nbsp;&nbsp; 442942 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Grid Dynamics Holdings, Inc. (a) | 55209 | &nbsp;&nbsp; 637664 |
| Kyndryl Holdings, Inc. (a) | 73420 | &nbsp;&nbsp; 3080703 |
|  |  | &nbsp;&nbsp; 3718367 |
| **Leisure Products — 0.6%** | **Leisure Products — 0.6%** | **Leisure Products — 0.6%** |
| YETI Holdings, Inc. (a) | 64590 | &nbsp;&nbsp; 2035877 |
| **Machinery — 4.0%** | **Machinery — 4.0%** | **Machinery — 4.0%** |
| Allison Transmission Holdings, Inc.  | 25626 | &nbsp;&nbsp; 2434214 |

---

*See accompanying notes to financial statements.*

**BHFTII-193**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Atmus Filtration Technologies, Inc.  | 67537 | &nbsp;&nbsp; $2459697 |
| Blue Bird Corp. (a) (b) | 63337 | &nbsp;&nbsp; 2733625 |
| Chart Industries, Inc. (a) | 2814 | &nbsp;&nbsp; 463325 |
| ESCO Technologies, Inc.  | 8740 | &nbsp;&nbsp; 1676944 |
| Kadant, Inc. (b) | 7364 | &nbsp;&nbsp; 2337702 |
| Kornit Digital Ltd. (a) | 25601 | &nbsp;&nbsp; 509716 |
| RBC Bearings, Inc. (a) | 3586 | &nbsp;&nbsp; 1379893 |
|  |  | &nbsp;&nbsp; 13995116 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| John Wiley & Sons, Inc. - Class A | 47788 | &nbsp;&nbsp; 2132778 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| Antero Resources Corp. (a) | 99052 | &nbsp;&nbsp; 3989815 |
| California Resources Corp.  | 54105 | &nbsp;&nbsp; 2470975 |
| International Seaways, Inc. (b) | 32319 | &nbsp;&nbsp; 1178997 |
| Magnolia Oil & Gas Corp. - Class A (b) | 35758 | &nbsp;&nbsp; 803840 |
| Viper Energy, Inc. (b) | 45193 | &nbsp;&nbsp; 1723209 |
|  |  | &nbsp;&nbsp; 10166836 |
| **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** |
| BellRing Brands, Inc. (a) | 41000 | &nbsp;&nbsp; 2375130 |
| Interparfums, Inc.  | 6393 | &nbsp;&nbsp; 839465 |
|  |  | &nbsp;&nbsp; 3214595 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| ANI Pharmaceuticals, Inc. (a) | 39506 | &nbsp;&nbsp; 2577767 |
| Axsome Therapeutics, Inc. (a) | 5999 | &nbsp;&nbsp; 626236 |
| Collegium Pharmaceutical, Inc. (a) | 56492 | &nbsp;&nbsp; 1670468 |
| Ligand Pharmaceuticals, Inc. (a) | 8883 | &nbsp;&nbsp; 1009819 |
| Supernus Pharmaceuticals, Inc. (a) | 91248 | &nbsp;&nbsp; 2876137 |
| Verona Pharma PLC (ADR) (a) | 13687 | &nbsp;&nbsp; 1294516 |
| WaVe Life Sciences Ltd. (a) | 71129 | &nbsp;&nbsp; 462339 |
|  |  | &nbsp;&nbsp; 10517282 |
| **Professional Services — 3.2%** | **Professional Services — 3.2%** | **Professional Services — 3.2%** |
| Alight, Inc. - Class A (b) | 406191 | &nbsp;&nbsp; 2299041 |
| Amentum Holdings, Inc. (a) | 108441 | &nbsp;&nbsp; 2560292 |
| Concentrix Corp. (b) | 54725 | &nbsp;&nbsp; 2892490 |
| Huron Consulting Group, Inc. (a) | 6547 | &nbsp;&nbsp; 900474 |
| Korn Ferry | 33293 | &nbsp;&nbsp; 2441376 |
|  |  | &nbsp;&nbsp; 11093673 |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| Colliers International Group, Inc.  | 21787 | &nbsp;&nbsp; 2844075 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Agree Realty Corp. (b) | 30345 | &nbsp;&nbsp; 2217006 |
| Curbline Properties Corp.  | 58449 | &nbsp;&nbsp; 1334390 |
|  |  | &nbsp;&nbsp; 3551396 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| MACOM Technology Solutions Holdings, Inc. (a) | 11249 | &nbsp;&nbsp; 1611869 |
| Silicon Laboratories, Inc. (a) | 7086 | &nbsp;&nbsp; 1044193 |
|  |  | &nbsp;&nbsp; 2656062 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| Agilysys, Inc. (a) | 8182 | &nbsp;&nbsp; $937984 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 39376 | &nbsp;&nbsp; 863516 |
| Commvault Systems, Inc. (a) | 5577 | &nbsp;&nbsp; 972238 |
| Five9, Inc. (a) | 87904 | &nbsp;&nbsp; 2327698 |
| I3 Verticals, Inc. - Class A (a) (b) | 40039 | &nbsp;&nbsp; 1100272 |
| Intapp, Inc. (a) | 26029 | &nbsp;&nbsp; 1343617 |
| PagerDuty, Inc. (a) (b) | 106182 | &nbsp;&nbsp; 1622461 |
| Procore Technologies, Inc. (a) | 13281 | &nbsp;&nbsp; 908686 |
| Varonis Systems, Inc. (a) | 25273 | &nbsp;&nbsp; 1282605 |
| Vertex, Inc. - Class A (a) | 25876 | &nbsp;&nbsp; 914328 |
| Workiva, Inc. (a) | 9788 | &nbsp;&nbsp; 669989 |
|  |  | &nbsp;&nbsp; 12943394 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| PotlatchDeltic Corp.  | 58760 | &nbsp;&nbsp; 2254621 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Academy Sports & Outdoors, Inc.  | 26828 | &nbsp;&nbsp; 1202163 |
| Bath & Body Works, Inc.  | 71528 | &nbsp;&nbsp; 2142979 |
| Boot Barn Holdings, Inc. (a) | 16468 | &nbsp;&nbsp; 2503136 |
| Warby Parker, Inc. - Class A (a) | 35814 | &nbsp;&nbsp; 785401 |
|  |  | &nbsp;&nbsp; 6633679 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Crocs, Inc. (a) (b) | 24036 | &nbsp;&nbsp; 2434366 |
| Levi Strauss & Co. - Class A | 82122 | &nbsp;&nbsp; 1518436 |
|  |  | &nbsp;&nbsp; 3952802 |
| **Trading Companies & Distributors — 4.2%** | **Trading Companies & Distributors — 4.2%** | **Trading Companies & Distributors — 4.2%** |
| Air Lease Corp.  | 56675 | &nbsp;&nbsp; 3314921 |
| Applied Industrial Technologies, Inc.  | 4897 | &nbsp;&nbsp; 1138308 |
| Herc Holdings, Inc.  | 13747 | &nbsp;&nbsp; 1810342 |
| McGrath RentCorp | 25536 | &nbsp;&nbsp; 2961155 |
| MRC Global, Inc. (a) | 171565 | &nbsp;&nbsp; 2352156 |
| NPK International, Inc. (a) | 280379 | &nbsp;&nbsp; 2386025 |
| SiteOne Landscape Supply, Inc. (a) | 5099 | &nbsp;&nbsp; 616673 |
|  |  | &nbsp;&nbsp; 14579580 |
| **Wireless Telecommunication Services — 1.5%** | **Wireless Telecommunication Services — 1.5%** | **Wireless Telecommunication Services — 1.5%** |
| U.S. Cellular Corp. (a) | 81284 | &nbsp;&nbsp; 5199737 |
| Total Common Stocks <br>(Cost $252,927,042) <br>|  | &nbsp;&nbsp; 345318427 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| GCI Liberty, Inc. (a) (c) (d) <br>(Cost $0)<br>| 39365 | &nbsp;&nbsp; 0 |

---

*See accompanying notes to financial statements.*

**BHFTII-194**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—1.6%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement—1.6%** | **Repurchase Agreement—1.6%** | **Repurchase Agreement—1.6%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $5,570,337; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $5,681,257<br>| 5569834 | &nbsp;&nbsp; $5569834 |
| Total Short-Term Investments <br>(Cost $5,569,834) <br>|  | &nbsp;&nbsp; 5569834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—2.4%** | **Securities Lending Reinvestments (e)—2.4%** | **Securities Lending Reinvestments (e)—2.4%** |
| **Short-Term Investment Funds—1.0%** | **Short-Term Investment Funds—1.0%** | **Short-Term Investment Funds—1.0%** |
| AB Government Money Market Portfolio, <br>Institutional Class 4.170% (f)<br>| 160000 | &nbsp;&nbsp; 160000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (f)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (f)<br>| 500000 | &nbsp;&nbsp; 500000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (f)<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 3660000 |

---

&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 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $200,025; collateralized by <br> various Common Stock with an aggregate market value of <br> $222,615<br>| 200000 | &nbsp;&nbsp; 200000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $500,063; collateralized by <br> various Common Stock with an aggregate market value of <br> $556,537<br>| 500000 | &nbsp;&nbsp; 500000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $500,061; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $510,000<br>| 500000 | &nbsp;&nbsp; 500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $400,049; collateralized by <br> U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $408,050<br>| 400000 | &nbsp;&nbsp; 400000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,024,294; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $1,044,654<br>| 1024170 | &nbsp;&nbsp; 1024170 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,000<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $200,024; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; 200000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $400,049; collateralized by <br> various Common Stock with an aggregate market value of <br> $445,048<br>| 400000 | &nbsp;&nbsp; 400000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $600,074; collateralized by <br> various Common Stock with an aggregate market value of <br> $660,082<br>| 600000 | &nbsp;&nbsp; 600000 |
|  |  | &nbsp;&nbsp; 4824170 |
| Total Securities Lending Reinvestments <br>(Cost $8,484,170) <br>|  | &nbsp;&nbsp; 8484170 |
| Total Investments—102.4% <br>(Cost $266,981,046) <br>|  | &nbsp;&nbsp; 359372431 |
| Other assets and liabilities (net)—(2.4)%  |  | &nbsp;&nbsp; (8546809)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $350825622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $19,957,865 and the collateral received consisted of cash in the amount of $8,484,170 and non-cash collateral with a value of $11,933,172. 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 June 30, 2025, these securities represent 0.0% of net assets. 

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

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(f) The rate shown represents the annualized seven-day yield as of June 30, 2025.

*See accompanying notes to financial statements.*

**BHFTII-195**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55033024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69493650 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(8484170)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8484170)<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; $(8484170)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $345318427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $345318427 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5569834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5569834 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3660000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3660000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 4824170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4824170 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3660000 | &nbsp;&nbsp; 4824170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8484170 |
| Total Investments | &nbsp;&nbsp; $348978427 | &nbsp;&nbsp; $10394004 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $359372431 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8484170)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8484170)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-196**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $359372431 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 754937 |
| Fund shares sold | &nbsp;&nbsp; 289760 |
| Dividends and interest | &nbsp;&nbsp; 195621 |
| Prepaid expenses | &nbsp;&nbsp; 2708 |
| Total Assets | &nbsp;&nbsp; 360615457 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 8484170 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 630185 |
| Fund shares redeemed | &nbsp;&nbsp; 72365 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 230421 |
| Distribution and service fees | &nbsp;&nbsp; 20788 |
| Deferred trustees' fees | &nbsp;&nbsp; 213641 |
| Other expenses | &nbsp;&nbsp; 138265 |
| Total Liabilities | &nbsp;&nbsp; 9789835 |
| **Net Assets**  | &nbsp;&nbsp; $350825622 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $252805834 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 98019788 |
| **Net Assets**  | &nbsp;&nbsp; $350825622 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $241372466 |
| Class B | &nbsp;&nbsp; 93649427 |
| Class E | &nbsp;&nbsp; 15803729 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 1150620 |
| Class B | &nbsp;&nbsp; 511021 |
| Class E | &nbsp;&nbsp; 81074 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $209.78 |
| Class B | 183.26 |
| Class E | 194.93 |

---

&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 $266,981,046.

(b) Includes securities loaned at value of $19,957,865.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $1848606 |
| Interest | &nbsp;&nbsp; 117945 |
| Securities lending income | &nbsp;&nbsp; 23061 |
| Total investment income | &nbsp;&nbsp; 1989612 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1557771 |
| Administration fees | &nbsp;&nbsp; 16970 |
| Custodian and accounting fees | &nbsp;&nbsp; 17454 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 115562 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 11903 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 26349 |
| Insurance | &nbsp;&nbsp; 1627 |
| Miscellaneous | &nbsp;&nbsp; 6166 |
| Total expenses | &nbsp;&nbsp; 1821615 |
| Less management fee waiver | &nbsp;&nbsp; (144572)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (7223)<br>|
| Net expenses | &nbsp;&nbsp; 1669820 |
| **Net Investment Income** | &nbsp;&nbsp; 319792 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 5998653<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (12149209)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (6150556)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(5830764)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $3,375.

*See accompanying notes to financial statements.*

**BHFTII-197**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $319792 | &nbsp;&nbsp; $618263 |
| Net realized gain (loss) | &nbsp;&nbsp; 5998653 | &nbsp;&nbsp; 42099840 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (12149209)<br>| &nbsp;&nbsp; (464789)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (5830764)<br>| &nbsp;&nbsp; 42253314 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (28647096)<br>| &nbsp;&nbsp; (17254981)<br>|
| Class B | &nbsp;&nbsp; (12376714)<br>| &nbsp;&nbsp; (7777177)<br>|
| Class E | &nbsp;&nbsp; (1974793)<br>| &nbsp;&nbsp; (1324278)<br>|
| **Total distributions** | &nbsp;&nbsp; (42998603)<br>| &nbsp;&nbsp; (26356436)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 26772807 | &nbsp;&nbsp; (20665319)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (22056560)<br>| &nbsp;&nbsp; (4768441)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 372882182 | &nbsp;&nbsp; 377650623 |
| End of period | &nbsp;&nbsp; $350825622 | &nbsp;&nbsp; $372882182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 10104 | &nbsp;&nbsp; $2265812 | &nbsp;&nbsp; 19562 | &nbsp;&nbsp; $4653008 |
| Reinvestments | &nbsp;&nbsp; 138211 | &nbsp;&nbsp; 28647096 | &nbsp;&nbsp; 75211 | &nbsp;&nbsp; 17254981 |
| Redemptions | &nbsp;&nbsp; (56471)<br>| &nbsp;&nbsp; (12916407)<br>| &nbsp;&nbsp; (111245)<br>| &nbsp;&nbsp; (26649246)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 91844 | &nbsp;&nbsp; $17996501 | &nbsp;&nbsp; (16472)<br>| &nbsp;&nbsp; $(4741257)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 14720 | &nbsp;&nbsp; $2944950 | &nbsp;&nbsp; 13995 | &nbsp;&nbsp; $2954856 |
| Reinvestments | &nbsp;&nbsp; 68342 | &nbsp;&nbsp; 12376714 | &nbsp;&nbsp; 38131 | &nbsp;&nbsp; 7777177 |
| Redemptions | &nbsp;&nbsp; (36683)<br>| &nbsp;&nbsp; (7453961)<br>| &nbsp;&nbsp; (110925)<br>| &nbsp;&nbsp; (23893387)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 46379 | &nbsp;&nbsp; $7867703 | &nbsp;&nbsp; (58799)<br>| &nbsp;&nbsp; $(13161354)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1243 | &nbsp;&nbsp; $264577 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; $483747 |
| Reinvestments | &nbsp;&nbsp; 10252 | &nbsp;&nbsp; 1974793 | &nbsp;&nbsp; 6157 | &nbsp;&nbsp; 1324278 |
| Redemptions | &nbsp;&nbsp; (6231)<br>| &nbsp;&nbsp; (1330767)<br>| &nbsp;&nbsp; (20246)<br>| &nbsp;&nbsp; (4570733)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5264 | &nbsp;&nbsp; $908603 | &nbsp;&nbsp; (11964)<br>| &nbsp;&nbsp; $(2762708)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $26772807 |  | &nbsp;&nbsp; $(20665319)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-198**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $241.77 | &nbsp;&nbsp; $232.13 | &nbsp;&nbsp; $207.66 | &nbsp;&nbsp; $307.10 | &nbsp;&nbsp; $267.73 | &nbsp;&nbsp; $262.79 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;34.78 | &nbsp;&nbsp; (50.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;57.96 | &nbsp;&nbsp;&nbsp;&nbsp;24.46 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;35.28 | &nbsp;&nbsp; (49.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;58.00 | &nbsp;&nbsp;&nbsp;&nbsp;25.00 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>| &nbsp;&nbsp; (19.74)<br>|
| Total distributions | &nbsp;&nbsp; (28.21)<br>| &nbsp;&nbsp; (16.71)<br>| &nbsp;&nbsp; (10.81)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.63)<br>| &nbsp;&nbsp; (20.06)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $209.78 | &nbsp;&nbsp; $241.77 | &nbsp;&nbsp; $232.13 | &nbsp;&nbsp; $207.66 | &nbsp;&nbsp; $307.10 | &nbsp;&nbsp; $267.73 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (1.42 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp; (15.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.07 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.98 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Net ratio of expenses to average net assets (%) (e) | 0.90 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Ratio of net investment income (loss) to average net assets (%) | 0.26 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(c)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $241.4 | &nbsp;&nbsp; $256.0 | &nbsp;&nbsp; $249.6 | &nbsp;&nbsp; $230.6 | &nbsp;&nbsp; $291.6 | &nbsp;&nbsp; $262.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $214.64 | &nbsp;&nbsp; $208.02 | &nbsp;&nbsp; $187.19 | &nbsp;&nbsp; $283.63 | &nbsp;&nbsp; $248.88 | &nbsp;&nbsp; $246.17 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.01 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.01 | &nbsp;&nbsp;&nbsp;&nbsp;31.24 | &nbsp;&nbsp; (46.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;53.77 | &nbsp;&nbsp;&nbsp;&nbsp;22.47 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.98 | &nbsp;&nbsp;&nbsp;&nbsp;31.21 | &nbsp;&nbsp; (46.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;53.13 | &nbsp;&nbsp;&nbsp;&nbsp;22.45 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>| &nbsp;&nbsp; (19.74)<br>|
| Total distributions | &nbsp;&nbsp; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>| &nbsp;&nbsp; (19.74)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $183.26 | &nbsp;&nbsp; $214.64 | &nbsp;&nbsp; $208.02 | &nbsp;&nbsp; $187.19 | &nbsp;&nbsp; $283.63 | &nbsp;&nbsp; $248.88 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (1.55 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp; (15.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;11.79 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.23 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net ratio of expenses to average net assets (%) (e) | 1.15 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Ratio of net investment income (loss) to average net assets (%) | 0.01 <br>(d)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.01)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(c)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $93.6 | &nbsp;&nbsp; $99.7 | &nbsp;&nbsp; $108.9 | &nbsp;&nbsp; $104.8 | &nbsp;&nbsp; $142.8 | &nbsp;&nbsp; $143.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-199**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $226.47 | &nbsp;&nbsp; $218.42 | &nbsp;&nbsp; $195.97 | &nbsp;&nbsp; $293.73 | &nbsp;&nbsp; $256.93 | &nbsp;&nbsp; $253.13 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;32.76 | &nbsp;&nbsp; (48.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;55.56 | &nbsp;&nbsp;&nbsp;&nbsp;23.35 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;32.93 | &nbsp;&nbsp; (48.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;55.18 | &nbsp;&nbsp;&nbsp;&nbsp;23.54 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.10)<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; (27.72)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.38)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>| &nbsp;&nbsp; (19.74)<br>|
| Total distributions | &nbsp;&nbsp; (27.82)<br>| &nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp; (10.48)<br>| &nbsp;&nbsp; (49.68)<br>| &nbsp;&nbsp; (18.38)<br>| &nbsp;&nbsp; (19.74)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $194.93 | &nbsp;&nbsp; $226.47 | &nbsp;&nbsp; $218.42 | &nbsp;&nbsp; $195.97 | &nbsp;&nbsp; $293.73 | &nbsp;&nbsp; $256.93 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (1.50 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp; (15.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.77 | &nbsp;&nbsp;&nbsp;&nbsp;11.90 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net ratio of expenses to average net assets (%) (e) | 1.05 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Ratio of net investment income (loss) to average net assets (%) | 0.11 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(c)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.8 | &nbsp;&nbsp; $17.2 | &nbsp;&nbsp; $19.2 | &nbsp;&nbsp; $18.6 | &nbsp;&nbsp; $24.8 | &nbsp;&nbsp; $25.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-200**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 7.6%** | **Aerospace & Defense — 7.6%** | **Aerospace & Defense — 7.6%** |
| AAR Corp. (a) | 55424 | &nbsp;&nbsp; $3812617 |
| ATI, Inc. (a) | 60406 | &nbsp;&nbsp; 5215454 |
| Cadre Holdings, Inc.  | 88178 | &nbsp;&nbsp; 2808469 |
| Hexcel Corp.  | 55866 | &nbsp;&nbsp; 3155870 |
| Kratos Defense & Security Solutions, Inc. (a) | 147212 | &nbsp;&nbsp; 6837998 |
| Mercury Systems, Inc. (a) | 66175 | &nbsp;&nbsp; 3564186 |
|  |  | &nbsp;&nbsp; 25394594 |
| **Automobile Components — 2.7%** | **Automobile Components — 2.7%** | **Automobile Components — 2.7%** |
| Dorman Products, Inc. (a) | 24795 | &nbsp;&nbsp; 3041603 |
| Modine Manufacturing Co. (a) | 18945 | &nbsp;&nbsp; 1866082 |
| Patrick Industries, Inc. (b) | 42584 | &nbsp;&nbsp; 3929226 |
|  |  | &nbsp;&nbsp; 8836911 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| Bancorp, Inc. (a) (b) | 60321 | &nbsp;&nbsp; 3436487 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Vita Coco Co., Inc. (a) | 109843 | &nbsp;&nbsp; 3965332 |
| **Biotechnology — 8.2%** | **Biotechnology — 8.2%** | **Biotechnology — 8.2%** |
| Akero Therapeutics, Inc. (a) | 47635 | &nbsp;&nbsp; 2541804 |
| Alkermes PLC (a) | 124673 | &nbsp;&nbsp; 3566895 |
| Insmed, Inc. (a) | 40996 | &nbsp;&nbsp; 4125837 |
| Mirum Pharmaceuticals, Inc. (a) | 48706 | &nbsp;&nbsp; 2478648 |
| Rhythm Pharmaceuticals, Inc. (a) (b) | 52090 | &nbsp;&nbsp; 3291567 |
| Scholar Rock Holding Corp. (a) | 65440 | &nbsp;&nbsp; 2317885 |
| Ultragenyx Pharmaceutical, Inc. (a) | 48417 | &nbsp;&nbsp; 1760442 |
| Vericel Corp. (a) (b) | 90882 | &nbsp;&nbsp; 3867029 |
| Viridian Therapeutics, Inc. (a) (b) | 117888 | &nbsp;&nbsp; 1648074 |
| Xenon Pharmaceuticals, Inc. (a) | 57890 | &nbsp;&nbsp; 1811957 |
|  |  | &nbsp;&nbsp; 27410138 |
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| CSW Industrials, Inc.  | 10578 | &nbsp;&nbsp; 3034088 |
| **Capital Markets — 5.4%** | **Capital Markets — 5.4%** | **Capital Markets — 5.4%** |
| Hamilton Lane, Inc. - Class A | 31309 | &nbsp;&nbsp; 4449635 |
| Marex Group PLC | 88435 | &nbsp;&nbsp; 3490530 |
| P10, Inc. - Class A (b) | 179791 | &nbsp;&nbsp; 1837464 |
| Piper Sandler Cos.  | 12211 | &nbsp;&nbsp; 3393925 |
| PJT Partners, Inc. - Class A | 28537 | &nbsp;&nbsp; 4708890 |
|  |  | &nbsp;&nbsp; 17880444 |
| **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** |
| ACV Auctions, Inc. - Class A (a) | 223820 | &nbsp;&nbsp; 3630361 |
| Casella Waste Systems, Inc. - Class A (a) | 47822 | &nbsp;&nbsp; 5517702 |
|  |  | &nbsp;&nbsp; 9148063 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Calix, Inc. (a) | 35885 | &nbsp;&nbsp; 1908723 |
| **Construction & Engineering — 5.3%** | **Construction & Engineering — 5.3%** | **Construction & Engineering — 5.3%** |
| Arcosa, Inc.  | 42788 | &nbsp;&nbsp; 3710148 |
| Construction Partners, Inc. - Class A (a) (b) | 55540 | &nbsp;&nbsp; 5902791 |
| Everus Construction Group, Inc. (a) | 15197 | &nbsp;&nbsp; 965465 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** |
| Sterling Infrastructure, Inc. (a) | 31088 | &nbsp;&nbsp; $7172934 |
|  |  | &nbsp;&nbsp; 17751338 |
| **Diversified Consumer Services — 3.5%** | **Diversified Consumer Services — 3.5%** | **Diversified Consumer Services — 3.5%** |
| Grand Canyon Education, Inc. (a) | 23418 | &nbsp;&nbsp; 4426002 |
| OneSpaWorld Holdings Ltd.  | 176506 | &nbsp;&nbsp; 3598957 |
| Stride, Inc. (a) | 25935 | &nbsp;&nbsp; 3765503 |
|  |  | &nbsp;&nbsp; 11790462 |
| **Electronic Equipment, Instruments & Components — 5.2%** | **Electronic Equipment, Instruments & Components — 5.2%** | **Electronic Equipment, Instruments & Components — 5.2%** |
| Advanced Energy Industries, Inc.  | 31853 | &nbsp;&nbsp; 4220522 |
| Itron, Inc. (a) | 39676 | &nbsp;&nbsp; 5222552 |
| Mirion Technologies, Inc. (a) | 81388 | &nbsp;&nbsp; 1752284 |
| OSI Systems, Inc. (a) | 11394 | &nbsp;&nbsp; 2562055 |
| PAR Technology Corp. (a) | 49660 | &nbsp;&nbsp; 3444914 |
|  |  | &nbsp;&nbsp; 17202327 |
| **Energy Equipment & Services — 2.3%** | **Energy Equipment & Services — 2.3%** | **Energy Equipment & Services — 2.3%** |
| Cactus, Inc. - Class A | 69437 | &nbsp;&nbsp; 3035786 |
| Noble Corp. PLC (b) | 59641 | &nbsp;&nbsp; 1583468 |
| Oceaneering International, Inc. (a) | 150489 | &nbsp;&nbsp; 3118132 |
|  |  | &nbsp;&nbsp; 7737386 |
| **Financial Services — 1.1%** | **Financial Services — 1.1%** | **Financial Services — 1.1%** |
| EVERTEC, Inc.  | 104963 | &nbsp;&nbsp; 3783916 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| RXO, Inc. (a) | 115201 | &nbsp;&nbsp; 1810960 |
| **Health Care Equipment & Supplies — 6.6%** | **Health Care Equipment & Supplies — 6.6%** | **Health Care Equipment & Supplies — 6.6%** |
| Establishment Labs Holdings, Inc. (a) (b) | 66981 | &nbsp;&nbsp; 2860759 |
| Glaukos Corp. (a) | 33843 | &nbsp;&nbsp; 3495643 |
| Integer Holdings Corp. (a) (b) | 29217 | &nbsp;&nbsp; 3592815 |
| iRhythm Technologies, Inc. (a) (b) | 22493 | &nbsp;&nbsp; 3463022 |
| Merit Medical Systems, Inc. (a) | 47074 | &nbsp;&nbsp; 4400478 |
| PROCEPT BioRobotics Corp. (a) (b) | 68689 | &nbsp;&nbsp; 3956486 |
|  |  | &nbsp;&nbsp; 21769203 |
| **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** |
| Ensign Group, Inc.  | 21122 | &nbsp;&nbsp; 3258280 |
| HealthEquity, Inc. (a) | 47686 | &nbsp;&nbsp; 4995585 |
| Omada Health, Inc. (a) (b) | 95703 | &nbsp;&nbsp; 1751365 |
| RadNet, Inc. (a) | 70321 | &nbsp;&nbsp; 4001968 |
|  |  | &nbsp;&nbsp; 14007198 |
| **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** |
| Phreesia, Inc. (a) | 105450 | &nbsp;&nbsp; 3001107 |
| **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** |
| First Watch Restaurant Group, Inc. (a) | 100797 | &nbsp;&nbsp; 1616784 |
| Life Time Group Holdings, Inc. (a) | 170573 | &nbsp;&nbsp; 5173479 |
| Super Group SGHC Ltd.  | 72627 | &nbsp;&nbsp; 796718 |
| Texas Roadhouse, Inc.  | 17891 | &nbsp;&nbsp; 3352952 |
|  |  | &nbsp;&nbsp; 10939933 |

---

*See accompanying notes to financial statements.*

**BHFTII-201**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Cavco Industries, Inc. (a) | 4643 | &nbsp;&nbsp; $2017058 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| Baldwin Insurance Group, Inc. (a) | 96154 | &nbsp;&nbsp; 4116353 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Cargurus, Inc. (a) | 54216 | &nbsp;&nbsp; 1814609 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Grid Dynamics Holdings, Inc. (a) | 224807 | &nbsp;&nbsp; 2596521 |
| **Machinery — 4.9%** | **Machinery — 4.9%** | **Machinery — 4.9%** |
| Chart Industries, Inc. (a) | 11530 | &nbsp;&nbsp; 1898415 |
| ESCO Technologies, Inc.  | 35589 | &nbsp;&nbsp; 6828461 |
| Kornit Digital Ltd. (a) | 104249 | &nbsp;&nbsp; 2075598 |
| RBC Bearings, Inc. (a) | 14608 | &nbsp;&nbsp; 5621158 |
|  |  | &nbsp;&nbsp; 16423632 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| Magnolia Oil & Gas Corp. - Class A (b) | 145625 | &nbsp;&nbsp; 3273650 |
| **Personal Care Products — 1.9%** | **Personal Care Products — 1.9%** | **Personal Care Products — 1.9%** |
| BellRing Brands, Inc. (a) | 48349 | &nbsp;&nbsp; 2800858 |
| Interparfums, Inc.  | 26037 | &nbsp;&nbsp; 3418918 |
|  |  | &nbsp;&nbsp; 6219776 |
| **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** |
| Axsome Therapeutics, Inc. (a) | 24438 | &nbsp;&nbsp; 2551083 |
| Ligand Pharmaceuticals, Inc. (a) | 36189 | &nbsp;&nbsp; 4113966 |
| Supernus Pharmaceuticals, Inc. (a) | 83484 | &nbsp;&nbsp; 2631416 |
| Verona Pharma PLC (ADR) (a) | 55628 | &nbsp;&nbsp; 5261296 |
| WaVe Life Sciences Ltd. (a) | 290315 | &nbsp;&nbsp; 1887047 |
|  |  | &nbsp;&nbsp; 16444808 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| Huron Consulting Group, Inc. (a) | 26666 | &nbsp;&nbsp; 3667642 |
| **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** |
| MACOM Technology Solutions Holdings, Inc. (a) | 45815 | &nbsp;&nbsp; 6564831 |
| Silicon Laboratories, Inc. (a) | 28860 | &nbsp;&nbsp; 4252810 |
|  |  | &nbsp;&nbsp; 10817641 |
| **Software — 9.7%** | **Software — 9.7%** | **Software — 9.7%** |
| Agilysys, Inc. (a) | 33281 | &nbsp;&nbsp; 3815334 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 160370 | &nbsp;&nbsp; 3516914 |
| Commvault Systems, Inc. (a) | 22844 | &nbsp;&nbsp; 3982395 |
| Intapp, Inc. (a) (b) | 106017 | &nbsp;&nbsp; 5472598 |
| Procore Technologies, Inc. (a) | 54097 | &nbsp;&nbsp; 3701317 |
| Varonis Systems, Inc. (a) | 102939 | &nbsp;&nbsp; 5224154 |
| Vertex, Inc. - Class A (a) | 105323 | &nbsp;&nbsp; 3721588 |
| Workiva, Inc. (a) | 39863 | &nbsp;&nbsp; 2728622 |
|  |  | &nbsp;&nbsp; 32162922 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Boot Barn Holdings, Inc. (a) | 13911 | &nbsp;&nbsp; 2114472 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| Warby Parker, Inc. - Class A (a) | 145863 | &nbsp;&nbsp; $3198776 |
|  |  | &nbsp;&nbsp; 5313248 |
| **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
| Applied Industrial Technologies, Inc.  | 19948 | &nbsp;&nbsp; 4636912 |
| McGrath RentCorp | 18859 | &nbsp;&nbsp; 2186890 |
| SiteOne Landscape Supply, Inc. (a) | 20765 | &nbsp;&nbsp; 2511319 |
|  |  | &nbsp;&nbsp; 9335121 |
| Total Common Stocks <br>(Cost $243,535,166) <br>|  | &nbsp;&nbsp; 325011591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.4%** | **Short-Term Investments—2.4%** | **Short-Term Investments—2.4%** |
| **Repurchase Agreement—2.4%** | **Repurchase Agreement—2.4%** | **Repurchase Agreement—2.4%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $8,018,101; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $8,177,754<br>| 8017377 | &nbsp;&nbsp; 8017377 |
| Total Short-Term Investments <br>(Cost $8,017,377) <br>|  | &nbsp;&nbsp; 8017377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—0.6%** | **Securities Lending Reinvestments (c)—0.6%** | **Securities Lending Reinvestments (c)—0.6%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| AB Government Money Market Portfolio, <br>Institutional Class 4.170% (d)<br>| 5000 | &nbsp;&nbsp; 5000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (d)<br>| 250000 | &nbsp;&nbsp; 250000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (d)<br>| 250000 | &nbsp;&nbsp; 250000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (d)<br>| 250000 | &nbsp;&nbsp; 250000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (d)<br>| 250000 | &nbsp;&nbsp; 250000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.250% (d)<br>| 250000 | &nbsp;&nbsp; 250000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (d)<br>| 250000 | &nbsp;&nbsp; 250000 |
|  |  | &nbsp;&nbsp; 1505000 |

---

&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 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $20,002; collateralized by <br> U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $20,402<br>| 20000 | &nbsp;&nbsp; 20000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $448,088; collateralized by <br> U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $456,994<br>| 448033 | &nbsp;&nbsp; 448033 |

---

*See accompanying notes to financial statements.*

**BHFTII-202**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $13,483; collateralized by <br> U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $13,751<br>| 13482 | &nbsp;&nbsp; $13482 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $50,006; collateralized by <br> various Common Stock with an aggregate market value of <br> $55,631<br>| 50000 | &nbsp;&nbsp; 50000 |
|  |  | &nbsp;&nbsp; 531515 |
| Total Securities Lending Reinvestments <br>(Cost $2,036,515) <br>|  | &nbsp;&nbsp; 2036515 |
| Total Investments—100.7% <br>(Cost $253,589,058) <br>|  | &nbsp;&nbsp; 335065483 |
| Other assets and liabilities (net)—(0.7)%  |  | &nbsp;&nbsp; (2475068)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $332590415 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $7,626,712 and the collateral received consisted of cash in the amount of <br> $2,036,515 and non-cash collateral with a value of $5,676,566. The cash collateral investments <br> are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (d) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49095903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51915100 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(2036515)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2036515)<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; $(2036515)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $325011591 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $325011591 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 8017377 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8017377 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 1505000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1505000 |

---

*See accompanying notes to financial statements.*

**BHFTII-203**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $531515 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $531515 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 1505000 | &nbsp;&nbsp; 531515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2036515 |
| Total Investments | &nbsp;&nbsp; $326516591 | &nbsp;&nbsp; $8548892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $335065483 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2036515)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2036515)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-204**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $335065483 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1729463 |
| Fund shares sold | &nbsp;&nbsp; 59840 |
| Dividends and interest | &nbsp;&nbsp; 31117 |
| Prepaid expenses | &nbsp;&nbsp; 2558 |
| Total Assets | &nbsp;&nbsp; 336888461 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 2036515 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1663264 |
| Fund shares redeemed | &nbsp;&nbsp; 46990 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 215979 |
| Distribution and service fees | &nbsp;&nbsp; 9622 |
| Deferred trustees' fees | &nbsp;&nbsp; 213882 |
| Other expenses | &nbsp;&nbsp; 111794 |
| Total Liabilities | &nbsp;&nbsp; 4298046 |
| **Net Assets**  | &nbsp;&nbsp; $332590415 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $247764637 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 84825778 |
| **Net Assets**  | &nbsp;&nbsp; $332590415 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $282755130 |
| Class B | &nbsp;&nbsp; 44462013 |
| Class E | &nbsp;&nbsp; 5373272 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 26878174 |
| Class B | &nbsp;&nbsp; 5207286 |
| Class E | &nbsp;&nbsp; 572729 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.52 |
| Class B | 8.54 |
| Class E | 9.38 |

---

&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 $253,589,058.

(b) Includes securities loaned at value of $7,626,712.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $521670 |
| Interest | &nbsp;&nbsp; 155523 |
| Securities lending income | &nbsp;&nbsp; 11810 |
| Total investment income | &nbsp;&nbsp; 689003 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1434076 |
| Administration fees | &nbsp;&nbsp; 16455 |
| Custodian and accounting fees | &nbsp;&nbsp; 13765 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 54626 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 3974 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 14866 |
| Insurance | &nbsp;&nbsp; 1493 |
| Miscellaneous | &nbsp;&nbsp; 6087 |
| Total expenses | &nbsp;&nbsp; 1613155 |
| Less management fee waiver | &nbsp;&nbsp; (149424)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (4349)<br>|
| Net expenses | &nbsp;&nbsp; 1459382 |
| **Net Investment Loss** | &nbsp;&nbsp; (770379)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 6679904<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (12712264)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (6032360)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(6802739)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-205**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(770379)<br>| &nbsp;&nbsp; $(1693979)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 6679904 | &nbsp;&nbsp; 37783351 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (12712264)<br>| &nbsp;&nbsp; 15840389 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (6802739)<br>| &nbsp;&nbsp; 51929761 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (31247678)<br>| &nbsp;&nbsp; (2721716)<br>|
| Class B | &nbsp;&nbsp; (5895211)<br>| &nbsp;&nbsp; (524755)<br>|
| Class E | &nbsp;&nbsp; (661258)<br>| &nbsp;&nbsp; (56341)<br>|
| **Total distributions** | &nbsp;&nbsp; (37804147)<br>| &nbsp;&nbsp; (3302812)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 34407989 | &nbsp;&nbsp; (83041313)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (10198897)<br>| &nbsp;&nbsp; (34414364)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 342789312 | &nbsp;&nbsp; 377203676 |
| End of period | &nbsp;&nbsp; $332590415 | &nbsp;&nbsp; $342789312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 792982 | &nbsp;&nbsp; $8804669 | &nbsp;&nbsp; 202091 | &nbsp;&nbsp; $2286136 |
| Reinvestments | &nbsp;&nbsp; 2993073 | &nbsp;&nbsp; 31247678 | &nbsp;&nbsp; 243663 | &nbsp;&nbsp; 2721716 |
| Redemptions | &nbsp;&nbsp; (860484)<br>| &nbsp;&nbsp; (10157126)<br>| &nbsp;&nbsp; (6879249)<br>| &nbsp;&nbsp; (79879645)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2925571 | &nbsp;&nbsp; $29895221 | &nbsp;&nbsp; (6433495)<br>| &nbsp;&nbsp; $(74871793)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 198369 | &nbsp;&nbsp; $1849494 | &nbsp;&nbsp; 221142 | &nbsp;&nbsp; $2117771 |
| Reinvestments | &nbsp;&nbsp; 696011 | &nbsp;&nbsp; 5895211 | &nbsp;&nbsp; 56304 | &nbsp;&nbsp; 524755 |
| Redemptions | &nbsp;&nbsp; (393316)<br>| &nbsp;&nbsp; (3755829)<br>| &nbsp;&nbsp; (1066637)<br>| &nbsp;&nbsp; (10169960)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 501064 | &nbsp;&nbsp; $3988876 | &nbsp;&nbsp; (789191)<br>| &nbsp;&nbsp; $(7527434)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 16078 | &nbsp;&nbsp; $168188 | &nbsp;&nbsp; 5385 | &nbsp;&nbsp; $54111 |
| Reinvestments | &nbsp;&nbsp; 71027 | &nbsp;&nbsp; 661258 | &nbsp;&nbsp; 5573 | &nbsp;&nbsp; 56341 |
| Redemptions | &nbsp;&nbsp; (30374)<br>| &nbsp;&nbsp; (305554)<br>| &nbsp;&nbsp; (72828)<br>| &nbsp;&nbsp; (752538)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 56731 | &nbsp;&nbsp; $523892 | &nbsp;&nbsp; (61870)<br>| &nbsp;&nbsp; $(642086)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $34407989 |  | &nbsp;&nbsp; $(83041313)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-206**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $16.30 | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $14.03 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.81)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.81)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $16.30 | &nbsp;&nbsp; $16.31 |
| **Total Return (%)** (c) | &nbsp;&nbsp; (2.11 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp; (22.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;34.34 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.98 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net ratio of expenses to average net assets (%) (f) | 0.88 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.45 ) (e)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.52)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(d)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 57 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $282.8 | &nbsp;&nbsp; $289.7 | &nbsp;&nbsp; $322.8 | &nbsp;&nbsp; $311.3 | &nbsp;&nbsp; $416.3 | &nbsp;&nbsp; $428.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $14.35 | &nbsp;&nbsp; $14.57 | &nbsp;&nbsp; $12.76 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.81)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.81)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.54 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $14.35 | &nbsp;&nbsp; $14.57 |
| **Total Return (%)** (c) | &nbsp;&nbsp; (2.22 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp; (23.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;34.04 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.23 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Net ratio of expenses to average net assets (%) (f) | 1.13 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.70 ) (e)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.78)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(d)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 57 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $44.5 | &nbsp;&nbsp; $47.5 | &nbsp;&nbsp; $48.9 | &nbsp;&nbsp; $48.7 | &nbsp;&nbsp; $69.6 | &nbsp;&nbsp; $73.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-207**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $15.19 | &nbsp;&nbsp; $15.32 | &nbsp;&nbsp; $13.31 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.81)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.81)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $15.19 | &nbsp;&nbsp; $15.32 |
| **Total Return (%)** (c) | &nbsp;&nbsp; (2.24 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp; (23.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;34.15 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net ratio of expenses to average net assets (%) (f) | 1.03 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.60 ) (e)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.68)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(d)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 57 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $5.4 | &nbsp;&nbsp; $5.6 | &nbsp;&nbsp; $5.6 | &nbsp;&nbsp; $5.5 | &nbsp;&nbsp; $7.9 | &nbsp;&nbsp; $8.4 |

---

&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) Distributions from return of capital were less than $0.01.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-208**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—45.5% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies — 0.7%** | **Federal Agencies — 0.7%** | **Federal Agencies — 0.7%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 0.680%, 01/13/27 | 725000 | &nbsp;&nbsp; $689514 |
| 4.580%, 04/02/29 | 2100000 | &nbsp;&nbsp; 2097220 |
| 4.670%, 12/02/27 | 2000000 | &nbsp;&nbsp; 2001336 |
| Federal Home Loan Banks |  |  |
| 4.000%, 10/09/26 | 2500000 | &nbsp;&nbsp; 2503234 |
| 4.000%, 03/10/27 | 500000 | &nbsp;&nbsp; 501423 |
| 5.500%, 07/15/36 (a) | 2000000 | &nbsp;&nbsp; 2177246 |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 05/23/30 | 2000000 | &nbsp;&nbsp; 1997227 |
| 4.550%, 02/11/28 | 4600000 | &nbsp;&nbsp; 4601062 |
| 6.250%, 07/15/32 (a) | 1100000 | &nbsp;&nbsp; 1247179 |
| Federal National Mortgage Association |  |  |
| 0.750%, 10/08/27 | 750000 | &nbsp;&nbsp; 701147 |
| 6.625%, 11/15/30 (a) | 1450000 | &nbsp;&nbsp; 1638641 |
| 7.250%, 05/15/30 | 1300000 | &nbsp;&nbsp; 1496238 |
| Tennessee Valley Authority |  |  |
| 3.500%, 12/15/42 | 1600000 | &nbsp;&nbsp; 1301769 |
| 4.375%, 08/01/34 | 500000 | &nbsp;&nbsp; 495521 |
|  |  | &nbsp;&nbsp; 23448757 |
| **U.S. Treasury — 44.8%** | **U.S. Treasury — 44.8%** | **U.S. Treasury — 44.8%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 4100000 | &nbsp;&nbsp; 2547125 |
| 1.125%, 08/15/40 | 3200000 | &nbsp;&nbsp; 1967000 |
| 1.250%, 05/15/50 | 3200000 | &nbsp;&nbsp; 1537500 |
| 1.375%, 11/15/40 | 6000000 | &nbsp;&nbsp; 3821250 |
| 1.375%, 08/15/50 | 11100000 | &nbsp;&nbsp; 5473687 |
| 1.625%, 11/15/50 | 5200000 | &nbsp;&nbsp; 2740563 |
| 1.750%, 08/15/41 | 7000000 | &nbsp;&nbsp; 4645156 |
| 1.875%, 02/15/41 | 14000000 | &nbsp;&nbsp; 9625000 |
| 1.875%, 02/15/51 | 11000000 | &nbsp;&nbsp; 6180625 |
| 1.875%, 11/15/51 | 11500000 | &nbsp;&nbsp; 6400469 |
| 2.000%, 11/15/41 | 9100000 | &nbsp;&nbsp; 6256250 |
| 2.000%, 02/15/50 | 6400000 | &nbsp;&nbsp; 3758000 |
| 2.000%, 08/15/51 | 9600000 | &nbsp;&nbsp; 5535000 |
| 2.250%, 05/15/41 | 3700000 | &nbsp;&nbsp; 2686547 |
| 2.250%, 08/15/46 | 3000000 | &nbsp;&nbsp; 1965000 |
| 2.250%, 08/15/49 | 6000000 | &nbsp;&nbsp; 3764063 |
| 2.250%, 02/15/52 | 5400000 | &nbsp;&nbsp; 3299906 |
| 2.375%, 02/15/42 | 6700000 | &nbsp;&nbsp; 4872156 |
| 2.375%, 11/15/49 | 3000000 | &nbsp;&nbsp; 1929844 |
| 2.375%, 05/15/51 | 5300000 | &nbsp;&nbsp; 3361359 |
| 2.500%, 02/15/45 | 4000000 | &nbsp;&nbsp; 2816250 |
| 2.500%, 05/15/46 | 4800000 | &nbsp;&nbsp; 3314250 |
| 2.750%, 08/15/42 | 4820000 | &nbsp;&nbsp; 3686547 |
| 2.750%, 11/15/42 | 1200000 | &nbsp;&nbsp; 913688 |
| 2.750%, 08/15/47 | 3000000 | &nbsp;&nbsp; 2138438 |
| 2.750%, 11/15/47 (a) | 9000000 | &nbsp;&nbsp; 6399844 |
| 2.875%, 05/15/43 | 3260000 | &nbsp;&nbsp; 2511728 |
| 2.875%, 08/15/45 | 2200000 | &nbsp;&nbsp; 1644844 |
| 2.875%, 11/15/46 | 2000000 | &nbsp;&nbsp; 1472500 |
| 2.875%, 05/15/49 | 16100000 | &nbsp;&nbsp; 11559297 |
| 2.875%, 05/15/52 | 10900000 | &nbsp;&nbsp; 7674281 |
| 3.000%, 11/15/44 | 2600000 | &nbsp;&nbsp; 2001594 |
| 3.000%, 05/15/45 (a) | 3100000 | &nbsp;&nbsp; 2374406 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 3.000%, 02/15/47 | 3000000 | &nbsp;&nbsp; $2252344 |
| 3.000%, 05/15/47 | 2800000 | &nbsp;&nbsp; 2096500 |
| 3.000%, 02/15/48 | 1300000 | &nbsp;&nbsp; 966063 |
| 3.000%, 08/15/48 | 7700000 | &nbsp;&nbsp; 5694391 |
| 3.000%, 02/15/49 | 6300000 | &nbsp;&nbsp; 4643297 |
| 3.000%, 08/15/52 | 11200000 | &nbsp;&nbsp; 8086750 |
| 3.125%, 11/15/41 | 1500000 | &nbsp;&nbsp; 1229531 |
| 3.125%, 02/15/43 | 3270000 | &nbsp;&nbsp; 2628263 |
| 3.125%, 08/15/44 | 2700000 | &nbsp;&nbsp; 2128359 |
| 3.125%, 05/15/48 | 2500000 | &nbsp;&nbsp; 1896875 |
| 3.250%, 05/15/42 | 3100000 | &nbsp;&nbsp; 2564281 |
| 3.375%, 08/15/42 | 2200000 | &nbsp;&nbsp; 1846281 |
| 3.375%, 05/15/44 | 3000000 | &nbsp;&nbsp; 2466563 |
| 3.375%, 11/15/48 | 6000000 | &nbsp;&nbsp; 4746562 |
| 3.500%, 02/15/39 | 1872000 | &nbsp;&nbsp; 1688895 |
| 3.625%, 08/15/43 | 2600000 | &nbsp;&nbsp; 2235594 |
| 3.625%, 02/15/44 | 2420000 | &nbsp;&nbsp; 2070991 |
| 3.625%, 02/15/53 | 4300000 | &nbsp;&nbsp; 3511219 |
| 3.625%, 05/15/53 | 3200000 | &nbsp;&nbsp; 2610500 |
| 3.750%, 08/15/41 | 1300000 | &nbsp;&nbsp; 1164313 |
| 3.750%, 11/15/43 | 3400000 | &nbsp;&nbsp; 2969688 |
| 3.875%, 02/15/43 | 10900000 | &nbsp;&nbsp; 9757203 |
| 3.875%, 05/15/43 | 7600000 | &nbsp;&nbsp; 6788937 |
| 4.000%, 11/15/42 | 3100000 | &nbsp;&nbsp; 2827781 |
| 4.000%, 11/15/52 | 13000000 | &nbsp;&nbsp; 11370937 |
| 4.125%, 08/15/44 | 3000000 | &nbsp;&nbsp; 2749219 |
| 4.125%, 08/15/53 | 7700000 | &nbsp;&nbsp; 6879469 |
| 4.250%, 11/15/40 | 1780000 | &nbsp;&nbsp; 1705741 |
| 4.250%, 02/15/54 | 4100000 | &nbsp;&nbsp; 3741250 |
| 4.250%, 08/15/54 | 7200000 | &nbsp;&nbsp; 6576750 |
| 4.375%, 11/15/39 | 1900000 | &nbsp;&nbsp; 1861703 |
| 4.375%, 05/15/40 | 1220000 | &nbsp;&nbsp; 1191978 |
| 4.375%, 05/15/41 | 1350000 | &nbsp;&nbsp; 1307813 |
| 4.375%, 08/15/43 | 2200000 | &nbsp;&nbsp; 2097563 |
| 4.500%, 02/15/36 (a) | 600000 | &nbsp;&nbsp; 615000 |
| 4.500%, 05/15/38 | 1500000 | &nbsp;&nbsp; 1516875 |
| 4.500%, 08/15/39 | 4000000 | &nbsp;&nbsp; 3983750 |
| 4.500%, 02/15/44 (a) | 4200000 | &nbsp;&nbsp; 4058906 |
| 4.500%, 11/15/54 | 8200000 | &nbsp;&nbsp; 7818187 |
| 4.625%, 02/15/40 | 1300000 | &nbsp;&nbsp; 1307109 |
| 4.625%, 05/15/44 | 8000000 | &nbsp;&nbsp; 7846250 |
| 4.625%, 11/15/44 (a) | 2100000 | &nbsp;&nbsp; 2056031 |
| 4.625%, 05/15/54 | 5700000 | &nbsp;&nbsp; 5537906 |
| 4.625%, 02/15/55 | 6300000 | &nbsp;&nbsp; 6134625 |
| 4.750%, 02/15/41 | 3900000 | &nbsp;&nbsp; 3949359 |
| 4.750%, 11/15/43 | 9800000 | &nbsp;&nbsp; 9789281 |
| 4.750%, 02/15/45 (a) | 8200000 | &nbsp;&nbsp; 8157719 |
| 4.750%, 11/15/53 | 9800000 | &nbsp;&nbsp; 9714250 |
| 5.250%, 02/15/29 | 750000 | &nbsp;&nbsp; 789375 |
| 6.250%, 05/15/30 (a) | 2500000 | &nbsp;&nbsp; 2766406 |
| U.S. Treasury Notes |  |  |
| 0.375%, 07/31/27 (a) | 3100000 | &nbsp;&nbsp; 2893172 |
| 0.375%, 09/30/27 | 6300000 | &nbsp;&nbsp; 5850141 |
| 0.500%, 04/30/27 | 4000000 | &nbsp;&nbsp; 3772031 |
| 0.500%, 10/31/27 | 3800000 | &nbsp;&nbsp; 3529250 |

---

*See accompanying notes to financial statements.*

**BHFTII-209**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 0.625%, 07/31/26 | 6100000 | &nbsp;&nbsp; $5884594 |
| 0.625%, 11/30/27 | 7000000 | &nbsp;&nbsp; 6507266 |
| 0.625%, 12/31/27 | 7200000 | &nbsp;&nbsp; 6674625 |
| 0.625%, 05/15/30 | 8000000 | &nbsp;&nbsp; 6883750 |
| 0.625%, 08/15/30 | 13800000 | &nbsp;&nbsp; 11768812 |
| 0.750%, 08/31/26 | 8000000 | &nbsp;&nbsp; 7710312 |
| 0.750%, 01/31/28 | 6100000 | &nbsp;&nbsp; 5659180 |
| 0.875%, 09/30/26 | 6400000 | &nbsp;&nbsp; 6164750 |
| 0.875%, 11/15/30 | 7700000 | &nbsp;&nbsp; 6605758 |
| 1.000%, 07/31/28 | 4000000 | &nbsp;&nbsp; 3687813 |
| 1.125%, 10/31/26 | 14100000 | &nbsp;&nbsp; 13597687 |
| 1.125%, 02/29/28 | 1200000 | &nbsp;&nbsp; 1122094 |
| 1.125%, 08/31/28 | 6000000 | &nbsp;&nbsp; 5540625 |
| 1.125%, 02/15/31 | 7500000 | &nbsp;&nbsp; 6489844 |
| 1.250%, 11/30/26 | 2100000 | &nbsp;&nbsp; 2025023 |
| 1.250%, 12/31/26 | 3800000 | &nbsp;&nbsp; 3658094 |
| 1.250%, 03/31/28 | 5100000 | &nbsp;&nbsp; 4775672 |
| 1.250%, 04/30/28 | 6000000 | &nbsp;&nbsp; 5608125 |
| 1.250%, 05/31/28 | 3400000 | &nbsp;&nbsp; 3171828 |
| 1.250%, 06/30/28 | 5900000 | &nbsp;&nbsp; 5492992 |
| 1.250%, 09/30/28 | 6000000 | &nbsp;&nbsp; 5551406 |
| 1.250%, 08/15/31 | 21800000 | &nbsp;&nbsp; 18649219 |
| 1.375%, 10/31/28 | 3300000 | &nbsp;&nbsp; 3059719 |
| 1.375%, 11/15/31 | 19900000 | &nbsp;&nbsp; 17030047 |
| 1.500%, 08/15/26 | 5600000 | &nbsp;&nbsp; 5448844 |
| 1.500%, 01/31/27 | 19900000 | &nbsp;&nbsp; 19195727 |
| 1.500%, 11/30/28 | 14200000 | &nbsp;&nbsp; 13198234 |
| 1.500%, 02/15/30 | 8300000 | &nbsp;&nbsp; 7511500 |
| 1.625%, 09/30/26 | 6000000 | &nbsp;&nbsp; 5834766 |
| 1.625%, 08/15/29 | 7900000 | &nbsp;&nbsp; 7275406 |
| 1.625%, 05/15/31 | 19200000 | &nbsp;&nbsp; 16932000 |
| 1.750%, 01/31/29 | 5000000 | &nbsp;&nbsp; 4671484 |
| 1.875%, 02/28/27 | 8700000 | &nbsp;&nbsp; 8432543 |
| 1.875%, 02/28/29 | 2100000 | &nbsp;&nbsp; 1968094 |
| 1.875%, 02/15/32 | 9200000 | &nbsp;&nbsp; 8083062 |
| 2.000%, 11/15/26 | 7300000 | &nbsp;&nbsp; 7117785 |
| 2.250%, 02/15/27 | 4300000 | &nbsp;&nbsp; 4195020 |
| 2.250%, 08/15/27 | 6100000 | &nbsp;&nbsp; 5917000 |
| 2.250%, 11/15/27 | 2600000 | &nbsp;&nbsp; 2514078 |
| 2.375%, 05/15/27 | 8000000 | &nbsp;&nbsp; 7802188 |
| 2.375%, 03/31/29 | 4200000 | &nbsp;&nbsp; 4002141 |
| 2.375%, 05/15/29 | 6800000 | &nbsp;&nbsp; 6469031 |
| 2.500%, 03/31/27 (a) | 5100000 | &nbsp;&nbsp; 4991227 |
| 2.625%, 05/31/27 | 4000000 | &nbsp;&nbsp; 3917656 |
| 2.625%, 02/15/29 | 8300000 | &nbsp;&nbsp; 7992641 |
| 2.750%, 04/30/27 | 7200000 | &nbsp;&nbsp; 7072313 |
| 2.750%, 07/31/27 | 15600000 | &nbsp;&nbsp; 15295312 |
| 2.750%, 02/15/28 | 6000000 | &nbsp;&nbsp; 5857031 |
| 2.750%, 05/31/29 | 13800000 | &nbsp;&nbsp; 13308375 |
| 2.750%, 08/15/32 | 8700000 | &nbsp;&nbsp; 8025750 |
| 2.875%, 05/15/28 | 5900000 | &nbsp;&nbsp; 5768172 |
| 2.875%, 08/15/28 | 6000000 | &nbsp;&nbsp; 5852812 |
| 2.875%, 05/15/32 | 10500000 | &nbsp;&nbsp; 9797812 |
| 3.125%, 11/15/28 | 8000000 | &nbsp;&nbsp; 7850625 |
| 3.125%, 08/31/29 | 5300000 | &nbsp;&nbsp; 5172883 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 3.250%, 06/30/27 | 4200000 | &nbsp;&nbsp; $4162266 |
| 3.375%, 09/15/27 | 15400000 | &nbsp;&nbsp; 15294125 |
| 3.375%, 05/15/33 | 7300000 | &nbsp;&nbsp; 6960094 |
| 3.500%, 09/30/26 | 15200000 | &nbsp;&nbsp; 15122813 |
| 3.500%, 01/31/28 | 4000000 | &nbsp;&nbsp; 3980000 |
| 3.500%, 04/30/28 | 12300000 | &nbsp;&nbsp; 12233695 |
| 3.500%, 09/30/29 | 16500000 | &nbsp;&nbsp; 16336289 |
| 3.500%, 01/31/30 | 11300000 | &nbsp;&nbsp; 11169344 |
| 3.500%, 04/30/30 | 8300000 | &nbsp;&nbsp; 8193656 |
| 3.500%, 02/15/33 | 10700000 | &nbsp;&nbsp; 10317141 |
| 3.625%, 03/31/28 | 6200000 | &nbsp;&nbsp; 6189344 |
| 3.625%, 08/31/29 | 15400000 | &nbsp;&nbsp; 15325406 |
| 3.625%, 03/31/30 | 5200000 | &nbsp;&nbsp; 5163031 |
| 3.750%, 08/31/26 | 5000000 | &nbsp;&nbsp; 4987891 |
| 3.750%, 08/15/27 | 15200000 | &nbsp;&nbsp; 15207125 |
| 3.750%, 04/15/28 (a) | 15100000 | &nbsp;&nbsp; 15120055 |
| 3.750%, 12/31/28 (a) | 15300000 | &nbsp;&nbsp; 15314344 |
| 3.750%, 12/31/30 | 11400000 | &nbsp;&nbsp; 11345672 |
| 3.750%, 08/31/31 | 10000000 | &nbsp;&nbsp; 9907031 |
| 3.875%, 10/15/27 | 15200000 | &nbsp;&nbsp; 15253438 |
| 3.875%, 11/30/27 | 4000000 | &nbsp;&nbsp; 4015313 |
| 3.875%, 12/31/27 | 500000 | &nbsp;&nbsp; 502109 |
| 3.875%, 06/15/28 | 4000000 | &nbsp;&nbsp; 4021562 |
| 3.875%, 09/30/29 | 4900000 | &nbsp;&nbsp; 4922969 |
| 3.875%, 12/31/29 | 8200000 | &nbsp;&nbsp; 8235234 |
| 3.875%, 08/15/33 | 24900000 | &nbsp;&nbsp; 24526500 |
| 3.875%, 08/15/34 | 7900000 | &nbsp;&nbsp; 7716078 |
| 4.000%, 01/15/27 | 6000000 | &nbsp;&nbsp; 6014531 |
| 4.000%, 12/15/27 | 8100000 | &nbsp;&nbsp; 8157586 |
| 4.000%, 02/29/28 | 12100000 | &nbsp;&nbsp; 12190750 |
| 4.000%, 06/30/28 | 3000000 | &nbsp;&nbsp; 3025781 |
| 4.000%, 01/31/29 | 15200000 | &nbsp;&nbsp; 15338938 |
| 4.000%, 07/31/29 | 5900000 | &nbsp;&nbsp; 5955773 |
| 4.000%, 10/31/29 (a) | 5000000 | &nbsp;&nbsp; 5048047 |
| 4.000%, 02/28/30 | 2000000 | &nbsp;&nbsp; 2019844 |
| 4.000%, 03/31/30 (a) | 4000000 | &nbsp;&nbsp; 4037813 |
| 4.000%, 07/31/30 | 14900000 | &nbsp;&nbsp; 15031539 |
| 4.000%, 01/31/31 | 11200000 | &nbsp;&nbsp; 11280500 |
| 4.000%, 04/30/32 | 2000000 | &nbsp;&nbsp; 2002813 |
| 4.000%, 02/15/34 | 8300000 | &nbsp;&nbsp; 8215703 |
| 4.125%, 10/31/26 (a) | 15100000 | &nbsp;&nbsp; 15142469 |
| 4.125%, 01/31/27 | 17000000 | &nbsp;&nbsp; 17079687 |
| 4.125%, 02/15/27 | 5900000 | &nbsp;&nbsp; 5928578 |
| 4.125%, 09/30/27 (a) | 4000000 | &nbsp;&nbsp; 4036563 |
| 4.125%, 10/31/27 | 5900000 | &nbsp;&nbsp; 5953930 |
| 4.125%, 11/15/27 | 15100000 | &nbsp;&nbsp; 15240383 |
| 4.125%, 07/31/28 | 12100000 | &nbsp;&nbsp; 12246523 |
| 4.125%, 03/31/29 | 15100000 | &nbsp;&nbsp; 15306445 |
| 4.125%, 10/31/29 (a) | 15100000 | &nbsp;&nbsp; 15318242 |
| 4.125%, 08/31/30 | 4100000 | &nbsp;&nbsp; 4159578 |
| 4.125%, 07/31/31 | 3100000 | &nbsp;&nbsp; 3136086 |
| 4.125%, 10/31/31 | 11200000 | &nbsp;&nbsp; 11318125 |
| 4.125%, 02/29/32 | 16100000 | &nbsp;&nbsp; 16250937 |
| 4.125%, 11/15/32 | 18200000 | &nbsp;&nbsp; 18325125 |
| 4.250%, 11/30/26 | 9000000 | &nbsp;&nbsp; 9047109 |

---

*See accompanying notes to financial statements.*

**BHFTII-210**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 4.250%, 12/31/26 | 15000000 | &nbsp;&nbsp; $15089062 |
| 4.250%, 02/28/29 | 15000000 | &nbsp;&nbsp; 15267187 |
| 4.250%, 06/30/29 | 2000000 | &nbsp;&nbsp; 2037500 |
| 4.250%, 01/31/30 | 3100000 | &nbsp;&nbsp; 3161758 |
| 4.250%, 02/28/31 | 6000000 | &nbsp;&nbsp; 6116250 |
| 4.250%, 06/30/31 | 11100000 | &nbsp;&nbsp; 11305523 |
| 4.250%, 11/15/34 | 14300000 | &nbsp;&nbsp; 14349156 |
| 4.250%, 05/15/35 | 12100000 | &nbsp;&nbsp; 12120797 |
| 4.375%, 07/31/26 | 15000000 | &nbsp;&nbsp; 15060352 |
| 4.375%, 12/15/26 | 15000000 | &nbsp;&nbsp; 15112500 |
| 4.375%, 07/15/27 (a) | 5900000 | &nbsp;&nbsp; 5973750 |
| 4.375%, 08/31/28 | 7100000 | &nbsp;&nbsp; 7240336 |
| 4.375%, 11/30/28 | 2000000 | &nbsp;&nbsp; 2042031 |
| 4.375%, 12/31/29 | 8000000 | &nbsp;&nbsp; 8200000 |
| 4.375%, 11/30/30 | 3000000 | &nbsp;&nbsp; 3077813 |
| 4.375%, 05/15/34 (a) | 21000000 | &nbsp;&nbsp; 21331406 |
| 4.500%, 07/15/26 | 6000000 | &nbsp;&nbsp; 6031406 |
| 4.500%, 04/15/27 | 9000000 | &nbsp;&nbsp; 9112148 |
| 4.500%, 05/15/27 | 14900000 | &nbsp;&nbsp; 15096727 |
| 4.500%, 11/15/33 | 13700000 | &nbsp;&nbsp; 14074609 |
| 4.625%, 09/15/26 (a) | 6000000 | &nbsp;&nbsp; 6048750 |
| 4.625%, 10/15/26 | 4000000 | &nbsp;&nbsp; 4035938 |
| 4.625%, 11/15/26 | 8000000 | &nbsp;&nbsp; 8078438 |
| 4.625%, 06/15/27 | 14900000 | &nbsp;&nbsp; 15147945 |
| 4.625%, 09/30/28 | 5800000 | &nbsp;&nbsp; 5961312 |
| 4.625%, 04/30/29 | 14800000 | &nbsp;&nbsp; 15264812 |
| 4.625%, 09/30/30 | 4000000 | &nbsp;&nbsp; 4150938 |
| 4.625%, 04/30/31 | 10800000 | &nbsp;&nbsp; 11215125 |
| 4.625%, 05/31/31 (a) | 10800000 | &nbsp;&nbsp; 11214281 |
| 4.625%, 02/15/35 | 10300000 | &nbsp;&nbsp; 10629922 |
| 4.875%, 10/31/28 | 11800000 | &nbsp;&nbsp; 12224984 |
| 4.875%, 10/31/30 | 4800000 | &nbsp;&nbsp; 5039250 |
|  |  | &nbsp;&nbsp; 1591248070 |
| Total U.S. Treasury & Government Agencies <br>(Cost $1,667,198,056) <br>|  | &nbsp;&nbsp; 1614696827 |
| **Corporate Bonds & Notes—25.2%** | **Corporate Bonds & Notes—25.2%** | **Corporate Bonds & Notes—25.2%** |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| Boeing Co. |  |  |
| 5.150%, 05/01/30 | 2300000 | &nbsp;&nbsp; 2342274 |
| 5.805%, 05/01/50 | 3200000 | &nbsp;&nbsp; 3069952 |
| 5.930%, 05/01/60 | 1100000 | &nbsp;&nbsp; 1045055 |
| GE Capital International Funding Co. Unlimited Co. |  |  |
| 4.418%, 11/15/35 (a) | 459000 | &nbsp;&nbsp; 440259 |
| General Dynamics Corp. |  |  |
| 4.950%, 08/15/35 (a) | 1000000 | &nbsp;&nbsp; 1003690 |
| General Electric Co. |  |  |
| 7.500%, 08/21/35 | 100000 | &nbsp;&nbsp; 119123 |
| L3Harris Technologies, Inc. |  |  |
| 5.400%, 01/15/27 (a) | 1500000 | &nbsp;&nbsp; 1525425 |
| Lockheed Martin Corp. |  |  |
| 3.550%, 01/15/26 (a) | 523000 | &nbsp;&nbsp; 521065 |
| 4.090%, 09/15/52 | 954000 | &nbsp;&nbsp; 750865 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** |
| Northrop Grumman Corp. |  |  |
| 3.250%, 01/15/28 | 1100000 | &nbsp;&nbsp; $1074788 |
| Northrop Grumman Systems Corp. |  |  |
| 7.750%, 02/15/31 | 515000 | &nbsp;&nbsp; 594660 |
| RTX Corp. |  |  |
| 3.125%, 05/04/27 (a) | 1000000 | &nbsp;&nbsp; 980820 |
| 4.500%, 06/01/42 | 1645000 | &nbsp;&nbsp; 1456861 |
| 6.100%, 03/15/34 (a) | 1800000 | &nbsp;&nbsp; 1945278 |
| 7.500%, 09/15/29 (a) | 200000 | &nbsp;&nbsp; 224080 |
|  |  | &nbsp;&nbsp; 17094195 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Altria Group, Inc. |  |  |
| 5.950%, 02/14/49 (a) | 1200000 | &nbsp;&nbsp; 1193796 |
| BAT Capital Corp. |  |  |
| 4.390%, 08/15/37 | 1300000 | &nbsp;&nbsp; 1163045 |
| 5.350%, 08/15/32 (a) | 1000000 | &nbsp;&nbsp; 1022910 |
| Philip Morris International, Inc. |  |  |
| 4.875%, 11/15/43 (a) | 1100000 | &nbsp;&nbsp; 1006907 |
| 5.250%, 02/13/34 (a) | 5000000 | &nbsp;&nbsp; 5098100 |
|  |  | &nbsp;&nbsp; 9484758 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Southwest Airlines Co. |  |  |
| 5.125%, 06/15/27 (a) | 1000000 | &nbsp;&nbsp; 1009010 |
| United Airlines Pass-Through Trust |  |  |
| 5.875%, 08/15/38 | 991297 | &nbsp;&nbsp; 981950 |
|  |  | &nbsp;&nbsp; 1990960 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| NIKE, Inc. |  |  |
| 2.750%, 03/27/27 (a) | 1000000 | &nbsp;&nbsp; 978260 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| American Honda Finance Corp. |  |  |
| 2.250%, 01/12/29 (a) | 1000000 | &nbsp;&nbsp; 927650 |
| 2.300%, 09/09/26 | 300000 | &nbsp;&nbsp; 292923 |
| 5.200%, 03/05/35 | 1000000 | &nbsp;&nbsp; 994780 |
| Cummins, Inc. |  |  |
| 5.300%, 05/09/35 (a) | 1000000 | &nbsp;&nbsp; 1015430 |
| Ford Motor Credit Co. LLC |  |  |
| 5.800%, 03/05/27 (a) | 3000000 | &nbsp;&nbsp; 3022380 |
| 6.800%, 05/12/28 (a) | 2500000 | &nbsp;&nbsp; 2584100 |
| General Motors Co. |  |  |
| 5.200%, 04/01/45 (a) | 2500000 | &nbsp;&nbsp; 2143175 |
| General Motors Financial Co., Inc. |  |  |
| 4.350%, 01/17/27 (a) | 3200000 | &nbsp;&nbsp; 3181440 |
| 5.950%, 04/04/34 (a) | 1000000 | &nbsp;&nbsp; 1014470 |
| Mercedes-Benz Finance North America LLC |  |  |
| 8.500%, 01/18/31 (a) | 550000 | &nbsp;&nbsp; 653884 |
| PACCAR Financial Corp. |  |  |
| 4.550%, 03/03/28 (a) | 1000000 | &nbsp;&nbsp; 1014250 |
| Toyota Motor Credit Corp. |  |  |
| 3.375%, 04/01/30 (a) | 2600000 | &nbsp;&nbsp; 2485418 |

---

*See accompanying notes to financial statements.*

**BHFTII-211**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** |
| Toyota Motor Credit Corp. |  |  |
| 4.650%, 01/05/29 (a) | 2000000 | &nbsp;&nbsp; $2024980 |
|  |  | &nbsp;&nbsp; 21354880 |
| **Banks — 5.5%** | **Banks — 5.5%** | **Banks — 5.5%** |
| Banco Santander SA |  |  |
| 4.379%, 04/12/28 | 2200000 | &nbsp;&nbsp; 2193598 |
| 5.439%, 07/15/31 | 2000000 | &nbsp;&nbsp; 2077280 |
| Bank of America Corp. |  |  |
| 2.687%, SOFR + 1.320%, 04/22/32 (b) | 2000000 | &nbsp;&nbsp; 1795800 |
| 3.593%, 3M TSFR + 1.632%, 07/21/28 (b) | 3200000 | &nbsp;&nbsp; 3150560 |
| 4.083%, 3M TSFR + 3.412%, 03/20/51 (a) (b) | 10500000 | &nbsp;&nbsp; 8346660 |
| 5.015%, SOFR + 2.160%, 07/22/33 (a) (b) | 3100000 | &nbsp;&nbsp; 3136611 |
| 5.288%, SOFR + 1.910%, 04/25/34 (a) (b) | 2400000 | &nbsp;&nbsp; 2448888 |
| 5.875%, 02/07/42 (a) | 1500000 | &nbsp;&nbsp; 1567455 |
| Bank of Montreal |  |  |
| 0.949%, SOFR + 0.603%, 01/22/27 (a) (b) | 2300000 | &nbsp;&nbsp; 2254115 |
| Bank of New York Mellon Corp. |  |  |
| 3.442%, 3M TSFR + 1.331%, 02/07/28 (a) (b) | 1800000 | &nbsp;&nbsp; 1778994 |
| 4.942%, SOFR + 0.887%, 02/11/31 (a) (b) | 2000000 | &nbsp;&nbsp; 2041220 |
| Bank of Nova Scotia |  |  |
| 4.850%, 02/01/30 | 1000000 | &nbsp;&nbsp; 1018660 |
| 4.932%, SOFR + 0.890%, 02/14/29 (a) (b) | 1000000 | &nbsp;&nbsp; 1012270 |
| Barclays PLC |  |  |
| 4.375%, 01/12/26 (a) | 2000000 | &nbsp;&nbsp; 1996800 |
| 5.501%, 1Y H15 + 2.650%, 08/09/28 (a) (b) | 2000000 | &nbsp;&nbsp; 2039100 |
| 6.224%, SOFR + 2.980%, 05/09/34 (b) | 2000000 | &nbsp;&nbsp; 2123020 |
| Canadian Imperial Bank of Commerce |  |  |
| 5.245%, SOFR + 1.105%, 01/13/31 (b) | 2000000 | &nbsp;&nbsp; 2047880 |
| Citigroup, Inc. |  |  |
| 2.572%, SOFR + 2.107%, 06/03/31 (b) | 2500000 | &nbsp;&nbsp; 2267025 |
| 3.200%, 10/21/26 | 1700000 | &nbsp;&nbsp; 1676642 |
| 4.412%, SOFR + 3.914%, 03/31/31 (b) | 2900000 | &nbsp;&nbsp; 2868361 |
| 5.174%, SOFR + 1.364%, 02/13/30 (b) | 7000000 | &nbsp;&nbsp; 7139650 |
| Cooperatieve Rabobank UA |  |  |
| 5.750%, 12/01/43 | 1200000 | &nbsp;&nbsp; 1209444 |
| Deutsche Bank AG |  |  |
| 2.129%, SOFR + 1.870%, 11/24/26 (b) | 2000000 | &nbsp;&nbsp; 1979820 |
| 5.297%, SOFR + 1.720%, 05/09/31 (a) (b) | 1000000 | &nbsp;&nbsp; 1015670 |
| Goldman Sachs Group, Inc. |  |  |
| 3.850%, 01/26/27 | 1900000 | &nbsp;&nbsp; 1887593 |
| 4.223%, 3M TSFR + 1.563%, 05/01/29 (b) | 1900000 | &nbsp;&nbsp; 1889341 |
| 5.016%, SOFR + 1.420%, 10/23/35 (b) | 8400000 | &nbsp;&nbsp; 8298612 |
| 6.125%, 02/15/33 (a) | 2075000 | &nbsp;&nbsp; 2268556 |
| HSBC Holdings PLC |  |  |
| 3.973%, 3M TSFR + 1.872%, 05/22/30 (b) | 3500000 | &nbsp;&nbsp; 3407040 |
| 5.130%, SOFR + 1.040%, 11/19/28 (a) (b) | 6000000 | &nbsp;&nbsp; 6076320 |
| 6.500%, 09/15/37 | 1205000 | &nbsp;&nbsp; 1288916 |
| Huntington Bancshares, Inc. |  |  |
| 5.709%, SOFR + 1.870%, 02/02/35 (a) (b) | 1000000 | &nbsp;&nbsp; 1021730 |
| ING Groep NV |  |  |
| 5.550%, SOFR + 1.770%, 03/19/35 (a) (b) | 2000000 | &nbsp;&nbsp; 2048600 |
| JPMorgan Chase & Co. |  |  |
| 1.953%, SOFR + 1.065%, 02/04/32 (b) | 2100000 | &nbsp;&nbsp; 1821813 |
| 2.522%, SOFR + 2.040%, 04/22/31 (b) | 2000000 | &nbsp;&nbsp; 1827880 |
| 2.950%, 10/01/26 (a) | 2000000 | &nbsp;&nbsp; 1970900 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| 3.157%, SOFR + 1.460%, 04/22/42 (a) (b) | 4900000 | &nbsp;&nbsp; $3698177 |
| 3.882%, 3M TSFR + 1.622%, 07/24/38 (b) | 1000000 | &nbsp;&nbsp; 882160 |
| 3.900%, 07/15/25 (a) | 3000000 | &nbsp;&nbsp; 2998740 |
| 3.964%, 3M TSFR + 1.642%, 11/15/48 (b) | 2400000 | &nbsp;&nbsp; 1919688 |
| 5.350%, SOFR + 1.845%, 06/01/34 (a) (b) | 2900000 | &nbsp;&nbsp; 2986652 |
| 5.534%, SOFR + 1.550%, 11/29/45 (b) | 2000000 | &nbsp;&nbsp; 2006280 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 1.750%, 09/14/29 (a) | 2000000 | &nbsp;&nbsp; 1843420 |
| 3.750%, 02/15/28 | 2000000 | &nbsp;&nbsp; 2001420 |
| 3.750%, 07/15/30 (a) | 2000000 | &nbsp;&nbsp; 1992740 |
| 4.375%, 03/01/27 (a) | 1500000 | &nbsp;&nbsp; 1513335 |
| Landwirtschaftliche Rentenbank |  |  |
| 3.875%, 09/28/27 | 1000000 | &nbsp;&nbsp; 1002460 |
| Lloyds Banking Group PLC |  |  |
| 3.574%, 11/07/28 | 1800000 | &nbsp;&nbsp; 1761588 |
| 5.590%, 1Y H15 + 1.200%, 11/26/35 (b) | 2000000 | &nbsp;&nbsp; 2033040 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 3.850%, 03/01/26 | 1000000 | &nbsp;&nbsp; 996440 |
| 5.133%, 1Y H15 + 2.125%, 07/20/33 (a) (b) | 2000000 | &nbsp;&nbsp; 2024480 |
| 5.574%, 1Y H15 + 0.950%, 01/16/36 (a) (b) | 2000000 | &nbsp;&nbsp; 2055240 |
| Mizuho Financial Group, Inc. |  |  |
| 4.018%, 03/05/28 (a) | 1800000 | &nbsp;&nbsp; 1791900 |
| 5.098%, 1Y H15 + 0.820%, 05/13/31 (b) | 2000000 | &nbsp;&nbsp; 2037080 |
| Morgan Stanley |  |  |
| 4.300%, 01/27/45 (a) | 1900000 | &nbsp;&nbsp; 1619047 |
| 4.350%, 09/08/26 | 3800000 | &nbsp;&nbsp; 3794680 |
| 7.250%, 04/01/32 (a) | 1850000 | &nbsp;&nbsp; 2130090 |
| Morgan Stanley Bank NA |  |  |
| 5.504%, SOFR + 0.865%, 05/26/28 (b) | 10000000 | &nbsp;&nbsp; 10212000 |
| National Australia Bank Ltd. |  |  |
| 4.901%, 01/14/30 (a) | 1000000 | &nbsp;&nbsp; 1027670 |
| NatWest Group PLC |  |  |
| 4.964%, 1Y H15 + 1.220%, 08/15/30 (a) (b) | 2000000 | &nbsp;&nbsp; 2023240 |
| Oesterreichische Kontrollbank AG |  |  |
| 4.125%, 01/18/29 | 500000 | &nbsp;&nbsp; 505045 |
| PNC Financial Services Group, Inc. |  |  |
| 5.492%, SOFR + 1.198%, 05/14/30 (a) (b) | 1900000 | &nbsp;&nbsp; 1968020 |
| 5.582%, SOFR + 1.841%, 06/12/29 (a) (b) | 2000000 | &nbsp;&nbsp; 2071620 |
| Royal Bank of Canada |  |  |
| 4.522%, SOFR + 0.860%, 10/18/28 (a) (b) | 1000000 | &nbsp;&nbsp; 1004270 |
| 4.969%, SOFR + 1.100%, 08/02/30 (a) (b) | 2000000 | &nbsp;&nbsp; 2027480 |
| Santander Holdings USA, Inc. |  |  |
| 5.741%, SOFR + 1.878%, 03/20/31 (a) (b) | 1000000 | &nbsp;&nbsp; 1026690 |
| State Street Corp. |  |  |
| 5.146%, SOFR + 1.217%, 02/28/36 (b) | 1500000 | &nbsp;&nbsp; 1515150 |
| 5.684%, SOFR + 1.484%, 11/21/29 (a) (b) | 1000000 | &nbsp;&nbsp; 1044740 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.632%, 07/14/26 (a) | 4700000 | &nbsp;&nbsp; 4617985 |
| Toronto-Dominion Bank |  |  |
| 4.994%, 04/05/29 (a) | 4000000 | &nbsp;&nbsp; 4080760 |
| Truist Financial Corp. |  |  |
| 1.267%, SOFR + 0.609%, 03/02/27 (a) (b) | 2000000 | &nbsp;&nbsp; 1955020 |
| U.S. Bancorp |  |  |
| 5.678%, SOFR + 1.860%, 01/23/35 (b) | 2000000 | &nbsp;&nbsp; 2077040 |
| 5.775%, SOFR + 2.020%, 06/12/29 (a) (b) | 2000000 | &nbsp;&nbsp; 2075740 |

---

*See accompanying notes to financial statements.*

**BHFTII-212**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| UBS Group AG |  |  |
| 4.550%, 04/17/26 | 1700000 | &nbsp;&nbsp; $1700136 |
| Wells Fargo & Co. |  |  |
| 2.879%, 3M TSFR + 1.432%, 10/30/30 (a) (b) | 2400000 | &nbsp;&nbsp; 2242368 |
| 3.000%, 10/23/26 (a) | 2000000 | &nbsp;&nbsp; 1965740 |
| 5.499%, SOFR + 1.780%, 01/23/35 (b) | 8000000 | &nbsp;&nbsp; 8206640 |
| 5.557%, SOFR + 1.990%, 07/25/34 (b) | 1500000 | &nbsp;&nbsp; 1549020 |
| Westpac Banking Corp. |  |  |
| 2.668%, 5Y H15 + 1.750%, 11/15/35 (a) (b) | 1700000 | &nbsp;&nbsp; 1500199 |
| 5.618%, 1Y H15 + 1.200%, 11/20/35 (b) | 2000000 | &nbsp;&nbsp; 2008020 |
|  |  | &nbsp;&nbsp; 194486074 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.900%, 02/01/46 | 5400000 | &nbsp;&nbsp; 4946400 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.439%, 10/06/48 | 1165000 | &nbsp;&nbsp; 989015 |
| 5.550%, 01/23/49 | 1900000 | &nbsp;&nbsp; 1888258 |
| Coca-Cola Co. |  |  |
| 1.650%, 06/01/30 (a) | 2400000 | &nbsp;&nbsp; 2129328 |
| 5.300%, 05/13/54 (a) | 1000000 | &nbsp;&nbsp; 972940 |
| Constellation Brands, Inc. |  |  |
| 4.800%, 01/15/29 (a) | 2000000 | &nbsp;&nbsp; 2021540 |
| Diageo Capital PLC |  |  |
| 2.375%, 10/24/29 (a) | 1400000 | &nbsp;&nbsp; 1298752 |
| Keurig Dr. Pepper, Inc. |  |  |
| 4.597%, 05/25/28 (a) | 1200000 | &nbsp;&nbsp; 1209564 |
| PepsiCo, Inc. |  |  |
| 2.750%, 03/19/30 | 800000 | &nbsp;&nbsp; 749736 |
| 4.450%, 04/14/46 (a) | 1300000 | &nbsp;&nbsp; 1147653 |
| 4.500%, 07/17/29 (a) | 2000000 | &nbsp;&nbsp; 2031780 |
|  |  | &nbsp;&nbsp; 19384966 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen, Inc. |  |  |
| 2.000%, 01/15/32 (a) | 1600000 | &nbsp;&nbsp; 1365568 |
| 4.663%, 06/15/51 | 1000000 | &nbsp;&nbsp; 856060 |
| 5.650%, 03/02/53 (a) | 1000000 | &nbsp;&nbsp; 976730 |
| Gilead Sciences, Inc. |  |  |
| 3.650%, 03/01/26 (a) | 2000000 | &nbsp;&nbsp; 1989000 |
|  |  | &nbsp;&nbsp; 5187358 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Carrier Global Corp. |  |  |
| 2.493%, 02/15/27 (a) | 2000000 | &nbsp;&nbsp; 1946620 |
| CRH SMW Finance DAC |  |  |
| 5.125%, 01/09/30 (a) | 1000000 | &nbsp;&nbsp; 1024800 |
| Owens Corning |  |  |
| 5.700%, 06/15/34 (a) | 2000000 | &nbsp;&nbsp; 2076840 |
| Trane Technologies Financing Ltd. |  |  |
| 3.800%, 03/21/29 (a) | 1000000 | &nbsp;&nbsp; 983500 |
|  |  | &nbsp;&nbsp; 6031760 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Dow Chemical Co. |  |  |
| 4.375%, 11/15/42 | 1000000 | &nbsp;&nbsp; $814140 |
| 5.150%, 02/15/34 (a) | 2000000 | &nbsp;&nbsp; 2001040 |
| DuPont de Nemours, Inc. |  |  |
| 5.419%, 11/15/48 (a) | 1000000 | &nbsp;&nbsp; 1007940 |
| LyondellBasell Industries NV |  |  |
| 4.625%, 02/26/55 (a) | 1400000 | &nbsp;&nbsp; 1099966 |
| Nutrien Ltd. |  |  |
| 4.200%, 04/01/29 (a) | 1000000 | &nbsp;&nbsp; 990170 |
| Sherwin-Williams Co. |  |  |
| 3.450%, 06/01/27 (a) | 1000000 | &nbsp;&nbsp; 986490 |
| 4.500%, 06/01/47 (a) | 2500000 | &nbsp;&nbsp; 2093950 |
| Westlake Corp. |  |  |
| 3.125%, 08/15/51 | 500000 | &nbsp;&nbsp; 307720 |
|  |  | &nbsp;&nbsp; 9301416 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Global Payments, Inc. |  |  |
| 2.900%, 05/15/30 (a) | 900000 | &nbsp;&nbsp; 828000 |
| Massachusetts Institute of Technology |  |  |
| 2.294%, 07/01/51 | 1200000 | &nbsp;&nbsp; 679488 |
| PayPal Holdings, Inc. |  |  |
| 2.850%, 10/01/29 (a) | 2000000 | &nbsp;&nbsp; 1887760 |
| President & Fellows of Harvard College |  |  |
| 4.609%, 02/15/35 | 1000000 | &nbsp;&nbsp; 991500 |
| Quanta Services, Inc. |  |  |
| 5.250%, 08/09/34 (a) | 1000000 | &nbsp;&nbsp; 1012050 |
| S&P Global, Inc. |  |  |
| 2.300%, 08/15/60 | 800000 | &nbsp;&nbsp; 408160 |
| Yale University |  |  |
| 2.402%, 04/15/50 | 2000000 | &nbsp;&nbsp; 1189180 |
|  |  | &nbsp;&nbsp; 6996138 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Apple, Inc. |  |  |
| 1.650%, 02/08/31 | 4900000 | &nbsp;&nbsp; 4278631 |
| 2.550%, 08/20/60 | 1000000 | &nbsp;&nbsp; 576280 |
| 2.650%, 02/08/51 | 1500000 | &nbsp;&nbsp; 931830 |
| 3.350%, 08/08/32 (a) | 2300000 | &nbsp;&nbsp; 2169682 |
| 4.650%, 02/23/46 | 1000000 | &nbsp;&nbsp; 914360 |
| Dell International LLC/EMC Corp. |  |  |
| 5.300%, 10/01/29 | 1800000 | &nbsp;&nbsp; 1852038 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.900%, 10/15/25 | 1400000 | &nbsp;&nbsp; 1399020 |
| HP, Inc. |  |  |
| 4.000%, 04/15/29 (a) | 1000000 | &nbsp;&nbsp; 978610 |
| IBM International Capital Pte. Ltd. |  |  |
| 4.900%, 02/05/34 (a) | 2000000 | &nbsp;&nbsp; 1994980 |
| International Business Machines Corp. |  |  |
| 3.300%, 05/15/26 | 1900000 | &nbsp;&nbsp; 1882064 |
| 4.000%, 06/20/42 | 1200000 | &nbsp;&nbsp; 993816 |
|  |  | &nbsp;&nbsp; 17971311 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| Estee Lauder Cos., Inc. |  |  |
| 1.950%, 03/15/31 (a) | 1100000 | &nbsp;&nbsp; 958023 |

---

*See accompanying notes to financial statements.*

**BHFTII-213**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Cosmetics/Personal Care—(Continued)** | **Cosmetics/Personal Care—(Continued)** | **Cosmetics/Personal Care—(Continued)** |
| Haleon U.S. Capital LLC |  |  |
| 3.625%, 03/24/32 (a) | 1300000 | &nbsp;&nbsp; $1216124 |
| Kenvue, Inc. |  |  |
| 5.050%, 03/22/53 (a) | 400000 | &nbsp;&nbsp; 371464 |
| Procter & Gamble Co. |  |  |
| 3.550%, 03/25/40 (a) | 900000 | &nbsp;&nbsp; 766413 |
| 4.550%, 01/29/34 (a) | 2000000 | &nbsp;&nbsp; 2006320 |
| Unilever Capital Corp. |  |  |
| 2.900%, 05/05/27 (a) | 1500000 | &nbsp;&nbsp; 1472295 |
|  |  | &nbsp;&nbsp; 6790639 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.300%, 01/30/32 (a) | 1000000 | &nbsp;&nbsp; 905920 |
| 3.650%, 07/21/27 (a) | 1900000 | &nbsp;&nbsp; 1872165 |
| 5.375%, 12/15/31 (a) | 1000000 | &nbsp;&nbsp; 1022630 |
| Air Lease Corp. |  |  |
| 2.875%, 01/15/26 (a) | 900000 | &nbsp;&nbsp; 890829 |
| American Express Co. |  |  |
| 3.300%, 05/03/27 | 3000000 | &nbsp;&nbsp; 2954370 |
| 5.442%, SOFR + 1.320%, 01/30/36 (a) (b) | 1000000 | &nbsp;&nbsp; 1020490 |
| Blackrock, Inc. |  |  |
| 4.750%, 05/25/33 (a) | 1000000 | &nbsp;&nbsp; 1011100 |
| Brookfield Capital Finance LLC |  |  |
| 6.087%, 06/14/33 | 500000 | &nbsp;&nbsp; 530380 |
| Brookfield Finance, Inc. |  |  |
| 3.900%, 01/25/28 (a) | 2600000 | &nbsp;&nbsp; 2569502 |
| Capital One Financial Corp. |  |  |
| 3.800%, 01/31/28 | 1800000 | &nbsp;&nbsp; 1776906 |
| 5.463%, SOFR + 1.560%, 07/26/30 (a) (b) | 1500000 | &nbsp;&nbsp; 1543920 |
| Charles Schwab Corp. |  |  |
| 4.625%, 03/22/30 | 900000 | &nbsp;&nbsp; 914706 |
| 5.643%, SOFR + 2.210%, 05/19/29 (a) (b) | 500000 | &nbsp;&nbsp; 518080 |
| 5.853%, SOFR + 2.500%, 05/19/34 (a) (b) | 2400000 | &nbsp;&nbsp; 2545632 |
| Intercontinental Exchange, Inc. |  |  |
| 3.000%, 06/15/50 | 1000000 | &nbsp;&nbsp; 652970 |
| 3.750%, 12/01/25 | 1000000 | &nbsp;&nbsp; 996820 |
| Jefferies Financial Group, Inc. |  |  |
| 5.875%, 07/21/28 (a) | 1000000 | &nbsp;&nbsp; 1037140 |
| Mastercard, Inc. |  |  |
| 3.350%, 03/26/30 (a) | 1700000 | &nbsp;&nbsp; 1639803 |
| Nasdaq, Inc. |  |  |
| 3.950%, 03/07/52 (a) | 700000 | &nbsp;&nbsp; 523761 |
| Nomura Holdings, Inc. |  |  |
| 2.679%, 07/16/30 | 1000000 | &nbsp;&nbsp; 906620 |
| 6.070%, 07/12/28 | 1000000 | &nbsp;&nbsp; 1043330 |
| ORIX Corp. |  |  |
| 5.400%, 02/25/35 (a) | 1000000 | &nbsp;&nbsp; 1012760 |
| Private Export Funding Corp. |  |  |
| 1.400%, 07/15/28 | 500000 | &nbsp;&nbsp; 463065 |
| Visa, Inc. |  |  |
| 1.100%, 02/15/31 (a) | 3100000 | &nbsp;&nbsp; 2644145 |
| Voya Financial, Inc. |  |  |
| 4.700%, 01/23/48 | 1000000 | &nbsp;&nbsp; 956580 |
|  |  | &nbsp;&nbsp; 31953624 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| Appalachian Power Co. |  |  |
| 3.700%, 05/01/50 | 900000 | &nbsp;&nbsp; $637164 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 4.500%, 04/01/44 | 1300000 | &nbsp;&nbsp; 1130207 |
| CMS Energy Corp. |  |  |
| 4.750%, 5Y H15 + 4.116%, 06/01/50 (a) (b) | 1500000 | &nbsp;&nbsp; 1450275 |
| Commonwealth Edison Co. |  |  |
| 3.000%, 03/01/50 | 900000 | &nbsp;&nbsp; 583641 |
| 5.950%, 06/01/55 (a) | 1000000 | &nbsp;&nbsp; 1035800 |
| Connecticut Light & Power Co. |  |  |
| 4.000%, 04/01/48 (a) | 1000000 | &nbsp;&nbsp; 787450 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 3.950%, 03/01/43 | 2070000 | &nbsp;&nbsp; 1683366 |
| Constellation Energy Generation LLC |  |  |
| 5.600%, 03/01/28 (a) | 1000000 | &nbsp;&nbsp; 1034710 |
| Dominion Energy, Inc. |  |  |
| 3.900%, 10/01/25 (a) | 1900000 | &nbsp;&nbsp; 1896314 |
| 4.600%, 03/15/49 | 800000 | &nbsp;&nbsp; 656288 |
| DTE Electric Co. |  |  |
| 3.700%, 03/15/45 (a) | 1000000 | &nbsp;&nbsp; 774280 |
| Duke Energy Carolinas LLC |  |  |
| 3.550%, 03/15/52 (a) | 1000000 | &nbsp;&nbsp; 721340 |
| 5.300%, 02/15/40 (a) | 2000000 | &nbsp;&nbsp; 1998840 |
| Duke Energy Corp. |  |  |
| 2.650%, 09/01/26 | 1000000 | &nbsp;&nbsp; 981280 |
| 6.450%, 5Y H15 + 2.588%, 09/01/54 (a) (b) | 3900000 | &nbsp;&nbsp; 4024644 |
| Entergy Louisiana LLC |  |  |
| 4.000%, 03/15/33 (a) | 1000000 | &nbsp;&nbsp; 943930 |
| 5.800%, 03/15/55 | 1000000 | &nbsp;&nbsp; 1001050 |
| Evergy, Inc. |  |  |
| 2.900%, 09/15/29 (a) | 500000 | &nbsp;&nbsp; 469895 |
| Exelon Corp. |  |  |
| 3.400%, 04/15/26 (a) | 1000000 | &nbsp;&nbsp; 990710 |
| 5.600%, 03/15/53 (a) | 1000000 | &nbsp;&nbsp; 961150 |
| 5.625%, 06/15/35 | 500000 | &nbsp;&nbsp; 514460 |
| Florida Power & Light Co. |  |  |
| 5.950%, 02/01/38 | 1700000 | &nbsp;&nbsp; 1826565 |
| Georgia Power Co. |  |  |
| 4.300%, 03/15/42 (a) | 2000000 | &nbsp;&nbsp; 1727040 |
| Indiana Michigan Power Co. |  |  |
| 5.625%, 04/01/53 (a) | 2500000 | &nbsp;&nbsp; 2449425 |
| Louisville Gas & Electric Co. |  |  |
| 4.250%, 04/01/49 (a) | 800000 | &nbsp;&nbsp; 637248 |
| MidAmerican Energy Co. |  |  |
| 3.650%, 04/15/29 (a) | 1700000 | &nbsp;&nbsp; 1668244 |
| 4.250%, 07/15/49 | 1500000 | &nbsp;&nbsp; 1219095 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 2.400%, 03/15/30 (a) | 1800000 | &nbsp;&nbsp; 1655640 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.900%, 03/15/29 (a) | 7500000 | &nbsp;&nbsp; 7622925 |
| 5.550%, 03/15/54 (a) | 1000000 | &nbsp;&nbsp; 961640 |
| Northern States Power Co. |  |  |
| 2.600%, 06/01/51 | 1700000 | &nbsp;&nbsp; 1026273 |
| 6.250%, 06/01/36 | 1200000 | &nbsp;&nbsp; 1320228 |
| Oncor Electric Delivery Co. LLC |  |  |
| 3.100%, 09/15/49 | 900000 | &nbsp;&nbsp; 590616 |

---

*See accompanying notes to financial statements.*

**BHFTII-214**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Pacific Gas & Electric Co. |  |  |
| 2.500%, 02/01/31 | 3000000 | &nbsp;&nbsp; $2604090 |
| 5.900%, 10/01/54 (a) | 7500000 | &nbsp;&nbsp; 6790575 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.722%, 06/01/39 | 160000 | &nbsp;&nbsp; 156040 |
| 5.212%, 12/01/49 | 500000 | &nbsp;&nbsp; 474610 |
| Public Service Electric & Gas Co. |  |  |
| 1.900%, 08/15/31 | 1600000 | &nbsp;&nbsp; 1384688 |
| Sempra |  |  |
| 3.400%, 02/01/28 | 1100000 | &nbsp;&nbsp; 1073897 |
| 6.400%, 5Y H15 + 2.632%, 10/01/54 (b) | 1600000 | &nbsp;&nbsp; 1516688 |
| Southern California Edison Co. |  |  |
| 3.650%, 03/01/28 | 900000 | &nbsp;&nbsp; 875007 |
| 4.000%, 04/01/47 | 1000000 | &nbsp;&nbsp; 718660 |
| 5.450%, 03/01/35 | 1000000 | &nbsp;&nbsp; 982090 |
| Southern Co. |  |  |
| 4.850%, 06/15/28 | 2000000 | &nbsp;&nbsp; 2035040 |
| Southwestern Electric Power Co. |  |  |
| 4.100%, 09/15/28 | 1800000 | &nbsp;&nbsp; 1782666 |
| Union Electric Co. |  |  |
| 3.500%, 03/15/29 (a) | 1800000 | &nbsp;&nbsp; 1756728 |
| Virginia Electric & Power Co. |  |  |
| 5.550%, 08/15/54 (a) | 7600000 | &nbsp;&nbsp; 7348820 |
|  |  | &nbsp;&nbsp; 76481332 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Emerson Electric Co. |  |  |
| 2.200%, 12/21/31 (a) | 500000 | &nbsp;&nbsp; 439975 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Honeywell International, Inc. |  |  |
| 5.000%, 03/01/35 (a) | 2000000 | &nbsp;&nbsp; 2011920 |
| 5.250%, 03/01/54 (a) | 1600000 | &nbsp;&nbsp; 1517264 |
|  |  | &nbsp;&nbsp; 3529184 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Warnermedia Holdings, Inc. |  |  |
| 3.755%, 03/15/27 | 380000 | &nbsp;&nbsp; 359020 |
| 5.141%, 03/15/52 (a) | 84000 | &nbsp;&nbsp; 44136 |
|  |  | &nbsp;&nbsp; 403156 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Republic Services, Inc. |  |  |
| 5.200%, 11/15/34 | 1000000 | &nbsp;&nbsp; 1023090 |
| Waste Connections, Inc. |  |  |
| 2.200%, 01/15/32 (a) | 500000 | &nbsp;&nbsp; 431460 |
| Waste Management, Inc. |  |  |
| 3.150%, 11/15/27 (a) | 1800000 | &nbsp;&nbsp; 1763442 |
|  |  | &nbsp;&nbsp; 3217992 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| Conagra Brands, Inc. |  |  |
| 4.850%, 11/01/28 (a) | 1300000 | &nbsp;&nbsp; 1312519 |
| General Mills, Inc. |  |  |
| 4.200%, 04/17/28 (a) | 1500000 | &nbsp;&nbsp; 1497570 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food—(Continued)** | **Food—(Continued)** | **Food—(Continued)** |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 6.500%, 12/01/52 (a) | 2400000 | &nbsp;&nbsp; $2487792 |
| Kraft Heinz Foods Co. |  |  |
| 5.000%, 07/15/35 (a) | 1600000 | &nbsp;&nbsp; 1581408 |
| Kroger Co. |  |  |
| 2.200%, 05/01/30 (a) | 1000000 | &nbsp;&nbsp; 904450 |
| 5.500%, 09/15/54 (a) | 1100000 | &nbsp;&nbsp; 1043262 |
| Sysco Corp. |  |  |
| 6.600%, 04/01/50 (a) | 900000 | &nbsp;&nbsp; 974781 |
| Tyson Foods, Inc. |  |  |
| 3.550%, 06/02/27 | 1200000 | &nbsp;&nbsp; 1183692 |
|  |  | &nbsp;&nbsp; 10985474 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. |  |  |
| 4.400%, 08/15/47 (a) | 800000 | &nbsp;&nbsp; 644408 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Atmos Energy Corp. |  |  |
| 1.500%, 01/15/31 (a) | 1100000 | &nbsp;&nbsp; 939906 |
| NiSource, Inc. |  |  |
| 4.800%, 02/15/44 | 1500000 | &nbsp;&nbsp; 1326030 |
| Southern Co. Gas Capital Corp. |  |  |
| 4.950%, 09/15/34 (a) | 1000000 | &nbsp;&nbsp; 989740 |
|  |  | &nbsp;&nbsp; 3255676 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| Stanley Black & Decker, Inc. |  |  |
| 3.000%, 05/15/32 | 1800000 | &nbsp;&nbsp; 1583406 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| Abbott Laboratories |  |  |
| 4.750%, 11/30/36 (a) | 1300000 | &nbsp;&nbsp; 1292590 |
| DH Europe Finance II SARL |  |  |
| 3.250%, 11/15/39 | 900000 | &nbsp;&nbsp; 721998 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.905%, 11/22/32 (a) | 1400000 | &nbsp;&nbsp; 1488928 |
| Medtronic, Inc. |  |  |
| 4.625%, 03/15/45 (a) | 933000 | &nbsp;&nbsp; 838823 |
| Solventum Corp. |  |  |
| 5.900%, 04/30/54 (a) | 1000000 | &nbsp;&nbsp; 999780 |
| Stryker Corp. |  |  |
| 5.200%, 02/10/35 | 1000000 | &nbsp;&nbsp; 1018240 |
| Thermo Fisher Scientific, Inc. |  |  |
| 5.086%, 08/10/33 (a) | 4000000 | &nbsp;&nbsp; 4088720 |
|  |  | &nbsp;&nbsp; 10449079 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| Centene Corp. |  |  |
| 2.500%, 03/01/31 (a) | 300000 | &nbsp;&nbsp; 258498 |
| 3.375%, 02/15/30 | 2000000 | &nbsp;&nbsp; 1841740 |
| Cigna Group |  |  |
| 2.375%, 03/15/31 (a) | 1500000 | &nbsp;&nbsp; 1333470 |
| 4.500%, 02/25/26 | 1200000 | &nbsp;&nbsp; 1199064 |
| 6.125%, 11/15/41 (a) | 313000 | &nbsp;&nbsp; 325348 |

---

*See accompanying notes to financial statements.*

**BHFTII-215**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| CommonSpirit Health |  |  |
| 3.910%, 10/01/50 | 500000 | &nbsp;&nbsp; $369135 |
| 5.205%, 12/01/31 (a) | 2000000 | &nbsp;&nbsp; 2052140 |
| Elevance Health, Inc. |  |  |
| 5.850%, 01/15/36 | 1800000 | &nbsp;&nbsp; 1889982 |
| HCA, Inc. |  |  |
| 4.125%, 06/15/29 | 1800000 | &nbsp;&nbsp; 1768554 |
| 5.450%, 09/15/34 | 5000000 | &nbsp;&nbsp; 5038050 |
| 5.900%, 06/01/53 | 1000000 | &nbsp;&nbsp; 965830 |
| Humana, Inc. |  |  |
| 4.875%, 04/01/30 (a) | 800000 | &nbsp;&nbsp; 806240 |
| Kaiser Foundation Hospitals |  |  |
| 3.002%, 06/01/51 | 1000000 | &nbsp;&nbsp; 648060 |
| UnitedHealth Group, Inc. |  |  |
| 3.500%, 08/15/39 (a) | 900000 | &nbsp;&nbsp; 726381 |
| 3.750%, 07/15/25 | 1600000 | &nbsp;&nbsp; 1598800 |
| 4.250%, 06/15/48 | 1000000 | &nbsp;&nbsp; 803750 |
| 4.950%, 05/15/62 | 1300000 | &nbsp;&nbsp; 1117714 |
| 5.000%, 04/15/34 (a) | 5000000 | &nbsp;&nbsp; 4994850 |
|  |  | &nbsp;&nbsp; 27737606 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Lennar Corp. |  |  |
| 4.750%, 11/29/27 (a) | 1300000 | &nbsp;&nbsp; 1309100 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| Kimberly-Clark Corp. |  |  |
| 3.100%, 03/26/30 | 1100000 | &nbsp;&nbsp; 1049048 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Allstate Corp. |  |  |
| 1.450%, 12/15/30 (a) | 1100000 | &nbsp;&nbsp; 937926 |
| American International Group, Inc. |  |  |
| 3.400%, 06/30/30 (a) | 800000 | &nbsp;&nbsp; 761176 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| 5.350%, 02/28/33 (a) | 1000000 | &nbsp;&nbsp; 1029780 |
| Aon North America, Inc. |  |  |
| 5.750%, 03/01/54 (a) | 1000000 | &nbsp;&nbsp; 985580 |
| Arthur J Gallagher & Co. |  |  |
| 5.450%, 07/15/34 (a) | 3000000 | &nbsp;&nbsp; 3072540 |
| Athene Holding Ltd. |  |  |
| 6.250%, 04/01/54 | 2100000 | &nbsp;&nbsp; 2070726 |
| AXA SA |  |  |
| 8.600%, 12/15/30 (a) | 365000 | &nbsp;&nbsp; 434693 |
| Berkshire Hathaway Finance Corp. |  |  |
| 4.200%, 08/15/48 (a) | 1700000 | &nbsp;&nbsp; 1428544 |
| Berkshire Hathaway, Inc. |  |  |
| 3.125%, 03/15/26 (a) | 750000 | &nbsp;&nbsp; 743910 |
| Chubb Corp. |  |  |
| 6.000%, 05/11/37 | 865000 | &nbsp;&nbsp; 938689 |
| Corebridge Financial, Inc. |  |  |
| 6.375%, 5Y H15 + 2.646%, 09/15/54 (b) | 1000000 | &nbsp;&nbsp; 997640 |
| Equitable Holdings, Inc. |  |  |
| 5.000%, 04/20/48 (a) | 1100000 | &nbsp;&nbsp; 971916 |
| Fairfax Financial Holdings Ltd. |  |  |
| 4.625%, 04/29/30 (a) | 2000000 | &nbsp;&nbsp; 1993160 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Hartford Insurance Group, Inc. |  |  |
| 6.100%, 10/01/41 (a) | 780000 | &nbsp;&nbsp; $808447 |
| Lincoln National Corp. |  |  |
| 4.350%, 03/01/48 (a) | 600000 | &nbsp;&nbsp; 479682 |
| Marsh & McLennan Cos., Inc. |  |  |
| 3.750%, 03/14/26 (a) | 1000000 | &nbsp;&nbsp; 995470 |
| 5.450%, 03/15/54 | 1000000 | &nbsp;&nbsp; 964330 |
| Principal Financial Group, Inc. |  |  |
| 3.100%, 11/15/26 | 1000000 | &nbsp;&nbsp; 983120 |
| Progressive Corp. |  |  |
| 4.950%, 06/15/33 (a) | 1000000 | &nbsp;&nbsp; 1021010 |
| Prudential Financial, Inc. |  |  |
| 2.100%, 03/10/30 | 1000000 | &nbsp;&nbsp; 909970 |
| 5.700%, 12/14/36 (a) | 1525000 | &nbsp;&nbsp; 1600716 |
| Travelers Cos., Inc. |  |  |
| 3.050%, 06/08/51 | 800000 | &nbsp;&nbsp; 526352 |
|  |  | &nbsp;&nbsp; 24655377 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Alibaba Group Holding Ltd. |  |  |
| 4.200%, 12/06/47 (a) | 1400000 | &nbsp;&nbsp; 1121092 |
| Alphabet, Inc. |  |  |
| 2.050%, 08/15/50 | 1100000 | &nbsp;&nbsp; 614196 |
| 5.250%, 05/15/55 | 1000000 | &nbsp;&nbsp; 984490 |
| Amazon.com, Inc. |  |  |
| 3.100%, 05/12/51 | 2200000 | &nbsp;&nbsp; 1482822 |
| 3.450%, 04/13/29 (a) | 3100000 | &nbsp;&nbsp; 3041534 |
| 3.875%, 08/22/37 (a) | 1900000 | &nbsp;&nbsp; 1717961 |
| Booking Holdings, Inc. |  |  |
| 3.600%, 06/01/26 (a) | 2000000 | &nbsp;&nbsp; 1987260 |
| eBay, Inc. |  |  |
| 3.600%, 06/05/27 (a) | 500000 | &nbsp;&nbsp; 494575 |
| Meta Platforms, Inc. |  |  |
| 4.950%, 05/15/33 (a) | 1500000 | &nbsp;&nbsp; 1537035 |
| Netflix, Inc. |  |  |
| 4.900%, 08/15/34 (a) | 2000000 | &nbsp;&nbsp; 2038140 |
|  |  | &nbsp;&nbsp; 15019105 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| ARES Capital Corp. |  |  |
| 5.875%, 03/01/29 (a) | 2500000 | &nbsp;&nbsp; 2548175 |
| Blackstone Private Credit Fund |  |  |
| 6.250%, 01/25/31 | 1000000 | &nbsp;&nbsp; 1028420 |
| Blue Owl Capital Corp. |  |  |
| 3.400%, 07/15/26 (a) | 400000 | &nbsp;&nbsp; 393392 |
| Blue Owl Credit Income Corp. |  |  |
| 6.650%, 03/15/31 (a) | 1500000 | &nbsp;&nbsp; 1544745 |
|  |  | &nbsp;&nbsp; 5514732 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| Vale Overseas Ltd. |  |  |
| 3.750%, 07/08/30 | 2200000 | &nbsp;&nbsp; 2077020 |
| 6.875%, 11/21/36 | 528000 | &nbsp;&nbsp; 572980 |
|  |  | &nbsp;&nbsp; 2650000 |

---

*See accompanying notes to financial statements.*

**BHFTII-216**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hyatt Hotels Corp. |  |  |
| 5.375%, 12/15/31 | 1000000 | &nbsp;&nbsp; $1015860 |
| Marriott International, Inc. |  |  |
| 2.850%, 04/15/31 (a) | 1100000 | &nbsp;&nbsp; 999042 |
| Sands China Ltd. |  |  |
| 5.400%, 08/08/28 (a) | 1000000 | &nbsp;&nbsp; 1007740 |
|  |  | &nbsp;&nbsp; 3022642 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| Caterpillar, Inc. |  |  |
| 3.803%, 08/15/42 (a) | 3100000 | &nbsp;&nbsp; 2558988 |
| Eaton Capital ULC |  |  |
| 4.450%, 05/09/30 | 1000000 | &nbsp;&nbsp; 1004730 |
|  |  | &nbsp;&nbsp; 3563718 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| John Deere Capital Corp. |  |  |
| 2.000%, 06/17/31 | 1000000 | &nbsp;&nbsp; 876160 |
| 4.050%, 09/08/25 (a) | 1000000 | &nbsp;&nbsp; 998740 |
| 4.850%, 06/11/29 (a) | 2000000 | &nbsp;&nbsp; 2049360 |
| Regal Rexnord Corp. |  |  |
| 6.400%, 04/15/33 (a) | 1900000 | &nbsp;&nbsp; 2007312 |
|  |  | &nbsp;&nbsp; 5931572 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.850%, 04/01/61 | 2300000 | &nbsp;&nbsp; 1473265 |
| 6.100%, 06/01/29 (a) | 2000000 | &nbsp;&nbsp; 2094120 |
| 6.484%, 10/23/45 (a) | 900000 | &nbsp;&nbsp; 891684 |
| Comcast Corp. |  |  |
| 3.150%, 03/01/26 (a) | 1000000 | &nbsp;&nbsp; 991450 |
| 3.969%, 11/01/47 | 900000 | &nbsp;&nbsp; 691677 |
| 4.650%, 07/15/42 | 1670000 | &nbsp;&nbsp; 1479754 |
| 5.650%, 06/15/35 (a) | 1500000 | &nbsp;&nbsp; 1569225 |
| 5.650%, 06/01/54 (a) | 3000000 | &nbsp;&nbsp; 2916360 |
| Discovery Communications LLC |  |  |
| 3.950%, 03/20/28 | 882000 | &nbsp;&nbsp; 809729 |
| Fox Corp. |  |  |
| 5.576%, 01/25/49 (a) | 1000000 | &nbsp;&nbsp; 936930 |
| Paramount Global |  |  |
| 4.375%, 03/15/43 | 1500000 | &nbsp;&nbsp; 1104585 |
| Time Warner Cable LLC |  |  |
| 5.500%, 09/01/41 | 1200000 | &nbsp;&nbsp; 1090584 |
| 6.550%, 05/01/37 (a) | 100000 | &nbsp;&nbsp; 103305 |
| TWDC Enterprises 18 Corp. |  |  |
| 2.950%, 06/15/27 | 1000000 | &nbsp;&nbsp; 982690 |
| Walt Disney Co. |  |  |
| 3.600%, 01/13/51 (a) | 1000000 | &nbsp;&nbsp; 738210 |
| 6.550%, 03/15/33 (a) | 950000 | &nbsp;&nbsp; 1071951 |
|  |  | &nbsp;&nbsp; 18945519 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| BHP Billiton Finance USA Ltd. |  |  |
| 5.250%, 09/08/33 (a) | 1200000 | &nbsp;&nbsp; 1228500 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining—(Continued)** | **Mining—(Continued)** | **Mining—(Continued)** |
| Freeport-McMoRan, Inc. |  |  |
| 5.450%, 03/15/43 (a) | 2100000 | &nbsp;&nbsp; $1988196 |
| Newmont Corp. |  |  |
| 6.250%, 10/01/39 (a) | 1800000 | &nbsp;&nbsp; 1944630 |
| Rio Tinto Alcan, Inc. |  |  |
| 6.125%, 12/15/33 (a) | 751000 | &nbsp;&nbsp; 814219 |
|  |  | &nbsp;&nbsp; 5975545 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| 3M Co. |  |  |
| 2.875%, 10/15/27 | 1700000 | &nbsp;&nbsp; 1651805 |
| 4.000%, 09/14/48 | 900000 | &nbsp;&nbsp; 711288 |
| Parker-Hannifin Corp. |  |  |
| 3.250%, 06/14/29 | 900000 | &nbsp;&nbsp; 864378 |
|  |  | &nbsp;&nbsp; 3227471 |
| **Multi-National — 1.3%** | **Multi-National — 1.3%** | **Multi-National — 1.3%** |
| African Development Bank |  |  |
| 3.500%, 09/18/29 | 2000000 | &nbsp;&nbsp; 1974600 |
| Asian Development Bank |  |  |
| 1.500%, 03/04/31 | 2000000 | &nbsp;&nbsp; 1754820 |
| 1.750%, 09/19/29 | 900000 | &nbsp;&nbsp; 828387 |
| 4.125%, 01/12/27 | 2000000 | &nbsp;&nbsp; 2007820 |
| 4.125%, 01/12/34 | 3100000 | &nbsp;&nbsp; 3079199 |
| Asian Infrastructure Investment Bank |  |  |
| 0.500%, 01/27/26 | 50000 | &nbsp;&nbsp; 48942 |
| 4.500%, 01/16/30 | 500000 | &nbsp;&nbsp; 513640 |
| Corp. Andina de Fomento |  |  |
| 5.000%, 01/22/30 | 2000000 | &nbsp;&nbsp; 2061800 |
| Council of Europe Development Bank |  |  |
| 3.625%, 05/08/28 | 1000000 | &nbsp;&nbsp; 996920 |
| European Bank for Reconstruction & Development |  |  |
| 4.125%, 01/25/29 (a) | 1000000 | &nbsp;&nbsp; 1010970 |
| European Investment Bank |  |  |
| 0.375%, 03/26/26 | 1000000 | &nbsp;&nbsp; 973030 |
| 3.625%, 07/15/30 | 1000000 | &nbsp;&nbsp; 989830 |
| 4.000%, 02/15/29 (a) | 5100000 | &nbsp;&nbsp; 5139933 |
| 4.375%, 10/10/31 | 1000000 | &nbsp;&nbsp; 1021890 |
| 4.500%, 03/14/30 | 1000000 | &nbsp;&nbsp; 1029040 |
| 4.875%, 02/15/36 (a) | 1100000 | &nbsp;&nbsp; 1153526 |
| Inter-American Development Bank |  |  |
| 2.250%, 06/18/29 | 1400000 | &nbsp;&nbsp; 1320256 |
| 2.375%, 07/07/27 | 500000 | &nbsp;&nbsp; 486520 |
| 4.125%, 02/15/29 | 2500000 | &nbsp;&nbsp; 2527900 |
| 4.500%, 02/15/30 | 400000 | &nbsp;&nbsp; 411248 |
| Inter-American Investment Corp. |  |  |
| 4.250%, 02/14/29 | 500000 | &nbsp;&nbsp; 505790 |
| International Bank for Reconstruction & Development |  |  |
| 1.625%, 11/03/31 | 3800000 | &nbsp;&nbsp; 3296158 |
| 3.125%, 06/15/27 | 1100000 | &nbsp;&nbsp; 1085964 |
| 3.875%, 02/14/30 | 1000000 | &nbsp;&nbsp; 1001810 |
| 4.125%, 03/20/30 | 1000000 | &nbsp;&nbsp; 1012360 |
| 4.625%, 08/01/28 | 5900000 | &nbsp;&nbsp; 6047028 |
| 4.625%, 01/15/32 | 1000000 | &nbsp;&nbsp; 1034190 |
| International Finance Corp. |  |  |
| 0.375%, 07/16/25 | 25000 | &nbsp;&nbsp; 24958 |

---

*See accompanying notes to financial statements.*

**BHFTII-217**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Multi-National—(Continued)** | **Multi-National—(Continued)** | **Multi-National—(Continued)** |
| International Finance Corp. |  |  |
| 4.500%, 01/21/28 | 2000000 | &nbsp;&nbsp; $2036700 |
| Nordic Investment Bank |  |  |
| 3.750%, 05/09/30 | 500000 | &nbsp;&nbsp; 498245 |
|  |  | &nbsp;&nbsp; 45873474 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 4.250%, 04/01/28 (a) | 1100000 | &nbsp;&nbsp; 1090969 |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
| BP Capital Markets America, Inc. |  |  |
| 2.721%, 01/12/32 (a) | 1000000 | &nbsp;&nbsp; 894340 |
| 3.000%, 02/24/50 | 1000000 | &nbsp;&nbsp; 641920 |
| 4.699%, 04/10/29 (a) | 3000000 | &nbsp;&nbsp; 3044760 |
| Canadian Natural Resources Ltd. |  |  |
| 6.250%, 03/15/38 | 800000 | &nbsp;&nbsp; 829104 |
| Chevron Corp. |  |  |
| 2.954%, 05/16/26 | 1500000 | &nbsp;&nbsp; 1482690 |
| ConocoPhillips Co. |  |  |
| 5.300%, 05/15/53 (a) | 1000000 | &nbsp;&nbsp; 923410 |
| 5.500%, 01/15/55 (a) | 1100000 | &nbsp;&nbsp; 1042866 |
| 6.950%, 04/15/29 (a) | 700000 | &nbsp;&nbsp; 767746 |
| Devon Energy Corp. |  |  |
| 5.750%, 09/15/54 (a) | 2800000 | &nbsp;&nbsp; 2522828 |
| Diamondback Energy, Inc. |  |  |
| 5.750%, 04/18/54 (a) | 1000000 | &nbsp;&nbsp; 928380 |
| Equinor ASA |  |  |
| 3.625%, 04/06/40 | 600000 | &nbsp;&nbsp; 500550 |
| Exxon Mobil Corp. |  |  |
| 4.114%, 03/01/46 | 1600000 | &nbsp;&nbsp; 1313920 |
| 4.227%, 03/19/40 | 2000000 | &nbsp;&nbsp; 1788100 |
| Occidental Petroleum Corp. |  |  |
| 5.200%, 08/01/29 | 3500000 | &nbsp;&nbsp; 3511585 |
| 6.450%, 09/15/36 | 1000000 | &nbsp;&nbsp; 1023840 |
| Phillips 66 Co. |  |  |
| 4.875%, 11/15/44 (a) | 1000000 | &nbsp;&nbsp; 868610 |
| 4.950%, 03/15/35 (a) | 2600000 | &nbsp;&nbsp; 2521714 |
| Shell Finance U.S., Inc. |  |  |
| 2.375%, 11/07/29 (a) | 2000000 | &nbsp;&nbsp; 1860200 |
| 3.250%, 04/06/50 | 900000 | &nbsp;&nbsp; 616329 |
| TotalEnergies Capital International SA |  |  |
| 3.127%, 05/29/50 | 900000 | &nbsp;&nbsp; 594234 |
| Valero Energy Corp. |  |  |
| 3.400%, 09/15/26 (a) | 200000 | &nbsp;&nbsp; 197672 |
|  |  | &nbsp;&nbsp; 27874798 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |  |  |
| 4.486%, 05/01/30 (a) | 1000000 | &nbsp;&nbsp; 1002490 |
| Halliburton Co. |  |  |
| 5.000%, 11/15/45 (a) | 1200000 | &nbsp;&nbsp; 1062084 |
|  |  | &nbsp;&nbsp; 2064574 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Sonoco Products Co. |  |  |
| 4.600%, 09/01/29 (a) | 1100000 | &nbsp;&nbsp; $1097470 |
| WRKCo, Inc. |  |  |
| 3.000%, 06/15/33 (a) | 600000 | &nbsp;&nbsp; 524610 |
| 4.200%, 06/01/32 | 2100000 | &nbsp;&nbsp; 2017890 |
|  |  | &nbsp;&nbsp; 3639970 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| AbbVie, Inc. |  |  |
| 4.050%, 11/21/39 | 6900000 | &nbsp;&nbsp; 6045573 |
| 5.400%, 03/15/54 | 1500000 | &nbsp;&nbsp; 1458825 |
| AstraZeneca PLC |  |  |
| 4.000%, 09/18/42 | 1200000 | &nbsp;&nbsp; 1017048 |
| Becton Dickinson & Co. |  |  |
| 4.669%, 06/06/47 (a) | 2000000 | &nbsp;&nbsp; 1715780 |
| Bristol-Myers Squibb Co. |  |  |
| 3.400%, 07/26/29 | 1000000 | &nbsp;&nbsp; 969000 |
| 5.200%, 02/22/34 (a) | 5900000 | &nbsp;&nbsp; 6040833 |
| 5.550%, 02/22/54 (a) | 1500000 | &nbsp;&nbsp; 1461270 |
| Cardinal Health, Inc. |  |  |
| 3.410%, 06/15/27 (a) | 800000 | &nbsp;&nbsp; 788080 |
| CVS Health Corp. |  |  |
| 4.300%, 03/25/28 (a) | 544000 | &nbsp;&nbsp; 541699 |
| 4.780%, 03/25/38 | 1500000 | &nbsp;&nbsp; 1376175 |
| 5.050%, 03/25/48 | 1500000 | &nbsp;&nbsp; 1295640 |
| 5.125%, 07/20/45 | 900000 | &nbsp;&nbsp; 796014 |
| 6.000%, 06/01/44 | 5000000 | &nbsp;&nbsp; 4939600 |
| Eli Lilly & Co. |  |  |
| 4.600%, 08/14/34 (a) | 1000000 | &nbsp;&nbsp; 991020 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 3.875%, 05/15/28 (a) | 1000000 | &nbsp;&nbsp; 995530 |
| Johnson & Johnson |  |  |
| 3.700%, 03/01/46 | 1000000 | &nbsp;&nbsp; 802000 |
| 5.950%, 08/15/37 (a) | 910000 | &nbsp;&nbsp; 1006533 |
| Merck & Co., Inc. |  |  |
| 3.400%, 03/07/29 | 4000000 | &nbsp;&nbsp; 3900080 |
| 6.550%, 09/15/37 | 1000000 | &nbsp;&nbsp; 1136660 |
| Merck Sharp & Dohme Corp. |  |  |
| 5.950%, 12/01/28 | 300000 | &nbsp;&nbsp; 318099 |
| Novartis Capital Corp. |  |  |
| 2.200%, 08/14/30 (a) | 1900000 | &nbsp;&nbsp; 1730216 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.110%, 05/19/43 | 4800000 | &nbsp;&nbsp; 4578432 |
| 5.340%, 05/19/63 | 2000000 | &nbsp;&nbsp; 1855780 |
| Pfizer, Inc. |  |  |
| 3.600%, 09/15/28 (a) | 2100000 | &nbsp;&nbsp; 2079399 |
| Shire Acquisitions Investments Ireland DAC |  |  |
| 3.200%, 09/23/26 (a) | 800000 | &nbsp;&nbsp; 789768 |
|  |  | &nbsp;&nbsp; 48629054 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| El Paso Natural Gas Co. LLC |  |  |
| 8.375%, 06/15/32 (a) | 220000 | &nbsp;&nbsp; 258284 |
| Enbridge Energy Partners LP |  |  |
| 5.875%, 10/15/25 | 500000 | &nbsp;&nbsp; 500470 |

---

*See accompanying notes to financial statements.*

**BHFTII-218**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Enbridge, Inc. |  |  |
| 5.950%, 04/05/54 (a) | 1500000 | &nbsp;&nbsp; $1484505 |
| Energy Transfer LP |  |  |
| 5.150%, 03/15/45 | 2600000 | &nbsp;&nbsp; 2291926 |
| 6.050%, 09/01/54 (a) | 3500000 | &nbsp;&nbsp; 3362870 |
| Enterprise Products Operating LLC |  |  |
| 3.200%, 02/15/52 | 1100000 | &nbsp;&nbsp; 718102 |
| 3.950%, 02/15/27 (a) | 1300000 | &nbsp;&nbsp; 1295437 |
| Kinder Morgan Energy Partners LP |  |  |
| 6.500%, 02/01/37 | 2000000 | &nbsp;&nbsp; 2121220 |
| MPLX LP |  |  |
| 4.000%, 03/15/28 | 4600000 | &nbsp;&nbsp; 4553494 |
| 5.200%, 03/01/47 | 1000000 | &nbsp;&nbsp; 873710 |
| ONEOK, Inc. |  |  |
| 3.100%, 03/15/30 (a) | 1100000 | &nbsp;&nbsp; 1028357 |
| 5.700%, 11/01/54 | 3600000 | &nbsp;&nbsp; 3320784 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.875%, 06/30/26 (a) | 1600000 | &nbsp;&nbsp; 1608832 |
| Targa Resources Corp. |  |  |
| 6.150%, 03/01/29 (a) | 2400000 | &nbsp;&nbsp; 2524848 |
| TransCanada PipeLines Ltd. |  |  |
| 6.200%, 10/15/37 (a) | 1800000 | &nbsp;&nbsp; 1887156 |
| Western Midstream Operating LP |  |  |
| 4.050%, 02/01/30 (a) | 1100000 | &nbsp;&nbsp; 1058431 |
| Williams Cos., Inc. |  |  |
| 3.750%, 06/15/27 (a) | 1500000 | &nbsp;&nbsp; 1483080 |
|  |  | &nbsp;&nbsp; 30371506 |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 3.550%, 03/15/52 | 1100000 | &nbsp;&nbsp; 740542 |
| American Tower Corp. |  |  |
| 3.800%, 08/15/29 (a) | 2700000 | &nbsp;&nbsp; 2625345 |
| 5.900%, 11/15/33 | 900000 | &nbsp;&nbsp; 950922 |
| AvalonBay Communities, Inc. |  |  |
| 2.300%, 03/01/30 (a) | 200000 | &nbsp;&nbsp; 182616 |
| 5.350%, 06/01/34 | 2000000 | &nbsp;&nbsp; 2057320 |
| Boston Properties LP |  |  |
| 5.750%, 01/15/35 (a) | 2000000 | &nbsp;&nbsp; 2012000 |
| Brixmor Operating Partnership LP |  |  |
| 4.050%, 07/01/30 (a) | 900000 | &nbsp;&nbsp; 873657 |
| Crown Castle, Inc. |  |  |
| 3.800%, 02/15/28 | 1500000 | &nbsp;&nbsp; 1472895 |
| Digital Realty Trust LP |  |  |
| 3.700%, 08/15/27 (a) | 500000 | &nbsp;&nbsp; 493685 |
| Equinix, Inc. |  |  |
| 3.200%, 11/18/29 (a) | 700000 | &nbsp;&nbsp; 664160 |
| ERP Operating LP |  |  |
| 3.000%, 07/01/29 (a) | 1000000 | &nbsp;&nbsp; 951700 |
| Essex Portfolio LP |  |  |
| 3.000%, 01/15/30 (a) | 1000000 | &nbsp;&nbsp; 935100 |
| Extra Space Storage LP |  |  |
| 5.400%, 02/01/34 (a) | 2000000 | &nbsp;&nbsp; 2029440 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.625%, 09/15/34 (a) | 2000000 | &nbsp;&nbsp; 1994600 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Healthpeak OP LLC |  |  |
| 3.500%, 07/15/29 | 900000 | &nbsp;&nbsp; $868878 |
| Kimco Realty OP LLC |  |  |
| 4.850%, 03/01/35 | 1000000 | &nbsp;&nbsp; 978860 |
| NNN REIT, Inc. |  |  |
| 2.500%, 04/15/30 | 1000000 | &nbsp;&nbsp; 911800 |
| Prologis LP |  |  |
| 3.375%, 12/15/27 (a) | 500000 | &nbsp;&nbsp; 491425 |
| 4.750%, 01/15/31 | 1000000 | &nbsp;&nbsp; 1012760 |
| 5.000%, 03/15/34 | 1000000 | &nbsp;&nbsp; 1002220 |
| Public Storage Operating Co. |  |  |
| 3.094%, 09/15/27 (a) | 500000 | &nbsp;&nbsp; 489265 |
| Realty Income Corp. |  |  |
| 5.125%, 02/15/34 (a) | 1000000 | &nbsp;&nbsp; 1011590 |
| Simon Property Group LP |  |  |
| 4.750%, 09/26/34 (a) | 3100000 | &nbsp;&nbsp; 3017850 |
| Ventas Realty LP |  |  |
| 5.625%, 07/01/34 (a) | 2000000 | &nbsp;&nbsp; 2059480 |
| Welltower OP LLC |  |  |
| 3.850%, 06/15/32 | 1100000 | &nbsp;&nbsp; 1041953 |
|  |  | &nbsp;&nbsp; 30870063 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| Home Depot, Inc. |  |  |
| 3.000%, 04/01/26 (a) | 1800000 | &nbsp;&nbsp; 1782936 |
| 4.250%, 04/01/46 (a) | 2000000 | &nbsp;&nbsp; 1674400 |
| 4.750%, 06/25/29 | 2000000 | &nbsp;&nbsp; 2041940 |
| Lowe's Cos., Inc. |  |  |
| 4.050%, 05/03/47 (a) | 4000000 | &nbsp;&nbsp; 3112600 |
| 4.250%, 04/01/52 (a) | 1100000 | &nbsp;&nbsp; 860761 |
| 5.625%, 04/15/53 (a) | 1000000 | &nbsp;&nbsp; 962240 |
| McDonald's Corp. |  |  |
| 4.875%, 12/09/45 (a) | 1500000 | &nbsp;&nbsp; 1352400 |
| 5.200%, 05/17/34 | 1900000 | &nbsp;&nbsp; 1952231 |
| Starbucks Corp. |  |  |
| 3.550%, 08/15/29 (a) | 1000000 | &nbsp;&nbsp; 972660 |
| Target Corp. |  |  |
| 2.650%, 09/15/30 (a) | 1400000 | &nbsp;&nbsp; 1294216 |
| Walmart, Inc. |  |  |
| 1.800%, 09/22/31 (a) | 3600000 | &nbsp;&nbsp; 3136104 |
| 3.900%, 09/09/25 (a) | 1000000 | &nbsp;&nbsp; 999040 |
| 4.050%, 06/29/48 | 900000 | &nbsp;&nbsp; 744120 |
|  |  | &nbsp;&nbsp; 20885648 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Broadcom, Inc. |  |  |
| 3.137%, 11/15/35 (144A) | 1600000 | &nbsp;&nbsp; 1349616 |
| 4.300%, 11/15/32 | 1700000 | &nbsp;&nbsp; 1647691 |
| 4.800%, 10/15/34 (a) | 6200000 | &nbsp;&nbsp; 6122934 |
| Intel Corp. |  |  |
| 4.750%, 03/25/50 (a) | 1800000 | &nbsp;&nbsp; 1466964 |
| 4.900%, 08/05/52 (a) | 1000000 | &nbsp;&nbsp; 826500 |
| 5.150%, 02/21/34 (a) | 4000000 | &nbsp;&nbsp; 3986920 |
| KLA Corp. |  |  |
| 4.950%, 07/15/52 (a) | 1100000 | &nbsp;&nbsp; 1001187 |

---

*See accompanying notes to financial statements.*

**BHFTII-219**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| Micron Technology, Inc. |  |  |
| 5.800%, 01/15/35 (a) | 1000000 | &nbsp;&nbsp; $1033080 |
| NVIDIA Corp. |  |  |
| 2.850%, 04/01/30 (a) | 1100000 | &nbsp;&nbsp; 1043174 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.400%, 05/01/30 (a) | 1100000 | &nbsp;&nbsp; 1041425 |
| QUALCOMM, Inc. |  |  |
| 1.650%, 05/20/32 (a) | 2333000 | &nbsp;&nbsp; 1939726 |
| Texas Instruments, Inc. |  |  |
| 2.250%, 09/04/29 (a) | 1000000 | &nbsp;&nbsp; 928280 |
| TSMC Arizona Corp. |  |  |
| 4.250%, 04/22/32 | 3000000 | &nbsp;&nbsp; 2952810 |
|  |  | &nbsp;&nbsp; 25340307 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Fidelity National Information Services, Inc. |  |  |
| 1.150%, 03/01/26 (a) | 1000000 | &nbsp;&nbsp; 977590 |
| Fiserv, Inc. |  |  |
| 5.625%, 08/21/33 (a) | 1500000 | &nbsp;&nbsp; 1557690 |
| Intuit, Inc. |  |  |
| 5.200%, 09/15/33 (a) | 1000000 | &nbsp;&nbsp; 1034980 |
| Microsoft Corp. |  |  |
| 3.300%, 02/06/27 (a) | 4000000 | &nbsp;&nbsp; 3960320 |
| 4.250%, 02/06/47 (a) | 2000000 | &nbsp;&nbsp; 1776760 |
| Oracle Corp. |  |  |
| 2.875%, 03/25/31 | 3000000 | &nbsp;&nbsp; 2735130 |
| 2.950%, 04/01/30 | 1200000 | &nbsp;&nbsp; 1119912 |
| 3.600%, 04/01/40 (a) | 7600000 | &nbsp;&nbsp; 6082584 |
| 3.850%, 04/01/60 | 2100000 | &nbsp;&nbsp; 1447089 |
| Salesforce, Inc. |  |  |
| 2.900%, 07/15/51 | 1000000 | &nbsp;&nbsp; 639310 |
| Synopsys, Inc. |  |  |
| 5.150%, 04/01/35 (a) | 1000000 | &nbsp;&nbsp; 1008090 |
|  |  | &nbsp;&nbsp; 22339455 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| America Movil SAB de CV |  |  |
| 2.875%, 05/07/30 | 1000000 | &nbsp;&nbsp; 923930 |
| AT&T, Inc. |  |  |
| 3.500%, 06/01/41 (a) | 5700000 | &nbsp;&nbsp; 4470510 |
| 3.500%, 09/15/53 | 1221000 | &nbsp;&nbsp; 826617 |
| 3.650%, 09/15/59 | 2686000 | &nbsp;&nbsp; 1801205 |
| 4.100%, 02/15/28 | 1687000 | &nbsp;&nbsp; 1679864 |
| 7.125%, 12/15/31 | 100000 | &nbsp;&nbsp; 110773 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 5.200%, 02/15/34 (a) | 1000000 | &nbsp;&nbsp; 1000770 |
| Cisco Systems, Inc. |  |  |
| 4.850%, 02/26/29 (a) | 3000000 | &nbsp;&nbsp; 3073560 |
| 5.500%, 01/15/40 | 1000000 | &nbsp;&nbsp; 1032460 |
| Deutsche Telekom International Finance BV |  |  |
| 8.750%, 06/15/30 | 300000 | &nbsp;&nbsp; 354243 |
| Orange SA |  |  |
| 5.500%, 02/06/44 (a) | 500000 | &nbsp;&nbsp; 492155 |
| Rogers Communications, Inc. |  |  |
| 2.900%, 11/15/26 (a) | 1100000 | &nbsp;&nbsp; 1076306 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| Telefonica Emisiones SA |  |  |
| 4.103%, 03/08/27 | 900000 | &nbsp;&nbsp; $895410 |
| 5.213%, 03/08/47 | 1200000 | &nbsp;&nbsp; 1061124 |
| T-Mobile USA, Inc. |  |  |
| 2.550%, 02/15/31 | 2200000 | &nbsp;&nbsp; 1970914 |
| 3.300%, 02/15/51 | 1500000 | &nbsp;&nbsp; 993900 |
| 3.875%, 04/15/30 | 3800000 | &nbsp;&nbsp; 3689610 |
| 4.750%, 02/01/28 (a) | 1000000 | &nbsp;&nbsp; 1001380 |
| Verizon Communications, Inc. |  |  |
| 3.400%, 03/22/41 | 7800000 | &nbsp;&nbsp; 6014268 |
| 3.550%, 03/22/51 (a) | 1000000 | &nbsp;&nbsp; 715310 |
| 4.812%, 03/15/39 | 1927000 | &nbsp;&nbsp; 1807719 |
| Vodafone Group PLC |  |  |
| 6.150%, 02/27/37 | 1000000 | &nbsp;&nbsp; 1070620 |
|  |  | &nbsp;&nbsp; 36062648 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| Burlington Northern Santa Fe LLC |  |  |
| 4.150%, 04/01/45 | 1900000 | &nbsp;&nbsp; 1592713 |
| Canadian National Railway Co. |  |  |
| 4.450%, 01/20/49 (a) | 400000 | &nbsp;&nbsp; 345404 |
| Canadian Pacific Railway Co. |  |  |
| 2.450%, 12/02/31 (a) | 1100000 | &nbsp;&nbsp; 965085 |
| CSX Corp. |  |  |
| 4.100%, 03/15/44 | 1600000 | &nbsp;&nbsp; 1329584 |
| 6.150%, 05/01/37 | 800000 | &nbsp;&nbsp; 867328 |
| FedEx Corp. |  |  |
| 4.550%, 04/01/46 (144A) | 1000000 | &nbsp;&nbsp; 812770 |
| Norfolk Southern Corp. |  |  |
| 2.550%, 11/01/29 (a) | 1000000 | &nbsp;&nbsp; 928850 |
| Ryder System, Inc. |  |  |
| 5.375%, 03/15/29 (a) | 2000000 | &nbsp;&nbsp; 2057140 |
| Union Pacific Corp. |  |  |
| 2.891%, 04/06/36 | 1200000 | &nbsp;&nbsp; 993588 |
| 3.200%, 05/20/41 (a) | 3400000 | &nbsp;&nbsp; 2599572 |
| 3.250%, 02/05/50 (a) | 1300000 | &nbsp;&nbsp; 897520 |
| United Parcel Service, Inc. |  |  |
| 4.450%, 04/01/30 (a) | 1600000 | &nbsp;&nbsp; 1618160 |
|  |  | &nbsp;&nbsp; 15007714 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| GATX Corp. |  |  |
| 5.450%, 09/15/33 | 2500000 | &nbsp;&nbsp; 2549650 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| American Water Capital Corp. |  |  |
| 3.750%, 09/01/28 (a) | 900000 | &nbsp;&nbsp; 887985 |
| Essential Utilities, Inc. |  |  |
| 5.375%, 01/15/34 | 1000000 | &nbsp;&nbsp; 1015910 |
|  |  | &nbsp;&nbsp; 1903895 |
| Total Corporate Bonds & Notes <br>(Cost $932,266,023) <br>|  | &nbsp;&nbsp; 893101181 |

---

*See accompanying notes to financial statements.*

**BHFTII-220**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—25.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities — 25.0%** | **Agency Mortgage-Backed Securities — 25.0%** | **Agency Mortgage-Backed Securities — 25.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 03/01/36 | 1162352 | &nbsp;&nbsp; $1038351 |
| 1.500%, 01/01/37 | 11115260 | &nbsp;&nbsp; 9903764 |
| 1.500%, 01/01/42 | 2355613 | &nbsp;&nbsp; 1944329 |
| 1.500%, 03/01/51 | 757672 | &nbsp;&nbsp; 570770 |
| 1.500%, 04/01/51 | 2292489 | &nbsp;&nbsp; 1726888 |
| 2.000%, 10/01/35 | 1750000 | &nbsp;&nbsp; 1610096 |
| 2.000%, 11/01/35 | 1395450 | &nbsp;&nbsp; 1283461 |
| 2.000%, 03/01/36 | 6674299 | &nbsp;&nbsp; 6112769 |
| 2.000%, 06/01/36 | 594045 | &nbsp;&nbsp; 543792 |
| 2.000%, 03/01/41 | 1651737 | &nbsp;&nbsp; 1419866 |
| 2.000%, 12/01/41 | 1117154 | &nbsp;&nbsp; 956594 |
| 2.000%, 10/01/50 | 3217147 | &nbsp;&nbsp; 2570474 |
| 2.000%, 11/01/50 | 3320340 | &nbsp;&nbsp; 2651766 |
| 2.000%, 12/01/50 | 5431612 | &nbsp;&nbsp; 4336025 |
| 2.000%, 01/01/51 | 8231467 | &nbsp;&nbsp; 6568263 |
| 2.000%, 02/01/51 | 3483620 | &nbsp;&nbsp; 2778525 |
| 2.000%, 04/01/51 | 56303461 | &nbsp;&nbsp; 44858129 |
| 2.000%, 05/01/51 | 4795779 | &nbsp;&nbsp; 3823314 |
| 2.000%, 07/01/51 | 4625053 | &nbsp;&nbsp; 3680551 |
| 2.000%, 08/01/51 | 3807869 | &nbsp;&nbsp; 3028919 |
| 2.000%, 12/01/51 | 4052320 | &nbsp;&nbsp; 3217710 |
| 2.000%, 03/01/52 | 2077967 | &nbsp;&nbsp; 1648962 |
| 2.000%, 06/01/52 | 1116279 | &nbsp;&nbsp; 884461 |
| 2.500%, 12/01/27 | 88703 | &nbsp;&nbsp; 87041 |
| 2.500%, 04/01/28 | 209052 | &nbsp;&nbsp; 204586 |
| 2.500%, 12/01/29 | 351410 | &nbsp;&nbsp; 340862 |
| 2.500%, 01/01/32 | 1084095 | &nbsp;&nbsp; 1042409 |
| 2.500%, 08/01/35 | 877929 | &nbsp;&nbsp; 825032 |
| 2.500%, 02/01/41 | 1217115 | &nbsp;&nbsp; 1087927 |
| 2.500%, 03/01/50 | 1351633 | &nbsp;&nbsp; 1134401 |
| 2.500%, 07/01/50 | 3552299 | &nbsp;&nbsp; 2976981 |
| 2.500%, 09/01/50 | 2449646 | &nbsp;&nbsp; 2051393 |
| 2.500%, 10/01/50 | 1995365 | &nbsp;&nbsp; 1670349 |
| 2.500%, 12/01/50 | 2742458 | &nbsp;&nbsp; 2294052 |
| 2.500%, 04/01/51 | 2349562 | &nbsp;&nbsp; 1962423 |
| 2.500%, 07/01/51 | 4997272 | &nbsp;&nbsp; 4173527 |
| 2.500%, 08/01/51 | 3499223 | &nbsp;&nbsp; 2918319 |
| 2.500%, 01/01/52 | 16113193 | &nbsp;&nbsp; 13590773 |
| 3.000%, 03/01/27 | 53976 | &nbsp;&nbsp; 53375 |
| 3.000%, 05/01/27 | 86449 | &nbsp;&nbsp; 85380 |
| 3.000%, 11/01/28 | 181198 | &nbsp;&nbsp; 177992 |
| 3.000%, 10/01/32 | 276529 | &nbsp;&nbsp; 267605 |
| 3.000%, 04/01/33 | 540976 | &nbsp;&nbsp; 521611 |
| 3.000%, 03/01/35 | 492321 | &nbsp;&nbsp; 471685 |
| 3.000%, 10/01/42 | 699901 | &nbsp;&nbsp; 639382 |
| 3.000%, 01/01/43 | 492835 | &nbsp;&nbsp; 449783 |
| 3.000%, 03/01/43 | 498441 | &nbsp;&nbsp; 454900 |
| 3.000%, 04/01/43 | 1132979 | &nbsp;&nbsp; 1029842 |
| 3.000%, 06/01/43 | 828717 | &nbsp;&nbsp; 752992 |
| 3.000%, 06/01/45 | 818348 | &nbsp;&nbsp; 733313 |
| 3.000%, 06/01/46 | 807882 | &nbsp;&nbsp; 718818 |
| 3.000%, 11/01/46 | 914332 | &nbsp;&nbsp; 813532 |
| 3.000%, 01/01/47 | 1616066 | &nbsp;&nbsp; 1437904 |
| 3.000%, 01/01/48 | 348758 | &nbsp;&nbsp; 308878 |
| 3.000%, 09/01/49 | 777333 | &nbsp;&nbsp; 681832 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| 3.000%, 12/01/49 | 1007455 | &nbsp;&nbsp; $883682 |
| 3.000%, 02/01/50 | 514230 | &nbsp;&nbsp; 451053 |
| 3.000%, 04/01/50 | 914945 | &nbsp;&nbsp; 801677 |
| 3.000%, 05/01/50 | 866762 | &nbsp;&nbsp; 759191 |
| 3.000%, 07/01/50 | 766133 | &nbsp;&nbsp; 670576 |
| 3.000%, 08/01/50 | 11090627 | &nbsp;&nbsp; 9778475 |
| 3.000%, 09/01/50 | 19556775 | &nbsp;&nbsp; 17161853 |
| 3.000%, 11/01/50 | 825812 | &nbsp;&nbsp; 721789 |
| 3.000%, 10/01/52 | 3463637 | &nbsp;&nbsp; 2999834 |
| 3.000%, 11/01/52 | 1293402 | &nbsp;&nbsp; 1119906 |
| 3.500%, 12/01/25 | 13507 | &nbsp;&nbsp; 13441 |
| 3.500%, 05/01/26 | 7468 | &nbsp;&nbsp; 7425 |
| 3.500%, 09/01/30 | 378650 | &nbsp;&nbsp; 373144 |
| 3.500%, 04/01/32 | 312573 | &nbsp;&nbsp; 306991 |
| 3.500%, 01/01/42 | 245199 | &nbsp;&nbsp; 230018 |
| 3.500%, 03/01/42 | 228491 | &nbsp;&nbsp; 214282 |
| 3.500%, 02/01/43 | 408559 | &nbsp;&nbsp; 383153 |
| 3.500%, 05/01/43 | 591846 | &nbsp;&nbsp; 555617 |
| 3.500%, 06/01/43 | 322334 | &nbsp;&nbsp; 302612 |
| 3.500%, 06/01/44 | 281191 | &nbsp;&nbsp; 260987 |
| 3.500%, 10/01/44 | 367017 | &nbsp;&nbsp; 340645 |
| 3.500%, 12/01/44 | 435827 | &nbsp;&nbsp; 404511 |
| 3.500%, 05/01/45 | 575118 | &nbsp;&nbsp; 532726 |
| 3.500%, 11/01/45 | 558563 | &nbsp;&nbsp; 517391 |
| 3.500%, 12/01/45 | 340778 | &nbsp;&nbsp; 315659 |
| 3.500%, 03/01/46 | 978657 | &nbsp;&nbsp; 904415 |
| 3.500%, 06/01/47 | 445465 | &nbsp;&nbsp; 409010 |
| 3.500%, 08/01/47 | 290016 | &nbsp;&nbsp; 266282 |
| 3.500%, 10/01/47 | 403931 | &nbsp;&nbsp; 370403 |
| 3.500%, 11/01/47 | 393221 | &nbsp;&nbsp; 361041 |
| 3.500%, 04/01/49 | 267817 | &nbsp;&nbsp; 243976 |
| 3.500%, 10/01/49 | 369053 | &nbsp;&nbsp; 336201 |
| 3.500%, 03/01/50 | 488800 | &nbsp;&nbsp; 445288 |
| 3.500%, 08/01/50 | 1384742 | &nbsp;&nbsp; 1260115 |
| 3.500%, 11/01/54 | 1057192 | &nbsp;&nbsp; 953022 |
| 4.000%, 08/01/25 | 905 | &nbsp;&nbsp; 903 |
| 4.000%, 10/01/25 | 2704 | &nbsp;&nbsp; 2696 |
| 4.000%, 01/01/31 | 110320 | &nbsp;&nbsp; 109853 |
| 4.000%, 08/01/31 | 126177 | &nbsp;&nbsp; 125592 |
| 4.000%, 06/01/39 | 142450 | &nbsp;&nbsp; 138512 |
| 4.000%, 12/01/39 | 270949 | &nbsp;&nbsp; 263452 |
| 4.000%, 11/01/40 | 193008 | &nbsp;&nbsp; 187641 |
| 4.000%, 04/01/41 | 231597 | &nbsp;&nbsp; 224711 |
| 4.000%, 09/01/41 | 215026 | &nbsp;&nbsp; 208633 |
| 4.000%, 10/01/41 | 545475 | &nbsp;&nbsp; 529224 |
| 4.000%, 11/01/41 | 147946 | &nbsp;&nbsp; 143547 |
| 4.000%, 07/01/44 | 466582 | &nbsp;&nbsp; 448175 |
| 4.000%, 10/01/44 | 364454 | &nbsp;&nbsp; 350076 |
| 4.000%, 07/01/45 | 567613 | &nbsp;&nbsp; 541276 |
| 4.000%, 01/01/46 | 519752 | &nbsp;&nbsp; 495636 |
| 4.000%, 02/01/46 | 293736 | &nbsp;&nbsp; 280106 |
| 4.000%, 06/01/47 | 473211 | &nbsp;&nbsp; 448301 |
| 4.000%, 10/01/47 | 251743 | &nbsp;&nbsp; 238491 |
| 4.000%, 11/01/47 | 237924 | &nbsp;&nbsp; 225400 |
| 4.000%, 03/01/48 | 376310 | &nbsp;&nbsp; 356502 |

---

*See accompanying notes to financial statements.*

**BHFTII-221**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.000%, 05/01/48 | 172454 | &nbsp;&nbsp; $163115 |
| 4.000%, 10/01/48 | 192829 | &nbsp;&nbsp; 182386 |
| 4.000%, 11/01/48 | 231781 | &nbsp;&nbsp; 219229 |
| 4.000%, 01/01/49 | 138785 | &nbsp;&nbsp; 131270 |
| 4.000%, 02/01/49 | 130437 | &nbsp;&nbsp; 123215 |
| 4.000%, 06/01/49 | 261560 | &nbsp;&nbsp; 246596 |
| 4.000%, 03/01/54 | 950506 | &nbsp;&nbsp; 884178 |
| 4.500%, 05/01/29 | 20519 | &nbsp;&nbsp; 20568 |
| 4.500%, 10/01/35 | 72322 | &nbsp;&nbsp; 72690 |
| 4.500%, 06/01/38 | 102587 | &nbsp;&nbsp; 103110 |
| 4.500%, 02/01/39 | 55199 | &nbsp;&nbsp; 55117 |
| 4.500%, 03/01/39 | 108080 | &nbsp;&nbsp; 107910 |
| 4.500%, 04/01/39 | 105455 | &nbsp;&nbsp; 105289 |
| 4.500%, 09/01/39 | 122251 | &nbsp;&nbsp; 122059 |
| 4.500%, 10/01/39 | 284688 | &nbsp;&nbsp; 284240 |
| 4.500%, 11/01/39 | 75777 | &nbsp;&nbsp; 75658 |
| 4.500%, 01/01/40 | 79341 | &nbsp;&nbsp; 79216 |
| 4.500%, 05/01/40 | 120796 | &nbsp;&nbsp; 120546 |
| 4.500%, 11/01/40 | 170063 | &nbsp;&nbsp; 169710 |
| 4.500%, 02/01/41 | 44235 | &nbsp;&nbsp; 43966 |
| 4.500%, 05/01/41 | 120040 | &nbsp;&nbsp; 119304 |
| 4.500%, 06/01/41 | 74357 | &nbsp;&nbsp; 73901 |
| 4.500%, 12/01/43 | 154765 | &nbsp;&nbsp; 153116 |
| 4.500%, 12/01/45 | 221229 | &nbsp;&nbsp; 218369 |
| 4.500%, 08/01/47 | 333209 | &nbsp;&nbsp; 324439 |
| 4.500%, 08/01/48 | 137276 | &nbsp;&nbsp; 133763 |
| 4.500%, 10/01/48 | 240445 | &nbsp;&nbsp; 234290 |
| 4.500%, 12/01/48 | 149265 | &nbsp;&nbsp; 145444 |
| 4.500%, 01/01/49 | 128779 | &nbsp;&nbsp; 125326 |
| 4.500%, 05/01/53 | 5404450 | &nbsp;&nbsp; 5184951 |
| 4.500%, 11/01/53 | 922451 | &nbsp;&nbsp; 883242 |
| 5.000%, 03/01/27 | 3783 | &nbsp;&nbsp; 3788 |
| 5.000%, 10/01/33 | 87915 | &nbsp;&nbsp; 89475 |
| 5.000%, 03/01/34 | 14900 | &nbsp;&nbsp; 15158 |
| 5.000%, 08/01/35 | 95697 | &nbsp;&nbsp; 97303 |
| 5.000%, 09/01/35 | 33235 | &nbsp;&nbsp; 33793 |
| 5.000%, 10/01/35 | 5340 | &nbsp;&nbsp; 5430 |
| 5.000%, 01/01/36 | 59662 | &nbsp;&nbsp; 60662 |
| 5.000%, 04/01/38 | 60849 | &nbsp;&nbsp; 61862 |
| 5.000%, 11/01/39 | 266642 | &nbsp;&nbsp; 270909 |
| 5.000%, 05/01/40 | 283092 | &nbsp;&nbsp; 287288 |
| 5.000%, 09/01/53 | 9234888 | &nbsp;&nbsp; 9072940 |
| 5.000%, 11/01/54 | 5781552 | &nbsp;&nbsp; 5714383 |
| 5.000%, 01/01/55 | 1935609 | &nbsp;&nbsp; 1897742 |
| 5.000%, 02/01/55 | 1943079 | &nbsp;&nbsp; 1905066 |
| 5.500%, 06/01/34 | 16050 | &nbsp;&nbsp; 16626 |
| 5.500%, 10/01/35 | 40834 | &nbsp;&nbsp; 42293 |
| 5.500%, 01/01/36 | 52462 | &nbsp;&nbsp; 54335 |
| 5.500%, 12/01/37 | 69215 | &nbsp;&nbsp; 71670 |
| 5.500%, 04/01/38 | 21056 | &nbsp;&nbsp; 21769 |
| 5.500%, 07/01/38 | 38961 | &nbsp;&nbsp; 40282 |
| 5.500%, 09/01/39 | 1603294 | &nbsp;&nbsp; 1632172 |
| 5.500%, 12/01/54 | 1895375 | &nbsp;&nbsp; 1896677 |
| 5.500%, 01/01/55 | 1914880 | &nbsp;&nbsp; 1916047 |
| 6.000%, 11/01/28 | 420 | &nbsp;&nbsp; 424 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.000%, 12/01/28 | 521 | &nbsp;&nbsp; $532 |
| 6.000%, 04/01/29 | 429 | &nbsp;&nbsp; 435 |
| 6.000%, 06/01/31 | 688 | &nbsp;&nbsp; 710 |
| 6.000%, 07/01/31 | 118 | &nbsp;&nbsp; 122 |
| 6.000%, 09/01/31 | 19906 | &nbsp;&nbsp; 20533 |
| 6.000%, 11/01/32 | 4691 | &nbsp;&nbsp; 4857 |
| 6.000%, 11/01/35 | 11761 | &nbsp;&nbsp; 12303 |
| 6.000%, 02/01/36 | 32631 | &nbsp;&nbsp; 34141 |
| 6.000%, 08/01/36 | 14185 | &nbsp;&nbsp; 14874 |
| 6.000%, 01/01/37 | 18727 | &nbsp;&nbsp; 19636 |
| 6.000%, 09/01/39 | 1583117 | &nbsp;&nbsp; 1627424 |
| 6.000%, 05/01/54 | 1873453 | &nbsp;&nbsp; 1926650 |
| 6.000%, 09/01/54 | 13223524 | &nbsp;&nbsp; 13442018 |
| 6.500%, 02/01/30 | 1356 | &nbsp;&nbsp; 1375 |
| 6.500%, 08/01/31 | 1600 | &nbsp;&nbsp; 1676 |
| 6.500%, 11/01/31 | 3132 | &nbsp;&nbsp; 3283 |
| 6.500%, 03/01/32 | 69084 | &nbsp;&nbsp; 72690 |
| 6.500%, 04/01/32 | 35129 | &nbsp;&nbsp; 36955 |
| 6.500%, 11/01/37 | 21897 | &nbsp;&nbsp; 23484 |
| 6.500%, 04/01/53 | 701647 | &nbsp;&nbsp; 724657 |
| 6.500%, 09/01/54 | 15445265 | &nbsp;&nbsp; 15941069 |
| 6.500%, 03/01/55 | 2835958 | &nbsp;&nbsp; 2928238 |
| 7.000%, 12/01/27 | 99 | &nbsp;&nbsp; 102 |
| 7.000%, 11/01/28 | 201 | &nbsp;&nbsp; 208 |
| 7.000%, 04/01/29 | 452 | &nbsp;&nbsp; 468 |
| 7.000%, 05/01/29 | 121 | &nbsp;&nbsp; 122 |
| 7.000%, 07/01/29 | 46 | &nbsp;&nbsp; 46 |
| 7.000%, 01/01/31 | 22817 | &nbsp;&nbsp; 24221 |
| 7.500%, 10/01/27 | 804 | &nbsp;&nbsp; 817 |
| 7.500%, 10/01/29 | 1587 | &nbsp;&nbsp; 1666 |
| 7.500%, 05/01/30 | 3043 | &nbsp;&nbsp; 3150 |
| 8.000%, 02/01/27 | 149 | &nbsp;&nbsp; 150 |
| 8.000%, 10/01/28 | 345 | &nbsp;&nbsp; 354 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.250%, 01/25/32 | 3500000 | &nbsp;&nbsp; 3087908 |
| 2.519%, 07/25/29 | 2250000 | &nbsp;&nbsp; 2121240 |
| 2.785%, 06/25/29 | 1800000 | &nbsp;&nbsp; 1716022 |
| 3.243%, 04/25/27 | 1500000 | &nbsp;&nbsp; 1476384 |
| 3.444%, 12/25/27 | 3500000 | &nbsp;&nbsp; 3447859 |
| 3.780%, 10/25/28 (b) | 4000000 | &nbsp;&nbsp; 3962250 |
| 3.920%, 09/25/28 (b) | 2900000 | &nbsp;&nbsp; 2886887 |
| 3.926%, 07/25/28 (b) | 2500000 | &nbsp;&nbsp; 2489823 |
| 5.000%, 05/25/34 | 3500000 | &nbsp;&nbsp; 3611512 |
| Federal National Mortgage Association |  |  |
| 1.500%, 04/01/36 | 1205873 | &nbsp;&nbsp; 1076951 |
| 1.500%, 09/01/36 | 1327275 | &nbsp;&nbsp; 1183838 |
| 1.500%, 11/01/36 | 2064586 | &nbsp;&nbsp; 1840514 |
| 1.500%, 03/01/51 | 3057886 | &nbsp;&nbsp; 2303566 |
| 1.500%, 04/01/51 | 3862902 | &nbsp;&nbsp; 2909851 |
| 1.500%, 10/01/51 | 9891104 | &nbsp;&nbsp; 7448480 |
| 2.000%, 11/01/35 | 1204288 | &nbsp;&nbsp; 1107641 |
| 2.000%, 12/01/35 | 975004 | &nbsp;&nbsp; 896457 |
| 2.000%, 09/01/36 | 3129107 | &nbsp;&nbsp; 2862952 |
| 2.000%, 12/01/36 | 1983174 | &nbsp;&nbsp; 1813572 |

---

*See accompanying notes to financial statements.*

**BHFTII-222**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.000%, 02/01/37 | 675403 | &nbsp;&nbsp; $617434 |
| 2.000%, 03/01/37 | 3886047 | &nbsp;&nbsp; 3549265 |
| 2.000%, 06/01/37 | 1480760 | &nbsp;&nbsp; 1352431 |
| 2.000%, 02/01/41 | 1927805 | &nbsp;&nbsp; 1656763 |
| 2.000%, 06/01/41 | 1762528 | &nbsp;&nbsp; 1513140 |
| 2.000%, 08/01/42 | 5667777 | &nbsp;&nbsp; 4851086 |
| 2.000%, 10/01/50 | 8378294 | &nbsp;&nbsp; 6694188 |
| 2.000%, 11/01/50 | 6597170 | &nbsp;&nbsp; 5268784 |
| 2.000%, 12/01/50 | 3365678 | &nbsp;&nbsp; 2689415 |
| 2.000%, 01/01/51 | 4130007 | &nbsp;&nbsp; 3286010 |
| 2.000%, 04/01/51 | 2938084 | &nbsp;&nbsp; 2341159 |
| 2.000%, 05/01/51 | 3742518 | &nbsp;&nbsp; 2980853 |
| 2.000%, 06/01/51 | 2288758 | &nbsp;&nbsp; 1822159 |
| 2.000%, 10/01/51 | 3179832 | &nbsp;&nbsp; 2527137 |
| 2.000%, 11/01/51 | 1610947 | &nbsp;&nbsp; 1279721 |
| 2.000%, 12/01/51 | 4061768 | &nbsp;&nbsp; 3225212 |
| 2.000%, 03/01/52 | 14055484 | &nbsp;&nbsp; 11268010 |
| 2.000%, 04/01/52 | 2526582 | &nbsp;&nbsp; 2013623 |
| 2.500%, 12/01/27 | 251204 | &nbsp;&nbsp; 246293 |
| 2.500%, 02/01/28 | 263896 | &nbsp;&nbsp; 258501 |
| 2.500%, 07/01/28 | 188607 | &nbsp;&nbsp; 184185 |
| 2.500%, 10/01/28 | 300954 | &nbsp;&nbsp; 293869 |
| 2.500%, 03/01/30 | 396247 | &nbsp;&nbsp; 383721 |
| 2.500%, 09/01/31 | 786156 | &nbsp;&nbsp; 756063 |
| 2.500%, 01/01/32 | 253358 | &nbsp;&nbsp; 243503 |
| 2.500%, 04/01/32 | 608401 | &nbsp;&nbsp; 582375 |
| 2.500%, 09/01/32 | 143236 | &nbsp;&nbsp; 136790 |
| 2.500%, 12/01/34 | 520803 | &nbsp;&nbsp; 489108 |
| 2.500%, 09/01/35 | 518753 | &nbsp;&nbsp; 487338 |
| 2.500%, 11/01/36 | 4085822 | &nbsp;&nbsp; 3820202 |
| 2.500%, 02/01/41 | 1387475 | &nbsp;&nbsp; 1239775 |
| 2.500%, 01/01/50 | 819282 | &nbsp;&nbsp; 688682 |
| 2.500%, 03/01/50 | 761942 | &nbsp;&nbsp; 639484 |
| 2.500%, 05/01/50 | 1828935 | &nbsp;&nbsp; 1533860 |
| 2.500%, 07/01/50 | 2972583 | &nbsp;&nbsp; 2491153 |
| 2.500%, 08/01/50 | 2189650 | &nbsp;&nbsp; 1834344 |
| 2.500%, 09/01/50 | 4323929 | &nbsp;&nbsp; 3620962 |
| 2.500%, 11/01/50 | 1056673 | &nbsp;&nbsp; 884229 |
| 2.500%, 12/01/50 | 1646092 | &nbsp;&nbsp; 1376947 |
| 2.500%, 01/01/51 | 1702385 | &nbsp;&nbsp; 1423509 |
| 2.500%, 02/01/51 | 852117 | &nbsp;&nbsp; 712264 |
| 2.500%, 05/01/51 | 2683296 | &nbsp;&nbsp; 2240337 |
| 2.500%, 06/01/51 | 30895704 | &nbsp;&nbsp; 25785866 |
| 2.500%, 07/01/51 | 3534918 | &nbsp;&nbsp; 2949183 |
| 2.500%, 08/01/51 | 1796810 | &nbsp;&nbsp; 1498523 |
| 2.500%, 09/01/51 | 4405154 | &nbsp;&nbsp; 3672492 |
| 2.500%, 10/01/51 | 2983267 | &nbsp;&nbsp; 2486169 |
| 2.500%, 12/01/51 | 3098347 | &nbsp;&nbsp; 2580154 |
| 2.500%, 02/01/52 | 1598200 | &nbsp;&nbsp; 1329913 |
| 2.500%, 03/01/52 | 3656587 | &nbsp;&nbsp; 3065462 |
| 2.500%, 05/01/53 | 5249198 | &nbsp;&nbsp; 4362329 |
| 3.000%, 01/01/27 | 49000 | &nbsp;&nbsp; 48402 |
| 3.000%, 02/01/27 | 92402 | &nbsp;&nbsp; 91242 |
| 3.000%, 03/01/27 | 48605 | &nbsp;&nbsp; 47978 |
| 3.000%, 01/01/29 | 471049 | &nbsp;&nbsp; 462275 |

---

---

| | | |
|:---|:---|:---|
| **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%, 10/01/29 | 238221 | &nbsp;&nbsp; $233003 |
| 3.000%, 06/01/30 | 348971 | &nbsp;&nbsp; 340681 |
| 3.000%, 02/01/33 | 338257 | &nbsp;&nbsp; 326900 |
| 3.000%, 06/01/35 | 2950422 | &nbsp;&nbsp; 2835089 |
| 3.000%, 08/01/35 | 444857 | &nbsp;&nbsp; 423298 |
| 3.000%, 01/01/36 | 561564 | &nbsp;&nbsp; 539613 |
| 3.000%, 05/01/36 | 515104 | &nbsp;&nbsp; 488268 |
| 3.000%, 08/01/42 | 597944 | &nbsp;&nbsp; 544944 |
| 3.000%, 09/01/42 | 500395 | &nbsp;&nbsp; 456205 |
| 3.000%, 11/01/42 | 711448 | &nbsp;&nbsp; 648610 |
| 3.000%, 12/01/42 | 469664 | &nbsp;&nbsp; 428111 |
| 3.000%, 01/01/43 | 366241 | &nbsp;&nbsp; 333818 |
| 3.000%, 03/01/43 | 713002 | &nbsp;&nbsp; 647355 |
| 3.000%, 07/01/43 | 731731 | &nbsp;&nbsp; 664276 |
| 3.000%, 09/01/43 | 441377 | &nbsp;&nbsp; 400688 |
| 3.000%, 05/01/45 | 1061329 | &nbsp;&nbsp; 950590 |
| 3.000%, 05/01/46 | 574605 | &nbsp;&nbsp; 510600 |
| 3.000%, 06/01/46 | 799029 | &nbsp;&nbsp; 710026 |
| 3.000%, 08/01/46 | 851610 | &nbsp;&nbsp; 756750 |
| 3.000%, 02/01/47 | 1215655 | &nbsp;&nbsp; 1080244 |
| 3.000%, 11/01/49 | 535770 | &nbsp;&nbsp; 469512 |
| 3.000%, 12/01/49 | 976473 | &nbsp;&nbsp; 856506 |
| 3.000%, 01/01/50 | 1012561 | &nbsp;&nbsp; 888161 |
| 3.000%, 02/01/50 | 498033 | &nbsp;&nbsp; 436846 |
| 3.000%, 07/01/50 | 757620 | &nbsp;&nbsp; 663125 |
| 3.000%, 11/01/51 | 2068622 | &nbsp;&nbsp; 1802064 |
| 3.000%, 06/01/52 | 1695697 | &nbsp;&nbsp; 1469027 |
| 3.000%, 11/01/52 | 1097177 | &nbsp;&nbsp; 950003 |
| 3.500%, 02/01/26 | 25339 | &nbsp;&nbsp; 25184 |
| 3.500%, 03/01/26 | 17402 | &nbsp;&nbsp; 17284 |
| 3.500%, 05/01/29 | 249170 | &nbsp;&nbsp; 245777 |
| 3.500%, 04/01/32 | 251701 | &nbsp;&nbsp; 247030 |
| 3.500%, 08/01/32 | 106656 | &nbsp;&nbsp; 104632 |
| 3.500%, 03/01/34 | 164107 | &nbsp;&nbsp; 159748 |
| 3.500%, 09/01/35 | 399952 | &nbsp;&nbsp; 387202 |
| 3.500%, 01/01/37 | 1694691 | &nbsp;&nbsp; 1645010 |
| 3.500%, 07/01/38 | 293757 | &nbsp;&nbsp; 281947 |
| 3.500%, 12/01/40 | 348758 | &nbsp;&nbsp; 328530 |
| 3.500%, 03/01/42 | 283902 | &nbsp;&nbsp; 266296 |
| 3.500%, 05/01/42 | 579835 | &nbsp;&nbsp; 543108 |
| 3.500%, 06/01/42 | 410138 | &nbsp;&nbsp; 384160 |
| 3.500%, 08/01/42 | 254912 | &nbsp;&nbsp; 238766 |
| 3.500%, 09/01/42 | 1085058 | &nbsp;&nbsp; 1016352 |
| 3.500%, 01/01/43 | 415445 | &nbsp;&nbsp; 389130 |
| 3.500%, 06/01/43 | 527371 | &nbsp;&nbsp; 494557 |
| 3.500%, 08/01/44 | 518647 | &nbsp;&nbsp; 480764 |
| 3.500%, 02/01/45 | 576217 | &nbsp;&nbsp; 534129 |
| 3.500%, 03/01/45 | 653756 | &nbsp;&nbsp; 604798 |
| 3.500%, 04/01/45 | 373722 | &nbsp;&nbsp; 345735 |
| 3.500%, 09/01/45 | 518486 | &nbsp;&nbsp; 479658 |
| 3.500%, 11/01/45 | 518270 | &nbsp;&nbsp; 479458 |
| 3.500%, 01/01/46 | 633246 | &nbsp;&nbsp; 585824 |
| 3.500%, 03/01/46 | 584050 | &nbsp;&nbsp; 537602 |
| 3.500%, 05/01/46 | 423396 | &nbsp;&nbsp; 389725 |
| 3.500%, 11/01/47 | 987514 | &nbsp;&nbsp; 905548 |

---

*See accompanying notes to financial statements.*

**BHFTII-223**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.500%, 02/01/49 | 193396 | &nbsp;&nbsp; $176913 |
| 3.500%, 08/01/49 | 225182 | &nbsp;&nbsp; 205137 |
| 3.500%, 10/01/49 | 469041 | &nbsp;&nbsp; 427288 |
| 3.500%, 01/01/50 | 307260 | &nbsp;&nbsp; 279909 |
| 3.500%, 02/01/50 | 155059 | &nbsp;&nbsp; 141256 |
| 3.500%, 05/01/50 | 703524 | &nbsp;&nbsp; 640615 |
| 3.500%, 02/01/51 | 12146896 | &nbsp;&nbsp; 11065605 |
| 3.500%, 04/01/52 | 2414599 | &nbsp;&nbsp; 2178617 |
| 3.500%, 06/01/52 | 826164 | &nbsp;&nbsp; 745358 |
| 3.500%, 09/01/52 | 5349544 | &nbsp;&nbsp; 4878723 |
| 3.500%, 09/01/53 | 1574795 | &nbsp;&nbsp; 1418891 |
| 3.500%, 10/01/54 | 964448 | &nbsp;&nbsp; 868417 |
| 4.000%, 02/01/31 | 99963 | &nbsp;&nbsp; 99423 |
| 4.000%, 03/01/38 | 2036857 | &nbsp;&nbsp; 2014942 |
| 4.000%, 08/01/39 | 211207 | &nbsp;&nbsp; 205113 |
| 4.000%, 09/01/39 | 168695 | &nbsp;&nbsp; 163828 |
| 4.000%, 12/01/39 | 216774 | &nbsp;&nbsp; 210519 |
| 4.000%, 06/01/40 | 104463 | &nbsp;&nbsp; 101433 |
| 4.000%, 09/01/40 | 142017 | &nbsp;&nbsp; 137899 |
| 4.000%, 12/01/40 | 1084520 | &nbsp;&nbsp; 1053077 |
| 4.000%, 01/01/41 | 516861 | &nbsp;&nbsp; 501872 |
| 4.000%, 12/01/41 | 243195 | &nbsp;&nbsp; 235681 |
| 4.000%, 02/01/42 | 311283 | &nbsp;&nbsp; 301665 |
| 4.000%, 09/01/43 | 402615 | &nbsp;&nbsp; 387552 |
| 4.000%, 05/01/44 | 442357 | &nbsp;&nbsp; 424369 |
| 4.000%, 10/01/44 | 243054 | &nbsp;&nbsp; 233171 |
| 4.000%, 11/01/44 | 565094 | &nbsp;&nbsp; 542129 |
| 4.000%, 01/01/45 | 503567 | &nbsp;&nbsp; 483074 |
| 4.000%, 03/01/45 | 356562 | &nbsp;&nbsp; 339612 |
| 4.000%, 10/01/45 | 495543 | &nbsp;&nbsp; 471986 |
| 4.000%, 03/01/47 | 144842 | &nbsp;&nbsp; 137047 |
| 4.000%, 05/01/47 | 158997 | &nbsp;&nbsp; 150440 |
| 4.000%, 06/01/47 | 236257 | &nbsp;&nbsp; 223542 |
| 4.000%, 07/01/47 | 254843 | &nbsp;&nbsp; 241128 |
| 4.000%, 10/01/47 | 377729 | &nbsp;&nbsp; 357400 |
| 4.000%, 05/01/48 | 429228 | &nbsp;&nbsp; 405464 |
| 4.000%, 06/01/48 | 365497 | &nbsp;&nbsp; 345261 |
| 4.000%, 07/01/48 | 270532 | &nbsp;&nbsp; 255554 |
| 4.000%, 09/01/48 | 129778 | &nbsp;&nbsp; 122593 |
| 4.000%, 10/01/48 | 200045 | &nbsp;&nbsp; 188970 |
| 4.000%, 11/01/48 | 253331 | &nbsp;&nbsp; 239306 |
| 4.000%, 04/01/49 | 421551 | &nbsp;&nbsp; 397433 |
| 4.000%, 02/01/50 | 442979 | &nbsp;&nbsp; 417635 |
| 4.000%, 03/01/50 | 482569 | &nbsp;&nbsp; 454960 |
| 4.000%, 09/01/50 | 339092 | &nbsp;&nbsp; 318576 |
| 4.000%, 01/01/51 | 4207459 | &nbsp;&nbsp; 3966743 |
| 4.000%, 07/01/52 | 9077882 | &nbsp;&nbsp; 8511383 |
| 4.000%, 09/01/52 | 1672666 | &nbsp;&nbsp; 1559301 |
| 4.000%, 11/01/52 | 1300774 | &nbsp;&nbsp; 1212212 |
| 4.000%, 12/01/54 | 2926842 | &nbsp;&nbsp; 2721957 |
| 4.000%, 01/01/55 | 2148439 | &nbsp;&nbsp; 1998044 |
| 4.500%, 08/01/30 | 55405 | &nbsp;&nbsp; 55598 |
| 4.500%, 08/01/33 | 34598 | &nbsp;&nbsp; 34777 |
| 4.500%, 10/01/33 | 39015 | &nbsp;&nbsp; 39216 |
| 4.500%, 04/01/34 | 24700 | &nbsp;&nbsp; 24832 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 4.500%, 01/01/39 | 7513 | &nbsp;&nbsp; $7493 |
| 4.500%, 07/01/39 | 321618 | &nbsp;&nbsp; 320713 |
| 4.500%, 09/01/39 | 385102 | &nbsp;&nbsp; 384018 |
| 4.500%, 10/01/39 | 207322 | &nbsp;&nbsp; 206739 |
| 4.500%, 11/01/39 | 1797974 | &nbsp;&nbsp; 1786951 |
| 4.500%, 05/01/40 | 314786 | &nbsp;&nbsp; 313743 |
| 4.500%, 08/01/40 | 364411 | &nbsp;&nbsp; 363203 |
| 4.500%, 11/01/40 | 198519 | &nbsp;&nbsp; 197861 |
| 4.500%, 12/01/40 | 470628 | &nbsp;&nbsp; 469069 |
| 4.500%, 04/01/41 | 1182487 | &nbsp;&nbsp; 1175581 |
| 4.500%, 05/01/41 | 247441 | &nbsp;&nbsp; 245618 |
| 4.500%, 03/01/44 | 165183 | &nbsp;&nbsp; 162836 |
| 4.500%, 08/01/47 | 357696 | &nbsp;&nbsp; 347826 |
| 4.500%, 10/01/48 | 176070 | &nbsp;&nbsp; 171350 |
| 4.500%, 12/01/48 | 231795 | &nbsp;&nbsp; 225580 |
| 4.500%, 09/01/50 | 4554196 | &nbsp;&nbsp; 4432097 |
| 4.500%, 09/01/52 | 1226946 | &nbsp;&nbsp; 1176969 |
| 4.500%, 10/01/52 | 1630978 | &nbsp;&nbsp; 1564417 |
| 4.500%, 11/01/52 | 1262478 | &nbsp;&nbsp; 1210859 |
| 4.500%, 10/01/53 | 1376735 | &nbsp;&nbsp; 1318216 |
| 4.500%, 10/01/54 | 1444497 | &nbsp;&nbsp; 1381862 |
| 4.500%, 02/01/55 | 2942291 | &nbsp;&nbsp; 2814710 |
| 4.500%, 06/01/55 | 2092673 | &nbsp;&nbsp; 2002046 |
| 5.000%, 09/01/25 | 344 | &nbsp;&nbsp; 343 |
| 5.000%, 07/01/33 | 29621 | &nbsp;&nbsp; 30108 |
| 5.000%, 08/01/33 | 118471 | &nbsp;&nbsp; 120415 |
| 5.000%, 09/01/33 | 35220 | &nbsp;&nbsp; 35799 |
| 5.000%, 10/01/33 | 339694 | &nbsp;&nbsp; 345273 |
| 5.000%, 03/01/34 | 44332 | &nbsp;&nbsp; 45061 |
| 5.000%, 04/01/34 | 90820 | &nbsp;&nbsp; 92295 |
| 5.000%, 05/01/34 | 18533 | &nbsp;&nbsp; 18830 |
| 5.000%, 09/01/34 | 67897 | &nbsp;&nbsp; 68986 |
| 5.000%, 02/01/35 | 28947 | &nbsp;&nbsp; 29411 |
| 5.000%, 04/01/35 | 10490 | &nbsp;&nbsp; 10652 |
| 5.000%, 05/01/35 | 5801 | &nbsp;&nbsp; 5892 |
| 5.000%, 11/01/35 | 31964 | &nbsp;&nbsp; 32460 |
| 5.000%, 03/01/36 | 106272 | &nbsp;&nbsp; 107924 |
| 5.000%, 07/01/37 | 92499 | &nbsp;&nbsp; 93881 |
| 5.000%, 01/01/39 | 85269 | &nbsp;&nbsp; 86543 |
| 5.000%, 11/01/39 | 1769649 | &nbsp;&nbsp; 1782483 |
| 5.000%, 04/01/40 | 272045 | &nbsp;&nbsp; 275722 |
| 5.000%, 07/01/41 | 159475 | &nbsp;&nbsp; 161479 |
| 5.000%, 04/01/49 | 286767 | &nbsp;&nbsp; 286723 |
| 5.000%, 10/01/52 | 1550670 | &nbsp;&nbsp; 1526851 |
| 5.000%, 11/01/52 | 1220321 | &nbsp;&nbsp; 1201335 |
| 5.000%, 12/01/52 | 3297222 | &nbsp;&nbsp; 3245275 |
| 5.000%, 07/01/53 | 3064868 | &nbsp;&nbsp; 3011926 |
| 5.000%, 08/01/53 | 1759246 | &nbsp;&nbsp; 1728526 |
| 5.000%, 10/01/53 | 1350968 | &nbsp;&nbsp; 1326867 |
| 5.000%, 04/01/54 | 1381741 | &nbsp;&nbsp; 1354709 |
| 5.000%, 12/01/54 | 2810679 | &nbsp;&nbsp; 2756843 |
| 5.500%, 07/01/25 | 17 | &nbsp;&nbsp; 17 |
| 5.500%, 10/01/32 | 8051 | &nbsp;&nbsp; 8268 |
| 5.500%, 02/01/33 | 17940 | &nbsp;&nbsp; 18422 |
| 5.500%, 08/01/33 | 51312 | &nbsp;&nbsp; 52840 |

---

*See accompanying notes to financial statements.*

**BHFTII-224**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.500%, 10/01/33 | 23834 | &nbsp;&nbsp; $24543 |
| 5.500%, 12/01/33 | 132367 | &nbsp;&nbsp; 136290 |
| 5.500%, 02/01/34 | 24628 | &nbsp;&nbsp; 25484 |
| 5.500%, 03/01/34 | 10720 | &nbsp;&nbsp; 11091 |
| 5.500%, 04/01/34 | 7954 | &nbsp;&nbsp; 8230 |
| 5.500%, 09/01/34 | 38572 | &nbsp;&nbsp; 39907 |
| 5.500%, 12/01/34 | 26919 | &nbsp;&nbsp; 27851 |
| 5.500%, 01/01/35 | 23046 | &nbsp;&nbsp; 23844 |
| 5.500%, 04/01/35 | 6234 | &nbsp;&nbsp; 6449 |
| 5.500%, 06/01/35 | 29470 | &nbsp;&nbsp; 30486 |
| 5.500%, 01/01/37 | 39384 | &nbsp;&nbsp; 40729 |
| 5.500%, 05/01/37 | 29985 | &nbsp;&nbsp; 30973 |
| 5.500%, 05/01/38 | 21632 | &nbsp;&nbsp; 22339 |
| 5.500%, 06/01/38 | 18292 | &nbsp;&nbsp; 18890 |
| 5.500%, 12/01/52 | 1587985 | &nbsp;&nbsp; 1596200 |
| 5.500%, 01/01/53 | 1575146 | &nbsp;&nbsp; 1582306 |
| 5.500%, 03/01/53 | 793321 | &nbsp;&nbsp; 796440 |
| 5.500%, 04/01/53 | 801285 | &nbsp;&nbsp; 802567 |
| 5.500%, 05/01/53 | 1627389 | &nbsp;&nbsp; 1632774 |
| 5.500%, 07/01/53 | 3347412 | &nbsp;&nbsp; 3355047 |
| 5.500%, 09/01/53 | 1523841 | &nbsp;&nbsp; 1526921 |
| 5.500%, 10/01/53 | 1529331 | &nbsp;&nbsp; 1531208 |
| 5.500%, 01/01/54 | 1777925 | &nbsp;&nbsp; 1779888 |
| 5.500%, 02/01/54 | 1314148 | &nbsp;&nbsp; 1315437 |
| 5.500%, 05/01/54 | 1325495 | &nbsp;&nbsp; 1327124 |
| 5.500%, 06/01/54 | 1345129 | &nbsp;&nbsp; 1346678 |
| 5.500%, 11/01/54 | 4825966 | &nbsp;&nbsp; 4871755 |
| 5.500%, 12/01/54 | 14293247 | &nbsp;&nbsp; 14299232 |
| 5.500%, 03/01/55 | 5824199 | &nbsp;&nbsp; 5825605 |
| 5.500%, 04/01/55 | 1964087 | &nbsp;&nbsp; 1964561 |
| 5.500%, 06/01/55 | 3981846 | &nbsp;&nbsp; 3982807 |
| 6.000%, 11/01/28 | 88 | &nbsp;&nbsp; 89 |
| 6.000%, 12/01/28 | 100 | &nbsp;&nbsp; 102 |
| 6.000%, 06/01/31 | 16125 | &nbsp;&nbsp; 16615 |
| 6.000%, 09/01/32 | 16119 | &nbsp;&nbsp; 16676 |
| 6.000%, 01/01/33 | 2020 | &nbsp;&nbsp; 2089 |
| 6.000%, 02/01/33 | 24647 | &nbsp;&nbsp; 25494 |
| 6.000%, 04/01/33 | 45558 | &nbsp;&nbsp; 47266 |
| 6.000%, 05/01/33 | 52546 | &nbsp;&nbsp; 54516 |
| 6.000%, 05/01/34 | 43097 | &nbsp;&nbsp; 44857 |
| 6.000%, 09/01/34 | 45434 | &nbsp;&nbsp; 47311 |
| 6.000%, 01/01/35 | 16322 | &nbsp;&nbsp; 16988 |
| 6.000%, 07/01/36 | 7297 | &nbsp;&nbsp; 7642 |
| 6.000%, 09/01/36 | 27615 | &nbsp;&nbsp; 28920 |
| 6.000%, 08/01/37 | 49656 | &nbsp;&nbsp; 52106 |
| 6.000%, 10/01/37 | 33568 | &nbsp;&nbsp; 35224 |
| 6.000%, 12/01/38 | 27903 | &nbsp;&nbsp; 29274 |
| 6.000%, 04/01/53 | 2202983 | &nbsp;&nbsp; 2244032 |
| 6.000%, 05/01/53 | 759579 | &nbsp;&nbsp; 773674 |
| 6.000%, 07/01/53 | 1564160 | &nbsp;&nbsp; 1592944 |
| 6.000%, 09/01/53 | 1396794 | &nbsp;&nbsp; 1422283 |
| 6.000%, 12/01/53 | 1534129 | &nbsp;&nbsp; 1563013 |
| 6.000%, 02/01/54 | 1164285 | &nbsp;&nbsp; 1185084 |
| 6.000%, 03/01/54 | 794388 | &nbsp;&nbsp; 808442 |
| 6.000%, 05/01/54 | 2459556 | &nbsp;&nbsp; 2502691 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.000%, 09/01/54 | 6379113 | &nbsp;&nbsp; $6489025 |
| 6.000%, 11/01/54 | 1803971 | &nbsp;&nbsp; 1834775 |
| 6.000%, 02/01/55 | 2841666 | &nbsp;&nbsp; 2889534 |
| 6.000%, 03/01/55 | 2879076 | &nbsp;&nbsp; 2926776 |
| 6.000%, 05/01/55 | 1956160 | &nbsp;&nbsp; 1988570 |
| 6.000%, 06/01/55 | 1492736 | &nbsp;&nbsp; 1517467 |
| 6.000%, 07/01/55 | 4000000 | &nbsp;&nbsp; 4065349 |
| 6.500%, 05/01/28 | 3318 | &nbsp;&nbsp; 3382 |
| 6.500%, 12/01/28 | 23902 | &nbsp;&nbsp; 24121 |
| 6.500%, 03/01/29 | 617 | &nbsp;&nbsp; 628 |
| 6.500%, 04/01/29 | 3700 | &nbsp;&nbsp; 3772 |
| 6.500%, 05/01/29 | 124 | &nbsp;&nbsp; 125 |
| 6.500%, 08/01/29 | 228 | &nbsp;&nbsp; 232 |
| 6.500%, 09/01/31 | 2206 | &nbsp;&nbsp; 2309 |
| 6.500%, 06/01/32 | 3533 | &nbsp;&nbsp; 3714 |
| 6.500%, 10/01/33 | 5159 | &nbsp;&nbsp; 5450 |
| 6.500%, 10/01/34 | 55239 | &nbsp;&nbsp; 58380 |
| 6.500%, 10/01/37 | 11156 | &nbsp;&nbsp; 11951 |
| 6.500%, 09/01/53 | 1067650 | &nbsp;&nbsp; 1102663 |
| 6.500%, 01/01/54 | 1812172 | &nbsp;&nbsp; 1871602 |
| 6.500%, 02/01/54 | 2831677 | &nbsp;&nbsp; 2924542 |
| 6.500%, 04/01/54 | 717465 | &nbsp;&nbsp; 740496 |
| 6.500%, 05/01/54 | 1090663 | &nbsp;&nbsp; 1125674 |
| 6.500%, 08/01/54 | 1619989 | &nbsp;&nbsp; 1671992 |
| 7.000%, 06/01/26 | 22 | &nbsp;&nbsp; 22 |
| 7.000%, 06/01/28 | 2281 | &nbsp;&nbsp; 2291 |
| 7.000%, 10/01/29 | 884 | &nbsp;&nbsp; 919 |
| 7.000%, 06/01/32 | 15378 | &nbsp;&nbsp; 16285 |
| 7.000%, 10/01/37 | 40904 | &nbsp;&nbsp; 44728 |
| 7.000%, 12/01/53 | 533758 | &nbsp;&nbsp; 561185 |
| 7.500%, 09/01/25 | 6 | &nbsp;&nbsp; 6 |
| 7.500%, 06/01/26 | 92 | &nbsp;&nbsp; 92 |
| 7.500%, 07/01/29 | 832 | &nbsp;&nbsp; 860 |
| 7.500%, 10/01/29 | 858 | &nbsp;&nbsp; 873 |
| 8.000%, 11/01/29 | 8 | &nbsp;&nbsp; 8 |
| 8.000%, 05/01/30 | 8297 | &nbsp;&nbsp; 8535 |
| 8.000%, 11/01/30 | 251 | &nbsp;&nbsp; 258 |
| 8.000%, 01/01/31 | 243 | &nbsp;&nbsp; 246 |
| 8.000%, 02/01/31 | 765 | &nbsp;&nbsp; 804 |
| Federal National Mortgage Association-ACES |  |  |
| 1.610%, 03/25/31 | 477808 | &nbsp;&nbsp; 456734 |
| 2.190%, 01/25/30 | 1435000 | &nbsp;&nbsp; 1318121 |
| Government National Mortgage Association |  |  |
| 2.000%, 11/20/50 | 3566719 | &nbsp;&nbsp; 2909107 |
| 2.000%, 01/20/51 | 1850056 | &nbsp;&nbsp; 1508667 |
| 2.000%, 03/20/51 | 1276044 | &nbsp;&nbsp; 1040277 |
| 2.000%, 04/20/51 | 3272413 | &nbsp;&nbsp; 2667724 |
| 2.000%, 05/20/51 | 12054835 | &nbsp;&nbsp; 9827059 |
| 2.000%, 06/20/51 | 1015910 | &nbsp;&nbsp; 828146 |
| 2.000%, 08/20/51 | 7075124 | &nbsp;&nbsp; 5767196 |
| 2.000%, 10/20/51 | 2223396 | &nbsp;&nbsp; 1812284 |
| 2.000%, 12/20/51 | 1900934 | &nbsp;&nbsp; 1549371 |
| 2.000%, 02/20/52 | 3439518 | &nbsp;&nbsp; 2803321 |
| 2.500%, 02/20/50 | 729431 | &nbsp;&nbsp; 621511 |
| 2.500%, 06/20/50 | 2653357 | &nbsp;&nbsp; 2259969 |

---

*See accompanying notes to financial statements.*

**BHFTII-225**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 2.500%, 07/20/50 | 1910625 | &nbsp;&nbsp; $1624770 |
| 2.500%, 09/20/50 | 3187534 | &nbsp;&nbsp; 2714211 |
| 2.500%, 11/20/50 | 1430904 | &nbsp;&nbsp; 1218205 |
| 2.500%, 04/20/51 | 1827063 | &nbsp;&nbsp; 1554769 |
| 2.500%, 07/20/51 | 8182448 | &nbsp;&nbsp; 6961093 |
| 2.500%, 08/20/51 | 9740513 | &nbsp;&nbsp; 8285841 |
| 2.500%, 09/20/51 | 3542353 | &nbsp;&nbsp; 3013056 |
| 2.500%, 12/20/51 | 1861124 | &nbsp;&nbsp; 1582748 |
| 2.500%, 01/20/52 | 1820730 | &nbsp;&nbsp; 1548255 |
| 2.500%, 05/20/52 | 1876433 | &nbsp;&nbsp; 1595324 |
| 3.000%, 08/15/28 | 174462 | &nbsp;&nbsp; 171365 |
| 3.000%, 11/15/42 | 501760 | &nbsp;&nbsp; 456631 |
| 3.000%, 12/15/42 | 485945 | &nbsp;&nbsp; 442220 |
| 3.000%, 12/20/42 | 523104 | &nbsp;&nbsp; 478079 |
| 3.000%, 02/15/43 | 389095 | &nbsp;&nbsp; 354085 |
| 3.000%, 03/15/43 | 435382 | &nbsp;&nbsp; 392209 |
| 3.000%, 03/20/43 | 453551 | &nbsp;&nbsp; 413275 |
| 3.000%, 07/15/43 | 379520 | &nbsp;&nbsp; 341887 |
| 3.000%, 12/20/44 | 440865 | &nbsp;&nbsp; 397107 |
| 3.000%, 04/20/45 | 396963 | &nbsp;&nbsp; 355983 |
| 3.000%, 08/20/45 | 723022 | &nbsp;&nbsp; 648382 |
| 3.000%, 11/20/45 | 390858 | &nbsp;&nbsp; 350508 |
| 3.000%, 01/20/46 | 634850 | &nbsp;&nbsp; 569311 |
| 3.000%, 09/20/46 | 689252 | &nbsp;&nbsp; 617539 |
| 3.000%, 10/20/46 | 708298 | &nbsp;&nbsp; 635413 |
| 3.000%, 11/20/46 | 746725 | &nbsp;&nbsp; 669909 |
| 3.000%, 01/20/47 | 772009 | &nbsp;&nbsp; 692271 |
| 3.000%, 04/20/47 | 341201 | &nbsp;&nbsp; 305437 |
| 3.000%, 02/20/48 | 489134 | &nbsp;&nbsp; 437864 |
| 3.000%, 10/20/49 | 537399 | &nbsp;&nbsp; 476443 |
| 3.000%, 01/20/50 | 5119200 | &nbsp;&nbsp; 4550714 |
| 3.000%, 05/20/50 | 1117099 | &nbsp;&nbsp; 991926 |
| 3.000%, 07/20/50 | 718725 | &nbsp;&nbsp; 638260 |
| 3.000%, 10/20/50 | 6862196 | &nbsp;&nbsp; 6092078 |
| 3.000%, 11/20/50 | 1539268 | &nbsp;&nbsp; 1366103 |
| 3.000%, 04/20/52 | 618828 | &nbsp;&nbsp; 547399 |
| 3.000%, 05/20/52 | 2830510 | &nbsp;&nbsp; 2503793 |
| 3.500%, 12/20/41 | 300475 | &nbsp;&nbsp; 280991 |
| 3.500%, 02/15/42 | 120585 | &nbsp;&nbsp; 112774 |
| 3.500%, 08/20/42 | 280814 | &nbsp;&nbsp; 262580 |
| 3.500%, 01/20/43 | 394858 | &nbsp;&nbsp; 369219 |
| 3.500%, 05/20/43 | 609530 | &nbsp;&nbsp; 569897 |
| 3.500%, 07/20/44 | 574184 | &nbsp;&nbsp; 536234 |
| 3.500%, 02/20/45 | 597727 | &nbsp;&nbsp; 558220 |
| 3.500%, 06/20/45 | 371724 | &nbsp;&nbsp; 345267 |
| 3.500%, 08/20/45 | 883717 | &nbsp;&nbsp; 820819 |
| 3.500%, 10/20/45 | 584394 | &nbsp;&nbsp; 542801 |
| 3.500%, 12/20/45 | 539904 | &nbsp;&nbsp; 501477 |
| 3.500%, 01/20/46 | 516926 | &nbsp;&nbsp; 480135 |
| 3.500%, 02/20/46 | 417389 | &nbsp;&nbsp; 387682 |
| 3.500%, 06/20/46 | 458522 | &nbsp;&nbsp; 424497 |
| 3.500%, 02/20/47 | 729121 | &nbsp;&nbsp; 675016 |
| 3.500%, 03/20/47 | 619350 | &nbsp;&nbsp; 573557 |
| 3.500%, 09/20/47 | 252766 | &nbsp;&nbsp; 234077 |
| 3.500%, 10/20/48 | 120816 | &nbsp;&nbsp; 111598 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 3.500%, 05/20/49 | 217454 | &nbsp;&nbsp; $200192 |
| 3.500%, 07/20/49 | 241197 | &nbsp;&nbsp; 222051 |
| 3.500%, 09/20/49 | 648165 | &nbsp;&nbsp; 596713 |
| 3.500%, 10/20/49 | 400668 | &nbsp;&nbsp; 368863 |
| 3.500%, 11/20/49 | 556550 | &nbsp;&nbsp; 512371 |
| 3.500%, 12/20/49 | 362227 | &nbsp;&nbsp; 333474 |
| 3.500%, 06/20/50 | 511713 | &nbsp;&nbsp; 471395 |
| 3.500%, 02/20/51 | 856253 | &nbsp;&nbsp; 788283 |
| 3.500%, 06/20/53 | 7504145 | &nbsp;&nbsp; 6912897 |
| 3.500%, 05/20/55 | 998468 | &nbsp;&nbsp; 907373 |
| 4.000%, 07/15/39 | 305316 | &nbsp;&nbsp; 296522 |
| 4.000%, 07/15/40 | 185713 | &nbsp;&nbsp; 178353 |
| 4.000%, 11/20/40 | 258224 | &nbsp;&nbsp; 249154 |
| 4.000%, 12/20/40 | 339198 | &nbsp;&nbsp; 327285 |
| 4.000%, 11/20/43 | 172567 | &nbsp;&nbsp; 165851 |
| 4.000%, 04/20/44 | 245543 | &nbsp;&nbsp; 234881 |
| 4.000%, 05/20/44 | 293193 | &nbsp;&nbsp; 280462 |
| 4.000%, 09/20/44 | 488625 | &nbsp;&nbsp; 467408 |
| 4.000%, 11/20/44 | 128162 | &nbsp;&nbsp; 122597 |
| 4.000%, 10/20/45 | 450618 | &nbsp;&nbsp; 430682 |
| 4.000%, 11/20/45 | 242422 | &nbsp;&nbsp; 231697 |
| 4.000%, 03/20/47 | 92669 | &nbsp;&nbsp; 88288 |
| 4.000%, 04/20/47 | 368286 | &nbsp;&nbsp; 349013 |
| 4.000%, 09/20/47 | 339944 | &nbsp;&nbsp; 322347 |
| 4.000%, 07/20/48 | 234573 | &nbsp;&nbsp; 222065 |
| 4.000%, 08/20/48 | 168634 | &nbsp;&nbsp; 159732 |
| 4.000%, 09/20/48 | 304505 | &nbsp;&nbsp; 288430 |
| 4.000%, 07/20/49 | 308113 | &nbsp;&nbsp; 290785 |
| 4.000%, 05/20/50 | 443822 | &nbsp;&nbsp; 419157 |
| 4.000%, 07/20/52 | 2020511 | &nbsp;&nbsp; 1895310 |
| 4.000%, 02/20/53 | 6726008 | &nbsp;&nbsp; 6312754 |
| 4.000%, 01/20/55 | 1089725 | &nbsp;&nbsp; 1013264 |
| 4.500%, 01/15/39 | 67758 | &nbsp;&nbsp; 67946 |
| 4.500%, 04/15/39 | 156846 | &nbsp;&nbsp; 156540 |
| 4.500%, 05/15/39 | 355918 | &nbsp;&nbsp; 355197 |
| 4.500%, 08/15/39 | 124862 | &nbsp;&nbsp; 124741 |
| 4.500%, 01/15/40 | 144124 | &nbsp;&nbsp; 143600 |
| 4.500%, 04/15/40 | 64881 | &nbsp;&nbsp; 64416 |
| 4.500%, 08/20/40 | 208798 | &nbsp;&nbsp; 207328 |
| 4.500%, 12/20/40 | 161066 | &nbsp;&nbsp; 159932 |
| 4.500%, 02/15/41 | 46572 | &nbsp;&nbsp; 46238 |
| 4.500%, 04/15/41 | 53648 | &nbsp;&nbsp; 53286 |
| 4.500%, 04/20/41 | 117761 | &nbsp;&nbsp; 117163 |
| 4.500%, 03/20/42 | 127999 | &nbsp;&nbsp; 127349 |
| 4.500%, 10/20/43 | 151210 | &nbsp;&nbsp; 148935 |
| 4.500%, 03/20/47 | 228979 | &nbsp;&nbsp; 225471 |
| 4.500%, 03/20/49 | 157726 | &nbsp;&nbsp; 154000 |
| 4.500%, 08/20/52 | 1996422 | &nbsp;&nbsp; 1927203 |
| 4.500%, 10/20/52 | 8191205 | &nbsp;&nbsp; 7913259 |
| 4.500%, 01/20/55 | 2965868 | &nbsp;&nbsp; 2838922 |
| 4.500%, 05/20/55 | 2096301 | &nbsp;&nbsp; 2006535 |
| 5.000%, 12/15/35 | 58105 | &nbsp;&nbsp; 59353 |
| 5.000%, 12/15/36 | 14189 | &nbsp;&nbsp; 14310 |
| 5.000%, 01/15/39 | 171685 | &nbsp;&nbsp; 175689 |
| 5.000%, 02/15/39 | 30296 | &nbsp;&nbsp; 31001 |

---

*See accompanying notes to financial statements.*

**BHFTII-226**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 5.000%, 08/15/39 | 182361 | &nbsp;&nbsp; $186098 |
| 5.000%, 09/15/39 | 31661 | &nbsp;&nbsp; 32304 |
| 5.000%, 12/15/39 | 149374 | &nbsp;&nbsp; 152390 |
| 5.000%, 05/15/40 | 118173 | &nbsp;&nbsp; 120353 |
| 5.000%, 08/20/40 | 111810 | &nbsp;&nbsp; 113871 |
| 5.000%, 10/20/40 | 117131 | &nbsp;&nbsp; 119290 |
| 5.000%, 06/20/44 | 250835 | &nbsp;&nbsp; 255460 |
| 5.000%, 10/20/48 | 176532 | &nbsp;&nbsp; 176200 |
| 5.000%, 01/20/49 | 121911 | &nbsp;&nbsp; 121681 |
| 5.000%, 04/20/53 | 1673604 | &nbsp;&nbsp; 1651195 |
| 5.000%, 07/20/53 | 2730866 | &nbsp;&nbsp; 2694301 |
| 5.000%, 04/20/54 | 1970256 | &nbsp;&nbsp; 1935951 |
| 5.000%, 10/20/54 | 977444 | &nbsp;&nbsp; 960425 |
| 5.000%, 11/20/54 | 7849253 | &nbsp;&nbsp; 7712589 |
| 5.000%, 03/20/55 | 995005 | &nbsp;&nbsp; 977642 |
| 5.000%, 06/20/55 | 2000000 | &nbsp;&nbsp; 1965101 |
| 5.500%, 03/15/36 | 36247 | &nbsp;&nbsp; 37006 |
| 5.500%, 09/15/38 | 15855 | &nbsp;&nbsp; 16233 |
| 5.500%, 08/15/39 | 36093 | &nbsp;&nbsp; 37438 |
| 5.500%, 04/20/53 | 2294901 | &nbsp;&nbsp; 2309967 |
| 5.500%, 08/20/53 | 3258614 | &nbsp;&nbsp; 3276679 |
| 5.500%, 07/20/54 | 1864889 | &nbsp;&nbsp; 1868513 |
| 5.500%, 11/20/54 | 8809103 | &nbsp;&nbsp; 8826221 |
| 5.500%, 01/20/55 | 1974075 | &nbsp;&nbsp; 1977911 |
| 5.500%, 05/20/55 | 3990992 | &nbsp;&nbsp; 3997704 |
| 6.000%, 01/15/29 | 470 | &nbsp;&nbsp; 475 |
| 6.000%, 01/15/33 | 41684 | &nbsp;&nbsp; 43502 |
| 6.000%, 03/15/35 | 32654 | &nbsp;&nbsp; 34402 |
| 6.000%, 09/15/36 | 30598 | &nbsp;&nbsp; 32088 |
| 6.000%, 07/15/38 | 64456 | &nbsp;&nbsp; 68146 |
| 6.000%, 01/20/53 | 601454 | &nbsp;&nbsp; 613397 |
| 6.000%, 12/20/53 | 2582783 | &nbsp;&nbsp; 2635437 |
| 6.000%, 09/20/54 | 5336227 | &nbsp;&nbsp; 5416239 |
| 6.000%, 10/20/54 | 1420098 | &nbsp;&nbsp; 1442509 |
| 6.000%, 01/20/55 | 1474672 | &nbsp;&nbsp; 1496374 |
| 6.000%, 04/20/55 | 1989484 | &nbsp;&nbsp; 2019670 |
| 6.500%, 02/15/27 | 504 | &nbsp;&nbsp; 505 |
| 6.500%, 08/15/28 | 1517 | &nbsp;&nbsp; 1541 |
| 6.500%, 11/15/28 | 708 | &nbsp;&nbsp; 727 |
| 6.500%, 12/15/28 | 2385 | &nbsp;&nbsp; 2417 |
| 6.500%, 07/15/29 | 850 | &nbsp;&nbsp; 859 |
| 6.500%, 06/20/31 | 4278 | &nbsp;&nbsp; 4434 |
| 6.500%, 05/15/36 | 65005 | &nbsp;&nbsp; 69407 |
| 6.500%, 11/20/53 | 1108344 | &nbsp;&nbsp; 1138661 |
| 6.500%, 07/20/54 | 2002236 | &nbsp;&nbsp; 2053892 |
| 6.500%, 11/20/54 | 1865000 | &nbsp;&nbsp; 1913115 |
| 6.500%, 06/20/55 | 1900000 | &nbsp;&nbsp; 1955748 |
| 7.000%, 01/15/28 | 216 | &nbsp;&nbsp; 219 |
| 7.000%, 05/15/28 | 1556 | &nbsp;&nbsp; 1569 |
| 7.000%, 06/15/28 | 1044 | &nbsp;&nbsp; 1060 |
| 7.000%, 10/15/28 | 1275 | &nbsp;&nbsp; 1295 |
| 7.000%, 03/15/31 | 103 | &nbsp;&nbsp; 104 |
| 7.000%, 08/15/31 | 16581 | &nbsp;&nbsp; 17595 |
| 7.000%, 07/15/32 | 7176 | &nbsp;&nbsp; 7631 |
| 7.500%, 02/20/28 | 182 | &nbsp;&nbsp; 185 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 8.000%, 08/15/26 | 133 | &nbsp;&nbsp; $133 |
| 8.000%, 09/15/26 | 50 | &nbsp;&nbsp; 51 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $943,533,710) <br>|  | &nbsp;&nbsp; 888455670 |
| **Foreign Government—1.5%** | **Foreign Government—1.5%** | **Foreign Government—1.5%** |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| Korea Development Bank |  |  |
| 4.875%, 02/03/30 | 2000000 | &nbsp;&nbsp; 2056645 |
| **Regional Government — 0.2%** | **Regional Government — 0.2%** | **Regional Government — 0.2%** |
| Province of Alberta |  |  |
| 4.500%, 01/24/34 | 1000000 | &nbsp;&nbsp; 998851 |
| Province of British Columbia |  |  |
| 1.300%, 01/29/31 | 1000000 | &nbsp;&nbsp; 860961 |
| Province of Ontario |  |  |
| 4.200%, 01/18/29 (a) | 2500000 | &nbsp;&nbsp; 2522872 |
| Province of Quebec |  |  |
| 2.500%, 04/20/26 | 1000000 | &nbsp;&nbsp; 986714 |
| 4.250%, 09/05/34 (a) | 2000000 | &nbsp;&nbsp; 1954147 |
|  |  | &nbsp;&nbsp; 7323545 |
| **Sovereign — 1.3%** | **Sovereign — 1.3%** | **Sovereign — 1.3%** |
| Canada Government International Bonds |  |  |
| 4.625%, 04/30/29 (a) | 2000000 | &nbsp;&nbsp; 2059545 |
| Chile Government International Bonds |  |  |
| 2.550%, 07/27/33 | 1300000 | &nbsp;&nbsp; 1096197 |
| 3.100%, 01/22/61 | 1200000 | &nbsp;&nbsp; 726782 |
| 3.500%, 01/25/50 (a) | 1000000 | &nbsp;&nbsp; 712086 |
| Export Development Canada |  |  |
| 4.125%, 02/13/29 | 1500000 | &nbsp;&nbsp; 1516835 |
| 4.375%, 06/29/26 | 500000 | &nbsp;&nbsp; 501712 |
| Export-Import Bank of Korea |  |  |
| 4.000%, 09/11/29 (a) | 2100000 | &nbsp;&nbsp; 2085725 |
| Indonesia Government International Bonds |  |  |
| 3.050%, 03/12/51 | 1100000 | &nbsp;&nbsp; 723352 |
| 3.850%, 10/15/30 | 700000 | &nbsp;&nbsp; 681733 |
| 4.350%, 01/11/48 (a) | 1200000 | &nbsp;&nbsp; 1003307 |
| 4.550%, 01/11/28 | 1000000 | &nbsp;&nbsp; 1008236 |
| Israel Government AID Bonds |  |  |
| 5.500%, 09/18/33 | 200000 | &nbsp;&nbsp; 213550 |
| Israel Government International Bonds |  |  |
| 4.125%, 01/17/48 | 1000000 | &nbsp;&nbsp; 753266 |
| 5.500%, 03/12/34 (a) | 2000000 | &nbsp;&nbsp; 2022981 |
| Japan Bank for International Cooperation |  |  |
| 2.750%, 11/16/27 | 2000000 | &nbsp;&nbsp; 1946543 |
| 4.625%, 07/19/28 | 1600000 | &nbsp;&nbsp; 1632975 |
| Japan International Cooperation Agency |  |  |
| 4.250%, 05/22/30 | 500000 | &nbsp;&nbsp; 504371 |
| Mexico Government International Bonds |  |  |
| 2.659%, 05/24/31 (a) | 1200000 | &nbsp;&nbsp; 1038577 |
| 4.600%, 01/23/46 (a) | 1100000 | &nbsp;&nbsp; 829709 |
| 4.750%, 03/08/44 | 900000 | &nbsp;&nbsp; 709952 |
| 5.750%, 10/12/2110 | 1000000 | &nbsp;&nbsp; 791322 |

---

*See accompanying notes to financial statements.*

**BHFTII-227**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Mexico Government International Bonds |  |  |
| 6.350%, 02/09/35 (a) | 4000000 | &nbsp;&nbsp; $4092151 |
| 6.750%, 09/27/34 (a) | 1050000 | &nbsp;&nbsp; 1115096 |
| Oriental Republic of Uruguay |  |  |
| 5.250%, 09/10/60 | 1000000 | &nbsp;&nbsp; 905290 |
| Panama Government International Bonds |  |  |
| 3.875%, 03/17/28 | 900000 | &nbsp;&nbsp; 872236 |
| 7.875%, 03/01/57 (a) | 1900000 | &nbsp;&nbsp; 1939487 |
| Peru Government International Bonds |  |  |
| 5.875%, 08/08/54 | 1000000 | &nbsp;&nbsp; 966022 |
| 8.750%, 11/21/33 | 1450000 | &nbsp;&nbsp; 1771680 |
| Philippines Government International Bonds |  |  |
| 3.950%, 01/20/40 | 1100000 | &nbsp;&nbsp; 947720 |
| 4.375%, 03/05/30 | 2000000 | &nbsp;&nbsp; 2003801 |
| 5.000%, 01/13/37 | 1740000 | &nbsp;&nbsp; 1726753 |
| Republic of Italy Government International Bonds |  |  |
| 2.875%, 10/17/29 | 1000000 | &nbsp;&nbsp; 940755 |
| Republic of Poland Government International Bonds |  |  |
| 3.250%, 04/06/26 (a) | 1000000 | &nbsp;&nbsp; 990414 |
| 5.500%, 03/18/54 | 2100000 | &nbsp;&nbsp; 1946886 |
| Svensk Exportkredit AB |  |  |
| 4.875%, 10/04/30 | 1000000 | &nbsp;&nbsp; 1040859 |
| Uruguay Government International Bonds |  |  |
| 4.375%, 10/27/27 | 900000 | &nbsp;&nbsp; 900080 |
|  |  | &nbsp;&nbsp; 44717986 |
| Total Foreign Government <br>(Cost $56,209,369) <br>|  | &nbsp;&nbsp; 54098176 |
| **Non-Agency Mortgage-Backed Securities—0.7%** | **Non-Agency Mortgage-Backed Securities—0.7%** | **Non-Agency Mortgage-Backed Securities—0.7%** |
| **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** |
| Bank |  |  |
| 2.556%, 05/15/64 | 500000 | &nbsp;&nbsp; 443701 |
| 2.758%, 09/15/62 | 161892 | &nbsp;&nbsp; 151347 |
| 3.538%, 11/15/54 | 1000000 | &nbsp;&nbsp; 976384 |
| 4.407%, 11/15/61 (b) | 881000 | &nbsp;&nbsp; 878626 |
| 5.355%, 10/15/57 (b) | 300000 | &nbsp;&nbsp; 300358 |
| 6.106%, 06/15/57 (b) | 500000 | &nbsp;&nbsp; 528324 |
| 6.356%, 06/15/57 (b) | 400000 | &nbsp;&nbsp; 419222 |
| Bank5 |  |  |
| 5.769%, 06/15/57 | 1400000 | &nbsp;&nbsp; 1454353 |
| 6.255%, 09/15/56 | 1558726 | &nbsp;&nbsp; 1625114 |
| 6.260%, 04/15/56 (b) | 1000000 | &nbsp;&nbsp; 1039795 |
| Bank5 Trust |  |  |
| 5.753%, 01/15/58 (b) | 1000000 | &nbsp;&nbsp; 1042741 |
| BBCMS Mortgage Trust |  |  |
| 3.662%, 04/15/55 (b) | 730000 | &nbsp;&nbsp; 673388 |
| 4.600%, 06/15/55 (b) | 2000000 | &nbsp;&nbsp; 1892094 |
| 5.720%, 02/15/62 | 275000 | &nbsp;&nbsp; 289006 |
| 5.829%, 05/15/57 | 350000 | &nbsp;&nbsp; 370871 |
| 5.943%, 05/15/57 (b) | 560000 | &nbsp;&nbsp; 572860 |
| 6.094%, 05/15/57 (b) | 200000 | &nbsp;&nbsp; 210208 |
| Benchmark Mortgage Trust |  |  |
| 2.388%, 09/15/54 | 1150000 | &nbsp;&nbsp; 1005389 |
| 3.666%, 01/15/51 (b) | 915000 | &nbsp;&nbsp; 894870 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Benchmark Mortgage Trust |  |  |
| 6.228%, 05/15/56 (b) | 1050000 | &nbsp;&nbsp; $1106732 |
| 6.363%, 07/15/56 (b) | 2500000 | &nbsp;&nbsp; 2618646 |
| BMO Mortgage Trust |  |  |
| 6.561%, 07/15/57 (b) | 650000 | &nbsp;&nbsp; 687003 |
| CFCRE Commercial Mortgage Trust |  |  |
| 3.585%, 12/10/54 | 787393 | &nbsp;&nbsp; 773266 |
| GS Mortgage Securities Trust |  |  |
| 2.658%, 02/13/53 | 1000000 | &nbsp;&nbsp; 924750 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 2.092%, 07/15/53 | 450000 | &nbsp;&nbsp; 393207 |
| 5.645%, 02/15/58 | 3050000 | &nbsp;&nbsp; 3183077 |
| 6.044%, 02/15/58 (b) | 850000 | &nbsp;&nbsp; 868464 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $25,245,200) <br>|  | &nbsp;&nbsp; 25323796 |
| **Municipals—0.5%** | **Municipals—0.5%** | **Municipals—0.5%** |
| California State Univ. |  |  |
| 2.897%, 11/01/51 | 1310000 | &nbsp;&nbsp; 907674 |
| 5.183%, 11/01/53 | 190000 | &nbsp;&nbsp; 180718 |
| Chicago O'Hare International Airport |  |  |
| 4.572%, 01/01/54 | 395000 | &nbsp;&nbsp; 342873 |
| City of New York NY |  |  |
| 5.828%, 10/01/53 | 1000000 | &nbsp;&nbsp; 1030673 |
| Dallas Fort Worth International Airport |  |  |
| 4.507%, 11/01/51 | 2500000 | &nbsp;&nbsp; 2155870 |
| Louisiana Local Government Environmental Facilities & <br> Community Development Authority<br>|  |  |
| 5.198%, 12/01/39 | 1000000 | &nbsp;&nbsp; 1005328 |
| Municipal Electric Authority of Georgia |  |  |
| 6.637%, 04/01/57 | 1853000 | &nbsp;&nbsp; 2000744 |
| New Jersey Turnpike Authority |  |  |
| 7.414%, 01/01/40 | 1000000 | &nbsp;&nbsp; 1195045 |
| New York City Municipal Water Finance Authority |  |  |
| 5.440%, 06/15/43 | 300000 | &nbsp;&nbsp; 293068 |
| Port Authority of New York & New Jersey |  |  |
| 4.458%, 10/01/62 | 1500000 | &nbsp;&nbsp; 1258737 |
| Regents of the University of California Medical Center Pooled <br> Revenue<br>|  |  |
| 3.006%, 05/15/50 | 1000000 | &nbsp;&nbsp; 644549 |
| State of California, General Obligation Unlimited |  |  |
| 4.500%, 08/01/29 | 3000000 | &nbsp;&nbsp; 3053236 |
| 7.300%, 10/01/39 | 1200000 | &nbsp;&nbsp; 1387871 |
| State of Illinois, General Obligation Unlimited |  |  |
| 5.100%, 06/01/33 | 1073235 | &nbsp;&nbsp; 1076438 |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 | 450000 | &nbsp;&nbsp; 454547 |
| Total Municipals <br>(Cost $18,327,562) <br>|  | &nbsp;&nbsp; 16987371 |
| **Asset-Backed Securities—0.5%** | **Asset-Backed Securities—0.5%** | **Asset-Backed Securities—0.5%** |
| **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** |
| CarMax Auto Owner Trust |  |  |
| 4.480%, 03/15/30 | 1500000 | &nbsp;&nbsp; 1513613 |

---

*See accompanying notes to financial statements.*

**BHFTII-228**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** |
| CarMax Auto Owner Trust |  |  |
| 5.260%, 02/15/29 | 1510000 | &nbsp;&nbsp; $1535379 |
| Carvana Auto Receivables Trust |  |  |
| 5.210%, 06/10/30 | 3000000 | &nbsp;&nbsp; 3056265 |
| Ford Credit Auto Owner Trust |  |  |
| 4.610%, 08/15/29 | 550000 | &nbsp;&nbsp; 554612 |
| Hyundai Auto Receivables Trust |  |  |
| 4.320%, 10/15/29 | 500000 | &nbsp;&nbsp; 500728 |
| Nissan Auto Receivables Owner Trust |  |  |
| 4.350%, 09/15/31 | 1000000 | &nbsp;&nbsp; 1005045 |
| World Omni Automobile Lease Securitization Trust |  |  |
| 4.420%, 04/17/28 | 500000 | &nbsp;&nbsp; 501786 |
| 4.680%, 05/15/30 | 500000 | &nbsp;&nbsp; 500791 |
|  |  | &nbsp;&nbsp; 9168219 |
| **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** |
| American Express Credit Account Master Trust |  |  |
| 4.280%, 04/15/30 | 2100000 | &nbsp;&nbsp; 2111430 |
| 5.150%, 09/15/30 | 2000000 | &nbsp;&nbsp; 2064429 |
| WF Card Issuance Trust |  |  |
| 4.290%, 10/15/29 | 675000 | &nbsp;&nbsp; 677791 |
|  |  | &nbsp;&nbsp; 4853650 |
| **Asset-Backed - Other — 0.1%** | **Asset-Backed - Other — 0.1%** | **Asset-Backed - Other — 0.1%** |
| John Deere Owner Trust |  |  |
| 4.230%, 09/17/29 | 500000 | &nbsp;&nbsp; 500827 |
| Verizon Master Trust |  |  |
| 4.860%, 09/22/31 (144A) | 2000000 | &nbsp;&nbsp; 2011097 |
|  |  | &nbsp;&nbsp; 2511924 |
| Total Asset-Backed Securities <br>(Cost $16,425,194) <br>|  | &nbsp;&nbsp; 16533793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.3%** | **Short-Term Investments—0.3%** | **Short-Term Investments—0.3%** |
| **U.S. Treasury—0.3%** | **U.S. Treasury—0.3%** | **U.S. Treasury—0.3%** |
| U.S. Treasury Bills |  |  |
| Zero Coupon, 07/01/25 (c) | 4200000 | &nbsp;&nbsp; 4199515 |
| 2.768%, 07/03/25 (c) | 8000000 | &nbsp;&nbsp; 7998148 |
| Total Short-Term Investments <br>(Cost $12,198,180) <br>|  | &nbsp;&nbsp; 12197663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—8.6%** | **Securities Lending Reinvestments (d)—8.6%** | **Securities Lending Reinvestments (d)—8.6%** |
| **Certificates of Deposit—2.4%** | **Certificates of Deposit—2.4%** | **Certificates of Deposit—2.4%** |
| Bank of America NA |  |  |
| 4.600%, SOFR + 0.200%, 07/09/25 (b) | 6000000 | &nbsp;&nbsp; 5999994 |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (b) | 2000000 | &nbsp;&nbsp; 1999997 |
| Bank of Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (b) | 3000000 | &nbsp;&nbsp; 2999949 |
| Barclays Bank PLC |  |  |
| 4.600%, SOFR + 0.200%, 10/01/25 (b) | 2000000 | &nbsp;&nbsp; 2000152 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (b) | 4500000 | &nbsp;&nbsp; 4499945 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (b) | 4000000 | &nbsp;&nbsp; $4003744 |
| Credit Agricole SA |  |  |
| Zero Coupon, 08/08/25 | 8000000 | &nbsp;&nbsp; 7962240 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| Zero Coupon, 08/20/25 | 5000000 | &nbsp;&nbsp; 4969050 |
| Zero Coupon, 09/15/25 | 5000000 | &nbsp;&nbsp; 4953150 |
| 4.630%, SOFR + 0.240%, 07/07/25 (b) | 5000000 | &nbsp;&nbsp; 5000010 |
| Mizuho Bank Ltd. |  |  |
| 4.580%, SOFR + 0.180%, 09/11/25 (b) | 2000000 | &nbsp;&nbsp; 1999676 |
| 4.600%, SOFR + 0.200%, 08/19/25 (b) | 2000000 | &nbsp;&nbsp; 1999850 |
| 4.690%, SOFR+ 0.290%, 11/13/25 (b) | 2000000 | &nbsp;&nbsp; 1999992 |
| 4.750%, SOFR + 0.350%, 10/10/25 (b) | 2000000 | &nbsp;&nbsp; 2000440 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 07/11/25 (b) | 2000000 | &nbsp;&nbsp; 2000026 |
| 4.620%, SOFR + 0.220%, 11/21/25 (b) | 3000000 | &nbsp;&nbsp; 3000018 |
| 4.620%, SOFR + 0.220%, 12/15/25 (b) | 5000000 | &nbsp;&nbsp; 4999915 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (b) | 4000000 | &nbsp;&nbsp; 4001744 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.620%, SOFR + 0.230%, 07/30/25 (b) | 3000000 | &nbsp;&nbsp; 3000042 |
| 4.630%, SOFR + 0.240%, 07/09/25 (b) | 5000000 | &nbsp;&nbsp; 5000020 |
| 4.740%, SOFR + 0.350%, 10/14/25 (b) | 3000000 | &nbsp;&nbsp; 3000948 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| Zero Coupon, 08/22/25 | 5000000 | &nbsp;&nbsp; 4967800 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (b) | 5000000 | &nbsp;&nbsp; 4998845 |
|  |  | &nbsp;&nbsp; 87357547 |
| **Commercial Paper—0.7%** | **Commercial Paper—0.7%** | **Commercial Paper—0.7%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (b) | 1000000 | &nbsp;&nbsp; 1000010 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (b) | 4000000 | &nbsp;&nbsp; 3999856 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (b) | 4000000 | &nbsp;&nbsp; 3999804 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 5000000 | &nbsp;&nbsp; 4998135 |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 2000000 | &nbsp;&nbsp; 1997480 |
| Salisbury Receivables Co. LLC |  |  |
| 4.450%, 07/09/25 | 3000000 | &nbsp;&nbsp; 2996595 |
| 4.470%, 07/15/25 | 1000000 | &nbsp;&nbsp; 998110 |
| Westpac Banking Corp. |  |  |
| 4.790%, SOFR+0.400%, 04/10/26 (b) | 3000000 | &nbsp;&nbsp; 3003237 |
|  |  | &nbsp;&nbsp; 24989243 |
| **Repurchase Agreements—5.3%** | **Repurchase Agreements—5.3%** | **Repurchase Agreements—5.3%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $10,001,239; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,130,740<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-229**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $14,001,762; <br> collateralized by various Common Stock with an aggregate <br> market value of $15,583,036<br>| 14000000 | &nbsp;&nbsp; $14000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $5,100,621<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $6,149,420; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $6,273,405<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,002,611; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $4,082,168<br>| 4002124 | &nbsp;&nbsp; 4002124 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $7,000,883; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,805,736<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $5,000,631; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,575,525<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $45,039,900; <br> collateralized by various Common Stock with an aggregate <br> market value of $50,180,528<br>| 45000000 | &nbsp;&nbsp; 45000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due on <br> 07/07/25 with a maturity value of $53,047,302; <br> collateralized by various Common Stock with an aggregate <br> market value of $59,102,936<br>| 53000000 | &nbsp;&nbsp; 53000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $8,035,778; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,890,025<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $15,001,883; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,686,647<br>| 15000000 | &nbsp;&nbsp; 15000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $15,001,846; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,502,031<br>| 15000000 | &nbsp;&nbsp; $15000000 |
|  |  | &nbsp;&nbsp; 187002124 |
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (b) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 6000000 |
| Total Securities Lending Reinvestments <br>(Cost $305,343,498) <br>|  | &nbsp;&nbsp; 305348914 |
| Total Investments—107.8% <br>(Cost $3,976,746,792) <br>|  | &nbsp;&nbsp; 3826743391 |
| Other assets and liabilities (net)—(7.8)%  |  | &nbsp;&nbsp; (276838598)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3549904793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $367,813,820 and the collateral received consisted of cash in the amount of $305,135,218 and non-cash collateral with a value of $77,986,002. 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) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

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

(d) Represents investment of cash collateral received from securities on loan as of June 30, 2025. 

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $4,173,483, which is 0.1% of net assets. 

*See accompanying notes to financial statements.*

**BHFTII-230**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $263375098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100461402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $442 <br>,684526<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184037580 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(247499436)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(247499436)<br>|
| Foreign Government | &nbsp;&nbsp; (12170116)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12170116)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (45465666)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45465666)<br>|
| Total Borrowings | &nbsp;&nbsp; $(305135218)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(305135218)<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; $(305135218)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1614696827 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1614696827 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 893101181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 893101181 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 888455670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 888455670 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 54098176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54098176 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 25323796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25323796 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 16987371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16987371 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 16533793 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16533793 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 12197663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12197663 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 305348914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 305348914 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3826743391 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3826743391 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(305135218)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(305135218)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-231**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $3826743391 |
| Cash | &nbsp;&nbsp; 2017669 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 12638826 |
| Fund shares sold | &nbsp;&nbsp; 6643822 |
| Interest | &nbsp;&nbsp; 28274420 |
| Prepaid expenses | &nbsp;&nbsp; 28578 |
| Total Assets | &nbsp;&nbsp; 3876346706 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 305135218 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 17230323 |
| Fund shares redeemed | &nbsp;&nbsp; 2487551 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 678946 |
| Distribution and service fees | &nbsp;&nbsp; 175514 |
| Deferred trustees' fees | &nbsp;&nbsp; 213379 |
| Other expenses | &nbsp;&nbsp; 520982 |
| Total Liabilities | &nbsp;&nbsp; 326441913 |
| **Net Assets**  | &nbsp;&nbsp; $3549904793 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3821869976 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (271965183)<br>|
| **Net Assets**  | &nbsp;&nbsp; $3549904793 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2729397940 |
| Class B | &nbsp;&nbsp; 490220012 |
| Class E | &nbsp;&nbsp; 32646102 |
| Class G | &nbsp;&nbsp; 297640739 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 287973428 |
| Class B | &nbsp;&nbsp; 52944388 |
| Class E | &nbsp;&nbsp; 3462215 |
| Class G | &nbsp;&nbsp; 32310477 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.48 |
| Class B | 9.26 |
| Class E | 9.43 |
| Class G | 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 $3,976,746,792.

(b) Includes securities loaned at value of $367,813,820.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $73292344 |
| Securities lending income | &nbsp;&nbsp; 320799 |
| Total investment income | &nbsp;&nbsp; 73613143 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4427640 |
| Administration fees | &nbsp;&nbsp; 78570 |
| Custodian and accounting fees | &nbsp;&nbsp; 96949 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 620725 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 25048 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 450849 |
| Audit and tax services | &nbsp;&nbsp; 37071 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 66791 |
| Insurance | &nbsp;&nbsp; 7771 |
| Miscellaneous | &nbsp;&nbsp; 10376 |
| Total expenses | &nbsp;&nbsp; 5864556 |
| Less management fee waiver | &nbsp;&nbsp; (217841)<br>|
| Net expenses | &nbsp;&nbsp; 5646715 |
| **Net Investment Income** | &nbsp;&nbsp; 67966428 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (13462073) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 85124354 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 71662281 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $139628709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $2,274.

*See accompanying notes to financial statements.*

**BHFTII-232**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $67966428 | &nbsp;&nbsp; $64523475 |
| Net realized gain (loss) | &nbsp;&nbsp; (13462073)<br>| &nbsp;&nbsp; (26311257)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 85124354 | &nbsp;&nbsp; (29367520)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 139628709 | &nbsp;&nbsp; 8844698 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (55823894)<br>| &nbsp;&nbsp; (30762993)<br>|
| Class B | &nbsp;&nbsp; (8850217)<br>| &nbsp;&nbsp; (15611186)<br>|
| Class E | &nbsp;&nbsp; (614306)<br>| &nbsp;&nbsp; (1048505)<br>|
| Class G | &nbsp;&nbsp; (5300544)<br>| &nbsp;&nbsp; (9086954)<br>|
| **Total distributions** | &nbsp;&nbsp; (70588961)<br>| &nbsp;&nbsp; (56509638)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (250912457)<br>| &nbsp;&nbsp; 1863807073 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (181872709)<br>| &nbsp;&nbsp; 1816142133 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3731777502 | &nbsp;&nbsp; 1915635369 |
| End of period | &nbsp;&nbsp; $3549904793 | &nbsp;&nbsp; $3731777502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 17061918 | &nbsp;&nbsp; $162217074 | &nbsp;&nbsp; 209594018 | &nbsp;&nbsp; $1957940046 |
| Reinvestments | &nbsp;&nbsp; 5964091 | &nbsp;&nbsp; 55823894 | &nbsp;&nbsp; 3354743 | &nbsp;&nbsp; 30762993 |
| Redemptions | &nbsp;&nbsp; (43450545)<br>| &nbsp;&nbsp; (412013632)<br>| &nbsp;&nbsp; (10209170)<br>| &nbsp;&nbsp; (95856741)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (20424536)<br>| &nbsp;&nbsp; $(193972664)<br>| &nbsp;&nbsp; 202739591 | &nbsp;&nbsp; $1892846298 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 927513 | &nbsp;&nbsp; $8552369 | &nbsp;&nbsp; 3609193 | &nbsp;&nbsp; $33014352 |
| Reinvestments | &nbsp;&nbsp; 968295 | &nbsp;&nbsp; 8850217 | &nbsp;&nbsp; 1742320 | &nbsp;&nbsp; 15611186 |
| Redemptions | &nbsp;&nbsp; (5740872)<br>| &nbsp;&nbsp; (53083761)<br>| &nbsp;&nbsp; (8242317)<br>| &nbsp;&nbsp; (75641582)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3845064)<br>| &nbsp;&nbsp; $(35681175)<br>| &nbsp;&nbsp; (2890804)<br>| &nbsp;&nbsp; $(27016044)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 29001 | &nbsp;&nbsp; $270811 | &nbsp;&nbsp; 296501 | &nbsp;&nbsp; $2756490 |
| Reinvestments | &nbsp;&nbsp; 65983 | &nbsp;&nbsp; 614306 | &nbsp;&nbsp; 114968 | &nbsp;&nbsp; 1048505 |
| Redemptions | &nbsp;&nbsp; (392180)<br>| &nbsp;&nbsp; (3692185)<br>| &nbsp;&nbsp; (508388)<br>| &nbsp;&nbsp; (4739980)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (297196)<br>| &nbsp;&nbsp; $(2807068)<br>| &nbsp;&nbsp; (96919)<br>| &nbsp;&nbsp; $(934985)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 829713 | &nbsp;&nbsp; $7599309 | &nbsp;&nbsp; 2623393 | &nbsp;&nbsp; $23899736 |
| Reinvestments | &nbsp;&nbsp; 582477 | &nbsp;&nbsp; 5300544 | &nbsp;&nbsp; 1019860 | &nbsp;&nbsp; 9086954 |
| Redemptions | &nbsp;&nbsp; (3410916)<br>| &nbsp;&nbsp; (31351403)<br>| &nbsp;&nbsp; (3730610)<br>| &nbsp;&nbsp; (34074886)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1998726)<br>| &nbsp;&nbsp; $(18451550)<br>| &nbsp;&nbsp; (87357)<br>| &nbsp;&nbsp; $(1088196)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(250912457)<br>|  | &nbsp;&nbsp; $1863807073 |

---

*See accompanying notes to financial statements.*

**BHFTII-233**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $11.10 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Total income (loss) from investment operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.35)<br>|
| Total distributions | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $11.55 |
| **Total Return (%)** (b) | 3.97 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp; (13.09)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.21 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.27 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net ratio of expenses to average net assets (%) (e) | 0.26 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Ratio of net investment income (loss) to average net assets (%) | 3.90 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2729.4 | &nbsp;&nbsp; $2871.0 | &nbsp;&nbsp; $1006.1 | &nbsp;&nbsp; $1091.7 | &nbsp;&nbsp; $1469.1 | &nbsp;&nbsp; $1613.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $10.85 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Total income (loss) from investment operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.32)<br>|
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.26 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $11.29 |
| **Total Return (%)** (b) | 3.78 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.01 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.52 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net ratio of expenses to average net assets (%) (e) | 0.51 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Ratio of net investment income (loss) to average net assets (%) | 3.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $490.2 | &nbsp;&nbsp; $515.9 | &nbsp;&nbsp; $554.8 | &nbsp;&nbsp; $566.9 | &nbsp;&nbsp; $755.3 | &nbsp;&nbsp; $793.0 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-234**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.26 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.03 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Total income (loss) from investment operations | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.26 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $11.48 |
| **Total Return (%)** (b) | 3.93 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp; (13.25)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.10 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.42 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net ratio of expenses to average net assets (%) (e) | 0.41 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Ratio of net investment income (loss) to average net assets (%) | 3.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $32.6 | &nbsp;&nbsp; $34.8 | &nbsp;&nbsp; $36.5 | &nbsp;&nbsp; $37.6 | &nbsp;&nbsp; $48.2 | &nbsp;&nbsp; $49.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $11.24 | &nbsp;&nbsp; $10.81 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 0.18 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Total income (loss) from investment operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $11.24 |
| **Total Return (%)** (b) | 3.75 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp; (13.33)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.57 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (e) | 0.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 3.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $297.6 | &nbsp;&nbsp; $310.1 | &nbsp;&nbsp; $318.2 | &nbsp;&nbsp; $309.9 | &nbsp;&nbsp; $383.5 | &nbsp;&nbsp; $390.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-235**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—96.5% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| ATI, Inc. (a) | 54382 | &nbsp;&nbsp; $4695342 |
| BWX Technologies, Inc.  | 35220 | &nbsp;&nbsp; 5073793 |
| Curtiss-Wright Corp.  | 14530 | &nbsp;&nbsp; 7098632 |
| Hexcel Corp.  | 30998 | &nbsp;&nbsp; 1751077 |
| Woodward, Inc.  | 22938 | &nbsp;&nbsp; 5621874 |
|  |  | &nbsp;&nbsp; 24240718 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc. (a) | 44108 | &nbsp;&nbsp; 2148060 |
| **Automobile Components — 0.8%** | **Automobile Components — 0.8%** | **Automobile Components — 0.8%** |
| Autoliv, Inc.  | 27417 | &nbsp;&nbsp; 3067962 |
| Gentex Corp. (b) | 86662 | &nbsp;&nbsp; 1905697 |
| Goodyear Tire & Rubber Co. (a) | 110139 | &nbsp;&nbsp; 1142142 |
| Lear Corp.  | 20610 | &nbsp;&nbsp; 1957538 |
| Visteon Corp. (a) | 10508 | &nbsp;&nbsp; 980396 |
|  |  | &nbsp;&nbsp; 9053735 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Harley-Davidson, Inc. (b) | 42150 | &nbsp;&nbsp; 994740 |
| Thor Industries, Inc. (b) | 20510 | &nbsp;&nbsp; 1821493 |
|  |  | &nbsp;&nbsp; 2816233 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| Associated Banc-Corp.  | 62967 | &nbsp;&nbsp; 1535765 |
| Bank OZK (b) | 40729 | &nbsp;&nbsp; 1916707 |
| Cadence Bank | 71849 | &nbsp;&nbsp; 2297731 |
| Columbia Banking System, Inc.  | 81033 | &nbsp;&nbsp; 1894552 |
| Comerica, Inc.  | 50660 | &nbsp;&nbsp; 3021869 |
| Commerce Bancshares, Inc.  | 46807 | &nbsp;&nbsp; 2909991 |
| Cullen/Frost Bankers, Inc.  | 24783 | &nbsp;&nbsp; 3185607 |
| East West Bancorp, Inc.  | 53132 | &nbsp;&nbsp; 5365269 |
| First Financial Bankshares, Inc.  | 49631 | &nbsp;&nbsp; 1785723 |
| First Horizon Corp.  | 195539 | &nbsp;&nbsp; 4145427 |
| Flagstar Financial, Inc. (b) | 116810 | &nbsp;&nbsp; 1238186 |
| FNB Corp.  | 138706 | &nbsp;&nbsp; 2022334 |
| Glacier Bancorp, Inc. (b) | 45635 | &nbsp;&nbsp; 1965956 |
| Hancock Whitney Corp.  | 33015 | &nbsp;&nbsp; 1895061 |
| Home BancShares, Inc.  | 70794 | &nbsp;&nbsp; 2014797 |
| International Bancshares Corp.  | 20602 | &nbsp;&nbsp; 1371269 |
| Old National Bancorp (b) | 125495 | &nbsp;&nbsp; 2678063 |
| Pinnacle Financial Partners, Inc.  | 29635 | &nbsp;&nbsp; 3272000 |
| Prosperity Bancshares, Inc.  | 36731 | &nbsp;&nbsp; 2579985 |
| SouthState Corp.  | 37952 | &nbsp;&nbsp; 3492723 |
| Synovus Financial Corp.  | 53589 | &nbsp;&nbsp; 2773231 |
| Texas Capital Bancshares, Inc. (a) | 17695 | &nbsp;&nbsp; 1404983 |
| UMB Financial Corp.  | 27511 | &nbsp;&nbsp; 2893057 |
| United Bankshares, Inc.  | 54633 | &nbsp;&nbsp; 1990280 |
| Valley National Bancorp | 183611 | &nbsp;&nbsp; 1639646 |
| Webster Financial Corp.  | 64852 | &nbsp;&nbsp; 3540919 |
| Western Alliance Bancorp | 42021 | &nbsp;&nbsp; 3276798 |
| Wintrust Financial Corp.  | 25802 | &nbsp;&nbsp; 3198932 |
| Zions Bancorp NA | 56889 | &nbsp;&nbsp; 2954815 |
|  |  | &nbsp;&nbsp; 74261676 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Boston Beer Co., Inc. - Class A (a) | 3174 | &nbsp;&nbsp; $605631 |
| Celsius Holdings, Inc. (a) | 60609 | &nbsp;&nbsp; 2811651 |
| Coca-Cola Consolidated, Inc.  | 22598 | &nbsp;&nbsp; 2523067 |
|  |  | &nbsp;&nbsp; 5940349 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| BioMarin Pharmaceutical, Inc. (a) | 73930 | &nbsp;&nbsp; 4063932 |
| Cytokinetics, Inc. (a) (b) | 46039 | &nbsp;&nbsp; 1521128 |
| Exelixis, Inc. (a) | 105129 | &nbsp;&nbsp; 4633561 |
| Halozyme Therapeutics, Inc. (a) | 47502 | &nbsp;&nbsp; 2471054 |
| Neurocrine Biosciences, Inc. (a) | 38152 | &nbsp;&nbsp; 4795325 |
| Roivant Sciences Ltd. (a) (b) | 162294 | &nbsp;&nbsp; 1829053 |
| Sarepta Therapeutics, Inc. (a) | 37886 | &nbsp;&nbsp; 647851 |
| United Therapeutics Corp. (a) | 17389 | &nbsp;&nbsp; 4996729 |
|  |  | &nbsp;&nbsp; 24958633 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Macy's, Inc.  | 107391 | &nbsp;&nbsp; 1252179 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 23671 | &nbsp;&nbsp; 3119364 |
|  |  | &nbsp;&nbsp; 4371543 |
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| AAON, Inc. (b) | 26034 | &nbsp;&nbsp; 1920007 |
| Advanced Drainage Systems, Inc.  | 27217 | &nbsp;&nbsp; 3126145 |
| Carlisle Cos., Inc. (b) | 16636 | &nbsp;&nbsp; 6211882 |
| Fortune Brands Innovations, Inc.  | 46360 | &nbsp;&nbsp; 2386613 |
| Owens Corning | 32788 | &nbsp;&nbsp; 4509006 |
| Simpson Manufacturing Co., Inc.  | 16125 | &nbsp;&nbsp; 2504374 |
| Trex Co., Inc. (a) (b) | 41336 | &nbsp;&nbsp; 2247852 |
| UFP Industries, Inc.  | 23282 | &nbsp;&nbsp; 2313299 |
|  |  | &nbsp;&nbsp; 25219178 |
| **Capital Markets — 3.7%** | **Capital Markets — 3.7%** | **Capital Markets — 3.7%** |
| Affiliated Managers Group, Inc.  | 10960 | &nbsp;&nbsp; 2156599 |
| Carlyle Group, Inc.  | 82139 | &nbsp;&nbsp; 4221945 |
| Evercore, Inc. - Class A | 13860 | &nbsp;&nbsp; 3742477 |
| Federated Hermes, Inc.  | 29088 | &nbsp;&nbsp; 1289180 |
| Hamilton Lane, Inc. - Class A | 16707 | &nbsp;&nbsp; 2374399 |
| Houlihan Lokey, Inc.  | 20736 | &nbsp;&nbsp; 3731443 |
| Interactive Brokers Group, Inc. - Class A | 168016 | &nbsp;&nbsp; 9309766 |
| Janus Henderson Group PLC | 48591 | &nbsp;&nbsp; 1887274 |
| Jefferies Financial Group, Inc.  | 62814 | &nbsp;&nbsp; 3435298 |
| Morningstar, Inc.  | 10261 | &nbsp;&nbsp; 3221236 |
| SEI Investments Co. (b) | 36472 | &nbsp;&nbsp; 3277374 |
| Stifel Financial Corp.  | 39601 | &nbsp;&nbsp; 4109792 |
|  |  | &nbsp;&nbsp; 42756783 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ashland, Inc.  | 17615 | &nbsp;&nbsp; 885682 |
| Avient Corp.  | 35286 | &nbsp;&nbsp; 1140091 |
| Axalta Coating Systems Ltd. (a) | 84255 | &nbsp;&nbsp; 2501531 |
| Cabot Corp.  | 20710 | &nbsp;&nbsp; 1553250 |
| NewMarket Corp.  | 2910 | &nbsp;&nbsp; 2010403 |
| Olin Corp.  | 44385 | &nbsp;&nbsp; 891695 |
| RPM International, Inc.  | 49507 | &nbsp;&nbsp; 5437849 |

---

*See accompanying notes to financial statements.*

**BHFTII-236**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Scotts Miracle-Gro Co.  | 16686 | &nbsp;&nbsp; $1100608 |
| Westlake Corp.  | 12853 | &nbsp;&nbsp; 975928 |
|  |  | &nbsp;&nbsp; 16497037 |
| **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** |
| Brink's Co.  | 16191 | &nbsp;&nbsp; 1445694 |
| Clean Harbors, Inc. (a) | 19416 | &nbsp;&nbsp; 4488591 |
| MSA Safety, Inc.  | 15153 | &nbsp;&nbsp; 2538582 |
| RB Global, Inc.  | 71392 | &nbsp;&nbsp; 7581117 |
| Tetra Tech, Inc.  | 101581 | &nbsp;&nbsp; 3652853 |
|  |  | &nbsp;&nbsp; 19706837 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Ciena Corp. (a) | 54797 | &nbsp;&nbsp; 4456640 |
| Lumentum Holdings, Inc. (a) (b) | 26754 | &nbsp;&nbsp; 2543235 |
|  |  | &nbsp;&nbsp; 6999875 |
| **Construction & Engineering — 3.2%** | **Construction & Engineering — 3.2%** | **Construction & Engineering — 3.2%** |
| AECOM | 51002 | &nbsp;&nbsp; 5756086 |
| API Group Corp. (a) | 93915 | &nbsp;&nbsp; 4794361 |
| Comfort Systems USA, Inc.  | 13569 | &nbsp;&nbsp; 7275833 |
| EMCOR Group, Inc.  | 17255 | &nbsp;&nbsp; 9229527 |
| Fluor Corp. (a) | 63478 | &nbsp;&nbsp; 3254517 |
| MasTec, Inc. (a) | 23634 | &nbsp;&nbsp; 4027942 |
| Valmont Industries, Inc.  | 7738 | &nbsp;&nbsp; 2526999 |
|  |  | &nbsp;&nbsp; 36865265 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Eagle Materials, Inc. (b) | 12833 | &nbsp;&nbsp; 2593678 |
| Knife River Corp. (a) | 21839 | &nbsp;&nbsp; 1782936 |
|  |  | &nbsp;&nbsp; 4376614 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| Ally Financial, Inc.  | 106575 | &nbsp;&nbsp; 4151096 |
| FirstCash Holdings, Inc.  | 14879 | &nbsp;&nbsp; 2010748 |
| SLM Corp. (b) | 80900 | &nbsp;&nbsp; 2652711 |
|  |  | &nbsp;&nbsp; 8814555 |
| **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** |
| Albertsons Cos., Inc. - Class A | 155367 | &nbsp;&nbsp; 3341944 |
| BJ's Wholesale Club Holdings, Inc. (a) | 50906 | &nbsp;&nbsp; 5489194 |
| Casey's General Stores, Inc.  | 14310 | &nbsp;&nbsp; 7301964 |
| Maplebear, Inc. (a) | 63323 | &nbsp;&nbsp; 2864733 |
| Performance Food Group Co. (a) | 60173 | &nbsp;&nbsp; 5263332 |
| Sprouts Farmers Market, Inc. (a) | 37725 | &nbsp;&nbsp; 6211044 |
| U.S. Foods Holding Corp. (a) | 89186 | &nbsp;&nbsp; 6868214 |
|  |  | &nbsp;&nbsp; 37340425 |
| **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** | **Containers & Packaging — 1.3%** |
| AptarGroup, Inc.  | 25459 | &nbsp;&nbsp; 3982551 |
| Crown Holdings, Inc.  | 44357 | &nbsp;&nbsp; 4567884 |
| Graphic Packaging Holding Co. (b) | 116327 | &nbsp;&nbsp; 2451010 |
| Greif, Inc. - Class A | 10063 | &nbsp;&nbsp; 653994 |
| Silgan Holdings, Inc.  | 31347 | &nbsp;&nbsp; 1698381 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** |
| Sonoco Products Co.  | 38021 | &nbsp;&nbsp; $1656195 |
|  |  | &nbsp;&nbsp; 15010015 |
| **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** |
| Duolingo, Inc. (a) | 15136 | &nbsp;&nbsp; 6206063 |
| Graham Holdings Co. - Class B | 1310 | &nbsp;&nbsp; 1239483 |
| Grand Canyon Education, Inc. (a) | 10783 | &nbsp;&nbsp; 2037987 |
| H&R Block, Inc.  | 51611 | &nbsp;&nbsp; 2832928 |
| Service Corp. International | 54879 | &nbsp;&nbsp; 4467150 |
|  |  | &nbsp;&nbsp; 16783611 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| WP Carey, Inc.  | 84415 | &nbsp;&nbsp; 5265808 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| Frontier Communications Parent, Inc. (a) | 85859 | &nbsp;&nbsp; 3125268 |
| Iridium Communications, Inc. (b) | 41695 | &nbsp;&nbsp; 1257938 |
|  |  | &nbsp;&nbsp; 4383206 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| ALLETE, Inc.  | 22321 | &nbsp;&nbsp; 1430107 |
| IDACORP, Inc.  | 20825 | &nbsp;&nbsp; 2404246 |
| OGE Energy Corp.  | 77613 | &nbsp;&nbsp; 3444465 |
| Portland General Electric Co.  | 42217 | &nbsp;&nbsp; 1715277 |
| TXNM Energy, Inc.  | 35720 | &nbsp;&nbsp; 2011750 |
|  |  | &nbsp;&nbsp; 11005845 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Acuity, Inc. (b) | 11799 | &nbsp;&nbsp; 3520114 |
| EnerSys | 15199 | &nbsp;&nbsp; 1303618 |
| NEXTracker, Inc. - Class A (a) | 55400 | &nbsp;&nbsp; 3012098 |
| nVent Electric PLC | 63467 | &nbsp;&nbsp; 4648958 |
| Regal Rexnord Corp.  | 25573 | &nbsp;&nbsp; 3707062 |
| Sensata Technologies Holding PLC | 56395 | &nbsp;&nbsp; 1698053 |
|  |  | &nbsp;&nbsp; 17889903 |
| **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** |
| Arrow Electronics, Inc. (a) | 19998 | &nbsp;&nbsp; 2548345 |
| Avnet, Inc.  | 32327 | &nbsp;&nbsp; 1715917 |
| Belden, Inc.  | 15226 | &nbsp;&nbsp; 1763171 |
| Cognex Corp.  | 64712 | &nbsp;&nbsp; 2052665 |
| Coherent Corp. (a) | 59923 | &nbsp;&nbsp; 5345731 |
| Crane NXT Co. (b) | 19018 | &nbsp;&nbsp; 1025070 |
| Fabrinet (a) (b) | 13813 | &nbsp;&nbsp; 4070415 |
| Flex Ltd. (a) | 147687 | &nbsp;&nbsp; 7372535 |
| IPG Photonics Corp. (a) | 10166 | &nbsp;&nbsp; 697896 |
| Littelfuse, Inc.  | 9528 | &nbsp;&nbsp; 2160283 |
| Novanta, Inc. (a) | 13867 | &nbsp;&nbsp; 1787872 |
| TD SYNNEX Corp. (b) | 28793 | &nbsp;&nbsp; 3907210 |
| Vontier Corp.  | 57015 | &nbsp;&nbsp; 2103854 |
|  |  | &nbsp;&nbsp; 36550964 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| ChampionX Corp.  | 73799 | &nbsp;&nbsp; 1833167 |
| NOV, Inc.  | 144848 | &nbsp;&nbsp; 1800461 |

---

*See accompanying notes to financial statements.*

**BHFTII-237**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Energy Equipment & Services—(Continued)** | **Energy Equipment & Services—(Continued)** | **Energy Equipment & Services—(Continued)** |
| Valaris Ltd. (a) | 25205 | &nbsp;&nbsp; $1061382 |
| Weatherford International PLC | 27970 | &nbsp;&nbsp; 1407171 |
|  |  | &nbsp;&nbsp; 6102181 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Warner Music Group Corp. - Class A | 56239 | &nbsp;&nbsp; 1531950 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| Equitable Holdings, Inc.  | 117152 | &nbsp;&nbsp; 6572227 |
| Essent Group Ltd.  | 39090 | &nbsp;&nbsp; 2373936 |
| Euronet Worldwide, Inc. (a) | 15671 | &nbsp;&nbsp; 1588726 |
| MGIC Investment Corp.  | 91532 | &nbsp;&nbsp; 2548251 |
| Shift4 Payments, Inc. - Class A (a) (b) | 26010 | &nbsp;&nbsp; 2577851 |
| Voya Financial, Inc.  | 37121 | &nbsp;&nbsp; 2635591 |
| Western Union Co.  | 127418 | &nbsp;&nbsp; 1072859 |
| WEX, Inc. (a) | 13202 | &nbsp;&nbsp; 1939242 |
|  |  | &nbsp;&nbsp; 21308683 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Darling Ingredients, Inc. (a) | 60970 | &nbsp;&nbsp; 2313202 |
| Flowers Foods, Inc. (b) | 75696 | &nbsp;&nbsp; 1209622 |
| Ingredion, Inc.  | 24792 | &nbsp;&nbsp; 3362291 |
| Lancaster Colony Corp.  | 7440 | &nbsp;&nbsp; 1285409 |
| Pilgrim's Pride Corp. (b) | 15539 | &nbsp;&nbsp; 698944 |
| Post Holdings, Inc. (a) (b) | 17399 | &nbsp;&nbsp; 1897013 |
|  |  | &nbsp;&nbsp; 10766481 |
| **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** |
| National Fuel Gas Co.  | 34831 | &nbsp;&nbsp; 2950534 |
| New Jersey Resources Corp.  | 38693 | &nbsp;&nbsp; 1734220 |
| ONE Gas, Inc. (b) | 23103 | &nbsp;&nbsp; 1660182 |
| Southwest Gas Holdings, Inc.  | 23287 | &nbsp;&nbsp; 1732320 |
| Spire, Inc.  | 22751 | &nbsp;&nbsp; 1660595 |
| UGI Corp. (b) | 82667 | &nbsp;&nbsp; 3010732 |
|  |  | &nbsp;&nbsp; 12748583 |
| **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| Avis Budget Group, Inc. (a) (b) | 6512 | &nbsp;&nbsp; 1100854 |
| Knight-Swift Transportation Holdings, Inc.  | 62470 | &nbsp;&nbsp; 2763048 |
| Landstar System, Inc. (b) | 13472 | &nbsp;&nbsp; 1872878 |
| Ryder System, Inc.  | 15937 | &nbsp;&nbsp; 2533983 |
| Saia, Inc. (a) (c) | 10268 | &nbsp;&nbsp; 2813329 |
| XPO, Inc. (a) (b) | 45415 | &nbsp;&nbsp; 5735460 |
|  |  | &nbsp;&nbsp; 16819552 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Dentsply Sirona, Inc.  | 76828 | &nbsp;&nbsp; 1220029 |
| Envista Holdings Corp. (a) | 65337 | &nbsp;&nbsp; 1276685 |
| Globus Medical, Inc. - Class A (a) | 43542 | &nbsp;&nbsp; 2569849 |
| Haemonetics Corp. (a) | 19366 | &nbsp;&nbsp; 1444897 |
| Lantheus Holdings, Inc. (a) | 26671 | &nbsp;&nbsp; 2183288 |
| LivaNova PLC (a) (b) | 21019 | &nbsp;&nbsp; 946275 |
| Masimo Corp. (a) (b) | 17348 | &nbsp;&nbsp; 2918281 |
| Penumbra, Inc. (a) | 14929 | &nbsp;&nbsp; 3831229 |
|  |  | &nbsp;&nbsp; 16390533 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| Acadia Healthcare Co., Inc. (a) (b) | 35513 | &nbsp;&nbsp; $805790 |
| Amedisys, Inc. (a) | 12625 | &nbsp;&nbsp; 1242174 |
| Chemed Corp.  | 5640 | &nbsp;&nbsp; 2746285 |
| Encompass Health Corp.  | 38857 | &nbsp;&nbsp; 4765034 |
| Ensign Group, Inc. (b) | 22001 | &nbsp;&nbsp; 3393874 |
| HealthEquity, Inc. (a) | 33396 | &nbsp;&nbsp; 3498565 |
| Hims & Hers Health, Inc. (a) (b) | 75582 | &nbsp;&nbsp; 3767763 |
| Option Care Health, Inc. (a) | 63124 | &nbsp;&nbsp; 2050267 |
| Tenet Healthcare Corp. (a) | 35808 | &nbsp;&nbsp; 6302208 |
|  |  | &nbsp;&nbsp; 28571960 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Healthcare Realty Trust, Inc. (b) | 135474 | &nbsp;&nbsp; 2148618 |
| Omega Healthcare Investors, Inc.  | 111562 | &nbsp;&nbsp; 4088747 |
| Sabra Health Care REIT, Inc. (b) | 91725 | &nbsp;&nbsp; 1691409 |
|  |  | &nbsp;&nbsp; 7928774 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| Doximity, Inc. - Class A (a) | 51465 | &nbsp;&nbsp; 3156863 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Park Hotels & Resorts, Inc.  | 77058 | &nbsp;&nbsp; 788303 |
| **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** |
| Aramark (b) | 101029 | &nbsp;&nbsp; 4230084 |
| Boyd Gaming Corp.  | 23535 | &nbsp;&nbsp; 1841143 |
| Cava Group, Inc. (a) | 31657 | &nbsp;&nbsp; 2666469 |
| Choice Hotels International, Inc. (b) | 8523 | &nbsp;&nbsp; 1081398 |
| Churchill Downs, Inc.  | 27845 | &nbsp;&nbsp; 2812345 |
| Hilton Grand Vacations, Inc. (a) (b) | 22262 | &nbsp;&nbsp; 924541 |
| Hyatt Hotels Corp. - Class A | 16170 | &nbsp;&nbsp; 2258141 |
| Light & Wonder, Inc. (a) | 32528 | &nbsp;&nbsp; 3131145 |
| Marriott Vacations Worldwide Corp.  | 12248 | &nbsp;&nbsp; 885653 |
| Planet Fitness, Inc. - Class A (a) | 32325 | &nbsp;&nbsp; 3525041 |
| Texas Roadhouse, Inc.  | 25575 | &nbsp;&nbsp; 4793011 |
| Travel & Leisure Co.  | 25603 | &nbsp;&nbsp; 1321371 |
| Vail Resorts, Inc. (b) | 14394 | &nbsp;&nbsp; 2261729 |
| Wendy's Co. (b) | 62182 | &nbsp;&nbsp; 710119 |
| Wingstop, Inc. (b) | 10757 | &nbsp;&nbsp; 3622312 |
| Wyndham Hotels & Resorts, Inc.  | 29683 | &nbsp;&nbsp; 2410556 |
|  |  | &nbsp;&nbsp; 38475058 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| KB Home (b) | 27653 | &nbsp;&nbsp; 1464779 |
| Somnigroup International, Inc. (b) | 79606 | &nbsp;&nbsp; 5417188 |
| Taylor Morrison Home Corp. (a) | 38692 | &nbsp;&nbsp; 2376463 |
| Toll Brothers, Inc.  | 38333 | &nbsp;&nbsp; 4374945 |
| TopBuild Corp. (a) (b) | 10955 | &nbsp;&nbsp; 3546572 |
| Whirlpool Corp. (b) | 21438 | &nbsp;&nbsp; 2174242 |
|  |  | &nbsp;&nbsp; 19354189 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Ormat Technologies, Inc. (b) | 22216 | &nbsp;&nbsp; 1860812 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| EastGroup Properties, Inc.  | 20216 | &nbsp;&nbsp; 3378498 |

---

*See accompanying notes to financial statements.*

**BHFTII-238**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** |
| First Industrial Realty Trust, Inc.  | 51039 | &nbsp;&nbsp; $2456507 |
| Rexford Industrial Realty, Inc. (b) | 91026 | &nbsp;&nbsp; 3237795 |
| STAG Industrial, Inc.  | 71941 | &nbsp;&nbsp; 2610019 |
|  |  | &nbsp;&nbsp; 11682819 |
| **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** |
| American Financial Group, Inc.  | 27689 | &nbsp;&nbsp; 3494629 |
| Brighthouse Financial, Inc. (a) (d) | 22131 | &nbsp;&nbsp; 1189984 |
| CNO Financial Group, Inc.  | 38219 | &nbsp;&nbsp; 1474489 |
| Fidelity National Financial, Inc.  | 100580 | &nbsp;&nbsp; 5638515 |
| First American Financial Corp.  | 39668 | &nbsp;&nbsp; 2435218 |
| Hanover Insurance Group, Inc.  | 13846 | &nbsp;&nbsp; 2352020 |
| Kemper Corp.  | 23190 | &nbsp;&nbsp; 1496682 |
| Kinsale Capital Group, Inc. (b) | 8537 | &nbsp;&nbsp; 4131054 |
| Old Republic International Corp.  | 87659 | &nbsp;&nbsp; 3369612 |
| Primerica, Inc.  | 12667 | &nbsp;&nbsp; 3466578 |
| Reinsurance Group of America, Inc.  | 25477 | &nbsp;&nbsp; 5053618 |
| RenaissanceRe Holdings Ltd.  | 18755 | &nbsp;&nbsp; 4555589 |
| RLI Corp. (b) | 32194 | &nbsp;&nbsp; 2325051 |
| Ryan Specialty Holdings, Inc. (b) | 41498 | &nbsp;&nbsp; 2821449 |
| Selective Insurance Group, Inc.  | 23428 | &nbsp;&nbsp; 2030036 |
| Unum Group | 61839 | &nbsp;&nbsp; 4994118 |
|  |  | &nbsp;&nbsp; 50828642 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| ZoomInfo Technologies, Inc. (a) | 100168 | &nbsp;&nbsp; 1013700 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| ASGN, Inc. (a) (b) | 16885 | &nbsp;&nbsp; 843068 |
| Kyndryl Holdings, Inc. (a) | 89704 | &nbsp;&nbsp; 3763980 |
| Okta, Inc. (a) | 64441 | &nbsp;&nbsp; 6442167 |
|  |  | &nbsp;&nbsp; 11049215 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Brunswick Corp.  | 25320 | &nbsp;&nbsp; 1398677 |
| Mattel, Inc. (a) | 124478 | &nbsp;&nbsp; 2454706 |
| Polaris, Inc.  | 20364 | &nbsp;&nbsp; 827797 |
| YETI Holdings, Inc. (a) | 31925 | &nbsp;&nbsp; 1006276 |
|  |  | &nbsp;&nbsp; 5687456 |
| **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |
| Avantor, Inc. (a) | 262693 | &nbsp;&nbsp; 3535848 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 7170 | &nbsp;&nbsp; 1730264 |
| Bruker Corp.  | 42643 | &nbsp;&nbsp; 1756892 |
| Illumina, Inc. (a) (b) | 61025 | &nbsp;&nbsp; 5822395 |
| Medpace Holdings, Inc. (a) (b) | 9086 | &nbsp;&nbsp; 2851732 |
| Repligen Corp. (a) | 20143 | &nbsp;&nbsp; 2505386 |
| Sotera Health Co. (a) (b) | 59090 | &nbsp;&nbsp; 657081 |
|  |  | &nbsp;&nbsp; 18859598 |
| **Machinery — 5.0%** | **Machinery — 5.0%** | **Machinery — 5.0%** |
| AGCO Corp. (b) | 23864 | &nbsp;&nbsp; 2461810 |
| Chart Industries, Inc. (a) | 17323 | &nbsp;&nbsp; 2852232 |
| CNH Industrial NV | 337161 | &nbsp;&nbsp; 4369607 |
| Crane Co.  | 18841 | &nbsp;&nbsp; 3577717 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Donaldson Co., Inc.  | 46074 | &nbsp;&nbsp; $3195232 |
| Esab Corp.  | 21968 | &nbsp;&nbsp; 2648242 |
| Flowserve Corp.  | 50396 | &nbsp;&nbsp; 2638231 |
| Graco, Inc.  | 64430 | &nbsp;&nbsp; 5539047 |
| ITT, Inc.  | 30339 | &nbsp;&nbsp; 4758065 |
| Lincoln Electric Holdings, Inc.  | 21521 | &nbsp;&nbsp; 4461734 |
| Middleby Corp. (a) (b) | 20617 | &nbsp;&nbsp; 2968848 |
| Mueller Industries, Inc.  | 42655 | &nbsp;&nbsp; 3389793 |
| Oshkosh Corp.  | 24816 | &nbsp;&nbsp; 2817609 |
| RBC Bearings, Inc. (a) | 12084 | &nbsp;&nbsp; 4649923 |
| Terex Corp.  | 25288 | &nbsp;&nbsp; 1180697 |
| Timken Co.  | 24543 | &nbsp;&nbsp; 1780595 |
| Toro Co.  | 38480 | &nbsp;&nbsp; 2719766 |
| Watts Water Technologies, Inc. - Class A | 10571 | &nbsp;&nbsp; 2599303 |
|  |  | &nbsp;&nbsp; 58608451 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Kirby Corp. (a) | 21627 | &nbsp;&nbsp; 2452718 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| EchoStar Corp. - Class A (a) (b) | 51729 | &nbsp;&nbsp; 1432893 |
| New York Times Co. - Class A | 62555 | &nbsp;&nbsp; 3501829 |
| Nexstar Media Group, Inc.  | 10925 | &nbsp;&nbsp; 1889479 |
|  |  | &nbsp;&nbsp; 6824201 |
| **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** |
| Alcoa Corp.  | 99800 | &nbsp;&nbsp; 2945098 |
| Carpenter Technology Corp.  | 19190 | &nbsp;&nbsp; 5303732 |
| Cleveland-Cliffs, Inc. (a) | 186877 | &nbsp;&nbsp; 1420265 |
| Commercial Metals Co.  | 43562 | &nbsp;&nbsp; 2130617 |
| Reliance, Inc.  | 20273 | &nbsp;&nbsp; 6363695 |
| Royal Gold, Inc.  | 25372 | &nbsp;&nbsp; 4512157 |
|  |  | &nbsp;&nbsp; 22675564 |
| **Mortgage Real Estate Investment Trusts — 0.6%** | **Mortgage Real Estate Investment Trusts — 0.6%** | **Mortgage Real Estate Investment Trusts — 0.6%** |
| Annaly Capital Management, Inc.  | 233263 | &nbsp;&nbsp; 4390010 |
| Starwood Property Trust, Inc. (b) | 124317 | &nbsp;&nbsp; 2495042 |
|  |  | &nbsp;&nbsp; 6885052 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Black Hills Corp.  | 27952 | &nbsp;&nbsp; 1568107 |
| Northwestern Energy Group, Inc.  | 23662 | &nbsp;&nbsp; 1213861 |
|  |  | &nbsp;&nbsp; 2781968 |
| **Office REITs — 0.6%** | **Office REITs — 0.6%** | **Office REITs — 0.6%** |
| COPT Defense Properties | 43425 | &nbsp;&nbsp; 1197662 |
| Cousins Properties, Inc. (b) | 64730 | &nbsp;&nbsp; 1943842 |
| Kilroy Realty Corp. (b) | 41037 | &nbsp;&nbsp; 1407979 |
| Vornado Realty Trust | 64377 | &nbsp;&nbsp; 2461776 |
|  |  | &nbsp;&nbsp; 7011259 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| Antero Midstream Corp.  | 129318 | &nbsp;&nbsp; 2450576 |
| Antero Resources Corp. (a) | 112526 | &nbsp;&nbsp; 4532547 |
| Chord Energy Corp.  | 22265 | &nbsp;&nbsp; 2156365 |

---

*See accompanying notes to financial statements.*

**BHFTII-239**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| Civitas Resources, Inc.  | 32834 | &nbsp;&nbsp; $903592 |
| CNX Resources Corp. (a) (b) | 55791 | &nbsp;&nbsp; 1879041 |
| DT Midstream, Inc. (b) | 39163 | &nbsp;&nbsp; 4304405 |
| HF Sinclair Corp.  | 61737 | &nbsp;&nbsp; 2536156 |
| Matador Resources Co.  | 44887 | &nbsp;&nbsp; 2142008 |
| Murphy Oil Corp. (b) | 51716 | &nbsp;&nbsp; 1163610 |
| Ovintiv, Inc.  | 100159 | &nbsp;&nbsp; 3811050 |
| PBF Energy, Inc. - Class A | 37894 | &nbsp;&nbsp; 821163 |
| Permian Resources Corp.  | 245852 | &nbsp;&nbsp; 3348504 |
| Range Resources Corp.  | 92125 | &nbsp;&nbsp; 3746724 |
| Viper Energy, Inc.  | 50533 | &nbsp;&nbsp; 1926823 |
|  |  | &nbsp;&nbsp; 35722564 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Louisiana-Pacific Corp.  | 23876 | &nbsp;&nbsp; 2053097 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Alaska Air Group, Inc. (a) | 46797 | &nbsp;&nbsp; 2315516 |
| American Airlines Group, Inc. (a) | 254243 | &nbsp;&nbsp; 2852606 |
|  |  | &nbsp;&nbsp; 5168122 |
| **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| BellRing Brands, Inc. (a) | 48957 | &nbsp;&nbsp; 2836079 |
| Coty, Inc. - Class A (a) (b) | 141233 | &nbsp;&nbsp; 656733 |
| elf Beauty, Inc. (a) (b) | 21742 | &nbsp;&nbsp; 2705575 |
|  |  | &nbsp;&nbsp; 6198387 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| Jazz Pharmaceuticals PLC (a) | 23760 | &nbsp;&nbsp; 2521411 |
| Perrigo Co. PLC | 52997 | &nbsp;&nbsp; 1416080 |
|  |  | &nbsp;&nbsp; 3937491 |
| **Professional Services — 2.2%** | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
| CACI International, Inc. - Class A (a) (c) | 8478 | &nbsp;&nbsp; 4041463 |
| Concentrix Corp. (b) | 17731 | &nbsp;&nbsp; 937172 |
| ExlService Holdings, Inc. (a) | 62719 | &nbsp;&nbsp; 2746465 |
| Exponent, Inc.  | 19564 | &nbsp;&nbsp; 1461626 |
| FTI Consulting, Inc. (a) | 12982 | &nbsp;&nbsp; 2096593 |
| Genpact Ltd.  | 62021 | &nbsp;&nbsp; 2729544 |
| Insperity, Inc.  | 13780 | &nbsp;&nbsp; 828454 |
| KBR, Inc.  | 50013 | &nbsp;&nbsp; 2397623 |
| ManpowerGroup, Inc.  | 17841 | &nbsp;&nbsp; 720776 |
| Maximus, Inc.  | 21722 | &nbsp;&nbsp; 1524884 |
| Parsons Corp. (a) | 18128 | &nbsp;&nbsp; 1301047 |
| Paylocity Holding Corp. (a) | 16607 | &nbsp;&nbsp; 3009022 |
| Science Applications International Corp. (b) | 18183 | &nbsp;&nbsp; 2047588 |
|  |  | &nbsp;&nbsp; 25842257 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Jones Lang LaSalle, Inc. (a) | 18302 | &nbsp;&nbsp; 4681286 |
| **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
| American Homes 4 Rent - Class A | 122509 | &nbsp;&nbsp; 4418899 |
| Equity LifeStyle Properties, Inc.  | 73704 | &nbsp;&nbsp; 4545326 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Residential REITs—(Continued)** | **Residential REITs—(Continued)** | **Residential REITs—(Continued)** |
| Independence Realty Trust, Inc. (b) | 89971 | &nbsp;&nbsp; $1591587 |
|  |  | &nbsp;&nbsp; 10555812 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Agree Realty Corp. (b) | 42331 | &nbsp;&nbsp; 3092703 |
| Brixmor Property Group, Inc.  | 117987 | &nbsp;&nbsp; 3072381 |
| Kite Realty Group Trust (b) | 84738 | &nbsp;&nbsp; 1919316 |
| NNN REIT, Inc.  | 72455 | &nbsp;&nbsp; 3128607 |
|  |  | &nbsp;&nbsp; 11213007 |
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
| Allegro MicroSystems, Inc. (a) | 50396 | &nbsp;&nbsp; 1723039 |
| Amkor Technology, Inc.  | 43810 | &nbsp;&nbsp; 919572 |
| Cirrus Logic, Inc. (a) | 20487 | &nbsp;&nbsp; 2135872 |
| Entegris, Inc. (b) | 58365 | &nbsp;&nbsp; 4707137 |
| Lattice Semiconductor Corp. (a) (b) | 53009 | &nbsp;&nbsp; 2596911 |
| MACOM Technology Solutions Holdings, Inc. (a) | 22942 | &nbsp;&nbsp; 3287359 |
| MKS, Inc. (b) | 25856 | &nbsp;&nbsp; 2569052 |
| Onto Innovation, Inc. (a) | 18841 | &nbsp;&nbsp; 1901622 |
| Power Integrations, Inc.  | 21699 | &nbsp;&nbsp; 1212974 |
| Rambus, Inc. (a) | 41407 | &nbsp;&nbsp; 2650876 |
| Silicon Laboratories, Inc. (a) | 12557 | &nbsp;&nbsp; 1850400 |
| Synaptics, Inc. (a) | 14859 | &nbsp;&nbsp; 963161 |
| Universal Display Corp. (b) | 17039 | &nbsp;&nbsp; 2631844 |
|  |  | &nbsp;&nbsp; 29149819 |
| **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
| Appfolio, Inc. - Class A (a) | 8885 | &nbsp;&nbsp; 2046038 |
| Bill Holdings, Inc. (a) (b) | 36539 | &nbsp;&nbsp; 1690294 |
| Blackbaud, Inc. (a) | 14527 | &nbsp;&nbsp; 932779 |
| Commvault Systems, Inc. (a) | 17010 | &nbsp;&nbsp; 2965353 |
| Docusign, Inc. (a) | 78065 | &nbsp;&nbsp; 6080483 |
| Dolby Laboratories, Inc. - Class A | 23672 | &nbsp;&nbsp; 1757883 |
| Dropbox, Inc. - Class A (a) | 75641 | &nbsp;&nbsp; 2163333 |
| Dynatrace, Inc. (a) | 115578 | &nbsp;&nbsp; 6381061 |
| Guidewire Software, Inc. (a) | 32337 | &nbsp;&nbsp; 7613747 |
| Manhattan Associates, Inc. (a) | 23406 | &nbsp;&nbsp; 4621983 |
| Pegasystems, Inc.  | 34312 | &nbsp;&nbsp; 1857308 |
| Qualys, Inc. (a) | 14004 | &nbsp;&nbsp; 2000751 |
|  |  | &nbsp;&nbsp; 40111013 |
| **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** |
| CubeSmart | 87876 | &nbsp;&nbsp; 3734730 |
| EPR Properties | 29324 | &nbsp;&nbsp; 1708416 |
| Gaming & Leisure Properties, Inc.  | 105948 | &nbsp;&nbsp; 4945653 |
| Lamar Advertising Co. - Class A | 33913 | &nbsp;&nbsp; 4115682 |
| National Storage Affiliates Trust (b) | 27121 | &nbsp;&nbsp; 867601 |
| PotlatchDeltic Corp.  | 27572 | &nbsp;&nbsp; 1057938 |
| Rayonier, Inc.  | 54047 | &nbsp;&nbsp; 1198762 |
|  |  | &nbsp;&nbsp; 17628782 |
| **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
| Abercrombie & Fitch Co. - Class A (a) | 18365 | &nbsp;&nbsp; 1521540 |
| AutoNation, Inc. (a) (b) | 9592 | &nbsp;&nbsp; 1905451 |
| Bath & Body Works, Inc.  | 82114 | &nbsp;&nbsp; 2460135 |

---

*See accompanying notes to financial statements.*

**BHFTII-240**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| Burlington Stores, Inc. (a) | 24283 | &nbsp;&nbsp; $5649197 |
| Chewy, Inc. - Class A (a) | 84603 | &nbsp;&nbsp; 3605780 |
| Dick's Sporting Goods, Inc.  | 21775 | &nbsp;&nbsp; 4307313 |
| Five Below, Inc. (a) | 21224 | &nbsp;&nbsp; 2784164 |
| Floor & Decor Holdings, Inc. - Class A (a) | 41482 | &nbsp;&nbsp; 3150973 |
| GameStop Corp. - Class A (a) | 156916 | &nbsp;&nbsp; 3827181 |
| Gap, Inc.  | 85657 | &nbsp;&nbsp; 1868179 |
| Lithia Motors, Inc.  | 10035 | &nbsp;&nbsp; 3390024 |
| Murphy USA, Inc.  | 6933 | &nbsp;&nbsp; 2820344 |
| Penske Automotive Group, Inc.  | 7142 | &nbsp;&nbsp; 1227067 |
| RH (a) (b) | 5848 | &nbsp;&nbsp; 1105331 |
| Valvoline, Inc. (a) (b) | 49002 | &nbsp;&nbsp; 1855706 |
|  |  | &nbsp;&nbsp; 41478385 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| Pure Storage, Inc. - Class A (a) | 119808 | &nbsp;&nbsp; 6898545 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Capri Holdings Ltd. (a) | 45454 | &nbsp;&nbsp; 804536 |
| Columbia Sportswear Co.  | 11818 | &nbsp;&nbsp; 721843 |
| Crocs, Inc. (a) (b) | 21617 | &nbsp;&nbsp; 2189370 |
| PVH Corp.  | 18501 | &nbsp;&nbsp; 1269169 |
| Skechers USA, Inc. - Class A (a) | 50226 | &nbsp;&nbsp; 3169261 |
| Under Armour, Inc. - Class A (a) | 72791 | &nbsp;&nbsp; 497163 |
| Under Armour, Inc. - Class C (a) | 49376 | &nbsp;&nbsp; 320450 |
| VF Corp.  | 127654 | &nbsp;&nbsp; 1499934 |
|  |  | &nbsp;&nbsp; 10471726 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| Applied Industrial Technologies, Inc.  | 14682 | &nbsp;&nbsp; 3412831 |
| Core & Main, Inc. - Class A (a) (b) | 73016 | &nbsp;&nbsp; 4406516 |
| GATX Corp. (b) | 13763 | &nbsp;&nbsp; 2113446 |
| MSC Industrial Direct Co., Inc. - Class A | 17184 | &nbsp;&nbsp; 1460984 |
| Watsco, Inc.  | 13449 | &nbsp;&nbsp; 5939347 |
| WESCO International, Inc. (b) | 17121 | &nbsp;&nbsp; 3170809 |
|  |  | &nbsp;&nbsp; 20503933 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| Essential Utilities, Inc.  | 99425 | &nbsp;&nbsp; 3692645 |
| Total Common Stocks <br>(Cost $876,882,842) <br>|  | &nbsp;&nbsp; 1120728304 |
| **Investment Companies—1.8%** | **Investment Companies—1.8%** | **Investment Companies—1.8%** |
| **Exchange-Traded Funds — 1.8%** | **Exchange-Traded Funds — 1.8%** | **Exchange-Traded Funds — 1.8%** |
| SPDR S&P MidCap 400 ETF Trust (b) | 37300 | &nbsp;&nbsp; 21129704 |
| Total Investment Companies <br>(Cost $20,303,443) <br>|  | &nbsp;&nbsp; 21129704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.6%** | **Short-Term Investments—1.6%** | **Short-Term Investments—1.6%** |
| **U.S. Treasury—1.6%** | **U.S. Treasury—1.6%** | **U.S. Treasury—1.6%** |
| U.S. Treasury Bills |  |  |
| Zero Coupon, 07/01/25 (e) | 1175000 | &nbsp;&nbsp; 1175000 |
| 3.976%, 07/24/25 (e) | 2000000 | &nbsp;&nbsp; 1994678 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bills |  |  |
| 4.030%, 07/24/25 (e) | 16000000 | &nbsp;&nbsp; $15957425 |
| Total Short-Term Investments <br>(Cost $19,127,496) <br>|  | &nbsp;&nbsp; 19127103 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—7.7%** | **Securities Lending Reinvestments (f)—7.7%** | **Securities Lending Reinvestments (f)—7.7%** |
| **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** |
| AB Government Money Market Portfolio, <br>Institutional Class 4.170% (g)<br>| 510000 | &nbsp;&nbsp; 510000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (g)<br>| 2992937 | &nbsp;&nbsp; 2992937 |
|  |  | &nbsp;&nbsp; 3502937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** | **Certificates of Deposit—0.4%** |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (h) | 1000000 | &nbsp;&nbsp; 999697 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 11/21/25 (h) | 2000000 | &nbsp;&nbsp; 2000012 |
| 4.620%, SOFR + 0.220%, 12/15/25 (h) | 1000000 | &nbsp;&nbsp; 999983 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000001 |
|  |  | &nbsp;&nbsp; 4999693 |
| **Commercial Paper—0.1%** | **Commercial Paper—0.1%** | **Commercial Paper—0.1%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (h) | 1000000 | &nbsp;&nbsp; 1000010 |
| **Repurchase Agreements—6.3%** | **Repurchase Agreements—6.3%** | **Repurchase Agreements—6.3%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $10,001,225; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.625%, maturity dates ranging from <br> 09/15/25 - 05/15/34, and an aggregate market value of <br> $10,200,000<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $5,000,619; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,565,370<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $6,000,755; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,678,444<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,000,487; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $4,080,496<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $3,074,710; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $3,136,702<br>| 3000000 | &nbsp;&nbsp; 3000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-241**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $6,818,289; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $6,953,810<br>| 6817459 | &nbsp;&nbsp; $6817459 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $4,875,615; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,436,137<br>| 4875000 | &nbsp;&nbsp; 4875000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $9,007,980; collateralized <br> by various Common Stock with an aggregate market value of <br> $10,036,106<br>| 9000000 | &nbsp;&nbsp; 9000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,000,487; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $4,080,002<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $11,001,357; <br> collateralized by various Common Stock with an aggregate <br> market value of $12,238,807<br>| 11000000 | &nbsp;&nbsp; 11000000 |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $2,875,361; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,198,274<br>| 2875000 | &nbsp;&nbsp; 2875000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $2,500,308; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,750,338<br>| 2500000 | &nbsp;&nbsp; 2500000 |
|  |  | &nbsp;&nbsp; 73067459 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—0.6%** | **Time Deposits—0.6%** | **Time Deposits—0.6%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; $2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (h) | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 7000000 |
| Total Securities Lending Reinvestments <br>(Cost $89,570,396) <br>|  | &nbsp;&nbsp; 89570099 |
| Total Investments—107.6% <br>(Cost $1,005,884,177) <br>|  | &nbsp;&nbsp; 1250555210 |
| Other assets and liabilities (net)—(7.6)%  |  | &nbsp;&nbsp; (88635389)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1161919821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $115,000,535 and the collateral received consisted of cash in the amount of $89,570,396 and non-cash collateral with a value of $28,062,800. 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) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $3,276,750. 

(d) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

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

(f) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(g) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(h) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| Brighthouse Financial, Inc. | &nbsp;&nbsp; $1171167 | &nbsp;&nbsp; $(128299)<br>| &nbsp;&nbsp; $44965 | &nbsp;&nbsp; $102151 | &nbsp;&nbsp; $1189984 |

---

*See accompanying notes to financial statements.*

**BHFTII-242**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Security Description** | **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| Brighthouse Financial, Inc. | &nbsp;&nbsp; 22,131 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $98609843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $181247821 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(78010507)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(78010507)<br>|
| Investment Companies | &nbsp;&nbsp; (11559889)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11559889)<br>|
| Total Borrowings | &nbsp;&nbsp; $(89570396)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(89570396)<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; $(89570396)<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 Midcap 400 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 60 | USD | 18753000 | &nbsp;&nbsp; $283962 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $283962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $(1924572)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $1512805 |

---

*See accompanying notes to financial statements.*

**BHFTII-243**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $18275700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1120728304 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1120728304 |
| Total Investment Companies\* | &nbsp;&nbsp; 21129704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21129704 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 19127103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19127103 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 3502937 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3502937 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 4999693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4999693 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000010 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 73067459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73067459 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3502937 | &nbsp;&nbsp; 86067162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89570099 |
| Total Investments | &nbsp;&nbsp; $1145360945 | &nbsp;&nbsp; $105194265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1250555210 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(89570396)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(89570396)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $283962 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $283962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-244**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1249365226 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 1189984 |
| Cash | &nbsp;&nbsp; 1684 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 340572 |
| Fund shares sold | &nbsp;&nbsp; 1104479 |
| Dividends | &nbsp;&nbsp; 1139111 |
| Prepaid expenses | &nbsp;&nbsp; 9524 |
| Total Assets | &nbsp;&nbsp; 1253150580 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 89570396 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 822270 |
| Variation margin on futures contracts | &nbsp;&nbsp; 4847 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 234959 |
| Distribution and service fees | &nbsp;&nbsp; 98401 |
| Deferred trustees' fees | &nbsp;&nbsp; 213881 |
| Other expenses | &nbsp;&nbsp; 286005 |
| Total Liabilities | &nbsp;&nbsp; 91230759 |
| **Net Assets**  | &nbsp;&nbsp; $1161919821 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $878823652 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 283096169 |
| **Net Assets**  | &nbsp;&nbsp; $1161919821 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $698239631 |
| Class B | &nbsp;&nbsp; 270046082 |
| Class E | &nbsp;&nbsp; 23896644 |
| Class G | &nbsp;&nbsp; 169737464 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 42551632 |
| Class B | &nbsp;&nbsp; 16945301 |
| Class E | &nbsp;&nbsp; 1479148 |
| Class G | &nbsp;&nbsp; 10840221 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $16.41 |
| Class B | 15.94 |
| Class E | 16.16 |
| Class G | 15.66 |

---

&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 $1,005,032,145.

(b) Includes securities loaned at value of $115,000,535.

(c) Identified cost of affiliated investments was $852,032.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $9277701 |
| Interest | &nbsp;&nbsp; 387736 |
| Securities lending income | &nbsp;&nbsp; 102668 |
| Total investment income | &nbsp;&nbsp; 9768105 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1466475 |
| Administration fees | &nbsp;&nbsp; 33866 |
| Custodian and accounting fees | &nbsp;&nbsp; 34251 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 331180 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 17934 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 246001 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 59929 |
| Insurance | &nbsp;&nbsp; 4417 |
| Miscellaneous | &nbsp;&nbsp; 80790 |
| Total expenses | &nbsp;&nbsp; 2342656 |
| Less management fee waiver | &nbsp;&nbsp; (21467)<br>|
| Net expenses | &nbsp;&nbsp; 2321189 |
| **Net Investment Income** | &nbsp;&nbsp; 7446916 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 34321529 |
| Affiliated investments | &nbsp;&nbsp; 44965 |
| Futures contracts | &nbsp;&nbsp; (1924572)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 32441922 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (43108436)<br>|
| Affiliated investments | &nbsp;&nbsp; 102151 |
| Futures contracts | &nbsp;&nbsp; 1512805 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (41493480)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (9051558)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(1604642)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $6,486.

*See accompanying notes to financial statements.*

**BHFTII-245**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $7446916 | &nbsp;&nbsp; $12607533 |
| Net realized gain (loss) | &nbsp;&nbsp; 32441922 | &nbsp;&nbsp; 91091522 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (41493480)<br>| &nbsp;&nbsp; 15414739 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (1604642)<br>| &nbsp;&nbsp; 119113794 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (62029605)<br>| &nbsp;&nbsp; (35215117)<br>|
| Class B | &nbsp;&nbsp; (22732010)<br>| &nbsp;&nbsp; (18681100)<br>|
| Class E | &nbsp;&nbsp; (2010921)<br>| &nbsp;&nbsp; (1683790)<br>|
| Class G | &nbsp;&nbsp; (14451236)<br>| &nbsp;&nbsp; (11063244)<br>|
| **Total distributions** | &nbsp;&nbsp; (101223772)<br>| &nbsp;&nbsp; (66643251)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 12221522 | &nbsp;&nbsp; 164955078 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (90606892)<br>| &nbsp;&nbsp; 217425621 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1252526713 | &nbsp;&nbsp; 1035101092 |
| End of period | &nbsp;&nbsp; $1161919821 | &nbsp;&nbsp; $1252526713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1512624 | &nbsp;&nbsp; $26274679 | &nbsp;&nbsp; 13937445 | &nbsp;&nbsp; $263703175 |
| Reinvestments | &nbsp;&nbsp; 3845605 | &nbsp;&nbsp; 62029605 | &nbsp;&nbsp; 2091159 | &nbsp;&nbsp; 35215117 |
| Redemptions | &nbsp;&nbsp; (5919040)<br>| &nbsp;&nbsp; (99931766)<br>| &nbsp;&nbsp; (4696019)<br>| &nbsp;&nbsp; (83431547)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (560811)<br>| &nbsp;&nbsp; $(11627482)<br>| &nbsp;&nbsp; 11332585 | &nbsp;&nbsp; $215486745 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 381513 | &nbsp;&nbsp; $6203528 | &nbsp;&nbsp; 470394 | &nbsp;&nbsp; $7941182 |
| Reinvestments | &nbsp;&nbsp; 1451597 | &nbsp;&nbsp; 22732010 | &nbsp;&nbsp; 1139091 | &nbsp;&nbsp; 18681100 |
| Redemptions | &nbsp;&nbsp; (1086742)<br>| &nbsp;&nbsp; (18280351)<br>| &nbsp;&nbsp; (3612866)<br>| &nbsp;&nbsp; (62295674)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 746368 | &nbsp;&nbsp; $10655187 | &nbsp;&nbsp; (2003381)<br>| &nbsp;&nbsp; $(35673392)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 19458 | &nbsp;&nbsp; $318795 | &nbsp;&nbsp; 37198 | &nbsp;&nbsp; $643607 |
| Reinvestments | &nbsp;&nbsp; 126632 | &nbsp;&nbsp; 2010921 | &nbsp;&nbsp; 101433 | &nbsp;&nbsp; 1683790 |
| Redemptions | &nbsp;&nbsp; (122111)<br>| &nbsp;&nbsp; (2060384)<br>| &nbsp;&nbsp; (320849)<br>| &nbsp;&nbsp; (5609111)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 23979 | &nbsp;&nbsp; $269332 | &nbsp;&nbsp; (182218)<br>| &nbsp;&nbsp; $(3281714)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 477546 | &nbsp;&nbsp; $7718054 | &nbsp;&nbsp; 469761 | &nbsp;&nbsp; $7884775 |
| Reinvestments | &nbsp;&nbsp; 939002 | &nbsp;&nbsp; 14451236 | &nbsp;&nbsp; 685455 | &nbsp;&nbsp; 11063244 |
| Redemptions | &nbsp;&nbsp; (557670)<br>| &nbsp;&nbsp; (9244805)<br>| &nbsp;&nbsp; (1792378)<br>| &nbsp;&nbsp; (30524580)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 858878 | &nbsp;&nbsp; $12924485 | &nbsp;&nbsp; (637162)<br>| &nbsp;&nbsp; $(11576561)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $12221522 |  | &nbsp;&nbsp; $164955078 |

---

*See accompanying notes to financial statements.*

**BHFTII-246**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.93 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.73 | &nbsp;&nbsp; $22.29 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $18.27 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.08)<br>|
| Total distributions | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (1.32)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.41 | &nbsp;&nbsp; $17.93 | &nbsp;&nbsp; $16.88 | &nbsp;&nbsp; $15.73 | &nbsp;&nbsp; $22.29 | &nbsp;&nbsp; $19.01 |
| **Total Return (%)** (b) | 0.06 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;16.08 | &nbsp;&nbsp; (13.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.40 | &nbsp;&nbsp;&nbsp;&nbsp;13.39 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.30 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net ratio of expenses to average net assets (%) (e) | 0.29 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Ratio of net investment income (loss) to average net assets (%) | 1.37 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $698.2 | &nbsp;&nbsp; $773.2 | &nbsp;&nbsp; $536.5 | &nbsp;&nbsp; $502.7 | &nbsp;&nbsp; $624.2 | &nbsp;&nbsp; $553.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.44 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $21.82 | &nbsp;&nbsp; $18.64 | &nbsp;&nbsp; $17.93 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.08)<br>|
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.28)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.94 | &nbsp;&nbsp; $17.44 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp; $15.35 | &nbsp;&nbsp; $21.82 | &nbsp;&nbsp; $18.64 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.10 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp; (13.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.07 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.55 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net ratio of expenses to average net assets (%) (e) | 0.54 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Ratio of net investment income (loss) to average net assets (%) | 1.12 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $270.0 | &nbsp;&nbsp; $282.4 | &nbsp;&nbsp; $299.3 | &nbsp;&nbsp; $287.3 | &nbsp;&nbsp; $378.3 | &nbsp;&nbsp; $370.5 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-247**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $16.64 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $22.04 | &nbsp;&nbsp; $18.81 | &nbsp;&nbsp; $18.09 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.08)<br>|
| Total distributions | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.29)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.16 | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $16.64 | &nbsp;&nbsp; $15.52 | &nbsp;&nbsp; $22.04 | &nbsp;&nbsp; $18.81 |
| **Total Return (%)** (b) | 0.01 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;15.91 | &nbsp;&nbsp; (13.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.23 | &nbsp;&nbsp;&nbsp;&nbsp;13.21 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.45 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net ratio of expenses to average net assets (%) (e) | 0.44 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Ratio of net investment income (loss) to average net assets (%) | 1.22 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $23.9 | &nbsp;&nbsp; $25.7 | &nbsp;&nbsp; $27.3 | &nbsp;&nbsp; $26.8 | &nbsp;&nbsp; $35.4 | &nbsp;&nbsp; $33.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.16 | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $21.59 | &nbsp;&nbsp; $18.46 | &nbsp;&nbsp; $17.78 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.08)<br>|
| Total distributions | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.66 | &nbsp;&nbsp; $17.16 | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $21.59 | &nbsp;&nbsp; $18.46 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.13 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp; (13.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;13.07 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net ratio of expenses to average net assets (%) (e) | 0.59 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Ratio of net investment income (loss) to average net assets (%) | 1.07 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $169.7 | &nbsp;&nbsp; $171.2 | &nbsp;&nbsp; $172.0 | &nbsp;&nbsp; $153.9 | &nbsp;&nbsp; $192.4 | &nbsp;&nbsp; $168.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-248**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 6.7%** | **Australia — 6.7%** | **Australia — 6.7%** |
| ANZ Group Holdings Ltd.  | 223872 | &nbsp;&nbsp; $4278619 |
| APA Group | 108344 | &nbsp;&nbsp; 580124 |
| Aristocrat Leisure Ltd.  | 41701 | &nbsp;&nbsp; 1781250 |
| ASX Ltd.  | 16369 | &nbsp;&nbsp; 748391 |
| BHP Group Ltd.  | 380571 | &nbsp;&nbsp; 9107926 |
| BlueScope Steel Ltd.  | 37152 | &nbsp;&nbsp; 565702 |
| Brambles Ltd.  | 98570 | &nbsp;&nbsp; 1512985 |
| CAR Group Ltd.  | 30249 | &nbsp;&nbsp; 741899 |
| Cochlear Ltd.  | 5081 | &nbsp;&nbsp; 1000424 |
| Coles Group Ltd.  | 106895 | &nbsp;&nbsp; 1460098 |
| Commonwealth Bank of Australia | 126821 | &nbsp;&nbsp; 15356383 |
| Computershare Ltd.  | 41509 | &nbsp;&nbsp; 1085250 |
| Evolution Mining Ltd.  | 152348 | &nbsp;&nbsp; 791208 |
| Fortescue Ltd.  | 135062 | &nbsp;&nbsp; 1353420 |
| Glencore PLC (a) | 769562 | &nbsp;&nbsp; 2991558 |
| Goodman Group (REIT) | 155819 | &nbsp;&nbsp; 3497151 |
| Insurance Australia Group Ltd.  | 183571 | &nbsp;&nbsp; 1086433 |
| Lottery Corp. Ltd.  | 131594 | &nbsp;&nbsp; 459682 |
| Macquarie Group Ltd.  | 27718 | &nbsp;&nbsp; 4155594 |
| Medibank Pvt Ltd.  | 169789 | &nbsp;&nbsp; 562788 |
| National Australia Bank Ltd.  | 235562 | &nbsp;&nbsp; 6076842 |
| Northern Star Resources Ltd.  | 106856 | &nbsp;&nbsp; 1316050 |
| Origin Energy Ltd.  | 118137 | &nbsp;&nbsp; 835464 |
| Pro Medicus Ltd.  | 3760 | &nbsp;&nbsp; 702612 |
| Qantas Airways Ltd.  | 38249 | &nbsp;&nbsp; 269254 |
| QBE Insurance Group Ltd.  | 108968 | &nbsp;&nbsp; 1670572 |
| REA Group Ltd.  | 4461 | &nbsp;&nbsp; 703158 |
| Rio Tinto Ltd.  | 27758 | &nbsp;&nbsp; 1949027 |
| Rio Tinto PLC | 85580 | &nbsp;&nbsp; 4978605 |
| Santos Ltd.  | 252081 | &nbsp;&nbsp; 1262848 |
| Scentre Group (REIT) | 409710 | &nbsp;&nbsp; 958860 |
| SGH Ltd.  | 17180 | &nbsp;&nbsp; 608861 |
| Sigma Healthcare Ltd.  | 351612 | &nbsp;&nbsp; 688162 |
| Sonic Healthcare Ltd.  | 38529 | &nbsp;&nbsp; 676489 |
| South32 Ltd.  | 343721 | &nbsp;&nbsp; 656091 |
| Stockland (REIT) | 146042 | &nbsp;&nbsp; 514412 |
| Suncorp Group Ltd.  | 84009 | &nbsp;&nbsp; 1189841 |
| Telstra Group Ltd.  | 318562 | &nbsp;&nbsp; 1010467 |
| Transurban Group | 240385 | &nbsp;&nbsp; 2203968 |
| Vicinity Ltd. (REIT) | 200725 | &nbsp;&nbsp; 326163 |
| Washington H Soul Pattinson & Co. Ltd.  | 19808 | &nbsp;&nbsp; 545908 |
| Wesfarmers Ltd.  | 87536 | &nbsp;&nbsp; 4862209 |
| Westpac Banking Corp.  | 262620 | &nbsp;&nbsp; 5828178 |
| WiseTech Global Ltd.  | 15261 | &nbsp;&nbsp; 1090639 |
| Woodside Energy Group Ltd.  | 147598 | &nbsp;&nbsp; 2265042 |
| Woolworths Group Ltd.  | 89639 | &nbsp;&nbsp; 1827690 |
|  |  | &nbsp;&nbsp; 98134297 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | 23803 | &nbsp;&nbsp; 2016100 |
| Mondi PLC | 37265 | &nbsp;&nbsp; 607543 |
| OMV AG | 8435 | &nbsp;&nbsp; 456948 |
| Verbund AG (b) | 5416 | &nbsp;&nbsp; 414505 |
|  |  | &nbsp;&nbsp; 3495096 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Ageas SA | 12134 | &nbsp;&nbsp; $816473 |
| Anheuser-Busch InBev SA | 74890 | &nbsp;&nbsp; 5131031 |
| D'ieteren Group | 1814 | &nbsp;&nbsp; 388142 |
| Elia Group SA | 3719 | &nbsp;&nbsp; 426577 |
| Groupe Bruxelles Lambert NV | 4622 | &nbsp;&nbsp; 392028 |
| KBC Group NV | 17289 | &nbsp;&nbsp; 1772117 |
| Lotus Bakeries NV | 34 | &nbsp;&nbsp; 326415 |
| Sofina SA | 887 | &nbsp;&nbsp; 291354 |
| Syensqo SA | 6257 | &nbsp;&nbsp; 482393 |
| UCB SA | 9595 | &nbsp;&nbsp; 1878473 |
|  |  | &nbsp;&nbsp; 11905003 |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Yara International ASA | 13978 | &nbsp;&nbsp; 514286 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta PLC | 33291 | &nbsp;&nbsp; 825748 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| BOC Hong Kong Holdings Ltd.  | 294465 | &nbsp;&nbsp; 1280905 |
| Prosus NV (a) | 99132 | &nbsp;&nbsp; 5533734 |
| SITC International Holdings Co. Ltd.  | 113000 | &nbsp;&nbsp; 362722 |
| Wharf Holdings Ltd.  | 88000 | &nbsp;&nbsp; 268366 |
| Wilmar International Ltd.  | 162200 | &nbsp;&nbsp; 365359 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 218000 | &nbsp;&nbsp; 380355 |
|  |  | &nbsp;&nbsp; 8191441 |
| **Denmark — 2.2%** | **Denmark — 2.2%** | **Denmark — 2.2%** |
| AP Moller - Maersk AS - Class A (b) | 247 | &nbsp;&nbsp; 454567 |
| AP Moller - Maersk AS - Class B | 278 | &nbsp;&nbsp; 516444 |
| Carlsberg AS - Class B (b) | 7386 | &nbsp;&nbsp; 1044062 |
| Coloplast AS - Class B | 9893 | &nbsp;&nbsp; 938273 |
| Danske Bank AS | 50575 | &nbsp;&nbsp; 2054821 |
| Demant AS (a) | 5755 | &nbsp;&nbsp; 239497 |
| DSV AS | 15399 | &nbsp;&nbsp; 3686303 |
| Genmab AS (a) | 4399 | &nbsp;&nbsp; 907090 |
| Novo Nordisk AS - Class B | 244009 | &nbsp;&nbsp; 16967385 |
| Novonesis (Novozymes) - B Shares | 28025 | &nbsp;&nbsp; 2005377 |
| Orsted AS (a) | 13763 | &nbsp;&nbsp; 588885 |
| Pandora AS | 6213 | &nbsp;&nbsp; 1086729 |
| Rockwool AS - B Shares | 5710 | &nbsp;&nbsp; 266213 |
| Tryg AS | 28621 | &nbsp;&nbsp; 737524 |
| Vestas Wind Systems AS | 79214 | &nbsp;&nbsp; 1186152 |
|  |  | &nbsp;&nbsp; 32679322 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| Elisa OYJ | 10776 | &nbsp;&nbsp; 598158 |
| Fortum OYJ | 33990 | &nbsp;&nbsp; 634874 |
| Kesko OYJ - B Shares | 23058 | &nbsp;&nbsp; 567208 |
| Kone OYJ - Class B | 26277 | &nbsp;&nbsp; 1724552 |
| Metso OYJ | 52500 | &nbsp;&nbsp; 677577 |
| Neste OYJ | 35716 | &nbsp;&nbsp; 480276 |
| Nokia OYJ | 375601 | &nbsp;&nbsp; 1935514 |
| Nordea Bank Abp | 229600 | &nbsp;&nbsp; 3402211 |
| Orion OYJ - Class B | 6160 | &nbsp;&nbsp; 462058 |
| Sampo OYJ - A Shares | 188225 | &nbsp;&nbsp; 2018476 |

---

*See accompanying notes to financial statements.*

**BHFTII-249**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Finland — (Continued)** | **Finland — (Continued)** | **Finland — (Continued)** |
| Stora Enso OYJ - R Shares (b) | 49143 | &nbsp;&nbsp; $530960 |
| UPM-Kymmene OYJ | 42450 | &nbsp;&nbsp; 1154946 |
| Wartsila OYJ Abp | 39453 | &nbsp;&nbsp; 929150 |
|  |  | &nbsp;&nbsp; 15115960 |
| **France — 9.3%** | **France — 9.3%** | **France — 9.3%** |
| Accor SA | 16454 | &nbsp;&nbsp; 857797 |
| Aeroports de Paris SA | 2924 | &nbsp;&nbsp; 365719 |
| Air Liquide SA | 43776 | &nbsp;&nbsp; 9010269 |
| Airbus SE | 44757 | &nbsp;&nbsp; 9332523 |
| Alstom SA (a) | 29221 | &nbsp;&nbsp; 680785 |
| Amundi SA | 5183 | &nbsp;&nbsp; 418680 |
| Arkema SA | 3712 | &nbsp;&nbsp; 273073 |
| AXA SA | 134583 | &nbsp;&nbsp; 6591901 |
| BioMerieux | 3497 | &nbsp;&nbsp; 482251 |
| BNP Paribas SA | 76455 | &nbsp;&nbsp; 6862273 |
| Bollore SE | 60197 | &nbsp;&nbsp; 376941 |
| Bouygues SA | 16008 | &nbsp;&nbsp; 722125 |
| Bureau Veritas SA | 21102 | &nbsp;&nbsp; 725456 |
| Capgemini SE | 11893 | &nbsp;&nbsp; 2028511 |
| Carrefour SA | 45789 | &nbsp;&nbsp; 643261 |
| Cie de Saint-Gobain SA | 34553 | &nbsp;&nbsp; 4050599 |
| Cie Generale des Etablissements Michelin SCA | 51684 | &nbsp;&nbsp; 1916433 |
| Covivio SA (REIT) | 3163 | &nbsp;&nbsp; 199020 |
| Credit Agricole SA | 79036 | &nbsp;&nbsp; 1492087 |
| Danone SA | 49447 | &nbsp;&nbsp; 4025914 |
| Dassault Aviation SA | 1308 | &nbsp;&nbsp; 461876 |
| Dassault Systemes SE | 51643 | &nbsp;&nbsp; 1865442 |
| Edenred SE | 21071 | &nbsp;&nbsp; 651256 |
| Eiffage SA | 4800 | &nbsp;&nbsp; 672698 |
| Engie SA | 133596 | &nbsp;&nbsp; 3135032 |
| EssilorLuxottica SA | 22409 | &nbsp;&nbsp; 6134559 |
| Eurazeo SE | 2867 | &nbsp;&nbsp; 204164 |
| FDJ UNITED | 6401 | &nbsp;&nbsp; 250331 |
| Gecina SA (REIT) | 3884 | &nbsp;&nbsp; 425867 |
| Getlink SE | 25538 | &nbsp;&nbsp; 491838 |
| Hermes International SCA | 2389 | &nbsp;&nbsp; 6458822 |
| Ipsen SA | 3184 | &nbsp;&nbsp; 378287 |
| Kering SA | 5313 | &nbsp;&nbsp; 1154958 |
| Klepierre SA (REIT) | 18163 | &nbsp;&nbsp; 717127 |
| Legrand SA | 20348 | &nbsp;&nbsp; 2708495 |
| L'Oreal SA | 18217 | &nbsp;&nbsp; 7773023 |
| LVMH Moet Hennessy Louis Vuitton SE | 20827 | &nbsp;&nbsp; 10884725 |
| Orange SA | 142603 | &nbsp;&nbsp; 2169330 |
| Pernod Ricard SA | 15194 | &nbsp;&nbsp; 1512461 |
| Publicis Groupe SA | 17290 | &nbsp;&nbsp; 1945083 |
| Renault SA | 12566 | &nbsp;&nbsp; 577898 |
| Rexel SA | 19105 | &nbsp;&nbsp; 587519 |
| Safran SA | 27005 | &nbsp;&nbsp; 8764474 |
| Sartorius Stedim Biotech | 2465 | &nbsp;&nbsp; 587880 |
| Societe Generale SA | 52621 | &nbsp;&nbsp; 3004700 |
| Sodexo SA | 7469 | &nbsp;&nbsp; 458053 |
| Teleperformance SE | 4592 | &nbsp;&nbsp; 444323 |
| Thales SA | 7256 | &nbsp;&nbsp; 2130208 |
| TotalEnergies SE | 154791 | &nbsp;&nbsp; 9487636 |
| Unibail-Rodamco-Westfield (REIT) (a) | 10001 | &nbsp;&nbsp; 953754 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Veolia Environnement SA | 47155 | &nbsp;&nbsp; $1676291 |
| Vinci SA | 37609 | &nbsp;&nbsp; 5532216 |
|  |  | &nbsp;&nbsp; 135255944 |
| **Germany — 9.8%** | **Germany — 9.8%** | **Germany — 9.8%** |
| adidas AG | 13206 | &nbsp;&nbsp; 3067592 |
| Allianz SE | 29188 | &nbsp;&nbsp; 11784936 |
| BASF SE | 67508 | &nbsp;&nbsp; 3318212 |
| Bayer AG | 74897 | &nbsp;&nbsp; 2244321 |
| Bayerische Motoren Werke AG | 21938 | &nbsp;&nbsp; 1942198 |
| Beiersdorf AG | 6955 | &nbsp;&nbsp; 870601 |
| Brenntag SE | 9903 | &nbsp;&nbsp; 653606 |
| Commerzbank AG | 65160 | &nbsp;&nbsp; 2048771 |
| Continental AG | 7024 | &nbsp;&nbsp; 610798 |
| Covestro AG (a) | 15956 | &nbsp;&nbsp; 1134289 |
| CTS Eventim AG & Co. KGaA | 5250 | &nbsp;&nbsp; 651516 |
| Daimler Truck Holding AG | 37206 | &nbsp;&nbsp; 1754829 |
| Deutsche Bank AG | 142970 | &nbsp;&nbsp; 4226983 |
| Deutsche Boerse AG | 14022 | &nbsp;&nbsp; 4559482 |
| Deutsche Lufthansa AG | 50511 | &nbsp;&nbsp; 425588 |
| Deutsche Post AG | 74141 | &nbsp;&nbsp; 3415273 |
| Deutsche Telekom AG | 261814 | &nbsp;&nbsp; 9552215 |
| E.ON SE | 170188 | &nbsp;&nbsp; 3122753 |
| Evonik Industries AG | 21638 | &nbsp;&nbsp; 444498 |
| Fresenius Medical Care AG | 17340 | &nbsp;&nbsp; 990748 |
| Fresenius SE & Co. KGaA | 31193 | &nbsp;&nbsp; 1563316 |
| GEA Group AG | 10150 | &nbsp;&nbsp; 707586 |
| Hannover Rueck SE | 4458 | &nbsp;&nbsp; 1397939 |
| Heidelberg Materials AG | 10492 | &nbsp;&nbsp; 2456449 |
| Henkel AG & Co. KGaA | 8773 | &nbsp;&nbsp; 633322 |
| Infineon Technologies AG | 99362 | &nbsp;&nbsp; 4213207 |
| Knorr-Bremse AG | 6124 | &nbsp;&nbsp; 589850 |
| LEG Immobilien SE | 6287 | &nbsp;&nbsp; 555844 |
| Mercedes-Benz Group AG | 53674 | &nbsp;&nbsp; 3129529 |
| Merck KGaA | 9517 | &nbsp;&nbsp; 1228169 |
| MTU Aero Engines AG | 3792 | &nbsp;&nbsp; 1680422 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 10028 | &nbsp;&nbsp; 6480878 |
| Nemetschek SE | 4875 | &nbsp;&nbsp; 704110 |
| Rational AG | 432 | &nbsp;&nbsp; 361049 |
| Rheinmetall AG | 3374 | &nbsp;&nbsp; 7113575 |
| RWE AG | 47801 | &nbsp;&nbsp; 1990615 |
| SAP SE | 79115 | &nbsp;&nbsp; 23982022 |
| Scout24 SE | 4878 | &nbsp;&nbsp; 670351 |
| Siemens AG | 57581 | &nbsp;&nbsp; 14716687 |
| Siemens Energy AG (a) | 51475 | &nbsp;&nbsp; 5927876 |
| Siemens Healthineers AG | 25639 | &nbsp;&nbsp; 1417319 |
| Symrise AG | 9551 | &nbsp;&nbsp; 999390 |
| Talanx AG | 5450 | &nbsp;&nbsp; 703276 |
| Vonovia SE | 53072 | &nbsp;&nbsp; 1862906 |
| Zalando SE (a) | 18936 | &nbsp;&nbsp; 621281 |
|  |  | &nbsp;&nbsp; 142526177 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd.  | 808000 | &nbsp;&nbsp; 7266115 |
| CK Asset Holdings Ltd.  | 145940 | &nbsp;&nbsp; 644216 |
| CK Infrastructure Holdings Ltd.  | 53000 | &nbsp;&nbsp; 350957 |

---

*See accompanying notes to financial statements.*

**BHFTII-250**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| CLP Holdings Ltd.  | 124377 | &nbsp;&nbsp; $1047701 |
| Futu Holdings Ltd. (ADR) | 4700 | &nbsp;&nbsp; 580873 |
| Hang Seng Bank Ltd.  | 59100 | &nbsp;&nbsp; 886692 |
| Henderson Land Development Co. Ltd.  | 122311 | &nbsp;&nbsp; 428420 |
| HKT Trust & HKT Ltd.  | 184980 | &nbsp;&nbsp; 276243 |
| Hong Kong & China Gas Co. Ltd.  | 657531 | &nbsp;&nbsp; 552468 |
| Hong Kong Exchanges & Clearing Ltd.  | 92800 | &nbsp;&nbsp; 4965272 |
| Hongkong Land Holdings Ltd.  | 93100 | &nbsp;&nbsp; 537574 |
| Jardine Matheson Holdings Ltd.  | 12400 | &nbsp;&nbsp; 596112 |
| Link REIT (REIT) (b) | 200949 | &nbsp;&nbsp; 1071235 |
| MTR Corp. Ltd.  | 131500 | &nbsp;&nbsp; 472817 |
| Power Assets Holdings Ltd.  | 107049 | &nbsp;&nbsp; 688029 |
| Prudential PLC | 192843 | &nbsp;&nbsp; 2416977 |
| Sino Land Co. Ltd.  | 137600 | &nbsp;&nbsp; 146448 |
| Sun Hung Kai Properties Ltd.  | 115250 | &nbsp;&nbsp; 1323350 |
| Swire Pacific Ltd. - Class A | 34817 | &nbsp;&nbsp; 298625 |
| Techtronic Industries Co. Ltd.  | 111000 | &nbsp;&nbsp; 1222717 |
| WH Group Ltd.  | 439000 | &nbsp;&nbsp; 422792 |
| Wharf Real Estate Investment Co. Ltd.  | 140976 | &nbsp;&nbsp; 399227 |
|  |  | &nbsp;&nbsp; 26594860 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AerCap Holdings NV | 14500 | &nbsp;&nbsp; 1696500 |
| AIB Group PLC | 173600 | &nbsp;&nbsp; 1423219 |
| Bank of Ireland Group PLC | 78700 | &nbsp;&nbsp; 1119145 |
| Kerry Group PLC - Class A | 12505 | &nbsp;&nbsp; 1376176 |
| Kingspan Group PLC | 10806 | &nbsp;&nbsp; 915736 |
|  |  | &nbsp;&nbsp; 6530776 |
| **Israel — 0.8%** | **Israel — 0.8%** | **Israel — 0.8%** |
| Azrieli Group Ltd.  | 2906 | &nbsp;&nbsp; 267810 |
| Bank Hapoalim BM | 100118 | &nbsp;&nbsp; 1923216 |
| Bank Leumi Le-Israel BM | 108993 | &nbsp;&nbsp; 2028645 |
| Check Point Software Technologies Ltd. (a) | 6800 | &nbsp;&nbsp; 1504500 |
| Elbit Systems Ltd.  | 1793 | &nbsp;&nbsp; 797445 |
| ICL Group Ltd.  | 54671 | &nbsp;&nbsp; 374643 |
| Israel Discount Bank Ltd. - Class A | 93151 | &nbsp;&nbsp; 929083 |
| Mizrahi Tefahot Bank Ltd.  | 13084 | &nbsp;&nbsp; 853271 |
| Nice Ltd. (a) | 4931 | &nbsp;&nbsp; 835801 |
| Teva Pharmaceutical Industries Ltd. (ADR) (a) | 82053 | &nbsp;&nbsp; 1375208 |
| Wix.com Ltd. (a) | 4500 | &nbsp;&nbsp; 713070 |
|  |  | &nbsp;&nbsp; 11602692 |
| **Italy — 3.1%** | **Italy — 3.1%** | **Italy — 3.1%** |
| Banca Mediolanum SpA | 17400 | &nbsp;&nbsp; 298743 |
| Banco BPM SpA (b) | 91400 | &nbsp;&nbsp; 1063904 |
| BPER Banca SpA | 83900 | &nbsp;&nbsp; 760253 |
| Coca-Cola HBC AG | 16517 | &nbsp;&nbsp; 856066 |
| Davide Campari-Milano NV (b) | 51973 | &nbsp;&nbsp; 348436 |
| Enel SpA | 612377 | &nbsp;&nbsp; 5791935 |
| Eni SpA | 163579 | &nbsp;&nbsp; 2640235 |
| Ferrari NV | 9742 | &nbsp;&nbsp; 4759480 |
| FinecoBank Banca Fineco SpA | 42420 | &nbsp;&nbsp; 938281 |
| Generali | 65586 | &nbsp;&nbsp; 2326419 |
| Infrastrutture Wireless Italiane SpA | 28372 | &nbsp;&nbsp; 345750 |
| Intesa Sanpaolo SpA | 1132794 | &nbsp;&nbsp; 6507052 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — (Continued)** | **Italy — (Continued)** | **Italy — (Continued)** |
| Leonardo SpA | 30400 | &nbsp;&nbsp; $1708350 |
| Mediobanca Banca di Credito Finanziario SpA (b) | 42192 | &nbsp;&nbsp; 977837 |
| Moncler SpA | 18560 | &nbsp;&nbsp; 1056009 |
| Nexi SpA | 41057 | &nbsp;&nbsp; 244639 |
| Poste Italiane SpA (b) | 38593 | &nbsp;&nbsp; 826494 |
| Prysmian SpA | 22819 | &nbsp;&nbsp; 1603581 |
| Recordati Industria Chimica e Farmaceutica SpA | 8827 | &nbsp;&nbsp; 553431 |
| Ryanair Holdings PLC | 64400 | &nbsp;&nbsp; 1815650 |
| Snam SpA (b) | 137329 | &nbsp;&nbsp; 831209 |
| Telecom Italia SpA (a) | 829221 | &nbsp;&nbsp; 407589 |
| Terna - Rete Elettrica Nazionale (b) | 98873 | &nbsp;&nbsp; 1013464 |
| UniCredit SpA | 104870 | &nbsp;&nbsp; 7009151 |
| Unipol Assicurazioni SpA | 28100 | &nbsp;&nbsp; 555197 |
|  |  | &nbsp;&nbsp; 45239155 |
| **Japan — 21.1%** | **Japan — 21.1%** | **Japan — 21.1%** |
| Advantest Corp.  | 57300 | &nbsp;&nbsp; 4231614 |
| Aeon Co. Ltd.  | 58000 | &nbsp;&nbsp; 1773464 |
| AGC, Inc. (b) | 16600 | &nbsp;&nbsp; 484231 |
| Aisin Corp.  | 44999 | &nbsp;&nbsp; 572297 |
| Ajinomoto Co., Inc.  | 65400 | &nbsp;&nbsp; 1740145 |
| ANA Holdings, Inc.  | 8100 | &nbsp;&nbsp; 158256 |
| Asahi Group Holdings Ltd.  | 107400 | &nbsp;&nbsp; 1433017 |
| Asahi Kasei Corp.  | 78100 | &nbsp;&nbsp; 553088 |
| Asics Corp.  | 49000 | &nbsp;&nbsp; 1247925 |
| Astellas Pharma, Inc.  | 133500 | &nbsp;&nbsp; 1305040 |
| Bandai Namco Holdings, Inc.  | 44500 | &nbsp;&nbsp; 1588177 |
| Bridgestone Corp. (b) | 43500 | &nbsp;&nbsp; 1770957 |
| Canon, Inc. (b) | 73100 | &nbsp;&nbsp; 2110837 |
| Capcom Co. Ltd.  | 22700 | &nbsp;&nbsp; 772614 |
| Central Japan Railway Co.  | 56600 | &nbsp;&nbsp; 1263825 |
| Chiba Bank Ltd.  | 46700 | &nbsp;&nbsp; 429006 |
| Chubu Electric Power Co., Inc.  | 54600 | &nbsp;&nbsp; 673136 |
| Chugai Pharmaceutical Co. Ltd.  | 49200 | &nbsp;&nbsp; 2564026 |
| Concordia Financial Group Ltd.  | 89000 | &nbsp;&nbsp; 573790 |
| Dai Nippon Printing Co. Ltd.  | 32900 | &nbsp;&nbsp; 497148 |
| Daifuku Co. Ltd.  | 27300 | &nbsp;&nbsp; 703564 |
| Dai-ichi Life Holdings, Inc.  | 274600 | &nbsp;&nbsp; 2069387 |
| Daiichi Sankyo Co. Ltd.  | 131599 | &nbsp;&nbsp; 3055036 |
| Daikin Industries Ltd.  | 20600 | &nbsp;&nbsp; 2426238 |
| Daito Trust Construction Co. Ltd.  | 5000 | &nbsp;&nbsp; 543343 |
| Daiwa House Industry Co. Ltd.  | 41700 | &nbsp;&nbsp; 1432240 |
| Daiwa Securities Group, Inc.  | 83500 | &nbsp;&nbsp; 592066 |
| Denso Corp.  | 145100 | &nbsp;&nbsp; 1950931 |
| Dentsu Group, Inc. (b) | 17200 | &nbsp;&nbsp; 380490 |
| Disco Corp.  | 7000 | &nbsp;&nbsp; 2064912 |
| East Japan Railway Co.  | 67100 | &nbsp;&nbsp; 1443693 |
| Eisai Co. Ltd.  | 21300 | &nbsp;&nbsp; 609993 |
| ENEOS Holdings, Inc.  | 206900 | &nbsp;&nbsp; 1018076 |
| FANUC Corp.  | 73100 | &nbsp;&nbsp; 1982407 |
| Fast Retailing Co. Ltd.  | 14300 | &nbsp;&nbsp; 4885307 |
| Fuji Electric Co. Ltd.  | 11400 | &nbsp;&nbsp; 521806 |
| FUJIFILM Holdings Corp.  | 84800 | &nbsp;&nbsp; 1837068 |
| Fujikura Ltd.  | 17000 | &nbsp;&nbsp; 890588 |
| Fujitsu Ltd.  | 131500 | &nbsp;&nbsp; 3185199 |
| Hankyu Hanshin Holdings, Inc.  | 19400 | &nbsp;&nbsp; 525691 |

---

*See accompanying notes to financial statements.*

**BHFTII-251**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Hikari Tsushin, Inc.  | 1500 | &nbsp;&nbsp; $440776 |
| Hitachi Ltd.  | 347000 | &nbsp;&nbsp; 10021569 |
| Honda Motor Co. Ltd.  | 318500 | &nbsp;&nbsp; 3061863 |
| Hoshizaki Corp.  | 9200 | &nbsp;&nbsp; 316965 |
| Hoya Corp.  | 26400 | &nbsp;&nbsp; 3124527 |
| Hulic Co. Ltd. (b) | 38200 | &nbsp;&nbsp; 383442 |
| Idemitsu Kosan Co. Ltd.  | 49440 | &nbsp;&nbsp; 298268 |
| IHI Corp.  | 11000 | &nbsp;&nbsp; 1190677 |
| Inpex Corp. (b) | 72100 | &nbsp;&nbsp; 1008578 |
| Isuzu Motors Ltd.  | 44200 | &nbsp;&nbsp; 557894 |
| ITOCHU Corp.  | 91600 | &nbsp;&nbsp; 4799358 |
| Japan Airlines Co. Ltd.  | 11900 | &nbsp;&nbsp; 241673 |
| Japan Exchange Group, Inc.  | 65600 | &nbsp;&nbsp; 663156 |
| Japan Post Bank Co. Ltd.  | 133400 | &nbsp;&nbsp; 1435686 |
| Japan Post Holdings Co. Ltd.  | 122900 | &nbsp;&nbsp; 1130945 |
| Japan Post Insurance Co. Ltd.  | 16300 | &nbsp;&nbsp; 366493 |
| Japan Tobacco, Inc. (b) | 93500 | &nbsp;&nbsp; 2744476 |
| JFE Holdings, Inc.  | 48700 | &nbsp;&nbsp; 563588 |
| Kajima Corp.  | 33600 | &nbsp;&nbsp; 872798 |
| Kansai Electric Power Co., Inc.  | 78100 | &nbsp;&nbsp; 921448 |
| Kao Corp. (b) | 34900 | &nbsp;&nbsp; 1557331 |
| Kawasaki Kisen Kaisha Ltd.  | 20000 | &nbsp;&nbsp; 281566 |
| KDDI Corp.  | 235800 | &nbsp;&nbsp; 4038785 |
| Keyence Corp.  | 14500 | &nbsp;&nbsp; 5804575 |
| Kikkoman Corp.  | 57500 | &nbsp;&nbsp; 531221 |
| Kirin Holdings Co. Ltd.  | 52800 | &nbsp;&nbsp; 737146 |
| Kobe Bussan Co. Ltd.  | 9200 | &nbsp;&nbsp; 285293 |
| Komatsu Ltd.  | 70900 | &nbsp;&nbsp; 2313650 |
| Konami Group Corp.  | 7100 | &nbsp;&nbsp; 1117768 |
| Kubota Corp. (b) | 80100 | &nbsp;&nbsp; 895331 |
| Kyocera Corp.  | 92000 | &nbsp;&nbsp; 1101214 |
| Kyowa Kirin Co. Ltd.  | 15300 | &nbsp;&nbsp; 261511 |
| Lasertec Corp. (b) | 6800 | &nbsp;&nbsp; 913431 |
| LY Corp.  | 226400 | &nbsp;&nbsp; 831171 |
| M3, Inc.  | 37500 | &nbsp;&nbsp; 513491 |
| Makita Corp.  | 20200 | &nbsp;&nbsp; 619268 |
| Marubeni Corp.  | 103500 | &nbsp;&nbsp; 2076421 |
| MatsukiyoCocokara & Co.  | 29000 | &nbsp;&nbsp; 595746 |
| MEIJI Holdings Co. Ltd.  | 19900 | &nbsp;&nbsp; 438981 |
| Minebea Mitsumi, Inc.  | 30800 | &nbsp;&nbsp; 448979 |
| Mitsubishi Chemical Group Corp.  | 114800 | &nbsp;&nbsp; 599998 |
| Mitsubishi Corp.  | 258799 | &nbsp;&nbsp; 5152408 |
| Mitsubishi Electric Corp.  | 143400 | &nbsp;&nbsp; 3087576 |
| Mitsubishi Estate Co. Ltd.  | 82700 | &nbsp;&nbsp; 1542606 |
| Mitsubishi HC Capital, Inc.  | 68400 | &nbsp;&nbsp; 502929 |
| Mitsubishi Heavy Industries Ltd.  | 246400 | &nbsp;&nbsp; 6155870 |
| Mitsubishi UFJ Financial Group, Inc.  | 863788 | &nbsp;&nbsp; 11790640 |
| Mitsui & Co. Ltd.  | 186434 | &nbsp;&nbsp; 3786910 |
| Mitsui Fudosan Co. Ltd.  | 202900 | &nbsp;&nbsp; 1954136 |
| Mitsui OSK Lines Ltd.  | 23600 | &nbsp;&nbsp; 784539 |
| Mizuho Financial Group, Inc.  | 180950 | &nbsp;&nbsp; 4966224 |
| MonotaRO Co. Ltd.  | 21300 | &nbsp;&nbsp; 419156 |
| MS&AD Insurance Group Holdings, Inc.  | 100100 | &nbsp;&nbsp; 2226052 |
| Murata Manufacturing Co. Ltd.  | 131800 | &nbsp;&nbsp; 1943640 |
| NEC Corp.  | 93100 | &nbsp;&nbsp; 2718468 |
| Nexon Co. Ltd. (b) | 28500 | &nbsp;&nbsp; 571833 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| NIDEC Corp.  | 59800 | &nbsp;&nbsp; $1154017 |
| Nintendo Co. Ltd.  | 83200 | &nbsp;&nbsp; 7955986 |
| Nippon Building Fund, Inc. (REIT) (b) | 648 | &nbsp;&nbsp; 595976 |
| Nippon Paint Holdings Co. Ltd.  | 80300 | &nbsp;&nbsp; 642824 |
| Nippon Sanso Holdings Corp.  | 14700 | &nbsp;&nbsp; 554162 |
| Nippon Steel Corp.  | 69900 | &nbsp;&nbsp; 1322338 |
| Nippon Telegraph & Telephone Corp.  | 2135900 | &nbsp;&nbsp; 2274024 |
| Nippon Yusen KK | 33100 | &nbsp;&nbsp; 1184751 |
| Nissan Motor Co. Ltd. (a) (b) | 120400 | &nbsp;&nbsp; 291558 |
| Nissin Foods Holdings Co. Ltd.  | 17000 | &nbsp;&nbsp; 352526 |
| Nitori Holdings Co. Ltd.  | 6800 | &nbsp;&nbsp; 655625 |
| Nitto Denko Corp.  | 48900 | &nbsp;&nbsp; 940227 |
| Nomura Holdings, Inc.  | 222800 | &nbsp;&nbsp; 1458725 |
| Nomura Research Institute Ltd.  | 26900 | &nbsp;&nbsp; 1077653 |
| NTT Data Group Corp.  | 18780 | &nbsp;&nbsp; 517746 |
| Obayashi Corp.  | 42100 | &nbsp;&nbsp; 635159 |
| Obic Co. Ltd.  | 22000 | &nbsp;&nbsp; 854635 |
| Olympus Corp.  | 85200 | &nbsp;&nbsp; 1007865 |
| Omron Corp.  | 14900 | &nbsp;&nbsp; 401561 |
| Ono Pharmaceutical Co. Ltd.  | 23900 | &nbsp;&nbsp; 258275 |
| Oracle Corp. Japan | 3300 | &nbsp;&nbsp; 392569 |
| Oriental Land Co. Ltd.  | 82700 | &nbsp;&nbsp; 1900324 |
| ORIX Corp.  | 88300 | &nbsp;&nbsp; 1984930 |
| Osaka Gas Co. Ltd.  | 23500 | &nbsp;&nbsp; 599583 |
| Otsuka Corp.  | 19300 | &nbsp;&nbsp; 391804 |
| Otsuka Holdings Co. Ltd.  | 33900 | &nbsp;&nbsp; 1673285 |
| Pan Pacific International Holdings Corp.  | 26000 | &nbsp;&nbsp; 890910 |
| Panasonic Holdings Corp.  | 181300 | &nbsp;&nbsp; 1941713 |
| Rakuten Group, Inc. (a) | 91800 | &nbsp;&nbsp; 503729 |
| Recruit Holdings Co. Ltd.  | 104900 | &nbsp;&nbsp; 6157620 |
| Renesas Electronics Corp.  | 130500 | &nbsp;&nbsp; 1601069 |
| Resona Holdings, Inc.  | 154200 | &nbsp;&nbsp; 1411001 |
| Ricoh Co. Ltd.  | 46500 | &nbsp;&nbsp; 437678 |
| Sanrio Co. Ltd.  | 14000 | &nbsp;&nbsp; 675136 |
| SBI Holdings, Inc.  | 23011 | &nbsp;&nbsp; 797016 |
| SCREEN Holdings Co. Ltd.  | 7000 | &nbsp;&nbsp; 566699 |
| SCSK Corp.  | 11700 | &nbsp;&nbsp; 351255 |
| Secom Co. Ltd.  | 30200 | &nbsp;&nbsp; 1083553 |
| Sekisui Chemical Co. Ltd.  | 32000 | &nbsp;&nbsp; 576742 |
| Sekisui House Ltd.  | 46100 | &nbsp;&nbsp; 1013482 |
| Seven & i Holdings Co. Ltd.  | 161500 | &nbsp;&nbsp; 2596797 |
| SG Holdings Co. Ltd. (b) | 19500 | &nbsp;&nbsp; 216860 |
| Shimadzu Corp. (b) | 20100 | &nbsp;&nbsp; 496981 |
| Shimano, Inc.  | 5900 | &nbsp;&nbsp; 853784 |
| Shin-Etsu Chemical Co. Ltd.  | 138700 | &nbsp;&nbsp; 4556640 |
| Shionogi & Co. Ltd.  | 52200 | &nbsp;&nbsp; 939032 |
| Shiseido Co. Ltd. (b) | 33900 | &nbsp;&nbsp; 601584 |
| SMC Corp.  | 4300 | &nbsp;&nbsp; 1543812 |
| SoftBank Corp.  | 2144700 | &nbsp;&nbsp; 3304247 |
| SoftBank Group Corp.  | 73700 | &nbsp;&nbsp; 5327345 |
| Sompo Holdings, Inc.  | 65997 | &nbsp;&nbsp; 1971185 |
| Sony Group Corp.  | 465100 | &nbsp;&nbsp; 12087997 |
| Subaru Corp.  | 40300 | &nbsp;&nbsp; 698047 |
| Sumitomo Corp.  | 80200 | &nbsp;&nbsp; 2060433 |
| Sumitomo Electric Industries Ltd.  | 54134 | &nbsp;&nbsp; 1150595 |
| Sumitomo Metal Mining Co. Ltd. (b) | 20900 | &nbsp;&nbsp; 511898 |

---

*See accompanying notes to financial statements.*

**BHFTII-252**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Sumitomo Mitsui Financial Group, Inc.  | 277200 | &nbsp;&nbsp; $6928241 |
| Sumitomo Mitsui Trust Group, Inc.  | 47152 | &nbsp;&nbsp; 1246119 |
| Sumitomo Realty & Development Co. Ltd.  | 24200 | &nbsp;&nbsp; 930176 |
| Suntory Beverage & Food Ltd.  | 11800 | &nbsp;&nbsp; 376572 |
| Suzuki Motor Corp.  | 117300 | &nbsp;&nbsp; 1408826 |
| Sysmex Corp.  | 42600 | &nbsp;&nbsp; 739040 |
| T&D Holdings, Inc.  | 33000 | &nbsp;&nbsp; 719628 |
| Taisei Corp.  | 10600 | &nbsp;&nbsp; 615019 |
| Takeda Pharmaceutical Co. Ltd.  | 121048 | &nbsp;&nbsp; 3725206 |
| TDK Corp.  | 146200 | &nbsp;&nbsp; 1704776 |
| Terumo Corp.  | 102300 | &nbsp;&nbsp; 1872022 |
| TIS, Inc.  | 18000 | &nbsp;&nbsp; 601831 |
| Toho Co. Ltd.  | 9500 | &nbsp;&nbsp; 559633 |
| Tokio Marine Holdings, Inc.  | 139200 | &nbsp;&nbsp; 5854208 |
| Tokyo Electron Ltd.  | 34000 | &nbsp;&nbsp; 6471494 |
| Tokyo Gas Co. Ltd.  | 22700 | &nbsp;&nbsp; 752361 |
| Tokyo Metro Co. Ltd.  | 24000 | &nbsp;&nbsp; 278694 |
| Tokyu Corp.  | 42400 | &nbsp;&nbsp; 502348 |
| TOPPAN Holdings, Inc.  | 20300 | &nbsp;&nbsp; 549241 |
| Toray Industries, Inc.  | 89200 | &nbsp;&nbsp; 607407 |
| Toyota Industries Corp.  | 12100 | &nbsp;&nbsp; 1359223 |
| Toyota Motor Corp.  | 718000 | &nbsp;&nbsp; 12295633 |
| Toyota Tsusho Corp.  | 49300 | &nbsp;&nbsp; 1110139 |
| Trend Micro, Inc.  | 8200 | &nbsp;&nbsp; 564718 |
| Unicharm Corp. (b) | 91500 | &nbsp;&nbsp; 660705 |
| West Japan Railway Co.  | 37200 | &nbsp;&nbsp; 850309 |
| Yakult Honsha Co. Ltd. (b) | 21800 | &nbsp;&nbsp; 408850 |
| Yamaha Motor Co. Ltd. (b) | 71200 | &nbsp;&nbsp; 529390 |
| Yokogawa Electric Corp.  | 19400 | &nbsp;&nbsp; 515367 |
| Zensho Holdings Co. Ltd.  | 8000 | &nbsp;&nbsp; 483082 |
| ZOZO, Inc.  | 30100 | &nbsp;&nbsp; 323944 |
|  |  | &nbsp;&nbsp; 309117842 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| ArcelorMittal SA | 33175 | &nbsp;&nbsp; 1044946 |
| CVC Capital Partners PLC | 17917 | &nbsp;&nbsp; 365618 |
| Eurofins Scientific SE | 8354 | &nbsp;&nbsp; 593233 |
|  |  | &nbsp;&nbsp; 2003797 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Galaxy Entertainment Group Ltd.  | 166000 | &nbsp;&nbsp; 738648 |
| Sands China Ltd. (a) | 204800 | &nbsp;&nbsp; 427348 |
|  |  | &nbsp;&nbsp; 1165996 |
| **Netherlands — 4.1%** | **Netherlands — 4.1%** | **Netherlands — 4.1%** |
| ABN AMRO Bank NV | 31062 | &nbsp;&nbsp; 847520 |
| Adyen NV (a) | 1909 | &nbsp;&nbsp; 3492933 |
| Aegon Ltd.  | 100179 | &nbsp;&nbsp; 723127 |
| Akzo Nobel NV | 11505 | &nbsp;&nbsp; 802350 |
| Argenx SE (a) | 4681 | &nbsp;&nbsp; 2571691 |
| ASM International NV | 3623 | &nbsp;&nbsp; 2311610 |
| ASML Holding NV | 29838 | &nbsp;&nbsp; 23806540 |
| ASR Nederland NV | 10316 | &nbsp;&nbsp; 682805 |
| BE Semiconductor Industries NV | 6508 | &nbsp;&nbsp; 970838 |
| Euronext NV | 5623 | &nbsp;&nbsp; 958839 |
| EXOR NV | 6328 | &nbsp;&nbsp; 635937 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Netherlands — (Continued)** | **Netherlands — (Continued)** | **Netherlands — (Continued)** |
| Heineken Holding NV | 10942 | &nbsp;&nbsp; $813240 |
| Heineken NV | 21067 | &nbsp;&nbsp; 1838144 |
| IMCD NV | 4811 | &nbsp;&nbsp; 645212 |
| ING Groep NV | 237194 | &nbsp;&nbsp; 5187065 |
| JDE Peet's NV | 13985 | &nbsp;&nbsp; 398222 |
| Koninklijke Ahold Delhaize NV | 68712 | &nbsp;&nbsp; 2862684 |
| Koninklijke KPN NV | 309299 | &nbsp;&nbsp; 1504407 |
| Koninklijke Philips NV | 63543 | &nbsp;&nbsp; 1520272 |
| NN Group NV | 19683 | &nbsp;&nbsp; 1303723 |
| Randstad NV | 9162 | &nbsp;&nbsp; 421673 |
| Universal Music Group NV (b) | 83358 | &nbsp;&nbsp; 2695644 |
| Wolters Kluwer NV | 18523 | &nbsp;&nbsp; 3086693 |
|  |  | &nbsp;&nbsp; 60081169 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Auckland International Airport Ltd.  | 125588 | &nbsp;&nbsp; 591528 |
| Contact Energy Ltd.  | 65300 | &nbsp;&nbsp; 356791 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 45315 | &nbsp;&nbsp; 991932 |
| Infratil Ltd.  | 48200 | &nbsp;&nbsp; 310216 |
| Meridian Energy Ltd.  | 109268 | &nbsp;&nbsp; 391390 |
| Xero Ltd. (a) | 11440 | &nbsp;&nbsp; 1348188 |
|  |  | &nbsp;&nbsp; 3990045 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Aker BP ASA | 26678 | &nbsp;&nbsp; 677932 |
| DNB Bank ASA | 64702 | &nbsp;&nbsp; 1783189 |
| Equinor ASA | 63180 | &nbsp;&nbsp; 1588893 |
| Gjensidige Forsikring ASA | 16885 | &nbsp;&nbsp; 426422 |
| Kongsberg Gruppen ASA | 34500 | &nbsp;&nbsp; 1332867 |
| Mowi ASA | 35261 | &nbsp;&nbsp; 678585 |
| Norsk Hydro ASA | 83734 | &nbsp;&nbsp; 475304 |
| Orkla ASA | 59180 | &nbsp;&nbsp; 640681 |
| Salmar ASA | 4072 | &nbsp;&nbsp; 175806 |
| Telenor ASA | 47605 | &nbsp;&nbsp; 740591 |
|  |  | &nbsp;&nbsp; 8520270 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost SA (a) | 16885 | &nbsp;&nbsp; 279519 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP SA | 264920 | &nbsp;&nbsp; 1146183 |
| Galp Energia SGPS SA | 28401 | &nbsp;&nbsp; 519585 |
| Jeronimo Martins SGPS SA | 23907 | &nbsp;&nbsp; 603278 |
|  |  | &nbsp;&nbsp; 2269046 |
| **Singapore — 1.7%** | **Singapore — 1.7%** | **Singapore — 1.7%** |
| CapitaLand Ascendas (REIT) | 315544 | &nbsp;&nbsp; 664150 |
| CapitaLand Integrated Commercial Trust (REIT) | 443285 | &nbsp;&nbsp; 755382 |
| CapitaLand Investment Ltd.  | 197700 | &nbsp;&nbsp; 411496 |
| DBS Group Holdings Ltd.  | 161353 | &nbsp;&nbsp; 5695699 |
| Genting Singapore Ltd.  | 107600 | &nbsp;&nbsp; 60440 |
| Grab Holdings Ltd. - Class A (a) | 178300 | &nbsp;&nbsp; 896849 |
| Keppel Ltd.  | 123000 | &nbsp;&nbsp; 717374 |
| Oversea-Chinese Banking Corp. Ltd.  | 254764 | &nbsp;&nbsp; 3265362 |
| Sea Ltd. (ADR) (a) | 28400 | &nbsp;&nbsp; 4542296 |
| Sembcorp Industries Ltd.  | 52000 | &nbsp;&nbsp; 279771 |

---

*See accompanying notes to financial statements.*

**BHFTII-253**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Singapore — (Continued)** | **Singapore — (Continued)** | **Singapore — (Continued)** |
| Singapore Airlines Ltd.  | 125640 | &nbsp;&nbsp; $688037 |
| Singapore Exchange Ltd.  | 65000 | &nbsp;&nbsp; 759036 |
| Singapore Technologies Engineering Ltd.  | 131800 | &nbsp;&nbsp; 806326 |
| Singapore Telecommunications Ltd.  | 591020 | &nbsp;&nbsp; 1773042 |
| STMicroelectronics NV | 48850 | &nbsp;&nbsp; 1481311 |
| United Overseas Bank Ltd.  | 92692 | &nbsp;&nbsp; 2621694 |
|  |  | &nbsp;&nbsp; 25418265 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Anglo American PLC | 83060 | &nbsp;&nbsp; 2447927 |
| Valterra Platinum Ltd. (a) | 9651 | &nbsp;&nbsp; 423207 |
|  |  | &nbsp;&nbsp; 2871134 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Delivery Hero SE (a) | 15606 | &nbsp;&nbsp; 421072 |
| **Spain — 3.1%** | **Spain — 3.1%** | **Spain — 3.1%** |
| Acciona SA | 1647 | &nbsp;&nbsp; 295441 |
| ACS Actividades de Construccion y Servicios SA (b) | 12748 | &nbsp;&nbsp; 882225 |
| Aena SME SA | 55770 | &nbsp;&nbsp; 1483529 |
| Amadeus IT Group SA | 33220 | &nbsp;&nbsp; 2800570 |
| Banco Bilbao Vizcaya Argentaria SA | 431165 | &nbsp;&nbsp; 6608272 |
| Banco de Sabadell SA | 394809 | &nbsp;&nbsp; 1252854 |
| Banco Santander SA | 1148021 | &nbsp;&nbsp; 9470890 |
| Bankinter SA | 51077 | &nbsp;&nbsp; 664395 |
| CaixaBank SA | 308616 | &nbsp;&nbsp; 2664465 |
| Cellnex Telecom SA (a) | 39473 | &nbsp;&nbsp; 1531883 |
| EDP Renovaveis SA | 17922 | &nbsp;&nbsp; 199505 |
| Endesa SA (b) | 26815 | &nbsp;&nbsp; 846454 |
| Grifols SA (a) | 21632 | &nbsp;&nbsp; 262836 |
| Iberdrola SA | 439169 | &nbsp;&nbsp; 8412959 |
| Industria de Diseno Textil SA | 81099 | &nbsp;&nbsp; 4211312 |
| Redeia Corp. SA | 34260 | &nbsp;&nbsp; 731109 |
| Repsol SA (b) | 87481 | &nbsp;&nbsp; 1277028 |
| Telefonica SA (b) | 295145 | &nbsp;&nbsp; 1551574 |
|  |  | &nbsp;&nbsp; 45147301 |
| **Sweden — 2.9%** | **Sweden — 2.9%** | **Sweden — 2.9%** |
| AddTech AB - B Shares | 19700 | &nbsp;&nbsp; 666171 |
| Alfa Laval AB | 22695 | &nbsp;&nbsp; 948985 |
| Assa Abloy AB - Class B | 75655 | &nbsp;&nbsp; 2348464 |
| Atlas Copco AB - A Shares | 203307 | &nbsp;&nbsp; 3269449 |
| Atlas Copco AB - B Shares | 119364 | &nbsp;&nbsp; 1688313 |
| Beijer Ref AB | 30900 | &nbsp;&nbsp; 484646 |
| Boliden AB (a) | 21534 | &nbsp;&nbsp; 668684 |
| Epiroc AB - A Shares | 51693 | &nbsp;&nbsp; 1116730 |
| Epiroc AB - B Shares | 23424 | &nbsp;&nbsp; 445833 |
| EQT AB | 29206 | &nbsp;&nbsp; 971459 |
| Essity AB - Class B | 41914 | &nbsp;&nbsp; 1152287 |
| Evolution AB | 10265 | &nbsp;&nbsp; 810441 |
| Fastighets AB Balder - B Shares (a) | 56909 | &nbsp;&nbsp; 422307 |
| H & M Hennes & Mauritz AB - B Shares (b) | 48319 | &nbsp;&nbsp; 674877 |
| Hexagon AB - B Shares | 159129 | &nbsp;&nbsp; 1587390 |
| Holmen AB - B Shares | 6621 | &nbsp;&nbsp; 260773 |
| Industrivarden AB - A Shares | 10476 | &nbsp;&nbsp; 377543 |
| Industrivarden AB - C Shares | 8342 | &nbsp;&nbsp; 299326 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Indutrade AB | 16283 | &nbsp;&nbsp; $441500 |
| Investment AB Latour - B Shares | 12782 | &nbsp;&nbsp; 334505 |
| Investor AB - B Shares | 133378 | &nbsp;&nbsp; 3918431 |
| L E Lundbergforetagen AB - B Shares | 4748 | &nbsp;&nbsp; 235104 |
| Lifco AB - B Shares | 18022 | &nbsp;&nbsp; 724411 |
| Nibe Industrier AB - B Shares | 83215 | &nbsp;&nbsp; 353268 |
| Saab AB - Class B | 25500 | &nbsp;&nbsp; 1413869 |
| Sagax AB - Class B (b) | 18874 | &nbsp;&nbsp; 428310 |
| Sandvik AB | 76940 | &nbsp;&nbsp; 1752748 |
| Securitas AB - B Shares | 42096 | &nbsp;&nbsp; 625317 |
| Skandinaviska Enskilda Banken AB - Class A | 122321 | &nbsp;&nbsp; 2120750 |
| Skanska AB - B Shares | 25783 | &nbsp;&nbsp; 596168 |
| SKF AB - B Shares | 29153 | &nbsp;&nbsp; 664721 |
| Svenska Cellulosa AB SCA - Class B | 51700 | &nbsp;&nbsp; 667519 |
| Svenska Handelsbanken AB - A Shares | 108813 | &nbsp;&nbsp; 1444605 |
| Swedbank AB - A Shares | 64276 | &nbsp;&nbsp; 1690549 |
| Swedish Orphan Biovitrum AB (a) | 16716 | &nbsp;&nbsp; 506350 |
| Tele2 AB - B Shares | 45951 | &nbsp;&nbsp; 666759 |
| Telefonaktiebolaget LM Ericsson - B Shares | 201129 | &nbsp;&nbsp; 1711183 |
| Telia Co. AB | 182398 | &nbsp;&nbsp; 653851 |
| Trelleborg AB - B Shares | 12900 | &nbsp;&nbsp; 477946 |
| Volvo AB - B Shares | 120764 | &nbsp;&nbsp; 3365919 |
|  |  | &nbsp;&nbsp; 42987461 |
| **Switzerland — 4.8%** | **Switzerland — 4.8%** | **Switzerland — 4.8%** |
| ABB Ltd.  | 119596 | &nbsp;&nbsp; 7126744 |
| Avolta AG | 5960 | &nbsp;&nbsp; 323308 |
| Baloise Holding AG | 3233 | &nbsp;&nbsp; 762703 |
| Banque Cantonale Vaudoise | 1980 | &nbsp;&nbsp; 227942 |
| Barry Callebaut AG (b) | 304 | &nbsp;&nbsp; 329450 |
| BKW AG | 1390 | &nbsp;&nbsp; 303298 |
| Chocoladefabriken Lindt & Spruengli AG | 8 | &nbsp;&nbsp; 1328667 |
| Chocoladefabriken Lindt & Spruengli AG (Participation <br> Certificate)<br>| 68 | &nbsp;&nbsp; 1140473 |
| Cie Financiere Richemont SA - Class A | 40227 | &nbsp;&nbsp; 7583409 |
| DSM-Firmenich AG | 13785 | &nbsp;&nbsp; 1460662 |
| EMS-Chemie Holding AG | 597 | &nbsp;&nbsp; 450097 |
| Galderma Group AG | 8110 | &nbsp;&nbsp; 1177727 |
| Geberit AG | 2519 | &nbsp;&nbsp; 1979060 |
| Givaudan SA | 696 | &nbsp;&nbsp; 3365068 |
| Helvetia Holding AG | 3150 | &nbsp;&nbsp; 738721 |
| Julius Baer Group Ltd.  | 14467 | &nbsp;&nbsp; 973066 |
| Kuehne & Nagel International AG | 3237 | &nbsp;&nbsp; 700658 |
| Logitech International SA | 11035 | &nbsp;&nbsp; 993966 |
| Lonza Group AG | 5521 | &nbsp;&nbsp; 3932152 |
| Partners Group Holding AG | 1786 | &nbsp;&nbsp; 2334215 |
| Sandoz Group AG | 30378 | &nbsp;&nbsp; 1663779 |
| Schindler Holding AG | 1995 | &nbsp;&nbsp; 721934 |
| Schindler Holding AG (Participation Certificate) | 2905 | &nbsp;&nbsp; 1078581 |
| SGS SA | 12204 | &nbsp;&nbsp; 1237217 |
| SIG Group AG | 26000 | &nbsp;&nbsp; 479987 |
| Sika AG | 11388 | &nbsp;&nbsp; 3080419 |
| Sonova Holding AG | 3661 | &nbsp;&nbsp; 1090094 |
| Straumann Holding AG | 7974 | &nbsp;&nbsp; 1041247 |
| Swatch Group AG | 2462 | &nbsp;&nbsp; 400523 |
| Swiss Life Holding AG | 2216 | &nbsp;&nbsp; 2241727 |

---

*See accompanying notes to financial statements.*

**BHFTII-254**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Swiss Prime Site AG | 6560 | &nbsp;&nbsp; $982395 |
| Swisscom AG | 1897 | &nbsp;&nbsp; 1342582 |
| Temenos AG | 5130 | &nbsp;&nbsp; 366379 |
| UBS Group AG | 247489 | &nbsp;&nbsp; 8382275 |
| VAT Group AG | 2289 | &nbsp;&nbsp; 966115 |
| Zurich Insurance Group AG | 11215 | &nbsp;&nbsp; 7839240 |
|  |  | &nbsp;&nbsp; 70145880 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health PLC (a) (c) (d) | 7569 | &nbsp;&nbsp; 0 |
| **United Kingdom — 11.1%** | **United Kingdom — 11.1%** | **United Kingdom — 11.1%** |
| 3i Group PLC | 74877 | &nbsp;&nbsp; 4228441 |
| Admiral Group PLC | 17639 | &nbsp;&nbsp; 790481 |
| Ashtead Group PLC | 33666 | &nbsp;&nbsp; 2154491 |
| Associated British Foods PLC | 21481 | &nbsp;&nbsp; 605879 |
| AstraZeneca PLC | 117482 | &nbsp;&nbsp; 16356322 |
| Auto Trader Group PLC | 59486 | &nbsp;&nbsp; 672535 |
| Aviva PLC | 199582 | &nbsp;&nbsp; 1693939 |
| BAE Systems PLC | 226849 | &nbsp;&nbsp; 5863104 |
| Barclays PLC | 1091764 | &nbsp;&nbsp; 5048235 |
| Barratt Redrow PLC | 116365 | &nbsp;&nbsp; 727743 |
| British American Tobacco PLC | 149480 | &nbsp;&nbsp; 7061887 |
| BT Group PLC | 459797 | &nbsp;&nbsp; 1220961 |
| Bunzl PLC | 26370 | &nbsp;&nbsp; 838478 |
| Centrica PLC | 398295 | &nbsp;&nbsp; 881896 |
| CK Hutchison Holdings Ltd.  | 213440 | &nbsp;&nbsp; 1317600 |
| Coca-Cola Europacific Partners PLC | 17500 | &nbsp;&nbsp; 1622600 |
| Compass Group PLC | 126735 | &nbsp;&nbsp; 4285343 |
| Croda International PLC | 11199 | &nbsp;&nbsp; 449411 |
| DCC PLC | 8347 | &nbsp;&nbsp; 540932 |
| Diageo PLC | 166076 | &nbsp;&nbsp; 4170398 |
| Entain PLC | 53943 | &nbsp;&nbsp; 667489 |
| Halma PLC | 26843 | &nbsp;&nbsp; 1177398 |
| Hikma Pharmaceuticals PLC | 11270 | &nbsp;&nbsp; 307083 |
| HSBC Holdings PLC | 1338994 | &nbsp;&nbsp; 16184115 |
| Imperial Brands PLC | 57791 | &nbsp;&nbsp; 2277635 |
| Informa PLC | 102843 | &nbsp;&nbsp; 1135948 |
| InterContinental Hotels Group PLC | 12019 | &nbsp;&nbsp; 1370033 |
| International Consolidated Airlines Group SA (b) | 94165 | &nbsp;&nbsp; 440648 |
| Intertek Group PLC | 10602 | &nbsp;&nbsp; 688839 |
| J Sainsbury PLC | 139639 | &nbsp;&nbsp; 554559 |
| JD Sports Fashion PLC | 203283 | &nbsp;&nbsp; 247007 |
| Kingfisher PLC | 106385 | &nbsp;&nbsp; 424374 |
| Land Securities Group PLC (REIT) | 59742 | &nbsp;&nbsp; 516691 |
| Legal & General Group PLC | 440142 | &nbsp;&nbsp; 1535979 |
| Lloyds Banking Group PLC | 4410853 | &nbsp;&nbsp; 4637258 |
| London Stock Exchange Group PLC | 36454 | &nbsp;&nbsp; 5317683 |
| M&G PLC | 190909 | &nbsp;&nbsp; 672535 |
| Marks & Spencer Group PLC | 135168 | &nbsp;&nbsp; 656456 |
| Melrose Industries PLC | 80733 | &nbsp;&nbsp; 587466 |
| National Grid PLC | 376712 | &nbsp;&nbsp; 5498819 |
| NatWest Group PLC | 612029 | &nbsp;&nbsp; 4290150 |
| Next PLC | 9364 | &nbsp;&nbsp; 1597074 |
| Pearson PLC | 50796 | &nbsp;&nbsp; 746384 |
| Phoenix Group Holdings PLC | 59189 | &nbsp;&nbsp; 534220 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Reckitt Benckiser Group PLC | 53085 | &nbsp;&nbsp; $3605159 |
| RELX PLC | 138799 | &nbsp;&nbsp; 7516512 |
| Rentokil Initial PLC | 171854 | &nbsp;&nbsp; 830355 |
| Rolls-Royce Holdings PLC | 638901 | &nbsp;&nbsp; 8474387 |
| Sage Group PLC | 73116 | &nbsp;&nbsp; 1254495 |
| Schroders PLC | 46238 | &nbsp;&nbsp; 229045 |
| Segro PLC (REIT) | 108462 | &nbsp;&nbsp; 1010335 |
| Severn Trent PLC | 22786 | &nbsp;&nbsp; 855574 |
| Smith & Nephew PLC | 67219 | &nbsp;&nbsp; 1025423 |
| Smiths Group PLC | 22454 | &nbsp;&nbsp; 691264 |
| Spirax Group PLC | 6215 | &nbsp;&nbsp; 507294 |
| SSE PLC | 82975 | &nbsp;&nbsp; 2082265 |
| Standard Chartered PLC | 153866 | &nbsp;&nbsp; 2545679 |
| Tesco PLC | 504861 | &nbsp;&nbsp; 2776434 |
| Unilever PLC | 190620 | &nbsp;&nbsp; 11591044 |
| United Utilities Group PLC | 57567 | &nbsp;&nbsp; 902392 |
| Vodafone Group PLC | 1385518 | &nbsp;&nbsp; 1477131 |
| Whitbread PLC | 15208 | &nbsp;&nbsp; 589159 |
| Wise PLC - Class A (a) | 56234 | &nbsp;&nbsp; 801619 |
| WPP PLC | 91054 | &nbsp;&nbsp; 635408 |
|  |  | &nbsp;&nbsp; 161997493 |
| **United States — 9.9%** | **United States — 9.9%** | **United States — 9.9%** |
| Alcon AG | 38120 | &nbsp;&nbsp; 3373649 |
| Amrize Ltd. (a) | 38739 | &nbsp;&nbsp; 1926243 |
| BP PLC | 1205085 | &nbsp;&nbsp; 6001444 |
| CSL Ltd.  | 37095 | &nbsp;&nbsp; 5822223 |
| CyberArk Software Ltd. (a) | 3600 | &nbsp;&nbsp; 1464768 |
| Experian PLC | 69724 | &nbsp;&nbsp; 3585920 |
| Ferrovial SE | 38941 | &nbsp;&nbsp; 2069036 |
| GSK PLC | 307804 | &nbsp;&nbsp; 5857758 |
| Haleon PLC | 690367 | &nbsp;&nbsp; 3545990 |
| Holcim AG | 38739 | &nbsp;&nbsp; 2878284 |
| James Hardie Industries PLC (a) | 43993 | &nbsp;&nbsp; 1209240 |
| Monday.com Ltd. (a) | 3152 | &nbsp;&nbsp; 991241 |
| Nestle SA | 198503 | &nbsp;&nbsp; 19652521 |
| Novartis AG | 144042 | &nbsp;&nbsp; 17369667 |
| Qiagen NV (a) | 13745 | &nbsp;&nbsp; 659490 |
| Roche Holding AG | 53229 | &nbsp;&nbsp; 17345371 |
| Roche Holding AG (Bearer Shares) | 2714 | &nbsp;&nbsp; 941269 |
| Sanofi SA | 84114 | &nbsp;&nbsp; 8110332 |
| Schneider Electric SE | 41327 | &nbsp;&nbsp; 10981814 |
| Shell PLC | 453526 | &nbsp;&nbsp; 15866182 |
| Spotify Technology SA (a) | 11600 | &nbsp;&nbsp; 8901144 |
| Stellantis NV | 145038 | &nbsp;&nbsp; 1449347 |
| Swiss Re AG | 23135 | &nbsp;&nbsp; 4001922 |
| Tenaris SA | 29519 | &nbsp;&nbsp; 549442 |
|  |  | &nbsp;&nbsp; 144554297 |
| Total Common Stocks <br>(Cost $993,142,881) <br>|  | &nbsp;&nbsp; 1419581344 |

---

*See accompanying notes to financial statements.*

**BHFTII-255**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—0.7%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 0.7%** |  |  |
| iShares MSCI EAFE ETF (b) (e) | 111700 | &nbsp;&nbsp; $9984863 |
| Total Investment Companies <br>(Cost $9,907,552) <br>|  | &nbsp;&nbsp; 9984863 |
| **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Bayerische Motoren Werke AG | 3561 | &nbsp;&nbsp; 294051 |
| Dr. Ing hc F Porsche AG | 9593 | &nbsp;&nbsp; 472338 |
| Henkel AG & Co. KGaA | 11795 | &nbsp;&nbsp; 922930 |
| Porsche Automobil Holding SE | 12927 | &nbsp;&nbsp; 510801 |
| Sartorius AG | 2213 | &nbsp;&nbsp; 561273 |
| Volkswagen AG | 15590 | &nbsp;&nbsp; 1640499 |
| Total Preferred Stocks <br>(Cost $5,078,999) <br>|  | &nbsp;&nbsp; 4401892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.7%** | **Short-Term Investments—1.7%** | **Short-Term Investments—1.7%** |
| **U.S. Treasury — 1.7%** | **U.S. Treasury — 1.7%** | **U.S. Treasury — 1.7%** |
| U.S. Treasury Bills |  |  |
| 0.000%, 07/01/25 (f) | 1225000 | &nbsp;&nbsp; 1225000 |
| 3.976%, 07/24/25 (f) | 4000000 | &nbsp;&nbsp; 3989356 |
| 4.031%, 07/24/25 (f) | 20000000 | &nbsp;&nbsp; 19946781 |
| Total Short-Term Investments <br>(Cost $25,161,703) <br>|  | &nbsp;&nbsp; 25161137 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—1.2%** | **Securities Lending Reinvestments (g)—1.2%** | **Securities Lending Reinvestments (g)—1.2%** |
| **Short-Term Investment Funds — 0.6%** |  |  |
| AB Government Money Market Portfolio, <br>Institutional Class, 4.170% (h)<br>| 300000 | &nbsp;&nbsp; 300000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (h)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (h)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (h)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (h)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 4.270% (h)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 8300000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** | **Repurchase Agreements — 0.6%** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $2,040,248<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $1,877,430; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $1,914,747<br>| 1877202 | &nbsp;&nbsp; $1877202 |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $3,000,370; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,856<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 8877202 |
| Total Securities Lending Reinvestments <br>(Cost $17,177,202) <br>|  | &nbsp;&nbsp; 17177202 |
| Total Investments—101.0% <br>(Cost $1,050,468,337) <br>|  | &nbsp;&nbsp; 1476306438 |
| Other assets and liabilities (net)—(1.0)%  |  | &nbsp;&nbsp; (13910995)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1462395443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $27,524,089 and the collateral received consisted of cash in the amount of $17,177,202 and non-cash collateral with a value of $11,932,944. 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 June 30, 2025, these securities represent 0.0% of net assets. 

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

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $4,469,500. 

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

(g) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(h) The rate shown represents the annualized seven-day yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.*

**BHFTII-256**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Banks | 12.9 |
| Pharmaceuticals | 7.7 |
| Insurance | 5.9 |
| Aerospace & Defense | 3.4 |
| Semiconductors & Semiconductor Equipment | 3.3 |
| Capital Markets | 3.3 |
| Oil, Gas & Consumable Fuels | 3.1 |
| Machinery | 3.0 |
| Chemicals | 2.5 |
| Software | 2.5 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 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; $167052850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $361973470 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(15580327)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(15580327)<br>|
| Investment Companies | &nbsp;&nbsp; (1596875)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1596875)<br>|
| Total Borrowings | &nbsp;&nbsp; $(17177202)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(17177202)<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; $(17177202)<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 EAFE Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 200 | USD | 26817000 | &nbsp;&nbsp; $73584 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $73584 |

---

&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.*

**BHFTII-257**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $2978811 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $937919 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $22844946 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98134297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98134297 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 3495096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3495096 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 11905003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11905003 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp; 514286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 514286 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 825748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 825748 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 8191441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8191441 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 32679322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32679322 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 15115960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15115960 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 135255944 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135255944 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 142526177 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142526177 |
| Hong Kong | &nbsp;&nbsp; 580873 | &nbsp;&nbsp; 26013987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26594860 |
| Ireland | &nbsp;&nbsp; 1696500 | &nbsp;&nbsp; 4834276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6530776 |
| Israel | &nbsp;&nbsp; 3592778 | &nbsp;&nbsp; 8009914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11602692 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 45239155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45239155 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 309117842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309117842 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 2003797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2003797 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 1165996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1165996 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 60081169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60081169 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 3990045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3990045 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 8520270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8520270 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 279519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 279519 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 2269046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2269046 |
| Singapore | &nbsp;&nbsp; 5439145 | &nbsp;&nbsp; 19979120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25418265 |
| South Africa | &nbsp;&nbsp; 423207 | &nbsp;&nbsp; 2447927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2871134 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 421072 | &nbsp;&nbsp; — | &nbsp;&nbsp; 421072 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 45147301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45147301 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 42987461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42987461 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 70145880 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70145880 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| United Kingdom | &nbsp;&nbsp; 1622600 | &nbsp;&nbsp; 160374893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 161997493 |

---

*See accompanying notes to financial statements.*

**BHFTII-258**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States | &nbsp;&nbsp; $13283396 | &nbsp;&nbsp; $131270901 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $144554297 |
| Total Common Stocks | &nbsp;&nbsp; 26638499 | &nbsp;&nbsp; 1392942845 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1419581344 |
| Total Investment Companies\* | &nbsp;&nbsp; 9984863 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9984863 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4401892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4401892 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 25161137 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25161137 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8300000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 8877202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8877202 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp; 8877202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17177202 |
| Total Investments | &nbsp;&nbsp; $44923362 | &nbsp;&nbsp; $1431383076 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1476306438 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17177202)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17177202)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $73584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-259**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1476306438 |
| Cash | &nbsp;&nbsp; 14346 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 805944 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2228391 |
| Fund shares sold | &nbsp;&nbsp; 251120 |
| Dividends and interest | &nbsp;&nbsp; 5802262 |
| Variation margin on futures contracts | &nbsp;&nbsp; 14000 |
| Prepaid expenses | &nbsp;&nbsp; 12227 |
| Total Assets | &nbsp;&nbsp; 1485434728 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 17177202 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 307026 |
| Fund shares redeemed | &nbsp;&nbsp; 4507155 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 353767 |
| Distribution and service fees | &nbsp;&nbsp; 95683 |
| Deferred trustees' fees | &nbsp;&nbsp; 214521 |
| Other expenses | &nbsp;&nbsp; 383931 |
| Total Liabilities | &nbsp;&nbsp; 23039285 |
| **Net Assets**  | &nbsp;&nbsp; $1462395443 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $957543630 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 504851813 |
| **Net Assets**  | &nbsp;&nbsp; $1462395443 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1016002810 |
| Class B | &nbsp;&nbsp; 272285960 |
| Class E | &nbsp;&nbsp; 19608986 |
| Class G | &nbsp;&nbsp; 154497687 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 59075728 |
| Class B | &nbsp;&nbsp; 16217767 |
| Class E | &nbsp;&nbsp; 1146064 |
| Class G | &nbsp;&nbsp; 9283963 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $17.20 |
| Class B | 16.79 |
| Class E | 17.11 |
| Class G | 16.64 |

---

&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 $1,050,468,337.

(b) Includes securities loaned at value of $27,524,089.

(c) Identified cost of cash denominated in foreign currencies was $806,741.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $28249063 |
| Interest | &nbsp;&nbsp; 418167 |
| Securities lending income | &nbsp;&nbsp; 100377 |
| Total investment income | &nbsp;&nbsp; 28767607 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2157080 |
| Administration fees | &nbsp;&nbsp; 38851 |
| Custodian and accounting fees | &nbsp;&nbsp; 83513 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 334655 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 14338 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 226901 |
| Audit and tax services | &nbsp;&nbsp; 28322 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 52716 |
| Insurance | &nbsp;&nbsp; 4042 |
| Miscellaneous | &nbsp;&nbsp; 111124 |
| Total expenses | &nbsp;&nbsp; 3094308 |
| Less management fee waiver | &nbsp;&nbsp; (34711)<br>|
| Net expenses | &nbsp;&nbsp; 3059597 |
| **Net Investment Income** | &nbsp;&nbsp; 25708010 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 67350067 |
| Futures contracts | &nbsp;&nbsp; 2978811 |
| Foreign currency transactions | &nbsp;&nbsp; 207267 |
| Net realized gain (loss) | &nbsp;&nbsp; 70536145 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 166492898 |
| Futures contracts | &nbsp;&nbsp; 937919 |
| Foreign currency transactions | &nbsp;&nbsp; 444355 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 167875172 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 238411317 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $264119327 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $3,148,998.

*See accompanying notes to financial statements.*

**BHFTII-260**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $25708010 | &nbsp;&nbsp; $24288512 |
| Net realized gain (loss) | &nbsp;&nbsp; 70536145 | &nbsp;&nbsp; 12086309 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 167875172 | &nbsp;&nbsp; (10126150)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 264119327 | &nbsp;&nbsp; 26248671 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (26345153)<br>| &nbsp;&nbsp; (20264695)<br>|
| Class B | &nbsp;&nbsp; (6518751)<br>| &nbsp;&nbsp; (10931125)<br>|
| Class E | &nbsp;&nbsp; (476312)<br>| &nbsp;&nbsp; (784079)<br>|
| Class G | &nbsp;&nbsp; (3635105)<br>| &nbsp;&nbsp; (6047956)<br>|
| **Total distributions** | &nbsp;&nbsp; (36975321)<br>| &nbsp;&nbsp; (38027855)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (191180977)<br>| &nbsp;&nbsp; 486971743 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 35963029 | &nbsp;&nbsp; 475192559 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1426432414 | &nbsp;&nbsp; 951239855 |
| End of period | &nbsp;&nbsp; $1462395443 | &nbsp;&nbsp; $1426432414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1436741 | &nbsp;&nbsp; $23890416 | &nbsp;&nbsp; 37260885 | &nbsp;&nbsp; $554777744 |
| Reinvestments | &nbsp;&nbsp; 1547894 | &nbsp;&nbsp; 26345153 | &nbsp;&nbsp; 1317600 | &nbsp;&nbsp; 20264695 |
| Redemptions | &nbsp;&nbsp; (11628170)<br>| &nbsp;&nbsp; (189202891)<br>| &nbsp;&nbsp; (4044233)<br>| &nbsp;&nbsp; (62077770)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (8643535)<br>| &nbsp;&nbsp; $(138967322)<br>| &nbsp;&nbsp; 34534252 | &nbsp;&nbsp; $512964669 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 147726 | &nbsp;&nbsp; $2233646 | &nbsp;&nbsp; 873934 | &nbsp;&nbsp; $12864571 |
| Reinvestments | &nbsp;&nbsp; 392459 | &nbsp;&nbsp; 6518751 | &nbsp;&nbsp; 727287 | &nbsp;&nbsp; 10931125 |
| Redemptions | &nbsp;&nbsp; (2585296)<br>| &nbsp;&nbsp; (40860183)<br>| &nbsp;&nbsp; (2924050)<br>| &nbsp;&nbsp; (43949341)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2045111)<br>| &nbsp;&nbsp; $(32107786)<br>| &nbsp;&nbsp; (1322829)<br>| &nbsp;&nbsp; $(20153645)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 21900 | &nbsp;&nbsp; $342515 | &nbsp;&nbsp; 61259 | &nbsp;&nbsp; $927648 |
| Reinvestments | &nbsp;&nbsp; 28134 | &nbsp;&nbsp; 476312 | &nbsp;&nbsp; 51214 | &nbsp;&nbsp; 784079 |
| Redemptions | &nbsp;&nbsp; (175285)<br>| &nbsp;&nbsp; (2834062)<br>| &nbsp;&nbsp; (219176)<br>| &nbsp;&nbsp; (3350412)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (125251)<br>| &nbsp;&nbsp; $(2015235)<br>| &nbsp;&nbsp; (106703)<br>| &nbsp;&nbsp; $(1638685)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 230058 | &nbsp;&nbsp; $3578721 | &nbsp;&nbsp; 630908 | &nbsp;&nbsp; $9311153 |
| Reinvestments | &nbsp;&nbsp; 220711 | &nbsp;&nbsp; 3635105 | &nbsp;&nbsp; 405903 | &nbsp;&nbsp; 6047956 |
| Redemptions | &nbsp;&nbsp; (1615486)<br>| &nbsp;&nbsp; (25304460)<br>| &nbsp;&nbsp; (1317167)<br>| &nbsp;&nbsp; (19559705)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1164717)<br>| &nbsp;&nbsp; $(18090634)<br>| &nbsp;&nbsp; (280356)<br>| &nbsp;&nbsp; $(4200596)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(191180977)<br>|  | &nbsp;&nbsp; $486971743 |

---

*See accompanying notes to financial statements.*

**BHFTII-261**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $14.85 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $16.17 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $14.32 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 2.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total income (loss) from investment operations | 2.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.48)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.20 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $14.85 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $16.17 | &nbsp;&nbsp; $14.86 |
| **Total Return (%)** (b) | 19.94 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp; (14.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.85 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.35 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net ratio of expenses to average net assets (%) (e) | 0.35 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Ratio of net investment income (loss) to average net assets (%) | 3.66 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1016.0 | &nbsp;&nbsp; $996.8 | &nbsp;&nbsp; $492.6 | &nbsp;&nbsp; $506.7 | &nbsp;&nbsp; $655.0 | &nbsp;&nbsp; $622.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $15.81 | &nbsp;&nbsp; $14.53 | &nbsp;&nbsp; $14.01 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 2.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Total income (loss) from investment operations | 2.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.38)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.45)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.79 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $15.81 | &nbsp;&nbsp; $14.53 |
| **Total Return (%)** (b) | 19.79 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp; (14.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.58 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net ratio of expenses to average net assets (%) (e) | 0.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) | 3.40 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $272.3 | &nbsp;&nbsp; $262.3 | &nbsp;&nbsp; $284.0 | &nbsp;&nbsp; $277.9 | &nbsp;&nbsp; $357.0 | &nbsp;&nbsp; $366.2 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-262**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $16.08 | &nbsp;&nbsp; $14.78 | &nbsp;&nbsp; $14.24 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total income (loss) from investment operations | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.39)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.11 | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $16.08 | &nbsp;&nbsp; $14.78 |
| **Total Return (%)** (b) | 19.79 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp; (14.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.50 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net ratio of expenses to average net assets (%) (e) | 0.50 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Ratio of net investment income (loss) to average net assets (%) | 3.51 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $19.6 | &nbsp;&nbsp; $18.6 | &nbsp;&nbsp; $20.3 | &nbsp;&nbsp; $21.0 | &nbsp;&nbsp; $26.4 | &nbsp;&nbsp; $27.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $14.38 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp; $13.92 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Total income (loss) from investment operations | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.37)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.44)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.64 | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $14.38 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $14.43 |
| **Total Return (%)** (b) | 19.77 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp; (14.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.52 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net ratio of expenses to average net assets (%) (e) | 0.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Ratio of net investment income (loss) to average net assets (%) | 3.35 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $154.5 | &nbsp;&nbsp; $148.7 | &nbsp;&nbsp; $154.3 | &nbsp;&nbsp; $144.0 | &nbsp;&nbsp; $177.0 | &nbsp;&nbsp; $169.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-263**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—95.8% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| AAR Corp. (a) (b) | 12857 | &nbsp;&nbsp; $884432 |
| AeroVironment, Inc. (a) (b) | 10158 | &nbsp;&nbsp; 2894522 |
| AerSale Corp. (b) | 11637 | &nbsp;&nbsp; 69938 |
| Archer Aviation, Inc. - Class A (a) (b) | 196532 | &nbsp;&nbsp; 2132372 |
| Astronics Corp. (a) (b) | 11644 | &nbsp;&nbsp; 389841 |
| Byrna Technologies, Inc. (a) (b) | 6061 | &nbsp;&nbsp; 187164 |
| Cadre Holdings, Inc.  | 10429 | &nbsp;&nbsp; 332164 |
| Ducommun, Inc. (b) | 4899 | &nbsp;&nbsp; 404804 |
| Eve Holding, Inc. (a) (b) | 19406 | &nbsp;&nbsp; 133125 |
| Intuitive Machines, Inc. (b) | 39938 | &nbsp;&nbsp; 434126 |
| Kratos Defense & Security Solutions, Inc. (b) | 59221 | &nbsp;&nbsp; 2750816 |
| Mercury Systems, Inc. (b) | 18447 | &nbsp;&nbsp; 993556 |
| Moog, Inc. - Class A | 10121 | &nbsp;&nbsp; 1831597 |
| National Presto Industries, Inc.  | 1752 | &nbsp;&nbsp; 171626 |
| Park Aerospace Corp.  | 6034 | &nbsp;&nbsp; 89122 |
| Redwire Corp. (b) | 12459 | &nbsp;&nbsp; 203082 |
| Satellogic, Inc. - Class A (b) | 26573 | &nbsp;&nbsp; 96194 |
| Triumph Group, Inc. (b) | 26390 | &nbsp;&nbsp; 679543 |
| V2X, Inc. (b) | 5848 | &nbsp;&nbsp; 283920 |
|  |  | &nbsp;&nbsp; 14961944 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Forward Air Corp. (a) (b) | 8582 | &nbsp;&nbsp; 210602 |
| Hub Group, Inc. - Class A | 21521 | &nbsp;&nbsp; 719447 |
| Radiant Logistics, Inc. (b) | 12168 | &nbsp;&nbsp; 73982 |
|  |  | &nbsp;&nbsp; 1004031 |
| **Automobile Components — 1.2%** | **Automobile Components — 1.2%** | **Automobile Components — 1.2%** |
| Adient PLC (b) | 30359 | &nbsp;&nbsp; 590786 |
| American Axle & Manufacturing Holdings, Inc. (b) | 42052 | &nbsp;&nbsp; 171572 |
| Cooper-Standard Holdings, Inc. (b) | 5724 | &nbsp;&nbsp; 123066 |
| Dana, Inc.  | 47056 | &nbsp;&nbsp; 807011 |
| Dorman Products, Inc. (b) | 9937 | &nbsp;&nbsp; 1218972 |
| Fox Factory Holding Corp. (b) | 15216 | &nbsp;&nbsp; 394703 |
| Garrett Motion, Inc.  | 45828 | &nbsp;&nbsp; 481652 |
| Gentherm, Inc. (b) | 11309 | &nbsp;&nbsp; 319932 |
| Goodyear Tire & Rubber Co. (b) | 94059 | &nbsp;&nbsp; 975392 |
| LCI Industries | 8898 | &nbsp;&nbsp; 811409 |
| Modine Manufacturing Co. (b) | 18854 | &nbsp;&nbsp; 1857119 |
| Motorcar Parts of America, Inc. (b) | 6757 | &nbsp;&nbsp; 75678 |
| Patrick Industries, Inc. (a) | 11630 | &nbsp;&nbsp; 1073100 |
| Phinia, Inc.  | 14670 | &nbsp;&nbsp; 652668 |
| Solid Power, Inc. (a) (b) | 59855 | &nbsp;&nbsp; 131083 |
| Standard Motor Products, Inc.  | 6963 | &nbsp;&nbsp; 213903 |
| Strattec Security Corp. (b) | 1428 | &nbsp;&nbsp; 88836 |
| Visteon Corp. (b) | 9794 | &nbsp;&nbsp; 913780 |
| XPEL, Inc. (a) (b) | 9098 | &nbsp;&nbsp; 326618 |
|  |  | &nbsp;&nbsp; 11227280 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| Faraday Future Intelligent Electric, Inc. (b) | 36063 | &nbsp;&nbsp; 60586 |
| Livewire Group, Inc. (b) | 14418 | &nbsp;&nbsp; 66323 |
| Winnebago Industries, Inc.  | 10168 | &nbsp;&nbsp; 294872 |
|  |  | &nbsp;&nbsp; 421781 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks — 10.1%** | **Banks — 10.1%** | **Banks — 10.1%** |
| 1st Source Corp.  | 7330 | &nbsp;&nbsp; $454973 |
| ACNB Corp.  | 3760 | &nbsp;&nbsp; 161078 |
| Amalgamated Financial Corp.  | 8501 | &nbsp;&nbsp; 265231 |
| Amerant Bancorp, Inc.  | 13198 | &nbsp;&nbsp; 240600 |
| Ameris Bancorp | 23825 | &nbsp;&nbsp; 1541477 |
| Ames National Corp.  | 2972 | &nbsp;&nbsp; 52931 |
| Arrow Financial Corp.  | 5919 | &nbsp;&nbsp; 156380 |
| Associated Banc-Corp.  | 59917 | &nbsp;&nbsp; 1461376 |
| Atlantic Union Bankshares Corp.  | 51337 | &nbsp;&nbsp; 1605821 |
| Axos Financial, Inc. (b) | 18889 | &nbsp;&nbsp; 1436320 |
| Banc of California, Inc.  | 49811 | &nbsp;&nbsp; 699845 |
| BancFirst Corp.  | 7525 | &nbsp;&nbsp; 930240 |
| Bancorp, Inc. (a) (b) | 16431 | &nbsp;&nbsp; 936074 |
| Bank First Corp. (a) | 3520 | &nbsp;&nbsp; 414128 |
| Bank of Hawaii Corp. (a) | 14002 | &nbsp;&nbsp; 945555 |
| Bank of Marin Bancorp | 5192 | &nbsp;&nbsp; 118585 |
| Bank of NT Butterfield & Son Ltd.  | 15364 | &nbsp;&nbsp; 680318 |
| Bank7 Corp.  | 1297 | &nbsp;&nbsp; 54253 |
| BankFinancial Corp.  | 4240 | &nbsp;&nbsp; 49057 |
| BankUnited, Inc.  | 26716 | &nbsp;&nbsp; 950822 |
| Bankwell Financial Group, Inc.  | 2613 | &nbsp;&nbsp; 94146 |
| Banner Corp.  | 12300 | &nbsp;&nbsp; 789045 |
| Bar Harbor Bankshares | 5292 | &nbsp;&nbsp; 158548 |
| BayCom Corp.  | 4420 | &nbsp;&nbsp; 122478 |
| BCB Bancorp, Inc.  | 4826 | &nbsp;&nbsp; 40635 |
| Berkshire Hills Bancorp, Inc.  | 16809 | &nbsp;&nbsp; 420897 |
| Blue Foundry Bancorp (b) | 7608 | &nbsp;&nbsp; 72809 |
| Blue Ridge Bankshares, Inc. (b) | 24991 | &nbsp;&nbsp; 89718 |
| Bridgewater Bancshares, Inc. (b) | 7665 | &nbsp;&nbsp; 121950 |
| Brookline Bancorp, Inc.  | 31681 | &nbsp;&nbsp; 334235 |
| Burke & Herbert Financial Services Corp.  | 4933 | &nbsp;&nbsp; 294648 |
| Business First Bancshares, Inc.  | 10341 | &nbsp;&nbsp; 254906 |
| BV Financial, Inc. (b) | 3535 | &nbsp;&nbsp; 53838 |
| Byline Bancorp, Inc.  | 11186 | &nbsp;&nbsp; 299002 |
| C&F Financial Corp.  | 1140 | &nbsp;&nbsp; 70372 |
| Cadence Bank | 63592 | &nbsp;&nbsp; 2033672 |
| California BanCorp (b) | 8293 | &nbsp;&nbsp; 130698 |
| Camden National Corp.  | 5866 | &nbsp;&nbsp; 238042 |
| Capital Bancorp, Inc. (a) | 4286 | &nbsp;&nbsp; 143924 |
| Capital City Bank Group, Inc.  | 5719 | &nbsp;&nbsp; 225043 |
| Capitol Federal Financial, Inc.  | 44711 | &nbsp;&nbsp; 272737 |
| Carter Bankshares, Inc. (b) | 8394 | &nbsp;&nbsp; 145552 |
| Cathay General Bancorp | 24274 | &nbsp;&nbsp; 1105195 |
| CB Financial Services, Inc.  | 1770 | &nbsp;&nbsp; 50445 |
| Central Pacific Financial Corp.  | 9591 | &nbsp;&nbsp; 268836 |
| Chemung Financial Corp.  | 1214 | &nbsp;&nbsp; 58843 |
| ChoiceOne Financial Services, Inc. (a) | 5231 | &nbsp;&nbsp; 150130 |
| Citizens & Northern Corp.  | 6680 | &nbsp;&nbsp; 126519 |
| Citizens Community Bancorp, Inc.  | 3647 | &nbsp;&nbsp; 50329 |
| Citizens Financial Services, Inc.  | 1533 | &nbsp;&nbsp; 90018 |
| City Holding Co. (a) | 5254 | &nbsp;&nbsp; 643195 |
| Civista Bancshares, Inc.  | 5038 | &nbsp;&nbsp; 116882 |
| CNB Financial Corp.  | 6782 | &nbsp;&nbsp; 155037 |
| Coastal Financial Corp. (a) (b) | 4663 | &nbsp;&nbsp; 451705 |
| Colony Bankcorp, Inc.  | 5248 | &nbsp;&nbsp; 86435 |
| Columbia Financial, Inc. (a) (b) | 8867 | &nbsp;&nbsp; 128660 |

---

*See accompanying notes to financial statements.*

**BHFTII-264**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Community Financial System, Inc.  | 19077 | &nbsp;&nbsp; $1084909 |
| Community Trust Bancorp, Inc.  | 5520 | &nbsp;&nbsp; 292118 |
| Community West Bancshares | 5299 | &nbsp;&nbsp; 103383 |
| ConnectOne Bancorp, Inc.  | 16661 | &nbsp;&nbsp; 385869 |
| Customers Bancorp, Inc. (b) | 10621 | &nbsp;&nbsp; 623878 |
| CVB Financial Corp.  | 47463 | &nbsp;&nbsp; 939293 |
| Dime Community Bancshares, Inc.  | 13898 | &nbsp;&nbsp; 374412 |
| Eagle Bancorp, Inc.  | 9954 | &nbsp;&nbsp; 193904 |
| Eagle Financial Services, Inc.  | 1861 | &nbsp;&nbsp; 56984 |
| Eastern Bankshares, Inc.  | 71102 | &nbsp;&nbsp; 1085728 |
| Enterprise Bancorp, Inc.  | 3354 | &nbsp;&nbsp; 132953 |
| Enterprise Financial Services Corp. (a) | 13232 | &nbsp;&nbsp; 729083 |
| Equity Bancshares, Inc. - Class A | 5691 | &nbsp;&nbsp; 232193 |
| Esquire Financial Holdings, Inc.  | 2886 | &nbsp;&nbsp; 273189 |
| ESSA Bancorp, Inc.  | 3011 | &nbsp;&nbsp; 58413 |
| Farmers & Merchants Bancorp, Inc.  | 4130 | &nbsp;&nbsp; 104406 |
| Farmers National Banc Corp.  | 13119 | &nbsp;&nbsp; 180911 |
| FB Bancorp, Inc. (b) | 6972 | &nbsp;&nbsp; 78435 |
| FB Financial Corp.  | 12737 | &nbsp;&nbsp; 576986 |
| Fidelity D&D Bancorp, Inc.  | 1594 | &nbsp;&nbsp; 73324 |
| Financial Institutions, Inc.  | 6714 | &nbsp;&nbsp; 172416 |
| Finwise Bancorp (b) | 3706 | &nbsp;&nbsp; 55627 |
| First BanCorp | 57980 | &nbsp;&nbsp; 1207723 |
| First Bancorp, Inc.  | 3758 | &nbsp;&nbsp; 95491 |
| First Bancorp/Southern Pines NC | 14356 | &nbsp;&nbsp; 632956 |
| First Bank | 7642 | &nbsp;&nbsp; 118222 |
| First Busey Corp.  | 31969 | &nbsp;&nbsp; 731611 |
| First Business Financial Services, Inc.  | 2763 | &nbsp;&nbsp; 139974 |
| First Capital, Inc.  | 1235 | &nbsp;&nbsp; 50993 |
| First Commonwealth Financial Corp.  | 36567 | &nbsp;&nbsp; 593482 |
| First Community Bankshares, Inc.  | 5615 | &nbsp;&nbsp; 219940 |
| First Community Corp.  | 2769 | &nbsp;&nbsp; 67508 |
| First Financial Bancorp | 33832 | &nbsp;&nbsp; 820764 |
| First Financial Bankshares, Inc. (a) | 48429 | &nbsp;&nbsp; 1742475 |
| First Financial Corp.  | 3977 | &nbsp;&nbsp; 215514 |
| First Foundation, Inc. (a) (b) | 23334 | &nbsp;&nbsp; 119003 |
| First Internet Bancorp | 2669 | &nbsp;&nbsp; 71796 |
| First Interstate BancSystem, Inc. - Class A | 31738 | &nbsp;&nbsp; 914689 |
| First Merchants Corp.  | 20897 | &nbsp;&nbsp; 800355 |
| First Mid Bancshares, Inc.  | 8214 | &nbsp;&nbsp; 307943 |
| First National Corp.  | 2941 | &nbsp;&nbsp; 57261 |
| First Savings Financial Group, Inc.  | 2102 | &nbsp;&nbsp; 52634 |
| First United Corp.  | 2254 | &nbsp;&nbsp; 69897 |
| First Western Financial, Inc. (b) | 2572 | &nbsp;&nbsp; 58024 |
| Firstsun Capital Bancorp (b) | 4714 | &nbsp;&nbsp; 163811 |
| Five Star Bancorp (a) | 6153 | &nbsp;&nbsp; 175607 |
| Flagstar Financial, Inc. (a) | 109450 | &nbsp;&nbsp; 1160170 |
| Flushing Financial Corp.  | 13835 | &nbsp;&nbsp; 164360 |
| Franklin Financial Services Corp.  | 1582 | &nbsp;&nbsp; 54777 |
| FS Bancorp, Inc.  | 2273 | &nbsp;&nbsp; 89511 |
| Fulton Financial Corp.  | 65032 | &nbsp;&nbsp; 1173177 |
| FVCBankcorp, Inc. (a) (b) | 5163 | &nbsp;&nbsp; 60923 |
| GBank Financial Holdings, Inc. (b) | 3416 | &nbsp;&nbsp; 120961 |
| German American Bancorp, Inc.  | 13100 | &nbsp;&nbsp; 504481 |
| Glacier Bancorp, Inc. (a) | 41153 | &nbsp;&nbsp; 1772871 |
| Great Southern Bancorp, Inc.  | 3525 | &nbsp;&nbsp; 207199 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Greene County Bancorp, Inc.  | 2424 | &nbsp;&nbsp; $53861 |
| Guaranty Bancshares, Inc. (a) | 2906 | &nbsp;&nbsp; 123331 |
| Hancock Whitney Corp.  | 31005 | &nbsp;&nbsp; 1779687 |
| Hanmi Financial Corp.  | 10815 | &nbsp;&nbsp; 266914 |
| HarborOne Bancorp, Inc.  | 12594 | &nbsp;&nbsp; 147098 |
| Hawthorn Bancshares, Inc.  | 2185 | &nbsp;&nbsp; 63671 |
| HBT Financial, Inc.  | 4583 | &nbsp;&nbsp; 115537 |
| Heritage Commerce Corp.  | 24320 | &nbsp;&nbsp; 241498 |
| Heritage Financial Corp.  | 12318 | &nbsp;&nbsp; 293661 |
| Hilltop Holdings, Inc.  | 16711 | &nbsp;&nbsp; 507179 |
| Hingham Institution For Savings (a) | 565 | &nbsp;&nbsp; 140318 |
| Home Bancorp, Inc.  | 2776 | &nbsp;&nbsp; 143741 |
| Home BancShares, Inc.  | 67808 | &nbsp;&nbsp; 1929816 |
| HomeStreet, Inc. (b) | 6024 | &nbsp;&nbsp; 78734 |
| HomeTrust Bancshares, Inc.  | 5432 | &nbsp;&nbsp; 203211 |
| Hope Bancorp, Inc.  | 42264 | &nbsp;&nbsp; 453493 |
| Horizon Bancorp, Inc.  | 14606 | &nbsp;&nbsp; 224640 |
| Independent Bank Corp.  | 22380 | &nbsp;&nbsp; 1188799 |
| International Bancshares Corp.  | 19641 | &nbsp;&nbsp; 1307305 |
| Investar Holding Corp.  | 3059 | &nbsp;&nbsp; 59100 |
| John Marshall Bancorp, Inc.  | 4296 | &nbsp;&nbsp; 79605 |
| Kearny Financial Corp.  | 20989 | &nbsp;&nbsp; 135589 |
| Lakeland Financial Corp.  | 9668 | &nbsp;&nbsp; 594099 |
| LCNB Corp.  | 6795 | &nbsp;&nbsp; 98731 |
| LINKBANCORP, Inc.  | 7910 | &nbsp;&nbsp; 57822 |
| Live Oak Bancshares, Inc.  | 12435 | &nbsp;&nbsp; 370563 |
| MainStreet Bancshares, Inc.  | 2669 | &nbsp;&nbsp; 50444 |
| Mercantile Bank Corp.  | 6345 | &nbsp;&nbsp; 294471 |
| Metrocity Bankshares, Inc.  | 6644 | &nbsp;&nbsp; 189886 |
| Metropolitan Bank Holding Corp. (b) | 3805 | &nbsp;&nbsp; 266350 |
| Mid Penn Bancorp, Inc.  | 7267 | &nbsp;&nbsp; 204929 |
| Middlefield Banc Corp.  | 2691 | &nbsp;&nbsp; 81026 |
| Midland States Bancorp, Inc.  | 6845 | &nbsp;&nbsp; 118555 |
| MidWestOne Financial Group, Inc.  | 7465 | &nbsp;&nbsp; 214768 |
| MVB Financial Corp.  | 3791 | &nbsp;&nbsp; 85411 |
| National Bank Holdings Corp. - Class A | 13232 | &nbsp;&nbsp; 497655 |
| National Bankshares, Inc. (a) | 1983 | &nbsp;&nbsp; 53938 |
| NB Bancorp, Inc. (b) | 14229 | &nbsp;&nbsp; 254130 |
| NBT Bancorp, Inc.  | 18178 | &nbsp;&nbsp; 755296 |
| Nicolet Bankshares, Inc.  | 4772 | &nbsp;&nbsp; 589247 |
| Northeast Bank | 2685 | &nbsp;&nbsp; 238938 |
| Northeast Community Bancorp, Inc.  | 4595 | &nbsp;&nbsp; 106811 |
| Northfield Bancorp, Inc.  | 12840 | &nbsp;&nbsp; 147403 |
| Northpointe Bancshares, Inc.  | 4255 | &nbsp;&nbsp; 58336 |
| Northrim BanCorp, Inc.  | 1883 | &nbsp;&nbsp; 175609 |
| Northwest Bancshares, Inc.  | 46062 | &nbsp;&nbsp; 588672 |
| Norwood Financial Corp.  | 2522 | &nbsp;&nbsp; 65017 |
| Oak Valley Bancorp | 2317 | &nbsp;&nbsp; 63115 |
| OceanFirst Financial Corp. (a) | 20652 | &nbsp;&nbsp; 363682 |
| OFG Bancorp | 16345 | &nbsp;&nbsp; 699566 |
| Old National Bancorp (a) | 115331 | &nbsp;&nbsp; 2461164 |
| Old Point Financial Corp.  | 1507 | &nbsp;&nbsp; 59150 |
| Old Second Bancorp, Inc.  | 15666 | &nbsp;&nbsp; 277915 |
| OP Bancorp | 4450 | &nbsp;&nbsp; 57805 |
| Orange County Bancorp, Inc.  | 3668 | &nbsp;&nbsp; 94781 |
| Origin Bancorp, Inc.  | 10764 | &nbsp;&nbsp; 384705 |

---

*See accompanying notes to financial statements.*

**BHFTII-265**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Orrstown Financial Services, Inc.  | 7249 | &nbsp;&nbsp; $230736 |
| Pacific Premier Bancorp, Inc.  | 34333 | &nbsp;&nbsp; 724083 |
| Park National Corp. (a) | 5346 | &nbsp;&nbsp; 894172 |
| Parke Bancorp, Inc. (a) | 3496 | &nbsp;&nbsp; 71214 |
| Pathward Financial, Inc. (a) | 8422 | &nbsp;&nbsp; 666349 |
| PCB Bancorp | 4027 | &nbsp;&nbsp; 84486 |
| Peapack-Gladstone Financial Corp.  | 6072 | &nbsp;&nbsp; 171534 |
| Penns Woods Bancorp, Inc.  | 2740 | &nbsp;&nbsp; 83186 |
| Peoples Bancorp, Inc.  | 12413 | &nbsp;&nbsp; 379093 |
| Peoples Financial Services Corp.  | 3933 | &nbsp;&nbsp; 194172 |
| Pioneer Bancorp, Inc. (b) | 4144 | &nbsp;&nbsp; 49852 |
| Plumas Bancorp | 1875 | &nbsp;&nbsp; 83362 |
| Ponce Financial Group, Inc. (b) | 6376 | &nbsp;&nbsp; 88244 |
| Preferred Bank (a) | 4504 | &nbsp;&nbsp; 389799 |
| Primis Financial Corp.  | 7589 | &nbsp;&nbsp; 82341 |
| Princeton Bancorp, Inc.  | 1758 | &nbsp;&nbsp; 53689 |
| Provident Bancorp, Inc. (b) | 5177 | &nbsp;&nbsp; 64661 |
| Provident Financial Services, Inc.  | 46450 | &nbsp;&nbsp; 814268 |
| QCR Holdings, Inc.  | 5877 | &nbsp;&nbsp; 399048 |
| RBB Bancorp | 6012 | &nbsp;&nbsp; 103467 |
| Red River Bancshares, Inc.  | 1618 | &nbsp;&nbsp; 94977 |
| Renasant Corp.  | 33965 | &nbsp;&nbsp; 1220362 |
| Republic Bancorp, Inc. - Class A | 2983 | &nbsp;&nbsp; 218087 |
| S&T Bancorp, Inc.  | 13668 | &nbsp;&nbsp; 516924 |
| Seacoast Banking Corp. of Florida | 30270 | &nbsp;&nbsp; 836057 |
| ServisFirst Bancshares, Inc. (a) | 18579 | &nbsp;&nbsp; 1440058 |
| Shore Bancshares, Inc.  | 12994 | &nbsp;&nbsp; 204266 |
| Sierra Bancorp | 4701 | &nbsp;&nbsp; 139573 |
| Simmons First National Corp. - Class A | 44465 | &nbsp;&nbsp; 843056 |
| SmartFinancial, Inc.  | 5462 | &nbsp;&nbsp; 184506 |
| South Plains Financial, Inc. (a) | 4696 | &nbsp;&nbsp; 169244 |
| Southern First Bancshares, Inc. (b) | 2574 | &nbsp;&nbsp; 97889 |
| Southern Missouri Bancorp, Inc.  | 3422 | &nbsp;&nbsp; 187457 |
| Southern States Bancshares, Inc.  | 2700 | &nbsp;&nbsp; 98199 |
| Southside Bancshares, Inc.  | 10316 | &nbsp;&nbsp; 303600 |
| Stellar Bancorp, Inc. (a) | 17624 | &nbsp;&nbsp; 493119 |
| Stock Yards Bancorp, Inc.  | 9488 | &nbsp;&nbsp; 749362 |
| Texas Capital Bancshares, Inc. (b) | 16389 | &nbsp;&nbsp; 1301287 |
| Third Coast Bancshares, Inc. (b) | 4809 | &nbsp;&nbsp; 157110 |
| Timberland Bancorp, Inc.  | 2592 | &nbsp;&nbsp; 80870 |
| Tompkins Financial Corp.  | 5297 | &nbsp;&nbsp; 332281 |
| Towne Bank | 25188 | &nbsp;&nbsp; 860926 |
| TriCo Bancshares | 11477 | &nbsp;&nbsp; 464704 |
| Triumph Financial, Inc. (b) | 7921 | &nbsp;&nbsp; 436526 |
| TrustCo Bank Corp.  | 6683 | &nbsp;&nbsp; 223346 |
| Trustmark Corp.  | 20488 | &nbsp;&nbsp; 746992 |
| UMB Financial Corp.  | 26148 | &nbsp;&nbsp; 2749724 |
| United Bankshares, Inc.  | 50957 | &nbsp;&nbsp; 1856363 |
| United Community Banks, Inc.  | 42837 | &nbsp;&nbsp; 1276114 |
| Unity Bancorp, Inc.  | 2408 | &nbsp;&nbsp; 113369 |
| Univest Financial Corp.  | 10397 | &nbsp;&nbsp; 312326 |
| USCB Financial Holdings, Inc.  | 3750 | &nbsp;&nbsp; 62025 |
| Valley National Bancorp | 174649 | &nbsp;&nbsp; 1559616 |
| Veritex Holdings, Inc.  | 18838 | &nbsp;&nbsp; 491672 |
| Virginia National Bankshares Corp.  | 1715 | &nbsp;&nbsp; 63455 |
| WaFd, Inc. (a) | 29795 | &nbsp;&nbsp; 872398 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Washington Trust Bancorp, Inc.  | 6711 | &nbsp;&nbsp; $189787 |
| WesBanco, Inc.  | 34114 | &nbsp;&nbsp; 1079026 |
| West BanCorp, Inc.  | 5288 | &nbsp;&nbsp; 103803 |
| Westamerica BanCorp (a) | 9214 | &nbsp;&nbsp; 446326 |
| Western New England Bancorp, Inc.  | 6898 | &nbsp;&nbsp; 63669 |
| WSFS Financial Corp.  | 20897 | &nbsp;&nbsp; 1149335 |
|  |  | &nbsp;&nbsp; 96163025 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| MGP Ingredients, Inc.  | 4728 | &nbsp;&nbsp; 141698 |
| National Beverage Corp. (b) | 8501 | &nbsp;&nbsp; 367583 |
| Vita Coco Co., Inc. (a) (b) | 14209 | &nbsp;&nbsp; 512945 |
|  |  | &nbsp;&nbsp; 1022226 |
| **Biotechnology — 6.9%** | **Biotechnology — 6.9%** | **Biotechnology — 6.9%** |
| 4D Molecular Therapeutics, Inc. (a) (b) | 22699 | &nbsp;&nbsp; 84213 |
| 89bio, Inc. (b) | 45070 | &nbsp;&nbsp; 442587 |
| Abeona Therapeutics, Inc. (b) | 16073 | &nbsp;&nbsp; 91295 |
| Absci Corp. (a) (b) | 41472 | &nbsp;&nbsp; 106583 |
| ACADIA Pharmaceuticals, Inc. (b) | 44812 | &nbsp;&nbsp; 966595 |
| ADC Therapeutics SA (a) (b) | 24279 | &nbsp;&nbsp; 65068 |
| ADMA Biologics, Inc. (b) | 83417 | &nbsp;&nbsp; 1519024 |
| Agenus, Inc. (b) | 1 | &nbsp;&nbsp; 5 |
| Agios Pharmaceuticals, Inc. (b) | 20320 | &nbsp;&nbsp; 675843 |
| Akebia Therapeutics, Inc. (b) | 90433 | &nbsp;&nbsp; 329176 |
| Akero Therapeutics, Inc. (a) (b) | 25151 | &nbsp;&nbsp; 1342057 |
| Aldeyra Therapeutics, Inc. (b) | 16862 | &nbsp;&nbsp; 64581 |
| Alkermes PLC (b) | 58367 | &nbsp;&nbsp; 1669880 |
| Allogene Therapeutics, Inc. (b) | 48165 | &nbsp;&nbsp; 54426 |
| Altimmune, Inc. (a) (b) | 29427 | &nbsp;&nbsp; 113883 |
| Amicus Therapeutics, Inc. (b) | 105562 | &nbsp;&nbsp; 604870 |
| AnaptysBio, Inc. (a) (b) | 7034 | &nbsp;&nbsp; 156155 |
| Anavex Life Sciences Corp. (a) (b) | 30273 | &nbsp;&nbsp; 279117 |
| Anika Therapeutics, Inc. (b) | 4948 | &nbsp;&nbsp; 52350 |
| Annexon, Inc. (a) (b) | 35358 | &nbsp;&nbsp; 84859 |
| Apogee Therapeutics, Inc. (a) (b) | 11613 | &nbsp;&nbsp; 504353 |
| Arbutus Biopharma Corp. (b) | 53888 | &nbsp;&nbsp; 166514 |
| Arcellx, Inc. (b) | 13250 | &nbsp;&nbsp; 872513 |
| Arcturus Therapeutics Holdings, Inc. (a) (b) | 10367 | &nbsp;&nbsp; 134875 |
| Arcus Biosciences, Inc. (b) | 25029 | &nbsp;&nbsp; 203736 |
| Arcutis Biotherapeutics, Inc. (a) (b) | 38555 | &nbsp;&nbsp; 540541 |
| Ardelyx, Inc. (b) | 85403 | &nbsp;&nbsp; 334780 |
| ArriVent Biopharma, Inc. (a) (b) | 10307 | &nbsp;&nbsp; 224383 |
| Arrowhead Pharmaceuticals, Inc. (b) | 43016 | &nbsp;&nbsp; 679653 |
| ARS Pharmaceuticals, Inc. (a) (b) | 20288 | &nbsp;&nbsp; 354026 |
| Astria Therapeutics, Inc. (b) | 14876 | &nbsp;&nbsp; 79735 |
| aTyr Pharma, Inc. (b) | 31697 | &nbsp;&nbsp; 160704 |
| Aura Biosciences, Inc. (a) (b) | 15656 | &nbsp;&nbsp; 98007 |
| Aurinia Pharmaceuticals, Inc. (b) | 43092 | &nbsp;&nbsp; 364989 |
| Avidity Biosciences, Inc. (b) | 41189 | &nbsp;&nbsp; 1169768 |
| Avita Medical, Inc. (a) (b) | 8679 | &nbsp;&nbsp; 45912 |
| Beam Therapeutics, Inc. (a) (b) | 34484 | &nbsp;&nbsp; 586573 |
| Benitec Biopharma, Inc. (b) | 5673 | &nbsp;&nbsp; 66374 |
| Bicara Therapeutics, Inc. (a) (b) | 12990 | &nbsp;&nbsp; 120677 |
| BioCryst Pharmaceuticals, Inc. (b) | 74673 | &nbsp;&nbsp; 669070 |
| Biohaven Ltd. (b) | 32936 | &nbsp;&nbsp; 464727 |

---

*See accompanying notes to financial statements.*

**BHFTII-266**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Blueprint Medicines Corp. (b) | 23015 | &nbsp;&nbsp; $2950063 |
| Bridgebio Pharma, Inc. (b) | 56227 | &nbsp;&nbsp; 2427882 |
| Candel Therapeutics, Inc. (a) (b) | 15421 | &nbsp;&nbsp; 78030 |
| Capricor Therapeutics, Inc. (a) (b) | 13438 | &nbsp;&nbsp; 133439 |
| Cardiff Oncology, Inc. (a) (b) | 21801 | &nbsp;&nbsp; 68673 |
| CareDx, Inc. (b) | 19701 | &nbsp;&nbsp; 384958 |
| Cargo Therapeutics, Inc. (b) | 14362 | &nbsp;&nbsp; 59171 |
| Catalyst Pharmaceuticals, Inc. (b) | 41696 | &nbsp;&nbsp; 904803 |
| Celcuity, Inc. (a) (b) | 12075 | &nbsp;&nbsp; 161201 |
| Celldex Therapeutics, Inc. (b) | 23323 | &nbsp;&nbsp; 474623 |
| CG oncology, Inc. (a) (b) | 20314 | &nbsp;&nbsp; 528164 |
| Cidara Therapeutics, Inc. (b) | 6088 | &nbsp;&nbsp; 296547 |
| Cogent Biosciences, Inc. (a) (b) | 38461 | &nbsp;&nbsp; 276150 |
| Compass Therapeutics, Inc. (a) (b) | 35254 | &nbsp;&nbsp; 91660 |
| Corvus Pharmaceuticals, Inc. (b) | 19372 | &nbsp;&nbsp; 77488 |
| Crinetics Pharmaceuticals, Inc. (a) (b) | 32132 | &nbsp;&nbsp; 924116 |
| CRISPR Therapeutics AG (b) | 29784 | &nbsp;&nbsp; 1448694 |
| Cullinan Therapeutics, Inc. (b) | 19002 | &nbsp;&nbsp; 143085 |
| Cytokinetics, Inc. (a) (b) | 42036 | &nbsp;&nbsp; 1388869 |
| Day One Biopharmaceuticals, Inc. (b) | 26828 | &nbsp;&nbsp; 174382 |
| Denali Therapeutics, Inc. (b) | 47735 | &nbsp;&nbsp; 667813 |
| Dianthus Therapeutics, Inc. (a) (b) | 8287 | &nbsp;&nbsp; 154387 |
| Disc Medicine, Inc. (a) (b) | 8967 | &nbsp;&nbsp; 474892 |
| Dynavax Technologies Corp. (a) (b) | 38028 | &nbsp;&nbsp; 377238 |
| Dyne Therapeutics, Inc. (b) | 34315 | &nbsp;&nbsp; 326679 |
| Editas Medicine, Inc. (b) | 31363 | &nbsp;&nbsp; 68999 |
| Eledon Pharmaceuticals, Inc. (b) | 21891 | &nbsp;&nbsp; 59325 |
| Emergent BioSolutions, Inc. (b) | 19729 | &nbsp;&nbsp; 125871 |
| Enanta Pharmaceuticals, Inc. (b) | 7864 | &nbsp;&nbsp; 59452 |
| Entrada Therapeutics, Inc. (b) | 9169 | &nbsp;&nbsp; 61616 |
| Erasca, Inc. (a) (b) | 66892 | &nbsp;&nbsp; 84953 |
| Fate Therapeutics, Inc. (b) | 41043 | &nbsp;&nbsp; 45968 |
| Fennec Pharmaceuticals, Inc. (b) | 9286 | &nbsp;&nbsp; 77074 |
| Foghorn Therapeutics, Inc. (b) | 13041 | &nbsp;&nbsp; 61293 |
| Geron Corp. (b) | 219588 | &nbsp;&nbsp; 309619 |
| Gossamer Bio, Inc. (b) | 69912 | &nbsp;&nbsp; 85992 |
| GRAIL, Inc. (b) | 11093 | &nbsp;&nbsp; 570402 |
| Heron Therapeutics, Inc. (a) (b) | 56019 | &nbsp;&nbsp; 115959 |
| Humacyte, Inc. (a) (b) | 47880 | &nbsp;&nbsp; 100069 |
| Ideaya Biosciences, Inc. (b) | 29941 | &nbsp;&nbsp; 629360 |
| ImmunityBio, Inc. (a) (b) | 83465 | &nbsp;&nbsp; 220348 |
| Immunome, Inc. (a) (b) | 25480 | &nbsp;&nbsp; 236964 |
| Immunovant, Inc. (a) (b) | 24690 | &nbsp;&nbsp; 395040 |
| Inhibrx Biosciences, Inc. (a) (b) | 4582 | &nbsp;&nbsp; 65385 |
| Intellia Therapeutics, Inc. (a) (b) | 37293 | &nbsp;&nbsp; 349808 |
| Iovance Biotherapeutics, Inc. (a) (b) | 86034 | &nbsp;&nbsp; 147979 |
| iTeos Therapeutics, Inc. (b) | 10957 | &nbsp;&nbsp; 109241 |
| Jade Biosciences, Inc.  | 12247 | &nbsp;&nbsp; 122348 |
| Janux Therapeutics, Inc. (b) | 14413 | &nbsp;&nbsp; 332940 |
| KalVista Pharmaceuticals, Inc. (a) (b) | 12559 | &nbsp;&nbsp; 141980 |
| Keros Therapeutics, Inc. (a) (b) | 12297 | &nbsp;&nbsp; 164165 |
| Krystal Biotech, Inc. (a) (b) | 8923 | &nbsp;&nbsp; 1226556 |
| Kura Oncology, Inc. (b) | 26499 | &nbsp;&nbsp; 152899 |
| Kymera Therapeutics, Inc. (a) (b) | 16813 | &nbsp;&nbsp; 733719 |
| Larimar Therapeutics, Inc. (b) | 15912 | &nbsp;&nbsp; 45986 |
| Madrigal Pharmaceuticals, Inc. (b) | 6074 | &nbsp;&nbsp; 1838235 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| MannKind Corp. (b) | 109363 | &nbsp;&nbsp; $409018 |
| MeiraGTx Holdings PLC (b) | 19371 | &nbsp;&nbsp; 126299 |
| Metsera, Inc. (a) (b) | 6611 | &nbsp;&nbsp; 188083 |
| MiMedx Group, Inc. (b) | 43028 | &nbsp;&nbsp; 262901 |
| Mineralys Therapeutics, Inc. (b) | 14496 | &nbsp;&nbsp; 196131 |
| Mirum Pharmaceuticals, Inc. (b) | 15663 | &nbsp;&nbsp; 797090 |
| Monopar Therapeutics, Inc. (b) | 1532 | &nbsp;&nbsp; 54815 |
| Monte Rosa Therapeutics, Inc. (a) (b) | 13981 | &nbsp;&nbsp; 63054 |
| Myriad Genetics, Inc. (b) | 32362 | &nbsp;&nbsp; 171842 |
| Neurogene, Inc. (a) (b) | 3411 | &nbsp;&nbsp; 50994 |
| Novavax, Inc. (a) (b) | 55355 | &nbsp;&nbsp; 348737 |
| Nurix Therapeutics, Inc. (b) | 27278 | &nbsp;&nbsp; 310696 |
| Nuvalent, Inc. - Class A (b) | 15518 | &nbsp;&nbsp; 1184023 |
| Olema Pharmaceuticals, Inc. (b) | 22710 | &nbsp;&nbsp; 96745 |
| Organogenesis Holdings, Inc. (b) | 25183 | &nbsp;&nbsp; 92170 |
| ORIC Pharmaceuticals, Inc. (b) | 16342 | &nbsp;&nbsp; 165871 |
| Oruka Therapeutics, Inc.  | 9968 | &nbsp;&nbsp; 111741 |
| Palvella Therapeutics, Inc. (b) | 2572 | &nbsp;&nbsp; 57973 |
| Perspective Therapeutics, Inc. (a) (b) | 17530 | &nbsp;&nbsp; 60303 |
| Praxis Precision Medicines, Inc. (b) | 6252 | &nbsp;&nbsp; 262897 |
| Precigen, Inc. (a) (b) | 50074 | &nbsp;&nbsp; 71105 |
| Prime Medicine, Inc. (b) | 23551 | &nbsp;&nbsp; 58171 |
| Protagonist Therapeutics, Inc. (a) (b) | 21041 | &nbsp;&nbsp; 1162936 |
| Prothena Corp. PLC (b) | 14435 | &nbsp;&nbsp; 87620 |
| PTC Therapeutics, Inc. (b) | 27968 | &nbsp;&nbsp; 1365957 |
| Puma Biotechnology, Inc. (b) | 16299 | &nbsp;&nbsp; 55906 |
| Recursion Pharmaceuticals, Inc. - Class A (a) (b) | 123196 | &nbsp;&nbsp; 623372 |
| REGENXBIO, Inc. (a) (b) | 15149 | &nbsp;&nbsp; 124373 |
| Relay Therapeutics, Inc. (b) | 43536 | &nbsp;&nbsp; 150635 |
| Replimune Group, Inc. (b) | 24391 | &nbsp;&nbsp; 226592 |
| Rezolute, Inc. (b) | 25492 | &nbsp;&nbsp; 113694 |
| Rhythm Pharmaceuticals, Inc. (b) | 19681 | &nbsp;&nbsp; 1243642 |
| Rigel Pharmaceuticals, Inc. (b) | 7690 | &nbsp;&nbsp; 144034 |
| Rocket Pharmaceuticals, Inc. (b) | 27551 | &nbsp;&nbsp; 67500 |
| Sage Therapeutics, Inc. (b) | 20667 | &nbsp;&nbsp; 188483 |
| Sana Biotechnology, Inc. (a) (b) | 48974 | &nbsp;&nbsp; 133699 |
| Savara, Inc. (a) (b) | 46498 | &nbsp;&nbsp; 106015 |
| Scholar Rock Holding Corp. (a) (b) | 29229 | &nbsp;&nbsp; 1035291 |
| SELLAS Life Sciences Group, Inc. (b) | 35522 | &nbsp;&nbsp; 77793 |
| Sionna Therapeutics, Inc. (b) | 4849 | &nbsp;&nbsp; 84130 |
| Soleno Therapeutics, Inc. (b) | 14462 | &nbsp;&nbsp; 1211626 |
| Solid Biosciences, Inc. (b) | 24198 | &nbsp;&nbsp; 117844 |
| SpringWorks Therapeutics, Inc. (b) | 26186 | &nbsp;&nbsp; 1230480 |
| Spyre Therapeutics, Inc. (b) | 18060 | &nbsp;&nbsp; 270358 |
| Stoke Therapeutics, Inc. (b) | 14916 | &nbsp;&nbsp; 169297 |
| Syndax Pharmaceuticals, Inc. (b) | 29756 | &nbsp;&nbsp; 278665 |
| Tango Therapeutics, Inc. (b) | 28810 | &nbsp;&nbsp; 147507 |
| Taysha Gene Therapies, Inc. (a) (b) | 64947 | &nbsp;&nbsp; 150028 |
| Tectonic Therapeutic, Inc. (b) | 4059 | &nbsp;&nbsp; 80652 |
| TG Therapeutics, Inc. (a) (b) | 52238 | &nbsp;&nbsp; 1880046 |
| Tonix Pharmaceuticals Holding Corp. (b) | 2786 | &nbsp;&nbsp; 100240 |
| Tourmaline Bio, Inc. (b) | 7824 | &nbsp;&nbsp; 125106 |
| Travere Therapeutics, Inc. (b) | 31824 | &nbsp;&nbsp; 470995 |
| Twist Bioscience Corp. (b) | 20714 | &nbsp;&nbsp; 762068 |
| Tyra Biosciences, Inc. (a) (b) | 9302 | &nbsp;&nbsp; 89020 |
| Upstream Bio, Inc. (a) (b) | 13094 | &nbsp;&nbsp; 143772 |

---

*See accompanying notes to financial statements.*

**BHFTII-267**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| UroGen Pharma Ltd. (a) (b) | 14018 | &nbsp;&nbsp; $192047 |
| Vanda Pharmaceuticals, Inc. (b) | 18910 | &nbsp;&nbsp; 89255 |
| Vaxcyte, Inc. (a) (b) | 45255 | &nbsp;&nbsp; 1471240 |
| Vera Therapeutics, Inc. (b) | 18756 | &nbsp;&nbsp; 441891 |
| Veracyte, Inc. (a) (b) | 27635 | &nbsp;&nbsp; 746974 |
| Verastem, Inc. (a) (b) | 15307 | &nbsp;&nbsp; 63524 |
| Vericel Corp. (a) (b) | 18158 | &nbsp;&nbsp; 772623 |
| Verve Therapeutics, Inc. (b) | 23979 | &nbsp;&nbsp; 269284 |
| Vir Biotechnology, Inc. (b) | 32843 | &nbsp;&nbsp; 165529 |
| Viridian Therapeutics, Inc. (a) (b) | 26239 | &nbsp;&nbsp; 366821 |
| Voyager Therapeutics, Inc. (b) | 15233 | &nbsp;&nbsp; 47375 |
| Xencor, Inc. (b) | 24133 | &nbsp;&nbsp; 189685 |
| Xenon Pharmaceuticals, Inc. (b) | 27495 | &nbsp;&nbsp; 860594 |
| XOMA Royalty Corp. (b) | 3457 | &nbsp;&nbsp; 87116 |
| Y-mAbs Therapeutics, Inc. (a) (b) | 12818 | &nbsp;&nbsp; 57809 |
| Zenas Biopharma, Inc. (a) (b) | 6057 | &nbsp;&nbsp; 58692 |
| Zymeworks, Inc. (b) | 20433 | &nbsp;&nbsp; 256434 |
|  |  | &nbsp;&nbsp; 65773957 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Groupon, Inc. (a) (b) | 9058 | &nbsp;&nbsp; 302990 |
| Kohl's Corp.  | 39449 | &nbsp;&nbsp; 334528 |
| Savers Value Village, Inc. (b) | 8917 | &nbsp;&nbsp; 90953 |
|  |  | &nbsp;&nbsp; 728471 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| AAON, Inc.  | 1 | &nbsp;&nbsp; 74 |
| American Woodmark Corp. (b) | 5606 | &nbsp;&nbsp; 299192 |
| Apogee Enterprises, Inc.  | 7864 | &nbsp;&nbsp; 319278 |
| AZZ, Inc.  | 10532 | &nbsp;&nbsp; 995063 |
| CSW Industrials, Inc.  | 5934 | &nbsp;&nbsp; 1702049 |
| Gibraltar Industries, Inc. (b) | 10991 | &nbsp;&nbsp; 648469 |
| Griffon Corp.  | 14145 | &nbsp;&nbsp; 1023674 |
| Insteel Industries, Inc.  | 6808 | &nbsp;&nbsp; 253326 |
| Janus International Group, Inc. (a) (b) | 51598 | &nbsp;&nbsp; 420008 |
| JELD-WEN Holding, Inc. (b) | 31468 | &nbsp;&nbsp; 123355 |
| Masterbrand, Inc. (b) | 45688 | &nbsp;&nbsp; 499370 |
| Quanex Building Products Corp. (a) | 17203 | &nbsp;&nbsp; 325137 |
| Resideo Technologies, Inc. (b) | 53454 | &nbsp;&nbsp; 1179195 |
| Tecnoglass, Inc. (a) | 8829 | &nbsp;&nbsp; 683011 |
| UFP Industries, Inc.  | 21746 | &nbsp;&nbsp; 2160682 |
| Zurn Elkay Water Solutions Corp. (a) | 54131 | &nbsp;&nbsp; 1979571 |
|  |  | &nbsp;&nbsp; 12611454 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Acadian Asset Management, Inc.  | 9935 | &nbsp;&nbsp; 350109 |
| AlTi Global, Inc. (b) | 16823 | &nbsp;&nbsp; 69816 |
| Artisan Partners Asset Management, Inc. - Class A | 22569 | &nbsp;&nbsp; 1000484 |
| BGC Group, Inc. - Class A (a) | 129059 | &nbsp;&nbsp; 1320274 |
| Cohen & Steers, Inc. (a) | 9853 | &nbsp;&nbsp; 742424 |
| Diamond Hill Investment Group, Inc.  | 997 | &nbsp;&nbsp; 144874 |
| DigitalBridge Group, Inc.  | 61833 | &nbsp;&nbsp; 639972 |
| Donnelley Financial Solutions, Inc. (b) | 9814 | &nbsp;&nbsp; 605033 |
| Forge Global Holdings, Inc. (b) | 4009 | &nbsp;&nbsp; 76331 |
| GCM Grosvenor, Inc. - Class A (a) | 15754 | &nbsp;&nbsp; 182116 |
| Marex Group PLC | 11598 | &nbsp;&nbsp; 457773 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Moelis & Co. - Class A | 26756 | &nbsp;&nbsp; $1667434 |
| Open Lending Corp. (b) | 41678 | &nbsp;&nbsp; 80855 |
| P10, Inc. - Class A | 20181 | &nbsp;&nbsp; 206250 |
| Patria Investments Ltd. - Class A | 22588 | &nbsp;&nbsp; 317587 |
| Perella Weinberg Partners | 22223 | &nbsp;&nbsp; 431571 |
| Piper Sandler Cos.  | 6296 | &nbsp;&nbsp; 1749910 |
| PJT Partners, Inc. - Class A (a) | 8418 | &nbsp;&nbsp; 1389054 |
| StepStone Group, Inc. - Class A | 23394 | &nbsp;&nbsp; 1298367 |
| StoneX Group, Inc. (b) | 16273 | &nbsp;&nbsp; 1483121 |
| Victory Capital Holdings, Inc. - Class A | 16008 | &nbsp;&nbsp; 1019229 |
| Virtus Investment Partners, Inc.  | 2425 | &nbsp;&nbsp; 439895 |
| WisdomTree, Inc. (a) | 45118 | &nbsp;&nbsp; 519308 |
|  |  | &nbsp;&nbsp; 16191787 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| AdvanSix, Inc.  | 9088 | &nbsp;&nbsp; 215840 |
| Arq, Inc. (b) | 11674 | &nbsp;&nbsp; 62689 |
| ASP Isotopes, Inc. (a) (b) | 21326 | &nbsp;&nbsp; 156959 |
| Aspen Aerogels, Inc. (a) (b) | 28921 | &nbsp;&nbsp; 171212 |
| Avient Corp.  | 33149 | &nbsp;&nbsp; 1071044 |
| Balchem Corp.  | 11824 | &nbsp;&nbsp; 1882381 |
| Cabot Corp.  | 19541 | &nbsp;&nbsp; 1465575 |
| Chemours Co.  | 54445 | &nbsp;&nbsp; 623395 |
| Core Molding Technologies, Inc. (b) | 3260 | &nbsp;&nbsp; 54083 |
| Ecovyst, Inc. (b) | 39222 | &nbsp;&nbsp; 322797 |
| Flotek Industries, Inc. (b) | 5204 | &nbsp;&nbsp; 76811 |
| Ginkgo Bioworks Holdings, Inc. (b) | 14637 | &nbsp;&nbsp; 164666 |
| Hawkins, Inc.  | 6945 | &nbsp;&nbsp; 986885 |
| HB Fuller Co. (a) | 19637 | &nbsp;&nbsp; 1181166 |
| Ingevity Corp. (b) | 13100 | &nbsp;&nbsp; 564479 |
| Innospec, Inc.  | 8947 | &nbsp;&nbsp; 752353 |
| Intrepid Potash, Inc. (b) | 4857 | &nbsp;&nbsp; 173541 |
| Koppers Holdings, Inc.  | 6695 | &nbsp;&nbsp; 215244 |
| Kronos Worldwide, Inc. (a) | 7014 | &nbsp;&nbsp; 43487 |
| LSB Industries, Inc. (b) | 19809 | &nbsp;&nbsp; 154510 |
| Mativ Holdings, Inc.  | 19959 | &nbsp;&nbsp; 136120 |
| Minerals Technologies, Inc.  | 11532 | &nbsp;&nbsp; 635067 |
| Orion SA | 20785 | &nbsp;&nbsp; 218035 |
| Perimeter Solutions, Inc. (b) | 50475 | &nbsp;&nbsp; 702612 |
| PureCycle Technologies, Inc. (a) (b) | 47118 | &nbsp;&nbsp; 645517 |
| Quaker Chemical Corp.  | 5024 | &nbsp;&nbsp; 562387 |
| Rayonier Advanced Materials, Inc. (b) | 30602 | &nbsp;&nbsp; 117818 |
| Sensient Technologies Corp.  | 15118 | &nbsp;&nbsp; 1489425 |
| Stepan Co.  | 7686 | &nbsp;&nbsp; 419502 |
| Tronox Holdings PLC | 42778 | &nbsp;&nbsp; 216885 |
|  |  | &nbsp;&nbsp; 15482485 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| ABM Industries, Inc.  | 22286 | &nbsp;&nbsp; 1052122 |
| ACCO Brands Corp.  | 31837 | &nbsp;&nbsp; 113976 |
| Acme United Corp.  | 1245 | &nbsp;&nbsp; 51605 |
| ACV Auctions, Inc. - Class A (b) | 60746 | &nbsp;&nbsp; 985300 |
| BrightView Holdings, Inc. (b) | 20967 | &nbsp;&nbsp; 349101 |
| Brink's Co. (a) | 15575 | &nbsp;&nbsp; 1390692 |
| Casella Waste Systems, Inc. - Class A (b) | 22613 | &nbsp;&nbsp; 2609088 |
| CECO Environmental Corp. (a) (b) | 10050 | &nbsp;&nbsp; 284515 |

---

*See accompanying notes to financial statements.*

**BHFTII-268**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** |
| Cimpress PLC (b) | 6216 | &nbsp;&nbsp; $292152 |
| CoreCivic, Inc. (b) | 39531 | &nbsp;&nbsp; 832918 |
| Deluxe Corp.  | 15950 | &nbsp;&nbsp; 253764 |
| Driven Brands Holdings, Inc. (a) (b) | 21813 | &nbsp;&nbsp; 383036 |
| Ennis, Inc. (a) | 9227 | &nbsp;&nbsp; 167378 |
| Enviri Corp. (a) (b) | 27510 | &nbsp;&nbsp; 238787 |
| GEO Group, Inc. (b) | 49256 | &nbsp;&nbsp; 1179681 |
| Healthcare Services Group, Inc. (b) | 26817 | &nbsp;&nbsp; 403060 |
| HNI Corp.  | 16855 | &nbsp;&nbsp; 828929 |
| Interface, Inc.  | 20639 | &nbsp;&nbsp; 431974 |
| Liquidity Services, Inc. (b) | 7856 | &nbsp;&nbsp; 185323 |
| MillerKnoll, Inc.  | 25069 | &nbsp;&nbsp; 486840 |
| Montrose Environmental Group, Inc. (a) (b) | 13039 | &nbsp;&nbsp; 285424 |
| OPENLANE, Inc. (a) (b) | 38558 | &nbsp;&nbsp; 942743 |
| Perma-Fix Environmental Services, Inc. (a) (b) | 8669 | &nbsp;&nbsp; 91198 |
| Pitney Bowes, Inc.  | 66094 | &nbsp;&nbsp; 721086 |
| Quad/Graphics, Inc.  | 10676 | &nbsp;&nbsp; 60319 |
| Steelcase, Inc. - Class A | 33320 | &nbsp;&nbsp; 347528 |
| UniFirst Corp.  | 5430 | &nbsp;&nbsp; 1022035 |
| Vestis Corp.  | 42488 | &nbsp;&nbsp; 243456 |
| VSE Corp. (a) | 7310 | &nbsp;&nbsp; 957464 |
|  |  | &nbsp;&nbsp; 17191494 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| ADTRAN Holdings, Inc. (b) | 28415 | &nbsp;&nbsp; 254883 |
| Applied Optoelectronics, Inc. (a) (b) | 19405 | &nbsp;&nbsp; 498514 |
| Aviat Networks, Inc. (b) | 5480 | &nbsp;&nbsp; 131794 |
| BK Technologies Corp. (b) | 1022 | &nbsp;&nbsp; 48167 |
| Calix, Inc. (b) | 21092 | &nbsp;&nbsp; 1121883 |
| Clearfield, Inc. (b) | 4399 | &nbsp;&nbsp; 190961 |
| CommScope Holding Co., Inc. (b) | 76997 | &nbsp;&nbsp; 637535 |
| Digi International, Inc. (b) | 12841 | &nbsp;&nbsp; 447637 |
| Extreme Networks, Inc. (b) | 47571 | &nbsp;&nbsp; 853899 |
| Harmonic, Inc. (b) | 39676 | &nbsp;&nbsp; 375732 |
| NETGEAR, Inc. (b) | 9591 | &nbsp;&nbsp; 278810 |
| NetScout Systems, Inc. (b) | 24843 | &nbsp;&nbsp; 616355 |
| Ribbon Communications, Inc. (b) | 34312 | &nbsp;&nbsp; 137591 |
| Viasat, Inc. (b) | 39996 | &nbsp;&nbsp; 583942 |
| Viavi Solutions, Inc. (b) | 79824 | &nbsp;&nbsp; 803828 |
|  |  | &nbsp;&nbsp; 6981531 |
| **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** | **Construction & Engineering — 2.1%** |
| Ameresco, Inc. - Class A (a) (b) | 12640 | &nbsp;&nbsp; 192002 |
| Arcosa, Inc.  | 17469 | &nbsp;&nbsp; 1514737 |
| Argan, Inc.  | 4773 | &nbsp;&nbsp; 1052351 |
| Bowman Consulting Group Ltd. (a) (b) | 5271 | &nbsp;&nbsp; 151541 |
| Centuri Holdings, Inc. (b) | 6335 | &nbsp;&nbsp; 142157 |
| Concrete Pumping Holdings, Inc.  | 8837 | &nbsp;&nbsp; 54348 |
| Construction Partners, Inc. - Class A (a) (b) | 16883 | &nbsp;&nbsp; 1794325 |
| Dycom Industries, Inc. (b) | 10083 | &nbsp;&nbsp; 2464184 |
| Fluor Corp. (b) | 60192 | &nbsp;&nbsp; 3086044 |
| Granite Construction, Inc. (a) | 15752 | &nbsp;&nbsp; 1472970 |
| Great Lakes Dredge & Dock Corp. (b) | 23814 | &nbsp;&nbsp; 290293 |
| IES Holdings, Inc. (a) (b) | 3253 | &nbsp;&nbsp; 963636 |
| Limbach Holdings, Inc. (b) | 3683 | &nbsp;&nbsp; 515988 |
| Matrix Service Co. (b) | 8744 | &nbsp;&nbsp; 118131 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** |
| MYR Group, Inc. (b) | 5575 | &nbsp;&nbsp; $1011584 |
| NWPX Infrastructure, Inc. (b) | 3497 | &nbsp;&nbsp; 143412 |
| Orion Group Holdings, Inc. (b) | 16385 | &nbsp;&nbsp; 148612 |
| Primoris Services Corp.  | 19471 | &nbsp;&nbsp; 1517570 |
| Sterling Infrastructure, Inc. (b) | 10731 | &nbsp;&nbsp; 2475964 |
| Tutor Perini Corp. (b) | 16039 | &nbsp;&nbsp; 750304 |
|  |  | &nbsp;&nbsp; 19860153 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Knife River Corp. (b) | 20634 | &nbsp;&nbsp; 1684560 |
| Titan America SA (b) | 9226 | &nbsp;&nbsp; 115141 |
| U.S. Lime & Minerals, Inc.  | 3788 | &nbsp;&nbsp; 378042 |
|  |  | &nbsp;&nbsp; 2177743 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| Atlanticus Holdings Corp. (b) | 1823 | &nbsp;&nbsp; 99809 |
| Bread Financial Holdings, Inc.  | 16822 | &nbsp;&nbsp; 960873 |
| Dave, Inc. (b) | 3360 | &nbsp;&nbsp; 901858 |
| Encore Capital Group, Inc. (a) (b) | 8413 | &nbsp;&nbsp; 325667 |
| Enova International, Inc. (b) | 9133 | &nbsp;&nbsp; 1018512 |
| FirstCash Holdings, Inc.  | 14261 | &nbsp;&nbsp; 1927232 |
| Green Dot Corp. - Class A (b) | 17843 | &nbsp;&nbsp; 192348 |
| LendingClub Corp. (b) | 43045 | &nbsp;&nbsp; 517831 |
| LendingTree, Inc. (b) | 4723 | &nbsp;&nbsp; 175082 |
| Medallion Financial Corp.  | 6851 | &nbsp;&nbsp; 65290 |
| Navient Corp. (a) | 28359 | &nbsp;&nbsp; 399862 |
| Nelnet, Inc. - Class A (a) | 5100 | &nbsp;&nbsp; 617712 |
| NerdWallet, Inc. - Class A (b) | 14569 | &nbsp;&nbsp; 159822 |
| Oportun Financial Corp. (b) | 12412 | &nbsp;&nbsp; 88870 |
| OppFi, Inc. (a) | 9147 | &nbsp;&nbsp; 127966 |
| PRA Group, Inc. (b) | 16043 | &nbsp;&nbsp; 236634 |
| PROG Holdings, Inc.  | 14927 | &nbsp;&nbsp; 438107 |
| Regional Management Corp.  | 3196 | &nbsp;&nbsp; 93355 |
| Upstart Holdings, Inc. (a) (b) | 30359 | &nbsp;&nbsp; 1963620 |
| World Acceptance Corp. (a) (b) | 1225 | &nbsp;&nbsp; 202272 |
|  |  | &nbsp;&nbsp; 10512722 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Andersons, Inc.  | 11772 | &nbsp;&nbsp; 432621 |
| Chefs' Warehouse, Inc. (a) (b) | 13140 | &nbsp;&nbsp; 838463 |
| Grocery Outlet Holding Corp. (b) | 34209 | &nbsp;&nbsp; 424876 |
| Guardian Pharmacy Services, Inc. - Class A (a) (b) | 4890 | &nbsp;&nbsp; 104206 |
| Ingles Markets, Inc. - Class A (a) | 5247 | &nbsp;&nbsp; 332555 |
| Natural Grocers by Vitamin Cottage, Inc.  | 4643 | &nbsp;&nbsp; 182238 |
| PriceSmart, Inc. (a) | 9245 | &nbsp;&nbsp; 971095 |
| SpartanNash Co.  | 12311 | &nbsp;&nbsp; 326118 |
| United Natural Foods, Inc. (b) | 21211 | &nbsp;&nbsp; 494428 |
| Village Super Market, Inc. - Class A | 4080 | &nbsp;&nbsp; 157080 |
| Weis Markets, Inc. (a) | 5951 | &nbsp;&nbsp; 431388 |
|  |  | &nbsp;&nbsp; 4695068 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Metal Packaging SA | 47267 | &nbsp;&nbsp; 202303 |
| Greif, Inc. - Class A | 8967 | &nbsp;&nbsp; 582765 |
| Greif, Inc. - Class B | 1893 | &nbsp;&nbsp; 130636 |

---

*See accompanying notes to financial statements.*

**BHFTII-269**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** |
| Myers Industries, Inc.  | 13578 | &nbsp;&nbsp; $196745 |
| O-I Glass, Inc. (b) | 55683 | &nbsp;&nbsp; 820767 |
| Ranpak Holdings Corp. (a) (b) | 15829 | &nbsp;&nbsp; 56510 |
| TriMas Corp. (a) | 11991 | &nbsp;&nbsp; 343063 |
|  |  | &nbsp;&nbsp; 2332789 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| A-Mark Precious Metals, Inc.  | 7323 | &nbsp;&nbsp; 162424 |
| GigaCloud Technology, Inc. - Class A (b) | 9858 | &nbsp;&nbsp; 194991 |
| Weyco Group, Inc. (a) | 2058 | &nbsp;&nbsp; 68244 |
|  |  | &nbsp;&nbsp; 425659 |
| **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
| Adtalem Global Education, Inc. (b) | 13248 | &nbsp;&nbsp; 1685543 |
| American Public Education, Inc. (b) | 6321 | &nbsp;&nbsp; 192538 |
| Carriage Services, Inc.  | 4959 | &nbsp;&nbsp; 226825 |
| Coursera, Inc. (a) (b) | 50087 | &nbsp;&nbsp; 438762 |
| European Wax Center, Inc. - Class A (b) | 11678 | &nbsp;&nbsp; 65747 |
| Frontdoor, Inc. (b) | 27278 | &nbsp;&nbsp; 1607765 |
| Graham Holdings Co. - Class B | 1156 | &nbsp;&nbsp; 1093773 |
| KinderCare Learning Cos., Inc. (b) | 10226 | &nbsp;&nbsp; 103283 |
| Laureate Education, Inc. (b) | 45530 | &nbsp;&nbsp; 1064492 |
| Lincoln Educational Services Corp. (b) | 10735 | &nbsp;&nbsp; 247442 |
| Matthews International Corp. - Class A (a) | 10243 | &nbsp;&nbsp; 244910 |
| Mister Car Wash, Inc. (b) | 34269 | &nbsp;&nbsp; 205957 |
| OneSpaWorld Holdings Ltd.  | 33803 | &nbsp;&nbsp; 689243 |
| Perdoceo Education Corp.  | 22145 | &nbsp;&nbsp; 723920 |
| Strategic Education, Inc.  | 8680 | &nbsp;&nbsp; 738928 |
| Stride, Inc. (a) (b) | 15370 | &nbsp;&nbsp; 2231570 |
| Udemy, Inc. (b) | 35012 | &nbsp;&nbsp; 246134 |
| Universal Technical Institute, Inc. (b) | 16362 | &nbsp;&nbsp; 554508 |
|  |  | &nbsp;&nbsp; 12361340 |
| **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** |
| Alexander & Baldwin, Inc.  | 26116 | &nbsp;&nbsp; 465648 |
| Alpine Income Property Trust, Inc.  | 4463 | &nbsp;&nbsp; 65651 |
| American Assets Trust, Inc.  | 18823 | &nbsp;&nbsp; 371754 |
| Armada Hoffler Properties, Inc.  | 32802 | &nbsp;&nbsp; 225350 |
| Broadstone Net Lease, Inc.  | 67841 | &nbsp;&nbsp; 1088848 |
| CTO Realty Growth, Inc.  | 10670 | &nbsp;&nbsp; 184164 |
| Essential Properties Realty Trust, Inc.  | 71506 | &nbsp;&nbsp; 2281756 |
| Gladstone Commercial Corp.  | 16206 | &nbsp;&nbsp; 232232 |
| Global Net Lease, Inc.  | 71403 | &nbsp;&nbsp; 539093 |
| Modiv Industrial, Inc.  | 3804 | &nbsp;&nbsp; 53560 |
| NexPoint Diversified Real Estate Trust | 13082 | &nbsp;&nbsp; 54814 |
| One Liberty Properties, Inc.  | 6703 | &nbsp;&nbsp; 159934 |
|  |  | &nbsp;&nbsp; 5722804 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| Anterix, Inc. (b) | 4647 | &nbsp;&nbsp; 119196 |
| ATN International, Inc.  | 3399 | &nbsp;&nbsp; 55234 |
| Bandwidth, Inc. - Class A (a) (b) | 9824 | &nbsp;&nbsp; 156202 |
| Cogent Communications Holdings, Inc. (a) | 16703 | &nbsp;&nbsp; 805252 |
| Globalstar, Inc. (b) | 17442 | &nbsp;&nbsp; 410759 |
| IDT Corp. - Class B | 6213 | &nbsp;&nbsp; 424472 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** |
| Liberty Latin America Ltd. - Class A (b) | 10944 | &nbsp;&nbsp; $66758 |
| Liberty Latin America Ltd. - Class C (b) | 45415 | &nbsp;&nbsp; 282481 |
| Lumen Technologies, Inc. (b) | 353240 | &nbsp;&nbsp; 1547191 |
| Shenandoah Telecommunications Co.  | 17519 | &nbsp;&nbsp; 239309 |
|  |  | &nbsp;&nbsp; 4106854 |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
| ALLETE, Inc.  | 21031 | &nbsp;&nbsp; 1347456 |
| Genie Energy Ltd. - Class B | 7639 | &nbsp;&nbsp; 205336 |
| Hawaiian Electric Industries, Inc. (a) (b) | 62680 | &nbsp;&nbsp; 666288 |
| MGE Energy, Inc.  | 13557 | &nbsp;&nbsp; 1198981 |
| Oklo, Inc. (b) | 37013 | &nbsp;&nbsp; 2072358 |
| Otter Tail Corp. (a) | 14307 | &nbsp;&nbsp; 1102927 |
| Portland General Electric Co.  | 39634 | &nbsp;&nbsp; 1610330 |
| TXNM Energy, Inc.  | 33322 | &nbsp;&nbsp; 1876695 |
|  |  | &nbsp;&nbsp; 10080371 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Allient, Inc.  | 4654 | &nbsp;&nbsp; 168987 |
| American Superconductor Corp. (b) | 13758 | &nbsp;&nbsp; 504781 |
| Amprius Technologies, Inc. (b) | 35137 | &nbsp;&nbsp; 147927 |
| Array Technologies, Inc. (b) | 55593 | &nbsp;&nbsp; 327999 |
| Atkore, Inc.  | 12388 | &nbsp;&nbsp; 873973 |
| Bloom Energy Corp. - Class A (a) (b) | 73655 | &nbsp;&nbsp; 1761827 |
| EnerSys | 14139 | &nbsp;&nbsp; 1212702 |
| Enovix Corp. (a) (b) | 59102 | &nbsp;&nbsp; 611115 |
| Eos Energy Enterprises, Inc. (b) | 81435 | &nbsp;&nbsp; 416947 |
| Fluence Energy, Inc. (a) (b) | 28291 | &nbsp;&nbsp; 189833 |
| Hyliion Holdings Corp. (a) (b) | 50455 | &nbsp;&nbsp; 66601 |
| KULR Technology Group, Inc. (b) | 13047 | &nbsp;&nbsp; 93025 |
| LSI Industries, Inc.  | 10178 | &nbsp;&nbsp; 173128 |
| NANO Nuclear Energy, Inc. (a) (b) | 9785 | &nbsp;&nbsp; 337485 |
| NEXTracker, Inc. - Class A (b) | 51094 | &nbsp;&nbsp; 2777981 |
| NuScale Power Corp. (a) (b) | 45714 | &nbsp;&nbsp; 1808446 |
| Plug Power, Inc. (a) (b) | 329562 | &nbsp;&nbsp; 491047 |
| Powell Industries, Inc. (a) | 3353 | &nbsp;&nbsp; 705639 |
| Power Solutions International, Inc. (b) | 2379 | &nbsp;&nbsp; 153874 |
| Preformed Line Products Co.  | 876 | &nbsp;&nbsp; 139993 |
| Shoals Technologies Group, Inc. - Class A (a) (b) | 61702 | &nbsp;&nbsp; 262233 |
| Sunrun, Inc. (a) (b) | 78401 | &nbsp;&nbsp; 641320 |
| T1 Energy, Inc. (a) (b) | 44992 | &nbsp;&nbsp; 55340 |
| Thermon Group Holdings, Inc. (b) | 12017 | &nbsp;&nbsp; 337437 |
| Vicor Corp. (b) | 8203 | &nbsp;&nbsp; 372088 |
|  |  | &nbsp;&nbsp; 14631728 |
| **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** |
| 908 Devices, Inc. (b) | 10758 | &nbsp;&nbsp; 76705 |
| Advanced Energy Industries, Inc.  | 13570 | &nbsp;&nbsp; 1798025 |
| Aeva Technologies, Inc. (b) | 11223 | &nbsp;&nbsp; 424117 |
| Arlo Technologies, Inc. (a) (b) | 35880 | &nbsp;&nbsp; 608525 |
| Badger Meter, Inc.  | 10672 | &nbsp;&nbsp; 2614106 |
| Bel Fuse, Inc. - Class A | 619 | &nbsp;&nbsp; 55617 |
| Bel Fuse, Inc. - Class B | 3763 | &nbsp;&nbsp; 367608 |
| Belden, Inc.  | 14106 | &nbsp;&nbsp; 1633475 |
| Benchmark Electronics, Inc.  | 12810 | &nbsp;&nbsp; 497412 |
| Climb Global Solutions, Inc.  | 1406 | &nbsp;&nbsp; 150315 |

---

*See accompanying notes to financial statements.*

**BHFTII-270**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** |
| CTS Corp.  | 10806 | &nbsp;&nbsp; $460444 |
| Daktronics, Inc. (a) (b) | 14958 | &nbsp;&nbsp; 226165 |
| ePlus, Inc. (b) | 9438 | &nbsp;&nbsp; 680480 |
| Evolv Technologies Holdings, Inc. (a) (b) | 42572 | &nbsp;&nbsp; 265649 |
| Fabrinet (b) | 12995 | &nbsp;&nbsp; 3829367 |
| FARO Technologies, Inc. (b) | 6602 | &nbsp;&nbsp; 289960 |
| Frequency Electronics, Inc.  | 2433 | &nbsp;&nbsp; 55253 |
| Insight Enterprises, Inc. (b) (c) | 9993 | &nbsp;&nbsp; 1379883 |
| Itron, Inc. (b) | 16341 | &nbsp;&nbsp; 2150966 |
| Kimball Electronics, Inc. (b) | 10416 | &nbsp;&nbsp; 200300 |
| Knowles Corp. (b) | 31227 | &nbsp;&nbsp; 550220 |
| Methode Electronics, Inc. (a) | 11132 | &nbsp;&nbsp; 105865 |
| MicroVision, Inc. (a) (b) | 116716 | &nbsp;&nbsp; 133056 |
| Mirion Technologies, Inc. (b) | 75781 | &nbsp;&nbsp; 1631565 |
| Napco Security Technologies, Inc.  | 12668 | &nbsp;&nbsp; 376113 |
| Neonode, Inc. (b) | 3885 | &nbsp;&nbsp; 99068 |
| nLight, Inc. (b) | 17416 | &nbsp;&nbsp; 342747 |
| Novanta, Inc. (b) | 12995 | &nbsp;&nbsp; 1675445 |
| OSI Systems, Inc. (a) (b) | 5771 | &nbsp;&nbsp; 1297667 |
| Ouster, Inc. (b) | 18523 | &nbsp;&nbsp; 449183 |
| PAR Technology Corp. (a) (b) | 14444 | &nbsp;&nbsp; 1001980 |
| PC Connection, Inc.  | 4171 | &nbsp;&nbsp; 274368 |
| Plexus Corp. (b) (c) | 9678 | &nbsp;&nbsp; 1309530 |
| Powerfleet, Inc. NJ (a) (b) | 45226 | &nbsp;&nbsp; 194924 |
| Red Cat Holdings, Inc. (b) | 27781 | &nbsp;&nbsp; 202246 |
| Rogers Corp. (b) | 6739 | &nbsp;&nbsp; 461487 |
| Sanmina Corp. (b) | 18690 | &nbsp;&nbsp; 1828443 |
| ScanSource, Inc. (b) | 8822 | &nbsp;&nbsp; 368848 |
| TTM Technologies, Inc. (b) | 36203 | &nbsp;&nbsp; 1477806 |
| Vishay Intertechnology, Inc.  | 42808 | &nbsp;&nbsp; 679791 |
| Vishay Precision Group, Inc. (b) | 4194 | &nbsp;&nbsp; 117851 |
| Vuzix Corp. (b) | 23804 | &nbsp;&nbsp; 69508 |
|  |  | &nbsp;&nbsp; 32412083 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| Archrock, Inc.  | 59489 | &nbsp;&nbsp; 1477112 |
| Aris Water Solutions, Inc. - Class A | 10439 | &nbsp;&nbsp; 246882 |
| Atlas Energy Solutions, Inc. (a) | 28370 | &nbsp;&nbsp; 379307 |
| Borr Drilling Ltd. (a) (b) | 86344 | &nbsp;&nbsp; 158010 |
| Bristow Group, Inc. (b) | 10261 | &nbsp;&nbsp; 338305 |
| Cactus, Inc. - Class A | 24665 | &nbsp;&nbsp; 1078354 |
| ChampionX Corp.  | 69005 | &nbsp;&nbsp; 1714084 |
| Core Laboratories, Inc. (a) | 18132 | &nbsp;&nbsp; 208881 |
| DMC Global, Inc. (a) (b) | 7043 | &nbsp;&nbsp; 56767 |
| Expro Group Holdings NV (b) | 37243 | &nbsp;&nbsp; 319917 |
| Flowco Holdings, Inc. - Class A | 7113 | &nbsp;&nbsp; 126683 |
| Forum Energy Technologies, Inc. (b) | 3314 | &nbsp;&nbsp; 64524 |
| Helix Energy Solutions Group, Inc. (b) | 51731 | &nbsp;&nbsp; 322801 |
| Helmerich & Payne, Inc. (a) | 34642 | &nbsp;&nbsp; 525173 |
| Innovex International, Inc. (a) (b) | 14010 | &nbsp;&nbsp; 218836 |
| Kodiak Gas Services, Inc. (a) | 19576 | &nbsp;&nbsp; 670869 |
| Liberty Energy, Inc.  | 57874 | &nbsp;&nbsp; 664394 |
| Nabors Industries Ltd. (a) (b) | 5124 | &nbsp;&nbsp; 143574 |
| National Energy Services Reunited Corp. (b) | 22121 | &nbsp;&nbsp; 133168 |
| Natural Gas Services Group, Inc. (b) | 3564 | &nbsp;&nbsp; 91987 |
| Noble Corp. PLC (a) | 46645 | &nbsp;&nbsp; 1238425 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Energy Equipment & Services—(Continued)** | **Energy Equipment & Services—(Continued)** | **Energy Equipment & Services—(Continued)** |
| Oceaneering International, Inc. (a) (b) | 33836 | &nbsp;&nbsp; $701082 |
| Oil States International, Inc. (b) | 21266 | &nbsp;&nbsp; 113986 |
| Patterson-UTI Energy, Inc. (a) | 126516 | &nbsp;&nbsp; 750240 |
| ProPetro Holding Corp. (b) | 31801 | &nbsp;&nbsp; 189852 |
| Ranger Energy Services, Inc. - Class A | 5274 | &nbsp;&nbsp; 62972 |
| RPC, Inc. (a) | 30733 | &nbsp;&nbsp; 145367 |
| Seadrill Ltd. (a) (b) | 22951 | &nbsp;&nbsp; 602464 |
| Select Water Solutions, Inc.  | 32782 | &nbsp;&nbsp; 283236 |
| Solaris Energy Infrastructure, Inc. (a) | 13149 | &nbsp;&nbsp; 371985 |
| TETRA Technologies, Inc. (b) | 46012 | &nbsp;&nbsp; 154600 |
| Tidewater, Inc. (a) (b) | 18202 | &nbsp;&nbsp; 839658 |
| Transocean Ltd. (a) (b) | 268236 | &nbsp;&nbsp; 694731 |
| Valaris Ltd. (b) | 22583 | &nbsp;&nbsp; 950970 |
|  |  | &nbsp;&nbsp; 16039196 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| AMC Entertainment Holdings, Inc. - Class A (a) (b) | 157071 | &nbsp;&nbsp; 486920 |
| Atlanta Braves Holdings, Inc. - Class A (a) (b) | 2470 | &nbsp;&nbsp; 121549 |
| Atlanta Braves Holdings, Inc. - Class C (b) | 16633 | &nbsp;&nbsp; 777925 |
| Cinemark Holdings, Inc.  | 38086 | &nbsp;&nbsp; 1149435 |
| CuriosityStream, Inc.  | 12613 | &nbsp;&nbsp; 71011 |
| Eventbrite, Inc. - Class A (b) | 28299 | &nbsp;&nbsp; 74426 |
| IMAX Corp. (b) | 15451 | &nbsp;&nbsp; 432010 |
| Lionsgate Studios Corp. (b) | 69986 | &nbsp;&nbsp; 406619 |
| Madison Square Garden Entertainment Corp. (b) | 14161 | &nbsp;&nbsp; 566015 |
| Marcus Corp.  | 7922 | &nbsp;&nbsp; 133565 |
| Playtika Holding Corp.  | 21505 | &nbsp;&nbsp; 101719 |
| Reservoir Media, Inc. (a) (b) | 7562 | &nbsp;&nbsp; 58001 |
| Sphere Entertainment Co. (b) | 10327 | &nbsp;&nbsp; 431669 |
| Starz Entertainment Corp. (b) | 4275 | &nbsp;&nbsp; 68699 |
|  |  | &nbsp;&nbsp; 4879563 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
| Alerus Financial Corp.  | 7660 | &nbsp;&nbsp; 165762 |
| AvidXchange Holdings, Inc. (b) | 62734 | &nbsp;&nbsp; 614166 |
| Banco Latinoamericano de Comercio Exterior SA (a) | 10522 | &nbsp;&nbsp; 424037 |
| Burford Capital Ltd.  | 72126 | &nbsp;&nbsp; 1028517 |
| Cannae Holdings, Inc.  | 20223 | &nbsp;&nbsp; 421649 |
| Cantaloupe, Inc. (b) | 19324 | &nbsp;&nbsp; 212371 |
| Cass Information Systems, Inc.  | 4551 | &nbsp;&nbsp; 197741 |
| Compass Diversified Holdings | 24104 | &nbsp;&nbsp; 151373 |
| Enact Holdings, Inc.  | 10641 | &nbsp;&nbsp; 395313 |
| Essent Group Ltd.  | 36426 | &nbsp;&nbsp; 2212151 |
| EVERTEC, Inc.  | 23195 | &nbsp;&nbsp; 836180 |
| Federal Agricultural Mortgage Corp. - Class C (a) | 3279 | &nbsp;&nbsp; 637044 |
| Flywire Corp. (b) | 43468 | &nbsp;&nbsp; 508575 |
| HA Sustainable Infrastructure Capital, Inc. (a) | 44078 | &nbsp;&nbsp; 1183935 |
| International Money Express, Inc. (b) | 11455 | &nbsp;&nbsp; 115581 |
| Jackson Financial, Inc. - Class A | 25595 | &nbsp;&nbsp; 2272580 |
| Marqeta, Inc. - Class A (b) | 139294 | &nbsp;&nbsp; 812084 |
| Merchants Bancorp | 9401 | &nbsp;&nbsp; 310891 |
| NCR Atleos Corp. (b) | 26007 | &nbsp;&nbsp; 741980 |
| NewtekOne, Inc.  | 8049 | &nbsp;&nbsp; 90793 |
| NMI Holdings, Inc. (b) | 28107 | &nbsp;&nbsp; 1185834 |
| Onity Group, Inc. (b) | 2204 | &nbsp;&nbsp; 84127 |
| Pagseguro Digital Ltd. - Class A | 68272 | &nbsp;&nbsp; 658142 |

---

*See accompanying notes to financial statements.*

**BHFTII-271**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services—(Continued)** | **Financial Services—(Continued)** | **Financial Services—(Continued)** |
| Payoneer Global, Inc. (b) | 101006 | &nbsp;&nbsp; $691891 |
| Paysafe Ltd. (a) (b) | 11871 | &nbsp;&nbsp; 149812 |
| Paysign, Inc. (b) | 12749 | &nbsp;&nbsp; 91793 |
| PennyMac Financial Services, Inc.  | 10536 | &nbsp;&nbsp; 1049807 |
| Priority Technology Holdings, Inc. (b) | 12398 | &nbsp;&nbsp; 96456 |
| Radian Group, Inc.  | 52003 | &nbsp;&nbsp; 1873148 |
| Remitly Global, Inc. (b) | 56047 | &nbsp;&nbsp; 1052002 |
| Repay Holdings Corp. (a) (b) | 28527 | &nbsp;&nbsp; 137500 |
| Security National Financial Corp. - Class A (b) | 5569 | &nbsp;&nbsp; 54855 |
| Sezzle, Inc. (a) (b) | 5346 | &nbsp;&nbsp; 958270 |
| StoneCo Ltd. - Class A (b) | 87301 | &nbsp;&nbsp; 1400308 |
| Velocity Financial, Inc. (b) | 5353 | &nbsp;&nbsp; 99245 |
| Walker & Dunlop, Inc.  | 11887 | &nbsp;&nbsp; 837796 |
| Waterstone Financial, Inc.  | 5854 | &nbsp;&nbsp; 80844 |
|  |  | &nbsp;&nbsp; 23834553 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Alico, Inc.  | 2158 | &nbsp;&nbsp; 70523 |
| B&G Foods, Inc. (a) | 28218 | &nbsp;&nbsp; 119362 |
| Beyond Meat, Inc. (a) (b) | 35057 | &nbsp;&nbsp; 122349 |
| Calavo Growers, Inc.  | 5820 | &nbsp;&nbsp; 154754 |
| Cal-Maine Foods, Inc. (a) | 16530 | &nbsp;&nbsp; 1646884 |
| Dole PLC | 27248 | &nbsp;&nbsp; 381200 |
| Fresh Del Monte Produce, Inc.  | 12227 | &nbsp;&nbsp; 396399 |
| Hain Celestial Group, Inc. (b) | 50438 | &nbsp;&nbsp; 76666 |
| J&J Snack Foods Corp. (a) | 5485 | &nbsp;&nbsp; 622054 |
| J.M. Smucker Co.  | 1 | &nbsp;&nbsp; 98 |
| John B Sanfilippo & Son, Inc.  | 3070 | &nbsp;&nbsp; 194147 |
| Lancaster Colony Corp.  | 7234 | &nbsp;&nbsp; 1249818 |
| Limoneira Co.  | 5916 | &nbsp;&nbsp; 92585 |
| Mama's Creations, Inc. (b) | 11318 | &nbsp;&nbsp; 93939 |
| Mission Produce, Inc. (b) | 17847 | &nbsp;&nbsp; 209167 |
| Seneca Foods Corp. - Class A (b) | 1733 | &nbsp;&nbsp; 175778 |
| Simply Good Foods Co. (a) (b) | 33776 | &nbsp;&nbsp; 1066984 |
| SunOpta, Inc. (b) | 34321 | &nbsp;&nbsp; 199062 |
| Tootsie Roll Industries, Inc.  | 6383 | &nbsp;&nbsp; 213511 |
| TreeHouse Foods, Inc. (b) | 19536 | &nbsp;&nbsp; 379389 |
| Utz Brands, Inc.  | 26510 | &nbsp;&nbsp; 332700 |
| Vital Farms, Inc. (a) (b) | 12501 | &nbsp;&nbsp; 481539 |
| Westrock Coffee Co. (a) (b) | 16741 | &nbsp;&nbsp; 95926 |
| WK Kellogg Co. (a) | 23808 | &nbsp;&nbsp; 379500 |
|  |  | &nbsp;&nbsp; 8754334 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| Brookfield Infrastructure Corp. - Class A | 43305 | &nbsp;&nbsp; 1801488 |
| Chesapeake Utilities Corp.  | 8219 | &nbsp;&nbsp; 988088 |
| New Jersey Resources Corp.  | 36320 | &nbsp;&nbsp; 1627862 |
| Northwest Natural Holding Co.  | 14545 | &nbsp;&nbsp; 577727 |
| ONE Gas, Inc. (a) | 21531 | &nbsp;&nbsp; 1547218 |
| RGC Resources, Inc. (a) | 2683 | &nbsp;&nbsp; 60046 |
| Southwest Gas Holdings, Inc.  | 23274 | &nbsp;&nbsp; 1731353 |
| Spire, Inc.  | 20737 | &nbsp;&nbsp; 1513594 |
|  |  | &nbsp;&nbsp; 9847376 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| ArcBest Corp.  | 8448 | &nbsp;&nbsp; 650580 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Ground Transportation—(Continued)** | **Ground Transportation—(Continued)** | **Ground Transportation—(Continued)** |
| Covenant Logistics Group, Inc.  | 6288 | &nbsp;&nbsp; $151604 |
| FTAI Infrastructure, Inc. (a) | 40293 | &nbsp;&nbsp; 248608 |
| Heartland Express, Inc.  | 16903 | &nbsp;&nbsp; 146042 |
| Hertz Global Holdings, Inc. (b) | 43292 | &nbsp;&nbsp; 295684 |
| Marten Transport Ltd.  | 20940 | &nbsp;&nbsp; 272011 |
| Proficient Auto Logistics, Inc. (a) (b) | 8032 | &nbsp;&nbsp; 58312 |
| RXO, Inc. (b) | 58825 | &nbsp;&nbsp; 924729 |
| Universal Logistics Holdings, Inc. (a) | 2513 | &nbsp;&nbsp; 63780 |
| Werner Enterprises, Inc.  | 22137 | &nbsp;&nbsp; 605668 |
|  |  | &nbsp;&nbsp; 3417018 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Accuray, Inc. (b) | 38144 | &nbsp;&nbsp; 52257 |
| Alphatec Holdings, Inc. (b) | 41879 | &nbsp;&nbsp; 464857 |
| AngioDynamics, Inc. (b) | 12461 | &nbsp;&nbsp; 123613 |
| Artivion, Inc. (b) | 14401 | &nbsp;&nbsp; 447871 |
| AtriCure, Inc. (a) (b) | 17092 | &nbsp;&nbsp; 560105 |
| Avanos Medical, Inc. (b) | 15903 | &nbsp;&nbsp; 194653 |
| Axogen, Inc. (b) | 15599 | &nbsp;&nbsp; 169249 |
| Beta Bionics, Inc. (b) | 5029 | &nbsp;&nbsp; 73222 |
| Bioventus, Inc. - Class A (a) (b) | 17502 | &nbsp;&nbsp; 115863 |
| Butterfly Network, Inc. (b) | 72178 | &nbsp;&nbsp; 144356 |
| Ceribell, Inc. (b) | 9275 | &nbsp;&nbsp; 173721 |
| Cerus Corp. (b) | 66554 | &nbsp;&nbsp; 93841 |
| ClearPoint Neuro, Inc. (b) | 9553 | &nbsp;&nbsp; 114063 |
| CONMED Corp. (a) | 11116 | &nbsp;&nbsp; 578921 |
| Delcath Systems, Inc. (b) | 11270 | &nbsp;&nbsp; 153272 |
| Electromed, Inc. (b) | 2583 | &nbsp;&nbsp; 56800 |
| Embecta Corp. (a) | 20868 | &nbsp;&nbsp; 202211 |
| Enovis Corp. (b) | 20589 | &nbsp;&nbsp; 645671 |
| Glaukos Corp. (b) | 20112 | &nbsp;&nbsp; 2077368 |
| Haemonetics Corp. (b) | 18144 | &nbsp;&nbsp; 1353724 |
| ICU Medical, Inc. (b) | 8704 | &nbsp;&nbsp; 1150234 |
| Inogen, Inc. (b) | 7678 | &nbsp;&nbsp; 53976 |
| Integer Holdings Corp. (b) | 12407 | &nbsp;&nbsp; 1525689 |
| Integra LifeSciences Holdings Corp. (a) (b) | 24445 | &nbsp;&nbsp; 299940 |
| iRadimed Corp. (a) | 2985 | &nbsp;&nbsp; 178473 |
| iRhythm Technologies, Inc. (a) (b) | 11473 | &nbsp;&nbsp; 1766383 |
| Kestra Medical Technologies Ltd. (b) | 5078 | &nbsp;&nbsp; 84193 |
| KORU Medical Systems, Inc. (b) | 15928 | &nbsp;&nbsp; 57022 |
| Lantheus Holdings, Inc. (b) | 24080 | &nbsp;&nbsp; 1971189 |
| LeMaitre Vascular, Inc.  | 7309 | &nbsp;&nbsp; 607012 |
| LivaNova PLC (b) | 19622 | &nbsp;&nbsp; 883382 |
| Merit Medical Systems, Inc. (b) | 21040 | &nbsp;&nbsp; 1966819 |
| Neogen Corp. (a) (b) | 78441 | &nbsp;&nbsp; 374948 |
| NeuroPace, Inc. (b) | 9229 | &nbsp;&nbsp; 102811 |
| Novocure Ltd. (b) | 38427 | &nbsp;&nbsp; 684001 |
| Omnicell, Inc. (b) | 16453 | &nbsp;&nbsp; 483718 |
| OraSure Technologies, Inc. (b) | 29707 | &nbsp;&nbsp; 89121 |
| Orthofix Medical, Inc. (b) | 14150 | &nbsp;&nbsp; 157773 |
| OrthoPediatrics Corp. (a) (b) | 5617 | &nbsp;&nbsp; 120653 |
| Outset Medical, Inc. (b) | 6685 | &nbsp;&nbsp; 128419 |
| PROCEPT BioRobotics Corp. (a) (b) | 18982 | &nbsp;&nbsp; 1093363 |
| Pulse Biosciences, Inc. (a) (b) | 5792 | &nbsp;&nbsp; 87401 |
| QuidelOrtho Corp. (b) | 24441 | &nbsp;&nbsp; 704390 |
| RxSight, Inc. (b) | 12974 | &nbsp;&nbsp; 168662 |

---

*See accompanying notes to financial statements.*

**BHFTII-272**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| SANUWAVE Health, Inc. (b) | 2710 | &nbsp;&nbsp; $89051 |
| Semler Scientific, Inc. (a) (b) | 3159 | &nbsp;&nbsp; 122380 |
| SI-BONE, Inc. (a) (b) | 14641 | &nbsp;&nbsp; 275544 |
| Sight Sciences, Inc. (b) | 16321 | &nbsp;&nbsp; 67406 |
| STAAR Surgical Co. (b) | 17911 | &nbsp;&nbsp; 300547 |
| Stereotaxis, Inc. (b) | 21608 | &nbsp;&nbsp; 45809 |
| Surmodics, Inc. (b) | 4747 | &nbsp;&nbsp; 141033 |
| Tactile Systems Technology, Inc. (b) | 7825 | &nbsp;&nbsp; 79346 |
| Tandem Diabetes Care, Inc. (b) | 23352 | &nbsp;&nbsp; 435281 |
| TransMedics Group, Inc. (a) (b) | 11961 | &nbsp;&nbsp; 1602894 |
| Treace Medical Concepts, Inc. (b) | 16496 | &nbsp;&nbsp; 96996 |
| UFP Technologies, Inc. (a) (b) | 2717 | &nbsp;&nbsp; 663383 |
| Utah Medical Products, Inc.  | 1293 | &nbsp;&nbsp; 73598 |
| Varex Imaging Corp. (b) | 14212 | &nbsp;&nbsp; 123218 |
| Zimvie, Inc. (b) | 9020 | &nbsp;&nbsp; 84337 |
|  |  | &nbsp;&nbsp; 26736033 |
| **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** |
| AdaptHealth Corp. (b) | 36987 | &nbsp;&nbsp; 348787 |
| Addus HomeCare Corp. (b) | 6545 | &nbsp;&nbsp; 753919 |
| agilon health, Inc. (b) | 113767 | &nbsp;&nbsp; 261664 |
| Alignment Healthcare, Inc. (b) | 46306 | &nbsp;&nbsp; 648284 |
| AMN Healthcare Services, Inc. (b) | 13777 | &nbsp;&nbsp; 284771 |
| Ardent Health, Inc. (b) | 8785 | &nbsp;&nbsp; 120003 |
| Astrana Health, Inc. (b) | 15551 | &nbsp;&nbsp; 386909 |
| Aveanna Healthcare Holdings, Inc. (b) | 18054 | &nbsp;&nbsp; 94422 |
| BrightSpring Health Services, Inc. (b) | 30636 | &nbsp;&nbsp; 722703 |
| Brookdale Senior Living, Inc. (b) | 82808 | &nbsp;&nbsp; 576344 |
| Castle Biosciences, Inc. (b) | 9449 | &nbsp;&nbsp; 192949 |
| Clover Health Investments Corp. (b) | 147332 | &nbsp;&nbsp; 411056 |
| Community Health Systems, Inc. (b) | 47333 | &nbsp;&nbsp; 160932 |
| Concentra Group Holdings Parent, Inc.  | 42289 | &nbsp;&nbsp; 869885 |
| CorVel Corp. (a) (b) | 10484 | &nbsp;&nbsp; 1077546 |
| Cross Country Healthcare, Inc. (b) | 10985 | &nbsp;&nbsp; 143354 |
| DocGo, Inc. (a) (b) | 36589 | &nbsp;&nbsp; 57445 |
| Enhabit, Inc. (a) (b) | 17210 | &nbsp;&nbsp; 165904 |
| Ensign Group, Inc.  | 20205 | &nbsp;&nbsp; 3116823 |
| Fulgent Genetics, Inc. (a) (b) | 7417 | &nbsp;&nbsp; 147450 |
| GeneDx Holdings Corp. (b) | 6815 | &nbsp;&nbsp; 629093 |
| Guardant Health, Inc. (b) | 42958 | &nbsp;&nbsp; 2235534 |
| HealthEquity, Inc. (b) | 30690 | &nbsp;&nbsp; 3215084 |
| Hims & Hers Health, Inc. (a) (b) | 68144 | &nbsp;&nbsp; 3396978 |
| Joint Corp. (b) | 4230 | &nbsp;&nbsp; 48814 |
| LifeStance Health Group, Inc. (b) | 50728 | &nbsp;&nbsp; 262264 |
| Nano-X Imaging Ltd. (a) (b) | 24274 | &nbsp;&nbsp; 125497 |
| National HealthCare Corp.  | 4513 | &nbsp;&nbsp; 482936 |
| National Research Corp.  | 7192 | &nbsp;&nbsp; 120826 |
| NeoGenomics, Inc. (b) | 45981 | &nbsp;&nbsp; 336121 |
| Nutex Health, Inc. (b) | 1285 | &nbsp;&nbsp; 159970 |
| Oncology Institute, Inc. (b) | 24113 | &nbsp;&nbsp; 49432 |
| OPKO Health, Inc. (a) (b) | 131763 | &nbsp;&nbsp; 173927 |
| Option Care Health, Inc. (b) | 60020 | &nbsp;&nbsp; 1949450 |
| Owens & Minor, Inc. (a) (b) | 27444 | &nbsp;&nbsp; 249740 |
| PACS Group, Inc. (b) | 16317 | &nbsp;&nbsp; 210816 |
| Pediatrix Medical Group, Inc. (b) | 32360 | &nbsp;&nbsp; 464366 |
| Pennant Group, Inc. (b) | 11790 | &nbsp;&nbsp; 351931 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services—(Continued)** | **Health Care Providers & Services—(Continued)** | **Health Care Providers & Services—(Continued)** |
| Performant Healthcare, Inc. (b) | 25910 | &nbsp;&nbsp; $103640 |
| Premier, Inc. - Class A | 32966 | &nbsp;&nbsp; 722944 |
| Privia Health Group, Inc. (b) | 41615 | &nbsp;&nbsp; 957145 |
| Progyny, Inc. (a) (b) | 26356 | &nbsp;&nbsp; 579832 |
| RadNet, Inc. (b) | 23722 | &nbsp;&nbsp; 1350019 |
| Select Medical Holdings Corp. (a) | 38874 | &nbsp;&nbsp; 590107 |
| Sonida Senior Living, Inc. (b) | 2068 | &nbsp;&nbsp; 51597 |
| Surgery Partners, Inc. (a) (b) | 27716 | &nbsp;&nbsp; 616127 |
| Talkspace, Inc. (b) | 46541 | &nbsp;&nbsp; 129384 |
| U.S. Physical Therapy, Inc.  | 5410 | &nbsp;&nbsp; 423062 |
| Viemed Healthcare, Inc. (b) | 11496 | &nbsp;&nbsp; 79437 |
|  |  | &nbsp;&nbsp; 30607223 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| American Healthcare REIT, Inc. (a) | 57399 | &nbsp;&nbsp; 2108840 |
| CareTrust REIT, Inc.  | 67997 | &nbsp;&nbsp; 2080708 |
| Community Healthcare Trust, Inc.  | 8914 | &nbsp;&nbsp; 148240 |
| Diversified Healthcare Trust (a) | 76563 | &nbsp;&nbsp; 274096 |
| Global Medical REIT, Inc.  | 23368 | &nbsp;&nbsp; 161940 |
| LTC Properties, Inc. (a) | 16431 | &nbsp;&nbsp; 568677 |
| National Health Investors, Inc.  | 16652 | &nbsp;&nbsp; 1167638 |
| Sabra Health Care REIT, Inc. (a) | 85609 | &nbsp;&nbsp; 1578630 |
| Sila Realty Trust, Inc.  | 20260 | &nbsp;&nbsp; 479554 |
| Universal Health Realty Income Trust | 4263 | &nbsp;&nbsp; 170392 |
|  |  | &nbsp;&nbsp; 8738715 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| Claritev Corp. (b) | 2919 | &nbsp;&nbsp; 131735 |
| Definitive Healthcare Corp. (a) (b) | 14365 | &nbsp;&nbsp; 56024 |
| Evolent Health, Inc. - Class A (b) | 41785 | &nbsp;&nbsp; 470499 |
| Health Catalyst, Inc. (b) | 24903 | &nbsp;&nbsp; 93884 |
| HealthStream, Inc. (a) | 8897 | &nbsp;&nbsp; 246180 |
| LifeMD, Inc. (b) | 13716 | &nbsp;&nbsp; 186812 |
| OptimizeRx Corp. (b) | 6836 | &nbsp;&nbsp; 92286 |
| Phreesia, Inc. (b) | 20093 | &nbsp;&nbsp; 571847 |
| Schrodinger, Inc. (a) (b) | 19989 | &nbsp;&nbsp; 402179 |
| Simulations Plus, Inc. (a) | 5451 | &nbsp;&nbsp; 95120 |
| Teladoc Health, Inc. (b) | 61440 | &nbsp;&nbsp; 535142 |
| TruBridge, Inc. (b) | 3689 | &nbsp;&nbsp; 86396 |
| Waystar Holding Corp. (b) | 32920 | &nbsp;&nbsp; 1345440 |
|  |  | &nbsp;&nbsp; 4313544 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Apple Hospitality REIT, Inc. (a) | 81653 | &nbsp;&nbsp; 952890 |
| Braemar Hotels & Resorts, Inc.  | 23321 | &nbsp;&nbsp; 57136 |
| Chatham Lodging Trust | 15745 | &nbsp;&nbsp; 109743 |
| DiamondRock Hospitality Co.  | 75338 | &nbsp;&nbsp; 577089 |
| Pebblebrook Hotel Trust | 42835 | &nbsp;&nbsp; 427922 |
| RLJ Lodging Trust | 53713 | &nbsp;&nbsp; 391031 |
| Ryman Hospitality Properties, Inc. (a) | 21176 | &nbsp;&nbsp; 2089436 |
| Service Properties Trust | 57887 | &nbsp;&nbsp; 138350 |
| Summit Hotel Properties, Inc.  | 39980 | &nbsp;&nbsp; 203498 |
| Sunstone Hotel Investors, Inc.  | 68509 | &nbsp;&nbsp; 594658 |
| Xenia Hotels & Resorts, Inc.  | 36574 | &nbsp;&nbsp; 459735 |
|  |  | &nbsp;&nbsp; 6001488 |

---

*See accompanying notes to financial statements.*

**BHFTII-273**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| Accel Entertainment, Inc. (b) | 18728 | &nbsp;&nbsp; $220429 |
| Biglari Holdings, Inc. - Class B (a) (b) | 274 | &nbsp;&nbsp; 80066 |
| BJ's Restaurants, Inc. (b) | 7749 | &nbsp;&nbsp; 345605 |
| Bloomin' Brands, Inc.  | 30409 | &nbsp;&nbsp; 261821 |
| Brinker International, Inc. (b) | 15927 | &nbsp;&nbsp; 2872116 |
| Cheesecake Factory, Inc. (a) | 16582 | &nbsp;&nbsp; 1039028 |
| Cracker Barrel Old Country Store, Inc. (a) | 7974 | &nbsp;&nbsp; 487052 |
| Dave & Buster's Entertainment, Inc. (a) (b) | 9837 | &nbsp;&nbsp; 295897 |
| Denny's Corp. (b) | 18613 | &nbsp;&nbsp; 76313 |
| Dine Brands Global, Inc.  | 5258 | &nbsp;&nbsp; 127927 |
| El Pollo Loco Holdings, Inc. (b) | 8952 | &nbsp;&nbsp; 98562 |
| Everi Holdings, Inc. (b) | 30516 | &nbsp;&nbsp; 434548 |
| First Watch Restaurant Group, Inc. (b) | 15086 | &nbsp;&nbsp; 241979 |
| Genius Sports Ltd. (b) | 80211 | &nbsp;&nbsp; 834194 |
| Global Business Travel Group I (a) (b) | 34958 | &nbsp;&nbsp; 220235 |
| Golden Entertainment, Inc. (a) | 7102 | &nbsp;&nbsp; 209012 |
| Hilton Grand Vacations, Inc. (a) (b) | 22060 | &nbsp;&nbsp; 916152 |
| Inspired Entertainment, Inc. (a) (b) | 7099 | &nbsp;&nbsp; 57999 |
| International Game Technology PLC | 40851 | &nbsp;&nbsp; 645854 |
| Jack in the Box, Inc. (a) | 6468 | &nbsp;&nbsp; 112931 |
| Krispy Kreme, Inc. (a) | 29632 | &nbsp;&nbsp; 86229 |
| Kura Sushi USA, Inc. - Class A (a) (b) | 2410 | &nbsp;&nbsp; 207453 |
| Life Time Group Holdings, Inc. (b) | 49005 | &nbsp;&nbsp; 1486322 |
| Lindblad Expeditions Holdings, Inc. (b) | 14883 | &nbsp;&nbsp; 173685 |
| Marriott Vacations Worldwide Corp.  | 11524 | &nbsp;&nbsp; 833300 |
| Monarch Casino & Resort, Inc.  | 4658 | &nbsp;&nbsp; 402638 |
| Nathan's Famous, Inc.  | 956 | &nbsp;&nbsp; 105714 |
| Papa John's International, Inc.  | 11956 | &nbsp;&nbsp; 585127 |
| PlayAGS, Inc. (b) | 16370 | &nbsp;&nbsp; 204461 |
| Portillo's, Inc. - Class A (a) (b) | 22650 | &nbsp;&nbsp; 264326 |
| Potbelly Corp. (a) (b) | 9106 | &nbsp;&nbsp; 111549 |
| Pursuit Attractions & Hospitality, Inc. (a) (b) | 7380 | &nbsp;&nbsp; 212765 |
| RCI Hospitality Holdings, Inc.  | 2918 | &nbsp;&nbsp; 111234 |
| Red Rock Resorts, Inc. - Class A (a) | 17654 | &nbsp;&nbsp; 918538 |
| Rush Street Interactive, Inc. (b) | 32322 | &nbsp;&nbsp; 481598 |
| Sabre Corp. (a) (b) | 131162 | &nbsp;&nbsp; 414472 |
| Serve Robotics, Inc. (b) | 17449 | &nbsp;&nbsp; 199617 |
| Shake Shack, Inc. - Class A (b) | 13989 | &nbsp;&nbsp; 1966853 |
| Six Flags Entertainment Corp. (a) (b) | 34692 | &nbsp;&nbsp; 1055678 |
| Super Group SGHC Ltd.  | 57861 | &nbsp;&nbsp; 634735 |
| Sweetgreen, Inc. - Class A (a) (b) | 37696 | &nbsp;&nbsp; 560916 |
| Target Hospitality Corp. (a) (b) | 10651 | &nbsp;&nbsp; 75835 |
| United Parks & Resorts, Inc. (a) (b) | 9762 | &nbsp;&nbsp; 460278 |
| Xponential Fitness, Inc. - Class A (a) (b) | 8434 | &nbsp;&nbsp; 63171 |
|  |  | &nbsp;&nbsp; 21194214 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| Beazer Homes USA, Inc. (b) | 10688 | &nbsp;&nbsp; 239091 |
| Cavco Industries, Inc. (b) | 2811 | &nbsp;&nbsp; 1221183 |
| Century Communities, Inc.  | 10030 | &nbsp;&nbsp; 564890 |
| Champion Homes, Inc. (b) | 19451 | &nbsp;&nbsp; 1217827 |
| Cricut, Inc. - Class A | 15768 | &nbsp;&nbsp; 106749 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 10204 | &nbsp;&nbsp; 256427 |
| Ethan Allen Interiors, Inc.  | 7632 | &nbsp;&nbsp; 212551 |
| Flexsteel Industries, Inc. (a) | 1547 | &nbsp;&nbsp; 55738 |
| Green Brick Partners, Inc. (b) | 11172 | &nbsp;&nbsp; 702495 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Household Durables—(Continued)** | **Household Durables—(Continued)** | **Household Durables—(Continued)** |
| Hamilton Beach Brands Holding Co. - Class A | 2859 | &nbsp;&nbsp; $51148 |
| Helen of Troy Ltd. (b) | 8216 | &nbsp;&nbsp; 233170 |
| Hovnanian Enterprises, Inc. - Class A (b) | 1795 | &nbsp;&nbsp; 187667 |
| Installed Building Products, Inc. (a) | 8444 | &nbsp;&nbsp; 1522622 |
| KB Home | 25188 | &nbsp;&nbsp; 1334208 |
| La-Z-Boy, Inc.  | 15201 | &nbsp;&nbsp; 565021 |
| Legacy Housing Corp. (b) | 4120 | &nbsp;&nbsp; 93359 |
| Leggett & Platt, Inc.  | 48152 | &nbsp;&nbsp; 429516 |
| LGI Homes, Inc. (b) | 7499 | &nbsp;&nbsp; 386348 |
| Lovesac Co. (b) | 5942 | &nbsp;&nbsp; 108144 |
| M/I Homes, Inc. (b) | 9531 | &nbsp;&nbsp; 1068616 |
| Meritage Homes Corp. (c) | 25575 | &nbsp;&nbsp; 1712758 |
| Sonos, Inc. (b) | 44300 | &nbsp;&nbsp; 478883 |
| Taylor Morrison Home Corp. (b) | 35750 | &nbsp;&nbsp; 2195765 |
| Tri Pointe Homes, Inc. (b) | 33050 | &nbsp;&nbsp; 1055948 |
|  |  | &nbsp;&nbsp; 16000124 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Central Garden & Pet Co. (Voting Shares) (b) | 3370 | &nbsp;&nbsp; 118556 |
| Central Garden & Pet Co. (Non-Voting Shares) - Class A (b) | 18751 | &nbsp;&nbsp; 586719 |
| Energizer Holdings, Inc. (a) | 25842 | &nbsp;&nbsp; 520975 |
| Oil-Dri Corp. of America | 3318 | &nbsp;&nbsp; 195729 |
| Spectrum Brands Holdings, Inc.  | 9229 | &nbsp;&nbsp; 489137 |
| WD-40 Co.  | 4900 | &nbsp;&nbsp; 1117641 |
|  |  | &nbsp;&nbsp; 3028757 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Montauk Renewables, Inc. (b) | 26879 | &nbsp;&nbsp; 59671 |
| Ormat Technologies, Inc. (a) | 21952 | &nbsp;&nbsp; 1838700 |
|  |  | &nbsp;&nbsp; 1898371 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Brookfield Business Corp. - Class A | 9192 | &nbsp;&nbsp; 286790 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| Industrial Logistics Properties Trust | 23053 | &nbsp;&nbsp; 104891 |
| Innovative Industrial Properties, Inc.  | 10096 | &nbsp;&nbsp; 557501 |
| LXP Industrial Trust (a) | 105102 | &nbsp;&nbsp; 868143 |
| Plymouth Industrial REIT, Inc. (a) | 14425 | &nbsp;&nbsp; 231665 |
| Terreno Realty Corp.  | 36811 | &nbsp;&nbsp; 2063993 |
|  |  | &nbsp;&nbsp; 3826193 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Ambac Financial Group, Inc. (b) | 15642 | &nbsp;&nbsp; 111058 |
| American Coastal Insurance Corp. - Class C | 8755 | &nbsp;&nbsp; 97356 |
| AMERISAFE, Inc.  | 6840 | &nbsp;&nbsp; 299113 |
| Baldwin Insurance Group, Inc. (a) (b) | 25322 | &nbsp;&nbsp; 1084035 |
| Bowhead Specialty Holdings, Inc. (b) | 5692 | &nbsp;&nbsp; 213621 |
| Citizens, Inc. (b) | 17037 | &nbsp;&nbsp; 59459 |
| CNO Financial Group, Inc.  | 35629 | &nbsp;&nbsp; 1374567 |
| Crawford & Co. - Class A | 4656 | &nbsp;&nbsp; 49261 |
| Donegal Group, Inc. - Class A | 5184 | &nbsp;&nbsp; 103810 |
| Employers Holdings, Inc.  | 8865 | &nbsp;&nbsp; 418251 |
| Enstar Group Ltd. (b) | 4406 | &nbsp;&nbsp; 1482002 |
| F&G Annuities & Life, Inc.  | 7849 | &nbsp;&nbsp; 251011 |
| Fidelis Insurance Holdings Ltd.  | 21817 | &nbsp;&nbsp; 361726 |

---

*See accompanying notes to financial statements.*

**BHFTII-274**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Genworth Financial, Inc. (b) | 147924 | &nbsp;&nbsp; $1150849 |
| Goosehead Insurance, Inc. - Class A (a) | 8597 | &nbsp;&nbsp; 907069 |
| Greenlight Capital Re Ltd. - Class A (a) (b) | 9976 | &nbsp;&nbsp; 143355 |
| Hamilton Insurance Group Ltd. - Class B (b) | 16464 | &nbsp;&nbsp; 355952 |
| HCI Group, Inc.  | 3276 | &nbsp;&nbsp; 498607 |
| Heritage Insurance Holdings, Inc. (b) | 7545 | &nbsp;&nbsp; 188172 |
| Hippo Holdings, Inc. (a) (b) | 8234 | &nbsp;&nbsp; 229976 |
| Horace Mann Educators Corp.  | 14746 | &nbsp;&nbsp; 633636 |
| Investors Title Co.  | 644 | &nbsp;&nbsp; 136077 |
| James River Group Holdings Ltd.  | 13704 | &nbsp;&nbsp; 80305 |
| Kingstone Cos., Inc. (b) | 4145 | &nbsp;&nbsp; 63874 |
| Kingsway Financial Services, Inc. (b) | 6710 | &nbsp;&nbsp; 90853 |
| Lemonade, Inc. (a) (b) | 20059 | &nbsp;&nbsp; 878785 |
| MBIA, Inc. (a) (b) | 17040 | &nbsp;&nbsp; 73954 |
| Mercury General Corp.  | 9599 | &nbsp;&nbsp; 646397 |
| Oscar Health, Inc. - Class A (b) | 66141 | &nbsp;&nbsp; 1418063 |
| Palomar Holdings, Inc. (b) | 9493 | &nbsp;&nbsp; 1464295 |
| ProAssurance Corp. (b) | 18309 | &nbsp;&nbsp; 417994 |
| Root, Inc. - Class A (b) | 3876 | &nbsp;&nbsp; 496012 |
| Safety Insurance Group, Inc.  | 5269 | &nbsp;&nbsp; 418306 |
| Selective Insurance Group, Inc.  | 21891 | &nbsp;&nbsp; 1896855 |
| Selectquote, Inc. (b) | 50259 | &nbsp;&nbsp; 119616 |
| SiriusPoint Ltd. (b) | 36972 | &nbsp;&nbsp; 753859 |
| Skyward Specialty Insurance Group, Inc. (b) | 13404 | &nbsp;&nbsp; 774617 |
| Stewart Information Services Corp.  | 10400 | &nbsp;&nbsp; 677040 |
| Tiptree, Inc.  | 8231 | &nbsp;&nbsp; 194087 |
| Trupanion, Inc. (b) | 13380 | &nbsp;&nbsp; 740583 |
| United Fire Group, Inc.  | 8559 | &nbsp;&nbsp; 245643 |
| Universal Insurance Holdings, Inc.  | 9237 | &nbsp;&nbsp; 256142 |
|  |  | &nbsp;&nbsp; 21856243 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Angi, Inc. (b) | 15697 | &nbsp;&nbsp; 239536 |
| Bumble, Inc. - Class A (a) (b) | 27112 | &nbsp;&nbsp; 178668 |
| Cargurus, Inc. (b) | 30338 | &nbsp;&nbsp; 1015413 |
| Cars.com, Inc. (b) | 19832 | &nbsp;&nbsp; 235009 |
| EverQuote, Inc. - Class A (b) | 9942 | &nbsp;&nbsp; 240398 |
| fuboTV, Inc. (b) | 129517 | &nbsp;&nbsp; 499936 |
| Getty Images Holdings, Inc. (a) (b) | 43215 | &nbsp;&nbsp; 71737 |
| Grindr, Inc. (b) | 12273 | &nbsp;&nbsp; 278597 |
| MediaAlpha, Inc. - Class A (b) | 13769 | &nbsp;&nbsp; 150771 |
| Nextdoor Holdings, Inc. (a) (b) | 80095 | &nbsp;&nbsp; 132958 |
| QuinStreet, Inc. (b) | 19682 | &nbsp;&nbsp; 316880 |
| Rumble, Inc. (b) | 29036 | &nbsp;&nbsp; 260743 |
| Shutterstock, Inc.  | 9001 | &nbsp;&nbsp; 170659 |
| TripAdvisor, Inc. (b) | 41977 | &nbsp;&nbsp; 547800 |
| TrueCar, Inc. (b) | 29706 | &nbsp;&nbsp; 56441 |
| Vimeo, Inc. (b) | 53887 | &nbsp;&nbsp; 217703 |
| VTEX - Class A (b) | 21715 | &nbsp;&nbsp; 143319 |
| Webtoon Entertainment, Inc. (a) (b) | 5281 | &nbsp;&nbsp; 47951 |
| Yelp, Inc. (b) | 22236 | &nbsp;&nbsp; 762028 |
| Ziff Davis, Inc. (b) | 15373 | &nbsp;&nbsp; 465341 |
| ZipRecruiter, Inc. - Class A (b) | 26343 | &nbsp;&nbsp; 131978 |
|  |  | &nbsp;&nbsp; 6163866 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Applied Digital Corp. (a) (b) | 64190 | &nbsp;&nbsp; $646393 |
| ASGN, Inc. (b) (c) | 15356 | &nbsp;&nbsp; 766725 |
| Backblaze, Inc. - Class A (b) | 20411 | &nbsp;&nbsp; 112261 |
| BigBear.ai Holdings, Inc. (a) (b) | 105270 | &nbsp;&nbsp; 714783 |
| BigCommerce Holdings, Inc. - Series 1 (b) | 25510 | &nbsp;&nbsp; 127550 |
| Couchbase, Inc. (b) | 15725 | &nbsp;&nbsp; 383376 |
| DigitalOcean Holdings, Inc. (a) (b) | 23637 | &nbsp;&nbsp; 675073 |
| Fastly, Inc. - Class A (b) | 52908 | &nbsp;&nbsp; 373530 |
| Grid Dynamics Holdings, Inc. (b) | 23921 | &nbsp;&nbsp; 276288 |
| Hackett Group, Inc.  | 8523 | &nbsp;&nbsp; 216655 |
| Information Services Group, Inc.  | 13053 | &nbsp;&nbsp; 62654 |
| TSS, Inc. (b) | 6787 | &nbsp;&nbsp; 195669 |
| Tucows, Inc. - Class A (b) | 2857 | &nbsp;&nbsp; 56311 |
| Unisys Corp. (b) | 24511 | &nbsp;&nbsp; 111035 |
|  |  | &nbsp;&nbsp; 4718303 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Acushnet Holdings Corp. (a) | 10158 | &nbsp;&nbsp; 739705 |
| American Outdoor Brands, Inc. (b) | 4600 | &nbsp;&nbsp; 48070 |
| Escalade, Inc. (a) | 3400 | &nbsp;&nbsp; 47532 |
| Funko, Inc. - Class A (b) | 11860 | &nbsp;&nbsp; 56454 |
| JAKKS Pacific, Inc.  | 2462 | &nbsp;&nbsp; 51160 |
| Johnson Outdoors, Inc. - Class A | 1983 | &nbsp;&nbsp; 60025 |
| Latham Group, Inc. (a) (b) | 13676 | &nbsp;&nbsp; 87253 |
| Malibu Boats, Inc. - Class A (b) | 6654 | &nbsp;&nbsp; 208536 |
| MasterCraft Boat Holdings, Inc. (a) (b) | 5986 | &nbsp;&nbsp; 111220 |
| Peloton Interactive, Inc. - Class A (a) (b) | 132801 | &nbsp;&nbsp; 921639 |
| Polaris, Inc.  | 19215 | &nbsp;&nbsp; 781090 |
| Smith & Wesson Brands, Inc. (a) | 18698 | &nbsp;&nbsp; 162299 |
| Sturm Ruger & Co., Inc.  | 5950 | &nbsp;&nbsp; 213605 |
| Topgolf Callaway Brands Corp. (a) (b) | 47697 | &nbsp;&nbsp; 383961 |
|  |  | &nbsp;&nbsp; 3872549 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| 10X Genomics, Inc. - Class A (b) | 38134 | &nbsp;&nbsp; 441592 |
| Adaptive Biotechnologies Corp. (b) | 53877 | &nbsp;&nbsp; 627667 |
| Azenta, Inc. (b) | 14747 | &nbsp;&nbsp; 453913 |
| BioLife Solutions, Inc. (a) (b) | 13116 | &nbsp;&nbsp; 282519 |
| Codexis, Inc. (b) | 30324 | &nbsp;&nbsp; 73990 |
| CryoPort, Inc. (b) | 17769 | &nbsp;&nbsp; 132557 |
| Cytek Biosciences, Inc. (b) | 44359 | &nbsp;&nbsp; 150821 |
| Fortrea Holdings, Inc. (b) | 34022 | &nbsp;&nbsp; 168069 |
| Lifecore Biomedical, Inc. (b) | 8722 | &nbsp;&nbsp; 70823 |
| Maravai LifeSciences Holdings, Inc. - Class A (b) | 46605 | &nbsp;&nbsp; 112318 |
| MaxCyte, Inc. (b) | 35058 | &nbsp;&nbsp; 76426 |
| Mesa Laboratories, Inc.  | 1730 | &nbsp;&nbsp; 163000 |
| Niagen Bioscience, Inc. (b) | 18251 | &nbsp;&nbsp; 262997 |
| OmniAb, Inc. (b) | 39804 | &nbsp;&nbsp; 69259 |
| OmniAb, Inc. (a) (b) (d) (e) | 4218 | &nbsp;&nbsp; 0 |
| Pacific Biosciences of California, Inc. (a) (b) | 99807 | &nbsp;&nbsp; 123761 |
| Personalis, Inc. (b) | 18394 | &nbsp;&nbsp; 120665 |
| Quanterix Corp. (a) (b) | 15533 | &nbsp;&nbsp; 103294 |
| Quantum-Si, Inc. (a) (b) | 46498 | &nbsp;&nbsp; 91136 |
| Standard BioTools, Inc. (a) (b) | 109362 | &nbsp;&nbsp; 131234 |
|  |  | &nbsp;&nbsp; 3656041 |

---

*See accompanying notes to financial statements.*

**BHFTII-275**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery — 3.7%** | **Machinery — 3.7%** | **Machinery — 3.7%** |
| 3D Systems Corp. (a) (b) | 49143 | &nbsp;&nbsp; $75680 |
| Alamo Group, Inc.  | 3679 | &nbsp;&nbsp; 803420 |
| Albany International Corp. - Class A | 11199 | &nbsp;&nbsp; 785386 |
| Astec Industries, Inc.  | 8230 | &nbsp;&nbsp; 343109 |
| Atmus Filtration Technologies, Inc.  | 30117 | &nbsp;&nbsp; 1096861 |
| Blue Bird Corp. (a) (b) | 11568 | &nbsp;&nbsp; 499275 |
| Chart Industries, Inc. (b) | 16270 | &nbsp;&nbsp; 2678856 |
| Columbus McKinnon Corp.  | 10238 | &nbsp;&nbsp; 156334 |
| Douglas Dynamics, Inc.  | 7665 | &nbsp;&nbsp; 225888 |
| Eastern Co.  | 1739 | &nbsp;&nbsp; 39684 |
| Energy Recovery, Inc. (b) | 20486 | &nbsp;&nbsp; 261811 |
| Enerpac Tool Group Corp.  | 19510 | &nbsp;&nbsp; 791326 |
| Enpro, Inc. (a) | 7606 | &nbsp;&nbsp; 1456929 |
| ESCO Technologies, Inc.  | 9353 | &nbsp;&nbsp; 1794560 |
| Federal Signal Corp. (a) | 21607 | &nbsp;&nbsp; 2299417 |
| Franklin Electric Co., Inc.  | 14370 | &nbsp;&nbsp; 1289564 |
| Gencor Industries, Inc. (b) | 3563 | &nbsp;&nbsp; 49882 |
| Gorman-Rupp Co.  | 7300 | &nbsp;&nbsp; 268056 |
| Graham Corp. (b) | 3388 | &nbsp;&nbsp; 167740 |
| Greenbrier Cos., Inc.  | 11018 | &nbsp;&nbsp; 507379 |
| Helios Technologies, Inc.  | 11947 | &nbsp;&nbsp; 398671 |
| Hillenbrand, Inc.  | 25206 | &nbsp;&nbsp; 505884 |
| Hillman Solutions Corp. (b) | 70857 | &nbsp;&nbsp; 505919 |
| Hyster-Yale, Inc.  | 3736 | &nbsp;&nbsp; 148618 |
| JBT Marel Corp.  | 18791 | &nbsp;&nbsp; 2259806 |
| Kadant, Inc. (a) | 4240 | &nbsp;&nbsp; 1345988 |
| Kennametal, Inc.  | 28438 | &nbsp;&nbsp; 652936 |
| L.B. Foster Co. - Class A (b) | 5119 | &nbsp;&nbsp; 111953 |
| Lindsay Corp.  | 3895 | &nbsp;&nbsp; 561854 |
| Luxfer Holdings PLC | 8672 | &nbsp;&nbsp; 105625 |
| Manitowoc Co., Inc. (b) | 11464 | &nbsp;&nbsp; 137797 |
| Mayville Engineering Co., Inc. (b) | 5214 | &nbsp;&nbsp; 83215 |
| Microvast Holdings, Inc. (b) | 73089 | &nbsp;&nbsp; 265313 |
| Miller Industries, Inc. (a) | 4021 | &nbsp;&nbsp; 178774 |
| Mueller Water Products, Inc. - Class A | 56217 | &nbsp;&nbsp; 1351457 |
| Palladyne AI Corp. (b) | 9932 | &nbsp;&nbsp; 86011 |
| Park-Ohio Holdings Corp.  | 2839 | &nbsp;&nbsp; 50705 |
| Proto Labs, Inc. (b) | 8980 | &nbsp;&nbsp; 359559 |
| REV Group, Inc.  | 18462 | &nbsp;&nbsp; 878607 |
| Richtech Robotics, Inc. (b) | 28138 | &nbsp;&nbsp; 54869 |
| Shyft Group, Inc. (a) | 10402 | &nbsp;&nbsp; 130441 |
| SPX Technologies, Inc. (b) | 16411 | &nbsp;&nbsp; 2751796 |
| Standex International Corp.  | 4175 | &nbsp;&nbsp; 653304 |
| Tennant Co.  | 6813 | &nbsp;&nbsp; 527871 |
| Terex Corp.  | 23891 | &nbsp;&nbsp; 1115471 |
| Titan International, Inc. (a) (b) | 18235 | &nbsp;&nbsp; 187273 |
| Trinity Industries, Inc.  | 29312 | &nbsp;&nbsp; 791717 |
| Wabash National Corp.  | 15563 | &nbsp;&nbsp; 165435 |
| Watts Water Technologies, Inc. - Class A | 9879 | &nbsp;&nbsp; 2429147 |
| Worthington Enterprises, Inc.  | 11344 | &nbsp;&nbsp; 721932 |
|  |  | &nbsp;&nbsp; 35109105 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Costamare, Inc.  | 13997 | &nbsp;&nbsp; 127513 |
| Genco Shipping & Trading Ltd.  | 17156 | &nbsp;&nbsp; 224229 |
| Golden Ocean Group Ltd. (a) | 38353 | &nbsp;&nbsp; 280744 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Marine Transportation—(Continued)** | **Marine Transportation—(Continued)** | **Marine Transportation—(Continued)** |
| Himalaya Shipping Ltd. (a) (b) | 10455 | &nbsp;&nbsp; $60325 |
| Matson, Inc. (a) | 11641 | &nbsp;&nbsp; 1296225 |
| Pangaea Logistics Solutions Ltd.  | 11664 | &nbsp;&nbsp; 54821 |
| Safe Bulkers, Inc.  | 21674 | &nbsp;&nbsp; 78243 |
|  |  | &nbsp;&nbsp; 2122100 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Advantage Solutions, Inc. (a) (b) | 38561 | &nbsp;&nbsp; 50901 |
| Altice USA, Inc. - Class A (b) | 94894 | &nbsp;&nbsp; 203073 |
| AMC Networks, Inc. - Class A (b) | 10133 | &nbsp;&nbsp; 63534 |
| Boston Omaha Corp. - Class A (a) (b) | 7716 | &nbsp;&nbsp; 108333 |
| Cable One, Inc. (a) | 2025 | &nbsp;&nbsp; 275015 |
| EchoStar Corp. - Class A (a) (b) | 48844 | &nbsp;&nbsp; 1352979 |
| Entravision Communications Corp. - Class A | 22949 | &nbsp;&nbsp; 53242 |
| EW Scripps Co. - Class A (b) | 22402 | &nbsp;&nbsp; 65862 |
| Gambling.com Group Ltd. (b) | 6153 | &nbsp;&nbsp; 73159 |
| Gannett Co., Inc. (a) (b) | 51270 | &nbsp;&nbsp; 183547 |
| Gray Media, Inc.  | 30440 | &nbsp;&nbsp; 137893 |
| Ibotta, Inc. - Class A (b) | 5644 | &nbsp;&nbsp; 206570 |
| iHeartMedia, Inc. - Class A (a) (b) | 38469 | &nbsp;&nbsp; 67705 |
| Integral Ad Science Holding Corp. (b) | 26393 | &nbsp;&nbsp; 219326 |
| John Wiley & Sons, Inc. - Class A | 14840 | &nbsp;&nbsp; 662309 |
| Magnite, Inc. (a) (b) | 50431 | &nbsp;&nbsp; 1216396 |
| National CineMedia, Inc.  | 23368 | &nbsp;&nbsp; 113218 |
| Nexxen International Ltd. (b) | 14215 | &nbsp;&nbsp; 147978 |
| PubMatic, Inc. - Class A (b) | 14669 | &nbsp;&nbsp; 182482 |
| Scholastic Corp.  | 8189 | &nbsp;&nbsp; 171805 |
| Sinclair, Inc.  | 14030 | &nbsp;&nbsp; 193895 |
| Stagwell, Inc. (a) (b) | 41957 | &nbsp;&nbsp; 188807 |
| TechTarget, Inc. (a) (b) | 9094 | &nbsp;&nbsp; 70660 |
| TEGNA, Inc. (a) | 57932 | &nbsp;&nbsp; 970940 |
| Thryv Holdings, Inc. (a) (b) | 14032 | &nbsp;&nbsp; 170629 |
| WideOpenWest, Inc. (b) | 18173 | &nbsp;&nbsp; 73782 |
|  |  | &nbsp;&nbsp; 7224040 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| Alpha Metallurgical Resources, Inc. (b) | 4219 | &nbsp;&nbsp; 474553 |
| Caledonia Mining Corp. PLC (a) | 5467 | &nbsp;&nbsp; 105622 |
| Century Aluminum Co. (b) | 19036 | &nbsp;&nbsp; 343029 |
| Coeur Mining, Inc. (b) | 230569 | &nbsp;&nbsp; 2042841 |
| Commercial Metals Co.  | 41397 | &nbsp;&nbsp; 2024727 |
| Compass Minerals International, Inc. (b) | 12615 | &nbsp;&nbsp; 253435 |
| Constellium SE (b) | 51416 | &nbsp;&nbsp; 683833 |
| Contango ORE, Inc. (b) | 3375 | &nbsp;&nbsp; 65745 |
| Dakota Gold Corp. (a) (b) | 32576 | &nbsp;&nbsp; 120206 |
| Ferroglobe PLC | 43948 | &nbsp;&nbsp; 161289 |
| Hecla Mining Co.  | 216263 | &nbsp;&nbsp; 1295415 |
| Idaho Strategic Resources, Inc. (b) | 4989 | &nbsp;&nbsp; 65256 |
| Ivanhoe Electric, Inc. (a) (b) | 30543 | &nbsp;&nbsp; 277025 |
| Kaiser Aluminum Corp.  | 5758 | &nbsp;&nbsp; 460064 |
| MAC Copper Ltd. (b) | 26161 | &nbsp;&nbsp; 316287 |
| Materion Corp.  | 7396 | &nbsp;&nbsp; 587021 |
| Metallus, Inc. (b) | 14231 | &nbsp;&nbsp; 219300 |
| NioCorp Developments Ltd. (b) | 21045 | &nbsp;&nbsp; 49035 |
| Novagold Resources, Inc. (b) | 98237 | &nbsp;&nbsp; 401789 |
| Olympic Steel, Inc.  | 3243 | &nbsp;&nbsp; 105689 |

---

*See accompanying notes to financial statements.*

**BHFTII-276**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Perpetua Resources Corp. (b) | 17021 | &nbsp;&nbsp; $206635 |
| Radius Recycling, Inc.  | 10100 | &nbsp;&nbsp; 299869 |
| Ramaco Resources, Inc. - Class A (a) | 12890 | &nbsp;&nbsp; 169375 |
| Ryerson Holding Corp.  | 11185 | &nbsp;&nbsp; 241261 |
| SSR Mining, Inc. (b) | 73613 | &nbsp;&nbsp; 937830 |
| SunCoke Energy, Inc.  | 30134 | &nbsp;&nbsp; 258851 |
| Tredegar Corp. (b) | 8668 | &nbsp;&nbsp; 76278 |
| U.S. Antimony Corp. (b) | 34304 | &nbsp;&nbsp; 74783 |
| U.S. Gold Corp. (b) | 4456 | &nbsp;&nbsp; 54363 |
| Vox Royalty Corp.  | 16316 | &nbsp;&nbsp; 51559 |
| Warrior Met Coal, Inc.  | 18576 | &nbsp;&nbsp; 851338 |
| Worthington Steel, Inc.  | 11781 | &nbsp;&nbsp; 351427 |
|  |  | &nbsp;&nbsp; 13625730 |
| **Mortgage Real Estate Investment Trusts — 0.9%** | **Mortgage Real Estate Investment Trusts — 0.9%** | **Mortgage Real Estate Investment Trusts — 0.9%** |
| AG Mortgage Investment Trust, Inc.  | 10516 | &nbsp;&nbsp; 79396 |
| Apollo Commercial Real Estate Finance, Inc.  | 50471 | &nbsp;&nbsp; 488559 |
| Arbor Realty Trust, Inc. (a) | 68831 | &nbsp;&nbsp; 736492 |
| ARES Commercial Real Estate Corp. (a) | 19531 | &nbsp;&nbsp; 93163 |
| ARMOUR Residential REIT, Inc. (a) | 29800 | &nbsp;&nbsp; 500938 |
| Blackstone Mortgage Trust, Inc. - Class A (a) | 60145 | &nbsp;&nbsp; 1157791 |
| BrightSpire Capital, Inc.  | 46860 | &nbsp;&nbsp; 236643 |
| Chicago Atlantic Real Estate Finance, Inc.  | 5740 | &nbsp;&nbsp; 80130 |
| Chimera Investment Corp.  | 28916 | &nbsp;&nbsp; 401065 |
| Claros Mortgage Trust, Inc.  | 31825 | &nbsp;&nbsp; 90701 |
| Dynex Capital, Inc. (a) | 38107 | &nbsp;&nbsp; 465668 |
| Ellington Financial, Inc. (a) | 33383 | &nbsp;&nbsp; 433645 |
| Franklin BSP Realty Trust, Inc. (a) | 29093 | &nbsp;&nbsp; 311004 |
| Invesco Mortgage Capital, Inc. (a) | 27247 | &nbsp;&nbsp; 213617 |
| KKR Real Estate Finance Trust, Inc.  | 23539 | &nbsp;&nbsp; 206437 |
| Ladder Capital Corp.  | 40736 | &nbsp;&nbsp; 437912 |
| MFA Financial, Inc.  | 37290 | &nbsp;&nbsp; 352763 |
| New York Mortgage Trust, Inc. (a) | 30974 | &nbsp;&nbsp; 207526 |
| Orchid Island Capital, Inc. (a) | 39118 | &nbsp;&nbsp; 274217 |
| PennyMac Mortgage Investment Trust (a) | 33400 | &nbsp;&nbsp; 429524 |
| Ready Capital Corp. (a) | 60474 | &nbsp;&nbsp; 264271 |
| Redwood Trust, Inc. (a) | 48224 | &nbsp;&nbsp; 285004 |
| Seven Hills Realty Trust (a) | 4508 | &nbsp;&nbsp; 54412 |
| TPG RE Finance Trust, Inc.  | 24956 | &nbsp;&nbsp; 192660 |
| Two Harbors Investment Corp.  | 37275 | &nbsp;&nbsp; 401452 |
|  |  | &nbsp;&nbsp; 8394990 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Avista Corp.  | 28945 | &nbsp;&nbsp; 1098463 |
| Black Hills Corp.  | 26133 | &nbsp;&nbsp; 1466061 |
| Northwestern Energy Group, Inc.  | 22078 | &nbsp;&nbsp; 1132601 |
| Unitil Corp.  | 5731 | &nbsp;&nbsp; 298872 |
|  |  | &nbsp;&nbsp; 3995997 |
| **Office REITs — 0.7%** | **Office REITs — 0.7%** | **Office REITs — 0.7%** |
| Brandywine Realty Trust | 62519 | &nbsp;&nbsp; 268206 |
| City Office REIT, Inc.  | 14540 | &nbsp;&nbsp; 77644 |
| COPT Defense Properties | 41940 | &nbsp;&nbsp; 1156705 |
| Douglas Emmett, Inc. (a) | 57853 | &nbsp;&nbsp; 870109 |
| Easterly Government Properties, Inc. (a) | 13938 | &nbsp;&nbsp; 309424 |
| Empire State Realty Trust, Inc. - Class A | 48092 | &nbsp;&nbsp; 389064 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Office REITs—(Continued)** | **Office REITs—(Continued)** | **Office REITs—(Continued)** |
| Franklin Street Properties Corp.  | 34558 | &nbsp;&nbsp; $56675 |
| Hudson Pacific Properties, Inc. (b) | 112628 | &nbsp;&nbsp; 308601 |
| JBG SMITH Properties (a) | 26703 | &nbsp;&nbsp; 461962 |
| NET Lease Office Properties (b) | 5003 | &nbsp;&nbsp; 162848 |
| Paramount Group, Inc. (b) | 67570 | &nbsp;&nbsp; 412177 |
| Peakstone Realty Trust (a) | 12370 | &nbsp;&nbsp; 163408 |
| Piedmont Realty Trust, Inc. - Class A | 45042 | &nbsp;&nbsp; 328356 |
| Postal Realty Trust, Inc. - Class A | 7808 | &nbsp;&nbsp; 115012 |
| SL Green Realty Corp. (a) | 25874 | &nbsp;&nbsp; 1601600 |
|  |  | &nbsp;&nbsp; 6681791 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| Ardmore Shipping Corp.  | 13795 | &nbsp;&nbsp; 132432 |
| Berry Corp.  | 28115 | &nbsp;&nbsp; 77879 |
| BKV Corp. (b) | 5376 | &nbsp;&nbsp; 129669 |
| California Resources Corp.  | 23625 | &nbsp;&nbsp; 1078954 |
| Calumet, Inc. (b) | 25181 | &nbsp;&nbsp; 396727 |
| Centrus Energy Corp. - Class A (a) (b) | 5320 | &nbsp;&nbsp; 974518 |
| Chord Energy Corp.  | 1 | &nbsp;&nbsp; 97 |
| Clean Energy Fuels Corp. (b) | 63971 | &nbsp;&nbsp; 124743 |
| CNX Resources Corp. (b) | 51602 | &nbsp;&nbsp; 1737955 |
| Comstock Resources, Inc. (b) | 26667 | &nbsp;&nbsp; 737876 |
| Core Natural Resources, Inc.  | 19033 | &nbsp;&nbsp; 1327361 |
| Crescent Energy Co. - Class A | 65017 | &nbsp;&nbsp; 559146 |
| CVR Energy, Inc.  | 11862 | &nbsp;&nbsp; 318495 |
| Delek U.S. Holdings, Inc. (a) | 22794 | &nbsp;&nbsp; 482777 |
| DHT Holdings, Inc.  | 44668 | &nbsp;&nbsp; 482861 |
| Diversified Energy Co. PLC | 20180 | &nbsp;&nbsp; 296041 |
| Dorian LPG Ltd.  | 13115 | &nbsp;&nbsp; 319744 |
| Encore Energy Corp. (b) | 66494 | &nbsp;&nbsp; 190173 |
| Energy Fuels, Inc. (b) | 75456 | &nbsp;&nbsp; 433872 |
| Epsilon Energy Ltd.  | 7076 | &nbsp;&nbsp; 52221 |
| Evolution Petroleum Corp. (a) | 11461 | &nbsp;&nbsp; 53867 |
| Excelerate Energy, Inc. - Class A | 8493 | &nbsp;&nbsp; 249015 |
| FLEX LNG Ltd. (a) | 11155 | &nbsp;&nbsp; 245187 |
| Gevo, Inc. (b) | 84100 | &nbsp;&nbsp; 111012 |
| Golar LNG Ltd. (a) | 35949 | &nbsp;&nbsp; 1480739 |
| Granite Ridge Resources, Inc. (a) | 17793 | &nbsp;&nbsp; 113341 |
| Green Plains, Inc. (b) | 23290 | &nbsp;&nbsp; 140439 |
| Gulfport Energy Corp. (b) | 5504 | &nbsp;&nbsp; 1107240 |
| Hallador Energy Co. (b) | 11235 | &nbsp;&nbsp; 177850 |
| HighPeak Energy, Inc.  | 7619 | &nbsp;&nbsp; 74666 |
| Infinity Natural Resources, Inc. - Class A (b) | 4799 | &nbsp;&nbsp; 87870 |
| International Seaways, Inc. (a) | 14518 | &nbsp;&nbsp; 529617 |
| Kinetik Holdings, Inc.  | 15953 | &nbsp;&nbsp; 702730 |
| Kolibri Global Energy, Inc. (b) | 13575 | &nbsp;&nbsp; 92989 |
| Kosmos Energy Ltd. (a) (b) | 163967 | &nbsp;&nbsp; 282023 |
| Lightbridge Corp. (b) | 7188 | &nbsp;&nbsp; 96104 |
| Magnolia Oil & Gas Corp. - Class A (a) | 67017 | &nbsp;&nbsp; 1506542 |
| Murphy Oil Corp.  | 48438 | &nbsp;&nbsp; 1089855 |
| NACCO Industries, Inc. - Class A | 1471 | &nbsp;&nbsp; 65180 |
| Navigator Holdings Ltd.  | 11851 | &nbsp;&nbsp; 167692 |
| New Fortress Energy, Inc.  | 63520 | &nbsp;&nbsp; 210886 |
| NextDecade Corp. (a) (b) | 48210 | &nbsp;&nbsp; 429551 |
| Nordic American Tankers Ltd. (a) | 71991 | &nbsp;&nbsp; 189336 |
| Northern Oil & Gas, Inc. (a) | 32571 | &nbsp;&nbsp; 923388 |

---

*See accompanying notes to financial statements.*

**BHFTII-277**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| Par Pacific Holdings, Inc. (b) | 20127 | &nbsp;&nbsp; $533969 |
| PBF Energy, Inc. - Class A | 30183 | &nbsp;&nbsp; 654066 |
| Peabody Energy Corp.  | 45329 | &nbsp;&nbsp; 608315 |
| REX American Resources Corp. (b) | 5256 | &nbsp;&nbsp; 256020 |
| Riley Exploration Permian, Inc.  | 4955 | &nbsp;&nbsp; 129970 |
| Sable Offshore Corp. (a) (b) | 24862 | &nbsp;&nbsp; 546467 |
| SandRidge Energy, Inc.  | 13175 | &nbsp;&nbsp; 142553 |
| Scorpio Tankers, Inc. (a) | 15809 | &nbsp;&nbsp; 618606 |
| SFL Corp. Ltd. (a) | 46611 | &nbsp;&nbsp; 388270 |
| Sitio Royalties Corp. - Class A | 28972 | &nbsp;&nbsp; 532505 |
| SM Energy Co.  | 40979 | &nbsp;&nbsp; 1012591 |
| Summit Midstream Corp. (b) | 3808 | &nbsp;&nbsp; 93410 |
| Talos Energy, Inc. (b) | 43099 | &nbsp;&nbsp; 365479 |
| Teekay Corp. Ltd.  | 18917 | &nbsp;&nbsp; 156065 |
| Teekay Tankers Ltd. - Class A | 8649 | &nbsp;&nbsp; 360836 |
| Uranium Energy Corp. (a) (b) | 153494 | &nbsp;&nbsp; 1043759 |
| VAALCO Energy, Inc.  | 37538 | &nbsp;&nbsp; 135512 |
| Vital Energy, Inc. (a) (b) | 10293 | &nbsp;&nbsp; 165614 |
| Vitesse Energy, Inc. (a) | 10875 | &nbsp;&nbsp; 240229 |
| W&T Offshore, Inc. (a) | 35482 | &nbsp;&nbsp; 58545 |
| World Kinect Corp.  | 19210 | &nbsp;&nbsp; 544603 |
|  |  | &nbsp;&nbsp; 28568044 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Clearwater Paper Corp. (b) | 5381 | &nbsp;&nbsp; 146579 |
| Magnera Corp. (b) | 12249 | &nbsp;&nbsp; 147968 |
| Sylvamo Corp.  | 12653 | &nbsp;&nbsp; 633915 |
|  |  | &nbsp;&nbsp; 928462 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Allegiant Travel Co. (b) | 5412 | &nbsp;&nbsp; 297390 |
| Blade Air Mobility, Inc. (b) | 20705 | &nbsp;&nbsp; 83441 |
| Frontier Group Holdings, Inc. (a) (b) | 32140 | &nbsp;&nbsp; 116668 |
| JetBlue Airways Corp. (b) | 115974 | &nbsp;&nbsp; 490570 |
| Joby Aviation, Inc. (a) (b) | 166589 | &nbsp;&nbsp; 1757514 |
| SkyWest, Inc. (b) | 14558 | &nbsp;&nbsp; 1499037 |
| Sun Country Airlines Holdings, Inc. (b) | 18930 | &nbsp;&nbsp; 222428 |
|  |  | &nbsp;&nbsp; 4467048 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Beauty Health Co. (b) | 44335 | &nbsp;&nbsp; 84680 |
| Edgewell Personal Care Co. (a) | 16269 | &nbsp;&nbsp; 380857 |
| Herbalife Ltd. (b) | 36278 | &nbsp;&nbsp; 312716 |
| Honest Co., Inc. (b) | 34844 | &nbsp;&nbsp; 177356 |
| Interparfums, Inc.  | 6542 | &nbsp;&nbsp; 859030 |
| Lifevantage Corp.  | 3969 | &nbsp;&nbsp; 51915 |
| Medifast, Inc. (b) | 3603 | &nbsp;&nbsp; 50622 |
| Nature's Sunshine Products, Inc. (b) | 4578 | &nbsp;&nbsp; 67709 |
| Nu Skin Enterprises, Inc. - Class A | 18361 | &nbsp;&nbsp; 146705 |
| Olaplex Holdings, Inc. (a) (b) | 53148 | &nbsp;&nbsp; 74407 |
| USANA Health Sciences, Inc. (b) | 3610 | &nbsp;&nbsp; 110213 |
|  |  | &nbsp;&nbsp; 2316210 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Aclaris Therapeutics, Inc. (b) | 34013 | &nbsp;&nbsp; 48298 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Alumis, Inc. (a) (b) | 19466 | &nbsp;&nbsp; $58398 |
| Amneal Pharmaceuticals, Inc. (b) | 57603 | &nbsp;&nbsp; 466008 |
| Amphastar Pharmaceuticals, Inc. (b) | 13889 | &nbsp;&nbsp; 318891 |
| Amylyx Pharmaceuticals, Inc. (b) | 25915 | &nbsp;&nbsp; 166115 |
| ANI Pharmaceuticals, Inc. (b) | 6716 | &nbsp;&nbsp; 438219 |
| Aquestive Therapeutics, Inc. (a) (b) | 31613 | &nbsp;&nbsp; 104639 |
| Arvinas, Inc. (b) | 23207 | &nbsp;&nbsp; 170804 |
| Atea Pharmaceuticals, Inc. (a) (b) | 26340 | &nbsp;&nbsp; 94824 |
| Avadel Pharmaceuticals PLC (a) (b) | 33584 | &nbsp;&nbsp; 297218 |
| Axsome Therapeutics, Inc. (b) | 14561 | &nbsp;&nbsp; 1520023 |
| Collegium Pharmaceutical, Inc. (b) | 11835 | &nbsp;&nbsp; 349961 |
| CorMedix, Inc. (a) (b) | 22150 | &nbsp;&nbsp; 272888 |
| Edgewise Therapeutics, Inc. (b) | 26159 | &nbsp;&nbsp; 342945 |
| Enliven Therapeutics, Inc. (a) (b) | 12814 | &nbsp;&nbsp; 257049 |
| Esperion Therapeutics, Inc. (a) (b) | 74002 | &nbsp;&nbsp; 72848 |
| Eton Pharmaceuticals, Inc. (b) | 9379 | &nbsp;&nbsp; 133651 |
| Evolus, Inc. (b) | 20203 | &nbsp;&nbsp; 186070 |
| EyePoint Pharmaceuticals, Inc. (a) (b) | 23992 | &nbsp;&nbsp; 225765 |
| Fulcrum Therapeutics, Inc. (a) (b) | 19505 | &nbsp;&nbsp; 134194 |
| Harmony Biosciences Holdings, Inc. (b) | 15912 | &nbsp;&nbsp; 502819 |
| Harrow, Inc. (b) | 11055 | &nbsp;&nbsp; 337620 |
| Indivior PLC (b) | 44037 | &nbsp;&nbsp; 649105 |
| Innoviva, Inc. (b) | 22731 | &nbsp;&nbsp; 456666 |
| LENZ Therapeutics, Inc. (a) (b) | 6604 | &nbsp;&nbsp; 193563 |
| Ligand Pharmaceuticals, Inc. (a) (b) | 6874 | &nbsp;&nbsp; 781436 |
| Liquidia Corp. (a) (b) | 23874 | &nbsp;&nbsp; 297470 |
| MBX Biosciences, Inc. (b) | 6651 | &nbsp;&nbsp; 75888 |
| MediWound Ltd. (a) (b) | 3122 | &nbsp;&nbsp; 60473 |
| Mind Medicine MindMed, Inc. (a) (b) | 31088 | &nbsp;&nbsp; 201761 |
| Nuvation Bio, Inc. (a) (b) | 92982 | &nbsp;&nbsp; 181315 |
| Ocular Therapeutix, Inc. (a) (b) | 50748 | &nbsp;&nbsp; 470941 |
| Omeros Corp. (a) (b) | 19819 | &nbsp;&nbsp; 59457 |
| Pacira BioSciences, Inc. (b) | 16717 | &nbsp;&nbsp; 399536 |
| Phathom Pharmaceuticals, Inc. (b) | 15814 | &nbsp;&nbsp; 151656 |
| Phibro Animal Health Corp. - Class A | 6746 | &nbsp;&nbsp; 172293 |
| Prestige Consumer Healthcare, Inc. (b) | 17807 | &nbsp;&nbsp; 1421889 |
| Rapport Therapeutics, Inc. (b) | 6526 | &nbsp;&nbsp; 74201 |
| Scilex Holding Co. (b) | 628 | &nbsp;&nbsp; 3699 |
| scPharmaceuticals, Inc. (b) | 12874 | &nbsp;&nbsp; 49050 |
| Septerna, Inc. (b) | 8261 | &nbsp;&nbsp; 87319 |
| SIGA Technologies, Inc. (a) | 15147 | &nbsp;&nbsp; 98758 |
| Supernus Pharmaceuticals, Inc. (b) | 19455 | &nbsp;&nbsp; 613222 |
| Tarsus Pharmaceuticals, Inc. (b) | 14081 | &nbsp;&nbsp; 570421 |
| Terns Pharmaceuticals, Inc. (b) | 27516 | &nbsp;&nbsp; 102635 |
| Theravance Biopharma, Inc. (b) | 15498 | &nbsp;&nbsp; 170943 |
| Third Harmonic Bio, Inc. (b) | 10177 | &nbsp;&nbsp; 55261 |
| Trevi Therapeutics, Inc. (b) | 26829 | &nbsp;&nbsp; 146755 |
| WaVe Life Sciences Ltd. (b) | 40601 | &nbsp;&nbsp; 263907 |
| Xeris Biopharma Holdings, Inc. (b) | 52014 | &nbsp;&nbsp; 242905 |
| Zevra Therapeutics, Inc. (a) (b) | 19431 | &nbsp;&nbsp; 171187 |
|  |  | &nbsp;&nbsp; 14722959 |
| **Professional Services — 2.0%** | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| Acuren Corp. (b) | 37787 | &nbsp;&nbsp; 417169 |
| Alight, Inc. - Class A (a) | 152508 | &nbsp;&nbsp; 863195 |
| Asure Software, Inc. (a) (b) | 7834 | &nbsp;&nbsp; 76460 |

---

*See accompanying notes to financial statements.*

**BHFTII-278**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Professional Services—(Continued)** | **Professional Services—(Continued)** | **Professional Services—(Continued)** |
| Barrett Business Services, Inc.  | 9231 | &nbsp;&nbsp; $384840 |
| BlackSky Technology, Inc. (a) (b) | 9470 | &nbsp;&nbsp; 194893 |
| CBIZ, Inc. (b) | 18857 | &nbsp;&nbsp; 1352235 |
| Conduent, Inc. (b) | 54160 | &nbsp;&nbsp; 142982 |
| CRA International, Inc.  | 2373 | &nbsp;&nbsp; 444629 |
| CSG Systems International, Inc.  | 9908 | &nbsp;&nbsp; 647092 |
| Exponent, Inc.  | 18290 | &nbsp;&nbsp; 1366446 |
| First Advantage Corp. (b) | 28836 | &nbsp;&nbsp; 478966 |
| Franklin Covey Co. (a) (b) | 3849 | &nbsp;&nbsp; 87834 |
| Heidrick & Struggles International, Inc.  | 7262 | &nbsp;&nbsp; 332309 |
| Huron Consulting Group, Inc. (b) | 6306 | &nbsp;&nbsp; 867327 |
| IBEX Holdings Ltd. (b) | 3027 | &nbsp;&nbsp; 88086 |
| ICF International, Inc.  | 6694 | &nbsp;&nbsp; 567049 |
| Innodata, Inc. (a) (b) | 10923 | &nbsp;&nbsp; 559476 |
| Insperity, Inc.  | 12991 | &nbsp;&nbsp; 781019 |
| Kelly Services, Inc. - Class A | 11106 | &nbsp;&nbsp; 130051 |
| Kforce, Inc.  | 6724 | &nbsp;&nbsp; 276558 |
| Korn Ferry | 18599 | &nbsp;&nbsp; 1363865 |
| Legalzoom.com, Inc. (b) | 44686 | &nbsp;&nbsp; 398152 |
| Maximus, Inc.  | 20366 | &nbsp;&nbsp; 1429693 |
| Mistras Group, Inc. (b) | 6668 | &nbsp;&nbsp; 53411 |
| NV5 Global, Inc. (b) | 20558 | &nbsp;&nbsp; 474684 |
| Planet Labs PBC (b) | 78221 | &nbsp;&nbsp; 477148 |
| Resolute Holdings Management, Inc. (b) | 1728 | &nbsp;&nbsp; 55071 |
| Resources Connection, Inc.  | 10232 | &nbsp;&nbsp; 54946 |
| Spire Global, Inc. (b) | 10497 | &nbsp;&nbsp; 124914 |
| TriNet Group, Inc. (a) | 10775 | &nbsp;&nbsp; 788084 |
| TrueBlue, Inc. (b) | 10526 | &nbsp;&nbsp; 68209 |
| Upwork, Inc. (b) | 44692 | &nbsp;&nbsp; 600661 |
| Verra Mobility Corp. (b) | 57683 | &nbsp;&nbsp; 1464571 |
| Willdan Group, Inc. (b) | 5018 | &nbsp;&nbsp; 313675 |
| WNS Holdings Ltd. (b) | 15209 | &nbsp;&nbsp; 961817 |
|  |  | &nbsp;&nbsp; 18687517 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Anywhere Real Estate, Inc. (b) | 34489 | &nbsp;&nbsp; 124850 |
| Compass, Inc. - Class A (b) | 164808 | &nbsp;&nbsp; 1034994 |
| CoStar Group, Inc. (b) | 2 | &nbsp;&nbsp; 161 |
| Cushman & Wakefield PLC (b) | 82024 | &nbsp;&nbsp; 908006 |
| Douglas Elliman, Inc. (b) | 28928 | &nbsp;&nbsp; 67113 |
| eXp World Holdings, Inc. (a) | 28447 | &nbsp;&nbsp; 258868 |
| Forestar Group, Inc. (b) | 8370 | &nbsp;&nbsp; 167400 |
| FRP Holdings, Inc. (b) | 4570 | &nbsp;&nbsp; 122887 |
| Kennedy-Wilson Holdings, Inc.  | 43871 | &nbsp;&nbsp; 298323 |
| Marcus & Millichap, Inc.  | 8432 | &nbsp;&nbsp; 258947 |
| Newmark Group, Inc. - Class A | 48015 | &nbsp;&nbsp; 583382 |
| RE/MAX Holdings, Inc. - Class A (b) | 5607 | &nbsp;&nbsp; 45865 |
| Real Brokerage, Inc. (b) | 41667 | &nbsp;&nbsp; 187918 |
| Redfin Corp. (a) (b) | 44711 | &nbsp;&nbsp; 500316 |
| RMR Group, Inc. - Class A | 4666 | &nbsp;&nbsp; 76289 |
| Seaport Entertainment Group, Inc. (b) | 3029 | &nbsp;&nbsp; 56764 |
| St. Joe Co.  | 13743 | &nbsp;&nbsp; 655541 |
| Tejon Ranch Co. (a) (b) | 6848 | &nbsp;&nbsp; 116142 |
|  |  | &nbsp;&nbsp; 5463766 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| Apartment Investment & Management Co. - Class A | 46096 | &nbsp;&nbsp; $398730 |
| BRT Apartments Corp. (a) | 3996 | &nbsp;&nbsp; 62498 |
| Centerspace | 5894 | &nbsp;&nbsp; 354760 |
| Elme Communities | 31578 | &nbsp;&nbsp; 502090 |
| Independence Realty Trust, Inc.  | 83745 | &nbsp;&nbsp; 1481449 |
| NexPoint Residential Trust, Inc.  | 8357 | &nbsp;&nbsp; 278455 |
| UMH Properties, Inc.  | 28213 | &nbsp;&nbsp; 473696 |
| Veris Residential, Inc.  | 28166 | &nbsp;&nbsp; 419392 |
|  |  | &nbsp;&nbsp; 3971070 |
| **Retail REITs — 1.2%** | **Retail REITs — 1.2%** | **Retail REITs — 1.2%** |
| Acadia Realty Trust | 47582 | &nbsp;&nbsp; 883598 |
| Alexander's, Inc. (a) | 759 | &nbsp;&nbsp; 171018 |
| CBL & Associates Properties, Inc.  | 6812 | &nbsp;&nbsp; 172957 |
| Curbline Properties Corp.  | 35266 | &nbsp;&nbsp; 805123 |
| FrontView REIT, Inc.  | 5445 | &nbsp;&nbsp; 65340 |
| Getty Realty Corp. (a) | 18741 | &nbsp;&nbsp; 518001 |
| InvenTrust Properties Corp.  | 27709 | &nbsp;&nbsp; 759227 |
| Kite Realty Group Trust (a) | 79508 | &nbsp;&nbsp; 1800856 |
| Macerich Co. (a) | 91460 | &nbsp;&nbsp; 1479823 |
| NETSTREIT Corp. (a) | 29710 | &nbsp;&nbsp; 502990 |
| Phillips Edison & Co., Inc.  | 45574 | &nbsp;&nbsp; 1596457 |
| Saul Centers, Inc. (a) | 5210 | &nbsp;&nbsp; 177869 |
| SITE Centers Corp.  | 17081 | &nbsp;&nbsp; 193186 |
| Tanger, Inc.  | 40263 | &nbsp;&nbsp; 1231242 |
| Urban Edge Properties | 45869 | &nbsp;&nbsp; 855916 |
| Whitestone REIT | 17585 | &nbsp;&nbsp; 219461 |
|  |  | &nbsp;&nbsp; 11433064 |
| **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** |
| ACM Research, Inc. - Class A (b) | 18328 | &nbsp;&nbsp; 474695 |
| Aehr Test Systems (a) (b) | 12531 | &nbsp;&nbsp; 162026 |
| Aeluma, Inc. (b) | 3822 | &nbsp;&nbsp; 62566 |
| Alpha & Omega Semiconductor Ltd. (b) | 8473 | &nbsp;&nbsp; 217417 |
| Ambarella, Inc. (a) (b) | 14674 | &nbsp;&nbsp; 969438 |
| Atomera, Inc. (b) | 11019 | &nbsp;&nbsp; 55536 |
| Axcelis Technologies, Inc. (b) | 11682 | &nbsp;&nbsp; 814119 |
| CEVA, Inc. (b) | 8407 | &nbsp;&nbsp; 184786 |
| Cohu, Inc. (b) | 16636 | &nbsp;&nbsp; 320077 |
| Credo Technology Group Holding Ltd. (b) | 52741 | &nbsp;&nbsp; 4883289 |
| Diodes, Inc. (a) (b) | 16352 | &nbsp;&nbsp; 864857 |
| FormFactor, Inc. (b) (c) | 27747 | &nbsp;&nbsp; 954774 |
| Ichor Holdings Ltd. (a) (b) | 11886 | &nbsp;&nbsp; 233441 |
| Impinj, Inc. (b) | 9354 | &nbsp;&nbsp; 1038949 |
| indie Semiconductor, Inc. - Class A (a) (b) | 71314 | &nbsp;&nbsp; 253878 |
| Kopin Corp. (b) | 55276 | &nbsp;&nbsp; 84572 |
| Kulicke & Soffa Industries, Inc.  | 18819 | &nbsp;&nbsp; 651137 |
| MaxLinear, Inc. (b) | 28682 | &nbsp;&nbsp; 407571 |
| Navitas Semiconductor Corp. (a) (b) | 49017 | &nbsp;&nbsp; 321061 |
| NVE Corp.  | 1605 | &nbsp;&nbsp; 118144 |
| PDF Solutions, Inc. (b) | 11198 | &nbsp;&nbsp; 239413 |
| Penguin Solutions, Inc. (b) | 18743 | &nbsp;&nbsp; 371299 |
| Photronics, Inc. (b) | 22130 | &nbsp;&nbsp; 416708 |
| Power Integrations, Inc.  | 20424 | &nbsp;&nbsp; 1141702 |
| Rambus, Inc. (b) | 38828 | &nbsp;&nbsp; 2485769 |
| Rigetti Computing, Inc. (a) (b) | 102261 | &nbsp;&nbsp; 1212815 |

---

*See accompanying notes to financial statements.*

**BHFTII-279**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| Semtech Corp. (a) (b) | 31392 | &nbsp;&nbsp; $1417035 |
| Silicon Laboratories, Inc. (b) | 11613 | &nbsp;&nbsp; 1711292 |
| SiTime Corp. (a) (b) | 7598 | &nbsp;&nbsp; 1618982 |
| SkyWater Technology, Inc. (a) (b) | 10442 | &nbsp;&nbsp; 102749 |
| Synaptics, Inc. (b) | 13971 | &nbsp;&nbsp; 905600 |
| Ultra Clean Holdings, Inc. (b) | 15886 | &nbsp;&nbsp; 358547 |
| Veeco Instruments, Inc. (b) | 19960 | &nbsp;&nbsp; 405587 |
|  |  | &nbsp;&nbsp; 25459831 |
| **Software — 6.2%** | **Software — 6.2%** | **Software — 6.2%** |
| 8x8, Inc. (b) | 46849 | &nbsp;&nbsp; 91824 |
| A10 Networks, Inc. (a) | 27848 | &nbsp;&nbsp; 538859 |
| ACI Worldwide, Inc. (b) | 37966 | &nbsp;&nbsp; 1743019 |
| Adeia, Inc.  | 39088 | &nbsp;&nbsp; 552704 |
| Agilysys, Inc. (b) | 9324 | &nbsp;&nbsp; 1068903 |
| Alarm.com Holdings, Inc. (b) | 17157 | &nbsp;&nbsp; 970571 |
| Alkami Technology, Inc. (b) | 24729 | &nbsp;&nbsp; 745332 |
| Amplitude, Inc. - Class A (b) | 31814 | &nbsp;&nbsp; 394494 |
| Appian Corp. - Class A (b) | 14461 | &nbsp;&nbsp; 431805 |
| Arteris, Inc. (b) | 9551 | &nbsp;&nbsp; 91021 |
| Asana, Inc. - Class A (b) | 34027 | &nbsp;&nbsp; 459365 |
| AvePoint, Inc. (b) | 48094 | &nbsp;&nbsp; 928695 |
| Bit Digital, Inc. (b) | 67839 | &nbsp;&nbsp; 148567 |
| Bitdeer Technologies Group - Class A (b) | 32837 | &nbsp;&nbsp; 376969 |
| Blackbaud, Inc. (b) | 14169 | &nbsp;&nbsp; 909791 |
| BlackLine, Inc. (b) (c) | 18987 | &nbsp;&nbsp; 1075044 |
| Blend Labs, Inc. - Class A (b) | 72149 | &nbsp;&nbsp; 238092 |
| Box, Inc. - Class A (b) | 50574 | &nbsp;&nbsp; 1728114 |
| Braze, Inc. - Class A (b) | 27663 | &nbsp;&nbsp; 777330 |
| C3.ai, Inc. - Class A (a) (b) | 43771 | &nbsp;&nbsp; 1075453 |
| Cerence, Inc. (b) | 15055 | &nbsp;&nbsp; 153712 |
| Cipher Mining, Inc. (a) (b) | 96905 | &nbsp;&nbsp; 463206 |
| Cleanspark, Inc. (a) (b) | 100328 | &nbsp;&nbsp; 1106618 |
| Clear Secure, Inc. - Class A (a) | 31642 | &nbsp;&nbsp; 878382 |
| Clearwater Analytics Holdings, Inc. - Class A (b) | 88964 | &nbsp;&nbsp; 1950981 |
| Commvault Systems, Inc. (b) | 15919 | &nbsp;&nbsp; 2775159 |
| Consensus Cloud Solutions, Inc. (b) | 6453 | &nbsp;&nbsp; 148806 |
| Core Scientific, Inc. (b) | 99724 | &nbsp;&nbsp; 1702289 |
| CoreCard Corp. (b) | 2098 | &nbsp;&nbsp; 60779 |
| Daily Journal Corp. (b) | 502 | &nbsp;&nbsp; 211970 |
| Digimarc Corp. (b) | 4964 | &nbsp;&nbsp; 65574 |
| Digital Turbine, Inc. (b) | 34417 | &nbsp;&nbsp; 203060 |
| Domo, Inc. - Class B (b) | 14671 | &nbsp;&nbsp; 204954 |
| D-Wave Quantum, Inc. (a) (b) | 103978 | &nbsp;&nbsp; 1522238 |
| E2open Parent Holdings, Inc. (b) | 75230 | &nbsp;&nbsp; 242993 |
| EverCommerce, Inc. (a) (b) | 8186 | &nbsp;&nbsp; 85953 |
| Expensify, Inc. - Class A (b) | 23974 | &nbsp;&nbsp; 62093 |
| Five9, Inc. (b) | 27555 | &nbsp;&nbsp; 729656 |
| Freshworks, Inc. - Class A (b) | 74343 | &nbsp;&nbsp; 1108454 |
| Hut 8 Corp. (a) (b) | 34224 | &nbsp;&nbsp; 636566 |
| I3 Verticals, Inc. - Class A (b) | 8394 | &nbsp;&nbsp; 230667 |
| Intapp, Inc. (b) | 20053 | &nbsp;&nbsp; 1035136 |
| InterDigital, Inc. (a) | 9323 | &nbsp;&nbsp; 2090496 |
| Jamf Holding Corp. (b) | 24498 | &nbsp;&nbsp; 232976 |
| Kaltura, Inc. (a) (b) | 32396 | &nbsp;&nbsp; 65116 |
| Life360, Inc. (b) | 5882 | &nbsp;&nbsp; 383801 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| LiveRamp Holdings, Inc. (a) (b) | 23308 | &nbsp;&nbsp; $770096 |
| MARA Holdings, Inc. (a) (b) | 124884 | &nbsp;&nbsp; 1958181 |
| Meridianlink, Inc. (b) | 11232 | &nbsp;&nbsp; 182295 |
| Mitek Systems, Inc. (b) | 16249 | &nbsp;&nbsp; 160865 |
| N-able, Inc. (b) | 29005 | &nbsp;&nbsp; 234941 |
| NCR Voyix Corp. (a) (b) | 50207 | &nbsp;&nbsp; 588928 |
| NextNav, Inc. (a) (b) | 32050 | &nbsp;&nbsp; 487160 |
| Olo, Inc. - Class A (b) | 42210 | &nbsp;&nbsp; 375669 |
| ON24, Inc. (b) | 14606 | &nbsp;&nbsp; 79311 |
| OneSpan, Inc.  | 13014 | &nbsp;&nbsp; 217204 |
| Ooma, Inc. (b) | 8142 | &nbsp;&nbsp; 105032 |
| Pagaya Technologies Ltd. - Class A (a) (b) | 15425 | &nbsp;&nbsp; 328861 |
| PagerDuty, Inc. (b) | 30336 | &nbsp;&nbsp; 463534 |
| Porch Group, Inc. (a) (b) | 29594 | &nbsp;&nbsp; 348913 |
| Progress Software Corp. (a) | 15234 | &nbsp;&nbsp; 972539 |
| PROS Holdings, Inc. (b) | 16443 | &nbsp;&nbsp; 257497 |
| Q2 Holdings, Inc. (b) | 22391 | &nbsp;&nbsp; 2095574 |
| Qualys, Inc. (b) | 13152 | &nbsp;&nbsp; 1879026 |
| Rapid7, Inc. (b) | 24113 | &nbsp;&nbsp; 557734 |
| Red Violet, Inc. (a) | 4110 | &nbsp;&nbsp; 202212 |
| ReposiTrak, Inc. (a) | 3885 | &nbsp;&nbsp; 76340 |
| Rezolve AI PLC (b) | 34844 | &nbsp;&nbsp; 107145 |
| Rimini Street, Inc. (b) | 18838 | &nbsp;&nbsp; 71019 |
| Riot Platforms, Inc. (a) (b) | 119031 | &nbsp;&nbsp; 1345050 |
| Sapiens International Corp. NV | 11083 | &nbsp;&nbsp; 324178 |
| SEMrush Holdings, Inc. - Class A (b) | 17232 | &nbsp;&nbsp; 155950 |
| SoundHound AI, Inc. - Class A (a) (b) | 132285 | &nbsp;&nbsp; 1419418 |
| SoundThinking, Inc. (a) (b) | 3484 | &nbsp;&nbsp; 45484 |
| Sprinklr, Inc. - Class A (b) | 40334 | &nbsp;&nbsp; 341226 |
| Sprout Social, Inc. - Class A (b) | 19955 | &nbsp;&nbsp; 417259 |
| SPS Commerce, Inc. (b) | 13710 | &nbsp;&nbsp; 1865794 |
| Telos Corp. (b) | 21949 | &nbsp;&nbsp; 69578 |
| Tenable Holdings, Inc. (b) | 43017 | &nbsp;&nbsp; 1453114 |
| Terawulf, Inc. (a) (b) | 96627 | &nbsp;&nbsp; 423226 |
| Varonis Systems, Inc. (b) | 39725 | &nbsp;&nbsp; 2016044 |
| Verint Systems, Inc. (b) | 21943 | &nbsp;&nbsp; 431619 |
| Vertex, Inc. - Class A (a) (b) | 23561 | &nbsp;&nbsp; 832528 |
| Viant Technology, Inc. - Class A (b) | 5421 | &nbsp;&nbsp; 71720 |
| Weave Communications, Inc. (b) | 21723 | &nbsp;&nbsp; 180735 |
| Workiva, Inc. (b) | 18090 | &nbsp;&nbsp; 1238261 |
| Xperi, Inc. (b) | 19862 | &nbsp;&nbsp; 157108 |
| Yext, Inc. (b) | 37745 | &nbsp;&nbsp; 320833 |
| Zeta Global Holdings Corp. - Class A (b) | 68049 | &nbsp;&nbsp; 1054079 |
|  |  | &nbsp;&nbsp; 59380867 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Farmland Partners, Inc. (a) | 18104 | &nbsp;&nbsp; 208377 |
| Four Corners Property Trust, Inc. (a) | 35964 | &nbsp;&nbsp; 967791 |
| Gladstone Land Corp.  | 10827 | &nbsp;&nbsp; 110111 |
| Outfront Media, Inc.  | 50458 | &nbsp;&nbsp; 823475 |
| PotlatchDeltic Corp.  | 28227 | &nbsp;&nbsp; 1083070 |
| Safehold, Inc. (a) | 20353 | &nbsp;&nbsp; 316693 |
| Smartstop Self Storage REIT, Inc.  | 10341 | &nbsp;&nbsp; 374654 |
| Uniti Group, Inc. (a) (b) | 85911 | &nbsp;&nbsp; 371135 |
|  |  | &nbsp;&nbsp; 4255306 |

---

*See accompanying notes to financial statements.*

**BHFTII-280**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| Abercrombie & Fitch Co. - Class A (b) | 17336 | &nbsp;&nbsp; $1436288 |
| Academy Sports & Outdoors, Inc.  | 24553 | &nbsp;&nbsp; 1100220 |
| Advance Auto Parts, Inc.  | 21615 | &nbsp;&nbsp; 1004881 |
| American Eagle Outfitters, Inc.  | 57880 | &nbsp;&nbsp; 556806 |
| America's Car-Mart, Inc. (a) (b) | 2589 | &nbsp;&nbsp; 145087 |
| Arhaus, Inc. (b) | 22134 | &nbsp;&nbsp; 191902 |
| Arko Corp.  | 31060 | &nbsp;&nbsp; 131384 |
| Asbury Automotive Group, Inc. (b) | 7069 | &nbsp;&nbsp; 1686239 |
| Barnes & Noble Education, Inc. (b) | 5551 | &nbsp;&nbsp; 65335 |
| Beyond, Inc. (b) | 20086 | &nbsp;&nbsp; 138192 |
| Boot Barn Holdings, Inc. (b) (c) | 11072 | &nbsp;&nbsp; 1682944 |
| Buckle, Inc.  | 11109 | &nbsp;&nbsp; 503793 |
| Build-A-Bear Workshop, Inc.  | 4959 | &nbsp;&nbsp; 255686 |
| Caleres, Inc.  | 12318 | &nbsp;&nbsp; 150526 |
| Camping World Holdings, Inc. - Class A | 21767 | &nbsp;&nbsp; 374175 |
| Citi Trends, Inc. (b) | 2361 | &nbsp;&nbsp; 78834 |
| EVgo, Inc. (a) (b) | 45604 | &nbsp;&nbsp; 166455 |
| Foot Locker, Inc. (a) (b) | 29973 | &nbsp;&nbsp; 734338 |
| Genesco, Inc. (b) | 3961 | &nbsp;&nbsp; 77992 |
| Group 1 Automotive, Inc.  | 4562 | &nbsp;&nbsp; 1992271 |
| Haverty Furniture Cos., Inc.  | 4960 | &nbsp;&nbsp; 100936 |
| Lands' End, Inc. (b) | 4767 | &nbsp;&nbsp; 51054 |
| MarineMax, Inc. (a) (b) | 7339 | &nbsp;&nbsp; 184502 |
| Monro, Inc.  | 10365 | &nbsp;&nbsp; 154542 |
| National Vision Holdings, Inc. (b) | 27196 | &nbsp;&nbsp; 625780 |
| ODP Corp. (b) | 10030 | &nbsp;&nbsp; 181844 |
| OneWater Marine, Inc. - Class A (b) | 3644 | &nbsp;&nbsp; 48793 |
| Petco Health & Wellness Co., Inc. (a) (b) | 30467 | &nbsp;&nbsp; 86222 |
| RealReal, Inc. (a) (b) | 35640 | &nbsp;&nbsp; 170716 |
| Revolve Group, Inc. (b) | 13899 | &nbsp;&nbsp; 278675 |
| Sally Beauty Holdings, Inc. (b) | 37082 | &nbsp;&nbsp; 343379 |
| Shoe Carnival, Inc.  | 6132 | &nbsp;&nbsp; 114730 |
| Signet Jewelers Ltd.  | 15037 | &nbsp;&nbsp; 1196193 |
| Sleep Number Corp. (b) | 7158 | &nbsp;&nbsp; 48352 |
| Sonic Automotive, Inc. - Class A | 5254 | &nbsp;&nbsp; 419952 |
| Stitch Fix, Inc. - Class A (b) | 38693 | &nbsp;&nbsp; 143164 |
| ThredUp, Inc. - Class A (b) | 33491 | &nbsp;&nbsp; 250848 |
| Tile Shop Holdings, Inc. (a) (b) | 10679 | &nbsp;&nbsp; 67918 |
| Upbound Group, Inc.  | 19281 | &nbsp;&nbsp; 483953 |
| Urban Outfitters, Inc. (b) | 22770 | &nbsp;&nbsp; 1651736 |
| Victoria's Secret & Co. (a) (b) | 24930 | &nbsp;&nbsp; 461704 |
| Warby Parker, Inc. - Class A (b) | 35591 | &nbsp;&nbsp; 780511 |
| Winmark Corp.  | 1051 | &nbsp;&nbsp; 396868 |
| Zumiez, Inc. (b) | 4911 | &nbsp;&nbsp; 65120 |
|  |  | &nbsp;&nbsp; 20780840 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| CompoSecure, Inc. - Class A (a) (b) | 16231 | &nbsp;&nbsp; 228695 |
| Corsair Gaming, Inc. (b) | 16241 | &nbsp;&nbsp; 153153 |
| CPI Card Group, Inc. (b) | 1768 | &nbsp;&nbsp; 41937 |
| Diebold Nixdorf, Inc. (b) | 9180 | &nbsp;&nbsp; 508572 |
| Eastman Kodak Co. (a) (b) | 23199 | &nbsp;&nbsp; 131074 |
| Immersion Corp. (a) | 9825 | &nbsp;&nbsp; 77421 |
| IonQ, Inc. (a) (b) | 85423 | &nbsp;&nbsp; 3670626 |
| Quantum Computing, Inc. (b) | 41795 | &nbsp;&nbsp; 801210 |
| Turtle Beach Corp. (a) (b) | 5364 | &nbsp;&nbsp; 74184 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals—(Continued)** | **Technology Hardware, Storage & Peripherals—(Continued)** | **Technology Hardware, Storage & Peripherals—(Continued)** |
| Xerox Holdings Corp.  | 42596 | &nbsp;&nbsp; $224481 |
|  |  | &nbsp;&nbsp; 5911353 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Capri Holdings Ltd. (b) | 41939 | &nbsp;&nbsp; 742320 |
| Carter's, Inc.  | 12860 | &nbsp;&nbsp; 387472 |
| Ermenegildo Zegna NV | 22908 | &nbsp;&nbsp; 195863 |
| Figs, Inc. - Class A (b) | 32896 | &nbsp;&nbsp; 185533 |
| G-III Apparel Group Ltd. (b) | 13935 | &nbsp;&nbsp; 312144 |
| Hanesbrands, Inc. (b) | 126757 | &nbsp;&nbsp; 580547 |
| Kontoor Brands, Inc.  | 19834 | &nbsp;&nbsp; 1308449 |
| Movado Group, Inc.  | 4696 | &nbsp;&nbsp; 71614 |
| Oxford Industries, Inc.  | 5343 | &nbsp;&nbsp; 215056 |
| Rocky Brands, Inc.  | 2393 | &nbsp;&nbsp; 53101 |
| Steven Madden Ltd.  | 26001 | &nbsp;&nbsp; 623504 |
| Wolverine World Wide, Inc.  | 28524 | &nbsp;&nbsp; 515714 |
|  |  | &nbsp;&nbsp; 5191317 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Turning Point Brands, Inc.  | 6204 | &nbsp;&nbsp; 470077 |
| Universal Corp.  | 8680 | &nbsp;&nbsp; 505523 |
|  |  | &nbsp;&nbsp; 975600 |
| **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** |
| Alta Equipment Group, Inc.  | 5650 | &nbsp;&nbsp; 35708 |
| BlueLinx Holdings, Inc. (b) | 2908 | &nbsp;&nbsp; 216297 |
| Boise Cascade Co.  | 13750 | &nbsp;&nbsp; 1193775 |
| Custom Truck One Source, Inc. (b) | 21966 | &nbsp;&nbsp; 108512 |
| Distribution Solutions Group, Inc. (a) (b) | 3388 | &nbsp;&nbsp; 93068 |
| DNOW, Inc. (b) | 37868 | &nbsp;&nbsp; 561582 |
| DXP Enterprises, Inc. (b) | 4505 | &nbsp;&nbsp; 394863 |
| GATX Corp. (a) | 12916 | &nbsp;&nbsp; 1983381 |
| Global Industrial Co.  | 4971 | &nbsp;&nbsp; 134267 |
| GMS, Inc. (b) | 13801 | &nbsp;&nbsp; 1500859 |
| Herc Holdings, Inc. (a) | 11757 | &nbsp;&nbsp; 1548279 |
| Hudson Technologies, Inc. (b) | 13813 | &nbsp;&nbsp; 112161 |
| Karat Packaging, Inc.  | 2148 | &nbsp;&nbsp; 60488 |
| McGrath RentCorp | 8753 | &nbsp;&nbsp; 1014998 |
| MRC Global, Inc. (b) | 30297 | &nbsp;&nbsp; 415372 |
| NPK International, Inc. (b) | 29033 | &nbsp;&nbsp; 247071 |
| Rush Enterprises, Inc. - Class A | 22522 | &nbsp;&nbsp; 1160108 |
| Rush Enterprises, Inc. - Class B | 3214 | &nbsp;&nbsp; 168671 |
| Titan Machinery, Inc. (a) (b) | 6828 | &nbsp;&nbsp; 135263 |
| Transcat, Inc. (a) (b) | 3255 | &nbsp;&nbsp; 279800 |
| Willis Lease Finance Corp.  | 1295 | &nbsp;&nbsp; 184900 |
| Xometry, Inc. - Class A (a) (b) | 15240 | &nbsp;&nbsp; 514960 |
|  |  | &nbsp;&nbsp; 12064383 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| Sky Harbour Group Corp. (a) (b) | 8295 | &nbsp;&nbsp; 81042 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| American States Water Co.  | 13905 | &nbsp;&nbsp; 1065957 |
| Cadiz, Inc. (a) (b) | 19751 | &nbsp;&nbsp; 59055 |
| California Water Service Group | 21492 | &nbsp;&nbsp; 977456 |
| Consolidated Water Co. Ltd.  | 5040 | &nbsp;&nbsp; 151301 |

---

*See accompanying notes to financial statements.*

**BHFTII-281**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Water Utilities—(Continued)** | **Water Utilities—(Continued)** | **Water Utilities—(Continued)** |
| Global Water Resources, Inc.  | 3648 | &nbsp;&nbsp; $37173 |
| H2O America | 11792 | &nbsp;&nbsp; 612830 |
| Middlesex Water Co.  | 6337 | &nbsp;&nbsp; 343339 |
| Pure Cycle Corp. (b) | 6744 | &nbsp;&nbsp; 72296 |
| York Water Co.  | 5110 | &nbsp;&nbsp; 161476 |
|  |  | &nbsp;&nbsp; 3480883 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Gogo, Inc. (b) | 23317 | &nbsp;&nbsp; 342294 |
| Spok Holdings, Inc.  | 7318 | &nbsp;&nbsp; 129382 |
| Telephone & Data Systems, Inc.  | 35325 | &nbsp;&nbsp; 1256863 |
|  |  | &nbsp;&nbsp; 1728539 |
| Total Common Stocks <br>(Cost $727,775,512) <br>|  | &nbsp;&nbsp; 915773128 |
| **Investment Companies—2.1%** | **Investment Companies—2.1%** | **Investment Companies—2.1%** |
| **Exchange-Traded Funds — 2.1%** | **Exchange-Traded Funds — 2.1%** | **Exchange-Traded Funds — 2.1%** |
| iShares Russell 2000 ETF (a) | 93100 | &nbsp;&nbsp; 20090049 |
| Total Investment Companies <br>(Cost $18,313,908) <br>|  | &nbsp;&nbsp; 20090049 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Cartesian Therapeutics, Inc. (a) (b) (d) (e) | 39548 | &nbsp;&nbsp; 5395 |
| Chinook Therapeutics, Inc. (b) (d) (e) | 19453 | &nbsp;&nbsp; 0 |
| Icosavax, Inc. (b) | 9579 | &nbsp;&nbsp; 2970 |
| Tobira Therapeutics, Inc. (b) (d) (e) | 4660 | &nbsp;&nbsp; 37094 |
| Total Rights <br>(Cost $9,471) <br>|  | &nbsp;&nbsp; 45459 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Nabors Industries Ltd., Expires 06/11/26 (b) <br>(Cost $0)<br>| 882 | &nbsp;&nbsp; 582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.0%** | **Short-Term Investments—2.0%** | **Short-Term Investments—2.0%** |
| **U.S. Treasury—2.0%** | **U.S. Treasury—2.0%** | **U.S. Treasury—2.0%** |
| U.S. Treasury Bills |  |  |
| Zero Coupon, 07/01/25 (f) | 975000 | &nbsp;&nbsp; 975000 |
| 3.976%, 07/24/25 (f) | 2000000 | &nbsp;&nbsp; 1994678 |
| 4.031%, 07/24/25 (f) | 15900000 | &nbsp;&nbsp; 15857691 |
| Total Short-Term Investments <br>(Cost $18,827,755) <br>|  | &nbsp;&nbsp; 18827369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—13.5%** | **Securities Lending Reinvestments (g)—13.5%** | **Securities Lending Reinvestments (g)—13.5%** |
| **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (h)<br>| 7000000 | &nbsp;&nbsp; 7000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—2.6%** | **Certificates of Deposit—2.6%** | **Certificates of Deposit—2.6%** |
| Bank of America NA |  |  |
| 4.600%, SOFR + 0.200%, 07/09/25 (i) | 2000000 | &nbsp;&nbsp; $1999998 |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (i) | 1000000 | &nbsp;&nbsp; 999998 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (i) | 2000000 | &nbsp;&nbsp; 1999976 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (i) | 1000000 | &nbsp;&nbsp; 1000936 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (i) | 2000000 | &nbsp;&nbsp; 1999394 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 4.630%, SOFR + 0.240%, 07/07/25 (i) | 2000000 | &nbsp;&nbsp; 2000004 |
| Mizuho Bank Ltd. |  |  |
| 4.600%, SOFR + 0.200%, 08/19/25 (i) | 2000000 | &nbsp;&nbsp; 1999850 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 11/21/25 (i) | 3000000 | &nbsp;&nbsp; 3000018 |
| 4.620%, SOFR + 0.220%, 12/15/25 (i) | 1000000 | &nbsp;&nbsp; 999983 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (i) | 1000000 | &nbsp;&nbsp; 1000436 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| Zero Coupon, 08/22/25 | 5000000 | &nbsp;&nbsp; 4967800 |
| Svenska Handelsbanken AB |  |  |
| 4.580%, SOFR + 0.180%, 08/11/25 (i) | 2000000 | &nbsp;&nbsp; 1999994 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (i) | 1000000 | &nbsp;&nbsp; 999769 |
|  |  | &nbsp;&nbsp; 24968156 |
| **Commercial Paper—1.4%** | **Commercial Paper—1.4%** | **Commercial Paper—1.4%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (i) | 2000000 | &nbsp;&nbsp; 2000020 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999273 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (i) | 2000000 | &nbsp;&nbsp; 1999928 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (i) | 1000000 | &nbsp;&nbsp; 999951 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 3000000 | &nbsp;&nbsp; 2998881 |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 1000000 | &nbsp;&nbsp; 998740 |
|  |  | &nbsp;&nbsp; 12992809 |
| **Repurchase Agreements—8.4%** | **Repurchase Agreements—8.4%** | **Repurchase Agreements—8.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $10,001,239; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,130,740<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $14,001,762; <br> collateralized by various Common Stock with an aggregate <br> market value of $15,583,036<br>| 14000000 | &nbsp;&nbsp; 14000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-282**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $3,300,401; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.375% - 4.250%, maturity dates ranging from <br> 07/31/27 - 05/15/39, and an aggregate market value of <br> $3,366,000<br>| 3300000 | &nbsp;&nbsp; $3300000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $7,000,852; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market <br> value of $7,140,869<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $6,149,420; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $6,273,405<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $2,945,127; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.250% - 3.250%, maturity dates ranging from <br> 05/15/41 - 05/15/52, and an aggregate market value of <br> $3,003,667<br>| 2944770 | &nbsp;&nbsp; 2944770 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $1,000,126; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,115,105<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $7,006,207; <br> collateralized by various Common Stock with an aggregate <br> market value of $7,805,860<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $4,017,889; <br> collateralized by various Common Stock with an aggregate <br> market value of $4,445,012<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $21,002,590; <br> collateralized by various Common Stock with an aggregate <br> market value of $23,364,995<br>| 21000000 | &nbsp;&nbsp; 21000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $3,900,480; <br> collateralized by various Common Stock with an aggregate <br> market value of $4,290,528<br>| 3900000 | &nbsp;&nbsp; 3900000 |
|  |  | &nbsp;&nbsp; 80144770 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—0.4%** | **Time Deposits—0.4%** | **Time Deposits—0.4%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; $1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (i) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $129,106,599) <br>|  | &nbsp;&nbsp; 129105735 |
| Total Investments—113.4% <br>(Cost $894,033,245) <br>|  | &nbsp;&nbsp; 1083842322 |
| Other assets and liabilities (net)—(13.4)%  |  | &nbsp;&nbsp; (128336188)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $955506134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $154,628,556 and the collateral received consisted of cash in the amount of $129,058,158 and non-cash collateral with a value of $28,689,955. 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) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $4,600,795. 

(d) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.0% of net assets. 

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

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

(g) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(h) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(i) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTII-283**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $124420911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $132650790 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(114045438)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(114045438)<br>|
| Investment Companies | &nbsp;&nbsp; (15004220)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15004220)<br>|
| Rights | &nbsp;&nbsp; (8500)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8500)<br>|
| Total Borrowings | &nbsp;&nbsp; $(129058158)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(129058158)<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; $(129058158)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 178 | USD | 19506130 | &nbsp;&nbsp; $212835 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $212835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $(2604952)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $1781755 |

---

*See accompanying notes to financial statements.*

**BHFTII-284**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $18864440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $14961944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14961944 |
| Air Freight & Logistics | &nbsp;&nbsp; 1004031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1004031 |
| Automobile Components | &nbsp;&nbsp; 11227280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11227280 |
| Automobiles | &nbsp;&nbsp; 421781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 421781 |
| Banks | &nbsp;&nbsp; 96163025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 96163025 |
| Beverages | &nbsp;&nbsp; 1022226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1022226 |
| Biotechnology | &nbsp;&nbsp; 65773957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65773957 |
| Broadline Retail | &nbsp;&nbsp; 728471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 728471 |
| Building Products | &nbsp;&nbsp; 12611454 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12611454 |
| Capital Markets | &nbsp;&nbsp; 16191787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16191787 |
| Chemicals | &nbsp;&nbsp; 15482485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15482485 |
| Commercial Services & Supplies | &nbsp;&nbsp; 17191494 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17191494 |
| Communications Equipment | &nbsp;&nbsp; 6981531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6981531 |
| Construction & Engineering | &nbsp;&nbsp; 19860153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19860153 |
| Construction Materials | &nbsp;&nbsp; 2177743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2177743 |
| Consumer Finance | &nbsp;&nbsp; 10512722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10512722 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4695068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4695068 |
| Containers & Packaging | &nbsp;&nbsp; 2332789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2332789 |
| Distributors | &nbsp;&nbsp; 425659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 425659 |
| Diversified Consumer Services | &nbsp;&nbsp; 12361340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12361340 |
| Diversified REITs | &nbsp;&nbsp; 5722804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5722804 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 4106854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4106854 |
| Electric Utilities | &nbsp;&nbsp; 10080371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10080371 |
| Electrical Equipment | &nbsp;&nbsp; 14631728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14631728 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 32412083 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32412083 |
| Energy Equipment & Services | &nbsp;&nbsp; 16039196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16039196 |
| Entertainment | &nbsp;&nbsp; 4879563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4879563 |
| Financial Services | &nbsp;&nbsp; 23834553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23834553 |
| Food Products | &nbsp;&nbsp; 8754334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8754334 |
| Gas Utilities | &nbsp;&nbsp; 9847376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9847376 |
| Ground Transportation | &nbsp;&nbsp; 3417018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3417018 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 26736033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26736033 |
| Health Care Providers & Services | &nbsp;&nbsp; 30607223 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30607223 |
| Health Care REITs | &nbsp;&nbsp; 8738715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8738715 |
| Health Care Technology | &nbsp;&nbsp; 4313544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4313544 |
| Hotel & Resort REITs | &nbsp;&nbsp; 6001488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6001488 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 21194214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21194214 |
| Household Durables | &nbsp;&nbsp; 16000124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16000124 |
| Household Products | &nbsp;&nbsp; 3028757 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3028757 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 1898371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1898371 |
| Industrial Conglomerates | &nbsp;&nbsp; 286790 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 286790 |
| Industrial REITs | &nbsp;&nbsp; 3826193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3826193 |
| Insurance | &nbsp;&nbsp; 21856243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21856243 |
| Interactive Media & Services | &nbsp;&nbsp; 6163866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6163866 |
| IT Services | &nbsp;&nbsp; 4718303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4718303 |
| Leisure Products | &nbsp;&nbsp; 3872549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3872549 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 3656041 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 3656041 |
| Machinery | &nbsp;&nbsp; 35109105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35109105 |
| Marine Transportation | &nbsp;&nbsp; 2122100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2122100 |
| Media | &nbsp;&nbsp; 7224040 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7224040 |

---

*See accompanying notes to financial statements.*

**BHFTII-285**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Metals & Mining | &nbsp;&nbsp; $13625730 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13625730 |
| Mortgage Real Estate Investment Trusts | &nbsp;&nbsp; 8394990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8394990 |
| Multi-Utilities | &nbsp;&nbsp; 3995997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3995997 |
| Office REITs | &nbsp;&nbsp; 6681791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6681791 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 28568044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28568044 |
| Paper & Forest Products | &nbsp;&nbsp; 928462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 928462 |
| Passenger Airlines | &nbsp;&nbsp; 4467048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4467048 |
| Personal Care Products | &nbsp;&nbsp; 2316210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2316210 |
| Pharmaceuticals | &nbsp;&nbsp; 14722959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14722959 |
| Professional Services | &nbsp;&nbsp; 18687517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18687517 |
| Real Estate Management & Development | &nbsp;&nbsp; 5463766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5463766 |
| Residential REITs | &nbsp;&nbsp; 3971070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3971070 |
| Retail REITs | &nbsp;&nbsp; 11433064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11433064 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 25459831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25459831 |
| Software | &nbsp;&nbsp; 59380867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59380867 |
| Specialized REITs | &nbsp;&nbsp; 4255306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4255306 |
| Specialty Retail | &nbsp;&nbsp; 20780840 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20780840 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 5911353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5911353 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 5191317 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5191317 |
| Tobacco | &nbsp;&nbsp; 975600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 975600 |
| Trading Companies & Distributors | &nbsp;&nbsp; 12064383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12064383 |
| Transportation Infrastructure | &nbsp;&nbsp; 81042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81042 |
| Water Utilities | &nbsp;&nbsp; 3480883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3480883 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1728539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1728539 |
| Total Common Stocks | &nbsp;&nbsp; 915773128 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 915773128 |
| Total Investment Companies\* | &nbsp;&nbsp; 20090049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20090049 |
| Total Warrants\* | &nbsp;&nbsp; 582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 582 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; 42489 | &nbsp;&nbsp; 45459 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 18827369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18827369 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 24968156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24968156 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 12992809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12992809 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 80144770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80144770 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 122105735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129105735 |
| Total Investments | &nbsp;&nbsp; $942863759 | &nbsp;&nbsp; $140936074 | &nbsp;&nbsp; $42489 | &nbsp;&nbsp; $1083842322 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(129058158)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(129058158)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $212835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $212835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

During the six months ended June 30, 2025, transfers into Level 3 in the amount of $14,705 were due to no vendors or brokers providing prices based on market indications which resulted in a lack of significant observable inputs.

*See accompanying notes to financial statements.*

**BHFTII-286**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1083842322 |
| Cash | &nbsp;&nbsp; 2299403 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 147 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1918889 |
| Fund shares sold | &nbsp;&nbsp; 276855 |
| Dividends and interest | &nbsp;&nbsp; 842698 |
| Variation margin on futures contracts | &nbsp;&nbsp; 25856 |
| Prepaid expenses | &nbsp;&nbsp; 7438 |
| Total Assets | &nbsp;&nbsp; 1089213608 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 129058158 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3087718 |
| Fund shares redeemed | &nbsp;&nbsp; 784572 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 190195 |
| Distribution and service fees | &nbsp;&nbsp; 78254 |
| Deferred trustees' fees | &nbsp;&nbsp; 213881 |
| Other expenses | &nbsp;&nbsp; 294696 |
| Total Liabilities | &nbsp;&nbsp; 133707474 |
| **Net Assets**  | &nbsp;&nbsp; $955506134 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $746531826 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 208974308 |
| **Net Assets**  | &nbsp;&nbsp; $955506134 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $596354699 |
| Class B | &nbsp;&nbsp; 161985340 |
| Class E | &nbsp;&nbsp; 15391764 |
| Class G | &nbsp;&nbsp; 181774331 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 35193679 |
| Class B | &nbsp;&nbsp; 10001550 |
| Class E | &nbsp;&nbsp; 917706 |
| Class G | &nbsp;&nbsp; 11333960 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $16.94 |
| Class B | 16.20 |
| Class E | 16.77 |
| Class G | 16.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $894,033,245.

(b) Includes securities loaned at value of $154,628,556.

(c) Identified cost of cash denominated in foreign currencies was $146.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $6570704 |
| Interest | &nbsp;&nbsp; 408961 |
| Securities lending income | &nbsp;&nbsp; 365419 |
| Total investment income | &nbsp;&nbsp; 7345084 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1152200 |
| Administration fees | &nbsp;&nbsp; 29150 |
| Custodian and accounting fees | &nbsp;&nbsp; 45389 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 196485 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 11211 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 257808 |
| Audit and tax services | &nbsp;&nbsp; 26982 |
| Legal | &nbsp;&nbsp; 22730 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20043 |
| Shareholder reporting | &nbsp;&nbsp; 55809 |
| Insurance | &nbsp;&nbsp; 3588 |
| Miscellaneous | &nbsp;&nbsp; 54901 |
| Total expenses | &nbsp;&nbsp; 1876296 |
| Less management fee waiver | &nbsp;&nbsp; (10685)<br>|
| Net expenses | &nbsp;&nbsp; 1865611 |
| **Net Investment Income** | &nbsp;&nbsp; 5479473 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 32997153 |
| Futures contracts | &nbsp;&nbsp; (2604952)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 30392201 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (55316176)<br>|
| Futures contracts | &nbsp;&nbsp; 1781755 |
| Foreign currency transactions | &nbsp;&nbsp; 8 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (53534413)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (23142212)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(17662739)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $14,329.

*See accompanying notes to financial statements.*

**BHFTII-287**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $5479473 | &nbsp;&nbsp; $10661101 |
| Net realized gain (loss) | &nbsp;&nbsp; 30392201 | &nbsp;&nbsp; 46941684 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (53534413)<br>| &nbsp;&nbsp; 24454714 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (17662739)<br>| &nbsp;&nbsp; 82057499 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (38595801)<br>| &nbsp;&nbsp; (23174262)<br>|
| Class B | &nbsp;&nbsp; (10538596)<br>| &nbsp;&nbsp; (8481415)<br>|
| Class E | &nbsp;&nbsp; (982620)<br>| &nbsp;&nbsp; (784903)<br>|
| Class G | &nbsp;&nbsp; (11862107)<br>| &nbsp;&nbsp; (8760417)<br>|
| **Total distributions** | &nbsp;&nbsp; (61979124)<br>| &nbsp;&nbsp; (41200997)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 46728028 | &nbsp;&nbsp; 74022322 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (32913835)<br>| &nbsp;&nbsp; 114878824 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 988419969 | &nbsp;&nbsp; 873541145 |
| End of period | &nbsp;&nbsp; $955506134 | &nbsp;&nbsp; $988419969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1028657 | &nbsp;&nbsp; $17625384 | &nbsp;&nbsp; 8659952 | &nbsp;&nbsp; $169009892 |
| Reinvestments | &nbsp;&nbsp; 2308361 | &nbsp;&nbsp; 38595801 | &nbsp;&nbsp; 1369637 | &nbsp;&nbsp; 23174262 |
| Redemptions | &nbsp;&nbsp; (1735615)<br>| &nbsp;&nbsp; (30168723)<br>| &nbsp;&nbsp; (4180336)<br>| &nbsp;&nbsp; (74983931)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1601403 | &nbsp;&nbsp; $26052462 | &nbsp;&nbsp; 5849253 | &nbsp;&nbsp; $117200223 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 377152 | &nbsp;&nbsp; $6060791 | &nbsp;&nbsp; 418079 | &nbsp;&nbsp; $7137968 |
| Reinvestments | &nbsp;&nbsp; 659487 | &nbsp;&nbsp; 10538596 | &nbsp;&nbsp; 522899 | &nbsp;&nbsp; 8481415 |
| Redemptions | &nbsp;&nbsp; (693766)<br>| &nbsp;&nbsp; (11667578)<br>| &nbsp;&nbsp; (2338812)<br>| &nbsp;&nbsp; (40272701)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 342873 | &nbsp;&nbsp; $4931809 | &nbsp;&nbsp; (1397834)<br>| &nbsp;&nbsp; $(24653318)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 35518 | &nbsp;&nbsp; $578125 | &nbsp;&nbsp; 71444 | &nbsp;&nbsp; $1266558 |
| Reinvestments | &nbsp;&nbsp; 59373 | &nbsp;&nbsp; 982620 | &nbsp;&nbsp; 46832 | &nbsp;&nbsp; 784903 |
| Redemptions | &nbsp;&nbsp; (62624)<br>| &nbsp;&nbsp; (1070077)<br>| &nbsp;&nbsp; (281552)<br>| &nbsp;&nbsp; (4980830)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 32267 | &nbsp;&nbsp; $490668 | &nbsp;&nbsp; (163276)<br>| &nbsp;&nbsp; $(2929369)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 745613 | &nbsp;&nbsp; $11849956 | &nbsp;&nbsp; 456679 | &nbsp;&nbsp; $7800983 |
| Reinvestments | &nbsp;&nbsp; 749817 | &nbsp;&nbsp; 11862107 | &nbsp;&nbsp; 544802 | &nbsp;&nbsp; 8760417 |
| Redemptions | &nbsp;&nbsp; (507876)<br>| &nbsp;&nbsp; (8458974)<br>| &nbsp;&nbsp; (1871277)<br>| &nbsp;&nbsp; (32156614)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 987554 | &nbsp;&nbsp; $15253089 | &nbsp;&nbsp; (869796)<br>| &nbsp;&nbsp; $(15595214)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $46728028 |  | &nbsp;&nbsp; $74022322 |

---

*See accompanying notes to financial statements.*

**BHFTII-288**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.45 | &nbsp;&nbsp; $15.40 | &nbsp;&nbsp; $24.24 | &nbsp;&nbsp; $22.47 | &nbsp;&nbsp; $20.30 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp; (5.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp; (5.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (1.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.94 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.45 | &nbsp;&nbsp; $15.40 | &nbsp;&nbsp; $24.24 | &nbsp;&nbsp; $22.47 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (1.88 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;16.80 | &nbsp;&nbsp; (20.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;19.62 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.31 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net ratio of expenses to average net assets (%) (e) | 0.30 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Ratio of net investment income (loss) to average net assets (%) | 1.29 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 14 <br>(c)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $596.4 | &nbsp;&nbsp; $620.3 | &nbsp;&nbsp; $484.2 | &nbsp;&nbsp; $444.6 | &nbsp;&nbsp; $592.8 | &nbsp;&nbsp; $542.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $16.74 | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $23.45 | &nbsp;&nbsp; $21.79 | &nbsp;&nbsp; $19.72 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (5.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $16.74 | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $23.45 | &nbsp;&nbsp; $21.79 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (1.95 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp; (20.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;&nbsp;19.35 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net ratio of expenses to average net assets (%) (e) | 0.55 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 1.04 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 14 <br>(c)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $162.0 | &nbsp;&nbsp; $170.7 | &nbsp;&nbsp; $185.1 | &nbsp;&nbsp; $172.1 | &nbsp;&nbsp; $234.3 | &nbsp;&nbsp; $238.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-289**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.27 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $15.25 | &nbsp;&nbsp; $24.03 | &nbsp;&nbsp; $22.30 | &nbsp;&nbsp; $20.15 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp; (4.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.77 | &nbsp;&nbsp; $18.27 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $15.25 | &nbsp;&nbsp; $24.03 | &nbsp;&nbsp; $22.30 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (1.90 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp; (20.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.31 | &nbsp;&nbsp;&nbsp;&nbsp;19.45 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.46 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net ratio of expenses to average net assets (%) (e) | 0.45 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Ratio of net investment income (loss) to average net assets (%) | 1.14 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 14 <br>(c)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.4 | &nbsp;&nbsp; $16.2 | &nbsp;&nbsp; $18.1 | &nbsp;&nbsp; $18.0 | &nbsp;&nbsp; $24.9 | &nbsp;&nbsp; $24.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $23.30 | &nbsp;&nbsp; $21.66 | &nbsp;&nbsp; $19.62 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp; (5.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.05)<br>|
| Total distributions | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.04 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $23.30 | &nbsp;&nbsp; $21.66 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (1.94 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;16.47 | &nbsp;&nbsp; (20.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;19.26 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.61 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net ratio of expenses to average net assets (%) (e) | 0.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | 0.99 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 14 <br>(c)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $181.8 | &nbsp;&nbsp; $181.2 | &nbsp;&nbsp; $186.2 | &nbsp;&nbsp; $161.9 | &nbsp;&nbsp; $206.8 | &nbsp;&nbsp; $189.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-290**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—99.0% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. (a) | 12366 | &nbsp;&nbsp; $10238306 |
| Boeing Co. (a) | 126064 | &nbsp;&nbsp; 26414190 |
| General Dynamics Corp.  | 42118 | &nbsp;&nbsp; 12284136 |
| General Electric Co.  | 178291 | &nbsp;&nbsp; 45890320 |
| Howmet Aerospace, Inc. (b) | 67491 | &nbsp;&nbsp; 12562100 |
| Huntington Ingalls Industries, Inc. (b) | 6560 | &nbsp;&nbsp; 1583978 |
| L3Harris Technologies, Inc. (b) | 31256 | &nbsp;&nbsp; 7840255 |
| Lockheed Martin Corp.  | 34864 | &nbsp;&nbsp; 16146913 |
| Northrop Grumman Corp.  | 22620 | &nbsp;&nbsp; 11309548 |
| RTX Corp.  | 223361 | &nbsp;&nbsp; 32615173 |
| Textron, Inc. (b) | 30184 | &nbsp;&nbsp; 2423473 |
| TransDigm Group, Inc. (b) | 9391 | &nbsp;&nbsp; 14280330 |
|  |  | &nbsp;&nbsp; 193588722 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc.  | 19850 | &nbsp;&nbsp; 1904607 |
| Expeditors International of Washington, Inc.  | 22896 | &nbsp;&nbsp; 2615868 |
| FedEx Corp. (b) | 36854 | &nbsp;&nbsp; 8377283 |
| United Parcel Service, Inc. - Class B | 122673 | &nbsp;&nbsp; 12382613 |
|  |  | &nbsp;&nbsp; 25280371 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Aptiv PLC (a) | 36402 | &nbsp;&nbsp; 2483344 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
| Ford Motor Co.  | 653002 | &nbsp;&nbsp; 7085072 |
| General Motors Co.  | 160744 | &nbsp;&nbsp; 7910212 |
| Tesla, Inc. (a) | 468511 | &nbsp;&nbsp; 148827204 |
|  |  | &nbsp;&nbsp; 163822488 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp.  | 1095565 | &nbsp;&nbsp; 51842136 |
| Citigroup, Inc.  | 312270 | &nbsp;&nbsp; 26580422 |
| Citizens Financial Group, Inc. (b) | 72502 | &nbsp;&nbsp; 3244464 |
| Fifth Third Bancorp (b) | 111599 | &nbsp;&nbsp; 4590067 |
| Huntington Bancshares, Inc.  | 243567 | &nbsp;&nbsp; 4082183 |
| JPMorgan Chase & Co.  | 464643 | &nbsp;&nbsp; 134704652 |
| KeyCorp | 164909 | &nbsp;&nbsp; 2872715 |
| M&T Bank Corp. (b) | 26837 | &nbsp;&nbsp; 5206110 |
| PNC Financial Services Group, Inc.  | 66135 | &nbsp;&nbsp; 12328887 |
| Regions Financial Corp.  | 150294 | &nbsp;&nbsp; 3534915 |
| Truist Financial Corp. (b) | 218944 | &nbsp;&nbsp; 9412402 |
| U.S. Bancorp | 260490 | &nbsp;&nbsp; 11787172 |
| Wells Fargo & Co.  | 544073 | &nbsp;&nbsp; 43591129 |
|  |  | &nbsp;&nbsp; 313777254 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Brown-Forman Corp. - Class B (b) | 30449 | &nbsp;&nbsp; 819383 |
| Coca-Cola Co.  | 647635 | &nbsp;&nbsp; 45820176 |
| Constellation Brands, Inc. - Class A (b) | 25592 | &nbsp;&nbsp; 4163306 |
| Keurig Dr. Pepper, Inc. (b) | 227079 | &nbsp;&nbsp; 7507232 |
| Molson Coors Beverage Co. - Class B (b) | 28645 | &nbsp;&nbsp; 1377538 |
| Monster Beverage Corp. (a) | 117398 | &nbsp;&nbsp; 7353811 |
| PepsiCo, Inc.  | 229233 | &nbsp;&nbsp; 30267925 |
|  |  | &nbsp;&nbsp; 97309371 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| AbbVie, Inc.  | 295329 | &nbsp;&nbsp; $54818969 |
| Amgen, Inc.  | 89900 | &nbsp;&nbsp; 25100979 |
| Biogen, Inc. (a) | 24498 | &nbsp;&nbsp; 3076704 |
| Gilead Sciences, Inc.  | 207975 | &nbsp;&nbsp; 23058188 |
| Incyte Corp. (a) | 26861 | &nbsp;&nbsp; 1829234 |
| Moderna, Inc. (a) (b) | 56901 | &nbsp;&nbsp; 1569899 |
| Regeneron Pharmaceuticals, Inc.  | 17363 | &nbsp;&nbsp; 9115575 |
| Vertex Pharmaceuticals, Inc. (a) | 42935 | &nbsp;&nbsp; 19114662 |
|  |  | &nbsp;&nbsp; 137684210 |
| **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |
| Amazon.com, Inc. (a) | 1579724 | &nbsp;&nbsp; 346575648 |
| eBay, Inc.  | 77075 | &nbsp;&nbsp; 5739005 |
|  |  | &nbsp;&nbsp; 352314653 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| A.O. Smith Corp.  | 19434 | &nbsp;&nbsp; 1274287 |
| Allegion PLC (b) | 14386 | &nbsp;&nbsp; 2073310 |
| Builders FirstSource, Inc. (a) (b) | 18477 | &nbsp;&nbsp; 2156081 |
| Carrier Global Corp.  | 133302 | &nbsp;&nbsp; 9756373 |
| Johnson Controls International PLC | 110020 | &nbsp;&nbsp; 11620313 |
| Lennox International, Inc. (b) | 5340 | &nbsp;&nbsp; 3061102 |
| Masco Corp.  | 35267 | &nbsp;&nbsp; 2269784 |
| Trane Technologies PLC | 37287 | &nbsp;&nbsp; 16309707 |
|  |  | &nbsp;&nbsp; 48520957 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Ameriprise Financial, Inc.  | 15921 | &nbsp;&nbsp; 8497515 |
| Bank of New York Mellon Corp.  | 119614 | &nbsp;&nbsp; 10898032 |
| Blackrock, Inc.  | 24349 | &nbsp;&nbsp; 25548188 |
| Blackstone, Inc.  | 121991 | &nbsp;&nbsp; 18247414 |
| Cboe Global Markets, Inc.  | 17507 | &nbsp;&nbsp; 4082807 |
| Charles Schwab Corp.  | 285556 | &nbsp;&nbsp; 26054129 |
| CME Group, Inc.  | 60249 | &nbsp;&nbsp; 16605829 |
| Coinbase Global, Inc. - Class A (a) (b) | 35346 | &nbsp;&nbsp; 12388420 |
| FactSet Research Systems, Inc.  | 6345 | &nbsp;&nbsp; 2837992 |
| Franklin Resources, Inc.  | 51839 | &nbsp;&nbsp; 1236360 |
| Goldman Sachs Group, Inc.  | 51302 | &nbsp;&nbsp; 36308990 |
| Intercontinental Exchange, Inc.  | 95906 | &nbsp;&nbsp; 17595874 |
| Invesco Ltd. (b) | 74827 | &nbsp;&nbsp; 1180022 |
| KKR & Co., Inc.  | 113170 | &nbsp;&nbsp; 15055005 |
| MarketAxess Holdings, Inc. (b) | 6270 | &nbsp;&nbsp; 1400342 |
| Moody's Corp.  | 25867 | &nbsp;&nbsp; 12974629 |
| Morgan Stanley (b) | 206536 | &nbsp;&nbsp; 29092661 |
| MSCI, Inc.  | 12936 | &nbsp;&nbsp; 7460709 |
| Nasdaq, Inc.  | 69111 | &nbsp;&nbsp; 6179906 |
| Northern Trust Corp.  | 32525 | &nbsp;&nbsp; 4123845 |
| Raymond James Financial, Inc.  | 30358 | &nbsp;&nbsp; 4656006 |
| S&P Global, Inc.  | 52482 | &nbsp;&nbsp; 27673234 |
| State Street Corp.  | 47680 | &nbsp;&nbsp; 5070291 |
| T. Rowe Price Group, Inc.  | 36835 | &nbsp;&nbsp; 3554577 |
|  |  | &nbsp;&nbsp; 298722777 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Air Products & Chemicals, Inc. (b) | 37208 | &nbsp;&nbsp; 10494889 |

---

*See accompanying notes to financial statements.*

**BHFTII-291**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Albemarle Corp.  | 19672 | &nbsp;&nbsp; $1232844 |
| CF Industries Holdings, Inc.  | 27086 | &nbsp;&nbsp; 2491912 |
| Corteva, Inc.  | 114053 | &nbsp;&nbsp; 8500370 |
| Dow, Inc.  | 118181 | &nbsp;&nbsp; 3129433 |
| DuPont de Nemours, Inc.  | 69969 | &nbsp;&nbsp; 4799174 |
| Eastman Chemical Co. (b) | 19304 | &nbsp;&nbsp; 1441237 |
| Ecolab, Inc.  | 42187 | &nbsp;&nbsp; 11366865 |
| International Flavors & Fragrances, Inc.  | 42766 | &nbsp;&nbsp; 3145439 |
| Linde PLC | 78702 | &nbsp;&nbsp; 36925404 |
| LyondellBasell Industries NV - Class A (b) | 42988 | &nbsp;&nbsp; 2487286 |
| Mosaic Co.  | 53038 | &nbsp;&nbsp; 1934826 |
| PPG Industries, Inc. (b) | 37952 | &nbsp;&nbsp; 4317040 |
| Sherwin-Williams Co.  | 38547 | &nbsp;&nbsp; 13235498 |
|  |  | &nbsp;&nbsp; 105502217 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Cintas Corp.  | 57383 | &nbsp;&nbsp; 12788949 |
| Copart, Inc. (a) | 146986 | &nbsp;&nbsp; 7212603 |
| Republic Services, Inc.  | 33961 | &nbsp;&nbsp; 8375122 |
| Rollins, Inc.  | 46996 | &nbsp;&nbsp; 2651514 |
| Veralto Corp.  | 41440 | &nbsp;&nbsp; 4183368 |
| Waste Management, Inc.  | 61224 | &nbsp;&nbsp; 14009276 |
|  |  | &nbsp;&nbsp; 49220832 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Arista Networks, Inc. (a) | 172183 | &nbsp;&nbsp; 17616043 |
| Cisco Systems, Inc.  | 665139 | &nbsp;&nbsp; 46147344 |
| F5, Inc. (a) | 9602 | &nbsp;&nbsp; 2826061 |
| Juniper Networks, Inc.  | 55355 | &nbsp;&nbsp; 2210325 |
| Motorola Solutions, Inc.  | 27907 | &nbsp;&nbsp; 11733777 |
|  |  | &nbsp;&nbsp; 80533550 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. (b) | 24778 | &nbsp;&nbsp; 9368066 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Martin Marietta Materials, Inc. (b) | 10079 | &nbsp;&nbsp; 5532968 |
| Vulcan Materials Co.  | 22087 | &nbsp;&nbsp; 5760731 |
|  |  | &nbsp;&nbsp; 11293699 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co.  | 92535 | &nbsp;&nbsp; 29516814 |
| Capital One Financial Corp.  | 106940 | &nbsp;&nbsp; 22752555 |
| Synchrony Financial (b) | 63642 | &nbsp;&nbsp; 4247467 |
|  |  | &nbsp;&nbsp; 56516836 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Costco Wholesale Corp.  | 74181 | &nbsp;&nbsp; 73434739 |
| Dollar General Corp.  | 36773 | &nbsp;&nbsp; 4206096 |
| Dollar Tree, Inc. (a) | 33027 | &nbsp;&nbsp; 3270994 |
| Kroger Co. (b) | 102419 | &nbsp;&nbsp; 7346515 |
| Sysco Corp. (b) | 81046 | &nbsp;&nbsp; 6138424 |
| Target Corp.  | 75965 | &nbsp;&nbsp; 7493947 |
| Walgreens Boots Alliance, Inc.  | 119999 | &nbsp;&nbsp; 1377589 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** |
| Walmart, Inc.  | 722350 | &nbsp;&nbsp; $70631383 |
|  |  | &nbsp;&nbsp; 173899687 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor PLC (b) | 383107 | &nbsp;&nbsp; 3520753 |
| Avery Dennison Corp.  | 13070 | &nbsp;&nbsp; 2293393 |
| Ball Corp.  | 46382 | &nbsp;&nbsp; 2601566 |
| International Paper Co. (b) | 88261 | &nbsp;&nbsp; 4133263 |
| Packaging Corp. of America | 14937 | &nbsp;&nbsp; 2814878 |
| Smurfit WestRock PLC (b) | 82912 | &nbsp;&nbsp; 3577653 |
|  |  | &nbsp;&nbsp; 18941506 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co.  | 23204 | &nbsp;&nbsp; 2814877 |
| LKQ Corp.  | 43160 | &nbsp;&nbsp; 1597352 |
| Pool Corp.  | 6286 | &nbsp;&nbsp; 1832243 |
|  |  | &nbsp;&nbsp; 6244472 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc.  | 1203048 | &nbsp;&nbsp; 34816209 |
| Verizon Communications, Inc. (b) | 704882 | &nbsp;&nbsp; 30500244 |
|  |  | &nbsp;&nbsp; 65316453 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alliant Energy Corp.  | 42947 | &nbsp;&nbsp; 2597005 |
| American Electric Power Co., Inc.  | 89313 | &nbsp;&nbsp; 9267117 |
| Constellation Energy Corp.  | 52401 | &nbsp;&nbsp; 16912947 |
| Duke Energy Corp.  | 129951 | &nbsp;&nbsp; 15334218 |
| Edison International | 64329 | &nbsp;&nbsp; 3319376 |
| Entergy Corp.  | 74623 | &nbsp;&nbsp; 6202664 |
| Evergy, Inc. (b) | 38469 | &nbsp;&nbsp; 2651668 |
| Eversource Energy | 61423 | &nbsp;&nbsp; 3907731 |
| Exelon Corp. (b) | 168786 | &nbsp;&nbsp; 7328688 |
| FirstEnergy Corp.  | 85881 | &nbsp;&nbsp; 3457569 |
| NextEra Energy, Inc.  | 344187 | &nbsp;&nbsp; 23893462 |
| NRG Energy, Inc.  | 32687 | &nbsp;&nbsp; 5248879 |
| PG&E Corp.  | 367435 | &nbsp;&nbsp; 5122044 |
| Pinnacle West Capital Corp. (b) | 19962 | &nbsp;&nbsp; 1786000 |
| PPL Corp. (b) | 123599 | &nbsp;&nbsp; 4188770 |
| Southern Co. (b) | 183753 | &nbsp;&nbsp; 16874038 |
| Xcel Energy, Inc. (b) | 96429 | &nbsp;&nbsp; 6566815 |
|  |  | &nbsp;&nbsp; 134658991 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| AMETEK, Inc.  | 38601 | &nbsp;&nbsp; 6985237 |
| Eaton Corp. PLC | 65422 | &nbsp;&nbsp; 23355000 |
| Emerson Electric Co.  | 94045 | &nbsp;&nbsp; 12539020 |
| GE Vernova, Inc.  | 45633 | &nbsp;&nbsp; 24146702 |
| Generac Holdings, Inc. (a) (b) | 9878 | &nbsp;&nbsp; 1414628 |
| Hubbell, Inc. (b) | 8924 | &nbsp;&nbsp; 3644651 |
| Rockwell Automation, Inc.  | 18845 | &nbsp;&nbsp; 6259743 |
|  |  | &nbsp;&nbsp; 78344981 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp. - Class A | 202235 | &nbsp;&nbsp; 19970706 |

---

*See accompanying notes to financial statements.*

**BHFTII-292**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** |
| CDW Corp. (b) | 22016 | &nbsp;&nbsp; $3931838 |
| Corning, Inc.  | 128875 | &nbsp;&nbsp; 6777536 |
| Jabil, Inc.  | 17947 | &nbsp;&nbsp; 3914241 |
| Keysight Technologies, Inc. (a) | 28892 | &nbsp;&nbsp; 4734243 |
| Ralliant Corp. (a) | 1 | &nbsp;&nbsp; 32 |
| TE Connectivity PLC | 49580 | &nbsp;&nbsp; 8362659 |
| Teledyne Technologies, Inc. (a) | 7835 | &nbsp;&nbsp; 4013949 |
| Trimble, Inc. (a) | 39889 | &nbsp;&nbsp; 3030766 |
| Zebra Technologies Corp. - Class A (a) | 8502 | &nbsp;&nbsp; 2621677 |
|  |  | &nbsp;&nbsp; 57357647 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co.  | 165645 | &nbsp;&nbsp; 6350829 |
| Halliburton Co. (b) | 143737 | &nbsp;&nbsp; 2929360 |
| Schlumberger NV | 227408 | &nbsp;&nbsp; 7686391 |
|  |  | &nbsp;&nbsp; 16966580 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Electronic Arts, Inc.  | 38152 | &nbsp;&nbsp; 6092874 |
| Live Nation Entertainment, Inc. (a) (b) | 26350 | &nbsp;&nbsp; 3986228 |
| Netflix, Inc. (a) | 71153 | &nbsp;&nbsp; 95283117 |
| Take-Two Interactive Software, Inc. (a) | 28326 | &nbsp;&nbsp; 6878969 |
| TKO Group Holdings, Inc.  | 11207 | &nbsp;&nbsp; 2039114 |
| Walt Disney Co.  | 300569 | &nbsp;&nbsp; 37273562 |
| Warner Bros Discovery, Inc. (a) | 376417 | &nbsp;&nbsp; 4313739 |
|  |  | &nbsp;&nbsp; 155867603 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
| Apollo Global Management, Inc. (b) | 75483 | &nbsp;&nbsp; 10708773 |
| Berkshire Hathaway, Inc. - Class B (a) | 306586 | &nbsp;&nbsp; 148930281 |
| Corpay, Inc. (a) | 11786 | &nbsp;&nbsp; 3910830 |
| Fidelity National Information Services, Inc. (b) | 87841 | &nbsp;&nbsp; 7151136 |
| Fiserv, Inc. (a) | 92697 | &nbsp;&nbsp; 15981890 |
| Global Payments, Inc.  | 40774 | &nbsp;&nbsp; 3263551 |
| Jack Henry & Associates, Inc. (b) | 12174 | &nbsp;&nbsp; 2193390 |
| Mastercard, Inc. - Class A | 135616 | &nbsp;&nbsp; 76208055 |
| PayPal Holdings, Inc. (a) | 162599 | &nbsp;&nbsp; 12084358 |
| Visa, Inc. - Class A (b) | 286063 | &nbsp;&nbsp; 101566668 |
|  |  | &nbsp;&nbsp; 381998932 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Archer-Daniels-Midland Co. (b) | 80327 | &nbsp;&nbsp; 4239659 |
| Bunge Global SA | 22471 | &nbsp;&nbsp; 1803972 |
| Campbell's Co. (b) | 32903 | &nbsp;&nbsp; 1008477 |
| Conagra Brands, Inc.  | 79811 | &nbsp;&nbsp; 1633731 |
| General Mills, Inc. (b) | 91554 | &nbsp;&nbsp; 4743413 |
| Hershey Co.  | 24742 | &nbsp;&nbsp; 4105935 |
| Hormel Foods Corp.  | 48728 | &nbsp;&nbsp; 1474022 |
| J.M. Smucker Co.  | 17792 | &nbsp;&nbsp; 1747174 |
| Kellanova | 44952 | &nbsp;&nbsp; 3575032 |
| Kraft Heinz Co.  | 144451 | &nbsp;&nbsp; 3729725 |
| Lamb Weston Holdings, Inc.  | 23593 | &nbsp;&nbsp; 1223297 |
| McCormick & Co., Inc.  | 42246 | &nbsp;&nbsp; 3203092 |
| Mondelez International, Inc. - Class A (b) | 216482 | &nbsp;&nbsp; 14599546 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** |
| Tyson Foods, Inc. - Class A | 47854 | &nbsp;&nbsp; $2676953 |
|  |  | &nbsp;&nbsp; 49764028 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| Atmos Energy Corp. (b) | 26556 | &nbsp;&nbsp; 4092545 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| CSX Corp.  | 314078 | &nbsp;&nbsp; 10248365 |
| JB Hunt Transport Services, Inc.  | 13101 | &nbsp;&nbsp; 1881304 |
| Norfolk Southern Corp.  | 37692 | &nbsp;&nbsp; 9648021 |
| Old Dominion Freight Line, Inc. (b) | 31092 | &nbsp;&nbsp; 5046232 |
| Uber Technologies, Inc. (a) | 349626 | &nbsp;&nbsp; 32620106 |
| Union Pacific Corp.  | 99893 | &nbsp;&nbsp; 22983381 |
|  |  | &nbsp;&nbsp; 82427409 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Abbott Laboratories | 290887 | &nbsp;&nbsp; 39563541 |
| Align Technology, Inc. (a) | 11391 | &nbsp;&nbsp; 2156658 |
| Baxter International, Inc.  | 85798 | &nbsp;&nbsp; 2597963 |
| Becton Dickinson & Co.  | 47918 | &nbsp;&nbsp; 8253875 |
| Boston Scientific Corp. (a) | 247351 | &nbsp;&nbsp; 26567971 |
| Cooper Cos., Inc. (a) | 33435 | &nbsp;&nbsp; 2379235 |
| Dexcom, Inc. (a) | 65557 | &nbsp;&nbsp; 5722471 |
| Edwards Lifesciences Corp. (a) | 98074 | &nbsp;&nbsp; 7670368 |
| GE HealthCare Technologies, Inc.  | 76554 | &nbsp;&nbsp; 5670355 |
| Hologic, Inc. (a) | 37257 | &nbsp;&nbsp; 2427666 |
| IDEXX Laboratories, Inc. (a) (b) | 13446 | &nbsp;&nbsp; 7211628 |
| Insulet Corp. (a) | 11766 | &nbsp;&nbsp; 3696642 |
| Intuitive Surgical, Inc. (a) | 59925 | &nbsp;&nbsp; 32563844 |
| Medtronic PLC | 214431 | &nbsp;&nbsp; 18691950 |
| ResMed, Inc.  | 24515 | &nbsp;&nbsp; 6324870 |
| Solventum Corp. (a) | 23141 | &nbsp;&nbsp; 1755013 |
| STERIS PLC | 16427 | &nbsp;&nbsp; 3946094 |
| Stryker Corp.  | 57506 | &nbsp;&nbsp; 22751099 |
| Zimmer Biomet Holdings, Inc. (b) | 33078 | &nbsp;&nbsp; 3017044 |
|  |  | &nbsp;&nbsp; 202968287 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Cardinal Health, Inc.  | 39905 | &nbsp;&nbsp; 6704040 |
| Cencora, Inc.  | 28841 | &nbsp;&nbsp; 8647974 |
| Centene Corp. (a) | 83195 | &nbsp;&nbsp; 4515825 |
| Cigna Group | 44664 | &nbsp;&nbsp; 14765025 |
| CVS Health Corp. (b) | 211501 | &nbsp;&nbsp; 14589339 |
| DaVita, Inc. (a) | 6942 | &nbsp;&nbsp; 988888 |
| Elevance Health, Inc.  | 37775 | &nbsp;&nbsp; 14692964 |
| HCA Healthcare, Inc.  | 28960 | &nbsp;&nbsp; 11094576 |
| Henry Schein, Inc. (a) | 20350 | &nbsp;&nbsp; 1486567 |
| Humana, Inc.  | 20179 | &nbsp;&nbsp; 4933362 |
| Labcorp Holdings, Inc.  | 13994 | &nbsp;&nbsp; 3673565 |
| McKesson Corp.  | 20918 | &nbsp;&nbsp; 15328292 |
| Molina Healthcare, Inc. (a) (b) | 9062 | &nbsp;&nbsp; 2699570 |
| Quest Diagnostics, Inc. (b) | 18664 | &nbsp;&nbsp; 3352614 |
| UnitedHealth Group, Inc.  | 151667 | &nbsp;&nbsp; 47315554 |
| Universal Health Services, Inc. - Class B | 9561 | &nbsp;&nbsp; 1731975 |
|  |  | &nbsp;&nbsp; 156520130 |

---

*See accompanying notes to financial statements.*

**BHFTII-293**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. (b) | 25740 | &nbsp;&nbsp; $1869496 |
| Healthpeak Properties, Inc.  | 116153 | &nbsp;&nbsp; 2033839 |
| Ventas, Inc.  | 75453 | &nbsp;&nbsp; 4764857 |
| Welltower, Inc.  | 103868 | &nbsp;&nbsp; 15967628 |
|  |  | &nbsp;&nbsp; 24635820 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts, Inc.  | 115983 | &nbsp;&nbsp; 1781499 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Airbnb, Inc. - Class A (a) | 72160 | &nbsp;&nbsp; 9549655 |
| Booking Holdings, Inc.  | 5441 | &nbsp;&nbsp; 31499255 |
| Caesars Entertainment, Inc. (a) (b) | 34770 | &nbsp;&nbsp; 987120 |
| Carnival Corp. (a) | 175542 | &nbsp;&nbsp; 4936241 |
| Chipotle Mexican Grill, Inc. (a) (b) | 225268 | &nbsp;&nbsp; 12648798 |
| Darden Restaurants, Inc.  | 19566 | &nbsp;&nbsp; 4264801 |
| Domino's Pizza, Inc. (b) | 5725 | &nbsp;&nbsp; 2579685 |
| DoorDash, Inc. - Class A (a) | 57324 | &nbsp;&nbsp; 14130939 |
| Expedia Group, Inc.  | 20330 | &nbsp;&nbsp; 3429264 |
| Hilton Worldwide Holdings, Inc. (b) | 39742 | &nbsp;&nbsp; 10584884 |
| Las Vegas Sands Corp. (b) | 56706 | &nbsp;&nbsp; 2467278 |
| Marriott International, Inc. - Class A | 38008 | &nbsp;&nbsp; 10384166 |
| McDonald's Corp.  | 119548 | &nbsp;&nbsp; 34928339 |
| MGM Resorts International (a) | 34580 | &nbsp;&nbsp; 1189206 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 74702 | &nbsp;&nbsp; 1514957 |
| Royal Caribbean Cruises Ltd. (b) | 41770 | &nbsp;&nbsp; 13079858 |
| Starbucks Corp. (b) | 189997 | &nbsp;&nbsp; 17409425 |
| Wynn Resorts Ltd. (b) | 14713 | &nbsp;&nbsp; 1378167 |
| Yum! Brands, Inc.  | 46473 | &nbsp;&nbsp; 6886369 |
|  |  | &nbsp;&nbsp; 183848407 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc.  | 46222 | &nbsp;&nbsp; 5958940 |
| Garmin Ltd.  | 25753 | &nbsp;&nbsp; 5375166 |
| Lennar Corp. - Class A (b) | 38819 | &nbsp;&nbsp; 4293770 |
| Mohawk Industries, Inc. (a) | 8676 | &nbsp;&nbsp; 909592 |
| NVR, Inc. (a) | 489 | &nbsp;&nbsp; 3611588 |
| PulteGroup, Inc.  | 33509 | &nbsp;&nbsp; 3533859 |
|  |  | &nbsp;&nbsp; 23682915 |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| Church & Dwight Co., Inc.  | 41175 | &nbsp;&nbsp; 3957329 |
| Clorox Co.  | 20606 | &nbsp;&nbsp; 2474162 |
| Colgate-Palmolive Co.  | 135495 | &nbsp;&nbsp; 12316496 |
| Kimberly-Clark Corp.  | 55477 | &nbsp;&nbsp; 7152095 |
| Procter & Gamble Co.  | 391989 | &nbsp;&nbsp; 62451687 |
|  |  | &nbsp;&nbsp; 88351769 |
| **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.  | 119025 | &nbsp;&nbsp; 1252143 |
| Vistra Corp.  | 56733 | &nbsp;&nbsp; 10995423 |
|  |  | &nbsp;&nbsp; 12247566 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co.  | 89979 | &nbsp;&nbsp; 13698403 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** |
| Honeywell International, Inc.  | 107451 | &nbsp;&nbsp; $25023189 |
|  |  | &nbsp;&nbsp; 38721592 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. (b) | 155141 | &nbsp;&nbsp; 16308422 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Aflac, Inc. (b) | 81352 | &nbsp;&nbsp; 8579382 |
| Allstate Corp.  | 44275 | &nbsp;&nbsp; 8913000 |
| American International Group, Inc.  | 96357 | &nbsp;&nbsp; 8247196 |
| Aon PLC - Class A | 36104 | &nbsp;&nbsp; 12880463 |
| Arch Capital Group Ltd.  | 62400 | &nbsp;&nbsp; 5681520 |
| Arthur J Gallagher & Co.  | 42818 | &nbsp;&nbsp; 13706898 |
| Assurant, Inc. (b) | 8477 | &nbsp;&nbsp; 1674123 |
| Brown & Brown, Inc. (b) | 46859 | &nbsp;&nbsp; 5195257 |
| Chubb Ltd.  | 62308 | &nbsp;&nbsp; 18051874 |
| Cincinnati Financial Corp.  | 26132 | &nbsp;&nbsp; 3891578 |
| Erie Indemnity Co. - Class A (b) | 4170 | &nbsp;&nbsp; 1446114 |
| Everest Group Ltd. (b) | 7112 | &nbsp;&nbsp; 2417013 |
| Globe Life, Inc.  | 13800 | &nbsp;&nbsp; 1715202 |
| Hartford Insurance Group, Inc.  | 47499 | &nbsp;&nbsp; 6026198 |
| Loews Corp.  | 29099 | &nbsp;&nbsp; 2667214 |
| Marsh & McLennan Cos., Inc.  | 82380 | &nbsp;&nbsp; 18011563 |
| MetLife, Inc. (b) (c) | 94278 | &nbsp;&nbsp; 7581837 |
| Principal Financial Group, Inc. (b) | 34484 | &nbsp;&nbsp; 2739064 |
| Progressive Corp.  | 98012 | &nbsp;&nbsp; 26155482 |
| Prudential Financial, Inc. (b) | 59186 | &nbsp;&nbsp; 6358944 |
| Travelers Cos., Inc.  | 37881 | &nbsp;&nbsp; 10134683 |
| W.R. Berkley Corp. (b) | 50106 | &nbsp;&nbsp; 3681288 |
| Willis Towers Watson PLC | 16577 | &nbsp;&nbsp; 5080851 |
|  |  | &nbsp;&nbsp; 180836744 |
| **Interactive Media & Services — 6.5%** | **Interactive Media & Services — 6.5%** | **Interactive Media & Services — 6.5%** |
| Alphabet, Inc. - Class A | 973058 | &nbsp;&nbsp; 171482011 |
| Alphabet, Inc. - Class C (d) | 784924 | &nbsp;&nbsp; 139237669 |
| Match Group, Inc.  | 40999 | &nbsp;&nbsp; 1266459 |
| Meta Platforms, Inc. - Class A | 362999 | &nbsp;&nbsp; 267925932 |
|  |  | &nbsp;&nbsp; 579912071 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Accenture PLC - Class A | 104667 | &nbsp;&nbsp; 31283920 |
| Akamai Technologies, Inc. (a) (b) | 24444 | &nbsp;&nbsp; 1949653 |
| Cognizant Technology Solutions Corp. - Class A | 82416 | &nbsp;&nbsp; 6430920 |
| EPAM Systems, Inc. (a) | 9472 | &nbsp;&nbsp; 1674839 |
| Gartner, Inc. (a) | 12868 | &nbsp;&nbsp; 5201503 |
| GoDaddy, Inc. - Class A (a) | 23823 | &nbsp;&nbsp; 4289569 |
| International Business Machines Corp.  | 155388 | &nbsp;&nbsp; 45805275 |
| VeriSign, Inc.  | 13501 | &nbsp;&nbsp; 3899089 |
|  |  | &nbsp;&nbsp; 100534768 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Hasbro, Inc.  | 22022 | &nbsp;&nbsp; 1625664 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Agilent Technologies, Inc.  | 47667 | &nbsp;&nbsp; 5625183 |
| Bio-Techne Corp. (b) | 26210 | &nbsp;&nbsp; 1348504 |

---

*See accompanying notes to financial statements.*

**BHFTII-294**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** | **Life Sciences Tools & Services—(Continued)** |
| Charles River Laboratories International, Inc. (a) | 8211 | &nbsp;&nbsp; $1245855 |
| Danaher Corp.  | 106492 | &nbsp;&nbsp; 21036430 |
| IQVIA Holdings, Inc. (a) | 27478 | &nbsp;&nbsp; 4330258 |
| Mettler-Toledo International, Inc. (a) | 3475 | &nbsp;&nbsp; 4082152 |
| Revvity, Inc.  | 19706 | &nbsp;&nbsp; 1905964 |
| Thermo Fisher Scientific, Inc.  | 63114 | &nbsp;&nbsp; 25590202 |
| Waters Corp. (a) (b) | 9950 | &nbsp;&nbsp; 3472948 |
| West Pharmaceutical Services, Inc.  | 12012 | &nbsp;&nbsp; 2628226 |
|  |  | &nbsp;&nbsp; 71265722 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc.  | 78633 | &nbsp;&nbsp; 30526117 |
| Cummins, Inc.  | 23032 | &nbsp;&nbsp; 7542980 |
| Deere & Co. (b) | 42202 | &nbsp;&nbsp; 21459295 |
| Dover Corp.  | 22922 | &nbsp;&nbsp; 4199998 |
| Fortive Corp. (b) | 56825 | &nbsp;&nbsp; 2962287 |
| IDEX Corp.  | 12630 | &nbsp;&nbsp; 2217449 |
| Illinois Tool Works, Inc. (b) | 44578 | &nbsp;&nbsp; 11021910 |
| Ingersoll Rand, Inc. (b) | 67455 | &nbsp;&nbsp; 5610907 |
| Nordson Corp. (b) | 9039 | &nbsp;&nbsp; 1937690 |
| Otis Worldwide Corp.  | 65986 | &nbsp;&nbsp; 6533934 |
| PACCAR, Inc.  | 87769 | &nbsp;&nbsp; 8343321 |
| Parker-Hannifin Corp.  | 21364 | &nbsp;&nbsp; 14922113 |
| Pentair PLC | 27507 | &nbsp;&nbsp; 2823869 |
| Snap-on, Inc.  | 8743 | &nbsp;&nbsp; 2720647 |
| Stanley Black & Decker, Inc. (b) | 25866 | &nbsp;&nbsp; 1752422 |
| Westinghouse Air Brake Technologies Corp.  | 28611 | &nbsp;&nbsp; 5989713 |
| Xylem, Inc.  | 40686 | &nbsp;&nbsp; 5263141 |
|  |  | &nbsp;&nbsp; 135827793 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications, Inc. - Class A (a) | 15958 | &nbsp;&nbsp; 6523790 |
| Comcast Corp. - Class A | 622667 | &nbsp;&nbsp; 22222985 |
| Fox Corp. - Class A | 35785 | &nbsp;&nbsp; 2005391 |
| Fox Corp. - Class B | 22056 | &nbsp;&nbsp; 1138751 |
| Interpublic Group of Cos., Inc.  | 61816 | &nbsp;&nbsp; 1513256 |
| News Corp. - Class A | 63065 | &nbsp;&nbsp; 1874292 |
| News Corp. - Class B (b) | 18634 | &nbsp;&nbsp; 639332 |
| Omnicom Group, Inc. (b) | 32620 | &nbsp;&nbsp; 2346683 |
| Paramount Global - Class B | 100613 | &nbsp;&nbsp; 1297908 |
|  |  | &nbsp;&nbsp; 39562388 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc.  | 240121 | &nbsp;&nbsp; 10409245 |
| Newmont Corp.  | 186084 | &nbsp;&nbsp; 10841254 |
| Nucor Corp. (b) | 38579 | &nbsp;&nbsp; 4997524 |
| Steel Dynamics, Inc. (b) | 23082 | &nbsp;&nbsp; 2954727 |
|  |  | &nbsp;&nbsp; 29202750 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp.  | 45188 | &nbsp;&nbsp; 4339856 |
| CenterPoint Energy, Inc. (b) | 109131 | &nbsp;&nbsp; 4009473 |
| CMS Energy Corp.  | 50011 | &nbsp;&nbsp; 3464762 |
| Consolidated Edison, Inc.  | 60238 | &nbsp;&nbsp; 6044883 |
| Dominion Energy, Inc.  | 142580 | &nbsp;&nbsp; 8058622 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Multi-Utilities—(Continued)** | **Multi-Utilities—(Continued)** | **Multi-Utilities—(Continued)** |
| DTE Energy Co.  | 34695 | &nbsp;&nbsp; $4595700 |
| NiSource, Inc.  | 78697 | &nbsp;&nbsp; 3174637 |
| Public Service Enterprise Group, Inc.  | 83428 | &nbsp;&nbsp; 7022969 |
| Sempra | 109037 | &nbsp;&nbsp; 8261733 |
| WEC Energy Group, Inc. (b) | 53356 | &nbsp;&nbsp; 5559695 |
|  |  | &nbsp;&nbsp; 54532330 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| BXP, Inc.  | 24353 | &nbsp;&nbsp; 1643097 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| APA Corp. (b) | 60330 | &nbsp;&nbsp; 1103436 |
| Chevron Corp. (b) | 271544 | &nbsp;&nbsp; 38882385 |
| ConocoPhillips | 211065 | &nbsp;&nbsp; 18940973 |
| Coterra Energy, Inc.  | 127611 | &nbsp;&nbsp; 3238767 |
| Devon Energy Corp.  | 107354 | &nbsp;&nbsp; 3414931 |
| Diamondback Energy, Inc.  | 31262 | &nbsp;&nbsp; 4295399 |
| EOG Resources, Inc.  | 91251 | &nbsp;&nbsp; 10914532 |
| EQT Corp.  | 100085 | &nbsp;&nbsp; 5836957 |
| Expand Energy Corp.  | 36207 | &nbsp;&nbsp; 4234047 |
| Exxon Mobil Corp.  | 720598 | &nbsp;&nbsp; 77680464 |
| Hess Corp.  | 46352 | &nbsp;&nbsp; 6421606 |
| Kinder Morgan, Inc.  | 323213 | &nbsp;&nbsp; 9502462 |
| Marathon Petroleum Corp.  | 51363 | &nbsp;&nbsp; 8531908 |
| Occidental Petroleum Corp. (b) | 118468 | &nbsp;&nbsp; 4976841 |
| ONEOK, Inc. (b) | 104433 | &nbsp;&nbsp; 8524866 |
| Phillips 66 Co. (b) | 68120 | &nbsp;&nbsp; 8126716 |
| Targa Resources Corp.  | 36269 | &nbsp;&nbsp; 6313708 |
| Texas Pacific Land Corp. (b) | 3152 | &nbsp;&nbsp; 3329741 |
| Valero Energy Corp. (b) | 52365 | &nbsp;&nbsp; 7038903 |
| Williams Cos., Inc.  | 204142 | &nbsp;&nbsp; 12822159 |
|  |  | &nbsp;&nbsp; 244130801 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. (b) | 109168 | &nbsp;&nbsp; 5368882 |
| Southwest Airlines Co. (b) | 95277 | &nbsp;&nbsp; 3090786 |
| United Airlines Holdings, Inc. (a) | 54605 | &nbsp;&nbsp; 4348196 |
|  |  | &nbsp;&nbsp; 12807864 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. - Class A (b) | 39158 | &nbsp;&nbsp; 3163966 |
| Kenvue, Inc.  | 320993 | &nbsp;&nbsp; 6718384 |
|  |  | &nbsp;&nbsp; 9882350 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| Bristol-Myers Squibb Co.  | 340249 | &nbsp;&nbsp; 15750126 |
| Eli Lilly & Co.  | 131517 | &nbsp;&nbsp; 102521447 |
| Johnson & Johnson | 402276 | &nbsp;&nbsp; 61447659 |
| Merck & Co., Inc.  | 419824 | &nbsp;&nbsp; 33233268 |
| Pfizer, Inc.  | 950548 | &nbsp;&nbsp; 23041284 |
| Viatris, Inc.  | 196230 | &nbsp;&nbsp; 1752334 |
| Zoetis, Inc.  | 74435 | &nbsp;&nbsp; 11608138 |
|  |  | &nbsp;&nbsp; 249354256 |

---

*See accompanying notes to financial statements.*

**BHFTII-295**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Automatic Data Processing, Inc.  | 67867 | &nbsp;&nbsp; $20930183 |
| Broadridge Financial Solutions, Inc.  | 19639 | &nbsp;&nbsp; 4772866 |
| Dayforce, Inc. (a) | 26730 | &nbsp;&nbsp; 1480575 |
| Equifax, Inc.  | 20765 | &nbsp;&nbsp; 5385818 |
| Jacobs Solutions, Inc.  | 20089 | &nbsp;&nbsp; 2640699 |
| Leidos Holdings, Inc.  | 21520 | &nbsp;&nbsp; 3394995 |
| Paychex, Inc. (b) | 53596 | &nbsp;&nbsp; 7796074 |
| Paycom Software, Inc. (b) | 8148 | &nbsp;&nbsp; 1885447 |
| Verisk Analytics, Inc.  | 23388 | &nbsp;&nbsp; 7285362 |
|  |  | &nbsp;&nbsp; 55572019 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc. - Class A (a) | 49095 | &nbsp;&nbsp; 6879192 |
| CoStar Group, Inc. (a) | 70536 | &nbsp;&nbsp; 5671094 |
|  |  | &nbsp;&nbsp; 12550286 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| AvalonBay Communities, Inc.  | 23773 | &nbsp;&nbsp; 4837805 |
| Camden Property Trust (b) | 17862 | &nbsp;&nbsp; 2012869 |
| Equity Residential (b) | 57171 | &nbsp;&nbsp; 3858471 |
| Essex Property Trust, Inc.  | 10765 | &nbsp;&nbsp; 3050801 |
| Invitation Homes, Inc.  | 95306 | &nbsp;&nbsp; 3126037 |
| Mid-America Apartment Communities, Inc. (b) | 19571 | &nbsp;&nbsp; 2896704 |
| UDR, Inc. (b) | 50404 | &nbsp;&nbsp; 2057995 |
|  |  | &nbsp;&nbsp; 21840682 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| Federal Realty Investment Trust | 12979 | &nbsp;&nbsp; 1232875 |
| Kimco Realty Corp. (b) | 113104 | &nbsp;&nbsp; 2377446 |
| Realty Income Corp. (b) | 150987 | &nbsp;&nbsp; 8698361 |
| Regency Centers Corp. (b) | 27315 | &nbsp;&nbsp; 1945648 |
| Simon Property Group, Inc.  | 51300 | &nbsp;&nbsp; 8246988 |
|  |  | &nbsp;&nbsp; 22501318 |
| **Semiconductors & Semiconductor Equipment — 12.6%** | **Semiconductors & Semiconductor Equipment — 12.6%** | **Semiconductors & Semiconductor Equipment — 12.6%** |
| Advanced Micro Devices, Inc. (a) | 271086 | &nbsp;&nbsp; 38467103 |
| Analog Devices, Inc.  | 82923 | &nbsp;&nbsp; 19737333 |
| Applied Materials, Inc.  | 135833 | &nbsp;&nbsp; 24866947 |
| Broadcom, Inc.  | 786129 | &nbsp;&nbsp; 216696459 |
| Enphase Energy, Inc. (a) (b) | 21936 | &nbsp;&nbsp; 869762 |
| First Solar, Inc. (a) (b) | 17930 | &nbsp;&nbsp; 2968132 |
| Intel Corp.  | 729292 | &nbsp;&nbsp; 16336141 |
| KLA Corp.  | 22110 | &nbsp;&nbsp; 19804811 |
| Lam Research Corp.  | 213858 | &nbsp;&nbsp; 20816938 |
| Microchip Technology, Inc.  | 89919 | &nbsp;&nbsp; 6327600 |
| Micron Technology, Inc.  | 186849 | &nbsp;&nbsp; 23029139 |
| Monolithic Power Systems, Inc. (b) | 8005 | &nbsp;&nbsp; 5854697 |
| NVIDIA Corp.  | 4077409 | &nbsp;&nbsp; 644189848 |
| NXP Semiconductors NV | 42237 | &nbsp;&nbsp; 9228362 |
| ON Semiconductor Corp. (a) (b) | 69867 | &nbsp;&nbsp; 3661730 |
| QUALCOMM, Inc.  | 183441 | &nbsp;&nbsp; 29214814 |
| Skyworks Solutions, Inc. (b) | 25100 | &nbsp;&nbsp; 1870452 |
| Teradyne, Inc.  | 26820 | &nbsp;&nbsp; 2411654 |
| Texas Instruments, Inc.  | 151889 | &nbsp;&nbsp; 31535194 |
|  |  | &nbsp;&nbsp; 1117887116 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software — 11.3%** | **Software — 11.3%** | **Software — 11.3%** |
| Adobe, Inc. (a) | 71257 | &nbsp;&nbsp; $27567908 |
| ANSYS, Inc. (a) | 14699 | &nbsp;&nbsp; 5162583 |
| Autodesk, Inc. (a) | 35770 | &nbsp;&nbsp; 11073319 |
| Cadence Design Systems, Inc. (a) | 45651 | &nbsp;&nbsp; 14067356 |
| Crowdstrike Holdings, Inc. - Class A (a) (b) | 41643 | &nbsp;&nbsp; 21209196 |
| Fair Isaac Corp. (a) | 4070 | &nbsp;&nbsp; 7439797 |
| Fortinet, Inc. (a) | 106216 | &nbsp;&nbsp; 11229155 |
| Gen Digital, Inc.  | 91253 | &nbsp;&nbsp; 2682838 |
| Intuit, Inc.  | 46741 | &nbsp;&nbsp; 36814614 |
| Microsoft Corp.  | 1242664 | &nbsp;&nbsp; 618113500 |
| Oracle Corp.  | 271931 | &nbsp;&nbsp; 59452275 |
| Palantir Technologies, Inc. - Class A (a) | 355639 | &nbsp;&nbsp; 48480708 |
| Palo Alto Networks, Inc. (a) (b) | 110698 | &nbsp;&nbsp; 22653239 |
| PTC, Inc. (a) | 20054 | &nbsp;&nbsp; 3456106 |
| Roper Technologies, Inc.  | 17976 | &nbsp;&nbsp; 10189516 |
| Salesforce, Inc.  | 160417 | &nbsp;&nbsp; 43744112 |
| ServiceNow, Inc. (a) | 34609 | &nbsp;&nbsp; 35580821 |
| Synopsys, Inc. (a) | 25851 | &nbsp;&nbsp; 13253291 |
| Tyler Technologies, Inc. (a) (b) | 7210 | &nbsp;&nbsp; 4274376 |
| Workday, Inc. - Class A (a) | 36220 | &nbsp;&nbsp; 8692800 |
|  |  | &nbsp;&nbsp; 1005137510 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| American Tower Corp. (b) | 78269 | &nbsp;&nbsp; 17299014 |
| Crown Castle, Inc.  | 72805 | &nbsp;&nbsp; 7479258 |
| Digital Realty Trust, Inc.  | 52930 | &nbsp;&nbsp; 9227287 |
| Equinix, Inc.  | 16355 | &nbsp;&nbsp; 13009912 |
| Extra Space Storage, Inc.  | 35480 | &nbsp;&nbsp; 5231171 |
| Iron Mountain, Inc. (b) | 49329 | &nbsp;&nbsp; 5059675 |
| Millrose Properties, Inc.  | 2 | &nbsp;&nbsp; 57 |
| Public Storage | 26398 | &nbsp;&nbsp; 7745701 |
| SBA Communications Corp.  | 17965 | &nbsp;&nbsp; 4218901 |
| VICI Properties, Inc. (b) | 176673 | &nbsp;&nbsp; 5759540 |
| Weyerhaeuser Co.  | 121259 | &nbsp;&nbsp; 3115144 |
|  |  | &nbsp;&nbsp; 78145660 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc. (a) | 2797 | &nbsp;&nbsp; 10383107 |
| Best Buy Co., Inc.  | 32206 | &nbsp;&nbsp; 2161989 |
| CarMax, Inc. (a) (b) | 25469 | &nbsp;&nbsp; 1711772 |
| Home Depot, Inc.  | 166177 | &nbsp;&nbsp; 60927135 |
| Lowe's Cos., Inc.  | 93578 | &nbsp;&nbsp; 20762151 |
| O'Reilly Automotive, Inc. (a) | 142921 | &nbsp;&nbsp; 12881470 |
| Ross Stores, Inc.  | 54978 | &nbsp;&nbsp; 7014093 |
| TJX Cos., Inc.  | 186668 | &nbsp;&nbsp; 23051631 |
| Tractor Supply Co. (b) | 88645 | &nbsp;&nbsp; 4677797 |
| Ulta Beauty, Inc. (a) | 7549 | &nbsp;&nbsp; 3531573 |
| Williams-Sonoma, Inc.  | 20554 | &nbsp;&nbsp; 3357907 |
|  |  | &nbsp;&nbsp; 150460625 |
| **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** |
| Apple, Inc.  | 2497154 | &nbsp;&nbsp; 512341086 |
| Dell Technologies, Inc. - Class C | 50087 | &nbsp;&nbsp; 6140666 |
| Hewlett Packard Enterprise Co.  | 219620 | &nbsp;&nbsp; 4491229 |
| HP, Inc.  | 157612 | &nbsp;&nbsp; 3855190 |
| NetApp, Inc.  | 34008 | &nbsp;&nbsp; 3623552 |

---

*See accompanying notes to financial statements.*

**BHFTII-296**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (f)—3.5%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals—(Continued)** | **Technology Hardware, Storage & Peripherals—(Continued)** | **Technology Hardware, Storage & Peripherals—(Continued)** |
| Seagate Technology Holdings PLC | 35481 | &nbsp;&nbsp; $5120973 |
| Super Micro Computer, Inc. (a) (b) | 85813 | &nbsp;&nbsp; 4205695 |
| Western Digital Corp.  | 58329 | &nbsp;&nbsp; 3732473 |
|  |  | &nbsp;&nbsp; 543510864 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Deckers Outdoor Corp. (a) (b) | 25375 | &nbsp;&nbsp; 2615401 |
| Lululemon Athletica, Inc. (a) | 18481 | &nbsp;&nbsp; 4390716 |
| NIKE, Inc. - Class B | 196969 | &nbsp;&nbsp; 13992678 |
| Ralph Lauren Corp.  | 6668 | &nbsp;&nbsp; 1828899 |
| Tapestry, Inc.  | 34724 | &nbsp;&nbsp; 3049114 |
|  |  | &nbsp;&nbsp; 25876808 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc.  | 281627 | &nbsp;&nbsp; 16511791 |
| Philip Morris International, Inc.  | 260237 | &nbsp;&nbsp; 47396965 |
|  |  | &nbsp;&nbsp; 63908756 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Fastenal Co. (b) | 191809 | &nbsp;&nbsp; 8055978 |
| United Rentals, Inc.  | 10868 | &nbsp;&nbsp; 8187951 |
| WW Grainger, Inc.  | 7309 | &nbsp;&nbsp; 7603114 |
|  |  | &nbsp;&nbsp; 23847043 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc.  | 32604 | &nbsp;&nbsp; 4535542 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile U.S., Inc.  | 79732 | &nbsp;&nbsp; 18996946 |
| Total Common Stocks <br>(Cost $3,014,918,780) <br>|  | &nbsp;&nbsp; 8776776361 |
| **Investment Companies—0.5%** | **Investment Companies—0.5%** | **Investment Companies—0.5%** |
| **Exchange-Traded Funds — 0.5%** | **Exchange-Traded Funds — 0.5%** | **Exchange-Traded Funds — 0.5%** |
| SPDR S&P 500 ETF Trust | 78700 | &nbsp;&nbsp; 48624795 |
| Total Investment Companies <br>(Cost $44,302,611) <br>|  | &nbsp;&nbsp; 48624795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** |
| **U.S. Treasury—0.6%** | **U.S. Treasury—0.6%** | **U.S. Treasury—0.6%** |
| U.S. Treasury Bills |  |  |
| Zero Coupon, 07/01/25 (e) | 2500000 | &nbsp;&nbsp; 2500000 |
| 3.976%, 07/24/25 (e) | 4000000 | &nbsp;&nbsp; 3989356 |
| 4.031%, 07/24/25 (e) | 35000000 | &nbsp;&nbsp; 34906866 |
| 4.047%, 07/24/25 (e) | 6000000 | &nbsp;&nbsp; 5984034 |
| Total Short-Term Investments <br>(Cost $47,381,126) <br>|  | &nbsp;&nbsp; 47380256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **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 4.190% (g)<br>| 10000000 | &nbsp;&nbsp; $10000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (g)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (g)<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 25000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.8%** | **Certificates of Deposit—0.8%** | **Certificates of Deposit—0.8%** |
| Bank of America NA |  |  |
| 4.800%, SOFR + 0.400%, 03/31/26 (h) | 3000000 | &nbsp;&nbsp; 3002916 |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (h) | 1000000 | &nbsp;&nbsp; 999998 |
| 4.750%, SOFR + 0.350%, 05/14/26 (h) | 6000000 | &nbsp;&nbsp; 5999990 |
| 4.780%, SOFR + 0.390%, 05/05/26 (h) | 3000000 | &nbsp;&nbsp; 3002163 |
| Barclays Bank PLC |  |  |
| 4.600%, SOFR + 0.200%, 10/01/25 (h) | 2000000 | &nbsp;&nbsp; 2000152 |
| 4.750%, SOFR+0.350%, 10/21/25 (h) | 2000000 | &nbsp;&nbsp; 2001108 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (h) | 2000000 | &nbsp;&nbsp; 1999976 |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (h) | 2000000 | &nbsp;&nbsp; 2000340 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.670%, SOFR + 0.280%, 11/03/25 (h) | 5000000 | &nbsp;&nbsp; 4999655 |
| 4.750%, SOFR+0.360%, 09/03/25 (h) | 1000000 | &nbsp;&nbsp; 1000132 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| Zero Coupon, 08/20/25 | 5000000 | &nbsp;&nbsp; 4969050 |
| Zero Coupon, 09/15/25 | 5000000 | &nbsp;&nbsp; 4953150 |
| Mizuho Bank Ltd. |  |  |
| 4.580%, SOFR + 0.180%, 09/11/25 (h) | 2000000 | &nbsp;&nbsp; 1999676 |
| 4.600%, SOFR + 0.200%, 08/19/25 (h) | 2000000 | &nbsp;&nbsp; 1999850 |
| 4.690%, SOFR+ 0.290%, 11/13/25 (h) | 2000000 | &nbsp;&nbsp; 1999992 |
| MUFG Bank Ltd. |  |  |
| 4.710%, SOFR + 0.310%, 10/30/25 (h) | 4600000 | &nbsp;&nbsp; 4601394 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 07/11/25 (h) | 3000000 | &nbsp;&nbsp; 3000039 |
| Royal Bank of Canada |  |  |
| 4.770%, SOFR + 0.380%, 05/01/26 (h) | 3000000 | &nbsp;&nbsp; 3001395 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.600%, SOFR + 0.200%, 12/08/25 (h) | 3000000 | &nbsp;&nbsp; 2999121 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.740%, SOFR + 0.350%, 10/14/25 (h) | 3000000 | &nbsp;&nbsp; 3000948 |
| Toronto-Dominion Bank |  |  |
| 4.850%, SOFR + 0.450%, 04/23/26 (h) | 1000000 | &nbsp;&nbsp; 1000777 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 5000000 | &nbsp;&nbsp; 5000005 |
|  |  | &nbsp;&nbsp; 65531827 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 5000000 | &nbsp;&nbsp; 4998181 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (h) | 5000000 | &nbsp;&nbsp; 4999755 |
| Ionic Funding LLC |  |  |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |

---

*See accompanying notes to financial statements.*

**BHFTII-297**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 2000000 | &nbsp;&nbsp; $1997480 |
| Salisbury Receivables Co. LLC |  |  |
| 4.450%, 07/09/25 | 3000000 | &nbsp;&nbsp; 2996595 |
| 4.470%, 07/15/25 | 2000000 | &nbsp;&nbsp; 1996220 |
| Westpac Banking Corp. |  |  |
| 4.790%, SOFR+0.400%, 04/10/26 (h) | 2000000 | &nbsp;&nbsp; 2002158 |
|  |  | &nbsp;&nbsp; 20986405 |
| **Repurchase Agreements—2.1%** | **Repurchase Agreements—2.1%** | **Repurchase Agreements—2.1%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $31,003,841; <br> collateralized by various Common Stock with an aggregate <br> market value of $34,505,293<br>| 31000000 | &nbsp;&nbsp; 31000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $8,401,057; collateralized <br> by various Common Stock with an aggregate market value of <br> $9,349,821<br>| 8400000 | &nbsp;&nbsp; 8400000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $20,498,067; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $20,911,350<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,592,783; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $2,644,318<br>| 2592468 | &nbsp;&nbsp; 2592468 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $4,920,102; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $5,017,898<br>| 4919506 | &nbsp;&nbsp; 4919507 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $1,900,240; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,118,700<br>| 1900000 | &nbsp;&nbsp; 1900000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $59,052,313; <br> collateralized by various Common Stock with an aggregate <br> market value of $65,792,248<br>| 59000000 | &nbsp;&nbsp; 59000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due on <br> 07/07/25 with a maturity value of $31,027,668; <br> collateralized by various Common Stock with an aggregate <br> market value of $34,569,642<br>| 31000000 | &nbsp;&nbsp; 31000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $10,001,233; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,126,188<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $13,901,745; <br> collateralized by various Common Stock with an aggregate <br> market value of $15,462,959<br>| 13900000 | &nbsp;&nbsp; $13900000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $5,000,615; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,500,677<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 187711975 |
| **Time Deposits—0.1%** | **Time Deposits—0.1%** | **Time Deposits—0.1%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (h) | 6000000 | &nbsp;&nbsp; 6000000 |
|  |  | &nbsp;&nbsp; 12000000 |
| Total Securities Lending Reinvestments <br>(Cost $311,221,774) <br>|  | &nbsp;&nbsp; 311230207 |
| Total Investments—103.6% <br>(Cost $3,417,824,291) <br>|  | &nbsp;&nbsp; 9184011619 |
| Other assets and liabilities (net)—(3.6)%  |  | &nbsp;&nbsp; (315326358)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $8868685261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $473,681,752 and the collateral received consisted of cash in the amount of $311,096,296 and non-cash collateral with a value of $170,833,768. 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) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $21,286,800. 

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

(f) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(g) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(h) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTII-298**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $8337677 | &nbsp;&nbsp; $(609553)<br>| &nbsp;&nbsp; $304090 | &nbsp;&nbsp; $(450377)<br>| &nbsp;&nbsp; $7581837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $111488 | &nbsp;&nbsp; 94278 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $426834537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $930325524 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(311096296)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(311096296)<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; $(311096296)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 160 | USD | 50030000 | &nbsp;&nbsp; $1370912 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $1370912 |

---

&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.*

**BHFTII-299**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $(1170243)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $3055682 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $46251458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $8776776361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8776776361 |
| Total Investment Companies\* | &nbsp;&nbsp; 48624795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48624795 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 47380256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47380256 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 65531827 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65531827 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 20986405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20986405 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 187711975 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187711975 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 286230207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 311230207 |
| Total Investments | &nbsp;&nbsp; $8850401156 | &nbsp;&nbsp; $333610463 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9184011619 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(311096296)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(311096296)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $1370912 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1370912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-300**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $9176429782 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 7581837 |
| Cash | &nbsp;&nbsp; 2304040 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5857809 |
| Fund shares sold | &nbsp;&nbsp; 314903 |
| Dividends and interest | &nbsp;&nbsp; 4587718 |
| Variation margin on futures contracts | &nbsp;&nbsp; 240020 |
| Prepaid expenses | &nbsp;&nbsp; 71183 |
| Total Assets | &nbsp;&nbsp; 9197387292 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 311096296 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 13984623 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1693353 |
| Distribution and service fees | &nbsp;&nbsp; 433034 |
| Deferred trustees' fees | &nbsp;&nbsp; 229448 |
| Other expenses | &nbsp;&nbsp; 1265277 |
| Total Liabilities | &nbsp;&nbsp; 328702031 |
| **Net Assets**  | &nbsp;&nbsp; $8868685261 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2788238880 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 6080446381 |
| **Net Assets**  | &nbsp;&nbsp; $8868685261 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $6624644149 |
| Class B | &nbsp;&nbsp; 2056751085 |
| Class D | &nbsp;&nbsp; 46195016 |
| Class E | &nbsp;&nbsp; 130928125 |
| Class G | &nbsp;&nbsp; 10166886 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 98774559 |
| Class B | &nbsp;&nbsp; 33125230 |
| Class D | &nbsp;&nbsp; 691582 |
| Class E | &nbsp;&nbsp; 1977229 |
| Class G | &nbsp;&nbsp; 163770 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $67.07 |
| Class B | 62.09 |
| Class D | 66.80 |
| Class E | 66.22 |
| Class G | 62.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments, excluding affiliated investments, was $3,414,026,882.

(b) Includes securities loaned at value $468,857,356.

(c) Identified cost of affiliated investments was $3,797,409.

(d) Includes securities loaned at value of $4,824,396.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $57479334 |
| Dividends from affiliated investments | &nbsp;&nbsp; 111488 |
| Interest | &nbsp;&nbsp; 976717 |
| Securities lending income | &nbsp;&nbsp; 342680 |
| Total investment income | &nbsp;&nbsp; 58910219 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 10700780 |
| Administration fees | &nbsp;&nbsp; 172905 |
| Custodian and accounting fees | &nbsp;&nbsp; 161360 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2451681 |
| Distribution and service fees—Class D | &nbsp;&nbsp; 22007 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 93406 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 14320 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 148674 |
| Insurance | &nbsp;&nbsp; 33108 |
| Miscellaneous | &nbsp;&nbsp; 554190 |
| Total expenses | &nbsp;&nbsp; 14420244 |
| Less management fee waiver | &nbsp;&nbsp; (555266)<br>|
| Net expenses | &nbsp;&nbsp; 13864978 |
| **Net Investment Income** | &nbsp;&nbsp; 45045241 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 357237333 |
| Affiliated investments | &nbsp;&nbsp; 304090 |
| Futures contracts | &nbsp;&nbsp; (1170243)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 356371180 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 112299434 |
| Affiliated investments | &nbsp;&nbsp; (450377)<br>|
| Futures contracts | &nbsp;&nbsp; 3055682 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 114904739 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 471275919 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $516321160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $13,014.

*See accompanying notes to financial statements.*

**BHFTII-301**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $45045241 | &nbsp;&nbsp; $85364018 |
| Net realized gain (loss) | &nbsp;&nbsp; 356371180 | &nbsp;&nbsp; 796231365 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 114904739 | &nbsp;&nbsp; 842169257 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 516321160 | &nbsp;&nbsp; 1723764640 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (643605178)<br>| &nbsp;&nbsp; (410262383)<br>|
| Class B | &nbsp;&nbsp; (209437807)<br>| &nbsp;&nbsp; (155761066)<br>|
| Class D | &nbsp;&nbsp; (4459177)<br>| &nbsp;&nbsp; (3213729)<br>|
| Class E | &nbsp;&nbsp; (12682308)<br>| &nbsp;&nbsp; (9424870)<br>|
| Class G | &nbsp;&nbsp; (1010340)<br>| &nbsp;&nbsp; (754733)<br>|
| **Total distributions** | &nbsp;&nbsp; (871194810)<br>| &nbsp;&nbsp; (579416781)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 324051287 | &nbsp;&nbsp; 316006328 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (30822363)<br>| &nbsp;&nbsp; 1460354187 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 8899507624 | &nbsp;&nbsp; 7439153437 |
| End of period | &nbsp;&nbsp; $8868685261 | &nbsp;&nbsp; $8899507624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3463764 | &nbsp;&nbsp; $235286314 | &nbsp;&nbsp; 13696708 | &nbsp;&nbsp; $963419660 |
| Reinvestments | &nbsp;&nbsp; 9892487 | &nbsp;&nbsp; 643605178 | &nbsp;&nbsp; 6378457 | &nbsp;&nbsp; 410262383 |
| Redemptions | &nbsp;&nbsp; (9311155)<br>| &nbsp;&nbsp; (650016178)<br>| &nbsp;&nbsp; (12006738)<br>| &nbsp;&nbsp; (801407309)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4045096 | &nbsp;&nbsp; $228875314 | &nbsp;&nbsp; 8068427 | &nbsp;&nbsp; $572274734 |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 729232 | &nbsp;&nbsp; $45358237 | &nbsp;&nbsp; 862185 | &nbsp;&nbsp; $53482764 |
| Reinvestments | &nbsp;&nbsp; 3476723 | &nbsp;&nbsp; 209437807 | &nbsp;&nbsp; 2595153 | &nbsp;&nbsp; 155761066 |
| Redemptions | &nbsp;&nbsp; (2624066)<br>| &nbsp;&nbsp; (168429814)<br>| &nbsp;&nbsp; (7082577)<br>| &nbsp;&nbsp; (440078067)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1581889 | &nbsp;&nbsp; $86366230 | &nbsp;&nbsp; (3625239)<br>| &nbsp;&nbsp; $(230834237)<br>|
| **Class D** |  |  |  |  |
| Sales | &nbsp;&nbsp; 130 | &nbsp;&nbsp; $8166 | &nbsp;&nbsp; 4544 | &nbsp;&nbsp; $295651 |
| Reinvestments | &nbsp;&nbsp; 68814 | &nbsp;&nbsp; 4459177 | &nbsp;&nbsp; 50144 | &nbsp;&nbsp; 3213729 |
| Redemptions | &nbsp;&nbsp; (30081)<br>| &nbsp;&nbsp; (2043960)<br>| &nbsp;&nbsp; (139519)<br>| &nbsp;&nbsp; (9083513)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 38863 | &nbsp;&nbsp; $2423383 | &nbsp;&nbsp; (84831)<br>| &nbsp;&nbsp; $(5574133)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 28927 | &nbsp;&nbsp; $1903988 | &nbsp;&nbsp; 25651 | &nbsp;&nbsp; $1699401 |
| Reinvestments | &nbsp;&nbsp; 197421 | &nbsp;&nbsp; 12682308 | &nbsp;&nbsp; 148213 | &nbsp;&nbsp; 9424870 |
| Redemptions | &nbsp;&nbsp; (129718)<br>| &nbsp;&nbsp; (8838701)<br>| &nbsp;&nbsp; (414631)<br>| &nbsp;&nbsp; (27253059)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 96630 | &nbsp;&nbsp; $5747595 | &nbsp;&nbsp; (240767)<br>| &nbsp;&nbsp; $(16128788)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; $289898 | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; $102657 |
| Reinvestments | &nbsp;&nbsp; 16775 | &nbsp;&nbsp; 1010340 | &nbsp;&nbsp; 12579 | &nbsp;&nbsp; 754733 |
| Redemptions | &nbsp;&nbsp; (10212)<br>| &nbsp;&nbsp; (661473)<br>| &nbsp;&nbsp; (74381)<br>| &nbsp;&nbsp; (4588638)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 11313 | &nbsp;&nbsp; $638765 | &nbsp;&nbsp; (60161)<br>| &nbsp;&nbsp; $(3731248)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $324051287 |  | &nbsp;&nbsp; $316006328 |

---

*See accompanying notes to financial statements.*

**BHFTII-302**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $70.20 | &nbsp;&nbsp; $60.66 | &nbsp;&nbsp; $52.23 | &nbsp;&nbsp; $71.87 | &nbsp;&nbsp; $60.62 | &nbsp;&nbsp; $56.03 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net realized and unrealized gain (loss) | 3.66 | &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp; (14.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.22 |
| Total income (loss) from investment operations | 4.04 | &nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.09 | &nbsp;&nbsp; (13.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.09 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.04)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (3.46)<br>|
| Total distributions | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp; (6.36)<br>| &nbsp;&nbsp; (5.24)<br>| &nbsp;&nbsp; (4.50)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $67.07 | &nbsp;&nbsp; $70.20 | &nbsp;&nbsp; $60.66 | &nbsp;&nbsp; $52.23 | &nbsp;&nbsp; $71.87 | &nbsp;&nbsp; $60.62 |
| **Total Return (%)** (b) | 6.07 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.67 | &nbsp;&nbsp;&nbsp;&nbsp;25.94 | &nbsp;&nbsp; (18.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.36 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.28 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net ratio of expenses to average net assets (%) (e) | 0.26 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Ratio of net investment income (loss) to average net assets (%) | 1.11 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br>(c)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $6624.6 | &nbsp;&nbsp; $6650.0 | &nbsp;&nbsp; $5256.7 | &nbsp;&nbsp; $4597.2 | &nbsp;&nbsp; $6147.5 | &nbsp;&nbsp; $5319.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $65.42 | &nbsp;&nbsp; $56.83 | &nbsp;&nbsp; $49.18 | &nbsp;&nbsp; $68.09 | &nbsp;&nbsp; $57.69 | &nbsp;&nbsp; $53.53 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain (loss) | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp; (13.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 |
| Total income (loss) from investment operations | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.17 | &nbsp;&nbsp; (12.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.50 | &nbsp;&nbsp;&nbsp;&nbsp;8.53 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.91)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (3.46)<br>|
| Total distributions | &nbsp;&nbsp; (7.00)<br>| &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (6.19)<br>| &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp; (4.37)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $62.09 | &nbsp;&nbsp; $65.42 | &nbsp;&nbsp; $56.83 | &nbsp;&nbsp; $49.18 | &nbsp;&nbsp; $68.09 | &nbsp;&nbsp; $57.69 |
| **Total Return (%)** (b) | 5.94 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.37 | &nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp; (18.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.04 | &nbsp;&nbsp;&nbsp;&nbsp;17.83 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.53 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net ratio of expenses to average net assets (%) (e) | 0.51 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Ratio of net investment income (loss) to average net assets (%) | 0.86 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br>(c)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2056.8 | &nbsp;&nbsp; $2063.5 | &nbsp;&nbsp; $1998.6 | &nbsp;&nbsp; $1803.1 | &nbsp;&nbsp; $2415.9 | &nbsp;&nbsp; $2158.0 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-303**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $60.43 | &nbsp;&nbsp; $52.04 | &nbsp;&nbsp; $71.62 | &nbsp;&nbsp; $60.43 | &nbsp;&nbsp; $55.86 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net realized and unrealized gain (loss) | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;12.25 | &nbsp;&nbsp; (14.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 |
| Total income (loss) from investment operations | 3.99 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp; (13.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.36 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.98)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (3.46)<br>|
| Total distributions | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (4.91)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (6.29)<br>| &nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp; (4.44)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $66.80 | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $60.43 | &nbsp;&nbsp; $52.04 | &nbsp;&nbsp; $71.62 | &nbsp;&nbsp; $60.43 |
| **Total Return (%)** (b) | 6.02 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;25.80 | &nbsp;&nbsp; (18.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.23 | &nbsp;&nbsp;&nbsp;&nbsp;17.99 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.38 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net ratio of expenses to average net assets (%) (e) | 0.36 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Ratio of net investment income (loss) to average net assets (%) | 1.01 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br>(c)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $46.2 | &nbsp;&nbsp; $45.6 | &nbsp;&nbsp; $44.6 | &nbsp;&nbsp; $39.5 | &nbsp;&nbsp; $55.8 | &nbsp;&nbsp; $48.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $69.34 | &nbsp;&nbsp; $59.98 | &nbsp;&nbsp; $51.68 | &nbsp;&nbsp; $71.17 | &nbsp;&nbsp; $60.08 | &nbsp;&nbsp; $55.56 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net realized and unrealized gain (loss) | 3.62 | &nbsp;&nbsp;&nbsp;&nbsp;13.60 | &nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp; (13.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 |
| Total income (loss) from investment operations | 3.94 | &nbsp;&nbsp;&nbsp;&nbsp;14.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp; (13.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.24 | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.95)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (3.46)<br>|
| Total distributions | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (6.25)<br>| &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (4.41)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $66.22 | &nbsp;&nbsp; $69.34 | &nbsp;&nbsp; $59.98 | &nbsp;&nbsp; $51.68 | &nbsp;&nbsp; $71.17 | &nbsp;&nbsp; $60.08 |
| **Total Return (%)** (b) | 6.00 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp; (18.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.17 | &nbsp;&nbsp;&nbsp;&nbsp;17.93 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.43 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net ratio of expenses to average net assets (%) (e) | 0.41 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Ratio of net investment income (loss) to average net assets (%) | 0.96 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br>(c)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $130.9 | &nbsp;&nbsp; $130.4 | &nbsp;&nbsp; $127.2 | &nbsp;&nbsp; $118.1 | &nbsp;&nbsp; $159.6 | &nbsp;&nbsp; $143.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.*

**BHFTII-304**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $65.38 | &nbsp;&nbsp; $56.76 | &nbsp;&nbsp; $49.11 | &nbsp;&nbsp; $67.87 | &nbsp;&nbsp; $57.51 | &nbsp;&nbsp; $53.39 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) | 3.39 | &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| Total income (loss) from investment operations | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp; (12.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.88)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (6.44)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (5.56)<br>| &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (3.46)<br>|
| Total distributions | &nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (6.05)<br>| &nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp; (4.34)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $62.08 | &nbsp;&nbsp; $65.38 | &nbsp;&nbsp; $56.76 | &nbsp;&nbsp; $49.11 | &nbsp;&nbsp; $67.87 | &nbsp;&nbsp; $57.51 |
| **Total Return (%)** (b) | 5.91 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.31 | &nbsp;&nbsp;&nbsp;&nbsp;25.56 | &nbsp;&nbsp; (18.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.99 | &nbsp;&nbsp;&nbsp;&nbsp;17.74 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.58 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (e) | 0.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 0.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br>(c)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $10.2 | &nbsp;&nbsp; $10.0 | &nbsp;&nbsp; $12.1 | &nbsp;&nbsp; $11.7 | &nbsp;&nbsp; $17.2 | &nbsp;&nbsp; $23.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-305**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—59.9% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| Boeing Co. (a) | 10035 | &nbsp;&nbsp; $2102634 |
| General Dynamics Corp.  | 11201 | &nbsp;&nbsp; 3266884 |
| L3Harris Technologies, Inc. (b) | 16891 | &nbsp;&nbsp; 4236938 |
|  |  | &nbsp;&nbsp; 9606456 |
| **Automobile Components — 1.5%** | **Automobile Components — 1.5%** | **Automobile Components — 1.5%** |
| Aptiv PLC (a) | 73675 | &nbsp;&nbsp; 5026108 |
| Lear Corp. (b) | 42909 | &nbsp;&nbsp; 4075497 |
|  |  | &nbsp;&nbsp; 9101605 |
| **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
| Bank of America Corp.  | 208007 | &nbsp;&nbsp; 9842891 |
| JPMorgan Chase & Co.  | 29325 | &nbsp;&nbsp; 8501611 |
| PNC Financial Services Group, Inc.  | 23431 | &nbsp;&nbsp; 4368007 |
| Wells Fargo & Co.  | 34474 | &nbsp;&nbsp; 2762057 |
|  |  | &nbsp;&nbsp; 25474566 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Constellation Brands, Inc. - Class A | 13696 | &nbsp;&nbsp; 2228065 |
| Diageo PLC | 65555 | &nbsp;&nbsp; 1648940 |
|  |  | &nbsp;&nbsp; 3877005 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| Johnson Controls International PLC | 82049 | &nbsp;&nbsp; 8666016 |
| Masco Corp.  | 82973 | &nbsp;&nbsp; 5340142 |
|  |  | &nbsp;&nbsp; 14006158 |
| **Capital Markets — 7.6%** | **Capital Markets — 7.6%** | **Capital Markets — 7.6%** |
| Charles Schwab Corp.  | 172921 | &nbsp;&nbsp; 15777312 |
| CME Group, Inc.  | 15387 | &nbsp;&nbsp; 4240965 |
| Goldman Sachs Group, Inc.  | 16618 | &nbsp;&nbsp; 11761390 |
| Morgan Stanley | 28349 | &nbsp;&nbsp; 3993240 |
| Northern Trust Corp. (b) | 69536 | &nbsp;&nbsp; 8816469 |
|  |  | &nbsp;&nbsp; 44589376 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Air Products & Chemicals, Inc. (b) | 4622 | &nbsp;&nbsp; 1303681 |
| Axalta Coating Systems Ltd. (a) | 84208 | &nbsp;&nbsp; 2500136 |
| DuPont de Nemours, Inc.  | 40770 | &nbsp;&nbsp; 2796414 |
| PPG Industries, Inc. (b) | 38451 | &nbsp;&nbsp; 4373801 |
|  |  | &nbsp;&nbsp; 10974032 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Target Corp.  | 23521 | &nbsp;&nbsp; 2320347 |
| U.S. Foods Holding Corp. (a) (b) | 13487 | &nbsp;&nbsp; 1038634 |
|  |  | &nbsp;&nbsp; 3358981 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Avery Dennison Corp.  | 4794 | &nbsp;&nbsp; 841203 |
| Smurfit WestRock PLC | 28011 | &nbsp;&nbsp; 1208675 |
|  |  | &nbsp;&nbsp; 2049878 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| LKQ Corp.  | 88701 | &nbsp;&nbsp; 3282824 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| Duke Energy Corp.  | 39087 | &nbsp;&nbsp; $4612266 |
| Exelon Corp. (b) | 54583 | &nbsp;&nbsp; 2369994 |
| PG&E Corp.  | 375166 | &nbsp;&nbsp; 5229814 |
| Southern Co. (b) | 18468 | &nbsp;&nbsp; 1695916 |
|  |  | &nbsp;&nbsp; 13907990 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| Eaton Corp. PLC (b) | 9310 | &nbsp;&nbsp; 3323577 |
| Regal Rexnord Corp.  | 20121 | &nbsp;&nbsp; 2916740 |
|  |  | &nbsp;&nbsp; 6240317 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Electronic Arts, Inc.  | 18384 | &nbsp;&nbsp; 2935925 |
| Warner Bros Discovery, Inc. (a) | 136741 | &nbsp;&nbsp; 1567052 |
|  |  | &nbsp;&nbsp; 4502977 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Fidelity National Information Services, Inc.  | 36380 | &nbsp;&nbsp; 2961696 |
| Fiserv, Inc. (a) | 23323 | &nbsp;&nbsp; 4021118 |
|  |  | &nbsp;&nbsp; 6982814 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Archer-Daniels-Midland Co.  | 20730 | &nbsp;&nbsp; 1094129 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| Union Pacific Corp.  | 25011 | &nbsp;&nbsp; 5754531 |
| **Health Care Equipment & Supplies — 3.3%** | **Health Care Equipment & Supplies — 3.3%** | **Health Care Equipment & Supplies — 3.3%** |
| Becton Dickinson & Co.  | 51487 | &nbsp;&nbsp; 8868636 |
| Medtronic PLC | 122449 | &nbsp;&nbsp; 10673879 |
|  |  | &nbsp;&nbsp; 19542515 |
| **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** |
| Cigna Group | 31022 | &nbsp;&nbsp; 10255253 |
| McKesson Corp.  | 4745 | &nbsp;&nbsp; 3477041 |
|  |  | &nbsp;&nbsp; 13732294 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Wendy's Co.  | 55844 | &nbsp;&nbsp; 637738 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Mohawk Industries, Inc. (a) | 13809 | &nbsp;&nbsp; 1447736 |
| **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** |
| Honeywell International, Inc.  | 16235 | &nbsp;&nbsp; 3780807 |
| **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
| Aon PLC - Class A | 22897 | &nbsp;&nbsp; 8168734 |
| Chubb Ltd.  | 24127 | &nbsp;&nbsp; 6990074 |
| Principal Financial Group, Inc.  | 13093 | &nbsp;&nbsp; 1039977 |
| Travelers Cos., Inc.  | 6744 | &nbsp;&nbsp; 1804290 |
| Willis Towers Watson PLC (b) | 20954 | &nbsp;&nbsp; 6422401 |
|  |  | &nbsp;&nbsp; 24425476 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc. - Class A | 5409 | &nbsp;&nbsp; 953228 |

---

*See accompanying notes to financial statements.*

**BHFTII-306**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Accenture PLC - Class A | 9149 | &nbsp;&nbsp; $2734545 |
| Amdocs Ltd.  | 23060 | &nbsp;&nbsp; 2103994 |
| Cognizant Technology Solutions Corp. - Class A | 34391 | &nbsp;&nbsp; 2683530 |
|  |  | &nbsp;&nbsp; 7522069 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc.  | 21951 | &nbsp;&nbsp; 2590438 |
| ICON PLC (a) | 20180 | &nbsp;&nbsp; 2935181 |
|  |  | &nbsp;&nbsp; 5525619 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| AGCO Corp.  | 19591 | &nbsp;&nbsp; 2021008 |
| Stanley Black & Decker, Inc.  | 28528 | &nbsp;&nbsp; 1932772 |
|  |  | &nbsp;&nbsp; 3953780 |
| **Media — 2.6%** | **Media — 2.6%** | **Media — 2.6%** |
| Comcast Corp. - Class A | 238327 | &nbsp;&nbsp; 8505891 |
| Interpublic Group of Cos., Inc.  | 13324 | &nbsp;&nbsp; 326171 |
| Omnicom Group, Inc.  | 91401 | &nbsp;&nbsp; 6575388 |
|  |  | &nbsp;&nbsp; 15407450 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Glencore PLC (a) | 300039 | &nbsp;&nbsp; 1168315 |
| **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** |
| National Grid PLC | 285069 | &nbsp;&nbsp; 4168103 |
| **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** |
| ConocoPhillips | 71998 | &nbsp;&nbsp; 6461101 |
| Exxon Mobil Corp.  | 48104 | &nbsp;&nbsp; 5185611 |
| Hess Corp.  | 54099 | &nbsp;&nbsp; 7494875 |
| Suncor Energy, Inc.  | 96430 | &nbsp;&nbsp; 3612186 |
|  |  | &nbsp;&nbsp; 22753773 |
| **Personal Care Products — 1.4%** | **Personal Care Products — 1.4%** | **Personal Care Products — 1.4%** |
| Kenvue, Inc.  | 393030 | &nbsp;&nbsp; 8226118 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| Johnson & Johnson | 61816 | &nbsp;&nbsp; 9442394 |
| Organon & Co. (b) | 37538 | &nbsp;&nbsp; 363368 |
| Pfizer, Inc.  | 381386 | &nbsp;&nbsp; 9244797 |
| Roche Holding AG | 9924 | &nbsp;&nbsp; 3244259 |
|  |  | &nbsp;&nbsp; 22294818 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Leidos Holdings, Inc.  | 6644 | &nbsp;&nbsp; 1048157 |
| **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** |
| Intel Corp.  | 143910 | &nbsp;&nbsp; 3223584 |
| NXP Semiconductors NV | 22058 | &nbsp;&nbsp; 4819452 |
|  |  | &nbsp;&nbsp; 8043036 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| Microsoft Corp.  | 20666 | &nbsp;&nbsp; 10279475 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc. - Class B | 15175 | &nbsp;&nbsp; $1078032 |
| **Tobacco — 1.7%** | **Tobacco — 1.7%** | **Tobacco — 1.7%** |
| Altria Group, Inc.  | 24551 | &nbsp;&nbsp; 1439425 |
| Philip Morris International, Inc.  | 47064 | &nbsp;&nbsp; 8571766 |
|  |  | &nbsp;&nbsp; 10011191 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile U.S., Inc.  | 2926 | &nbsp;&nbsp; 697149 |
| Total Common Stocks <br>(Cost $275,954,323) <br>|  | &nbsp;&nbsp; 351500518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—12.4%** | **Corporate Bonds & Notes—12.4%** | **Corporate Bonds & Notes—12.4%** |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| BAE Systems PLC |  |  |
| 3.400%, 04/15/30 (144A) | 336000 | &nbsp;&nbsp; 320628 |
| Boeing Co. |  |  |
| 5.805%, 05/01/50 | 231000 | &nbsp;&nbsp; 221529 |
| 6.858%, 05/01/54 | 202000 | &nbsp;&nbsp; 221132 |
|  |  | &nbsp;&nbsp; 763289 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| BAT International Finance PLC |  |  |
| 4.448%, 03/16/28 (b) | 1275000 | &nbsp;&nbsp; 1277043 |
| Philip Morris International, Inc. |  |  |
| 5.125%, 11/17/27 (b) | 233000 | &nbsp;&nbsp; 237661 |
| 5.125%, 02/15/30 (b) | 282000 | &nbsp;&nbsp; 290129 |
| 5.625%, 11/17/29 (b) | 101000 | &nbsp;&nbsp; 106053 |
| 5.750%, 11/17/32 (b) | 445000 | &nbsp;&nbsp; 470453 |
|  |  | &nbsp;&nbsp; 2381339 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Stellantis Finance U.S., Inc. |  |  |
| 2.691%, 09/15/31 (144A) (b) | 1012000 | &nbsp;&nbsp; 855254 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| Bank of America Corp. |  |  |
| 2.572%, SOFR + 1.210%, 10/20/32 (c) | 900000 | &nbsp;&nbsp; 793225 |
| Barclays PLC |  |  |
| 2.894%, 1Y H15 + 1.300%, 11/24/32 (c) | 259000 | &nbsp;&nbsp; 229224 |
| 7.437%, 1Y H15 + 3.500%, 11/02/33 (c) | 774000 | &nbsp;&nbsp; 878451 |
| Deutsche Bank AG |  |  |
| 2.311%, SOFR + 1.219%, 11/16/27 (b) (c) | 258000 | &nbsp;&nbsp; 250330 |
| 6.720%, SOFR + 3.180%, 01/18/29 (b) (c) | 628000 | &nbsp;&nbsp; 659697 |
| 7.146%, SOFR + 2.520%, 07/13/27 (c) | 239000 | &nbsp;&nbsp; 245039 |
| Goldman Sachs Group, Inc. |  |  |
| 2.383%, SOFR + 1.248%, 07/21/32 (c) | 834000 | &nbsp;&nbsp; 728370 |
| 2.600%, 02/07/30 (b) | 623000 | &nbsp;&nbsp; 575761 |
| HSBC Holdings PLC |  |  |
| 4.000%, 5Y H15 + 3.222%, 03/09/26 (c) | 200000 | &nbsp;&nbsp; 196619 |
| 4.700%, 5Y H15 + 3.250%, 03/09/31 (c) | 332000 | &nbsp;&nbsp; 300941 |
| JPMorgan Chase & Co. |  |  |
| 2.545%, SOFR + 1.180%, 11/08/32 (c) | 1358000 | &nbsp;&nbsp; 1195507 |
| 2.963%, SOFR + 1.260%, 01/25/33 (c) | 518000 | &nbsp;&nbsp; 465594 |

---

*See accompanying notes to financial statements.*

**BHFTII-307**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| 3.897%, 3M TSFR + 1.482%, 01/23/49 (c) | 297000 | &nbsp;&nbsp; $234539 |
| 5.766%, SOFR + 1.490%, 04/22/35 (c) | 781000 | &nbsp;&nbsp; 820510 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 2.852%, 1Y H15 + 1.100%, 01/19/33 (c) | 920000 | &nbsp;&nbsp; 814996 |
| Morgan Stanley |  |  |
| 2.699%, SOFR + 1.143%, 01/22/31 (c) | 672000 | &nbsp;&nbsp; 619662 |
| 2.943%, SOFR + 1.290%, 01/21/33 (c) | 860000 | &nbsp;&nbsp; 767545 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.472%, 01/14/29 (b) | 1536000 | &nbsp;&nbsp; 1442132 |
| UBS Group AG |  |  |
| 2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (c) | 1883000 | &nbsp;&nbsp; 1628750 |
|  |  | &nbsp;&nbsp; 12846892 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.375%, 04/15/38 (b) | 194000 | &nbsp;&nbsp; 181016 |
| 8.000%, 11/15/39 | 813000 | &nbsp;&nbsp; 1028842 |
| Diageo Capital PLC |  |  |
| 2.375%, 10/24/29 (b) | 835000 | &nbsp;&nbsp; 774985 |
| Keurig Dr. Pepper, Inc. |  |  |
| 3.200%, 05/01/30 | 86000 | &nbsp;&nbsp; 81084 |
|  |  | &nbsp;&nbsp; 2065927 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Martin Marietta Materials, Inc. |  |  |
| 2.500%, 03/15/30 (b) | 52000 | &nbsp;&nbsp; 47715 |
| Masco Corp. |  |  |
| 2.000%, 02/15/31 (b) | 1141000 | &nbsp;&nbsp; 981351 |
| Vulcan Materials Co. |  |  |
| 3.500%, 06/01/30 (b) | 106000 | &nbsp;&nbsp; 101410 |
|  |  | &nbsp;&nbsp; 1130476 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| RPM International, Inc. |  |  |
| 2.950%, 01/15/32 | 413000 | &nbsp;&nbsp; 364175 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| Ashtead Capital, Inc. |  |  |
| 5.500%, 08/11/32 (144A) | 1117000 | &nbsp;&nbsp; 1131221 |
| ERAC USA Finance LLC |  |  |
| 7.000%, 10/15/37 (144A) | 201000 | &nbsp;&nbsp; 230664 |
| Experian Finance PLC |  |  |
| 4.250%, 02/01/29 (144A) | 533000 | &nbsp;&nbsp; 531674 |
| Global Payments, Inc. |  |  |
| 2.900%, 11/15/31 (b) | 215000 | &nbsp;&nbsp; 190162 |
| Verisk Analytics, Inc. |  |  |
| 4.125%, 03/15/29 (b) | 533000 | &nbsp;&nbsp; 529417 |
| 5.750%, 04/01/33 | 387000 | &nbsp;&nbsp; 406962 |
|  |  | &nbsp;&nbsp; 3020100 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Kenvue, Inc. |  |  |
| 4.900%, 03/22/33 (b) | 216000 | &nbsp;&nbsp; 219195 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 2.450%, 10/29/26 | 1534000 | &nbsp;&nbsp; $1494540 |
| 3.650%, 07/21/27 | 320000 | &nbsp;&nbsp; 315145 |
| Avolon Holdings Funding Ltd. |  |  |
| 3.250%, 02/15/27 (144A) | 599000 | &nbsp;&nbsp; 583885 |
| 4.375%, 05/01/26 (144A) | 215000 | &nbsp;&nbsp; 213704 |
| Capital One Financial Corp. |  |  |
| 3.273%, SOFR + 1.790%, 03/01/30 (b) (c) | 1286000 | &nbsp;&nbsp; 1230070 |
| Charles Schwab Corp. |  |  |
| 5.853%, SOFR + 2.500%, 05/19/34 (b) (c) | 979000 | &nbsp;&nbsp; 1040003 |
| Intercontinental Exchange, Inc. |  |  |
| 2.100%, 06/15/30 | 614000 | &nbsp;&nbsp; 550033 |
| LPL Holdings, Inc. |  |  |
| 4.375%, 05/15/31 (144A) (b) | 1048000 | &nbsp;&nbsp; 1002709 |
|  |  | &nbsp;&nbsp; 6430089 |
| **Electric — 1.3%** | **Electric — 1.3%** | **Electric — 1.3%** |
| American Electric Power Co., Inc. |  |  |
| 5.950%, 11/01/32 (b) | 344000 | &nbsp;&nbsp; 364676 |
| Brazos Securitization LLC |  |  |
| 5.243%, 03/01/43 (144A) | 448000 | &nbsp;&nbsp; 446092 |
| Consumers Securitization Funding LLC |  |  |
| 5.550%, 03/01/28 | 229621 | &nbsp;&nbsp; 231228 |
| Duke Energy Carolinas LLC |  |  |
| 4.950%, 01/15/33 (b) | 1078000 | &nbsp;&nbsp; 1096858 |
| Duke Energy Corp. |  |  |
| 4.500%, 08/15/32 (b) | 818000 | &nbsp;&nbsp; 799787 |
| Electricite de France SA |  |  |
| 6.900%, 05/23/53 (144A) (b) | 200000 | &nbsp;&nbsp; 213418 |
| Empire District Bondco LLC |  |  |
| 4.943%, 01/01/35 | 317267 | &nbsp;&nbsp; 319468 |
| Enel Finance International NV |  |  |
| 7.050%, 10/14/25 (144A) | 315000 | &nbsp;&nbsp; 316852 |
| Exelon Corp. |  |  |
| 4.050%, 04/15/30 (b) | 498000 | &nbsp;&nbsp; 489905 |
| Georgia Power Co. |  |  |
| 3.700%, 01/30/50 | 40000 | &nbsp;&nbsp; 29813 |
| Jersey Central Power & Light Co. |  |  |
| 2.750%, 03/01/32 (144A) | 256000 | &nbsp;&nbsp; 224421 |
| 4.300%, 01/15/26 (144A) | 422000 | &nbsp;&nbsp; 421166 |
| 5.100%, 01/15/35 (b) | 176000 | &nbsp;&nbsp; 175480 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.750%, 03/15/29 | 605000 | &nbsp;&nbsp; 633902 |
| Pacific Gas & Electric Co. |  |  |
| 2.100%, 08/01/27 | 135000 | &nbsp;&nbsp; 127858 |
| 2.500%, 02/01/31 | 435000 | &nbsp;&nbsp; 377602 |
| 3.000%, 06/15/28 | 390000 | &nbsp;&nbsp; 370383 |
| 3.300%, 08/01/40 | 283000 | &nbsp;&nbsp; 202457 |
| Virginia Power Fuel Securitization LLC |  |  |
| 5.088%, 05/01/29 (b) | 254085 | &nbsp;&nbsp; 255459 |
| Xcel Energy, Inc. |  |  |
| 3.400%, 06/01/30 (b) | 297000 | &nbsp;&nbsp; 281761 |
|  |  | &nbsp;&nbsp; 7378586 |

---

*See accompanying notes to financial statements.*

**BHFTII-308**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Arrow Electronics, Inc. |  |  |
| 2.950%, 02/15/32 (b) | 701000 | &nbsp;&nbsp; $615376 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Republic Services, Inc. |  |  |
| 1.450%, 02/15/31 (b) | 253000 | &nbsp;&nbsp; 215783 |
| Waste Management, Inc. |  |  |
| 4.875%, 02/15/34 (b) | 1541000 | &nbsp;&nbsp; 1562149 |
|  |  | &nbsp;&nbsp; 1777932 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Mars, Inc. |  |  |
| 5.200%, 03/01/35 (144A) | 566000 | &nbsp;&nbsp; 572780 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| APA Infrastructure Ltd. |  |  |
| 4.250%, 07/15/27 (144A) | 84000 | &nbsp;&nbsp; 83616 |
| East Ohio Gas Co. |  |  |
| 2.000%, 06/15/30 (144A) (b) | 340000 | &nbsp;&nbsp; 302283 |
| NiSource, Inc. |  |  |
| 5.650%, 02/01/45 | 136000 | &nbsp;&nbsp; 132630 |
|  |  | &nbsp;&nbsp; 518529 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Alcon Finance Corp. |  |  |
| 2.600%, 05/27/30 (144A) (b) | 200000 | &nbsp;&nbsp; 182839 |
| Boston Scientific Corp. |  |  |
| 2.650%, 06/01/30 | 439000 | &nbsp;&nbsp; 406414 |
|  |  | &nbsp;&nbsp; 589253 |
| **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
| Adventist Health System |  |  |
| 5.430%, 03/01/32 | 731000 | &nbsp;&nbsp; 734173 |
| Cigna Group |  |  |
| 3.200%, 03/15/40 | 148000 | &nbsp;&nbsp; 113329 |
| HCA, Inc. |  |  |
| 5.125%, 06/15/39 | 488000 | &nbsp;&nbsp; 458954 |
| Humana, Inc. |  |  |
| 5.875%, 03/01/33 | 370000 | &nbsp;&nbsp; 382371 |
| Northwell Healthcare, Inc. |  |  |
| 3.979%, 11/01/46 | 51000 | &nbsp;&nbsp; 39206 |
| 4.260%, 11/01/47 | 379000 | &nbsp;&nbsp; 301279 |
| UnitedHealth Group, Inc. |  |  |
| 5.000%, 04/15/34 (b) | 555000 | &nbsp;&nbsp; 554787 |
|  |  | &nbsp;&nbsp; 2584099 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| AIA Group Ltd. |  |  |
| 3.375%, 04/07/30 (144A) (b) | 804000 | &nbsp;&nbsp; 770885 |
| Aon Corp. |  |  |
| 4.500%, 12/15/28 | 528000 | &nbsp;&nbsp; 530558 |
| Brown & Brown, Inc. |  |  |
| 4.200%, 03/17/32 | 578000 | &nbsp;&nbsp; 553027 |
| 5.550%, 06/23/35 | 136000 | &nbsp;&nbsp; 138684 |
| Corebridge Financial, Inc. |  |  |
| 3.900%, 04/05/32 (b) | 894000 | &nbsp;&nbsp; 839118 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Corebridge Financial, Inc. |  |  |
| 5.750%, 01/15/34 (b) | 328000 | &nbsp;&nbsp; $340766 |
| Fairfax Financial Holdings Ltd. |  |  |
| 5.625%, 08/16/32 (b) | 1094000 | &nbsp;&nbsp; 1123557 |
| 6.000%, 12/07/33 | 24000 | &nbsp;&nbsp; 25032 |
| Liberty Mutual Group, Inc. |  |  |
| 3.951%, 10/15/50 (144A) | 306000 | &nbsp;&nbsp; 223725 |
| Sammons Financial Group, Inc. |  |  |
| 6.875%, 04/15/34 (144A) (b) | 853000 | &nbsp;&nbsp; 913291 |
|  |  | &nbsp;&nbsp; 5458643 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Booking Holdings, Inc. |  |  |
| 4.625%, 04/13/30 | 397000 | &nbsp;&nbsp; 401562 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Las Vegas Sands Corp. |  |  |
| 3.900%, 08/08/29 | 257000 | &nbsp;&nbsp; 244693 |
| Marriott International, Inc. |  |  |
| 2.750%, 10/15/33 (b) | 443000 | &nbsp;&nbsp; 377111 |
| 2.850%, 04/15/31 | 2000 | &nbsp;&nbsp; 1816 |
| 4.625%, 06/15/30 | 544000 | &nbsp;&nbsp; 545288 |
|  |  | &nbsp;&nbsp; 1168908 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 4.700%, 09/15/28 | 618000 | &nbsp;&nbsp; 621544 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.500%, 06/01/41 (b) | 577000 | &nbsp;&nbsp; 418610 |
| 5.250%, 04/01/53 (b) | 469000 | &nbsp;&nbsp; 398459 |
| 5.375%, 05/01/47 (b) | 122000 | &nbsp;&nbsp; 105885 |
| 6.384%, 10/23/35 | 290000 | &nbsp;&nbsp; 304589 |
| Time Warner Cable Enterprises LLC |  |  |
| 8.375%, 07/15/33 | 554000 | &nbsp;&nbsp; 645125 |
|  |  | &nbsp;&nbsp; 1872668 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Anglo American Capital PLC |  |  |
| 2.625%, 09/10/30 (144A) (b) | 1340000 | &nbsp;&nbsp; 1211466 |
| 3.875%, 03/16/29 (144A) (b) | 200000 | &nbsp;&nbsp; 195338 |
| 5.625%, 04/01/30 (144A) (b) | 524000 | &nbsp;&nbsp; 543584 |
| Glencore Funding LLC |  |  |
| 2.500%, 09/01/30 (144A) (b) | 469000 | &nbsp;&nbsp; 422586 |
| 2.850%, 04/27/31 (144A) (b) | 194000 | &nbsp;&nbsp; 174909 |
|  |  | &nbsp;&nbsp; 2547883 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| BP Capital Markets America, Inc. |  |  |
| 2.721%, 01/12/32 (b) | 1148000 | &nbsp;&nbsp; 1026380 |
| Diamondback Energy, Inc. |  |  |
| 5.400%, 04/18/34 | 352000 | &nbsp;&nbsp; 353042 |
| Eni SpA |  |  |
| 4.750%, 09/12/28 (144A) | 1046000 | &nbsp;&nbsp; 1057323 |

---

*See accompanying notes to financial statements.*

**BHFTII-309**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| EQT Corp. |  |  |
| 5.750%, 02/01/34 (b) | 785000 | &nbsp;&nbsp; $811664 |
| Phillips 66 |  |  |
| 2.150%, 12/15/30 (b) | 846000 | &nbsp;&nbsp; 745015 |
|  |  | &nbsp;&nbsp; 3993424 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| CVS Health Corp. |  |  |
| 5.300%, 06/01/33 | 673000 | &nbsp;&nbsp; 678703 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Enbridge, Inc. |  |  |
| 5.625%, 04/05/34 | 527000 | &nbsp;&nbsp; 541448 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.800%, 09/15/30 (b) | 503000 | &nbsp;&nbsp; 480728 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 (b) | 137000 | &nbsp;&nbsp; 136771 |
| Spectra Energy Partners LP |  |  |
| 3.375%, 10/15/26 | 220000 | &nbsp;&nbsp; 216917 |
| Targa Resources Corp. |  |  |
| 4.200%, 02/01/33 (b) | 201000 | &nbsp;&nbsp; 188337 |
| 6.125%, 03/15/33 | 606000 | &nbsp;&nbsp; 638666 |
|  |  | &nbsp;&nbsp; 2202867 |
| **Real Estate Investment Trusts — 0.7%** | **Real Estate Investment Trusts — 0.7%** | **Real Estate Investment Trusts — 0.7%** |
| Boston Properties LP |  |  |
| 2.550%, 04/01/32 | 363000 | &nbsp;&nbsp; 306232 |
| Brixmor Operating Partnership LP |  |  |
| 4.050%, 07/01/30 (b) | 479000 | &nbsp;&nbsp; 464685 |
| 4.125%, 05/15/29 | 47000 | &nbsp;&nbsp; 46215 |
| Crown Castle, Inc. |  |  |
| 3.650%, 09/01/27 | 789000 | &nbsp;&nbsp; 775415 |
| Equinix, Inc. |  |  |
| 1.800%, 07/15/27 (b) | 397000 | &nbsp;&nbsp; 378437 |
| 2.500%, 05/15/31 | 505000 | &nbsp;&nbsp; 447421 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.300%, 01/15/29 | 480000 | &nbsp;&nbsp; 485322 |
| Public Storage Operating Co. |  |  |
| 5.100%, 08/01/33 (b) | 1143000 | &nbsp;&nbsp; 1172769 |
| Realty Income Corp. |  |  |
| 3.250%, 01/15/31 (b) | 142000 | &nbsp;&nbsp; 133101 |
|  |  | &nbsp;&nbsp; 4209597 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| Alimentation Couche-Tard, Inc. |  |  |
| 3.439%, 05/13/41 (144A) | 619000 | &nbsp;&nbsp; 460354 |
| Genuine Parts Co. |  |  |
| 2.750%, 02/01/32 (b) | 1005000 | &nbsp;&nbsp; 875277 |
|  |  | &nbsp;&nbsp; 1335631 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Broadcom, Inc. |  |  |
| 4.300%, 11/15/32 | 369000 | &nbsp;&nbsp; 357928 |
| 4.926%, 05/15/37 (144A) | 194000 | &nbsp;&nbsp; 188282 |
|  |  | &nbsp;&nbsp; 546210 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Fiserv, Inc. |  |  |
| 2.650%, 06/01/30 (b) | 184000 | &nbsp;&nbsp; $168635 |
| Oracle Corp. |  |  |
| 4.900%, 02/06/33 (b) | 199000 | &nbsp;&nbsp; 199533 |
| Roper Technologies, Inc. |  |  |
| 2.000%, 06/30/30 (b) | 394000 | &nbsp;&nbsp; 350118 |
|  |  | &nbsp;&nbsp; 718286 |
| **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |
| Rogers Communications, Inc. |  |  |
| 3.800%, 03/15/32 | 1418000 | &nbsp;&nbsp; 1317687 |
| T-Mobile USA, Inc. |  |  |
| 2.050%, 02/15/28 | 520000 | &nbsp;&nbsp; 491496 |
| Verizon Communications, Inc. |  |  |
| 3.150%, 03/22/30 | 289000 | &nbsp;&nbsp; 273915 |
| 4.812%, 03/15/39 | 535000 | &nbsp;&nbsp; 502002 |
| Vodafone Group PLC |  |  |
| 5.625%, 02/10/53 (b) | 199000 | &nbsp;&nbsp; 187747 |
|  |  | &nbsp;&nbsp; 2772847 |
| Total Corporate Bonds & Notes <br>(Cost $76,087,616) <br>|  | &nbsp;&nbsp; 72642064 |
| **Agency Sponsored Mortgage-Backed Securities—9.9%** | **Agency Sponsored Mortgage-Backed Securities—9.9%** | **Agency Sponsored Mortgage-Backed Securities—9.9%** |
| **Agency Collateralized Mortgage Obligations — 0.2%** | **Agency Collateralized Mortgage Obligations — 0.2%** | **Agency Collateralized Mortgage Obligations — 0.2%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.000%, 07/15/39 | 26274 | &nbsp;&nbsp; 25184 |
| 3.500%, 08/15/42 | 102457 | &nbsp;&nbsp; 96879 |
| 4.500%, 12/15/40 (d) | 4878 | &nbsp;&nbsp; 453 |
| 5.000%, 01/15/40 | 35141 | &nbsp;&nbsp; 36055 |
| 5.500%, 02/15/36 (d) | 12142 | &nbsp;&nbsp; 1939 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust<br>|  |  |
| 3.000%, 02/25/59 | 89644 | &nbsp;&nbsp; 77344 |
| 3.500%, 10/25/58 | 84731 | &nbsp;&nbsp; 79253 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 5.306%, SOFR30A + 1.000%, 02/25/45 (144A) (c) | 208779 | &nbsp;&nbsp; 208909 |
| Federal National Mortgage Association REMICS |  |  |
| 2.000%, 04/25/46 | 40392 | &nbsp;&nbsp; 37526 |
| 3.000%, 02/25/33 (d) | 44311 | &nbsp;&nbsp; 3191 |
| 3.250%, 05/25/40 | 18769 | &nbsp;&nbsp; 17903 |
| 4.000%, 10/25/40 | 26663 | &nbsp;&nbsp; 26403 |
| 4.000%, 07/25/46 (d) | 70857 | &nbsp;&nbsp; 13128 |
| Government National Mortgage Association REMICS |  |  |
| 4.000%, 07/20/41 | 37954 | &nbsp;&nbsp; 36929 |
| 4.500%, 09/20/41 | 25091 | &nbsp;&nbsp; 25203 |
| 4.532%, 1M TSFR + 0.214%, 09/20/41 (c) | 202151 | &nbsp;&nbsp; 196965 |
|  |  | &nbsp;&nbsp; 883264 |
| **Agency Mortgage-Backed Securities — 9.7%** | **Agency Mortgage-Backed Securities — 9.7%** | **Agency Mortgage-Backed Securities — 9.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 03/01/51 | 94836 | &nbsp;&nbsp; 71716 |
| 1.500%, 10/01/51 | 157399 | &nbsp;&nbsp; 118586 |
| 2.000%, 02/01/42 | 403356 | &nbsp;&nbsp; 346458 |

---

*See accompanying notes to financial statements.*

**BHFTII-310**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.000%, 08/01/51 | 445981 | &nbsp;&nbsp; $355325 |
| 2.000%, 02/01/52 | 732904 | &nbsp;&nbsp; 583069 |
| 2.500%, 04/01/48 | 54218 | &nbsp;&nbsp; 46345 |
| 2.500%, 10/01/51 | 250082 | &nbsp;&nbsp; 209808 |
| 2.500%, 12/01/51 | 2157895 | &nbsp;&nbsp; 1793409 |
| 2.500%, 03/01/52 | 211157 | &nbsp;&nbsp; 175841 |
| 2.500%, 04/01/52 | 479619 | &nbsp;&nbsp; 398661 |
| 2.500%, 09/01/52 | 54874 | &nbsp;&nbsp; 45533 |
| 3.000%, 01/01/38 | 154186 | &nbsp;&nbsp; 145477 |
| 3.000%, 10/01/42 | 194299 | &nbsp;&nbsp; 175516 |
| 3.000%, 04/01/43 | 467763 | &nbsp;&nbsp; 423138 |
| 3.000%, 05/01/43 | 397557 | &nbsp;&nbsp; 359350 |
| 3.000%, 05/01/46 | 167599 | &nbsp;&nbsp; 149998 |
| 3.000%, 10/01/46 | 375667 | &nbsp;&nbsp; 336211 |
| 3.000%, 11/01/46 | 398684 | &nbsp;&nbsp; 355720 |
| 3.000%, 03/01/48 | 34339 | &nbsp;&nbsp; 30269 |
| 3.000%, 07/01/50 | 16962 | &nbsp;&nbsp; 15049 |
| 3.000%, 04/01/52 | 150311 | &nbsp;&nbsp; 130364 |
| 3.000%, 05/01/52 | 344514 | &nbsp;&nbsp; 298267 |
| 3.000%, 06/01/52 | 720144 | &nbsp;&nbsp; 623476 |
| 3.500%, 11/01/37 | 104616 | &nbsp;&nbsp; 101001 |
| 3.500%, 02/01/42 | 156401 | &nbsp;&nbsp; 147016 |
| 3.500%, 04/01/42 | 91662 | &nbsp;&nbsp; 86210 |
| 3.500%, 12/01/42 | 283951 | &nbsp;&nbsp; 266928 |
| 3.500%, 04/01/43 | 36948 | &nbsp;&nbsp; 34762 |
| 3.500%, 07/01/43 | 13831 | &nbsp;&nbsp; 12979 |
| 3.500%, 08/01/43 | 170055 | &nbsp;&nbsp; 159339 |
| 3.500%, 12/01/45 | 92211 | &nbsp;&nbsp; 85540 |
| 3.500%, 12/01/46 | 444399 | &nbsp;&nbsp; 409938 |
| 3.500%, 05/01/52 | 79742 | &nbsp;&nbsp; 72546 |
| 3.500%, 06/01/52 | 255516 | &nbsp;&nbsp; 230196 |
| 3.500%, 04/01/53 | 463363 | &nbsp;&nbsp; 417483 |
| 4.000%, 08/01/37 | 28216 | &nbsp;&nbsp; 27815 |
| 4.000%, 11/01/40 | 128206 | &nbsp;&nbsp; 124045 |
| 4.000%, 01/01/41 | 267789 | &nbsp;&nbsp; 258869 |
| 4.000%, 04/01/44 | 100588 | &nbsp;&nbsp; 95797 |
| 4.000%, 08/01/47 | 162443 | &nbsp;&nbsp; 153285 |
| 4.500%, 04/01/35 | 9700 | &nbsp;&nbsp; 9667 |
| 4.500%, 03/01/39 | 178983 | &nbsp;&nbsp; 177936 |
| 4.500%, 07/01/39 | 47304 | &nbsp;&nbsp; 47255 |
| 4.500%, 09/01/39 | 25660 | &nbsp;&nbsp; 25634 |
| 4.500%, 10/01/39 | 14834 | &nbsp;&nbsp; 14819 |
| 4.500%, 12/01/39 | 23904 | &nbsp;&nbsp; 23869 |
| 4.500%, 05/01/42 | 43647 | &nbsp;&nbsp; 43547 |
| 4.500%, 10/01/52 | 434712 | &nbsp;&nbsp; 416602 |
| 5.000%, 09/01/33 | 37196 | &nbsp;&nbsp; 37683 |
| 5.000%, 03/01/34 | 11121 | &nbsp;&nbsp; 11128 |
| 5.000%, 04/01/34 | 7089 | &nbsp;&nbsp; 7182 |
| 5.000%, 08/01/35 | 7638 | &nbsp;&nbsp; 7754 |
| 5.000%, 10/01/35 | 19426 | &nbsp;&nbsp; 19715 |
| 5.000%, 11/01/35 | 17178 | &nbsp;&nbsp; 17469 |
| 5.000%, 12/01/36 | 10898 | &nbsp;&nbsp; 11071 |
| 5.000%, 07/01/39 | 74756 | &nbsp;&nbsp; 75785 |
| 5.000%, 08/01/52 | 445941 | &nbsp;&nbsp; 439512 |
| 5.000%, 02/01/53 | 652034 | &nbsp;&nbsp; 643190 |

---

---

| | | |
|:---|:---|:---|
| **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%, 09/01/53 | 89000 | &nbsp;&nbsp; $87481 |
| 5.500%, 12/01/33 | 45252 | &nbsp;&nbsp; 45936 |
| 5.500%, 01/01/34 | 34198 | &nbsp;&nbsp; 35021 |
| 5.500%, 04/01/34 | 4572 | &nbsp;&nbsp; 4608 |
| 5.500%, 11/01/34 | 5652 | &nbsp;&nbsp; 5741 |
| 5.500%, 05/01/35 | 2974 | &nbsp;&nbsp; 3064 |
| 5.500%, 09/01/35 | 5581 | &nbsp;&nbsp; 5717 |
| 5.500%, 10/01/35 | 14163 | &nbsp;&nbsp; 14386 |
| 5.500%, 03/01/53 | 445858 | &nbsp;&nbsp; 447442 |
| 5.500%, 04/01/53 | 162458 | &nbsp;&nbsp; 164228 |
| 6.000%, 04/01/34 | 28264 | &nbsp;&nbsp; 29087 |
| 6.000%, 07/01/34 | 12823 | &nbsp;&nbsp; 13202 |
| 6.000%, 08/01/34 | 61261 | &nbsp;&nbsp; 63726 |
| 6.000%, 09/01/34 | 1738 | &nbsp;&nbsp; 1789 |
| 6.000%, 07/01/35 | 9547 | &nbsp;&nbsp; 10020 |
| 6.000%, 08/01/35 | 10484 | &nbsp;&nbsp; 10998 |
| 6.000%, 11/01/35 | 13076 | &nbsp;&nbsp; 13723 |
| 6.000%, 03/01/36 | 11421 | &nbsp;&nbsp; 11721 |
| 6.000%, 10/01/36 | 5424 | &nbsp;&nbsp; 5613 |
| 6.000%, 05/01/37 | 23310 | &nbsp;&nbsp; 24465 |
| 6.000%, 06/01/37 | 6154 | &nbsp;&nbsp; 6382 |
| 6.000%, 12/01/52 | 88141 | &nbsp;&nbsp; 90869 |
| 6.000%, 02/01/55 | 438571 | &nbsp;&nbsp; 449418 |
| 6.500%, 05/01/34 | 6548 | &nbsp;&nbsp; 6822 |
| 6.500%, 06/01/34 | 14973 | &nbsp;&nbsp; 15693 |
| 6.500%, 08/01/34 | 6467 | &nbsp;&nbsp; 6686 |
| 6.500%, 10/01/34 | 16050 | &nbsp;&nbsp; 16761 |
| 6.500%, 11/01/34 | 29652 | &nbsp;&nbsp; 31031 |
| 6.500%, 05/01/37 | 12675 | &nbsp;&nbsp; 13314 |
| 6.500%, 07/01/37 | 11996 | &nbsp;&nbsp; 12636 |
| 6.500%, 05/01/54 | 17977 | &nbsp;&nbsp; 18600 |
| 6.500%, 09/01/54 | 202854 | &nbsp;&nbsp; 210897 |
| 6.500%, 11/01/54 | 205443 | &nbsp;&nbsp; 212627 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.324%, 11/25/27 (c) (d) | 5207000 | &nbsp;&nbsp; 24318 |
| 0.378%, 12/25/27 (c) (d) | 3235000 | &nbsp;&nbsp; 20662 |
| 0.406%, 09/25/27 (c) (d) | 3341000 | &nbsp;&nbsp; 23409 |
| 0.407%, 11/25/27 (c) (d) | 3478848 | &nbsp;&nbsp; 18804 |
| 0.414%, 01/25/31 (c) (d) | 1559328 | &nbsp;&nbsp; 21745 |
| 0.417%, 12/25/27 (c) (d) | 3579000 | &nbsp;&nbsp; 26899 |
| 0.426%, 11/25/32 (c) (d) | 2557245 | &nbsp;&nbsp; 39161 |
| 0.441%, 11/25/31 (c) (d) | 2325421 | &nbsp;&nbsp; 44790 |
| 0.449%, 11/25/27 (c) (d) | 3150963 | &nbsp;&nbsp; 21307 |
| 0.457%, 08/25/27 (c) (d) | 3107000 | &nbsp;&nbsp; 22558 |
| 0.487%, 12/25/27 (c) (d) | 5347929 | &nbsp;&nbsp; 42043 |
| 0.539%, 08/25/27 (c) (d) | 1955965 | &nbsp;&nbsp; 14962 |
| 0.596%, 12/25/31 (c) (d) | 2074891 | &nbsp;&nbsp; 56793 |
| 0.606%, 08/25/31 (c) (d) | 483151 | &nbsp;&nbsp; 12498 |
| 0.607%, 03/25/31 (c) (d) | 1251613 | &nbsp;&nbsp; 29563 |
| 0.632%, 09/25/31 (c) (d) | 1578796 | &nbsp;&nbsp; 46276 |
| 0.664%, 12/25/31 (c) (d) | 3517256 | &nbsp;&nbsp; 106785 |
| 0.697%, 07/25/27 (c) (d) | 3631412 | &nbsp;&nbsp; 34675 |
| 0.775%, 06/25/27 (c) (d) | 4356000 | &nbsp;&nbsp; 58130 |
| 0.828%, 03/25/31 (c) (d) | 539591 | &nbsp;&nbsp; 20071 |

---

*See accompanying notes to financial statements.*

**BHFTII-311**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.867%, 06/25/27 (c) (d) | 1358491 | &nbsp;&nbsp; $15296 |
| 0.871%, 01/25/31 (c) (d) | 658188 | &nbsp;&nbsp; 25101 |
| 0.955%, 09/25/31 (c) (d) | 453515 | &nbsp;&nbsp; 20289 |
| 1.026%, 01/25/31 (c) (d) | 441180 | &nbsp;&nbsp; 19902 |
| 1.039%, 07/25/31 (c) (d) | 361575 | &nbsp;&nbsp; 17994 |
| 1.171%, 11/25/30 (c) (d) | 400945 | &nbsp;&nbsp; 20307 |
| 1.214%, 07/25/29 (c) (d) | 249965 | &nbsp;&nbsp; 9288 |
| 1.262%, 08/25/29 (c) (d) | 1557408 | &nbsp;&nbsp; 62026 |
| 1.262%, 09/25/30 (c) (d) | 229735 | &nbsp;&nbsp; 12207 |
| 1.323%, 05/25/31 (c) (d) | 240722 | &nbsp;&nbsp; 14648 |
| 1.436%, 06/25/30 (c) (d) | 396103 | &nbsp;&nbsp; 23136 |
| 1.702%, 08/25/30 (c) (d) | 357560 | &nbsp;&nbsp; 25565 |
| 1.769%, 05/25/30 (c) (d) | 384386 | &nbsp;&nbsp; 27575 |
| 1.907%, 05/25/30 (c) (d) | 1002928 | &nbsp;&nbsp; 77064 |
| 1.913%, 04/25/30 (c) (d) | 300000 | &nbsp;&nbsp; 22419 |
| 1.955%, 04/25/30 (c) (d) | 808011 | &nbsp;&nbsp; 61737 |
| Federal National Mortgage Association |  |  |
| 1.500%, 02/01/42 | 28249 | &nbsp;&nbsp; 23227 |
| 1.500%, 09/01/51 | 880058 | &nbsp;&nbsp; 662686 |
| 2.000%, 12/01/36 | 62639 | &nbsp;&nbsp; 57229 |
| 2.000%, 02/01/42 | 586225 | &nbsp;&nbsp; 504077 |
| 2.000%, 03/01/42 | 366734 | &nbsp;&nbsp; 315001 |
| 2.000%, 04/01/42 | 623169 | &nbsp;&nbsp; 534684 |
| 2.000%, 08/01/50 | 197256 | &nbsp;&nbsp; 157277 |
| 2.000%, 02/01/51 | 70791 | &nbsp;&nbsp; 56945 |
| 2.000%, 04/01/51 | 165267 | &nbsp;&nbsp; 131499 |
| 2.000%, 10/01/51 | 66567 | &nbsp;&nbsp; 52758 |
| 2.000%, 12/01/51 | 59565 | &nbsp;&nbsp; 47294 |
| 2.000%, 02/01/52 | 346181 | &nbsp;&nbsp; 274648 |
| 2.000%, 04/01/52 | 91710 | &nbsp;&nbsp; 72680 |
| 2.500%, 11/01/31 | 12104 | &nbsp;&nbsp; 11632 |
| 2.500%, 07/01/37 | 200202 | &nbsp;&nbsp; 188062 |
| 2.500%, 03/01/42 | 280988 | &nbsp;&nbsp; 250326 |
| 2.500%, 04/01/42 | 445214 | &nbsp;&nbsp; 391531 |
| 2.500%, 01/01/50 | 423295 | &nbsp;&nbsp; 355655 |
| 2.500%, 02/01/50 | 155282 | &nbsp;&nbsp; 130474 |
| 2.500%, 03/01/50 | 227316 | &nbsp;&nbsp; 191002 |
| 2.500%, 06/01/50 | 31084 | &nbsp;&nbsp; 26307 |
| 2.500%, 07/01/50 | 324396 | &nbsp;&nbsp; 274476 |
| 2.500%, 10/01/50 | 288142 | &nbsp;&nbsp; 243207 |
| 2.500%, 02/01/51 | 262977 | &nbsp;&nbsp; 218973 |
| 2.500%, 05/01/51 | 1236527 | &nbsp;&nbsp; 1026660 |
| 2.500%, 06/01/51 | 866774 | &nbsp;&nbsp; 720174 |
| 2.500%, 08/01/51 | 107227 | &nbsp;&nbsp; 90041 |
| 2.500%, 10/01/51 | 41667 | &nbsp;&nbsp; 34642 |
| 2.500%, 12/01/51 | 940233 | &nbsp;&nbsp; 786367 |
| 2.500%, 01/01/52 | 803368 | &nbsp;&nbsp; 673727 |
| 2.500%, 02/01/52 | 233552 | &nbsp;&nbsp; 194263 |
| 2.500%, 03/01/52 | 529720 | &nbsp;&nbsp; 444104 |
| 2.500%, 04/01/52 | 622470 | &nbsp;&nbsp; 517461 |
| 2.500%, 06/01/52 | 21325 | &nbsp;&nbsp; 17728 |
| 2.500%, 07/01/52 | 586919 | &nbsp;&nbsp; 486919 |
| 3.000%, 11/01/28 | 21208 | &nbsp;&nbsp; 20817 |
| 3.000%, 09/01/30 | 16726 | &nbsp;&nbsp; 16330 |

---

---

| | | |
|:---|:---|:---|
| **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%, 12/01/31 | 93636 | &nbsp;&nbsp; $91103 |
| 3.000%, 08/01/33 | 12011 | &nbsp;&nbsp; 11656 |
| 3.000%, 10/01/33 | 326525 | &nbsp;&nbsp; 314328 |
| 3.000%, 12/01/33 | 28387 | &nbsp;&nbsp; 27388 |
| 3.000%, 07/01/37 | 44265 | &nbsp;&nbsp; 41800 |
| 3.000%, 11/01/37 | 79069 | &nbsp;&nbsp; 74245 |
| 3.000%, 09/01/46 | 69376 | &nbsp;&nbsp; 62011 |
| 3.000%, 04/01/51 | 21839 | &nbsp;&nbsp; 19016 |
| 3.000%, 06/01/51 | 95273 | &nbsp;&nbsp; 84138 |
| 3.000%, 12/01/51 | 566223 | &nbsp;&nbsp; 495008 |
| 3.000%, 01/01/52 | 255978 | &nbsp;&nbsp; 225428 |
| 3.000%, 03/01/52 | 1000083 | &nbsp;&nbsp; 866615 |
| 3.000%, 05/01/52 | 905539 | &nbsp;&nbsp; 784520 |
| 3.000%, 07/01/52 | 341993 | &nbsp;&nbsp; 296202 |
| 3.000%, 08/01/52 | 301639 | &nbsp;&nbsp; 261400 |
| 3.000%, 09/01/52 | 21952 | &nbsp;&nbsp; 19183 |
| 3.500%, 04/01/38 | 74702 | &nbsp;&nbsp; 71922 |
| 3.500%, 11/01/41 | 15818 | &nbsp;&nbsp; 14560 |
| 3.500%, 01/01/42 | 187632 | &nbsp;&nbsp; 176258 |
| 3.500%, 01/01/43 | 71687 | &nbsp;&nbsp; 67220 |
| 3.500%, 04/01/43 | 237756 | &nbsp;&nbsp; 222865 |
| 3.500%, 05/01/43 | 208521 | &nbsp;&nbsp; 195504 |
| 3.500%, 07/01/43 | 295381 | &nbsp;&nbsp; 276727 |
| 3.500%, 08/01/43 | 118273 | &nbsp;&nbsp; 110903 |
| 3.500%, 09/01/43 | 425868 | &nbsp;&nbsp; 399016 |
| 3.500%, 02/01/45 | 336275 | &nbsp;&nbsp; 312878 |
| 3.500%, 09/01/45 | 288040 | &nbsp;&nbsp; 267401 |
| 3.500%, 10/01/45 | 235169 | &nbsp;&nbsp; 218253 |
| 3.500%, 01/01/46 | 83216 | &nbsp;&nbsp; 77203 |
| 3.500%, 05/01/46 | 90173 | &nbsp;&nbsp; 83471 |
| 3.500%, 07/01/46 | 297863 | &nbsp;&nbsp; 275109 |
| 3.500%, 05/01/52 | 187274 | &nbsp;&nbsp; 168800 |
| 4.000%, 09/01/40 | 203390 | &nbsp;&nbsp; 196577 |
| 4.000%, 11/01/40 | 60113 | &nbsp;&nbsp; 58084 |
| 4.000%, 12/01/40 | 135318 | &nbsp;&nbsp; 130088 |
| 4.000%, 02/01/41 | 73523 | &nbsp;&nbsp; 71049 |
| 4.000%, 06/01/41 | 136561 | &nbsp;&nbsp; 131896 |
| 4.000%, 11/01/41 | 60374 | &nbsp;&nbsp; 58299 |
| 4.000%, 01/01/42 | 428909 | &nbsp;&nbsp; 413673 |
| 4.000%, 04/01/42 | 41129 | &nbsp;&nbsp; 39664 |
| 4.000%, 10/01/42 | 52981 | &nbsp;&nbsp; 51099 |
| 4.000%, 12/01/42 | 51474 | &nbsp;&nbsp; 49619 |
| 4.000%, 01/01/43 | 63973 | &nbsp;&nbsp; 61666 |
| 4.000%, 04/01/43 | 13945 | &nbsp;&nbsp; 13452 |
| 4.000%, 05/01/43 | 117545 | &nbsp;&nbsp; 113273 |
| 4.000%, 06/01/43 | 55014 | &nbsp;&nbsp; 53089 |
| 4.000%, 07/01/43 | 46373 | &nbsp;&nbsp; 44606 |
| 4.000%, 04/01/44 | 32016 | &nbsp;&nbsp; 30862 |
| 4.000%, 05/01/44 | 110577 | &nbsp;&nbsp; 106593 |
| 4.000%, 11/01/44 | 40661 | &nbsp;&nbsp; 38659 |
| 4.000%, 06/01/47 | 138962 | &nbsp;&nbsp; 132114 |
| 4.500%, 08/01/33 | 34066 | &nbsp;&nbsp; 33995 |
| 4.500%, 03/01/34 | 93990 | &nbsp;&nbsp; 93478 |
| 4.500%, 07/01/38 | 181531 | &nbsp;&nbsp; 180469 |
| 4.500%, 01/01/40 | 29879 | &nbsp;&nbsp; 29746 |

---

*See accompanying notes to financial statements.*

**BHFTII-312**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 4.500%, 08/01/40 | 7761 | &nbsp;&nbsp; $7743 |
| 4.500%, 02/01/41 | 45409 | &nbsp;&nbsp; 45296 |
| 4.500%, 04/01/41 | 116572 | &nbsp;&nbsp; 115969 |
| 4.500%, 11/01/42 | 27394 | &nbsp;&nbsp; 27239 |
| 4.500%, 01/01/43 | 70982 | &nbsp;&nbsp; 70574 |
| 4.500%, 04/01/44 | 442957 | &nbsp;&nbsp; 440432 |
| 4.500%, 06/01/44 | 40342 | &nbsp;&nbsp; 40071 |
| 4.500%, 09/01/52 | 369913 | &nbsp;&nbsp; 355235 |
| 5.000%, 03/01/26 | 70105 | &nbsp;&nbsp; 70184 |
| 5.000%, 11/01/33 | 18642 | &nbsp;&nbsp; 18863 |
| 5.000%, 03/01/34 | 16625 | &nbsp;&nbsp; 16812 |
| 5.000%, 05/01/34 | 5374 | &nbsp;&nbsp; 5447 |
| 5.000%, 08/01/34 | 6543 | &nbsp;&nbsp; 6594 |
| 5.000%, 09/01/34 | 25975 | &nbsp;&nbsp; 26284 |
| 5.000%, 06/01/35 | 16081 | &nbsp;&nbsp; 16310 |
| 5.000%, 07/01/35 | 55177 | &nbsp;&nbsp; 55965 |
| 5.000%, 08/01/35 | 17999 | &nbsp;&nbsp; 18251 |
| 5.000%, 09/01/35 | 11708 | &nbsp;&nbsp; 11879 |
| 5.000%, 10/01/35 | 45768 | &nbsp;&nbsp; 46400 |
| 5.000%, 07/01/39 | 24095 | &nbsp;&nbsp; 24422 |
| 5.000%, 10/01/39 | 32182 | &nbsp;&nbsp; 32607 |
| 5.000%, 11/01/39 | 13716 | &nbsp;&nbsp; 13891 |
| 5.000%, 11/01/40 | 22636 | &nbsp;&nbsp; 22894 |
| 5.000%, 03/01/41 | 17554 | &nbsp;&nbsp; 17744 |
| 5.000%, 02/01/53 | 387570 | &nbsp;&nbsp; 381463 |
| 5.500%, 02/01/33 | 1237 | &nbsp;&nbsp; 1237 |
| 5.500%, 05/01/33 | 534 | &nbsp;&nbsp; 534 |
| 5.500%, 06/01/33 | 39650 | &nbsp;&nbsp; 40226 |
| 5.500%, 07/01/33 | 30712 | &nbsp;&nbsp; 31409 |
| 5.500%, 11/01/33 | 19020 | &nbsp;&nbsp; 19452 |
| 5.500%, 01/01/34 | 18196 | &nbsp;&nbsp; 18444 |
| 5.500%, 02/01/34 | 24558 | &nbsp;&nbsp; 25064 |
| 5.500%, 03/01/34 | 10653 | &nbsp;&nbsp; 10781 |
| 5.500%, 04/01/34 | 11817 | &nbsp;&nbsp; 11905 |
| 5.500%, 05/01/34 | 59223 | &nbsp;&nbsp; 60124 |
| 5.500%, 06/01/34 | 71168 | &nbsp;&nbsp; 71747 |
| 5.500%, 07/01/34 | 19725 | &nbsp;&nbsp; 20144 |
| 5.500%, 09/01/34 | 103546 | &nbsp;&nbsp; 105893 |
| 5.500%, 10/01/34 | 91962 | &nbsp;&nbsp; 92886 |
| 5.500%, 11/01/34 | 142288 | &nbsp;&nbsp; 146036 |
| 5.500%, 12/01/34 | 43180 | &nbsp;&nbsp; 44168 |
| 5.500%, 01/01/35 | 77378 | &nbsp;&nbsp; 79858 |
| 5.500%, 04/01/35 | 21675 | &nbsp;&nbsp; 22292 |
| 5.500%, 09/01/35 | 52271 | &nbsp;&nbsp; 53946 |
| 5.500%, 11/01/52 | 1238870 | &nbsp;&nbsp; 1241126 |
| 5.500%, 11/01/53 | 459032 | &nbsp;&nbsp; 459261 |
| 6.000%, 02/01/32 | 25595 | &nbsp;&nbsp; 26493 |
| 6.000%, 03/01/34 | 6510 | &nbsp;&nbsp; 6651 |
| 6.000%, 04/01/34 | 67523 | &nbsp;&nbsp; 69888 |
| 6.000%, 06/01/34 | 60575 | &nbsp;&nbsp; 62217 |
| 6.000%, 07/01/34 | 35568 | &nbsp;&nbsp; 36973 |
| 6.000%, 08/01/34 | 58178 | &nbsp;&nbsp; 59969 |
| 6.000%, 10/01/34 | 23562 | &nbsp;&nbsp; 24120 |
| 6.000%, 11/01/34 | 9732 | &nbsp;&nbsp; 10036 |
| 6.000%, 12/01/34 | 3469 | &nbsp;&nbsp; 3573 |

---

---

| | | |
|:---|:---|:---|
| **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%, 08/01/35 | 4474 | &nbsp;&nbsp; $4602 |
| 6.000%, 09/01/35 | 11777 | &nbsp;&nbsp; 12308 |
| 6.000%, 10/01/35 | 23503 | &nbsp;&nbsp; 24432 |
| 6.000%, 12/01/35 | 25719 | &nbsp;&nbsp; 26788 |
| 6.000%, 02/01/36 | 22527 | &nbsp;&nbsp; 23232 |
| 6.000%, 04/01/36 | 14495 | &nbsp;&nbsp; 15019 |
| 6.000%, 06/01/36 | 2434 | &nbsp;&nbsp; 2544 |
| 6.000%, 07/01/37 | 19246 | &nbsp;&nbsp; 19923 |
| 6.000%, 02/01/54 | 179699 | &nbsp;&nbsp; 182873 |
| 6.000%, 03/01/54 | 423508 | &nbsp;&nbsp; 430756 |
| 6.000%, 04/01/54 | 476102 | &nbsp;&nbsp; 484250 |
| 6.500%, 06/01/31 | 4824 | &nbsp;&nbsp; 4993 |
| 6.500%, 09/01/31 | 8576 | &nbsp;&nbsp; 8858 |
| 6.500%, 02/01/32 | 3693 | &nbsp;&nbsp; 3814 |
| 6.500%, 07/01/32 | 16318 | &nbsp;&nbsp; 17074 |
| 6.500%, 08/01/32 | 10666 | &nbsp;&nbsp; 11017 |
| 6.500%, 01/01/33 | 8814 | &nbsp;&nbsp; 9103 |
| 6.500%, 04/01/34 | 23040 | &nbsp;&nbsp; 23973 |
| 6.500%, 06/01/34 | 5874 | &nbsp;&nbsp; 6136 |
| 6.500%, 04/01/36 | 8691 | &nbsp;&nbsp; 9090 |
| 6.500%, 05/01/36 | 13069 | &nbsp;&nbsp; 13711 |
| 6.500%, 02/01/37 | 31145 | &nbsp;&nbsp; 32589 |
| 6.500%, 05/01/37 | 4102 | &nbsp;&nbsp; 4236 |
| 6.500%, 07/01/37 | 13180 | &nbsp;&nbsp; 13728 |
| 6.500%, 12/01/53 | 101036 | &nbsp;&nbsp; 104355 |
| 6.500%, 06/01/54 | 766569 | &nbsp;&nbsp; 793245 |
| Government National Mortgage Association |  |  |
| 2.000%, 11/20/50 | 319263 | &nbsp;&nbsp; 260129 |
| 2.000%, 01/20/52 | 1005887 | &nbsp;&nbsp; 819310 |
| 2.500%, 08/20/51 | 226119 | &nbsp;&nbsp; 192206 |
| 2.500%, 09/20/51 | 921012 | &nbsp;&nbsp; 782878 |
| 2.500%, 02/20/52 | 902494 | &nbsp;&nbsp; 767132 |
| 3.000%, 04/20/45 | 67087 | &nbsp;&nbsp; 60343 |
| 3.000%, 04/20/46 | 30361 | &nbsp;&nbsp; 27264 |
| 3.000%, 08/20/46 | 33499 | &nbsp;&nbsp; 30073 |
| 3.000%, 09/20/46 | 75923 | &nbsp;&nbsp; 68155 |
| 3.000%, 11/20/47 | 358681 | &nbsp;&nbsp; 321048 |
| 3.000%, 01/20/48 | 505449 | &nbsp;&nbsp; 452370 |
| 3.000%, 02/20/48 | 29994 | &nbsp;&nbsp; 26903 |
| 3.000%, 04/20/48 | 10192 | &nbsp;&nbsp; 9145 |
| 3.000%, 11/20/51 | 141465 | &nbsp;&nbsp; 125184 |
| 3.000%, 05/20/52 | 314636 | &nbsp;&nbsp; 278404 |
| 3.000%, 06/20/52 | 692144 | &nbsp;&nbsp; 612440 |
| 3.000%, 11/20/52 | 377684 | &nbsp;&nbsp; 336061 |
| 3.500%, 12/15/41 | 171560 | &nbsp;&nbsp; 160090 |
| 3.500%, 02/15/42 | 27070 | &nbsp;&nbsp; 25235 |
| 3.500%, 06/20/43 | 173417 | &nbsp;&nbsp; 162124 |
| 3.500%, 07/20/43 | 216357 | &nbsp;&nbsp; 202290 |
| 3.500%, 11/20/47 | 29246 | &nbsp;&nbsp; 27014 |
| 3.500%, 03/20/48 | 339152 | &nbsp;&nbsp; 313207 |
| 3.500%, 06/20/52 | 492194 | &nbsp;&nbsp; 449048 |
| 3.500%, 09/20/52 | 107212 | &nbsp;&nbsp; 97763 |
| 4.000%, 01/20/41 | 187562 | &nbsp;&nbsp; 179358 |
| 4.000%, 02/20/41 | 46515 | &nbsp;&nbsp; 44480 |
| 4.000%, 04/20/41 | 37313 | &nbsp;&nbsp; 35681 |

---

*See accompanying notes to financial statements.*

**BHFTII-313**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

**U.S. Treasury & Government Agencies—8.9%**

---

| | | |
|:---|:---|:---|
| **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%, 02/20/42 | 48698 | &nbsp;&nbsp; $46567 |
| 4.000%, 07/20/52 | 181528 | &nbsp;&nbsp; 169608 |
| 4.000%, 09/20/52 | 82226 | &nbsp;&nbsp; 76848 |
| 4.000%, 10/20/52 | 500431 | &nbsp;&nbsp; 468598 |
| 4.500%, 07/20/33 | 2486 | &nbsp;&nbsp; 2471 |
| 4.500%, 09/15/33 | 16026 | &nbsp;&nbsp; 15869 |
| 4.500%, 09/20/33 | 1951 | &nbsp;&nbsp; 1939 |
| 4.500%, 12/20/34 | 1382 | &nbsp;&nbsp; 1371 |
| 4.500%, 03/20/35 | 9218 | &nbsp;&nbsp; 9156 |
| 4.500%, 11/15/39 | 37517 | &nbsp;&nbsp; 36845 |
| 4.500%, 03/15/40 | 68941 | &nbsp;&nbsp; 67402 |
| 4.500%, 04/15/40 | 66930 | &nbsp;&nbsp; 64938 |
| 4.500%, 06/15/40 | 22837 | &nbsp;&nbsp; 22244 |
| 4.500%, 01/20/41 | 52768 | &nbsp;&nbsp; 52358 |
| 4.500%, 09/20/52 | 1249287 | &nbsp;&nbsp; 1206135 |
| 4.500%, 11/20/52 | 557446 | &nbsp;&nbsp; 537965 |
| 4.500%, 12/20/52 | 607108 | &nbsp;&nbsp; 585579 |
| 5.000%, 07/20/33 | 7150 | &nbsp;&nbsp; 7201 |
| 5.000%, 03/15/34 | 6149 | &nbsp;&nbsp; 6199 |
| 5.000%, 06/15/34 | 15073 | &nbsp;&nbsp; 14935 |
| 5.000%, 12/15/34 | 2148 | &nbsp;&nbsp; 2174 |
| 5.000%, 06/15/35 | 4964 | &nbsp;&nbsp; 5023 |
| 5.000%, 01/20/53 | 40186 | &nbsp;&nbsp; 39662 |
| 5.000%, 03/20/53 | 454312 | &nbsp;&nbsp; 448619 |
| 5.000%, 05/20/53 | 1243439 | &nbsp;&nbsp; 1225438 |
| 5.500%, 11/15/32 | 26572 | &nbsp;&nbsp; 27038 |
| 5.500%, 08/15/33 | 24599 | &nbsp;&nbsp; 24837 |
| 5.500%, 12/15/33 | 28341 | &nbsp;&nbsp; 29222 |
| 5.500%, 09/15/34 | 18609 | &nbsp;&nbsp; 18793 |
| 5.500%, 10/15/35 | 5970 | &nbsp;&nbsp; 6146 |
| 5.500%, 02/20/53 | 463061 | &nbsp;&nbsp; 466229 |
| 5.500%, 05/20/54 | 566141 | &nbsp;&nbsp; 567953 |
| 6.000%, 12/15/28 | 4818 | &nbsp;&nbsp; 4912 |
| 6.000%, 12/15/31 | 3992 | &nbsp;&nbsp; 4113 |
| 6.000%, 03/15/32 | 646 | &nbsp;&nbsp; 653 |
| 6.000%, 10/15/32 | 37590 | &nbsp;&nbsp; 39051 |
| 6.000%, 01/15/33 | 207 | &nbsp;&nbsp; 216 |
| 6.000%, 02/15/33 | 748 | &nbsp;&nbsp; 767 |
| 6.000%, 04/15/33 | 37749 | &nbsp;&nbsp; 39353 |
| 6.000%, 08/15/33 | 138 | &nbsp;&nbsp; 138 |
| 6.000%, 07/15/34 | 15206 | &nbsp;&nbsp; 15575 |
| 6.000%, 09/15/34 | 12656 | &nbsp;&nbsp; 13045 |
| 6.000%, 01/20/35 | 10161 | &nbsp;&nbsp; 10606 |
| 6.000%, 02/20/35 | 5145 | &nbsp;&nbsp; 5370 |
| 6.000%, 04/20/35 | 9212 | &nbsp;&nbsp; 9615 |
| 6.000%, 01/15/38 | 37735 | &nbsp;&nbsp; 39390 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.000%, TBA (e) | 2475000 | &nbsp;&nbsp; 1959270 |
| 2.500%, TBA (e) | 575000 | &nbsp;&nbsp; 502823 |
| 3.000%, TBA (e) | 25000 | &nbsp;&nbsp; 21629 |
| 6.500%, TBA (e) | 225000 | &nbsp;&nbsp; 232307 |
|  |  | &nbsp;&nbsp; 57123125 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $62,891,562) <br>|  | &nbsp;&nbsp; 58006389 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 8.9%** | **U.S. Treasury — 8.9%** | **U.S. Treasury — 8.9%** |
| U.S. Treasury Bonds |  |  |
| 1.875%, 11/15/51 | 650000 | &nbsp;&nbsp; $361613 |
| 2.250%, 08/15/46 | 11800000 | &nbsp;&nbsp; 7730383 |
| 2.250%, 02/15/52 | 2200000 | &nbsp;&nbsp; 1343805 |
| 2.500%, 02/15/45 | 68000 | &nbsp;&nbsp; 47871 |
| 2.875%, 05/15/43 | 2550000 | &nbsp;&nbsp; 1965393 |
| 2.875%, 11/15/46 | 2439000 | &nbsp;&nbsp; 1795714 |
| 4.000%, 11/15/42 | 900000 | &nbsp;&nbsp; 821074 |
| 4.000%, 11/15/52 | 1100000 | &nbsp;&nbsp; 962027 |
| 4.125%, 08/15/53 | 1100000 | &nbsp;&nbsp; 982566 |
| 4.250%, 02/15/54 | 5320000 | &nbsp;&nbsp; 4852838 |
| 4.500%, 02/15/44 (b) | 400000 | &nbsp;&nbsp; 386500 |
| 4.500%, 11/15/54 | 300000 | &nbsp;&nbsp; 285891 |
| 4.750%, 11/15/53 | 3200000 | &nbsp;&nbsp; 3171000 |
| U.S. Treasury Notes |  |  |
| 4.250%, 06/30/29 | 4500000 | &nbsp;&nbsp; 4583672 |
| 4.250%, 11/15/34 | 5800000 | &nbsp;&nbsp; 5819031 |
| 4.500%, 04/15/27 (f) | 13250000 | &nbsp;&nbsp; 13415107 |
| 4.500%, 05/31/29 | 3860000 | &nbsp;&nbsp; 3965245 |
| Total U.S. Treasury & Government Agencies <br>(Cost $56,215,840) <br>|  | &nbsp;&nbsp; 52489730 |
| **Asset-Backed Securities—4.1%** | **Asset-Backed Securities—4.1%** | **Asset-Backed Securities—4.1%** |
| **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** |
| AmeriCredit Automobile Receivables Trust |  |  |
| 5.750%, 02/18/28 | 110611 | &nbsp;&nbsp; 110859 |
| ARI Fleet Lease Trust |  |  |
| 6.050%, 07/15/32 (144A) | 72105 | &nbsp;&nbsp; 72682 |
| Chesapeake Funding II LLC |  |  |
| 5.650%, 05/15/35 (144A) | 273233 | &nbsp;&nbsp; 274587 |
| Credit Acceptance Auto Loan Trust |  |  |
| 6.390%, 08/15/33 (144A) | 155000 | &nbsp;&nbsp; 156363 |
| Enterprise Fleet Financing LLC |  |  |
| 4.690%, 07/20/27 (144A) | 184000 | &nbsp;&nbsp; 184246 |
| 6.400%, 03/20/30 (144A) | 235592 | &nbsp;&nbsp; 239130 |
| GLS Auto Select Receivables Trust |  |  |
| 6.270%, 08/16/27 (144A) | 40218 | &nbsp;&nbsp; 40272 |
| 6.370%, 06/15/28 (144A) | 36665 | &nbsp;&nbsp; 36945 |
| Hyundai Auto Lease Securitization Trust |  |  |
| 4.580%, 09/15/27 (144A) | 375000 | &nbsp;&nbsp; 376281 |
| Nissan Master Owner Trust Receivables |  |  |
| 4.974%, SOFR30A + 0.670%, 02/15/28 (144A) (c) | 408876 | &nbsp;&nbsp; 409185 |
| Santander Drive Auto Receivables Trust |  |  |
| 4.760%, 08/16/27 | 671008 | &nbsp;&nbsp; 671227 |
| SBNA Auto Lease Trust |  |  |
| 4.940%, 11/20/26 (144A) | 32912 | &nbsp;&nbsp; 32939 |
| Stellantis Financial Underwritten Enhanced Lease Trust |  |  |
| 4.630%, 07/20/27 (144A) | 464466 | &nbsp;&nbsp; 465583 |
|  |  | &nbsp;&nbsp; 3070299 |
| **Asset-Backed - Home Equity — 0.0%** | **Asset-Backed - Home Equity — 0.0%** | **Asset-Backed - Home Equity — 0.0%** |
| Bayview Financial Revolving Asset Trust |  |  |
| 6.041%, 1M TSFR + 1.714%, 12/28/40 (144A) (c) | 79678 | &nbsp;&nbsp; 171335 |

---

*See accompanying notes to financial statements.*

**BHFTII-314**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

**Non-Agency Mortgage-Backed Securities—2.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** |
| GMACM Home Equity Loan Trust |  |  |
| 5.805%, 10/25/36 (c) | 17945 | &nbsp;&nbsp; $17802 |
| Home Equity Loan Trust |  |  |
| 3.516%, 12/25/35 (c) | 20344 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 189457 |
| **Asset-Backed - Other — 3.6%** | **Asset-Backed - Other — 3.6%** | **Asset-Backed - Other — 3.6%** |
| Affirm Asset Securitization Trust |  |  |
| 5.080%, 04/15/30 (144A) | 143121 | &nbsp;&nbsp; 143255 |
| Arbor Realty Commercial Real Estate Notes Ltd. |  |  |
| 6.026%, 1M TSFR + 1.714%, 08/15/34 (144A) (c) | 522000 | &nbsp;&nbsp; 519927 |
| 6.404%, SOFR30A + 2.100%, 01/15/37 (144A) (c) | 1466500 | &nbsp;&nbsp; 1468332 |
| BSPRT Issuer Ltd. |  |  |
| 5.726%, 1M TSFR + 1.414%, 03/15/36 (144A) (c) | 1441181 | &nbsp;&nbsp; 1441416 |
| 6.354%, SOFR30A + 2.050%, 02/15/37 (144A) (c) | 524000 | &nbsp;&nbsp; 521912 |
| 6.476%, 1M TSFR + 2.164%, 12/15/38 (144A) (c) | 245000 | &nbsp;&nbsp; 243551 |
| Business Jet Securities LLC |  |  |
| 6.197%, 05/15/39 (144A) | 257170 | &nbsp;&nbsp; 262699 |
| Dryden 55 CLO Ltd. |  |  |
| 5.538%, 3M TSFR + 1.282%, 04/15/31 (144A) (c) | 566958 | &nbsp;&nbsp; 567146 |
| Dryden XXVI Senior Loan Fund |  |  |
| 5.418%, 3M TSFR + 1.162%, 04/15/29 (144A) (c) | 200266 | &nbsp;&nbsp; 200301 |
| Kubota Credit Owner Trust |  |  |
| 5.610%, 07/15/26 (144A) | 54779 | &nbsp;&nbsp; 54836 |
| LoanCore Issuer Ltd. |  |  |
| 6.176%, 1M TSFR + 1.864%, 07/15/36 (144A) (c) | 1547500 | &nbsp;&nbsp; 1546953 |
| 6.326%, 1M TSFR + 2.014%, 11/15/38 (144A) (c) | 3913500 | &nbsp;&nbsp; 3913543 |
| MF1 Ltd. |  |  |
| 6.128%, 1M TSFR + 1.814%, 12/15/35 (144A) (c) | 73762 | &nbsp;&nbsp; 73808 |
| 6.268%, 1M TSFR + 1.950%, 02/19/37 (144A) (c) | 650507 | &nbsp;&nbsp; 638697 |
| Neuberger Berman CLO XV |  |  |
| 5.868%, 3M TSFR + 1.612%, 10/15/29 (144A) (c) | 508944 | &nbsp;&nbsp; 509125 |
| Neuberger Berman CLO XX Ltd. |  |  |
| 5.468%, 3M TSFR + 1.150%, 04/15/39 (144A) (c) | 600000 | &nbsp;&nbsp; 600831 |
| OCP CLO Ltd. |  |  |
| 5.933%, 3M TSFR + 1.650%, 01/26/38 (144A) (c) | 4041128 | &nbsp;&nbsp; 4052326 |
| OneMain Financial Issuance Trust |  |  |
| 5.940%, 05/15/34 (144A) | 257022 | &nbsp;&nbsp; 258407 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.957%, 3M TSFR + 1.650%, 08/08/32 (144A) (c) | 1329638 | &nbsp;&nbsp; 1330339 |
| Parallel Ltd. |  |  |
| 6.117%, 3M TSFR + 1.800%, 07/20/36 (144A) (c) | 523330 | &nbsp;&nbsp; 523330 |
| Starwood Ltd. |  |  |
| 6.104%, SOFR30A + 1.800%, 11/15/38 (144A) (c) | 1507000 | &nbsp;&nbsp; 1493511 |
| U.S. Small Business Administration |  |  |
| 5.110%, 08/01/25 | 1380 | &nbsp;&nbsp; 1380 |
| Voya Ltd. |  |  |
| 5.968%, 3M TSFR + 1.712%, 10/15/30 (144A) (c) | 584168 | &nbsp;&nbsp; 584444 |
|  |  | &nbsp;&nbsp; 20950069 |
| Total Asset-Backed Securities <br>(Cost $24,136,297) <br>|  | &nbsp;&nbsp; 24209825 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** |
| Angel Oak Mortgage Trust |  |  |
| 5.138%, 09/25/69 (144A) (g) | 419712 | &nbsp;&nbsp; $417482 |
| 5.348%, 10/25/69 (144A) (g) | 743183 | &nbsp;&nbsp; 741540 |
| 5.653%, 10/25/69 (144A) (g) | 663302 | &nbsp;&nbsp; 664880 |
| COLT Mortgage Loan Trust |  |  |
| 5.123%, 08/25/69 (144A) (g) | 479661 | &nbsp;&nbsp; 477810 |
| OBX Trust |  |  |
| 5.316%, 10/25/64 (144A) (g) | 283402 | &nbsp;&nbsp; 282873 |
| 5.547%, 12/25/64 (144A) (c) | 355184 | &nbsp;&nbsp; 356434 |
| Verus Securitization Trust |  |  |
| 5.364%, 10/25/69 (144A) (c) | 167408 | &nbsp;&nbsp; 167307 |
|  |  | &nbsp;&nbsp; 3108326 |
| **Commercial Mortgage-Backed Securities — 1.5%** | **Commercial Mortgage-Backed Securities — 1.5%** | **Commercial Mortgage-Backed Securities — 1.5%** |
| ARDN Mortgage Trust |  |  |
| 6.050%, 1M TSFR + 1.750%, 06/15/35 (144A) (c) | 1112000 | &nbsp;&nbsp; 1112485 |
| AREIT Trust |  |  |
| 6.151%, SOFR30A + 1.850%, 01/20/37 (144A) (c) | 892000 | &nbsp;&nbsp; 885392 |
| Bank |  |  |
| 5.745%, 08/15/56 | 533187 | &nbsp;&nbsp; 558314 |
| Benchmark Mortgage Trust |  |  |
| 6.363%, 07/15/56 (c) | 38197 | &nbsp;&nbsp; 40035 |
| BXMT Ltd. |  |  |
| 5.728%, 1M TSFR + 1.414%, 05/15/38 (144A) (c) | 1532500 | &nbsp;&nbsp; 1493477 |
| Dwight Issuer LLC |  |  |
| 5.962%, 1M TSFR + 1.662%, 09/18/42 (144A) (c) | 638500 | &nbsp;&nbsp; 637303 |
| ELM Trust |  |  |
| 6.195%, 06/10/39 (144A) (c) | 668793 | &nbsp;&nbsp; 674004 |
| MF1 Trust |  |  |
| 5.856%, 1M TSFR + 1.541%, 11/18/39 (144A) (c) | 1364066 | &nbsp;&nbsp; 1366626 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 3.536%, 11/15/52 | 519442 | &nbsp;&nbsp; 507343 |
| MSWF Commercial Mortgage Trust |  |  |
| 6.014%, 12/15/56 (c) | 591406 | &nbsp;&nbsp; 633360 |
| PRM Trust |  |  |
| 4.480%, 07/05/33 (144A) (c) | 366561 | &nbsp;&nbsp; 363618 |
| Ready Capital Mortgage Financing LLC |  |  |
| 6.234%, 1M TSFR + 1.914%, 11/25/36 (144A) (c) | 320000 | &nbsp;&nbsp; 318363 |
|  |  | &nbsp;&nbsp; 8590320 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $11,727,727) <br>|  | &nbsp;&nbsp; 11698646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks—0.9%** | **Preferred Stocks—0.9%** | **Preferred Stocks—0.9%** |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Henkel AG & Co. KGaA | 38171 | &nbsp;&nbsp; 2997222 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| Samsung Electronics Co. Ltd.  | 55801 | &nbsp;&nbsp; 2046326 |
| Total Preferred Stocks <br>(Cost $5,584,679) <br>|  | &nbsp;&nbsp; 5043548 |

---

*See accompanying notes to financial statements.*

**BHFTII-315**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Municipals—0.5%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| Massachusetts Educational Financing Authority |  |  |
| 6.352%, 07/01/49 | 780000 | &nbsp;&nbsp; $801717 |
| New Jersey Turnpike Authority |  |  |
| 7.414%, 01/01/40 | 1050000 | &nbsp;&nbsp; 1254797 |
| Rhode Island Student Loan Authority |  |  |
| 6.081%, 12/01/42 | 650000 | &nbsp;&nbsp; 668429 |
| State Board of Administration Finance Corp. |  |  |
| 2.154%, 07/01/30 | 314000 | &nbsp;&nbsp; 280952 |
| Total Municipals <br>(Cost $2,824,635) <br>|  | &nbsp;&nbsp; 3005895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Boeing Co., 6.000%, 10/15/27 (b) <br>(Cost $1,317,650)<br>| 26353 | &nbsp;&nbsp; 1792004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** |
| **Discount Note—1.2%** | **Discount Note—1.2%** | **Discount Note—1.2%** |
| Federal Home Loan Bank |  |  |
| Zero Coupon, 07/01/25 (h) | 7104000 | &nbsp;&nbsp; 7103177 |
| **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $1,004; collateralized by <br> U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $1,182<br>| 1004 | &nbsp;&nbsp; 1004 |
| Total Short-Term Investments <br>(Cost $7,105,004) <br>|  | &nbsp;&nbsp; 7104181 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (i)—0.7%** | **Securities Lending Reinvestments (i)—0.7%** | **Securities Lending Reinvestments (i)—0.7%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (j)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (j)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (j)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (j)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (j)<br>| 300000 | &nbsp;&nbsp; 300000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (j)<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 2400000 |

---

&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 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $100,012; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp; 100000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $100,012; collateralized by <br> various Common Stock with an aggregate market value of <br> $111,307<br>| 100000 | &nbsp;&nbsp; $100000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $300,036; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $400,049; collateralized by <br> U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $408,050<br>| 400000 | &nbsp;&nbsp; 400000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $491,773; collateralized by <br> U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $501,547<br>| 491713 | &nbsp;&nbsp; 491713 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $100,012; collateralized by <br> various Common Stock with an aggregate market value of <br> $111,262<br>| 100000 | &nbsp;&nbsp; 100000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $50,006; collateralized by <br> various Common Stock with an aggregate market value of <br> $55,007<br>| 50000 | &nbsp;&nbsp; 50000 |
|  |  | &nbsp;&nbsp; 1541713 |
| Total Securities Lending Reinvestments <br>(Cost $3,941,713) <br>|  | &nbsp;&nbsp; 3941713 |
| Total Investments—100.8% <br>(Cost $527,787,046) <br>|  | &nbsp;&nbsp; 591434513 |
| Other assets and liabilities (net)—(0.8)%  |  | &nbsp;&nbsp; (4833036)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $586601477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $46,784,062 and the collateral received consisted of cash in the amount of $3,941,713 and non-cash collateral with a value of $44,084,571. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the 

*See accompanying notes to financial statements.*

**BHFTII-316**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (d) | Interest only security. |
| (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) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> June 30, 2025, the market value of securities pledged was $233,878.<br>|
| (g) | Security is a "step up" bond where coupon increases or steps up at a predetermined date.  |

---

---

| | |
|:---|:---|
|  | Rate shown is current coupon rate. |
| (h) | The rate shown represents current yield to maturity. |
| (i) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (j) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $49,000,439, which is 8.4% of net assets.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50691622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39558317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 <br>,657105<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67503121 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31270505 | &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;&nbsp; $28551032 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Convertible Preferred Stock | &nbsp;&nbsp; $(1694508)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1694508)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (1850120)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1850120)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (397085)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (397085)<br>|
| Total Borrowings | &nbsp;&nbsp; $(3941713)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3941713)<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; $(3941713)<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 Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 93 | USD | 19346180 | &nbsp;&nbsp; $85777 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 35 | USD | 3815000 | &nbsp;&nbsp; 35665 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 13 | USD | 1548625 | &nbsp;&nbsp; 64510 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $185952 |

---

*See accompanying notes to financial statements.*

**BHFTII-317**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $185952 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $3823 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $206184 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $23809724 |
| Futures contracts short | &nbsp;&nbsp; (1782000)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $9606456 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9606456 |
| Automobile Components | &nbsp;&nbsp; 9101605 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9101605 |
| Banks | &nbsp;&nbsp; 25474566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25474566 |
| Beverages | &nbsp;&nbsp; 2228065 | &nbsp;&nbsp; 1648940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3877005 |
| Building Products | &nbsp;&nbsp; 14006158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14006158 |
| Capital Markets | &nbsp;&nbsp; 44589376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44589376 |
| Chemicals | &nbsp;&nbsp; 10974032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10974032 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 3358981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3358981 |
| Containers & Packaging | &nbsp;&nbsp; 2049878 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2049878 |
| Distributors | &nbsp;&nbsp; 3282824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3282824 |
| Electric Utilities | &nbsp;&nbsp; 13907990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13907990 |
| Electrical Equipment | &nbsp;&nbsp; 6240317 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6240317 |
| Entertainment | &nbsp;&nbsp; 4502977 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4502977 |
| Financial Services | &nbsp;&nbsp; 6982814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6982814 |
| Food Products | &nbsp;&nbsp; 1094129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1094129 |
| Ground Transportation | &nbsp;&nbsp; 5754531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5754531 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 19542515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19542515 |
| Health Care Providers & Services | &nbsp;&nbsp; 13732294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13732294 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 637738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 637738 |
| Household Durables | &nbsp;&nbsp; 1447736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1447736 |
| Industrial Conglomerates | &nbsp;&nbsp; 3780807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3780807 |
| Insurance | &nbsp;&nbsp; 24425476 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24425476 |
| Interactive Media & Services | &nbsp;&nbsp; 953228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 953228 |
| IT Services | &nbsp;&nbsp; 7522069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7522069 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 5525619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5525619 |

---

*See accompanying notes to financial statements.*

**BHFTII-318**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Machinery | &nbsp;&nbsp; $3953780 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3953780 |
| Media | &nbsp;&nbsp; 15407450 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15407450 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1168315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1168315 |
| Multi-Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 4168103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4168103 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 22753773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22753773 |
| Personal Care Products | &nbsp;&nbsp; 8226118 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8226118 |
| Pharmaceuticals | &nbsp;&nbsp; 19050559 | &nbsp;&nbsp; 3244259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22294818 |
| Professional Services | &nbsp;&nbsp; 1048157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1048157 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 8043036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8043036 |
| Software | &nbsp;&nbsp; 10279475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10279475 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1078032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1078032 |
| Tobacco | &nbsp;&nbsp; 10011191 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10011191 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 697149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 697149 |
| Total Common Stocks | &nbsp;&nbsp; 341270901 | &nbsp;&nbsp; 10229617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 351500518 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 72642064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72642064 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 58006389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58006389 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 52489730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52489730 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 24209825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24209825 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 11698646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11698646 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5043548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5043548 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3005895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3005895 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 1792004 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1792004 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7104181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7104181 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2400000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 1541713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1541713 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 1541713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3941713 |
| Total Investments | &nbsp;&nbsp; $345462905 | &nbsp;&nbsp; $245971608 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $591434513 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3941713)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3941713)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $185952 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185952 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-319**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $591434513 |
| Cash | &nbsp;&nbsp; 3032 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 7 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 238070 |
| TBA securities sold | &nbsp;&nbsp; 1125303 |
| Fund shares sold | &nbsp;&nbsp; 267142 |
| Dividends and interest | &nbsp;&nbsp; 2496379 |
| Variation margin on futures contracts | &nbsp;&nbsp; 27252 |
| Prepaid expenses | &nbsp;&nbsp; 4636 |
| Total Assets | &nbsp;&nbsp; 595596334 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 3941713 |
| Payable for: |  |
| TBA securities purchased | &nbsp;&nbsp; 3796427 |
| Fund shares redeemed | &nbsp;&nbsp; 427935 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 260465 |
| Distribution and service fees | &nbsp;&nbsp; 73782 |
| Deferred trustees' fees | &nbsp;&nbsp; 213601 |
| Other expenses | &nbsp;&nbsp; 280934 |
| Total Liabilities | &nbsp;&nbsp; 8994857 |
| **Net Assets**  | &nbsp;&nbsp; $586601477 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $502650539 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 83950938 |
| **Net Assets**  | &nbsp;&nbsp; $586601477 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $158506390 |
| Class B | &nbsp;&nbsp; 133736452 |
| Class E | &nbsp;&nbsp; 18344940 |
| Class F | &nbsp;&nbsp; 276013695 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 1104102 |
| Class B | &nbsp;&nbsp; 954332 |
| Class E | &nbsp;&nbsp; 128975 |
| Class F | &nbsp;&nbsp; 1951940 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $143.56 |
| Class B | 140.14 |
| Class E | 142.24 |
| Class F | 141.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $527,787,046.

(b) Includes securities loaned at value of $46,784,062.

(c) Identified cost of cash denominated in foreign currencies was $7.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $4186946 |
| Interest | &nbsp;&nbsp; 5253215 |
| Securities lending income | &nbsp;&nbsp; 23191 |
| Other income | &nbsp;&nbsp; 1725 |
| Total investment income | &nbsp;&nbsp; 9465077 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1656798 |
| Administration fees | &nbsp;&nbsp; 26419 |
| Custodian and accounting fees | &nbsp;&nbsp; 58121 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 167089 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 13532 |
| Distribution and service fees—Class F | &nbsp;&nbsp; 273239 |
| Audit and tax services | &nbsp;&nbsp; 35436 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 31723 |
| Insurance | &nbsp;&nbsp; 2568 |
| Miscellaneous | &nbsp;&nbsp; 10891 |
| Total expenses | &nbsp;&nbsp; 2318582 |
| Less management fee waiver | &nbsp;&nbsp; (63161)<br>|
| Net expenses | &nbsp;&nbsp; 2255421 |
| **Net Investment Income** | &nbsp;&nbsp; 7209656 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 15914234 |
| Futures contracts | &nbsp;&nbsp; 3823 |
| Foreign currency transactions | &nbsp;&nbsp; (969)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 15917088 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 5519768 |
| Futures contracts | &nbsp;&nbsp; 206184 |
| Foreign currency transactions | &nbsp;&nbsp; 20355 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5746307 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 21663395 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $28873051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $55,083.

*See accompanying notes to financial statements.*

**BHFTII-320**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $7209656 | &nbsp;&nbsp; $14599214 |
| Net realized gain (loss) | &nbsp;&nbsp; 15917088 | &nbsp;&nbsp; 42673115 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5746307 | &nbsp;&nbsp; (11576028)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 28873051 | &nbsp;&nbsp; 45696301 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (15178865)<br>| &nbsp;&nbsp; (11589098)<br>|
| Class B | &nbsp;&nbsp; (12785288)<br>| &nbsp;&nbsp; (10667877)<br>|
| Class E | &nbsp;&nbsp; (1740129)<br>| &nbsp;&nbsp; (1410263)<br>|
| Class F | &nbsp;&nbsp; (26307039)<br>| &nbsp;&nbsp; (20767987)<br>|
| **Total distributions** | &nbsp;&nbsp; (56011321)<br>| &nbsp;&nbsp; (44435225)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 19789787 | &nbsp;&nbsp; (28253652)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (7348483)<br>| &nbsp;&nbsp; (26992576)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 593949960 | &nbsp;&nbsp; 620942536 |
| End of period | &nbsp;&nbsp; $586601477 | &nbsp;&nbsp; $593949960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 18735 | &nbsp;&nbsp; $2845086 | &nbsp;&nbsp; 30125 | &nbsp;&nbsp; $4586910 |
| Reinvestments | &nbsp;&nbsp; 107545 | &nbsp;&nbsp; 15178865 | &nbsp;&nbsp; 79623 | &nbsp;&nbsp; 11589098 |
| Redemptions | &nbsp;&nbsp; (64552)<br>| &nbsp;&nbsp; (9824237)<br>| &nbsp;&nbsp; (122402)<br>| &nbsp;&nbsp; (18749282)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 61728 | &nbsp;&nbsp; $8199714 | &nbsp;&nbsp; (12654)<br>| &nbsp;&nbsp; $(2573274)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 11953 | &nbsp;&nbsp; $1763400 | &nbsp;&nbsp; 16970 | &nbsp;&nbsp; $2519011 |
| Reinvestments | &nbsp;&nbsp; 92788 | &nbsp;&nbsp; 12785288 | &nbsp;&nbsp; 74920 | &nbsp;&nbsp; 10667877 |
| Redemptions | &nbsp;&nbsp; (83432)<br>| &nbsp;&nbsp; (12404425)<br>| &nbsp;&nbsp; (179855)<br>| &nbsp;&nbsp; (26857541)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 21309 | &nbsp;&nbsp; $2144263 | &nbsp;&nbsp; (87965)<br>| &nbsp;&nbsp; $(13670653)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; $287592 | &nbsp;&nbsp; 16809 | &nbsp;&nbsp; $2551858 |
| Reinvestments | &nbsp;&nbsp; 12443 | &nbsp;&nbsp; 1740129 | &nbsp;&nbsp; 9771 | &nbsp;&nbsp; 1410263 |
| Redemptions | &nbsp;&nbsp; (7981)<br>| &nbsp;&nbsp; (1205262)<br>| &nbsp;&nbsp; (34756)<br>| &nbsp;&nbsp; (5266157)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6404 | &nbsp;&nbsp; $822459 | &nbsp;&nbsp; (8176)<br>| &nbsp;&nbsp; $(1304036)<br>|
| **Class F** |  |  |  |  |
| Sales | &nbsp;&nbsp; 20863 | &nbsp;&nbsp; $3127845 | &nbsp;&nbsp; 77064 | &nbsp;&nbsp; $11621789 |
| Reinvestments | &nbsp;&nbsp; 189218 | &nbsp;&nbsp; 26307039 | &nbsp;&nbsp; 144654 | &nbsp;&nbsp; 20767987 |
| Redemptions | &nbsp;&nbsp; (138813)<br>| &nbsp;&nbsp; (20811533)<br>| &nbsp;&nbsp; (285825)<br>| &nbsp;&nbsp; (43095465)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 71268 | &nbsp;&nbsp; $8623351 | &nbsp;&nbsp; (64107)<br>| &nbsp;&nbsp; $(10705689)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $19789787 |  | &nbsp;&nbsp; $(28253652)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-321**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $151.19 | &nbsp;&nbsp;&nbsp;&nbsp; $151.38 | &nbsp;&nbsp; $147.81 | &nbsp;&nbsp; $186.11 | &nbsp;&nbsp; $176.57 | &nbsp;&nbsp; $172.66 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| Net realized and unrealized gain (loss) | 5.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp; (21.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.69 | &nbsp;&nbsp;&nbsp;&nbsp;11.99 |
| Total income (loss) from investment operations | 7.54 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp; (18.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;15.22 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (4.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>| &nbsp;&nbsp; (7.14)<br>|
| Total distributions | &nbsp;&nbsp; (15.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.53)<br>| &nbsp;&nbsp; (11.04)<br>| &nbsp;&nbsp; (19.53)<br>| &nbsp;&nbsp; (14.85)<br>| &nbsp;&nbsp; (11.31)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $143.56 | &nbsp;&nbsp;&nbsp;&nbsp; $151.19 | &nbsp;&nbsp; $151.38 | &nbsp;&nbsp; $147.81 | &nbsp;&nbsp; $186.11 | &nbsp;&nbsp; $176.57 |
| **Total Return (%)** (b) | 5.16 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp; (9.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net ratio of expenses to average net assets (%) (e) | 0.62 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Ratio of net investment income (loss) to average net assets (%) | 2.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 15 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34 <br>(f)<br>| &nbsp;&nbsp; 32 <br>(f)<br>| &nbsp;&nbsp; 62 <br>(f)<br>| &nbsp;&nbsp; 92 <br>(f)<br>| &nbsp;&nbsp; 78 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $158.5 | &nbsp;&nbsp;&nbsp;&nbsp; $157.6 | &nbsp;&nbsp; $159.7 | &nbsp;&nbsp; $158.6 | &nbsp;&nbsp; $188.2 | &nbsp;&nbsp; $176.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $147.71 | &nbsp;&nbsp;&nbsp;&nbsp; $148.12 | &nbsp;&nbsp; $144.80 | &nbsp;&nbsp; $182.66 | &nbsp;&nbsp; $173.56 | &nbsp;&nbsp; $169.83 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Net realized and unrealized gain (loss) | 5.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp; (21.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.32 | &nbsp;&nbsp;&nbsp;&nbsp;11.80 |
| Total income (loss) from investment operations | 7.18 | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp; (18.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.52 | &nbsp;&nbsp;&nbsp;&nbsp;14.57 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.70)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>| &nbsp;&nbsp; (7.14)<br>|
| Total distributions | &nbsp;&nbsp; (14.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.13)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (19.04)<br>| &nbsp;&nbsp; (14.42)<br>| &nbsp;&nbsp; (10.84)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $140.14 | &nbsp;&nbsp;&nbsp;&nbsp; $147.71 | &nbsp;&nbsp; $148.12 | &nbsp;&nbsp; $144.80 | &nbsp;&nbsp; $182.66 | &nbsp;&nbsp; $173.56 |
| **Total Return (%)** (b) | 5.03 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp; (9.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp;&nbsp;&nbsp;9.49 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.89 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net ratio of expenses to average net assets (%) (e) | 0.87 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Ratio of net investment income (loss) to average net assets (%) | 2.39 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 15 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34 <br>(f)<br>| &nbsp;&nbsp; 32 <br>(f)<br>| &nbsp;&nbsp; 62 <br>(f)<br>| &nbsp;&nbsp; 92 <br>(f)<br>| &nbsp;&nbsp; 78 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $133.7 | &nbsp;&nbsp;&nbsp;&nbsp; $137.8 | &nbsp;&nbsp; $151.2 | &nbsp;&nbsp; $154.9 | &nbsp;&nbsp; $196.7 | &nbsp;&nbsp; $193.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-322**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $149.80 | &nbsp;&nbsp;&nbsp;&nbsp; $150.08 | &nbsp;&nbsp; $146.61 | &nbsp;&nbsp; $184.72 | &nbsp;&nbsp; $175.35 | &nbsp;&nbsp; $171.52 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| Net realized and unrealized gain (loss) | 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp; (21.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.55 | &nbsp;&nbsp;&nbsp;&nbsp;11.90 |
| Total income (loss) from investment operations | 7.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.96 | &nbsp;&nbsp;&nbsp;&nbsp;14.87 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; (3.90)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>| &nbsp;&nbsp; (7.14)<br>|
| Total distributions | &nbsp;&nbsp; (14.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.29)<br>| &nbsp;&nbsp; (10.79)<br>| &nbsp;&nbsp; (19.25)<br>| &nbsp;&nbsp; (14.59)<br>| &nbsp;&nbsp; (11.04)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $142.24 | &nbsp;&nbsp;&nbsp;&nbsp; $149.80 | &nbsp;&nbsp; $150.08 | &nbsp;&nbsp; $146.61 | &nbsp;&nbsp; $184.72 | &nbsp;&nbsp; $175.35 |
| **Total Return (%)** (b) | 5.08 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp; (9.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.60 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.79 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net ratio of expenses to average net assets (%) (e) | 0.77 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | 2.49 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 15 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34 <br>(f)<br>| &nbsp;&nbsp; 32 <br>(f)<br>| &nbsp;&nbsp; 62 <br>(f)<br>| &nbsp;&nbsp; 92 <br>(f)<br>| &nbsp;&nbsp; 78 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $18.3 | &nbsp;&nbsp;&nbsp;&nbsp; $18.4 | &nbsp;&nbsp; $19.6 | &nbsp;&nbsp; $20.7 | &nbsp;&nbsp; $23.6 | &nbsp;&nbsp; $23.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class F** | **Class F** | **Class F** | **Class F** | **Class F** | **Class F** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $148.97 | &nbsp;&nbsp;&nbsp;&nbsp; $149.31 | &nbsp;&nbsp; $145.89 | &nbsp;&nbsp; $183.89 | &nbsp;&nbsp; $174.64 | &nbsp;&nbsp; $170.86 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 |
| Net realized and unrealized gain (loss) | 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp; (21.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.45 | &nbsp;&nbsp;&nbsp;&nbsp;11.86 |
| Total income (loss) from investment operations | 7.28 | &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.13 | &nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;14.73 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp; (3.81)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (10.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.69)<br>| &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; (11.28)<br>| &nbsp;&nbsp; (7.14)<br>|
| Total distributions | &nbsp;&nbsp; (14.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.22)<br>| &nbsp;&nbsp; (10.71)<br>| &nbsp;&nbsp; (19.14)<br>| &nbsp;&nbsp; (14.51)<br>| &nbsp;&nbsp; (10.95)<br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; $141.40 | &nbsp;&nbsp;&nbsp;&nbsp; $148.97 | &nbsp;&nbsp; $149.31 | &nbsp;&nbsp; $145.89 | &nbsp;&nbsp; $183.89 | &nbsp;&nbsp; $174.64 |
| **Total Return (%)** (b) | 5.05 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp; (9.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (e) | 0.82 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Ratio of net investment income (loss) to average net assets (%) | 2.44 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 15 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34 <br>(f)<br>| &nbsp;&nbsp; 32 <br>(f)<br>| &nbsp;&nbsp; 62 <br>(f)<br>| &nbsp;&nbsp; 92 <br>(f)<br>| &nbsp;&nbsp; 78 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $276.0 | &nbsp;&nbsp;&nbsp;&nbsp; $280.2 | &nbsp;&nbsp; $290.4 | &nbsp;&nbsp; $294.3 | &nbsp;&nbsp; $366.2 | &nbsp;&nbsp; $357.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 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 10%, 28%, 22%, 30%, 29%, and 40% for the six months ended, June 30, 2025, and for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTII-323**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 8.1%** | **Aerospace & Defense — 8.1%** | **Aerospace & Defense — 8.1%** |
| Boeing Co. (a) | 305145 | &nbsp;&nbsp; $63937032 |
| General Dynamics Corp.  | 174677 | &nbsp;&nbsp; 50946294 |
| Northrop Grumman Corp.  | 60969 | &nbsp;&nbsp; 30483280 |
| RTX Corp.  | 473893 | &nbsp;&nbsp; 69197856 |
|  |  | &nbsp;&nbsp; 214564462 |
| **Banks — 9.3%** | **Banks — 9.3%** | **Banks — 9.3%** |
| Citigroup, Inc.  | 525743 | &nbsp;&nbsp; 44751244 |
| JPMorgan Chase & Co.  | 425582 | &nbsp;&nbsp; 123380478 |
| PNC Financial Services Group, Inc.  | 238030 | &nbsp;&nbsp; 44373553 |
| Wells Fargo & Co.  | 422693 | &nbsp;&nbsp; 33866163 |
|  |  | &nbsp;&nbsp; 246371438 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| Diageo PLC | 347783 | &nbsp;&nbsp; 8747973 |
| PepsiCo, Inc.  | 205633 | &nbsp;&nbsp; 27151781 |
|  |  | &nbsp;&nbsp; 35899754 |
| **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** |
| AbbVie, Inc.  | 212353 | &nbsp;&nbsp; 39416964 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Trane Technologies PLC | 19269 | &nbsp;&nbsp; 8428453 |
| **Capital Markets — 7.6%** | **Capital Markets — 7.6%** | **Capital Markets — 7.6%** |
| Blackrock, Inc.  | 36097 | &nbsp;&nbsp; 37874777 |
| KKR & Co., Inc. (b) | 364422 | &nbsp;&nbsp; 48479059 |
| LPL Financial Holdings, Inc.  | 24738 | &nbsp;&nbsp; 9276008 |
| Morgan Stanley | 386046 | &nbsp;&nbsp; 54378440 |
| Nasdaq, Inc.  | 567220 | &nbsp;&nbsp; 50720812 |
|  |  | &nbsp;&nbsp; 200729096 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Corteva, Inc.  | 123377 | &nbsp;&nbsp; 9195288 |
| DuPont de Nemours, Inc.  | 151231 | &nbsp;&nbsp; 10372934 |
| Sherwin-Williams Co.  | 32387 | &nbsp;&nbsp; 11120400 |
|  |  | &nbsp;&nbsp; 30688622 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| CRH PLC | 171852 | &nbsp;&nbsp; 15776014 |
| **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** |
| American Express Co.  | 201787 | &nbsp;&nbsp; 64366017 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Target Corp.  | 162088 | &nbsp;&nbsp; 15989981 |
| **Electric Utilities — 7.2%** | **Electric Utilities — 7.2%** | **Electric Utilities — 7.2%** |
| American Electric Power Co., Inc.  | 111660 | &nbsp;&nbsp; 11585842 |
| Duke Energy Corp.  | 448430 | &nbsp;&nbsp; 52914740 |
| Exelon Corp. (b) | 449955 | &nbsp;&nbsp; 19537046 |
| PG&E Corp.  | 1996354 | &nbsp;&nbsp; 27829175 |
| Southern Co. (b) | 532545 | &nbsp;&nbsp; 48903607 |
| Xcel Energy, Inc. (b) | 447649 | &nbsp;&nbsp; 30484897 |
|  |  | &nbsp;&nbsp; 191255307 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| Eaton Corp. PLC | 83318 | &nbsp;&nbsp; $29743693 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| CDW Corp.  | 40022 | &nbsp;&nbsp; 7147529 |
| **Food Products — 2.3%** | **Food Products — 2.3%** | **Food Products — 2.3%** |
| Mondelez International, Inc. - Class A (b) | 438501 | &nbsp;&nbsp; 29572507 |
| Nestle SA | 302413 | &nbsp;&nbsp; 30036211 |
|  |  | &nbsp;&nbsp; 59608718 |
| **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** |
| Canadian National Railway Co.  | 105435 | &nbsp;&nbsp; 10969458 |
| Union Pacific Corp.  | 194778 | &nbsp;&nbsp; 44814522 |
|  |  | &nbsp;&nbsp; 55783980 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Abbott Laboratories | 290819 | &nbsp;&nbsp; 39554292 |
| **Health Care Providers & Services — 7.4%** | **Health Care Providers & Services — 7.4%** | **Health Care Providers & Services — 7.4%** |
| Cigna Group | 259233 | &nbsp;&nbsp; 85697245 |
| Elevance Health, Inc.  | 78688 | &nbsp;&nbsp; 30606485 |
| McKesson Corp.  | 109748 | &nbsp;&nbsp; 80421139 |
|  |  | &nbsp;&nbsp; 196724869 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Marriott International, Inc. - Class A (b) | 127417 | &nbsp;&nbsp; 34811599 |
| **Household Products — 1.2%** | **Household Products — 1.2%** | **Household Products — 1.2%** |
| Kimberly-Clark Corp.  | 130463 | &nbsp;&nbsp; 16819290 |
| Reckitt Benckiser Group PLC | 235368 | &nbsp;&nbsp; 16011371 |
|  |  | &nbsp;&nbsp; 32830661 |
| **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** |
| Honeywell International, Inc. (b) | 189102 | &nbsp;&nbsp; 44038074 |
| **Industrial REITs — 1.6%** | **Industrial REITs — 1.6%** | **Industrial REITs — 1.6%** |
| Prologis, Inc.  | 396831 | &nbsp;&nbsp; 41714875 |
| **Insurance — 11.8%** | **Insurance — 11.8%** | **Insurance — 11.8%** |
| Aon PLC - Class A | 136174 | &nbsp;&nbsp; 48581436 |
| Chubb Ltd.  | 156454 | &nbsp;&nbsp; 45327853 |
| Marsh & McLennan Cos., Inc.  | 271170 | &nbsp;&nbsp; 59288609 |
| Progressive Corp.  | 409593 | &nbsp;&nbsp; 109303988 |
| Travelers Cos., Inc.  | 179676 | &nbsp;&nbsp; 48070517 |
|  |  | &nbsp;&nbsp; 310572403 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| Accenture PLC - Class A | 153743 | &nbsp;&nbsp; 45952245 |
| **Machinery — 2.5%** | **Machinery — 2.5%** | **Machinery — 2.5%** |
| Illinois Tool Works, Inc.  | 112749 | &nbsp;&nbsp; 27877190 |
| Otis Worldwide Corp.  | 82430 | &nbsp;&nbsp; 8162218 |
| PACCAR, Inc.  | 305978 | &nbsp;&nbsp; 29086269 |
|  |  | &nbsp;&nbsp; 65125677 |

---

*See accompanying notes to financial statements.*

**BHFTII-324**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (d)—0.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** |
| Dominion Energy, Inc. (b) | 819774 | &nbsp;&nbsp; $46333626 |
| **Oil, Gas & Consumable Fuels — 5.7%** | **Oil, Gas & Consumable Fuels — 5.7%** | **Oil, Gas & Consumable Fuels — 5.7%** |
| Chevron Corp. (b) | 245957 | &nbsp;&nbsp; 35218583 |
| ConocoPhillips (b) | 519049 | &nbsp;&nbsp; 46579457 |
| EOG Resources, Inc. (b) | 163761 | &nbsp;&nbsp; 19587453 |
| Exxon Mobil Corp.  | 462665 | &nbsp;&nbsp; 49875287 |
|  |  | &nbsp;&nbsp; 151260780 |
| **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** |
| Kenvue, Inc.  | 1071598 | &nbsp;&nbsp; 22428546 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| Johnson & Johnson | 346388 | &nbsp;&nbsp; 52910767 |
| Merck & Co., Inc.  | 243948 | &nbsp;&nbsp; 19310924 |
| Pfizer, Inc.  | 1409255 | &nbsp;&nbsp; 34160341 |
|  |  | &nbsp;&nbsp; 106382032 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| Equifax, Inc.  | 102624 | &nbsp;&nbsp; 26617587 |
| **Semiconductors & Semiconductor Equipment — 6.2%** | **Semiconductors & Semiconductor Equipment — 6.2%** | **Semiconductors & Semiconductor Equipment — 6.2%** |
| Analog Devices, Inc.  | 219464 | &nbsp;&nbsp; 52236821 |
| KLA Corp.  | 40243 | &nbsp;&nbsp; 36047265 |
| NXP Semiconductors NV | 159000 | &nbsp;&nbsp; 34739910 |
| Texas Instruments, Inc. (b) | 194928 | &nbsp;&nbsp; 40470951 |
|  |  | &nbsp;&nbsp; 163494947 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| Public Storage | 27253 | &nbsp;&nbsp; 7996575 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| Lowe's Cos., Inc.  | 208030 | &nbsp;&nbsp; 46155616 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| WW Grainger, Inc.  | 9724 | &nbsp;&nbsp; 10115294 |
| Total Common Stocks <br>(Cost $1,817,986,820) <br>|  | &nbsp;&nbsp; 2607879726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** | **Short-Term Investments—1.2%** |
| **Discount Note—1.2%** | **Discount Note—1.2%** | **Discount Note—1.2%** |
| Federal Home Loan Bank |  |  |
| Zero Coupon, 07/01/25 (c) | 31020000 | &nbsp;&nbsp; 31016407 |
| **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $18,904; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $19,323<br>| 18902 | &nbsp;&nbsp; 18902 |
| Total Short-Term Investments <br>(Cost $31,038,902) <br>|  | &nbsp;&nbsp; 31035309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**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 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $1,100,138; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,224,381<br>| 1100000 | &nbsp;&nbsp; $1100000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $1,000,121; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.375% - 4.250%, maturity dates ranging from <br> 07/31/27 - 05/15/39, and an aggregate market value of <br> $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $302,214; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% <br> - 3.250%, maturity dates ranging from 05/15/41 - <br> 05/15/52, and an aggregate market value of $308,221<br>| 302178 | &nbsp;&nbsp; 302178 |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $1,100,139; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,226,616<br>| 1100000 | &nbsp;&nbsp; 1100000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $1,100,138; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,223,687<br>| 1100000 | &nbsp;&nbsp; 1100000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $1,100,135; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,210,149<br>| 1100000 | &nbsp;&nbsp; 1100000 |
| Total Securities Lending Reinvestments <br>(Cost $6,702,178) <br>|  | &nbsp;&nbsp; 6702178 |
| Total Investments—100.2% <br>(Cost $1,855,727,900) <br>|  | &nbsp;&nbsp; 2645617213 |
| Other assets and liabilities (net)—(0.2)%  |  | &nbsp;&nbsp; (4415655)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2641201558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $171,210,909 and the collateral received consisted of cash in the amount of $6,702,178 and non-cash collateral with a value of $168,984,309. 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) The rate shown represents current yield to maturity.

(d) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

*See accompanying notes to financial statements.*

**BHFTII-325**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146730032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $276940680 |

---

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $2,600,791 in purchases and $690,272 in sales of investments, which are included above, and resulted in net realized losses of $83,172.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(6702178)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6702178)<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; $(6702178)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $214564462 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $214564462 |
| Banks | &nbsp;&nbsp; 246371438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 246371438 |
| Beverages | &nbsp;&nbsp; 27151781 | &nbsp;&nbsp; 8747973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35899754 |
| Biotechnology | &nbsp;&nbsp; 39416964 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39416964 |
| Building Products | &nbsp;&nbsp; 8428453 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8428453 |
| Capital Markets | &nbsp;&nbsp; 200729096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200729096 |
| Chemicals | &nbsp;&nbsp; 30688622 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30688622 |
| Construction Materials | &nbsp;&nbsp; 15776014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15776014 |
| Consumer Finance | &nbsp;&nbsp; 64366017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64366017 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 15989981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15989981 |
| Electric Utilities | &nbsp;&nbsp; 191255307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191255307 |
| Electrical Equipment | &nbsp;&nbsp; 29743693 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29743693 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 7147529 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7147529 |
| Food Products | &nbsp;&nbsp; 29572507 | &nbsp;&nbsp; 30036211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59608718 |
| Ground Transportation | &nbsp;&nbsp; 55783980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55783980 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 39554292 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39554292 |
| Health Care Providers & Services | &nbsp;&nbsp; 196724869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 196724869 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 34811599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34811599 |
| Household Products | &nbsp;&nbsp; 16819290 | &nbsp;&nbsp; 16011371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32830661 |
| Industrial Conglomerates | &nbsp;&nbsp; 44038074 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44038074 |
| Industrial REITs | &nbsp;&nbsp; 41714875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41714875 |
| Insurance | &nbsp;&nbsp; 310572403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 310572403 |
| IT Services | &nbsp;&nbsp; 45952245 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45952245 |
| Machinery | &nbsp;&nbsp; 65125677 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65125677 |
| Multi-Utilities | &nbsp;&nbsp; 46333626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46333626 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 151260780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 151260780 |
| Personal Care Products | &nbsp;&nbsp; 22428546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22428546 |
| Pharmaceuticals | &nbsp;&nbsp; 106382032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106382032 |
| Professional Services | &nbsp;&nbsp; 26617587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26617587 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 163494947 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 163494947 |
| Specialized REITs | &nbsp;&nbsp; 7996575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7996575 |
| Specialty Retail | &nbsp;&nbsp; 46155616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46155616 |

---

*See accompanying notes to financial statements.*

**BHFTII-326**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Trading Companies & Distributors | &nbsp;&nbsp; $10115294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10115294 |
| Total Common Stocks | &nbsp;&nbsp; 2553084171 | &nbsp;&nbsp; 54795555 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2607879726 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 31035309 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31035309 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6702178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6702178 |
| Total Investments | &nbsp;&nbsp; $2553084171 | &nbsp;&nbsp; $92533042 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2645617213 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6702178)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6702178)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-327**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2645617213 |
| Cash | &nbsp;&nbsp; 122729 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 551382 |
| Fund shares sold | &nbsp;&nbsp; 1780413 |
| Dividends and interest | &nbsp;&nbsp; 2972974 |
| Prepaid expenses | &nbsp;&nbsp; 20883 |
| Total Assets | &nbsp;&nbsp; 2651065594 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 6702178 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1047031 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1184408 |
| Distribution and service fees | &nbsp;&nbsp; 166068 |
| Deferred trustees' fees | &nbsp;&nbsp; 344761 |
| Other expenses | &nbsp;&nbsp; 419590 |
| Total Liabilities | &nbsp;&nbsp; 9864036 |
| **Net Assets**  | &nbsp;&nbsp; $2641201558 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1729332170 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 911869388 |
| **Net Assets**  | &nbsp;&nbsp; $2641201558 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1770138560 |
| Class B | &nbsp;&nbsp; 758367903 |
| Class D | &nbsp;&nbsp; 9566810 |
| Class E | &nbsp;&nbsp; 103128285 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 137639454 |
| Class B | &nbsp;&nbsp; 60539441 |
| Class D | &nbsp;&nbsp; 749061 |
| Class E | &nbsp;&nbsp; 8125975 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.86 |
| Class B | 12.53 |
| Class D | 12.77 |
| Class E | 12.69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,855,727,900.

(b) Includes securities loaned at value of $171,210,909.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $31657191 |
| Interest | &nbsp;&nbsp; 396778 |
| Securities lending income | &nbsp;&nbsp; 20622 |
| Other income | &nbsp;&nbsp; 10877 |
| Total investment income | &nbsp;&nbsp; 32085468 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7998127 |
| Administration fees | &nbsp;&nbsp; 59437 |
| Custodian and accounting fees | &nbsp;&nbsp; 64928 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 937473 |
| Distribution and service fees—Class D | &nbsp;&nbsp; 4670 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 76673 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 71815 |
| Insurance | &nbsp;&nbsp; 11574 |
| Miscellaneous | &nbsp;&nbsp; 13080 |
| Total expenses | &nbsp;&nbsp; 9305590 |
| Less management fee waiver | &nbsp;&nbsp; (795807)<br>|
| Net expenses | &nbsp;&nbsp; 8509783 |
| **Net Investment Income** | &nbsp;&nbsp; 23575685 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 103917464 |
| Foreign currency transactions | &nbsp;&nbsp; 40792 |
| Net realized gain (loss) | &nbsp;&nbsp; 103958256 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 46873537 |
| Foreign currency transactions | &nbsp;&nbsp; 170043 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 47043580 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 151001836 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $174577521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $262,308.

*See accompanying notes to financial statements.*

**BHFTII-328**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $23575685 | &nbsp;&nbsp; $45493022 |
| Net realized gain (loss) | &nbsp;&nbsp; 103958256 | &nbsp;&nbsp; 294013613 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 47043580 | &nbsp;&nbsp; (24213399)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 174577521 | &nbsp;&nbsp; 315293236 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (228948846)<br>| &nbsp;&nbsp; (200128014)<br>|
| Class B | &nbsp;&nbsp; (98946019)<br>| &nbsp;&nbsp; (88427932)<br>|
| Class D | &nbsp;&nbsp; (1245880)<br>| &nbsp;&nbsp; (1082227)<br>|
| Class E | &nbsp;&nbsp; (13367673)<br>| &nbsp;&nbsp; (12279332)<br>|
| **Total distributions** | &nbsp;&nbsp; (342508418)<br>| &nbsp;&nbsp; (301917505)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 189231273 | &nbsp;&nbsp; (175060306)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 21300376 | &nbsp;&nbsp; (161684575)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2619901182 | &nbsp;&nbsp; 2781585757 |
| End of period | &nbsp;&nbsp; $2641201558 | &nbsp;&nbsp; $2619901182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1053482 | &nbsp;&nbsp; $14631191 | &nbsp;&nbsp; 1674044 | &nbsp;&nbsp; $23747817 |
| Reinvestments | &nbsp;&nbsp; 18113042 | &nbsp;&nbsp; 228948846 | &nbsp;&nbsp; 15172708 | &nbsp;&nbsp; 200128014 |
| Redemptions | &nbsp;&nbsp; (7372206)<br>| &nbsp;&nbsp; (104599282)<br>| &nbsp;&nbsp; (23721193)<br>| &nbsp;&nbsp; (339871609)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 11794318 | &nbsp;&nbsp; $138980755 | &nbsp;&nbsp; (6874441)<br>| &nbsp;&nbsp; $(115995778)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 783256 | &nbsp;&nbsp; $10669144 | &nbsp;&nbsp; 1303850 | &nbsp;&nbsp; $18022171 |
| Reinvestments | &nbsp;&nbsp; 8037857 | &nbsp;&nbsp; 98946019 | &nbsp;&nbsp; 6860196 | &nbsp;&nbsp; 88427932 |
| Redemptions | &nbsp;&nbsp; (4708930)<br>| &nbsp;&nbsp; (64543746)<br>| &nbsp;&nbsp; (11175225)<br>| &nbsp;&nbsp; (155874910)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4112183 | &nbsp;&nbsp; $45071417 | &nbsp;&nbsp; (3011179)<br>| &nbsp;&nbsp; $(49424807)<br>|
| **Class D** |  |  |  |  |
| Sales | &nbsp;&nbsp; 6786 | &nbsp;&nbsp; $92033 | &nbsp;&nbsp; 15171 | &nbsp;&nbsp; $214724 |
| Reinvestments | &nbsp;&nbsp; 99273 | &nbsp;&nbsp; 1245880 | &nbsp;&nbsp; 82550 | &nbsp;&nbsp; 1082227 |
| Redemptions | &nbsp;&nbsp; (46691)<br>| &nbsp;&nbsp; (641542)<br>| &nbsp;&nbsp; (127989)<br>| &nbsp;&nbsp; (1816303)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 59368 | &nbsp;&nbsp; $696371 | &nbsp;&nbsp; (30268)<br>| &nbsp;&nbsp; $(519352)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 120132 | &nbsp;&nbsp; $1592079 | &nbsp;&nbsp; 231667 | &nbsp;&nbsp; $3243759 |
| Reinvestments | &nbsp;&nbsp; 1071987 | &nbsp;&nbsp; 13367673 | &nbsp;&nbsp; 941667 | &nbsp;&nbsp; 12279332 |
| Redemptions | &nbsp;&nbsp; (758554)<br>| &nbsp;&nbsp; (10477022)<br>| &nbsp;&nbsp; (1749817)<br>| &nbsp;&nbsp; (24643460)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 433565 | &nbsp;&nbsp; $4482730 | &nbsp;&nbsp; (576483)<br>| &nbsp;&nbsp; $(9120369)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $189231273 |  | &nbsp;&nbsp; $(175060306)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-329**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $15.63 | &nbsp;&nbsp; $16.44 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Total income (loss) from investment operations | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.94)<br>|
| Total distributions | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.86 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $15.63 |
| **Total Return (%)** (b) | 6.89 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp; (5.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net ratio of expenses to average net assets (%) (e) | 0.58 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Ratio of net investment income (loss) to average net assets (%) | 1.90 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br>(c)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1770.1 | &nbsp;&nbsp; $1742.6 | &nbsp;&nbsp; $1847.9 | &nbsp;&nbsp; $1876.1 | &nbsp;&nbsp; $2396.8 | &nbsp;&nbsp; $2393.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.52 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $14.63 | &nbsp;&nbsp; $18.81 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $16.20 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total income (loss) from investment operations | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.94)<br>|
| Total distributions | &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.20)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.53 | &nbsp;&nbsp; $13.52 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $14.63 | &nbsp;&nbsp; $18.81 | &nbsp;&nbsp; $15.38 |
| **Total Return (%)** (b) | 6.78 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.66 | &nbsp;&nbsp;&nbsp;&nbsp;7.85 | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.89 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net ratio of expenses to average net assets (%) (e) | 0.83 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Ratio of net investment income (loss) to average net assets (%) | 1.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br>(c)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $758.4 | &nbsp;&nbsp; $762.6 | &nbsp;&nbsp; $809.8 | &nbsp;&nbsp; $831.3 | &nbsp;&nbsp; $1030.7 | &nbsp;&nbsp; $947.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-330**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $15.56 | &nbsp;&nbsp; $16.37 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Total income (loss) from investment operations | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.94)<br>|
| Total distributions | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.22)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.77 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $15.56 |
| **Total Return (%)** (b) | 6.83 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp; (6.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net ratio of expenses to average net assets (%) (e) | 0.68 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Ratio of net investment income (loss) to average net assets (%) | 1.80 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br>(c)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $9.6 | &nbsp;&nbsp; $9.5 | &nbsp;&nbsp; $10.0 | &nbsp;&nbsp; $10.6 | &nbsp;&nbsp; $12.7 | &nbsp;&nbsp; $11.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $18.96 | &nbsp;&nbsp; $15.50 | &nbsp;&nbsp; $16.32 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total income (loss) from investment operations | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.94)<br>|
| Total distributions | &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.21)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $18.96 | &nbsp;&nbsp; $15.50 |
| **Total Return (%)** (b) | 6.80 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.79 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net ratio of expenses to average net assets (%) (e) | 0.73 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | 1.76 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br>(c)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $103.1 | &nbsp;&nbsp; $105.2 | &nbsp;&nbsp; $113.9 | &nbsp;&nbsp; $117.8 | &nbsp;&nbsp; $140.1 | &nbsp;&nbsp; $128.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-331**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.8% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks — 9.4%** | **Banks — 9.4%** | **Banks — 9.4%** |
| Community Financial System, Inc.  | 202351 | &nbsp;&nbsp; $11507701 |
| Cullen/Frost Bankers, Inc.  | 70089 | &nbsp;&nbsp; 9009240 |
| First Financial Bankshares, Inc.  | 185140 | &nbsp;&nbsp; 6661337 |
| Glacier Bancorp, Inc.  | 201358 | &nbsp;&nbsp; 8674503 |
| Lakeland Financial Corp.  | 85607 | &nbsp;&nbsp; 5260550 |
| Prosperity Bancshares, Inc.  | 168825 | &nbsp;&nbsp; 11858268 |
| Stock Yards Bancorp, Inc.  | 95521 | &nbsp;&nbsp; 7544249 |
| UMB Financial Corp.  | 75904 | &nbsp;&nbsp; 7982065 |
| United Community Banks, Inc.  | 285523 | &nbsp;&nbsp; 8505730 |
|  |  | &nbsp;&nbsp; 77003643 |
| **Building Products — 4.0%** | **Building Products — 4.0%** | **Building Products — 4.0%** |
| Armstrong World Industries, Inc.  | 53770 | &nbsp;&nbsp; 8734399 |
| CSW Industrials, Inc.  | 24151 | &nbsp;&nbsp; 6927231 |
| Hayward Holdings, Inc. (a) | 448660 | &nbsp;&nbsp; 6191508 |
| Simpson Manufacturing Co., Inc.  | 38480 | &nbsp;&nbsp; 5976329 |
| Trex Co., Inc. (a) | 98755 | &nbsp;&nbsp; 5370297 |
|  |  | &nbsp;&nbsp; 33199764 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Hamilton Lane, Inc. - Class A | 36323 | &nbsp;&nbsp; 5162225 |
| Houlihan Lokey, Inc.  | 38119 | &nbsp;&nbsp; 6859514 |
|  |  | &nbsp;&nbsp; 12021739 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Element Solutions, Inc.  | 314661 | &nbsp;&nbsp; 7127072 |
| **Commercial Services & Supplies — 4.6%** | **Commercial Services & Supplies — 4.6%** | **Commercial Services & Supplies — 4.6%** |
| Brady Corp. - Class A | 110992 | &nbsp;&nbsp; 7544126 |
| Casella Waste Systems, Inc. - Class A (a) | 37606 | &nbsp;&nbsp; 4338980 |
| Rollins, Inc.  | 141396 | &nbsp;&nbsp; 7977562 |
| Tetra Tech, Inc.  | 348965 | &nbsp;&nbsp; 12548782 |
| VSE Corp.  | 41872 | &nbsp;&nbsp; 5484395 |
|  |  | &nbsp;&nbsp; 37893845 |
| **Construction & Engineering — 3.6%** | **Construction & Engineering — 3.6%** | **Construction & Engineering — 3.6%** |
| Arcosa, Inc.  | 120947 | &nbsp;&nbsp; 10487314 |
| Valmont Industries, Inc.  | 48679 | &nbsp;&nbsp; 15897101 |
| WillScot Holdings Corp.  | 106151 | &nbsp;&nbsp; 2908538 |
|  |  | &nbsp;&nbsp; 29292953 |
| **Construction Materials — 1.0%** | **Construction Materials — 1.0%** | **Construction Materials — 1.0%** |
| Eagle Materials, Inc.  | 40109 | &nbsp;&nbsp; 8106430 |
| **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** |
| AptarGroup, Inc.  | 60956 | &nbsp;&nbsp; 9535347 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| Pool Corp.  | 16268 | &nbsp;&nbsp; 4741797 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Bright Horizons Family Solutions, Inc. (a) | 62707 | &nbsp;&nbsp; 7749958 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| IDACORP, Inc.  | 67779 | &nbsp;&nbsp; 7825085 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** |
| Advanced Energy Industries, Inc.  | 60258 | &nbsp;&nbsp; $7984185 |
| Badger Meter, Inc.  | 20880 | &nbsp;&nbsp; 5114556 |
| Knowles Corp. (a) | 232825 | &nbsp;&nbsp; 4102376 |
| Littelfuse, Inc.  | 56830 | &nbsp;&nbsp; 12885066 |
| Novanta, Inc. (a) | 28842 | &nbsp;&nbsp; 3718599 |
|  |  | &nbsp;&nbsp; 33804782 |
| **Energy Equipment & Services — 2.2%** | **Energy Equipment & Services — 2.2%** | **Energy Equipment & Services — 2.2%** |
| Cactus, Inc. - Class A | 73600 | &nbsp;&nbsp; 3217792 |
| Oceaneering International, Inc. (a) | 208459 | &nbsp;&nbsp; 4319270 |
| TerraVest Industries, Inc.  | 24375 | &nbsp;&nbsp; 3026850 |
| Tidewater, Inc. (a) | 166486 | &nbsp;&nbsp; 7679999 |
|  |  | &nbsp;&nbsp; 18243911 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| Jack Henry & Associates, Inc.  | 34136 | &nbsp;&nbsp; 6150283 |
| Shift4 Payments, Inc. - Class A (a) | 64577 | &nbsp;&nbsp; 6400227 |
|  |  | &nbsp;&nbsp; 12550510 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| Chesapeake Utilities Corp.  | 53859 | &nbsp;&nbsp; 6474929 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Saia, Inc. (a) | 10177 | &nbsp;&nbsp; 2788396 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Haemonetics Corp. (a) | 186542 | &nbsp;&nbsp; 13917899 |
| UFP Technologies, Inc. (a) | 19133 | &nbsp;&nbsp; 4671513 |
|  |  | &nbsp;&nbsp; 18589412 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Chemed Corp.  | 25422 | &nbsp;&nbsp; 12378734 |
| CorVel Corp. (a) | 22016 | &nbsp;&nbsp; 2262805 |
|  |  | &nbsp;&nbsp; 14641539 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| Texas Roadhouse, Inc.  | 77125 | &nbsp;&nbsp; 14453996 |
| **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
| Installed Building Products, Inc.  | 34040 | &nbsp;&nbsp; 6138093 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Church & Dwight Co., Inc.  | 34479 | &nbsp;&nbsp; 3313777 |
| WD-40 Co.  | 12224 | &nbsp;&nbsp; 2788172 |
|  |  | &nbsp;&nbsp; 6101949 |
| **Insurance — 3.6%** | **Insurance — 3.6%** | **Insurance — 3.6%** |
| AMERISAFE, Inc.  | 100431 | &nbsp;&nbsp; 4391848 |
| Hagerty, Inc. - Class A (a) | 305873 | &nbsp;&nbsp; 3092376 |
| RLI Corp.  | 109380 | &nbsp;&nbsp; 7899423 |
| Stewart Information Services Corp.  | 91703 | &nbsp;&nbsp; 5969865 |
| White Mountains Insurance Group Ltd.  | 4419 | &nbsp;&nbsp; 7935287 |
|  |  | &nbsp;&nbsp; 29288799 |

---

*See accompanying notes to financial statements.*

**BHFTII-332**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** | **Life Sciences Tools & Services — 2.0%** |
| Bio-Techne Corp.  | 132602 | &nbsp;&nbsp; $6822373 |
| Stevanato Group SpA | 208225 | &nbsp;&nbsp; 5086937 |
| West Pharmaceutical Services, Inc.  | 19065 | &nbsp;&nbsp; 4171422 |
|  |  | &nbsp;&nbsp; 16080732 |
| **Machinery — 16.4%** | **Machinery — 16.4%** | **Machinery — 16.4%** |
| Crane Co.  | 38644 | &nbsp;&nbsp; 7338109 |
| Enerpac Tool Group Corp.  | 171920 | &nbsp;&nbsp; 6973075 |
| Enpro, Inc.  | 29364 | &nbsp;&nbsp; 5624674 |
| Esab Corp.  | 98368 | &nbsp;&nbsp; 11858262 |
| ESCO Technologies, Inc.  | 58840 | &nbsp;&nbsp; 11289631 |
| Federal Signal Corp.  | 84572 | &nbsp;&nbsp; 9000152 |
| Gates Industrial Corp. PLC (a) | 448617 | &nbsp;&nbsp; 10331650 |
| Graco, Inc.  | 88800 | &nbsp;&nbsp; 7634136 |
| Kadant, Inc.  | 27367 | &nbsp;&nbsp; 8687654 |
| Lindsay Corp.  | 57157 | &nbsp;&nbsp; 8244897 |
| Miller Industries, Inc.  | 49987 | &nbsp;&nbsp; 2222422 |
| RBC Bearings, Inc. (a) | 37180 | &nbsp;&nbsp; 14306864 |
| REV Group, Inc.  | 54706 | &nbsp;&nbsp; 2603459 |
| SPX Technologies, Inc. (a) | 73461 | &nbsp;&nbsp; 12317941 |
| Standex International Corp.  | 50605 | &nbsp;&nbsp; 7918670 |
| Toro Co.  | 113520 | &nbsp;&nbsp; 8023594 |
|  |  | &nbsp;&nbsp; 134375190 |
| **Marine Transportation — 1.7%** | **Marine Transportation — 1.7%** | **Marine Transportation — 1.7%** |
| Kirby Corp. (a) | 124864 | &nbsp;&nbsp; 14160826 |
| **Media — 2.3%** | **Media — 2.3%** | **Media — 2.3%** |
| John Wiley & Sons, Inc. - Class A | 154206 | &nbsp;&nbsp; 6882214 |
| Nexstar Media Group, Inc.  | 68179 | &nbsp;&nbsp; 11791558 |
|  |  | &nbsp;&nbsp; 18673772 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| CNX Resources Corp. (a) | 358771 | &nbsp;&nbsp; 12083407 |
| Sitio Royalties Corp. - Class A | 333372 | &nbsp;&nbsp; 6127378 |
| Texas Pacific Land Corp.  | 1834 | &nbsp;&nbsp; 1937419 |
| Viper Energy, Inc.  | 117392 | &nbsp;&nbsp; 4476157 |
|  |  | &nbsp;&nbsp; 24624361 |
| **Professional Services — 1.7%** | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| CRA International, Inc.  | 37265 | &nbsp;&nbsp; 6982343 |
| Exponent, Inc.  | 89703 | &nbsp;&nbsp; 6701711 |
|  |  | &nbsp;&nbsp; 13684054 |
| **Real Estate Management & Development — 2.7%** | **Real Estate Management & Development — 2.7%** | **Real Estate Management & Development — 2.7%** |
| Colliers International Group, Inc.  | 58601 | &nbsp;&nbsp; 7649775 |
| FirstService Corp.  | 81575 | &nbsp;&nbsp; 14244626 |
|  |  | &nbsp;&nbsp; 21894401 |
| **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| Lattice Semiconductor Corp. (a) | 228811 | &nbsp;&nbsp; 11209451 |
| MKS, Inc.  | 95425 | &nbsp;&nbsp; 9481428 |
| Power Integrations, Inc.  | 215590 | &nbsp;&nbsp; 12051481 |
|  |  | &nbsp;&nbsp; 32742360 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 9.6%** | **Software — 9.6%** | **Software — 9.6%** |
| BlackLine, Inc. (a) | 88959 | &nbsp;&nbsp; $5036859 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 454932 | &nbsp;&nbsp; 4280910 |
| Commvault Systems, Inc. (a) | 60617 | &nbsp;&nbsp; 10567362 |
| Computer Modelling Group Ltd.  | 300278 | &nbsp;&nbsp; 1585468 |
| Fair Isaac Corp. (a) | 6013 | &nbsp;&nbsp; 10991523 |
| Manhattan Associates, Inc. (a) | 62090 | &nbsp;&nbsp; 12260912 |
| Qualys, Inc. (a) | 59917 | &nbsp;&nbsp; 8560342 |
| SPS Commerce, Inc. (a) | 59853 | &nbsp;&nbsp; 8145395 |
| Tyler Technologies, Inc. (a) | 18659 | &nbsp;&nbsp; 11061801 |
| Vertex, Inc. - Class A (a) | 180368 | &nbsp;&nbsp; 6373303 |
|  |  | &nbsp;&nbsp; 78863875 |
| **Specialty Retail — 3.8%** | **Specialty Retail — 3.8%** | **Specialty Retail — 3.8%** |
| Asbury Automotive Group, Inc. (a) | 26239 | &nbsp;&nbsp; 6259051 |
| Floor & Decor Holdings, Inc. - Class A (a) | 67154 | &nbsp;&nbsp; 5101018 |
| Murphy USA, Inc.  | 9293 | &nbsp;&nbsp; 3780392 |
| Tractor Supply Co.  | 137447 | &nbsp;&nbsp; 7253078 |
| Valvoline, Inc. (a) | 53654 | &nbsp;&nbsp; 2031877 |
| Winmark Corp.  | 18818 | &nbsp;&nbsp; 7105865 |
|  |  | &nbsp;&nbsp; 31531281 |
| **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** |
| SiteOne Landscape Supply, Inc. (a) | 38622 | &nbsp;&nbsp; 4670945 |
| Transcat, Inc. (a) | 46264 | &nbsp;&nbsp; 3976853 |
| Watsco, Inc.  | 22660 | &nbsp;&nbsp; 10007109 |
|  |  | &nbsp;&nbsp; 18654907 |
| **Water Utilities — 0.9%** | **Water Utilities — 0.9%** | **Water Utilities — 0.9%** |
| American States Water Co.  | 93377 | &nbsp;&nbsp; 7158281 |
| Total Common Stocks <br>(Cost $567,996,232) <br>|  | &nbsp;&nbsp; 810017989 |

---

&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 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $9,722,172; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $9,915,829<br>| 9721294 | &nbsp;&nbsp; 9721294 |
| Total Short-Term Investments <br>(Cost $9,721,294) <br>|  | &nbsp;&nbsp; 9721294 |
| Total Investments—100.0% <br>(Cost $577,717,526) <br>|  | &nbsp;&nbsp; 819739283 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (34625)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $819704658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

*See accompanying notes to financial statements.*

**BHFTII-333**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $93399112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107756666 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $810017989 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $810017989 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 9721294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9721294 |
| Total Investments | &nbsp;&nbsp; $810017989 | &nbsp;&nbsp; $9721294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $819739283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-334**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $819739283 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 804572 |
| Fund shares sold | &nbsp;&nbsp; 1131602 |
| Dividends and interest | &nbsp;&nbsp; 590166 |
| Prepaid expenses | &nbsp;&nbsp; 6427 |
| Total Assets | &nbsp;&nbsp; 822272050 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1368993 |
| Fund shares redeemed | &nbsp;&nbsp; 185382 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 508509 |
| Distribution and service fees | &nbsp;&nbsp; 54778 |
| Deferred trustees' fees | &nbsp;&nbsp; 236335 |
| Other expenses | &nbsp;&nbsp; 213395 |
| Total Liabilities | &nbsp;&nbsp; 2567392 |
| **Net Assets**  | &nbsp;&nbsp; $819704658 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $530666232 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 289038426 |
| **Net Assets**  | &nbsp;&nbsp; $819704658 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $528485120 |
| Class B | &nbsp;&nbsp; 237702825 |
| Class E | &nbsp;&nbsp; 53516713 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 34913467 |
| Class B | &nbsp;&nbsp; 16637544 |
| Class E | &nbsp;&nbsp; 3660296 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $15.14 |
| Class B | 14.29 |
| Class E | 14.62 |

---

&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 $577,717,526.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $3977204 |
| Interest | &nbsp;&nbsp; 189816 |
| Total investment income | &nbsp;&nbsp; 4167020 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3370306 |
| Administration fees | &nbsp;&nbsp; 24458 |
| Custodian and accounting fees | &nbsp;&nbsp; 25789 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 294897 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 40697 |
| Audit and tax services | &nbsp;&nbsp; 23951 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 52505 |
| Insurance | &nbsp;&nbsp; 3847 |
| Miscellaneous | &nbsp;&nbsp; 8210 |
| Total expenses | &nbsp;&nbsp; 3887426 |
| Less management fee waiver | &nbsp;&nbsp; (264882)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (9886)<br>|
| Net expenses | &nbsp;&nbsp; 3612658 |
| **Net Investment Income** | &nbsp;&nbsp; 554362 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 47041288 |
| Foreign currency transactions | &nbsp;&nbsp; (609)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 47040679 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (85953884)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (3)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (85953887)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (38913208)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(38358846)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $14,175.

*See accompanying notes to financial statements.*

**BHFTII-335**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $554362 | &nbsp;&nbsp; $772144 |
| Net realized gain (loss) | &nbsp;&nbsp; 47040679 | &nbsp;&nbsp; 107649489 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (85953887)<br>| &nbsp;&nbsp; (24954212)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (38358846)<br>| &nbsp;&nbsp; 83467421 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (68725081)<br>| &nbsp;&nbsp; (56575893)<br>|
| Class B | &nbsp;&nbsp; (32380361)<br>| &nbsp;&nbsp; (26527607)<br>|
| Class E | &nbsp;&nbsp; (7138100)<br>| &nbsp;&nbsp; (6124704)<br>|
| **Total distributions** | &nbsp;&nbsp; (108243542)<br>| &nbsp;&nbsp; (89228204)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 93995762 | &nbsp;&nbsp; (54540347)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (52606626)<br>| &nbsp;&nbsp; (60301130)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 872311284 | &nbsp;&nbsp; 932612414 |
| End of period | &nbsp;&nbsp; $819704658 | &nbsp;&nbsp; $872311284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 826831 | &nbsp;&nbsp; $13828191 | &nbsp;&nbsp; 713783 | &nbsp;&nbsp; $13131893 |
| Reinvestments | &nbsp;&nbsp; 4539305 | &nbsp;&nbsp; 68725081 | &nbsp;&nbsp; 3260858 | &nbsp;&nbsp; 56575893 |
| Redemptions | &nbsp;&nbsp; (1234600)<br>| &nbsp;&nbsp; (21034821)<br>| &nbsp;&nbsp; (5350087)<br>| &nbsp;&nbsp; (101320891)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4131536 | &nbsp;&nbsp; $61518451 | &nbsp;&nbsp; (1375446)<br>| &nbsp;&nbsp; $(31613105)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 629712 | &nbsp;&nbsp; $10130049 | &nbsp;&nbsp; 415103 | &nbsp;&nbsp; $7313998 |
| Reinvestments | &nbsp;&nbsp; 2265945 | &nbsp;&nbsp; 32380361 | &nbsp;&nbsp; 1604816 | &nbsp;&nbsp; 26527607 |
| Redemptions | &nbsp;&nbsp; (852530)<br>| &nbsp;&nbsp; (13795735)<br>| &nbsp;&nbsp; (2901866)<br>| &nbsp;&nbsp; (51650418)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2043127 | &nbsp;&nbsp; $28714675 | &nbsp;&nbsp; (881947)<br>| &nbsp;&nbsp; $(17808813)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 54246 | &nbsp;&nbsp; $871425 | &nbsp;&nbsp; 69492 | &nbsp;&nbsp; $1239553 |
| Reinvestments | &nbsp;&nbsp; 488242 | &nbsp;&nbsp; 7138100 | &nbsp;&nbsp; 363700 | &nbsp;&nbsp; 6124704 |
| Redemptions | &nbsp;&nbsp; (255263)<br>| &nbsp;&nbsp; (4246889)<br>| &nbsp;&nbsp; (692122)<br>| &nbsp;&nbsp; (12482686)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 287225 | &nbsp;&nbsp; $3762636 | &nbsp;&nbsp; (258930)<br>| &nbsp;&nbsp; $(5118429)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $93995762 |  | &nbsp;&nbsp; $(54540347)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-336**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.20 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $26.57 | &nbsp;&nbsp; $24.01 | &nbsp;&nbsp; $20.75 |
| **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;0.04 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.47)<br>|
| Total distributions | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.51)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $18.20 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $26.57 | &nbsp;&nbsp; $24.01 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (4.38 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp; (19.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.41 | &nbsp;&nbsp;&nbsp;&nbsp;25.11 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.88 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net ratio of expenses to average net assets (%) (e) | 0.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Ratio of net investment income (loss) to average net assets (%) | 0.22 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $528.5 | &nbsp;&nbsp; $560.1 | &nbsp;&nbsp; $593.9 | &nbsp;&nbsp; $566.6 | &nbsp;&nbsp; $767.1 | &nbsp;&nbsp; $739.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $16.84 | &nbsp;&nbsp; $25.79 | &nbsp;&nbsp; $23.39 | &nbsp;&nbsp; $20.27 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.00 ) (f)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp; (5.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.47)<br>|
| Total distributions | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.29 | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $16.84 | &nbsp;&nbsp; $25.79 | &nbsp;&nbsp; $23.39 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (4.48 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;15.20 | &nbsp;&nbsp; (19.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.12 | &nbsp;&nbsp;&nbsp;&nbsp;24.76 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net ratio of expenses to average net assets (%) (e) | 1.06 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.03 ) (d)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.08)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $237.7 | &nbsp;&nbsp; $252.6 | &nbsp;&nbsp; $273.5 | &nbsp;&nbsp; $259.4 | &nbsp;&nbsp; $356.0 | &nbsp;&nbsp; $345.9 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-337**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.65 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $17.08 | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $23.61 | &nbsp;&nbsp; $20.42 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(f)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp; (5.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.47)<br>|
| Total distributions | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.48)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $17.65 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $17.08 | &nbsp;&nbsp; $26.07 | &nbsp;&nbsp; $23.61 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (4.45 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;15.35 | &nbsp;&nbsp; (19.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.21 | &nbsp;&nbsp;&nbsp;&nbsp;24.96 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.03 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net ratio of expenses to average net assets (%) (e) | 0.96 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Ratio of net investment income (loss) to average net assets (%) | 0.06 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $53.5 | &nbsp;&nbsp; $59.5 | &nbsp;&nbsp; $65.3 | &nbsp;&nbsp; $65.0 | &nbsp;&nbsp; $91.1 | &nbsp;&nbsp; $90.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Net investment income (loss) was less than $0.01.

*See accompanying notes to financial statements.*

**BHFTII-338**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.3% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| Boeing Co. (a) | 101264 | &nbsp;&nbsp; $21217846 |
| General Electric Co.  | 119078 | &nbsp;&nbsp; 30649487 |
| TransDigm Group, Inc.  | 7324 | &nbsp;&nbsp; 11137167 |
|  |  | &nbsp;&nbsp; 63004500 |
| **Automobiles — 2.6%** | **Automobiles — 2.6%** | **Automobiles — 2.6%** |
| Ferrari NV | 38656 | &nbsp;&nbsp; 18970045 |
| Tesla, Inc. (a) | 125478 | &nbsp;&nbsp; 39859342 |
|  |  | &nbsp;&nbsp; 58829387 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| Argenx SE (ADR) (a) | 27557 | &nbsp;&nbsp; 15189969 |
| Natera, Inc. (a) | 64954 | &nbsp;&nbsp; 10973329 |
|  |  | &nbsp;&nbsp; 26163298 |
| **Broadline Retail — 8.8%** | **Broadline Retail — 8.8%** | **Broadline Retail — 8.8%** |
| Amazon.com, Inc. (a) | 754301 | &nbsp;&nbsp; 165486097 |
| Coupang, Inc. (a) | 542346 | &nbsp;&nbsp; 16248686 |
| MercadoLibre, Inc. (a) | 7311 | &nbsp;&nbsp; 19108249 |
|  |  | &nbsp;&nbsp; 200843032 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| ARES Management Corp. - Class A | 51718 | &nbsp;&nbsp; 8957558 |
| Charles Schwab Corp.  | 203722 | &nbsp;&nbsp; 18587595 |
|  |  | &nbsp;&nbsp; 27545153 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Linde PLC | 34232 | &nbsp;&nbsp; 16060970 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| Duolingo, Inc. (a) | 20001 | &nbsp;&nbsp; 8200810 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| Rockwell Automation, Inc.  | 30362 | &nbsp;&nbsp; 10085345 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
| Amphenol Corp. - Class A | 215240 | &nbsp;&nbsp; 21254950 |
| Keysight Technologies, Inc. (a) | 46266 | &nbsp;&nbsp; 7581146 |
| Teledyne Technologies, Inc. (a) | 11151 | &nbsp;&nbsp; 5712769 |
|  |  | &nbsp;&nbsp; 34548865 |
| **Entertainment — 3.9%** | **Entertainment — 3.9%** | **Entertainment — 3.9%** |
| Netflix, Inc. (a) | 52094 | &nbsp;&nbsp; 69760638 |
| Spotify Technology SA (a) | 25893 | &nbsp;&nbsp; 19868735 |
|  |  | &nbsp;&nbsp; 89629373 |
| **Financial Services — 6.0%** | **Financial Services — 6.0%** | **Financial Services — 6.0%** |
| Adyen NV (a) | 6268 | &nbsp;&nbsp; 11508744 |
| Fiserv, Inc. (a) | 45399 | &nbsp;&nbsp; 7827242 |
| Mastercard, Inc. - Class A | 90590 | &nbsp;&nbsp; 50906145 |
| Visa, Inc. - Class A (b) | 184202 | &nbsp;&nbsp; 65400920 |
|  |  | &nbsp;&nbsp; 135643051 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Intuitive Surgical, Inc. (a) | 68208 | &nbsp;&nbsp; 37064909 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Stryker Corp.  | 36418 | &nbsp;&nbsp; $14408054 |
|  |  | &nbsp;&nbsp; 51472963 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Cigna Group | 20265 | &nbsp;&nbsp; 6699204 |
| UnitedHealth Group, Inc.  | 38227 | &nbsp;&nbsp; 11925677 |
|  |  | &nbsp;&nbsp; 18624881 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Booking Holdings, Inc.  | 2631 | &nbsp;&nbsp; 15231490 |
| Chipotle Mexican Grill, Inc. (a) | 303500 | &nbsp;&nbsp; 17041525 |
| DoorDash, Inc. - Class A (a) (b) | 58895 | &nbsp;&nbsp; 14518206 |
| Wingstop, Inc.  | 20401 | &nbsp;&nbsp; 6869833 |
|  |  | &nbsp;&nbsp; 53661054 |
| **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** | **Interactive Media & Services — 9.5%** |
| Alphabet, Inc. - Class A | 469306 | &nbsp;&nbsp; 82705797 |
| Alphabet, Inc. - Class C | 11116 | &nbsp;&nbsp; 1971867 |
| Meta Platforms, Inc. - Class A | 177368 | &nbsp;&nbsp; 130913547 |
|  |  | &nbsp;&nbsp; 215591211 |
| **IT Services — 1.8%** | **IT Services — 1.8%** | **IT Services — 1.8%** |
| Shopify, Inc. - Class A (a) | 180939 | &nbsp;&nbsp; 20871314 |
| Snowflake, Inc. - Class A (a) | 77024 | &nbsp;&nbsp; 17235660 |
| Stripe, Inc. - Class B † (a) (c) (d) | 63278 | &nbsp;&nbsp; 2246369 |
|  |  | &nbsp;&nbsp; 40353343 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Danaher Corp.  | 59838 | &nbsp;&nbsp; 11820399 |
| Thermo Fisher Scientific, Inc.  | 4053 | &nbsp;&nbsp; 1643329 |
|  |  | &nbsp;&nbsp; 13463728 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| Eli Lilly & Co.  | 67704 | &nbsp;&nbsp; 52777299 |
| **Semiconductors & Semiconductor Equipment — 18.7%** | **Semiconductors & Semiconductor Equipment — 18.7%** | **Semiconductors & Semiconductor Equipment — 18.7%** |
| ASML Holding NV | 11655 | &nbsp;&nbsp; 9340200 |
| Broadcom, Inc.  | 375735 | &nbsp;&nbsp; 103571353 |
| NVIDIA Corp.  | 1796226 | &nbsp;&nbsp; 283785746 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 121784 | &nbsp;&nbsp; 27582858 |
|  |  | &nbsp;&nbsp; 424280157 |
| **Software — 20.9%** | **Software — 20.9%** | **Software — 20.9%** |
| AppLovin Corp. - Class A (a) | 46799 | &nbsp;&nbsp; 16383394 |
| Crowdstrike Holdings, Inc. - Class A (a) | 21820 | &nbsp;&nbsp; 11113144 |
| Epic Games, Inc. † (a) (c) (d) | 7488 | &nbsp;&nbsp; 3872344 |
| HubSpot, Inc. (a) | 21925 | &nbsp;&nbsp; 12204113 |
| Intuit, Inc.  | 42287 | &nbsp;&nbsp; 33306510 |
| Magic Leap, Inc. - Class A † (a) (c) (d) | 10914 | &nbsp;&nbsp; 0 |
| Microsoft Corp.  | 603126 | &nbsp;&nbsp; 300000904 |
| Monday.com Ltd. (a) | 5938 | &nbsp;&nbsp; 1867382 |
| Oracle Corp.  | 42794 | &nbsp;&nbsp; 9356052 |
| Roper Technologies, Inc.  | 27159 | &nbsp;&nbsp; 15394808 |
| Samsara, Inc. - Class A (a) (b) | 192878 | &nbsp;&nbsp; 7672687 |
| ServiceNow, Inc. (a) | 42227 | &nbsp;&nbsp; 43412734 |

---

**BHFTII-339**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (g)—0.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Synopsys, Inc. (a) | 40469 | &nbsp;&nbsp; $20747647 |
|  |  | &nbsp;&nbsp; 475331719 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Carvana Co. (a) (b) | 58520 | &nbsp;&nbsp; 19718899 |
| Floor & Decor Holdings, Inc. - Class A (a) (b) | 71204 | &nbsp;&nbsp; 5408656 |
|  |  | &nbsp;&nbsp; 25127555 |
| **Technology Hardware, Storage & Peripherals — 8.4%** | **Technology Hardware, Storage & Peripherals — 8.4%** | **Technology Hardware, Storage & Peripherals — 8.4%** |
| Apple, Inc.  | 929423 | &nbsp;&nbsp; 190689717 |
| Total Common Stocks <br>(Cost $1,133,110,071) <br>|  | &nbsp;&nbsp; 2231927411 |
| **Convertible Preferred Stocks—1.3%** | **Convertible Preferred Stocks—1.3%** | **Convertible Preferred Stocks—1.3%** |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| GM Cruise Holdings LLC - Class F † (a) (c) (d) | 196100 | &nbsp;&nbsp; 196100 |
| Nuro, Inc. - Series C † (a) (c) (d) | 179741 | &nbsp;&nbsp; 2300685 |
| Sila Nanotechnologies, Inc. - Series F † (a) (c) (d) | 52110 | &nbsp;&nbsp; 1018949 |
| Sila Nanotechnologies, Inc. - Series G † (a) (c) (d) | 109913 | &nbsp;&nbsp; 1804424 |
| Waymo LLC - Series A-2 † (a) (c) (d) | 26511 | &nbsp;&nbsp; 2808840 |
|  |  | &nbsp;&nbsp; 8128998 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Redwood Materials, Inc.- Series D † (a) (c) (d) | 110579 | &nbsp;&nbsp; 6554017 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| Rappi, Inc.- Series E † (a) (c) (d) | 52748 | &nbsp;&nbsp; 768538 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Form Energy, Inc.- Series F † (a) (c) (d) | 89634 | &nbsp;&nbsp; 2167700 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| KoBold Metals Co.- Series C-1 † (a) (c) (d) | 26380 | &nbsp;&nbsp; 2241052 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Lightmatter, Inc.- Series D † (a) (c) (d) | 16978 | &nbsp;&nbsp; 1215455 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Celonis SE - Series D † (a) (c) (d) | 1177 | &nbsp;&nbsp; 182894 |
| Databricks, Inc. - Series I † (a) (c) (d) | 68560 | &nbsp;&nbsp; 7416821 |
|  |  | &nbsp;&nbsp; 7599715 |
| Total Convertible Preferred Stocks <br>(Cost $31,832,218) <br>|  | &nbsp;&nbsp; 28675475 |

---

&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 |  |  |
| 4.389% (e) (f) | 9730820 | &nbsp;&nbsp; 9730820 |
| Total Short-Term Investments <br>(Cost $9,730,820) <br>|  | &nbsp;&nbsp; 9730820 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**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 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $1,000,126; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,113,074<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $1,000,121; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.375% - 4.250%, maturity dates ranging from <br> 07/31/27 - 05/15/39, and an aggregate market value of <br> $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs & Co. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $246,037; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 3.125%, maturity dates ranging from 02/15/29 - <br> 08/15/51, and an aggregate market value of $250,928<br>| 246008 | &nbsp;&nbsp; 246008 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $479,701; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% <br> - 3.250%, maturity dates ranging from 05/15/41 - <br> 05/15/52, and an aggregate market value of $489,236<br>| 479643 | &nbsp;&nbsp; 479643 |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $1,000,126; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,115,105<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $1,000,123; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,112,619<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $1,000,123; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,135<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Total Securities Lending Reinvestments <br>(Cost $6,725,651) <br>|  | &nbsp;&nbsp; 6725651 |
| Total Investments—100.3% <br>(Cost $1,181,398,760) <br>|  | &nbsp;&nbsp; 2277059357 |
| Other assets and liabilities (net)—(0.3)%  |  | &nbsp;&nbsp; (6328486)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2270730871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of June 30, 2025, the market value of restricted securities was $34,794,188, <br>|

---

**BHFTII-340**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | which is 1.5% of net assets. See details shown in the Restricted Securities table that follows. |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $88,726,955 and the collateral received consisted of cash in the amount of <br> $6,725,651 and non-cash collateral with a value of $81,665,544. 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 June 30, 2025, these securities represent 1.5% 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 June 30, 2025. |
| (g) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Celonis SE - Series D | 10/04/22 | &nbsp;&nbsp; 1177 | &nbsp;&nbsp; $435243 | &nbsp;&nbsp; $182894 |
| Databricks, Inc. - Series I | 09/14/23 | &nbsp;&nbsp; 68560 | &nbsp;&nbsp; 5039160 | &nbsp;&nbsp; 7416821 |
| Epic Games, Inc. | 06/18/20 | &nbsp;&nbsp; 7488 | &nbsp;&nbsp; 4310738 | &nbsp;&nbsp; 3872344 |
| Form Energy, Inc. - Series F | 10/04/24 | &nbsp;&nbsp; 89634 | &nbsp;&nbsp; 2167700 | &nbsp;&nbsp; 2167700 |
| GM Cruise Holdings LLC - Class F | 05/07/19 | &nbsp;&nbsp; 196100 | &nbsp;&nbsp; 3578825 | &nbsp;&nbsp; 196100 |
| KoBold Metals Co. - Series C-1 | 09/20/24 | &nbsp;&nbsp; 26380 | &nbsp;&nbsp; 2241052 | &nbsp;&nbsp; 2241052 |
| Lightmatter, Inc. - Series D | 10/11/24 | &nbsp;&nbsp; 16978 | &nbsp;&nbsp; 1362153 | &nbsp;&nbsp; 1215455 |
| Magic Leap, Inc. - Class A | 01/20/16-10/12/17 | &nbsp;&nbsp; 10914 | &nbsp;&nbsp; 5305346 | &nbsp;&nbsp; 0 |
| Nuro, Inc. - Series C | 10/30/20 | &nbsp;&nbsp; 179741 | &nbsp;&nbsp; 2346447 | &nbsp;&nbsp; 2300685 |
| Rappi, Inc. - Series E | 09/08/20-09/24/20 | &nbsp;&nbsp; 52748 | &nbsp;&nbsp; 3151484 | &nbsp;&nbsp; 768538 |
| Redwood Materials, Inc. - Series D | 06/02/23 | &nbsp;&nbsp; 110579 | &nbsp;&nbsp; 5278584 | &nbsp;&nbsp; 6554017 |
| Sila Nanotechnologies, Inc. - Series F | 01/07/21 | &nbsp;&nbsp; 52110 | &nbsp;&nbsp; 2150725 | &nbsp;&nbsp; 1018949 |
| Sila Nanotechnologies, Inc. - Series G | 06/26/24 | &nbsp;&nbsp; 109913 | &nbsp;&nbsp; 1804420 | &nbsp;&nbsp; 1804424 |
| Stripe, Inc. - Class B | 12/17/19 | &nbsp;&nbsp; 63278 | &nbsp;&nbsp; 992832 | &nbsp;&nbsp; 2246369 |
| Waymo LLC - Series A-2 | 05/08/20 | &nbsp;&nbsp; 26511 | &nbsp;&nbsp; 2276425 | &nbsp;&nbsp; 2808840 |
|  |  |  |  | &nbsp;&nbsp; $34794188 |

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $23800124 | &nbsp;&nbsp; $176787197 | &nbsp;&nbsp; $(190856501)<br>| &nbsp;&nbsp; $9730820 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $437152 | &nbsp;&nbsp; 9730820 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $354570933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $480797451 |

---

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $3,917,847 in sales of investments, which are included above, and resulted in net realized gains of $521,434.

**BHFTII-341**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(6725651)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6725651)<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; $(6725651)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $63004500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $63004500 |
| Automobiles | &nbsp;&nbsp; 58829387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58829387 |
| Biotechnology | &nbsp;&nbsp; 26163298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26163298 |
| Broadline Retail | &nbsp;&nbsp; 200843032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200843032 |
| Capital Markets | &nbsp;&nbsp; 27545153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27545153 |
| Chemicals | &nbsp;&nbsp; 16060970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16060970 |
| Diversified Consumer Services | &nbsp;&nbsp; 8200810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8200810 |
| Electrical Equipment | &nbsp;&nbsp; 10085345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10085345 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 34548865 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34548865 |
| Entertainment | &nbsp;&nbsp; 89629373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89629373 |
| Financial Services | &nbsp;&nbsp; 124134307 | &nbsp;&nbsp; 11508744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135643051 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 51472963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51472963 |
| Health Care Providers & Services | &nbsp;&nbsp; 18624881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18624881 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 53661054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53661054 |
| Interactive Media & Services | &nbsp;&nbsp; 215591211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 215591211 |
| IT Services | &nbsp;&nbsp; 38106974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2246369 | &nbsp;&nbsp; 40353343 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 13463728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13463728 |
| Pharmaceuticals | &nbsp;&nbsp; 52777299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52777299 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 424280157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 424280157 |
| Software | &nbsp;&nbsp; 471459375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3872344 | &nbsp;&nbsp; 475331719 |
| Specialty Retail | &nbsp;&nbsp; 25127555 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25127555 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 190689717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 190689717 |
| Total Common Stocks | &nbsp;&nbsp; 2214299954 | &nbsp;&nbsp; 11508744 | &nbsp;&nbsp; 6118713 | &nbsp;&nbsp; 2231927411 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28675475 | &nbsp;&nbsp; 28675475 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 9730820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9730820 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6725651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6725651 |
| Total Investments | &nbsp;&nbsp; $2224030774 | &nbsp;&nbsp; $18234395 | &nbsp;&nbsp; $34794188 | &nbsp;&nbsp; $2277059357 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6725651)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6725651)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-342**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of** <br>**December 31, 2024**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Balance as of** <br>**June 30, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from investments** <br>**Held at** <br>**June 30, 2025**<br>|
| Common Stocks |  |  |  |  |
| IT Services | &nbsp;&nbsp; $1740778<br>| &nbsp;&nbsp; $505591<br>| &nbsp;&nbsp; $2246369<br>| &nbsp;&nbsp; $505591<br>|
| Software | &nbsp;&nbsp; 4770680<br>| &nbsp;&nbsp; (898336) <br>| &nbsp;&nbsp; 3872344<br>| &nbsp;&nbsp; (898336) <br>|
| Convertible Preferred Stocks |  |  |  |  |
| Automobiles  | &nbsp;&nbsp; 6431657<br>| &nbsp;&nbsp; 1697341<br>| &nbsp;&nbsp; 8128998<br>| &nbsp;&nbsp; 1697341<br>|
| Commercial Services & Supplies  | &nbsp;&nbsp; 6554017<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6554017<br>| &nbsp;&nbsp; — |
| Consumer Staples Distribution & Retail  | &nbsp;&nbsp; 1150434<br>| &nbsp;&nbsp; (381896) <br>| &nbsp;&nbsp; 768538<br>| &nbsp;&nbsp; (381896) <br>|
| Electrical Equipment  | &nbsp;&nbsp; 2167700<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2167700<br>| &nbsp;&nbsp; — |
| Metals & Mining  | &nbsp;&nbsp; 2241052<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2241052<br>| &nbsp;&nbsp; — |
| Semiconductors & Semiconductor Equipment  | &nbsp;&nbsp; 1362153<br>| &nbsp;&nbsp; (146698) <br>| &nbsp;&nbsp; 1215455<br>| &nbsp;&nbsp; (146698) <br>|
| Software  | &nbsp;&nbsp; 6579425<br>| &nbsp;&nbsp; 1020290<br>| &nbsp;&nbsp; 7599715<br>| &nbsp;&nbsp; 1020290<br>|
|  | &nbsp;&nbsp; $32997896<br>| &nbsp;&nbsp; $1796292<br>| &nbsp;&nbsp; $34794188<br>| &nbsp;&nbsp; $1796292<br>|

---

**BHFTII-343**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Range** | **Weighted** <br>**Average**<br>| **Relationship** <br>**Between Fair** <br>**Value and** <br>**Input; if input** <br>**value increases** <br>**then Fair Value:**<br>|
| Common Stock |  |  |  |  |  |  |  |
| IT Services | &nbsp;&nbsp; $2246369<br>| Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $35.50<br>| &nbsp;&nbsp; $35.50 | &nbsp;&nbsp; $35.50 | &nbsp;&nbsp; Increase |
| Software | &nbsp;&nbsp; 3872344 | Comparable Company Analysis  | Enterprise Value/Revenue  | &nbsp;&nbsp; 5.6x | &nbsp;&nbsp; 5.6x | &nbsp;&nbsp; 5.6x | &nbsp;&nbsp; Increase |
|  |  |  | Enterprise Value/Gross Profit | &nbsp;&nbsp; 7.8x | &nbsp;&nbsp; 7.8x<br>| &nbsp;&nbsp; 7.8x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Discount for Lack of Marketability  | 10.00<br> % <br>| 10.00<br> % <br>| 10.00<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  | &nbsp;&nbsp; 0<br>| Liquidation Analysis  | Expected Payout  | &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; $0.00<br>| &nbsp;&nbsp; Increase<br>|
| Convertible Preferred Stocks |  |  |  |  |  |  |  |
| Automobiles | &nbsp;&nbsp; 196100 | Liquidation Analysis | Expected Payout | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; Increase |
|  | &nbsp;&nbsp; 2300685<br>| Market Transaction Method  | Precedent Transaction  | &nbsp;&nbsp; $12.79 | &nbsp;&nbsp; $12.79<br>| &nbsp;&nbsp; $12.79<br>| &nbsp;&nbsp; Increase |
|  |  |  | Anti-Dilution Conversion Ratio  | &nbsp;&nbsp; 1.000x | &nbsp;&nbsp; 1.000x<br>| &nbsp;&nbsp; 1.000x<br>| &nbsp;&nbsp; Increase |
|  | &nbsp;&nbsp; 2823373 | Market Transaction Method | Precedent Transaction  | &nbsp;&nbsp; $16.42<br>| &nbsp;&nbsp; $16.42<br>| &nbsp;&nbsp; $16.42<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Anti-Dilution Conversion Ratio  | &nbsp;&nbsp; 1.00x<br>| &nbsp;&nbsp; 1.19x<br>| &nbsp;&nbsp; 1.07x<br>| &nbsp;&nbsp; Increase<br>|
|  | &nbsp;&nbsp; 2808840 | Market Transaction Method | Precedent Transaction  | &nbsp;&nbsp; $78.20 | &nbsp;&nbsp; $78.20<br>| &nbsp;&nbsp; $78.20<br>| &nbsp;&nbsp; Increase |
|  |  |  | Anti-Dilution Conversion Ratio  | &nbsp;&nbsp; 1.027x | &nbsp;&nbsp; 1.027x<br>| &nbsp;&nbsp; 1.027x<br>| &nbsp;&nbsp; Increase |
|  |  | Calibration Model | Calculated Enterprise Value/Revenue  | &nbsp;&nbsp; 1.4x<br>| &nbsp;&nbsp; 3.0x<br>| &nbsp;&nbsp; 2.0x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/EBITDA  | &nbsp;&nbsp; 10.4x | &nbsp;&nbsp; 10.4x<br>| &nbsp;&nbsp; 10.4x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Discount Rate/Implied Discount | 15.00<br> %<br>| 37.50<br> %<br>| 30.63<br> %<br>| &nbsp;&nbsp; Decrease |
| Commercial Services & Supplies | &nbsp;&nbsp; 6554017 | Market Transaction Method | Precedent Transactions  | &nbsp;&nbsp; $50.00 | &nbsp;&nbsp; $63.16 | &nbsp;&nbsp; $57.02 | &nbsp;&nbsp; Increase |
|  |  | Calibration Model | Calculated Enterprise Value/Revenue | &nbsp;&nbsp; 0.2x | &nbsp;&nbsp; 0.2x | &nbsp;&nbsp; 0.2x | &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/EBITDA | &nbsp;&nbsp; 1.1x | &nbsp;&nbsp; 1.1x | &nbsp;&nbsp; 1.1x | &nbsp;&nbsp; Increase |
|  |  |  | Implied Discount | 37.00<br> % <br>| 47.00<br> % <br>| 42.00<br> % <br>| &nbsp;&nbsp; Decrease |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 768538 | Comparable Company Analysis | Enterprise Value/GMV | &nbsp;&nbsp; 0.4x<br>| &nbsp;&nbsp; 0.5x<br>| &nbsp;&nbsp; 0.5x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Enterprise Value/Gross Profit | &nbsp;&nbsp; 4.8x<br>| &nbsp;&nbsp; 5.5x<br>| &nbsp;&nbsp; 5.2x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Enterprise Value/EBITDA | &nbsp;&nbsp; 12.0x | &nbsp;&nbsp; 16.1x | &nbsp;&nbsp; 14.1x | &nbsp;&nbsp; Increase |
|  |  |  | Discount for Lack of Marketability | 10.00<br> %<br>| 10.00<br> %<br>| 10.00<br> %<br>| &nbsp;&nbsp; Increase |
| Electrical Equipment | &nbsp;&nbsp; 2167700 | Market Transaction Method  | Precedent Transactions | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; Increase |
| Metals & Mining | &nbsp;&nbsp; 2241052<br>| Market Transaction Method  | Precedent Transactions  | &nbsp;&nbsp; $84.95<br>| &nbsp;&nbsp; $84.95<br>| &nbsp;&nbsp; $84.95<br>| &nbsp;&nbsp; Increase |
| Semiconductors & Semiconductor <br> Equipment<br>| &nbsp;&nbsp; 1215455 | Comparable Company Analysis | Calculated Enterprise Value/Revenue  | &nbsp;&nbsp; 4.9x<br>| &nbsp;&nbsp; 4.9x<br>| &nbsp;&nbsp; 4.9x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/Gross Profit  | &nbsp;&nbsp; 7.4x<br>| &nbsp;&nbsp; 7.4x<br>| &nbsp;&nbsp; 7.4x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/Net Income  | &nbsp;&nbsp; 15.9x<br>| &nbsp;&nbsp; 15.9x<br>| &nbsp;&nbsp; 15.9x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Discount Rate | 37.50<br> %<br>| 37.50<br> % <br>| 37.50<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Discount for Lack of Marketability  | 10.00<br> % <br>| 10.00<br> % <br>| 10.00<br> % <br>| &nbsp;&nbsp; Decrease |
| Software | &nbsp;&nbsp; 182894 | Comparable Company Analysis | Enterprise Value/Revenue  | &nbsp;&nbsp; 6.9x | &nbsp;&nbsp; 8.2x<br>| &nbsp;&nbsp; 7.6x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Enterprise Value/Gross Profit  | &nbsp;&nbsp; 8.6x<br>| &nbsp;&nbsp; 10.3x<br>| &nbsp;&nbsp; 9.5x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Discount for Lack of Marketability  | 10.00<br> % <br>| 10.00<br> % <br>| 10.00<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  | &nbsp;&nbsp; 7416821 | Comparable Company Analysis | Enterprise Value/Revenue | &nbsp;&nbsp; 18.0x | &nbsp;&nbsp; 18.0x | &nbsp;&nbsp; 18.0x | &nbsp;&nbsp; Increase |

---

**BHFTII-344**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2267328537 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 9730820 |
| Cash | &nbsp;&nbsp; 1300000 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 22 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 7542446 |
| Fund shares sold | &nbsp;&nbsp; 43164 |
| Dividends | &nbsp;&nbsp; 210239 |
| Dividends on affiliated investments | &nbsp;&nbsp; 126214 |
| Prepaid expenses | &nbsp;&nbsp; 17582 |
| Total Assets | &nbsp;&nbsp; 2286299024 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 6725651 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3045128 |
| Affiliated investments purchased | &nbsp;&nbsp; 44246 |
| Fund shares redeemed | &nbsp;&nbsp; 4027000 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 934777 |
| Distribution and service fees | &nbsp;&nbsp; 206753 |
| Deferred trustees' fees | &nbsp;&nbsp; 236335 |
| Other expenses | &nbsp;&nbsp; 348263 |
| Total Liabilities | &nbsp;&nbsp; 15568153 |
| **Net Assets**  | &nbsp;&nbsp; $2270730871 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1018779780 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1251951091 |
| **Net Assets**  | &nbsp;&nbsp; $2270730871 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1218348961 |
| Class B | &nbsp;&nbsp; 1016161628 |
| Class E | &nbsp;&nbsp; 36220282 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 52290267 |
| Class B | &nbsp;&nbsp; 46709258 |
| Class E | &nbsp;&nbsp; 1608987 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $23.30 |
| Class B | 21.76 |
| Class E | 22.51 |

---

&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 $1,171,667,940.

(b) Includes securities loaned at value of $88,726,955.

(c) Identified cost of affiliated investments was $9,730,820.

(d) Identified cost of cash denominated in foreign currencies was $22.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $4349142 |
| Dividends from affiliated investments | &nbsp;&nbsp; 437152 |
| Securities lending income | &nbsp;&nbsp; 58310 |
| Total investment income | &nbsp;&nbsp; 4844604 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6403938 |
| Administration fees | &nbsp;&nbsp; 50417 |
| Custodian and accounting fees | &nbsp;&nbsp; 51690 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1200458 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 25982 |
| Audit and tax services | &nbsp;&nbsp; 30503 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 53615 |
| Insurance | &nbsp;&nbsp; 9351 |
| Miscellaneous | &nbsp;&nbsp; 11842 |
| Total expenses | &nbsp;&nbsp; 7880562 |
| Less management fee waiver | &nbsp;&nbsp; (890575)<br>|
| Net expenses | &nbsp;&nbsp; 6989987 |
| **Net Investment Loss** | &nbsp;&nbsp; (2145383)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 164669811 |
| Foreign currency transactions | &nbsp;&nbsp; (759)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 164669052 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (35764904)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 765 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (35764139)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 128904913 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $126759530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $63,026.

**BHFTII-345**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(2145383)<br>| &nbsp;&nbsp; $(4353889)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 164669052 | &nbsp;&nbsp; 320075160 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (35764139)<br>| &nbsp;&nbsp; 280159590 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 126759530 | &nbsp;&nbsp; 595880861 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (164125205)<br>| &nbsp;&nbsp; (67002647)<br>|
| Class B | &nbsp;&nbsp; (145626400)<br>| &nbsp;&nbsp; (59811108)<br>|
| Class E | &nbsp;&nbsp; (5076410)<br>| &nbsp;&nbsp; (2068961)<br>|
| **Total distributions** | &nbsp;&nbsp; (314828015)<br>| &nbsp;&nbsp; (128882716)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 179231605 | &nbsp;&nbsp; (326792925)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (8836880)<br>| &nbsp;&nbsp; 140205220 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2279567751 | &nbsp;&nbsp; 2139362531 |
| End of period | &nbsp;&nbsp; $2270730871 | &nbsp;&nbsp; $2279567751 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 635041 | &nbsp;&nbsp; $15117225 | &nbsp;&nbsp; 1129015 | &nbsp;&nbsp; $26156926 |
| Reinvestments | &nbsp;&nbsp; 7291213 | &nbsp;&nbsp; 164125205 | &nbsp;&nbsp; 2846332 | &nbsp;&nbsp; 67002647 |
| Redemptions | &nbsp;&nbsp; (3008490)<br>| &nbsp;&nbsp; (74627110)<br>| &nbsp;&nbsp; (12306266)<br>| &nbsp;&nbsp; (291660016)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4917764 | &nbsp;&nbsp; $104615320 | &nbsp;&nbsp; (8330919)<br>| &nbsp;&nbsp; $(198500443)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1113676 | &nbsp;&nbsp; $24793190 | &nbsp;&nbsp; 1707378 | &nbsp;&nbsp; $37946618 |
| Reinvestments | &nbsp;&nbsp; 6927992 | &nbsp;&nbsp; 145626400 | &nbsp;&nbsp; 2688140 | &nbsp;&nbsp; 59811108 |
| Redemptions | &nbsp;&nbsp; (4239463)<br>| &nbsp;&nbsp; (97891100)<br>| &nbsp;&nbsp; (9920082)<br>| &nbsp;&nbsp; (221529345)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3802205 | &nbsp;&nbsp; $72528490 | &nbsp;&nbsp; (5524564)<br>| &nbsp;&nbsp; $(123771619)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 24735 | &nbsp;&nbsp; $553343 | &nbsp;&nbsp; 40202 | &nbsp;&nbsp; $930690 |
| Reinvestments | &nbsp;&nbsp; 233398 | &nbsp;&nbsp; 5076410 | &nbsp;&nbsp; 90387 | &nbsp;&nbsp; 2068961 |
| Redemptions | &nbsp;&nbsp; (151383)<br>| &nbsp;&nbsp; (3541958)<br>| &nbsp;&nbsp; (326771)<br>| &nbsp;&nbsp; (7520514)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 106750 | &nbsp;&nbsp; $2087795 | &nbsp;&nbsp; (196182)<br>| &nbsp;&nbsp; $(4520863)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $179231605 |  | &nbsp;&nbsp; $(326792925)<br>|

---

**BHFTII-346**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $20.70 | &nbsp;&nbsp; $14.10 | &nbsp;&nbsp; $30.81 | &nbsp;&nbsp; $28.79 | &nbsp;&nbsp; $22.93 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp; (12.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.90 |
| Total income (loss) from investment operations | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp; (12.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.89 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.06)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (1.97)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $23.30 | &nbsp;&nbsp; $25.52 | &nbsp;&nbsp; $20.70 | &nbsp;&nbsp; $14.10 | &nbsp;&nbsp; $30.81 | &nbsp;&nbsp; $28.79 |
| **Total Return (%)** (d) | 5.93 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.31 | &nbsp;&nbsp;&nbsp;&nbsp;46.81 | &nbsp;&nbsp; (40.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.22 | &nbsp;&nbsp;&nbsp;&nbsp;36.95 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.62 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net ratio of expenses to average net assets (%) (g) (h) | 0.54 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.09 ) (f)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.05)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(e)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 33 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1218.3 | &nbsp;&nbsp; $1208.8 | &nbsp;&nbsp; $1153.2 | &nbsp;&nbsp; $941.0 | &nbsp;&nbsp; $1503.7 | &nbsp;&nbsp; $1507.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $24.09 | &nbsp;&nbsp; $19.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $29.74 | &nbsp;&nbsp; $27.96 | &nbsp;&nbsp; $22.32 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp; (11.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| Total income (loss) from investment operations | 1.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp; (11.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;7.61 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (i)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (1.97)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (1.97)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $21.76 | &nbsp;&nbsp; $24.09 | &nbsp;&nbsp; $19.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $29.74 | &nbsp;&nbsp; $27.96 |
| **Total Return (%)** (d) | 5.82 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.98 | &nbsp;&nbsp;&nbsp;&nbsp; 46.42 <br>(j)<br>| &nbsp;&nbsp; (40.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.95 | &nbsp;&nbsp;&nbsp;&nbsp;36.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net ratio of expenses to average net assets (%) (g) (h) | 0.79 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.34 ) (f)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.30)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(e)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 33 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1016.2 | &nbsp;&nbsp; $1033.6 | &nbsp;&nbsp; $951.9 | &nbsp;&nbsp; $757.9 | &nbsp;&nbsp; $1266.1 | &nbsp;&nbsp; $1175.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

**BHFTII-347**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $24.79 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $30.29 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $22.63 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp; (11.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.80 |
| Total income (loss) from investment operations | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp; (12.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.02)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (1.97)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (1.99)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $22.51 | &nbsp;&nbsp; $24.79 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $30.29 | &nbsp;&nbsp; $28.39 |
| **Total Return (%)** (d) | 5.86 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.04 | &nbsp;&nbsp;&nbsp;&nbsp;46.66 | &nbsp;&nbsp; (40.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.08 | &nbsp;&nbsp;&nbsp;&nbsp;36.79 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.77 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net ratio of expenses to average net assets (%) (g) (h) | 0.69 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.24 ) (f)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.20)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(e)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 33 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $36.2 | &nbsp;&nbsp; $37.2 | &nbsp;&nbsp; $34.3 | &nbsp;&nbsp; $26.6 | &nbsp;&nbsp; $53.4 | &nbsp;&nbsp; $51.6 |

---

&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) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from return of capital were less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The effect of the voluntary portion of the waiver on the net ratio of expenses to average net assets was 0.02% for the six months ended June 30, 2025 and for the years ended December 31, 2024 ,2023 and 2022 and 0.03% for the years ended December 31, 2021 and 2020 (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(i) Distributions from net investment income were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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.

**BHFTII-348**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—99.5% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
| AeroVironment, Inc. (a) | 2700 | &nbsp;&nbsp; $769365 |
| ATI, Inc. (a) | 110646 | &nbsp;&nbsp; 9553176 |
| BWX Technologies, Inc.  | 16037 | &nbsp;&nbsp; 2310290 |
| Curtiss-Wright Corp.  | 7403 | &nbsp;&nbsp; 3616736 |
| Hexcel Corp. (b) | 50758 | &nbsp;&nbsp; 2867319 |
| Karman Holdings, Inc. (a) | 75976 | &nbsp;&nbsp; 3826911 |
| Leonardo DRS, Inc.  | 43987 | &nbsp;&nbsp; 2044516 |
| Rocket Lab Corp. (a) (b) | 111969 | &nbsp;&nbsp; 4005131 |
| Woodward, Inc.  | 20745 | &nbsp;&nbsp; 5084392 |
|  |  | &nbsp;&nbsp; 34077836 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| GXO Logistics, Inc. (a) | 71137 | &nbsp;&nbsp; 3464372 |
| **Automobile Components — 0.9%** | **Automobile Components — 0.9%** | **Automobile Components — 0.9%** |
| Dorman Products, Inc. (a) | 24333 | &nbsp;&nbsp; 2984929 |
| Modine Manufacturing Co. (a) (b) | 43206 | &nbsp;&nbsp; 4255791 |
| Visteon Corp. (a) | 33242 | &nbsp;&nbsp; 3101479 |
|  |  | &nbsp;&nbsp; 10342199 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| Bancorp, Inc. (a) (b) | 83674 | &nbsp;&nbsp; 4766908 |
| First BanCorp | 289931 | &nbsp;&nbsp; 6039263 |
|  |  | &nbsp;&nbsp; 10806171 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Coca-Cola Consolidated, Inc.  | 37895 | &nbsp;&nbsp; 4230977 |
| **Biotechnology — 10.3%** | **Biotechnology — 10.3%** | **Biotechnology — 10.3%** |
| ACADIA Pharmaceuticals, Inc. (a) | 51579 | &nbsp;&nbsp; 1112559 |
| ADMA Biologics, Inc. (a) | 202333 | &nbsp;&nbsp; 3684484 |
| Agios Pharmaceuticals, Inc. (a) | 39740 | &nbsp;&nbsp; 1321752 |
| Akero Therapeutics, Inc. (a) (b) | 56291 | &nbsp;&nbsp; 3003688 |
| Alkermes PLC (a) | 145037 | &nbsp;&nbsp; 4149509 |
| Amicus Therapeutics, Inc. (a) | 96836 | &nbsp;&nbsp; 554870 |
| Arcellx, Inc. (a) (b) | 22087 | &nbsp;&nbsp; 1454429 |
| Ascendis Pharma AS (ADR) (a) | 12322 | &nbsp;&nbsp; 2126777 |
| Avidity Biosciences, Inc. (a) | 104805 | &nbsp;&nbsp; 2976462 |
| Beam Therapeutics, Inc. (a) (b) | 95580 | &nbsp;&nbsp; 1625816 |
| Bicara Therapeutics, Inc. (a) | 25200 | &nbsp;&nbsp; 234108 |
| Biohaven Ltd. (a) (b) | 84222 | &nbsp;&nbsp; 1188373 |
| Blueprint Medicines Corp. (a) | 12080 | &nbsp;&nbsp; 1548414 |
| Bridgebio Pharma, Inc. (a) | 86929 | &nbsp;&nbsp; 3753594 |
| Caris Life Sciences, Inc. (a) | 18175 | &nbsp;&nbsp; 485636 |
| Catalyst Pharmaceuticals, Inc. (a) | 68247 | &nbsp;&nbsp; 1480960 |
| Celldex Therapeutics, Inc. (a) | 62709 | &nbsp;&nbsp; 1276128 |
| Centessa Pharmaceuticals PLC (ADR) (a) (b) | 71700 | &nbsp;&nbsp; 942138 |
| CG oncology, Inc. (a) (b) | 34900 | &nbsp;&nbsp; 907400 |
| Crinetics Pharmaceuticals, Inc. (a) (b) | 103909 | &nbsp;&nbsp; 2988423 |
| Cytokinetics, Inc. (a) (b) | 61227 | &nbsp;&nbsp; 2022940 |
| Denali Therapeutics, Inc. (a) | 147291 | &nbsp;&nbsp; 2060601 |
| Disc Medicine, Inc. (a) (b) | 27396 | &nbsp;&nbsp; 1450892 |
| Dyne Therapeutics, Inc. (a) | 70400 | &nbsp;&nbsp; 670208 |
| Exact Sciences Corp. (a) (b) | 62761 | &nbsp;&nbsp; 3335120 |
| Exelixis, Inc. (a) | 134418 | &nbsp;&nbsp; 5924473 |
| Halozyme Therapeutics, Inc. (a) | 98327 | &nbsp;&nbsp; 5114971 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Insmed, Inc. (a) | 42655 | &nbsp;&nbsp; $4292799 |
| Ionis Pharmaceuticals, Inc. (a) (b) | 80806 | &nbsp;&nbsp; 3192645 |
| Iovance Biotherapeutics, Inc. (a) (b) | 83098 | &nbsp;&nbsp; 142929 |
| Janux Therapeutics, Inc. (a) | 33400 | &nbsp;&nbsp; 771540 |
| Krystal Biotech, Inc. (a) (b) | 10405 | &nbsp;&nbsp; 1430271 |
| Kymera Therapeutics, Inc. (a) (b) | 75666 | &nbsp;&nbsp; 3302064 |
| Madrigal Pharmaceuticals, Inc. (a) | 7928 | &nbsp;&nbsp; 2399330 |
| Merus NV (a) | 35469 | &nbsp;&nbsp; 1865669 |
| Mirum Pharmaceuticals, Inc. (a) | 33180 | &nbsp;&nbsp; 1688530 |
| Monte Rosa Therapeutics, Inc. (a) (b) | 76100 | &nbsp;&nbsp; 343211 |
| MoonLake Immunotherapeutics (a) (b) | 43137 | &nbsp;&nbsp; 2036066 |
| Natera, Inc. (a) | 26410 | &nbsp;&nbsp; 4461705 |
| Neurocrine Biosciences, Inc. (a) | 15520 | &nbsp;&nbsp; 1950709 |
| Nurix Therapeutics, Inc. (a) (b) | 65163 | &nbsp;&nbsp; 742207 |
| Nuvalent, Inc. - Class A (a) | 44226 | &nbsp;&nbsp; 3374444 |
| Praxis Precision Medicines, Inc. (a) | 35092 | &nbsp;&nbsp; 1475619 |
| PTC Therapeutics, Inc. (a) | 40823 | &nbsp;&nbsp; 1993795 |
| Replimune Group, Inc. (a) | 191701 | &nbsp;&nbsp; 1780902 |
| Revolution Medicines, Inc. (a) | 53081 | &nbsp;&nbsp; 1952850 |
| Rhythm Pharmaceuticals, Inc. (a) | 29722 | &nbsp;&nbsp; 1878133 |
| Scholar Rock Holding Corp. (a) (b) | 91720 | &nbsp;&nbsp; 3248722 |
| Soleno Therapeutics, Inc. (a) | 34169 | &nbsp;&nbsp; 2862679 |
| TG Therapeutics, Inc. (a) (b) | 48345 | &nbsp;&nbsp; 1739937 |
| Ultragenyx Pharmaceutical, Inc. (a) | 86902 | &nbsp;&nbsp; 3159757 |
| Vaxcyte, Inc. (a) (b) | 20316 | &nbsp;&nbsp; 660473 |
| Vera Therapeutics, Inc. (a) | 57226 | &nbsp;&nbsp; 1348245 |
| Viridian Therapeutics, Inc. (a) (b) | 38700 | &nbsp;&nbsp; 541026 |
| Xencor, Inc. (a) (b) | 79417 | &nbsp;&nbsp; 624218 |
|  |  | &nbsp;&nbsp; 112655200 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 20500 | &nbsp;&nbsp; 2701490 |
| **Building Products — 2.7%** | **Building Products — 2.7%** | **Building Products — 2.7%** |
| AAON, Inc. (b) | 48695 | &nbsp;&nbsp; 3591256 |
| AZEK Co., Inc. (a) | 89982 | &nbsp;&nbsp; 4890522 |
| Builders FirstSource, Inc. (a) | 12183 | &nbsp;&nbsp; 1421634 |
| CSW Industrials, Inc.  | 18677 | &nbsp;&nbsp; 5357124 |
| Griffon Corp.  | 37384 | &nbsp;&nbsp; 2705480 |
| Simpson Manufacturing Co., Inc. (b) | 39398 | &nbsp;&nbsp; 6118904 |
| Trex Co., Inc. (a) (b) | 86371 | &nbsp;&nbsp; 4696855 |
| UFP Industries, Inc.  | 4634 | &nbsp;&nbsp; 460434 |
|  |  | &nbsp;&nbsp; 29242209 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Affiliated Managers Group, Inc.  | 13282 | &nbsp;&nbsp; 2613499 |
| Donnelley Financial Solutions, Inc. (a) | 56600 | &nbsp;&nbsp; 3489390 |
| Galaxy Digital, Inc. - Class A (a) | 56400 | &nbsp;&nbsp; 1235160 |
| StoneX Group, Inc. (a) | 76240 | &nbsp;&nbsp; 6948514 |
| TPG, Inc. (b) | 32800 | &nbsp;&nbsp; 1720360 |
|  |  | &nbsp;&nbsp; 16006923 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Axalta Coating Systems Ltd. (a) | 164025 | &nbsp;&nbsp; 4869902 |
| Balchem Corp.  | 22259 | &nbsp;&nbsp; 3543633 |
| Cabot Corp.  | 46776 | &nbsp;&nbsp; 3508200 |

---

*See accompanying notes to financial statements.*

**BHFTII-349**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Element Solutions, Inc.  | 48501 | &nbsp;&nbsp; $1098547 |
| NewMarket Corp.  | 3322 | &nbsp;&nbsp; 2295037 |
| RPM International, Inc.  | 39102 | &nbsp;&nbsp; 4294964 |
|  |  | &nbsp;&nbsp; 19610283 |
| **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| Brink's Co. (b) | 46844 | &nbsp;&nbsp; 4182701 |
| Casella Waste Systems, Inc. - Class A (a) | 24730 | &nbsp;&nbsp; 2853347 |
| Clean Harbors, Inc. (a) | 11855 | &nbsp;&nbsp; 2740639 |
| MSA Safety, Inc. (b) | 15686 | &nbsp;&nbsp; 2627876 |
|  |  | &nbsp;&nbsp; 12404563 |
| **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** |
| API Group Corp. (a) | 189279 | &nbsp;&nbsp; 9662693 |
| Comfort Systems USA, Inc.  | 5100 | &nbsp;&nbsp; 2734671 |
| Dycom Industries, Inc. (a) | 13018 | &nbsp;&nbsp; 3181469 |
| EMCOR Group, Inc.  | 7937 | &nbsp;&nbsp; 4245422 |
| Fluor Corp. (a) | 26400 | &nbsp;&nbsp; 1353528 |
| IES Holdings, Inc. (a) (b) | 5400 | &nbsp;&nbsp; 1599642 |
| Primoris Services Corp.  | 47247 | &nbsp;&nbsp; 3682431 |
| Sterling Infrastructure, Inc. (a) | 30000 | &nbsp;&nbsp; 6921900 |
| Valmont Industries, Inc. (b) | 23089 | &nbsp;&nbsp; 7540175 |
|  |  | &nbsp;&nbsp; 40921931 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Eagle Materials, Inc.  | 25122 | &nbsp;&nbsp; 5077408 |
| Knife River Corp. (a) | 44427 | &nbsp;&nbsp; 3627020 |
|  |  | &nbsp;&nbsp; 8704428 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| FirstCash Holdings, Inc.  | 16510 | &nbsp;&nbsp; 2231161 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Casey's General Stores, Inc.  | 9140 | &nbsp;&nbsp; 4663868 |
| Performance Food Group Co. (a) | 11443 | &nbsp;&nbsp; 1000919 |
| PriceSmart, Inc. (b) | 19944 | &nbsp;&nbsp; 2094918 |
| Sprouts Farmers Market, Inc. (a) | 18592 | &nbsp;&nbsp; 3060987 |
|  |  | &nbsp;&nbsp; 10820692 |
| **Diversified Consumer Services — 3.3%** | **Diversified Consumer Services — 3.3%** | **Diversified Consumer Services — 3.3%** |
| Adtalem Global Education, Inc. (a) | 43593 | &nbsp;&nbsp; 5546337 |
| Duolingo, Inc. (a) | 6770 | &nbsp;&nbsp; 2775835 |
| Frontdoor, Inc. (a) | 82043 | &nbsp;&nbsp; 4835615 |
| Grand Canyon Education, Inc. (a) | 33484 | &nbsp;&nbsp; 6328476 |
| H&R Block, Inc.  | 84750 | &nbsp;&nbsp; 4651928 |
| Laureate Education, Inc. (a) | 168519 | &nbsp;&nbsp; 3939974 |
| Stride, Inc. (a) (b) | 51658 | &nbsp;&nbsp; 7500225 |
|  |  | &nbsp;&nbsp; 35578390 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AST SpaceMobile, Inc. (a) | 36800 | &nbsp;&nbsp; 1719664 |
| Iridium Communications, Inc. (b) | 195103 | &nbsp;&nbsp; 5886258 |
|  |  | &nbsp;&nbsp; 7605922 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| NEXTracker, Inc. - Class A (a) | 25000 | &nbsp;&nbsp; $1359250 |
| **Electronic Equipment, Instruments & Components — 4.6%** | **Electronic Equipment, Instruments & Components — 4.6%** | **Electronic Equipment, Instruments & Components — 4.6%** |
| Badger Meter, Inc.  | 17863 | &nbsp;&nbsp; 4375542 |
| Bel Fuse, Inc. - Class B | 14100 | &nbsp;&nbsp; 1377429 |
| Belden, Inc.  | 72062 | &nbsp;&nbsp; 8344780 |
| ePlus, Inc. (a) | 18000 | &nbsp;&nbsp; 1297800 |
| Fabrinet (a) | 39191 | &nbsp;&nbsp; 11548804 |
| Itron, Inc. (a) | 20000 | &nbsp;&nbsp; 2632600 |
| Littelfuse, Inc.  | 5565 | &nbsp;&nbsp; 1261752 |
| Novanta, Inc. (a) | 40463 | &nbsp;&nbsp; 5216895 |
| OSI Systems, Inc. (a) | 4000 | &nbsp;&nbsp; 899440 |
| Teledyne Technologies, Inc. (a) | 15765 | &nbsp;&nbsp; 8076567 |
| Vontier Corp.  | 142609 | &nbsp;&nbsp; 5262272 |
|  |  | &nbsp;&nbsp; 50293881 |
| **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** |
| Flowco Holdings, Inc. - Class A | 15478 | &nbsp;&nbsp; 275663 |
| Liberty Energy, Inc.  | 82877 | &nbsp;&nbsp; 951428 |
| TechnipFMC PLC | 229253 | &nbsp;&nbsp; 7895473 |
| Weatherford International PLC | 59384 | &nbsp;&nbsp; 2987609 |
|  |  | &nbsp;&nbsp; 12110173 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| IMAX Corp. (a) (b) | 52500 | &nbsp;&nbsp; 1467900 |
| Liberty Media Corp.-Liberty Live - Class C (a) | 29800 | &nbsp;&nbsp; 2418568 |
| TKO Group Holdings, Inc.  | 14474 | &nbsp;&nbsp; 2633544 |
|  |  | &nbsp;&nbsp; 6520012 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| Equitable Holdings, Inc.  | 97646 | &nbsp;&nbsp; 5477941 |
| Euronet Worldwide, Inc. (a) | 13856 | &nbsp;&nbsp; 1404721 |
| EVERTEC, Inc.  | 62684 | &nbsp;&nbsp; 2259758 |
| Marqeta, Inc. - Class A (a) | 484667 | &nbsp;&nbsp; 2825609 |
| Mr. Cooper Group, Inc. (a) | 26644 | &nbsp;&nbsp; 3975551 |
| Payoneer Global, Inc. (a) | 938599 | &nbsp;&nbsp; 6429403 |
| Shift4 Payments, Inc. - Class A (a) (b) | 24128 | &nbsp;&nbsp; 2391326 |
|  |  | &nbsp;&nbsp; 24764309 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Post Holdings, Inc. (a) | 54423 | &nbsp;&nbsp; 5933740 |
| Simply Good Foods Co. (a) | 57638 | &nbsp;&nbsp; 1820784 |
| Vital Farms, Inc. (a) (b) | 65499 | &nbsp;&nbsp; 2523022 |
|  |  | &nbsp;&nbsp; 10277546 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Saia, Inc. (a) | 14497 | &nbsp;&nbsp; 3972033 |
| **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** |
| CONMED Corp. (b) | 14369 | &nbsp;&nbsp; 748338 |
| Globus Medical, Inc. - Class A (a) | 102248 | &nbsp;&nbsp; 6034677 |
| Haemonetics Corp. (a) | 32767 | &nbsp;&nbsp; 2444746 |
| Lantheus Holdings, Inc. (a) | 74676 | &nbsp;&nbsp; 6112977 |
| LeMaitre Vascular, Inc. (b) | 28912 | &nbsp;&nbsp; 2401142 |
| Merit Medical Systems, Inc. (a) (b) | 76448 | &nbsp;&nbsp; 7146359 |
| Penumbra, Inc. (a) | 18696 | &nbsp;&nbsp; 4797955 |

---

*See accompanying notes to financial statements.*

**BHFTII-350**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| PROCEPT BioRobotics Corp. (a) (b) | 17379 | &nbsp;&nbsp; $1001030 |
| STERIS PLC | 9965 | &nbsp;&nbsp; 2393792 |
| TransMedics Group, Inc. (a) (b) | 11541 | &nbsp;&nbsp; 1546609 |
| UFP Technologies, Inc. (a) (b) | 18094 | &nbsp;&nbsp; 4417831 |
|  |  | &nbsp;&nbsp; 39045456 |
| **Health Care Providers & Services — 5.0%** | **Health Care Providers & Services — 5.0%** | **Health Care Providers & Services — 5.0%** |
| Addus HomeCare Corp. (a) | 23314 | &nbsp;&nbsp; 2685540 |
| BrightSpring Health Services, Inc. (a) | 47400 | &nbsp;&nbsp; 1118166 |
| Concentra Group Holdings Parent, Inc.  | 48427 | &nbsp;&nbsp; 996143 |
| CorVel Corp. (a) (b) | 55321 | &nbsp;&nbsp; 5685892 |
| Encompass Health Corp.  | 53991 | &nbsp;&nbsp; 6620916 |
| Ensign Group, Inc. (b) | 58566 | &nbsp;&nbsp; 9034391 |
| Guardant Health, Inc. (a) | 42000 | &nbsp;&nbsp; 2185680 |
| HealthEquity, Inc. (a) | 62688 | &nbsp;&nbsp; 6567195 |
| Hims & Hers Health, Inc. (a) (b) | 42440 | &nbsp;&nbsp; 2115634 |
| Molina Healthcare, Inc. (a) | 9676 | &nbsp;&nbsp; 2882481 |
| Option Care Health, Inc. (a) | 162720 | &nbsp;&nbsp; 5285146 |
| RadNet, Inc. (a) | 9976 | &nbsp;&nbsp; 567734 |
| Select Medical Holdings Corp.  | 71661 | &nbsp;&nbsp; 1087814 |
| Tenet Healthcare Corp. (a) | 42310 | &nbsp;&nbsp; 7446560 |
|  |  | &nbsp;&nbsp; 54279292 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| American Healthcare REIT, Inc. (b) | 91203 | &nbsp;&nbsp; 3350798 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Waystar Holding Corp. (a) | 98729 | &nbsp;&nbsp; 4035054 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| Ryman Hospitality Properties, Inc. (b) | 32748 | &nbsp;&nbsp; 3231245 |
| **Hotels, Restaurants & Leisure — 4.7%** | **Hotels, Restaurants & Leisure — 4.7%** | **Hotels, Restaurants & Leisure — 4.7%** |
| Boyd Gaming Corp.  | 57730 | &nbsp;&nbsp; 4516218 |
| Brinker International, Inc. (a) | 18273 | &nbsp;&nbsp; 3295170 |
| Churchill Downs, Inc. (b) | 16855 | &nbsp;&nbsp; 1702355 |
| Domino's Pizza, Inc.  | 3384 | &nbsp;&nbsp; 1524830 |
| Hilton Grand Vacations, Inc. (a) (b) | 55462 | &nbsp;&nbsp; 2303337 |
| Light & Wonder, Inc. (a) | 80748 | &nbsp;&nbsp; 7772803 |
| Planet Fitness, Inc. - Class A (a) | 94009 | &nbsp;&nbsp; 10251681 |
| Red Rock Resorts, Inc. - Class A (b) | 27711 | &nbsp;&nbsp; 1441803 |
| Texas Roadhouse, Inc.  | 23370 | &nbsp;&nbsp; 4379772 |
| Travel & Leisure Co.  | 32463 | &nbsp;&nbsp; 1675415 |
| United Parks & Resorts, Inc. (a) | 22088 | &nbsp;&nbsp; 1041449 |
| Wingstop, Inc. (b) | 28679 | &nbsp;&nbsp; 9657367 |
| Wynn Resorts Ltd. (b) | 22245 | &nbsp;&nbsp; 2083689 |
|  |  | &nbsp;&nbsp; 51645889 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Cavco Industries, Inc. (a) | 9959 | &nbsp;&nbsp; 4326488 |
| Green Brick Partners, Inc. (a) | 60216 | &nbsp;&nbsp; 3786382 |
| Installed Building Products, Inc. (b) | 18827 | &nbsp;&nbsp; 3394885 |
| TopBuild Corp. (a) (b) | 6121 | &nbsp;&nbsp; 1981613 |
|  |  | &nbsp;&nbsp; 13489368 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Rexford Industrial Realty, Inc.  | 29421 | &nbsp;&nbsp; $1046505 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Palomar Holdings, Inc. (a) | 34088 | &nbsp;&nbsp; 5258074 |
| Primerica, Inc.  | 12757 | &nbsp;&nbsp; 3491208 |
| Ryan Specialty Holdings, Inc. (b) | 21577 | &nbsp;&nbsp; 1467020 |
| Skyward Specialty Insurance Group, Inc. (a) | 102843 | &nbsp;&nbsp; 5943297 |
|  |  | &nbsp;&nbsp; 16159599 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Cargurus, Inc. (a) (b) | 36540 | &nbsp;&nbsp; 1222994 |
| Cars.com, Inc. (a) | 67990 | &nbsp;&nbsp; 805681 |
|  |  | &nbsp;&nbsp; 2028675 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Globant SA (a) (b) | 8787 | &nbsp;&nbsp; 798211 |
| Okta, Inc. (a) | 18300 | &nbsp;&nbsp; 1829451 |
|  |  | &nbsp;&nbsp; 2627662 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Mattel, Inc. (a) | 211125 | &nbsp;&nbsp; 4163385 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Medpace Holdings, Inc. (a) | 6962 | &nbsp;&nbsp; 2185093 |
| Repligen Corp. (a) | 24938 | &nbsp;&nbsp; 3101789 |
|  |  | &nbsp;&nbsp; 5286882 |
| **Machinery — 5.6%** | **Machinery — 5.6%** | **Machinery — 5.6%** |
| Allison Transmission Holdings, Inc.  | 25429 | &nbsp;&nbsp; 2415501 |
| Atmus Filtration Technologies, Inc.  | 164101 | &nbsp;&nbsp; 5976558 |
| Crane Co.  | 25747 | &nbsp;&nbsp; 4889098 |
| Esab Corp. (b) | 52454 | &nbsp;&nbsp; 6323330 |
| Federal Signal Corp. (b) | 73494 | &nbsp;&nbsp; 7821231 |
| Kadant, Inc. (b) | 18983 | &nbsp;&nbsp; 6026153 |
| Mueller Industries, Inc.  | 56174 | &nbsp;&nbsp; 4464148 |
| RBC Bearings, Inc. (a) | 11556 | &nbsp;&nbsp; 4446749 |
| SPX Technologies, Inc. (a) | 52026 | &nbsp;&nbsp; 8723719 |
| Toro Co. (b) | 30879 | &nbsp;&nbsp; 2182528 |
| Watts Water Technologies, Inc. - Class A | 32874 | &nbsp;&nbsp; 8083388 |
|  |  | &nbsp;&nbsp; 61352403 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Kirby Corp. (a) | 30174 | &nbsp;&nbsp; 3422033 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| DoubleVerify Holdings, Inc. (a) | 197358 | &nbsp;&nbsp; 2954449 |
| Nexstar Media Group, Inc. (b) | 28362 | &nbsp;&nbsp; 4905208 |
|  |  | &nbsp;&nbsp; 7859657 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| Alpha Metallurgical Resources, Inc. (a) | 10285 | &nbsp;&nbsp; 1156857 |
| Carpenter Technology Corp.  | 39566 | &nbsp;&nbsp; 10935251 |
| MP Materials Corp. (a) (b) | 56557 | &nbsp;&nbsp; 1881651 |
| Warrior Met Coal, Inc.  | 53505 | &nbsp;&nbsp; 2452134 |
|  |  | &nbsp;&nbsp; 16425893 |

---

*See accompanying notes to financial statements.*

**BHFTII-351**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| Centrus Energy Corp. - Class A (a) (b) | 17253 | &nbsp;&nbsp; $3160405 |
| CNX Resources Corp. (a) (b) | 104389 | &nbsp;&nbsp; 3515821 |
| Core Natural Resources, Inc.  | 26485 | &nbsp;&nbsp; 1847064 |
| Expand Energy Corp.  | 24718 | &nbsp;&nbsp; 2890523 |
| Gulfport Energy Corp. (a) | 12000 | &nbsp;&nbsp; 2414040 |
| Matador Resources Co.  | 61993 | &nbsp;&nbsp; 2958306 |
| Permian Resources Corp.  | 285692 | &nbsp;&nbsp; 3891125 |
| Range Resources Corp.  | 99408 | &nbsp;&nbsp; 4042923 |
| Uranium Energy Corp. (a) (b) | 289300 | &nbsp;&nbsp; 1967240 |
| Viper Energy, Inc.  | 182046 | &nbsp;&nbsp; 6941414 |
|  |  | &nbsp;&nbsp; 33628861 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Louisiana-Pacific Corp.  | 19603 | &nbsp;&nbsp; 1685662 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Joby Aviation, Inc. (a) | 60400 | &nbsp;&nbsp; 637220 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| BellRing Brands, Inc. (a) | 25398 | &nbsp;&nbsp; 1471306 |
| elf Beauty, Inc. (a) (b) | 16500 | &nbsp;&nbsp; 2053260 |
| Interparfums, Inc.  | 19462 | &nbsp;&nbsp; 2555555 |
|  |  | &nbsp;&nbsp; 6080121 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| Amphastar Pharmaceuticals, Inc. (a) | 25646 | &nbsp;&nbsp; 588832 |
| Axsome Therapeutics, Inc. (a) | 13700 | &nbsp;&nbsp; 1430143 |
| Prestige Consumer Healthcare, Inc. (a) | 47263 | &nbsp;&nbsp; 3773951 |
| WaVe Life Sciences Ltd. (a) (b) | 53700 | &nbsp;&nbsp; 349050 |
|  |  | &nbsp;&nbsp; 6141976 |
| **Professional Services — 4.7%** | **Professional Services — 4.7%** | **Professional Services — 4.7%** |
| Booz Allen Hamilton Holding Corp.  | 31745 | &nbsp;&nbsp; 3305607 |
| Broadridge Financial Solutions, Inc.  | 15115 | &nbsp;&nbsp; 3673398 |
| CACI International, Inc. - Class A (a) | 2359 | &nbsp;&nbsp; 1124535 |
| CBIZ, Inc. (a) | 41366 | &nbsp;&nbsp; 2966356 |
| ExlService Holdings, Inc. (a) | 171431 | &nbsp;&nbsp; 7506963 |
| First Advantage Corp. (a) (b) | 75474 | &nbsp;&nbsp; 1253623 |
| FTI Consulting, Inc. (a) | 21773 | &nbsp;&nbsp; 3516340 |
| Genpact Ltd.  | 106788 | &nbsp;&nbsp; 4699740 |
| Huron Consulting Group, Inc. (a) | 8400 | &nbsp;&nbsp; 1155336 |
| Paylocity Holding Corp. (a) | 23441 | &nbsp;&nbsp; 4247275 |
| TriNet Group, Inc. (b) | 23037 | &nbsp;&nbsp; 1684926 |
| Upwork, Inc. (a) (b) | 442340 | &nbsp;&nbsp; 5945050 |
| Verra Mobility Corp. (a) | 308796 | &nbsp;&nbsp; 7840330 |
| WNS Holdings Ltd. (a) | 44466 | &nbsp;&nbsp; 2812030 |
|  |  | &nbsp;&nbsp; 51731509 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Equity LifeStyle Properties, Inc.  | 8025 | &nbsp;&nbsp; 494902 |
| **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** |
| Axcelis Technologies, Inc. (a) (b) | 52717 | &nbsp;&nbsp; 3673848 |
| Cirrus Logic, Inc. (a) | 37419 | &nbsp;&nbsp; 3901118 |
| Credo Technology Group Holding Ltd. (a) | 64036 | &nbsp;&nbsp; 5929093 |
| Entegris, Inc. (b) | 37725 | &nbsp;&nbsp; 3042521 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| FormFactor, Inc. (a) | 2681 | &nbsp;&nbsp; $92253 |
| Impinj, Inc. (a) | 17600 | &nbsp;&nbsp; 1954832 |
| Lattice Semiconductor Corp. (a) (b) | 98067 | &nbsp;&nbsp; 4804302 |
| MACOM Technology Solutions Holdings, Inc. (a) | 53985 | &nbsp;&nbsp; 7735511 |
| MKS, Inc. (b) | 28585 | &nbsp;&nbsp; 2840206 |
| Monolithic Power Systems, Inc.  | 5772 | &nbsp;&nbsp; 4221526 |
| Onto Innovation, Inc. (a) | 45971 | &nbsp;&nbsp; 4639853 |
| Photronics, Inc. (a) | 104834 | &nbsp;&nbsp; 1974024 |
| Rambus, Inc. (a) | 195647 | &nbsp;&nbsp; 12525321 |
| Rigetti Computing, Inc. (a) (b) | 42812 | &nbsp;&nbsp; 507750 |
| Veeco Instruments, Inc. (a) (b) | 50500 | &nbsp;&nbsp; 1026160 |
|  |  | &nbsp;&nbsp; 58868318 |
| **Software — 10.7%** | **Software — 10.7%** | **Software — 10.7%** |
| A10 Networks, Inc.  | 131223 | &nbsp;&nbsp; 2539165 |
| ACI Worldwide, Inc. (a) | 93862 | &nbsp;&nbsp; 4309204 |
| Agilysys, Inc. (a) | 39648 | &nbsp;&nbsp; 4545247 |
| Appfolio, Inc. - Class A (a) | 22274 | &nbsp;&nbsp; 5129257 |
| Aurora Innovation, Inc. (a) (b) | 317511 | &nbsp;&nbsp; 1663758 |
| Bill Holdings, Inc. (a) (b) | 97061 | &nbsp;&nbsp; 4490042 |
| BlackLine, Inc. (a) | 22500 | &nbsp;&nbsp; 1273950 |
| Box, Inc. - Class A (a) | 88867 | &nbsp;&nbsp; 3036585 |
| Braze, Inc. - Class A (a) | 71987 | &nbsp;&nbsp; 2022835 |
| CCC Intelligent Solutions Holdings, Inc. (a) (b) | 655928 | &nbsp;&nbsp; 6172283 |
| Circle Internet Group, Inc. (a) (b) | 7798 | &nbsp;&nbsp; 1413699 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 226007 | &nbsp;&nbsp; 4956334 |
| Commvault Systems, Inc. (a) | 47096 | &nbsp;&nbsp; 8210246 |
| CyberArk Software Ltd. (a) | 7200 | &nbsp;&nbsp; 2929536 |
| Descartes Systems Group, Inc. (a) | 65539 | &nbsp;&nbsp; 6661712 |
| D-Wave Quantum, Inc. (a) (b) | 65116 | &nbsp;&nbsp; 953298 |
| Dynatrace, Inc. (a) | 70383 | &nbsp;&nbsp; 3885846 |
| Fair Isaac Corp. (a) | 2449 | &nbsp;&nbsp; 4476674 |
| Freshworks, Inc. - Class A (a) | 145300 | &nbsp;&nbsp; 2166423 |
| InterDigital, Inc. (b) | 41267 | &nbsp;&nbsp; 9253299 |
| Manhattan Associates, Inc. (a) | 20562 | &nbsp;&nbsp; 4060378 |
| MARA Holdings, Inc. (a) (b) | 136868 | &nbsp;&nbsp; 2146090 |
| Monday.com Ltd. (a) | 8840 | &nbsp;&nbsp; 2780003 |
| Nutanix, Inc. - Class A (a) | 57405 | &nbsp;&nbsp; 4388038 |
| Pegasystems, Inc.  | 42134 | &nbsp;&nbsp; 2280713 |
| Progress Software Corp. (b) | 15700 | &nbsp;&nbsp; 1002288 |
| PTC, Inc. (a) | 32452 | &nbsp;&nbsp; 5592778 |
| Q2 Holdings, Inc. (a) | 71280 | &nbsp;&nbsp; 6671095 |
| Qualys, Inc. (a) | 15364 | &nbsp;&nbsp; 2195055 |
| Sapiens International Corp. NV | 78597 | &nbsp;&nbsp; 2298962 |
| SPS Commerce, Inc. (a) | 19621 | &nbsp;&nbsp; 2670222 |
| Tenable Holdings, Inc. (a) | 14421 | &nbsp;&nbsp; 487141 |
| Teradata Corp. (a) | 29400 | &nbsp;&nbsp; 655914 |
|  |  | &nbsp;&nbsp; 117318070 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Lamar Advertising Co. - Class A | 21563 | &nbsp;&nbsp; 2616886 |
| Smartstop Self Storage REIT, Inc.  | 50837 | &nbsp;&nbsp; 1841824 |
|  |  | &nbsp;&nbsp; 4458710 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Abercrombie & Fitch Co. - Class A (a) | 56419 | &nbsp;&nbsp; 4674314 |

---

*See accompanying notes to financial statements.*

**BHFTII-352**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| Academy Sports & Outdoors, Inc.  | 39339 | &nbsp;&nbsp; $1762781 |
| Asbury Automotive Group, Inc. (a) (b) | 7261 | &nbsp;&nbsp; 1732039 |
| Carvana Co. (a) | 7711 | &nbsp;&nbsp; 2598299 |
| Group 1 Automotive, Inc. (b) | 8561 | &nbsp;&nbsp; 3738674 |
| Murphy USA, Inc.  | 6600 | &nbsp;&nbsp; 2684880 |
|  |  | &nbsp;&nbsp; 17190987 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| IonQ, Inc. (a) (b) | 93459 | &nbsp;&nbsp; 4015933 |
| Pure Storage, Inc. - Class A (a) | 11047 | &nbsp;&nbsp; 636086 |
|  |  | &nbsp;&nbsp; 4652019 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Crocs, Inc. (a) (b) | 21275 | &nbsp;&nbsp; 2154732 |
| Deckers Outdoor Corp. (a) | 33581 | &nbsp;&nbsp; 3461194 |
|  |  | &nbsp;&nbsp; 5615926 |
| **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |
| Applied Industrial Technologies, Inc.  | 37963 | &nbsp;&nbsp; 8824499 |
| FTAI Aviation Ltd. (b) | 20949 | &nbsp;&nbsp; 2409973 |
| Herc Holdings, Inc. (b) | 8422 | &nbsp;&nbsp; 1109093 |
| SiteOne Landscape Supply, Inc. (a) (b) | 41451 | &nbsp;&nbsp; 5013084 |
|  |  | &nbsp;&nbsp; 17356649 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| California Water Service Group | 9100 | &nbsp;&nbsp; 413868 |
| Total Common Stocks <br>(Cost $912,708,235) <br>|  | &nbsp;&nbsp; 1086426545 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| GCI Liberty, Inc. (a) (c) (d) <br>(Cost $0)<br>| 89469 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** |
| **Short-Term Investment Funds—0.7%** |  |  |
| T. Rowe Price Government Reserve Fund |  |  |
| 4.389% (e) (f) | 7753862 | &nbsp;&nbsp; 7753862 |
| Total Short-Term Investments <br>(Cost $7,753,862) <br>|  | &nbsp;&nbsp; 7753862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—8.3%** | **Securities Lending Reinvestments (g)—8.3%** | **Securities Lending Reinvestments (g)—8.3%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** |
| Bank of Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (h) | 1000000 | &nbsp;&nbsp; $999983 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (h) | 1000000 | &nbsp;&nbsp; 1000936 |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (h) | 1000000 | &nbsp;&nbsp; 1000170 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 11/21/25 (h) | 2000000 | &nbsp;&nbsp; 2000012 |
| 4.620%, SOFR + 0.220%, 12/15/25 (h) | 1000000 | &nbsp;&nbsp; 999983 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (h) | 1000000 | &nbsp;&nbsp; 1000436 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (h) | 1000000 | &nbsp;&nbsp; 999769 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000002 |
|  |  | &nbsp;&nbsp; 10001291 |
| **Commercial Paper—0.5%** | **Commercial Paper—0.5%** | **Commercial Paper—0.5%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (h) | 1000000 | &nbsp;&nbsp; 1000010 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 1000000 | &nbsp;&nbsp; 999636 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (h) | 2000000 | &nbsp;&nbsp; 1999928 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (h) | 1000000 | &nbsp;&nbsp; 999951 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 1000000 | &nbsp;&nbsp; 999627 |
|  |  | &nbsp;&nbsp; 5999152 |
| **Repurchase Agreements—6.0%** | **Repurchase Agreements—6.0%** | **Repurchase Agreements—6.0%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $2,000,248; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,226,148<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $12,001,510; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,356,888<br>| 12000000 | &nbsp;&nbsp; 12000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $1,000,121; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.375% - 4.250%, maturity dates ranging from <br> 07/31/27 - 05/15/39, and an aggregate market value of <br> $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market <br> value of $5,100,621<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTII-353**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $4,099,613; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $4,182,270<br>| 4000000 | &nbsp;&nbsp; $4000000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $1,589,616; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.250% - 3.250%, maturity dates ranging from <br> 05/15/41 - 05/15/52, and an aggregate market value of <br> $1,621,212<br>| 1589423 | &nbsp;&nbsp; 1589423 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $15,013,300; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,726,843<br>| 15000000 | &nbsp;&nbsp; 15000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $2,008,944; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,222,506<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $10,001,233; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,126,188<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $10,301,268; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,331,394<br>| 10300000 | &nbsp;&nbsp; 10300000 |
|  |  | &nbsp;&nbsp; 65889423 |
| **Time Deposits—0.5%** | **Time Deposits—0.5%** | **Time Deposits—0.5%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; $2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments <br>(Cost $90,889,111) <br>|  | &nbsp;&nbsp; 90889866 |
| Total Investments—108.5% <br>(Cost $1,011,351,208) <br>|  | &nbsp;&nbsp; 1185070273 |
| Other assets and liabilities (net)—(8.5)%  |  | &nbsp;&nbsp; (93144906)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1091925367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $108,726,084 and the collateral received consisted of cash in the amount of $90,888,520 and non-cash collateral with a value of $20,849,851. 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 June 30, 2025, these securities represent 0.0% of net assets. 

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

(e) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(f) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(g) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(h) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $3940251 | &nbsp;&nbsp; $76826995 | &nbsp;&nbsp; $(73013384)<br>| &nbsp;&nbsp; $7753862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $134523 | &nbsp;&nbsp; 7753862 |

---

*See accompanying notes to financial statements.*

**BHFTII-354**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $244741675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $280218945 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(90888520)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(90888520)<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; $(90888520)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1086426545 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1086426545 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 7753862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7753862 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 10001291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10001291 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 5999152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5999152 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 65889423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65889423 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 86889866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90889866 |
| Total Investments | &nbsp;&nbsp; $1098180407 | &nbsp;&nbsp; $86889866 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1185070273 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(90888520)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(90888520)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-355**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1177316411 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 7753862 |
| Cash | &nbsp;&nbsp; 432716 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 944721 |
| Fund shares sold | &nbsp;&nbsp; 254141 |
| Dividends and interest | &nbsp;&nbsp; 243347 |
| Dividends on affiliated investments | &nbsp;&nbsp; 52908 |
| Prepaid expenses | &nbsp;&nbsp; 8418 |
| Total Assets | &nbsp;&nbsp; 1187006524 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 90888520 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2965352 |
| Affiliated investments purchased | &nbsp;&nbsp; 23174 |
| Fund shares redeemed | &nbsp;&nbsp; 290783 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 396134 |
| Distribution and service fees | &nbsp;&nbsp; 59112 |
| Deferred trustees' fees | &nbsp;&nbsp; 213881 |
| Other expenses | &nbsp;&nbsp; 244201 |
| Total Liabilities | &nbsp;&nbsp; 95081157 |
| **Net Assets**  | &nbsp;&nbsp; $1091925367 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $872609212 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 219316155 |
| **Net Assets**  | &nbsp;&nbsp; $1091925367 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $794486441 |
| Class B | &nbsp;&nbsp; 285044104 |
| Class E | &nbsp;&nbsp; 10294532 |
| Class G | &nbsp;&nbsp; 2100290 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 46855182 |
| Class B | &nbsp;&nbsp; 20696203 |
| Class E | &nbsp;&nbsp; 691425 |
| Class G | &nbsp;&nbsp; 170852 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $16.96 |
| Class B | 13.77 |
| Class E | 14.89 |
| Class G | 12.29 |

---

&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 $1,003,597,346.

(b) Includes securities loaned at value of $108,726,084.

(c) Identified cost of affiliated investments was $7,753,862.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $2564428 |
| Dividends from affiliated investments | &nbsp;&nbsp; 134523 |
| Securities lending income | &nbsp;&nbsp; 183027 |
| Total investment income | &nbsp;&nbsp; 2881978 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2506706 |
| Administration fees | &nbsp;&nbsp; 30829 |
| Custodian and accounting fees | &nbsp;&nbsp; 36618 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 352482 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 7706 |
| Distribution and service fees—Class G | &nbsp;&nbsp; 3066 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 44207 |
| Insurance | &nbsp;&nbsp; 4983 |
| Miscellaneous | &nbsp;&nbsp; 10496 |
| Total expenses | &nbsp;&nbsp; 3064906 |
| Less management fee waiver | &nbsp;&nbsp; (113193)<br>|
| Net expenses | &nbsp;&nbsp; 2951713 |
| **Net Investment Loss** | &nbsp;&nbsp; (69735)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 50259075 |
| Foreign currency transactions | &nbsp;&nbsp; 18319 |
| Net realized gain (loss) | &nbsp;&nbsp; 50277394 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (46926753)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 3350641 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $3280906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $21,737.

*See accompanying notes to financial statements.*

**BHFTII-356**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(69735)<br>| &nbsp;&nbsp; $(342404)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 50277394 | &nbsp;&nbsp; 236070416 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (46926753)<br>| &nbsp;&nbsp; (77539569)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 3280906 | &nbsp;&nbsp; 158188443 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (166253732)<br>| &nbsp;&nbsp; (44284254)<br>|
| Class B | &nbsp;&nbsp; (69850870)<br>| &nbsp;&nbsp; (18570718)<br>|
| Class E | &nbsp;&nbsp; (2393390)<br>| &nbsp;&nbsp; (625451)<br>|
| Class G | &nbsp;&nbsp; (560585)<br>| &nbsp;&nbsp; (136247)<br>|
| **Total distributions** | &nbsp;&nbsp; (239058577)<br>| &nbsp;&nbsp; (63616670)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 204630407 | &nbsp;&nbsp; (193670467)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (31147264)<br>| &nbsp;&nbsp; (99098694)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1123072631 | &nbsp;&nbsp; 1222171325 |
| End of period | &nbsp;&nbsp; $1091925367 | &nbsp;&nbsp; $1123072631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 622829 | &nbsp;&nbsp; $12398102 | &nbsp;&nbsp; 668889 | &nbsp;&nbsp; $14242823 |
| Reinvestments | &nbsp;&nbsp; 9937462 | &nbsp;&nbsp; 166253732 | &nbsp;&nbsp; 2171861 | &nbsp;&nbsp; 44284254 |
| Redemptions | &nbsp;&nbsp; (1353811)<br>| &nbsp;&nbsp; (27721049)<br>| &nbsp;&nbsp; (9827365)<br>| &nbsp;&nbsp; (212349790)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 9206480 | &nbsp;&nbsp; $150930785 | &nbsp;&nbsp; (6986615)<br>| &nbsp;&nbsp; $(153822713)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 306569 | &nbsp;&nbsp; $5228828 | &nbsp;&nbsp; 407789 | &nbsp;&nbsp; $7421299 |
| Reinvestments | &nbsp;&nbsp; 5139873 | &nbsp;&nbsp; 69850870 | &nbsp;&nbsp; 1069126 | &nbsp;&nbsp; 18570718 |
| Redemptions | &nbsp;&nbsp; (1386114)<br>| &nbsp;&nbsp; (23668613)<br>| &nbsp;&nbsp; (3528564)<br>| &nbsp;&nbsp; (63883181)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4060328 | &nbsp;&nbsp; $51411085 | &nbsp;&nbsp; (2051649)<br>| &nbsp;&nbsp; $(37891164)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 17446 | &nbsp;&nbsp; $329847 | &nbsp;&nbsp; 28005 | &nbsp;&nbsp; $546015 |
| Reinvestments | &nbsp;&nbsp; 162926 | &nbsp;&nbsp; 2393390 | &nbsp;&nbsp; 33918 | &nbsp;&nbsp; 625451 |
| Redemptions | &nbsp;&nbsp; (52648)<br>| &nbsp;&nbsp; (949981)<br>| &nbsp;&nbsp; (150179)<br>| &nbsp;&nbsp; (2871895)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 127724 | &nbsp;&nbsp; $1773256 | &nbsp;&nbsp; (88256)<br>| &nbsp;&nbsp; $(1700429)<br>|
| **Class G** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3926 | &nbsp;&nbsp; $61660 | &nbsp;&nbsp; 4437 | &nbsp;&nbsp; $77013 |
| Reinvestments | &nbsp;&nbsp; 46215 | &nbsp;&nbsp; 560585 | &nbsp;&nbsp; 8531 | &nbsp;&nbsp; 136247 |
| Redemptions | &nbsp;&nbsp; (7016)<br>| &nbsp;&nbsp; (106964)<br>| &nbsp;&nbsp; (28031)<br>| &nbsp;&nbsp; (469421)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 43125 | &nbsp;&nbsp; $515281 | &nbsp;&nbsp; (15063)<br>| &nbsp;&nbsp; $(256161)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $204630407 |  | &nbsp;&nbsp; $(193670467)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-357**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $21.43 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $16.77 | &nbsp;&nbsp; $27.02 | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp; $24.43 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp; (6.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| Total income (loss) from investment operations | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.46)<br>|
| Total distributions | &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (2.51)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.96 | &nbsp;&nbsp; $21.43 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $16.77 | &nbsp;&nbsp; $27.02 | &nbsp;&nbsp; $27.04 |
| **Total Return (%)** (b) | 0.41 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;&nbsp;&nbsp;21.57 | &nbsp;&nbsp; (22.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;24.34 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.51 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net ratio of expenses to average net assets (%) (e) | 0.49 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Ratio of net investment income (loss) to average net assets (%) | 0.06 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 23 <br>(c)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $794.5 | &nbsp;&nbsp; $806.8 | &nbsp;&nbsp; $888.3 | &nbsp;&nbsp; $837.2 | &nbsp;&nbsp; $1152.5 | &nbsp;&nbsp; $1174.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp; $17.11 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $24.09 | &nbsp;&nbsp; $24.47 | &nbsp;&nbsp; $22.36 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 0.00 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp; (5.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp; (5.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.00 ) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.46)<br>|
| Total distributions | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp; $17.11 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $24.09 | &nbsp;&nbsp; $24.47 |
| **Total Return (%)** (b) | 0.24 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;21.28 | &nbsp;&nbsp; (22.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.36 | &nbsp;&nbsp;&nbsp;&nbsp;24.04 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.76 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net ratio of expenses to average net assets (%) (e) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.20 ) (d)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.11)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 23 <br>(c)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $285.0 | &nbsp;&nbsp; $303.3 | &nbsp;&nbsp; $319.8 | &nbsp;&nbsp; $294.1 | &nbsp;&nbsp; $423.9 | &nbsp;&nbsp; $441.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-358**

------

**Brighthouse Funds Trust II**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.35 | &nbsp;&nbsp; $18.09 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp; $25.34 | &nbsp;&nbsp; $23.05 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (h)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.00 ) (h)<br>|
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 |
| Total income (loss) from investment operations | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.46)<br>|
| Total distributions | &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.89 | &nbsp;&nbsp; $19.35 | &nbsp;&nbsp; $18.09 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp; $25.34 |
| **Total Return (%)** (b) | 0.33 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp; (22.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;&nbsp;&nbsp;24.20 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.66 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net ratio of expenses to average net assets (%) (e) | 0.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.10 ) (d)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.00 ) (i)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.01)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 23 <br>(c)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $10.3 | &nbsp;&nbsp; $10.9 | &nbsp;&nbsp; $11.8 | &nbsp;&nbsp; $11.2 | &nbsp;&nbsp; $17.7 | &nbsp;&nbsp; $18.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** | **Class G** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.75 | &nbsp;&nbsp; $15.82 | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $22.74 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.39 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) | 0.00 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 |
| **Less Distributions**  |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.00 ) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.46)<br>|
| Total distributions | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (2.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $16.75 | &nbsp;&nbsp; $15.82 | &nbsp;&nbsp; $13.44 | &nbsp;&nbsp; $22.74 | &nbsp;&nbsp; $23.26 |
| **Total Return (%)** (b) | 0.25 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.07 | &nbsp;&nbsp;&nbsp;&nbsp;21.24 | &nbsp;&nbsp; (22.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;24.00 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net ratio of expenses to average net assets (%) (e) | 0.79 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.24 ) (d)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.17)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 23 <br>(c)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 36 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2.1 | &nbsp;&nbsp; $2.1 | &nbsp;&nbsp; $2.3 | &nbsp;&nbsp; $2.3 | &nbsp;&nbsp; $3.8 | &nbsp;&nbsp; $4.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Net realized and unrealized gain (loss) on investments was less than $0.01.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Ratio of net investment income (loss) to average net assets was less than 0.01%.

*See accompanying notes to financial statements.*

**BHFTII-359**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.3% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals — 10.4%** | **Chemicals — 10.4%** | **Chemicals — 10.4%** |
| Corteva, Inc.  | 320533 | &nbsp;&nbsp; $23889324 |
| FMC Corp. (a) | 447400 | &nbsp;&nbsp; 18678950 |
| Mosaic Co.  | 252800 | &nbsp;&nbsp; 9222144 |
| Nutrien Ltd. (a) | 390023 | &nbsp;&nbsp; 22714940 |
| OCI NV (b) | 496457 | &nbsp;&nbsp; 4485641 |
|  |  | &nbsp;&nbsp; 78990999 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| MasTec, Inc. (b) | 27000 | &nbsp;&nbsp; 4601610 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
| Titan America SA (a) (b) | 448600 | &nbsp;&nbsp; 5598528 |
| **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** |
| Ball Corp. (a) | 114700 | &nbsp;&nbsp; 6433523 |
| Graphic Packaging Holding Co. (a) | 266700 | &nbsp;&nbsp; 5619369 |
|  |  | &nbsp;&nbsp; 12052892 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| Nexans SA | 72470 | &nbsp;&nbsp; 9485389 |
| Soltec Power Holdings SA (a) (b) (c) (d) | 113989 | &nbsp;&nbsp; 105942 |
|  |  | &nbsp;&nbsp; 9591331 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| Baker Hughes Co.  | 83600 | &nbsp;&nbsp; 3205224 |
| Flowco Holdings, Inc. - Class A (a) | 44280 | &nbsp;&nbsp; 788627 |
| Solaris Energy Infrastructure, Inc. (a) | 83221 | &nbsp;&nbsp; 2354322 |
|  |  | &nbsp;&nbsp; 6348173 |
| **Food Products — 8.2%** | **Food Products — 8.2%** | **Food Products — 8.2%** |
| Archer-Daniels-Midland Co. (a) | 124100 | &nbsp;&nbsp; 6549998 |
| Bunge Global SA | 128200 | &nbsp;&nbsp; 10291896 |
| Hormel Foods Corp. (a) | 231500 | &nbsp;&nbsp; 7002875 |
| JBS NV - Class A (b) | 1690150 | &nbsp;&nbsp; 24693091 |
| Tyson Foods, Inc. - Class A | 251600 | &nbsp;&nbsp; 14074504 |
|  |  | &nbsp;&nbsp; 62612364 |
| **Independent Power and Renewable Electricity Producers — 2.2%** | **Independent Power and Renewable Electricity Producers — 2.2%** | **Independent Power and Renewable Electricity Producers — 2.2%** |
| Ormat Technologies, Inc. (a) | 200800 | &nbsp;&nbsp; 16819008 |
| **Marine Transportation — 1.1%** | **Marine Transportation — 1.1%** | **Marine Transportation — 1.1%** |
| Kirby Corp. (b) | 72431 | &nbsp;&nbsp; 8214400 |
| **Metals & Mining — 35.1%** | **Metals & Mining — 35.1%** | **Metals & Mining — 35.1%** |
| Agnico Eagle Mines Ltd.  | 163733 | &nbsp;&nbsp; 19472766 |
| Alamos Gold, Inc. - Class A | 477700 | &nbsp;&nbsp; 12687712 |
| Alcoa Corp.  | 306500 | &nbsp;&nbsp; 9044815 |
| Anglo American PLC | 555883 | &nbsp;&nbsp; 16410357 |
| Antofagasta PLC | 91000 | &nbsp;&nbsp; 2260945 |
| ArcelorMittal SA (NY Registry Shares) (a) | 348700 | &nbsp;&nbsp; 11011946 |
| Barrick Mining Corp.  | 752535 | &nbsp;&nbsp; 15667779 |
| BHP Group Ltd. (ADR) | 80100 | &nbsp;&nbsp; 3852009 |
| Capstone Copper Corp. (a) (b) | 1287700 | &nbsp;&nbsp; 7905395 |
| Commercial Metals Co.  | 75000 | &nbsp;&nbsp; 3668250 |
| First Quantum Minerals Ltd. (a) (b) | 528100 | &nbsp;&nbsp; 9381119 |
| Franco-Nevada Corp.  | 91800 | &nbsp;&nbsp; 15047856 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Freeport-McMoRan, Inc.  | 567300 | &nbsp;&nbsp; $24592455 |
| Glencore PLC (b) | 4541300 | &nbsp;&nbsp; 17683267 |
| Gold Fields Ltd. (ADR) | 440400 | &nbsp;&nbsp; 10424268 |
| JSW Steel Ltd.  | 486700 | &nbsp;&nbsp; 5782830 |
| Kinross Gold Corp.  | 1342600 | &nbsp;&nbsp; 20984838 |
| MP Materials Corp. (a) (b) | 262585 | &nbsp;&nbsp; 8736203 |
| Newmont Corp. (a) | 303517 | &nbsp;&nbsp; 17682900 |
| Pan American Silver Corp.  | 363200 | &nbsp;&nbsp; 10314880 |
| Rio Tinto PLC (ADR) (a) | 145100 | &nbsp;&nbsp; 8463683 |
| Steel Dynamics, Inc.  | 27500 | &nbsp;&nbsp; 3520275 |
| Teck Resources Ltd. - Class B (a) | 206600 | &nbsp;&nbsp; 8342508 |
| Valterra Platinum Ltd. (b) | 112922 | &nbsp;&nbsp; 4960075 |
|  |  | &nbsp;&nbsp; 267899131 |
| **Oil, Gas & Consumable Fuels — 31.5%** | **Oil, Gas & Consumable Fuels — 31.5%** | **Oil, Gas & Consumable Fuels — 31.5%** |
| Antero Resources Corp. (b) | 97100 | &nbsp;&nbsp; 3911188 |
| ARC Resources Ltd.  | 184800 | &nbsp;&nbsp; 3896169 |
| Cameco Corp.  | 84700 | &nbsp;&nbsp; 6287281 |
| Cenovus Energy, Inc.  | 213100 | &nbsp;&nbsp; 2898160 |
| Chevron Corp.  | 115100 | &nbsp;&nbsp; 16481169 |
| ConocoPhillips | 57822 | &nbsp;&nbsp; 5188946 |
| Diamondback Energy, Inc. (a) | 25978 | &nbsp;&nbsp; 3569377 |
| EQT Corp.  | 311800 | &nbsp;&nbsp; 18184176 |
| Expand Energy Corp.  | 151200 | &nbsp;&nbsp; 17681328 |
| Exxon Mobil Corp.  | 303658 | &nbsp;&nbsp; 32734333 |
| Marathon Petroleum Corp. (a) | 46700 | &nbsp;&nbsp; 7757337 |
| Permian Resources Corp. (a) | 285070 | &nbsp;&nbsp; 3882653 |
| PetroChina Co. Ltd. - Class H | 10262000 | &nbsp;&nbsp; 8812421 |
| Phillips 66 Co.  | 127800 | &nbsp;&nbsp; 15246540 |
| Shell PLC (ADR) (a) | 519100 | &nbsp;&nbsp; 36549831 |
| Suncor Energy, Inc.  | 310200 | &nbsp;&nbsp; 11619829 |
| TotalEnergies SE | 365500 | &nbsp;&nbsp; 22480936 |
| Valero Energy Corp. (a) | 115500 | &nbsp;&nbsp; 15525510 |
| Yellow Cake PLC (b) | 1102900 | &nbsp;&nbsp; 7982543 |
|  |  | &nbsp;&nbsp; 240689727 |
| **Paper & Forest Products — 2.2%** | **Paper & Forest Products — 2.2%** | **Paper & Forest Products — 2.2%** |
| Suzano SA | 1175900 | &nbsp;&nbsp; 11083514 |
| West Fraser Timber Co. Ltd. (a) | 77400 | &nbsp;&nbsp; 5675905 |
|  |  | &nbsp;&nbsp; 16759419 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| Weyerhaeuser Co.  | 490000 | &nbsp;&nbsp; 12588100 |
| Total Common Stocks <br>(Cost $684,862,549) <br>|  | &nbsp;&nbsp; 742765682 |

---

&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 |  |  |
| 4.230% (e) | 19734022 | &nbsp;&nbsp; 19734022 |
| Total Short-Term Investments <br>(Cost $19,734,022) <br>|  | &nbsp;&nbsp; 19734022 |

---

*See accompanying notes to financial statements.*

**BHFTII-360**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (f)—11.6%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—2.3%** | **Short-Term Investment Funds—2.3%** | **Short-Term Investment Funds—2.3%** |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (e)<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (e)<br>| 15000000 | &nbsp;&nbsp; 15000000 |
|  |  | &nbsp;&nbsp; 17000000 |

---

&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 Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (g) | 1000000 | &nbsp;&nbsp; 999983 |
| Mizuho Bank Ltd. |  |  |
| 4.690%, SOFR+ 0.290%, 11/13/25 (g) | 2000000 | &nbsp;&nbsp; 1999992 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 12/15/25 (g) | 1000000 | &nbsp;&nbsp; 999983 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (g) | 1000000 | &nbsp;&nbsp; 999769 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000002 |
|  |  | &nbsp;&nbsp; 6999729 |
| **Commercial Paper—0.9%** | **Commercial Paper—0.9%** | **Commercial Paper—0.9%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (g) | 1000000 | &nbsp;&nbsp; 1000010 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 1000000 | &nbsp;&nbsp; 999636 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (g) | 1000000 | &nbsp;&nbsp; 999964 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (g) | 1000000 | &nbsp;&nbsp; 999951 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999254 |
| Salisbury Receivables Co. LLC |  |  |
| 4.470%, 07/15/25 | 1000000 | &nbsp;&nbsp; 998110 |
|  |  | &nbsp;&nbsp; 6996925 |
| **Repurchase Agreements—7.2%** | **Repurchase Agreements—7.2%** | **Repurchase Agreements—7.2%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $12,001,510; collateralized <br> by various Common Stock with an aggregate market value of <br> $13,356,888<br>| 12000000 | &nbsp;&nbsp; 12000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $1,000,121; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $10,201,241<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $5,124,517; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $5,227,837<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $2,141,406; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $2,183,971<br>| 2141147 | &nbsp;&nbsp; 2141147 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $7,006,207; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,805,860<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $10,200,004<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $7,000,863; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,788,332<br>| 7000000 | &nbsp;&nbsp; 7000000 |
|  |  | &nbsp;&nbsp; 55141147 |
| **Time Deposits—0.3%** | **Time Deposits—0.3%** | **Time Deposits—0.3%** |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments <br>(Cost $88,138,921) <br>|  | &nbsp;&nbsp; 88137801 |
| Total Investments—111.5% <br>(Cost $792,735,492) <br>|  | &nbsp;&nbsp; 850637505 |
| Other assets and liabilities (net)—(11.5)%  |  | &nbsp;&nbsp; (87624551)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $763012954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $100,991,390 and the collateral received consisted of cash in the amount of $88,128,297 and non-cash collateral with a value of $15,978,059. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. 

*See accompanying notes to financial statements.*

**BHFTII-361**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | As of June 30, 2025, these securities represent 0.0% of net assets. |
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (f) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (g) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity <br> date shown for callable securities reflects the earliest possible call date. For securities based on a <br> published reference index and spread, the index and spread are indicated in the description <br> above. For certain variable rate securities, the coupon rate is determined by the issuer/agent <br> based on current market conditions. For certain asset- and mortgage-backed securities, the <br> coupon rate may fluctuate based on changes of the underlying collateral or prepayments of <br> principal. These securities do not indicate a reference index and spread in their description above.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| United States | 54.9 |
| Canada | 21.4 |
| France | 4.2 |
| South Africa | 4.2 |
| Australia | 3.9 |
| Brazil | 1.5 |
| Luxembourg | 1.4 |
| Zambia | 1.2 |
| China | 1.2 |
| United Kingdom | 1.0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $149477906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $209245642 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(88128297)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(88128297)<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; $(88128297)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Chemicals | &nbsp;&nbsp; $74505358 | &nbsp;&nbsp; $4485641 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78990999 |
| Construction & Engineering | &nbsp;&nbsp; 4601610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4601610 |
| Construction Materials | &nbsp;&nbsp; 5598528 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5598528 |
| Containers & Packaging | &nbsp;&nbsp; 12052892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12052892 |
| Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 9485389 | &nbsp;&nbsp; 105942 | &nbsp;&nbsp; 9591331 |
| Energy Equipment & Services | &nbsp;&nbsp; 6348173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6348173 |
| Food Products | &nbsp;&nbsp; 62612364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62612364 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 16819008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16819008 |
| Marine Transportation | &nbsp;&nbsp; 8214400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8214400 |
| Metals & Mining | &nbsp;&nbsp; 225761732 | &nbsp;&nbsp; 42137399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 267899131 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 201413827 | &nbsp;&nbsp; 39275900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 240689727 |
| Paper & Forest Products | &nbsp;&nbsp; 16759419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16759419 |
| Specialized REITs | &nbsp;&nbsp; 12588100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12588100 |
| Total Common Stocks | &nbsp;&nbsp; 647275411 | &nbsp;&nbsp; 95384329 | &nbsp;&nbsp; 105942 | &nbsp;&nbsp; 742765682 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 19734022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19734022 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 6999729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6999729 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 6996925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6996925 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 55141147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55141147 |

---

*See accompanying notes to financial statements.*

**BHFTII-362**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Time Deposits | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; 71137801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88137801 |
| Total Investments | &nbsp;&nbsp; $684009433 | &nbsp;&nbsp; $166522130 | &nbsp;&nbsp; $105942 | &nbsp;&nbsp; $850637505 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(88128297)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(88128297)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-363**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $850637505 |
| Cash | &nbsp;&nbsp; 103870 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 50043 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 111774 |
| Dividends and interest | &nbsp;&nbsp; 1192011 |
| Prepaid expenses | &nbsp;&nbsp; 6107 |
| Total Assets | &nbsp;&nbsp; 852101310 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 88128297 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 66143 |
| Foreign taxes | &nbsp;&nbsp; 7532 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 458844 |
| Distribution and service fees | &nbsp;&nbsp; 15321 |
| Deferred trustees' fees | &nbsp;&nbsp; 212740 |
| Other expenses | &nbsp;&nbsp; 199479 |
| Total Liabilities | &nbsp;&nbsp; 89088356 |
| **Net Assets**  | &nbsp;&nbsp; $763012954 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $662306609 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 100706345 |
| **Net Assets**  | &nbsp;&nbsp; $763012954 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $688121501 |
| Class B | &nbsp;&nbsp; 74891453 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 58511875 |
| Class B | &nbsp;&nbsp; 6409265 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.76 |
| Class B | 11.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $792,735,492.

(b) Includes securities loaned at value of $100,991,390.

(c) Identified cost of cash denominated in foreign currencies was $49,323.

(d) Includes foreign capital gains tax of $7,532.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $13959592 |
| Securities lending income | &nbsp;&nbsp; 110620 |
| Total investment income | &nbsp;&nbsp; 14070212 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2930939 |
| Administration fees | &nbsp;&nbsp; 24028 |
| Custodian and accounting fees | &nbsp;&nbsp; 38651 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 90992 |
| Audit and tax services | &nbsp;&nbsp; 24897 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 15837 |
| Insurance | &nbsp;&nbsp; 3615 |
| Miscellaneous | &nbsp;&nbsp; 11250 |
| Total expenses | &nbsp;&nbsp; 3182975 |
| Less management fee waiver | &nbsp;&nbsp; (218654)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (2394)<br>|
| Net expenses | &nbsp;&nbsp; 2961927 |
| **Net Investment Income** | &nbsp;&nbsp; 11108285 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 34861416 |
| Foreign currency transactions | &nbsp;&nbsp; 12686 |
| Net realized gain (loss) | &nbsp;&nbsp; 34874102 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (b) | &nbsp;&nbsp; 52826729 |
| Foreign currency transactions | &nbsp;&nbsp; 51777 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 52878506 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 87752608 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $98860893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $486,636.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes change in foreign capital gains tax of $(7,532).

*See accompanying notes to financial statements.*

**BHFTII-364**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $11108285 | &nbsp;&nbsp; $25197448 |
| Net realized gain (loss) | &nbsp;&nbsp; 34874102 | &nbsp;&nbsp; 17748826 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 52878506 | &nbsp;&nbsp; (53543047)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 98860893 | &nbsp;&nbsp; (10596773)<br>|
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (34381366)<br>| &nbsp;&nbsp; (46623629)<br>|
| Class B | &nbsp;&nbsp; (3489240)<br>| &nbsp;&nbsp; (4789110)<br>|
| **Total distributions** | &nbsp;&nbsp; (37870606)<br>| &nbsp;&nbsp; (51412739)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (26891482)<br>| &nbsp;&nbsp; (41439250)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 34098805 | &nbsp;&nbsp; (103448762)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 728914149 | &nbsp;&nbsp; 832362911 |
| End of period | &nbsp;&nbsp; $763012954 | &nbsp;&nbsp; $728914149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1613176 | &nbsp;&nbsp; $18380465 | &nbsp;&nbsp; 5367966 | &nbsp;&nbsp; $61794686 |
| Reinvestments | &nbsp;&nbsp; 2966468 | &nbsp;&nbsp; 34381366 | &nbsp;&nbsp; 4036678 | &nbsp;&nbsp; 46623629 |
| Redemptions | &nbsp;&nbsp; (6616049)<br>| &nbsp;&nbsp; (77823177)<br>| &nbsp;&nbsp; (12221754)<br>| &nbsp;&nbsp; (147874040)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2036405)<br>| &nbsp;&nbsp; $(25061346)<br>| &nbsp;&nbsp; (2817110)<br>| &nbsp;&nbsp; $(39455725)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 141188 | &nbsp;&nbsp; $1576480 | &nbsp;&nbsp; 763113 | &nbsp;&nbsp; $8593438 |
| Reinvestments | &nbsp;&nbsp; 302885 | &nbsp;&nbsp; 3489240 | &nbsp;&nbsp; 417170 | &nbsp;&nbsp; 4789110 |
| Redemptions | &nbsp;&nbsp; (600462)<br>| &nbsp;&nbsp; (6895856)<br>| &nbsp;&nbsp; (1271895)<br>| &nbsp;&nbsp; (15366073)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (156389)<br>| &nbsp;&nbsp; $(1830136)<br>| &nbsp;&nbsp; (91612)<br>| &nbsp;&nbsp; $(1983525)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(26891482)<br>|  | &nbsp;&nbsp; $(41439250)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-365**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $8.59 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.32 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Total income (loss) from investment operations | 1.49 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.10)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<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 |
| Total distributions | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $10.29 |
| **Total Return (%)** (b) | 13.76 <br>(c)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;18.82 | &nbsp;&nbsp;&nbsp;&nbsp;21.58 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net ratio of expenses to average net assets (%) (e) | 0.77 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 3.00 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 20 <br>(c)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 48 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $688.1 | &nbsp;&nbsp; $658.1 | &nbsp;&nbsp; $753.7 | &nbsp;&nbsp; $741.5 | &nbsp;&nbsp; $1012.3 | &nbsp;&nbsp; $1115.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $8.53 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 1.31 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Total income (loss) from investment operations | 1.46 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.08)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<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 |
| Total distributions | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $10.21 |
| **Total Return (%)** (b) | 13.56 <br>(c)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;21.18 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.08 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net ratio of expenses to average net assets (%) (e) | 1.02 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Ratio of net investment income (loss) to average net assets (%) | 2.72 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 20 <br>(c)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 48 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $74.9 | &nbsp;&nbsp; $70.8 | &nbsp;&nbsp; $78.6 | &nbsp;&nbsp; $80.4 | &nbsp;&nbsp; $100.3 | &nbsp;&nbsp; $109.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTII-366**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—44.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| Bombardier, Inc. |  |  |
| 6.750%, 06/15/33 (144A) | 1050000 | &nbsp;&nbsp; $1088011 |
| 7.000%, 06/01/32 (144A) (a) | 3540000 | &nbsp;&nbsp; 3686503 |
| 7.250%, 07/01/31 (144A) (a) | 2636000 | &nbsp;&nbsp; 2767009 |
| 7.875%, 04/15/27 (144A) (a) | 393000 | &nbsp;&nbsp; 395270 |
|  |  | &nbsp;&nbsp; 7936793 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Altria Group, Inc. |  |  |
| 5.950%, 02/14/49 (a) | 1630000 | &nbsp;&nbsp; 1620961 |
| **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
| Air Canada |  |  |
| 3.875%, 08/15/26 (144A) (a) | 3133000 | &nbsp;&nbsp; 3101354 |
| American Airlines, Inc. |  |  |
| 7.250%, 02/15/28 (144A) (a) | 1590000 | &nbsp;&nbsp; 1623786 |
| 8.500%, 05/15/29 (144A) (a) | 2590000 | &nbsp;&nbsp; 2715703 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| 5.750%, 04/20/29 (144A) (a) | 2970000 | &nbsp;&nbsp; 2967395 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.875%, 09/20/31 (144A) (a) | 1580000 | &nbsp;&nbsp; 1537152 |
| Latam Airlines Group SA |  |  |
| 7.875%, 04/15/30 (144A) (a) | 2330000 | &nbsp;&nbsp; 2376600 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |  |  |
| 11.000%, 4.000% PIK, 03/12/30 (144A) (b) | 5912792 | &nbsp;&nbsp; 4227646 |
| United Airlines, Inc. |  |  |
| 4.375%, 04/15/26 (144A) (a) | 1490000 | &nbsp;&nbsp; 1480150 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. |  |  |
| 7.875%, 05/01/27 (144A) | 1100000 | &nbsp;&nbsp; 1106796 |
|  |  | &nbsp;&nbsp; 21136582 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| JB Poindexter & Co., Inc. |  |  |
| 8.750%, 12/15/31 (144A) (a) | 2020000 | &nbsp;&nbsp; 2055752 |
| Mclaren Finance PLC |  |  |
| 7.500%, 08/01/26 (144A) | 422000 | &nbsp;&nbsp; 423582 |
| Nissan Motor Co. Ltd. |  |  |
| 4.810%, 09/17/30 (144A) (a) | 2660000 | &nbsp;&nbsp; 2440339 |
| PM General Purchaser LLC |  |  |
| 9.500%, 10/01/28 (144A) (a) | 12020000 | &nbsp;&nbsp; 8287069 |
|  |  | &nbsp;&nbsp; 13206742 |
| **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** |
| Titan International, Inc. |  |  |
| 7.000%, 04/30/28 (a) | 5181000 | &nbsp;&nbsp; 5201957 |
| ZF North America Capital, Inc. |  |  |
| 6.750%, 04/23/30 (144A) (a) | 4440000 | &nbsp;&nbsp; 4263793 |
| 6.875%, 04/23/32 (144A) (a) | 1810000 | &nbsp;&nbsp; 1672876 |
| 7.125%, 04/14/30 (144A) (a) | 3850000 | &nbsp;&nbsp; 3764317 |
|  |  | &nbsp;&nbsp; 14902943 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| Banco Mercantil del Norte SA |  |  |
| 7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (c) | 2150000 | &nbsp;&nbsp; 2142630 |
| Bank of Nova Scotia |  |  |
| 8.000%, 5Y H15 + 4.017%, 01/27/84 (a) (c) | 3340000 | &nbsp;&nbsp; 3541940 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Bank of Nova Scotia |  |  |
| 8.625%, 5Y H15 + 4.389%, 10/27/82 (c) | 900000 | &nbsp;&nbsp; $955097 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero BBVA Mexico<br>|  |  |
| 5.125%, 5Y H15 + 2.650%, 01/18/33 (144A) (c) | 5480000 | &nbsp;&nbsp; 5266284 |
| BNP Paribas SA |  |  |
| 7.750%, 5Y H15 + 4.899%, 08/16/29 (144A) (c) | 530000 | &nbsp;&nbsp; 557441 |
| 8.000%, 5Y H15 + 3.727%, 08/22/31 (144A) (a) (c) | 1920000 | &nbsp;&nbsp; 2030154 |
| Citigroup, Inc. |  |  |
| 4.000%, 5Y H15 + 3.597%, 12/10/25 (c) | 2400000 | &nbsp;&nbsp; 2383086 |
| Credit Agricole SA |  |  |
| 8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (c) | 4730000 | &nbsp;&nbsp; 4789125 |
| HSBC Holdings PLC |  |  |
| 6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (c) | 390000 | &nbsp;&nbsp; 389605 |
| 6.500%, 5Y USD ICE Swap + 3.606%, 03/23/28 (c) | 670000 | &nbsp;&nbsp; 674273 |
| Intesa Sanpaolo SpA |  |  |
| 7.800%, 11/28/53 (144A) (a) | 8720000 | &nbsp;&nbsp; 10198960 |
| Lloyds Banking Group PLC |  |  |
| 8.000%, 5Y H15 + 3.913%, 09/27/29 (c) | 2600000 | &nbsp;&nbsp; 2741970 |
| 8.500%, 5Y UKG + 5.143%, 03/27/28 (GBP) (c) | 4580000 | &nbsp;&nbsp; 6614589 |
| NatWest Group PLC |  |  |
| 4.500%, 5Y UKG + 3.992%, 03/31/28 (GBP) (c) | 6600000 | &nbsp;&nbsp; 8562439 |
| PNC Financial Services Group, Inc. |  |  |
| 5.068%, SOFR + 1.933%, 01/24/34 (c) | 1810000 | &nbsp;&nbsp; 1819008 |
| State Street Corp. |  |  |
| 6.700%, 5Y H15 + 2.613%, 03/15/29 (a) (c) | 1090000 | &nbsp;&nbsp; 1138278 |
| Toronto-Dominion Bank |  |  |
| 8.125%, 5Y H15 + 4.075%, 10/31/82 (c) | 2812000 | &nbsp;&nbsp; 2936872 |
| Truist Financial Corp. |  |  |
| 5.867%, SOFR + 2.361%, 06/08/34 (a) (c) | 1730000 | &nbsp;&nbsp; 1807314 |
| UBS Group AG |  |  |
| 7.000%, 5Y USD SOFR ICE Swap + 3.077%, 02/10/30 <br> (144A) (a) (c)<br>| 2890000 | &nbsp;&nbsp; 2874918 |
| 7.125%, 5Y USD SOFR ICE Swap + 3.179%, 08/10/34 <br> (144A) (a) (c)<br>| 3000000 | &nbsp;&nbsp; 2987668 |
| 7.750%, 5Y USD SOFR ICE Swap + 4.160%, 04/12/31 <br> (144A) (a) (c)<br>| 2500000 | &nbsp;&nbsp; 2631907 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (c) | 4090000 | &nbsp;&nbsp; 4464129 |
|  |  | &nbsp;&nbsp; 71507687 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| 6.250%, 04/01/29 (144A) (a) | 990000 | &nbsp;&nbsp; 996901 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Builders FirstSource, Inc. |  |  |
| 4.250%, 02/01/32 (144A) (a) | 2184000 | &nbsp;&nbsp; 2023388 |
| JH North America Holdings, Inc. |  |  |
| 5.875%, 01/31/31 (144A) | 1020000 | &nbsp;&nbsp; 1028907 |
| 6.125%, 07/31/32 (144A) (a) | 1670000 | &nbsp;&nbsp; 1697729 |
| Quikrete Holdings, Inc. |  |  |
| 6.375%, 03/01/32 (144A) | 4720000 | &nbsp;&nbsp; 4853670 |
|  |  | &nbsp;&nbsp; 9603694 |

---

*See accompanying notes to financial statements.*

**BHFTII-367**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Minerals Technologies, Inc. |  |  |
| 5.000%, 07/01/28 (144A) (a) | 1690000 | &nbsp;&nbsp; $1662301 |
| OCP SA |  |  |
| 6.750%, 05/02/34 (144A) | 5100000 | &nbsp;&nbsp; 5282534 |
|  |  | &nbsp;&nbsp; 6944835 |
| **Commercial Services — 1.9%** | **Commercial Services — 1.9%** | **Commercial Services — 1.9%** |
| Boost Newco Borrower LLC |  |  |
| 7.500%, 01/15/31 (144A) | 1020000 | &nbsp;&nbsp; 1082745 |
| Carriage Services, Inc. |  |  |
| 4.250%, 05/15/29 (144A) (a) | 2320000 | &nbsp;&nbsp; 2192114 |
| CoreCivic, Inc. |  |  |
| 4.750%, 10/15/27 | 8126000 | &nbsp;&nbsp; 7972245 |
| 8.250%, 04/15/29 (a) | 1150000 | &nbsp;&nbsp; 1219293 |
| EquipmentShare.com, Inc. |  |  |
| 8.000%, 03/15/33 (144A) (a) | 610000 | &nbsp;&nbsp; 639033 |
| 8.625%, 05/15/32 (144A) (a) | 3330000 | &nbsp;&nbsp; 3538757 |
| GEO Group, Inc. |  |  |
| 10.250%, 04/15/31 | 3500000 | &nbsp;&nbsp; 3838653 |
| Herc Holdings, Inc. |  |  |
| 7.000%, 06/15/30 (144A) (a) | 2030000 | &nbsp;&nbsp; 2120045 |
| 7.250%, 06/15/33 (144A) (a) | 680000 | &nbsp;&nbsp; 712505 |
| Metropolitan Museum of Art |  |  |
| 3.400%, 07/01/45 | 2025000 | &nbsp;&nbsp; 1514751 |
| RR Donnelley & Sons Co. |  |  |
| 9.500%, 08/01/29 (144A) (a) | 4030000 | &nbsp;&nbsp; 4030000 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| 5.500%, 05/15/33 (144A) (EUR) | 810000 | &nbsp;&nbsp; 986972 |
| 6.750%, 08/15/32 (144A) (a) | 2030000 | &nbsp;&nbsp; 2108295 |
| United Rentals North America, Inc. |  |  |
| 6.000%, 12/15/29 (144A) (a) | 3260000 | &nbsp;&nbsp; 3338827 |
| Vortex Opco LLC |  |  |
| 8.000%, 04/30/30 (144A) | 2837802 | &nbsp;&nbsp; 439859 |
|  |  | &nbsp;&nbsp; 35734094 |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| Vericast Corp./Harland Clarke/Checks in the Mail/Valassis <br> Comm/Valassis Direct<br>|  |  |
| 13.000%, 10.000% PIK, 12/15/30 (144A) (b) | 251220 | &nbsp;&nbsp; 302720 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| American News Co. LLC |  |  |
| 8.500%, 10.000% PIK, 09/01/26 (144A) † (a) (b) | 4 | &nbsp;&nbsp; 4 |
| **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** | **Diversified Financial Services — 3.3%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 6.950%, 5Y H15 + 2.720%, 03/10/55 (a) (c) | 3060000 | &nbsp;&nbsp; 3179920 |
| B3 SA - Brasil Bolsa Balcao |  |  |
| 4.125%, 09/20/31 (144A) | 3800000 | &nbsp;&nbsp; 3485592 |
| Burford Capital Global Finance LLC |  |  |
| 9.250%, 07/01/31 (144A) | 2830000 | &nbsp;&nbsp; 2978459 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.125%, 11/01/32 (144A) (a) | 1890000 | &nbsp;&nbsp; 1908042 |
| 6.750%, 05/01/33 (144A) (a) | 1580000 | &nbsp;&nbsp; 1624566 |
| 7.125%, 04/30/31 (144A) (a) | 2369000 | &nbsp;&nbsp; 2492560 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| LPL Holdings, Inc. |  |  |
| 4.000%, 03/15/29 (144A) (a) | 2610000 | &nbsp;&nbsp; $2535429 |
| Mcclatchy Media Co. LLC |  |  |
| 11.000%, 12.500% PIK, 12/01/31 (144A) † (b) | 29985060 | &nbsp;&nbsp; 32308902 |
| Midcap Financial Issuer Trust |  |  |
| 6.500%, 05/01/28 (144A) | 2165000 | &nbsp;&nbsp; 2144538 |
| Rocket Cos., Inc. |  |  |
| 6.125%, 08/01/30 (144A) | 2480000 | &nbsp;&nbsp; 2527194 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| 3.625%, 03/01/29 (144A) (a) | 4370000 | &nbsp;&nbsp; 4152635 |
| Stonex Escrow Issuer LLC |  |  |
| 6.875%, 07/15/32 (144A) | 1600000 | &nbsp;&nbsp; 1616093 |
| VFH Parent LLC/Valor Co-Issuer, Inc. |  |  |
| 7.500%, 06/15/31 (144A) (a) | 850000 | &nbsp;&nbsp; 891989 |
|  |  | &nbsp;&nbsp; 61845919 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| AES Andes SA |  |  |
| 6.250%, 03/14/32 (144A) | 1000000 | &nbsp;&nbsp; 1019761 |
| Alpha Generation LLC |  |  |
| 6.750%, 10/15/32 (144A) (a) | 1930000 | &nbsp;&nbsp; 1989531 |
| Edison International |  |  |
| 5.375%, 5Y H15 + 4.698%, 03/09/26 (a) (c) | 3501000 | &nbsp;&nbsp; 3296267 |
| FirstEnergy Corp. |  |  |
| 2.650%, 03/01/30 (a) | 1000000 | &nbsp;&nbsp; 918180 |
| Lightning Power LLC |  |  |
| 7.250%, 08/15/32 (144A) | 7985000 | &nbsp;&nbsp; 8403819 |
| NRG Energy, Inc. |  |  |
| 6.250%, 11/01/34 (144A) (a) | 2170000 | &nbsp;&nbsp; 2210900 |
| Pampa Energia SA |  |  |
| 7.875%, 12/16/34 (144A) | 950000 | &nbsp;&nbsp; 947730 |
| 7.950%, 09/10/31 (144A) | 2410000 | &nbsp;&nbsp; 2449664 |
| Panoche Energy Center LLC |  |  |
| 6.885%, 07/31/29 (144A) | 320201 | &nbsp;&nbsp; 286580 |
| Southern California Edison Co. |  |  |
| 3.900%, 03/15/43 | 827000 | &nbsp;&nbsp; 609575 |
| TransAlta Corp. |  |  |
| 6.500%, 03/15/40 (a) | 3619000 | &nbsp;&nbsp; 3491089 |
| 7.750%, 11/15/29 (a) | 1320000 | &nbsp;&nbsp; 1386734 |
| Vistra Operations Co. LLC |  |  |
| 6.875%, 04/15/32 (144A) (a) | 4870000 | &nbsp;&nbsp; 5091497 |
|  |  | &nbsp;&nbsp; 32101327 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Alta Wind Holdings LLC |  |  |
| 7.000%, 06/30/35 (144A) | 740121 | &nbsp;&nbsp; 709129 |
| Sunnova Energy Corp. |  |  |
| 5.875%, 09/01/26 (144A) † (d) | 1780000 | &nbsp;&nbsp; 35600 |
|  |  | &nbsp;&nbsp; 744729 |
| **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** |
| Gatwick Airport Finance PLC |  |  |
| 4.375%, 04/07/26 (GBP) | 5030000 | &nbsp;&nbsp; 6852562 |
| Railworks Holdings LP/Railworks Rally, Inc. |  |  |
| 8.250%, 11/15/28 (144A) | 3230000 | &nbsp;&nbsp; 3302675 |

---

*See accompanying notes to financial statements.*

**BHFTII-368**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** |
| TopBuild Corp. |  |  |
| 3.625%, 03/15/29 (144A) (a) | 2000000 | &nbsp;&nbsp; $1891965 |
| 4.125%, 02/15/32 (144A) (a) | 90000 | &nbsp;&nbsp; 83456 |
| Tutor Perini Corp. |  |  |
| 11.875%, 04/30/29 (144A) | 8802000 | &nbsp;&nbsp; 9908579 |
|  |  | &nbsp;&nbsp; 22039237 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Allen Media LLC/Allen Media Co-Issuer, Inc. |  |  |
| 10.500%, 02/15/28 (144A) | 3590000 | &nbsp;&nbsp; 1346250 |
| AMC Entertainment Holdings, Inc. |  |  |
| 7.500%, 02/15/29 (144A) | 2390000 | &nbsp;&nbsp; 1884037 |
| Caesars Entertainment, Inc. |  |  |
| 6.500%, 02/15/32 (144A) | 200000 | &nbsp;&nbsp; 205223 |
| 7.000%, 02/15/30 (144A) | 2090000 | &nbsp;&nbsp; 2164367 |
| Flutter Treasury DAC |  |  |
| 5.875%, 06/04/31 (144A) | 3680000 | &nbsp;&nbsp; 3707600 |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 | 3136000 | &nbsp;&nbsp; 2638160 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| 7.125%, 02/15/31 (144A) (a) | 2970000 | &nbsp;&nbsp; 3167389 |
|  |  | &nbsp;&nbsp; 15113026 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Clean Harbors, Inc. |  |  |
| 5.125%, 07/15/29 (144A) (a) | 2098000 | &nbsp;&nbsp; 2072621 |
| GFL Environmental, Inc. |  |  |
| 4.000%, 08/01/28 (144A) (a) | 2120000 | &nbsp;&nbsp; 2056242 |
| 6.750%, 01/15/31 (144A) | 2010000 | &nbsp;&nbsp; 2103310 |
| Wrangler Holdco Corp. |  |  |
| 6.625%, 04/01/32 (144A) (a) | 3180000 | &nbsp;&nbsp; 3310574 |
|  |  | &nbsp;&nbsp; 9542747 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| Co-Operative Group Holdings Ltd. |  |  |
| 7.500%, 07/08/26 (GBP) (e) | 2410000 | &nbsp;&nbsp; 3335331 |
| Simmons Foods, Inc./Simmons Prepared Foods, <br> Inc./Simmons Pet Food, Inc./Simmons Feed<br>|  |  |
| 4.625%, 03/01/29 (144A) (a) | 1360000 | &nbsp;&nbsp; 1284076 |
|  |  | &nbsp;&nbsp; 4619407 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| TKC Holdings, Inc. |  |  |
| 6.875%, 05/15/28 (144A) | 4120000 | &nbsp;&nbsp; 4094552 |
| 10.500%, 05/15/29 (144A) | 2120000 | &nbsp;&nbsp; 2178368 |
|  |  | &nbsp;&nbsp; 6272920 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| Suzano Austria GmbH |  |  |
| 3.125%, 01/15/32 (a) | 2190000 | &nbsp;&nbsp; 1929977 |
| 5.750%, 07/14/26 | 1000000 | &nbsp;&nbsp; 1006076 |
|  |  | &nbsp;&nbsp; 2936053 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.750%, 01/15/36 | 1970000 | &nbsp;&nbsp; $1970000 |
| 7.500%, 05/01/33 (144A) | 1390000 | &nbsp;&nbsp; 1488444 |
| 7.750%, 05/01/35 (144A) (a) | 695000 | &nbsp;&nbsp; 752283 |
|  |  | &nbsp;&nbsp; 4210727 |
| **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** |
| Medline Borrower LP |  |  |
| 5.250%, 10/01/29 (144A) (a) | 3070000 | &nbsp;&nbsp; 3046069 |
| Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |
| 6.250%, 04/01/29 (144A) (a) | 2300000 | &nbsp;&nbsp; 2362753 |
| Sotera Health Holdings LLC |  |  |
| 7.375%, 06/01/31 (144A) (a) | 5020000 | &nbsp;&nbsp; 5223024 |
|  |  | &nbsp;&nbsp; 10631846 |
| **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** |
| Akumin, Inc. |  |  |
| 9.000%, 10.000% PIK, 08/01/27 (144A) (b) | 4802000 | &nbsp;&nbsp; 4525885 |
| CHS/Community Health Systems, Inc. |  |  |
| 5.250%, 05/15/30 (144A) (a) | 810000 | &nbsp;&nbsp; 718265 |
| 6.125%, 04/01/30 (144A) | 880000 | &nbsp;&nbsp; 650726 |
| 6.875%, 04/15/29 (144A) (a) | 5290000 | &nbsp;&nbsp; 4217982 |
| 10.875%, 01/15/32 (144A) (a) | 5300000 | &nbsp;&nbsp; 5617295 |
| LifePoint Health, Inc. |  |  |
| 9.875%, 08/15/30 (144A) (a) | 4800000 | &nbsp;&nbsp; 5192194 |
| U.S. Renal Care, Inc. |  |  |
| 10.625%, 06/28/28 (144A) | 1375850 | &nbsp;&nbsp; 1171192 |
|  |  | &nbsp;&nbsp; 22093539 |
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| Stena International SA |  |  |
| 7.250%, 01/15/31 (144A) | 1866000 | &nbsp;&nbsp; 1871781 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Empire Communities Corp. |  |  |
| 9.750%, 05/01/29 (144A) (a) | 1950000 | &nbsp;&nbsp; 1994161 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands, Inc. |  |  |
| 8.500%, 06/01/28 (144A) (a) | 1000000 | &nbsp;&nbsp; 1050211 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC<br>|  |  |
| 7.875%, 11/01/29 (144A) (a) | 740000 | &nbsp;&nbsp; 756953 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| 4.900%, 04/01/77 (144A) (a) | 5795000 | &nbsp;&nbsp; 4766069 |
|  |  | &nbsp;&nbsp; 5523022 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |
| 5.000%, 05/01/28 (144A) (a) | 2020000 | &nbsp;&nbsp; 1927628 |
| Gen Digital, Inc. |  |  |
| 6.250%, 04/01/33 (144A) (a) | 2880000 | &nbsp;&nbsp; 2957305 |

---

*See accompanying notes to financial statements.*

**BHFTII-369**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet—(Continued)** | **Internet—(Continued)** | **Internet—(Continued)** |
| Getty Images, Inc. |  |  |
| 11.250%, 02/21/30 (144A) | 1140000 | &nbsp;&nbsp; $1131450 |
|  |  | &nbsp;&nbsp; 6016383 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Vertiv Group Corp. |  |  |
| 4.125%, 11/15/28 (144A) (a) | 3380000 | &nbsp;&nbsp; 3295451 |
| **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** |
| Carnival Corp. |  |  |
| 6.125%, 02/15/33 (144A) (a) | 4900000 | &nbsp;&nbsp; 5013445 |
| NCL Corp. Ltd. |  |  |
| 6.750%, 02/01/32 (144A) (a) | 4110000 | &nbsp;&nbsp; 4198893 |
| 8.125%, 01/15/29 (144A) (a) | 4450000 | &nbsp;&nbsp; 4691105 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.625%, 09/30/31 (144A) (a) | 1020000 | &nbsp;&nbsp; 1026231 |
| 6.000%, 02/01/33 (144A) | 2980000 | &nbsp;&nbsp; 3037446 |
| 6.250%, 03/15/32 (144A) | 4990000 | &nbsp;&nbsp; 5129121 |
| Viking Cruises Ltd. |  |  |
| 7.000%, 02/15/29 (144A) | 110000 | &nbsp;&nbsp; 110965 |
| 9.125%, 07/15/31 (144A) (a) | 5680000 | &nbsp;&nbsp; 6117366 |
| VOC Escrow Ltd. |  |  |
| 5.000%, 02/15/28 (144A) (a) | 2490000 | &nbsp;&nbsp; 2477422 |
|  |  | &nbsp;&nbsp; 31801994 |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
| Full House Resorts, Inc. |  |  |
| 8.250%, 02/15/28 (144A) (a) | 7715000 | &nbsp;&nbsp; 7496466 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.625%, 02/15/32 (144A) (a) | 220000 | &nbsp;&nbsp; 199289 |
| Melco Resorts Finance Ltd. |  |  |
| 5.375%, 12/04/29 (144A) | 600000 | &nbsp;&nbsp; 560647 |
| 7.625%, 04/17/32 (144A) (a) | 2540000 | &nbsp;&nbsp; 2565446 |
| Sands China Ltd. |  |  |
| 2.300%, 03/08/27 | 200000 | &nbsp;&nbsp; 191884 |
| 2.850%, 03/08/29 (a) | 1240000 | &nbsp;&nbsp; 1140148 |
| 3.250%, 08/08/31 (a) | 470000 | &nbsp;&nbsp; 414707 |
| 5.400%, 08/08/28 (a) | 1020000 | &nbsp;&nbsp; 1027606 |
|  |  | &nbsp;&nbsp; 13596193 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| Esab Corp. |  |  |
| 6.250%, 04/15/29 (144A) (a) | 940000 | &nbsp;&nbsp; 962429 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.250%, 07/15/27 (144A) (a) | 5885000 | &nbsp;&nbsp; 5880874 |
|  |  | &nbsp;&nbsp; 6843303 |
| **Media — 2.4%** | **Media — 2.4%** | **Media — 2.4%** |
| AMC Networks, Inc. |  |  |
| 4.250%, 02/15/29 (a) | 1349000 | &nbsp;&nbsp; 1080697 |
| 10.250%, 01/15/29 (144A) | 1080000 | &nbsp;&nbsp; 1119652 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 02/01/31 (144A) (a) | 4630000 | &nbsp;&nbsp; 4325223 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 5.375%, 04/01/38 (a) | 1130000 | &nbsp;&nbsp; 1064962 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| CSC Holdings LLC |  |  |
| 5.375%, 02/01/28 (144A) (a) | 3260000 | &nbsp;&nbsp; $2984713 |
| 11.750%, 01/31/29 (144A) (a) | 16830000 | &nbsp;&nbsp; 16007952 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 10.000%, 02/15/31 (144A) | 1970000 | &nbsp;&nbsp; 1912522 |
| DISH DBS Corp. |  |  |
| 5.250%, 12/01/26 (144A) | 140000 | &nbsp;&nbsp; 127050 |
| 5.750%, 12/01/28 (144A) | 2570000 | &nbsp;&nbsp; 2224656 |
| DISH Network Corp. |  |  |
| 11.750%, 11/15/27 (144A) | 4260000 | &nbsp;&nbsp; 4391319 |
| Gray Media, Inc. |  |  |
| 7.000%, 05/15/27 (144A) (a) | 2290000 | &nbsp;&nbsp; 2288974 |
| Grupo Televisa SAB |  |  |
| 5.000%, 05/13/45 (a) | 2690000 | &nbsp;&nbsp; 1928960 |
| iHeartCommunications, Inc. |  |  |
| 9.125%, 05/01/29 (144A) (a) | 855000 | &nbsp;&nbsp; 702169 |
| Time Warner Cable LLC |  |  |
| 5.875%, 11/15/40 (a) | 1702000 | &nbsp;&nbsp; 1634026 |
| 6.750%, 06/15/39 (a) | 1970000 | &nbsp;&nbsp; 2042083 |
| Virgin Media Finance PLC |  |  |
| 5.000%, 07/15/30 (144A) (a) | 1080000 | &nbsp;&nbsp; 986959 |
|  |  | &nbsp;&nbsp; 44821917 |
| **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
| Advanced Drainage Systems, Inc. |  |  |
| 5.000%, 09/30/27 (144A) | 2273000 | &nbsp;&nbsp; 2255047 |
| Park-Ohio Industries, Inc. |  |  |
| 6.625%, 04/15/27 | 2390000 | &nbsp;&nbsp; 2334163 |
|  |  | &nbsp;&nbsp; 4589210 |
| **Mining — 1.4%** | **Mining — 1.4%** | **Mining — 1.4%** |
| ACN 113 874 712 Pty. Ltd. |  |  |
| 13.250%, 02/15/18 (144A) † (d) (f) (g) | 931574 | &nbsp;&nbsp; 0 |
| Capstone Copper Corp. |  |  |
| 6.750%, 03/31/33 (144A) (a) | 1370000 | &nbsp;&nbsp; 1402824 |
| First Quantum Minerals Ltd. |  |  |
| 8.000%, 03/01/33 (144A) (a) | 4040000 | &nbsp;&nbsp; 4143787 |
| 8.625%, 06/01/31 (144A) (a) | 2980000 | &nbsp;&nbsp; 3091741 |
| 9.375%, 03/01/29 (144A) (a) | 4500000 | &nbsp;&nbsp; 4776062 |
| Freeport Minerals Corp. |  |  |
| 7.125%, 11/01/27 | 4240000 | &nbsp;&nbsp; 4412530 |
| Freeport-McMoRan, Inc. |  |  |
| 5.450%, 03/15/43 (a) | 5181000 | &nbsp;&nbsp; 4896126 |
| Hudbay Minerals, Inc. |  |  |
| 6.125%, 04/01/29 (144A) (a) | 2014000 | &nbsp;&nbsp; 2045614 |
| Northwest Acquisitions ULC/Dominion Finco, Inc. |  |  |
| 7.125%, 11/01/22 (144A) † (d) | 8475000 | &nbsp;&nbsp; 85 |
| Teck Resources Ltd. |  |  |
| 6.000%, 08/15/40 | 1774000 | &nbsp;&nbsp; 1760091 |
|  |  | &nbsp;&nbsp; 26528860 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| Axon Enterprise, Inc. |  |  |
| 6.125%, 03/15/30 (144A) (a) | 1990000 | &nbsp;&nbsp; 2046436 |

---

*See accompanying notes to financial statements.*

**BHFTII-370**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **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) | 970000 | &nbsp;&nbsp; $998772 |
|  |  | &nbsp;&nbsp; 3045208 |
| **Multi-National — 1.1%** | **Multi-National — 1.1%** | **Multi-National — 1.1%** |
| Inter-American Development Bank |  |  |
| 7.350%, 10/06/30 (INR) | 1730000000 | &nbsp;&nbsp; 20817387 |
| **Oil & Gas — 5.2%** | **Oil & Gas — 5.2%** | **Oil & Gas — 5.2%** |
| Chord Energy Corp. |  |  |
| 6.750%, 03/15/33 (144A) (a) | 2510000 | &nbsp;&nbsp; 2564274 |
| Crescent Energy Finance LLC |  |  |
| 7.375%, 01/15/33 (144A) (a) | 2170000 | &nbsp;&nbsp; 2074098 |
| 7.625%, 04/01/32 (144A) (a) | 1700000 | &nbsp;&nbsp; 1659880 |
| 8.375%, 01/15/34 (144A) | 2470000 | &nbsp;&nbsp; 2471542 |
| 9.250%, 02/15/28 (144A) | 290000 | &nbsp;&nbsp; 302286 |
| Devon Energy Corp. |  |  |
| 5.600%, 07/15/41 (a) | 4300000 | &nbsp;&nbsp; 3977626 |
| Ecopetrol SA |  |  |
| 8.375%, 01/19/36 | 5570000 | &nbsp;&nbsp; 5374306 |
| EQT Corp. |  |  |
| 7.500%, 06/01/27 (144A) | 1660000 | &nbsp;&nbsp; 1690202 |
| Expand Energy Corp. |  |  |
| 4.750%, 02/01/32 (a) | 5550000 | &nbsp;&nbsp; 5396742 |
| KazMunayGas National Co. JSC |  |  |
| 5.375%, 04/24/30 (144A) | 300000 | &nbsp;&nbsp; 302076 |
| 6.375%, 10/24/48 (144A) | 1060000 | &nbsp;&nbsp; 979137 |
| Noble Finance II LLC |  |  |
| 8.000%, 04/15/30 (144A) | 2150000 | &nbsp;&nbsp; 2189179 |
| Northern Oil & Gas, Inc. |  |  |
| 8.125%, 03/01/28 (144A) (a) | 5170000 | &nbsp;&nbsp; 5215941 |
| Occidental Petroleum Corp. |  |  |
| 4.400%, 08/15/49 | 1630000 | &nbsp;&nbsp; 1115710 |
| 6.450%, 09/15/36 | 1472000 | &nbsp;&nbsp; 1506036 |
| 7.150%, 05/15/28 | 6482000 | &nbsp;&nbsp; 6770644 |
| 7.950%, 06/15/39 (a) | 8859000 | &nbsp;&nbsp; 9941003 |
| Pan American Energy LLC |  |  |
| 8.500%, 04/30/32 (144A) | 3330000 | &nbsp;&nbsp; 3580283 |
| Permian Resources Operating LLC |  |  |
| 5.875%, 07/01/29 (144A) (a) | 1310000 | &nbsp;&nbsp; 1315076 |
| 6.250%, 02/01/33 (144A) (a) | 680000 | &nbsp;&nbsp; 686310 |
| 7.000%, 01/15/32 (144A) (a) | 6840000 | &nbsp;&nbsp; 7090905 |
| 8.000%, 04/15/27 (144A) | 700000 | &nbsp;&nbsp; 715680 |
| 9.875%, 07/15/31 (144A) | 1895000 | &nbsp;&nbsp; 2075785 |
| Petrobras Global Finance BV |  |  |
| 5.750%, 02/01/29 | 700000 | &nbsp;&nbsp; 712294 |
| 6.850%, 06/05/2115 (a) | 6170000 | &nbsp;&nbsp; 5490547 |
| Puma International Financing SA |  |  |
| 7.750%, 04/25/29 (144A) | 3680000 | &nbsp;&nbsp; 3781200 |
| Range Resources Corp. |  |  |
| 4.750%, 02/15/30 (144A) | 2820000 | &nbsp;&nbsp; 2743053 |
| 8.250%, 01/15/29 (a) | 4610000 | &nbsp;&nbsp; 4746276 |
| Shelf Drilling Holdings Ltd. |  |  |
| 9.625%, 04/15/29 (144A) (a) | 4008000 | &nbsp;&nbsp; 3211137 |
| Vermilion Energy, Inc. |  |  |
| 7.250%, 02/15/33 (144A) (a) | 3930000 | &nbsp;&nbsp; 3687686 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| YPF SA |  |  |
| 6.950%, 07/21/27 (144A) | 3160000 | &nbsp;&nbsp; $3134652 |
|  |  | &nbsp;&nbsp; 96501566 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| ARD Finance SA |  |  |
| 6.500%, 7.250% PIK, 06/30/27 (144A) (b) | 2018770 | &nbsp;&nbsp; 85798 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC<br>|  |  |
| 6.000%, 06/15/27 (144A) | 3060000 | &nbsp;&nbsp; 3069400 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| 5.250%, 08/15/27 (144A) (a) | 3680000 | &nbsp;&nbsp; 1641022 |
| 5.250%, 08/15/27 (144A) | 650000 | &nbsp;&nbsp; 289855 |
|  |  | &nbsp;&nbsp; 5086075 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| 1261229 BC Ltd. |  |  |
| 10.000%, 04/15/32 (144A) (a) | 5120000 | &nbsp;&nbsp; 5164902 |
| Bausch Health Cos., Inc. |  |  |
| 6.250%, 02/15/29 (144A) | 580000 | &nbsp;&nbsp; 407450 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 4.100%, 10/01/46 (a) | 7590000 | &nbsp;&nbsp; 5458360 |
| 4.750%, 05/09/27 (a) | 205000 | &nbsp;&nbsp; 204641 |
| 5.125%, 05/09/29 (a) | 360000 | &nbsp;&nbsp; 362074 |
| 6.000%, 12/01/32 (a) | 1720000 | &nbsp;&nbsp; 1756500 |
| Teva Pharmaceutical Finance Netherlands IV BV |  |  |
| 5.750%, 12/01/30 | 3070000 | &nbsp;&nbsp; 3125061 |
|  |  | &nbsp;&nbsp; 16478988 |
| **Pipelines — 3.7%** | **Pipelines — 3.7%** | **Pipelines — 3.7%** |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| 7.250%, 07/15/32 (144A) (a) | 2930000 | &nbsp;&nbsp; 3104795 |
| El Paso Natural Gas Co. LLC |  |  |
| 8.375%, 06/15/32 (a) | 190000 | &nbsp;&nbsp; 222897 |
| Energy Transfer LP |  |  |
| 5.350%, 05/15/45 | 5000000 | &nbsp;&nbsp; 4503064 |
| 6.250%, 04/15/49 | 550000 | &nbsp;&nbsp; 542506 |
| Enterprise Products Operating LLC |  |  |
| 5.375%, 3M TSFR + 2.832%, 02/15/78 (a) (c) | 11670000 | &nbsp;&nbsp; 11478607 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 1.750%, 09/30/27 | 743164 | &nbsp;&nbsp; 717199 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.375%, 07/15/32 (144A) (a) | 2070000 | &nbsp;&nbsp; 2177015 |
| 8.875%, 07/15/28 (144A) (a) | 1810000 | &nbsp;&nbsp; 1900213 |
| Plains All American Pipeline LP |  |  |
| 8.698%, 3M TSFR + 4.372%, 07/30/25 (c) | 4228000 | &nbsp;&nbsp; 4236938 |
| Rockies Express Pipeline LLC |  |  |
| 6.750%, 03/15/33 (144A) (a) | 1680000 | &nbsp;&nbsp; 1753364 |
| 7.500%, 07/15/38 (144A) | 1200000 | &nbsp;&nbsp; 1217276 |
| Southern Natural Gas Co. LLC |  |  |
| 8.000%, 03/01/32 | 25000 | &nbsp;&nbsp; 28319 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| 6.000%, 12/31/30 (144A) (a) | 1030000 | &nbsp;&nbsp; 1010653 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.875%, 11/01/33 (144A) | 2200000 | &nbsp;&nbsp; 1923854 |
| 4.125%, 08/15/31 (144A) (a) | 2450000 | &nbsp;&nbsp; 2267701 |

---

*See accompanying notes to financial statements.*

**BHFTII-371**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Venture Global Calcasieu Pass LLC |  |  |
| 6.250%, 01/15/30 (144A) (a) | 6060000 | &nbsp;&nbsp; $6250132 |
| Venture Global LNG, Inc. |  |  |
| 9.500%, 02/01/29 (144A) (a) | 9140000 | &nbsp;&nbsp; 9956915 |
| 9.875%, 02/01/32 (144A) (a) | 4550000 | &nbsp;&nbsp; 4913832 |
| Western Midstream Operating LP |  |  |
| 5.300%, 03/01/48 | 3460000 | &nbsp;&nbsp; 2887389 |
| 5.450%, 04/01/44 | 9160000 | &nbsp;&nbsp; 7984922 |
|  |  | &nbsp;&nbsp; 69077591 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Country Garden Holdings Co. Ltd. |  |  |
| 8.000%, 01/27/24 (d) | 1110000 | &nbsp;&nbsp; 81674 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.750%, 05/15/28 (144A) (a) | 2229000 | &nbsp;&nbsp; 2248038 |
| Five Point Operating Co. LP/Five Point Capital Corp. |  |  |
| 10.500%, 01/15/28 (144A) (a) (e) | 2025049 | &nbsp;&nbsp; 2060206 |
|  |  | &nbsp;&nbsp; 4389918 |
| **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** | **Real Estate Investment Trusts — 0.8%** |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.<br>|  |  |
| 7.000%, 07/15/31 (144A) (a) | 1940000 | &nbsp;&nbsp; 2028639 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 5.000%, 10/15/27 (a) | 6913000 | &nbsp;&nbsp; 6385455 |
| 8.500%, 02/15/32 (144A) (a) | 2040000 | &nbsp;&nbsp; 2134974 |
| Service Properties Trust |  |  |
| 5.500%, 12/15/27 (a) | 1466000 | &nbsp;&nbsp; 1452510 |
| Starwood Property Trust, Inc. |  |  |
| 7.250%, 04/01/29 (144A) (a) | 2190000 | &nbsp;&nbsp; 2303487 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<br>|  |  |
| 10.500%, 02/15/28 (144A) (a) | 431000 | &nbsp;&nbsp; 456878 |
|  |  | &nbsp;&nbsp; 14761943 |
| **Retail — 1.5%** | **Retail — 1.5%** | **Retail — 1.5%** |
| FirstCash, Inc. |  |  |
| 5.625%, 01/01/30 (144A) (a) | 3060000 | &nbsp;&nbsp; 3051257 |
| Foot Locker, Inc. |  |  |
| 4.000%, 10/01/29 (144A) | 2841000 | &nbsp;&nbsp; 2679924 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 8.750%, 01/15/32 (144A) (a) | 7850000 | &nbsp;&nbsp; 6692125 |
| 11.500%, 08/15/29 (144A) (a) | 1590000 | &nbsp;&nbsp; 1555750 |
| Marks & Spencer PLC |  |  |
| 7.125%, 12/01/37 (144A) | 1595000 | &nbsp;&nbsp; 1708608 |
| Michaels Cos., Inc. |  |  |
| 5.250%, 05/01/28 (144A) (a) | 1830000 | &nbsp;&nbsp; 1463088 |
| PetSmart, Inc./PetSmart Finance Corp. |  |  |
| 4.750%, 02/15/28 (144A) (a) | 5250000 | &nbsp;&nbsp; 5119534 |
| 7.750%, 02/15/29 (144A) (a) | 1000000 | &nbsp;&nbsp; 971742 |
| Saks Global Enterprises LLC |  |  |
| 11.000%, 12/15/29 (144A) † (a) | 3400000 | &nbsp;&nbsp; 1275000 |
| Suburban Propane Partners LP/Suburban Energy Finance <br> Corp.<br>|  |  |
| 5.000%, 06/01/31 (144A) (a) | 2210000 | &nbsp;&nbsp; 2090875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| Superior Plus LP/Superior General Partner, Inc. |  |  |
| 4.500%, 03/15/29 (144A) (a) | 2320000 | &nbsp;&nbsp; $2231315 |
|  |  | &nbsp;&nbsp; 28839218 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Intel Corp. |  |  |
| 5.700%, 02/10/53 | 980000 | &nbsp;&nbsp; 912026 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Citrix Systems, Inc. |  |  |
| 4.500%, 12/01/27 | 1335000 | &nbsp;&nbsp; 1233540 |
| Cloud Software Group, Inc. |  |  |
| 8.250%, 06/30/32 (144A) (a) | 2960000 | &nbsp;&nbsp; 3150118 |
| CoreWeave, Inc. |  |  |
| 9.250%, 06/01/30 (144A) (a) | 1120000 | &nbsp;&nbsp; 1145013 |
| Rackspace Finance LLC |  |  |
| 3.500%, 05/15/28 (144A) | 912600 | &nbsp;&nbsp; 366859 |
|  |  | &nbsp;&nbsp; 5895530 |
| **Telecommunications — 2.0%** | **Telecommunications — 2.0%** | **Telecommunications — 2.0%** |
| Altice Financing SA |  |  |
| 5.750%, 08/15/29 (144A) | 8730000 | &nbsp;&nbsp; 6374476 |
| Altice France Holding SA |  |  |
| 10.500%, 05/15/27 (144A) (d) | 6360000 | &nbsp;&nbsp; 2210100 |
| Altice France SA |  |  |
| 5.125%, 07/15/29 (144A) (a) | 950000 | &nbsp;&nbsp; 785199 |
| 5.500%, 10/15/29 (144A) | 3420000 | &nbsp;&nbsp; 2834889 |
| CommScope LLC |  |  |
| 9.500%, 12/15/31 (144A) (a) | 5770000 | &nbsp;&nbsp; 6042416 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) (a) | 2100000 | &nbsp;&nbsp; 2110769 |
| EchoStar Corp. |  |  |
| 10.750%, 11/30/29 | 7266400 | &nbsp;&nbsp; 7484392 |
| Hughes Satellite Systems Corp. |  |  |
| 5.250%, 08/01/26 | 945000 | &nbsp;&nbsp; 841111 |
| Level 3 Financing, Inc. |  |  |
| 6.875%, 06/30/33 (144A) | 1990000 | &nbsp;&nbsp; 2024871 |
| Millicom International Cellular SA |  |  |
| 4.500%, 04/27/31 (144A) (a) | 3930000 | &nbsp;&nbsp; 3589527 |
| 6.250%, 03/25/29 (144A) (a) | 1215000 | &nbsp;&nbsp; 1217747 |
| Viasat, Inc. |  |  |
| 5.625%, 04/15/27 (144A) (a) | 2180000 | &nbsp;&nbsp; 2171450 |
|  |  | &nbsp;&nbsp; 37686947 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| Carriage Purchaser, Inc. |  |  |
| 7.875%, 10/15/29 (144A) | 5673000 | &nbsp;&nbsp; 5040730 |
| XPO, Inc. |  |  |
| 6.250%, 06/01/28 (144A) (a) | 2556000 | &nbsp;&nbsp; 2594166 |
|  |  | &nbsp;&nbsp; 7634896 |
| Total Corporate Bonds & Notes <br>(Cost $856,290,233) <br>|  | &nbsp;&nbsp; 835105212 |

---

*See accompanying notes to financial statements.*

**BHFTII-372**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Non-Agency Mortgage-Backed Securities—14.7%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations — 5.5%** | **Collateralized Mortgage Obligations — 5.5%** | **Collateralized Mortgage Obligations — 5.5%** |
| Angel Oak Mortgage Trust |  |  |
| 4.128%, 01/25/67 (144A) (c) | 3291055 | &nbsp;&nbsp; $3054526 |
| Banc of America Funding Corp. |  |  |
| 3.628%, 02/27/37 (144A) (c) | 14043646 | &nbsp;&nbsp; 12153209 |
| Banc of America Funding Trust |  |  |
| 3.575%, 1M TSFR + 0.279%, 09/29/36 (144A) (c) | 8829069 | &nbsp;&nbsp; 7388751 |
| Banc of America Mortgage Trust |  |  |
| 5.625%, 09/25/35 (c) | 16987 | &nbsp;&nbsp; 14950 |
| BCAP LLC Trust |  |  |
| 4.250%, 05/26/47 (144A) (c) | 2372388 | &nbsp;&nbsp; 2127394 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| 17.039%, -4.33x 1M TSFR + 35.754%, 07/25/36 (c) | 143130 | &nbsp;&nbsp; 170876 |
| BRAVO Residential Funding Trust |  |  |
| 6.435%, 05/25/63 (144A) (e) | 2988681 | &nbsp;&nbsp; 3003883 |
| 7.103%, 10/25/63 (144A) (e) | 2684400 | &nbsp;&nbsp; 2716541 |
| CIM Trust |  |  |
| 5.000%, 05/25/62 (144A) (c) | 1079087 | &nbsp;&nbsp; 1080987 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 6.170%, 09/25/62 (144A) (e) | 3719535 | &nbsp;&nbsp; 3716468 |
| COLT Mortgage Loan Trust |  |  |
| 6.303%, 07/25/69 (144A) (e) | 3610380 | &nbsp;&nbsp; 3636296 |
| 6.586%, 02/25/69 (144A) (c) | 1580000 | &nbsp;&nbsp; 1590985 |
| CoreVest American Finance Ltd. |  |  |
| 7.553%, 12/28/30 (144A) (e) | 4010000 | &nbsp;&nbsp; 4044006 |
| Countrywide Alternative Loan Trust |  |  |
| 5.750%, 01/25/37 | 1321667 | &nbsp;&nbsp; 623112 |
| 6.000%, 01/25/37 | 998635 | &nbsp;&nbsp; 590266 |
| 10.865%, -4x 1M TSFR + 28.142%, 07/25/36 (c) | 1366913 | &nbsp;&nbsp; 1215117 |
| Countrywide Alternative Loan Trust Resecuritization |  |  |
| 3.931%, 08/25/37 (c) | 1847683 | &nbsp;&nbsp; 813627 |
| GreenPoint MTA Trust |  |  |
| 4.874%, 1M TSFR + 0.554%, 06/25/45 (c) | 281464 | &nbsp;&nbsp; 256518 |
| GSMPS Mortgage Loan Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 04/25/36 (144A) (c) | 594320 | &nbsp;&nbsp; 511901 |
| HarborView Mortgage Loan Trust |  |  |
| 6.434%, 1M TSFR + 2.114%, 10/25/37 (c) | 454673 | &nbsp;&nbsp; 420234 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| 5.154%, 1M TSFR + 0.834%, 01/25/35 (c) | 471082 | &nbsp;&nbsp; 359680 |
| Legacy Mortgage Asset Trust |  |  |
| 7.844%, 10/25/66 (144A) (e) | 3063672 | &nbsp;&nbsp; 3063152 |
| Lehman XS Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 08/25/46 (c) | 611157 | &nbsp;&nbsp; 586784 |
| LHOME Mortgage Trust |  |  |
| 7.017%, 01/25/29 (144A) (e) | 4360000 | &nbsp;&nbsp; 4396279 |
| MASTR Seasoned Securitization Trust |  |  |
| 5.996%, 10/25/32 (c) | 14093 | &nbsp;&nbsp; 14096 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 5.926%, 08/25/33 (c) | 104913 | &nbsp;&nbsp; 97082 |
| MFA Trust |  |  |
| 6.784%, 12/25/68 (144A) (e) | 2228418 | &nbsp;&nbsp; 2246846 |
| New Residential Mortgage Loan Trust |  |  |
| 3.500%, 12/25/57 (144A) (c) | 2860000 | &nbsp;&nbsp; 2447905 |
| 3.500%, 12/25/58 (144A) (c) | 1968359 | &nbsp;&nbsp; 1840523 |
| 3.750%, 11/25/58 (144A) (c) | 1690700 | &nbsp;&nbsp; 1629565 |
| 3.992%, 04/25/62 (144A) (c) | 3709162 | &nbsp;&nbsp; 3379585 |
| 4.250%, 09/25/56 (144A) (c) | 3903998 | &nbsp;&nbsp; 3813528 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| NYMT Loan Trust |  |  |
| 7.154%, 02/25/29 (144A) (e) | 2650000 | &nbsp;&nbsp; $2665059 |
| OBX Trust |  |  |
| 5.949%, 02/25/63 (144A) (e) | 739538 | &nbsp;&nbsp; 740304 |
| PRKCM Trust |  |  |
| 7.304%, 02/25/58 (144A) (e) | 3339945 | &nbsp;&nbsp; 3347156 |
| RALI Trust |  |  |
| 6.104%, 11/25/37 (c) | 1633565 | &nbsp;&nbsp; 1367608 |
| Reperforming Loan Trust REMICS |  |  |
| 1.739%, 03/25/35 (144A) (c) (h) | 1200519 | &nbsp;&nbsp; 58300 |
| Sequoia Mortgage Trust |  |  |
| 3.726%, 07/25/45 (144A) (c) | 2775 | &nbsp;&nbsp; 2710 |
| 5.369%, 6M TSFR + 1.108%, 06/20/33 (c) | 15345 | &nbsp;&nbsp; 15015 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 5.939%, 1M TSFR + 1.614%, 09/25/37 (c) | 1065584 | &nbsp;&nbsp; 998822 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.994%, 1M TSFR + 0.674%, 02/25/36 (c) | 1011904 | &nbsp;&nbsp; 843973 |
| Towd Point Mortgage Trust |  |  |
| 3.659%, 06/25/57 (144A) (c) | 2900000 | &nbsp;&nbsp; 2423583 |
| 6.684%, 1M TSFR + 2.364%, 05/25/58 (144A) (c) | 1220000 | &nbsp;&nbsp; 1229431 |
| Verus Securitization Trust |  |  |
| 4.910%, 06/25/67 (144A) (e) | 2494497 | &nbsp;&nbsp; 2465407 |
| 6.118%, 01/25/69 (144A) (e) | 3217211 | &nbsp;&nbsp; 3226566 |
| 6.845%, 04/25/69 (144A) (e) | 2918883 | &nbsp;&nbsp; 2957288 |
| 6.968%, 12/25/68 (144A) (e) | 1609696 | &nbsp;&nbsp; 1629429 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.974%, 1M TSFR + 0.654%, 12/25/45 (c) | 110386 | &nbsp;&nbsp; 111206 |
| 5.001%, 09/25/36 (c) | 203822 | &nbsp;&nbsp; 187450 |
| 5.197%, 12M MTA + 0.798%, 03/25/47 (c) | 538348 | &nbsp;&nbsp; 497505 |
| 5.394%, 1M TSFR + 1.074%, 12/25/45 (c) | 4228941 | &nbsp;&nbsp; 3832954 |
| 6.172%, 08/25/33 (c) | 340065 | &nbsp;&nbsp; 330903 |
|  |  | &nbsp;&nbsp; 101935341 |
| **Commercial Mortgage-Backed Securities — 9.2%** | **Commercial Mortgage-Backed Securities — 9.2%** | **Commercial Mortgage-Backed Securities — 9.2%** |
| 280 Park Avenue Mortgage Trust |  |  |
| 6.149%, 1M TSFR + 1.836%, 09/15/34 (144A) (c) | 1640000 | &nbsp;&nbsp; 1594900 |
| ARES Commercial Mortgage Trust |  |  |
| 5.755%, 1M TSFR + 1.443%, 10/15/34 (144A) (c) | 2360000 | &nbsp;&nbsp; 2362208 |
| Bank |  |  |
| 4.000%, 11/15/32 (144A) (c) | 4930000 | &nbsp;&nbsp; 3617555 |
| 4.000%, 02/15/56 (144A) | 3400000 | &nbsp;&nbsp; 2581361 |
| 5.053%, 10/15/57 | 5240000 | &nbsp;&nbsp; 5265455 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| 3.250%, 02/15/50 (144A) | 2250000 | &nbsp;&nbsp; 2006273 |
| Bank5 |  |  |
| 5.000%, 12/15/57 (c) | 3200000 | &nbsp;&nbsp; 2504887 |
| Benchmark Mortgage Trust |  |  |
| 3.666%, 01/15/51 (c) | 1210000 | &nbsp;&nbsp; 1183422 |
| 6.363%, 07/15/56 (c) | 1120000 | &nbsp;&nbsp; 1173883 |
| BFLD Commercial Mortgage Trust |  |  |
| 7.003%, 1M TSFR + 2.691%, 11/15/41 (144A) (c) | 3180000 | &nbsp;&nbsp; 3183975 |
| 7.951%, 1M TSFR + 3.640%, 11/15/41 (144A) (c) | 3180000 | &nbsp;&nbsp; 3176659 |
| BHMS Mortgage Trust |  |  |
| 5.859%, 1M TSFR + 1.547%, 07/15/35 (144A) (c) | 5350000 | &nbsp;&nbsp; 5347204 |
| BOCA Commercial Mortgage Trust |  |  |
| 8.749%, 1M TSFR + 4.437%, 08/15/41 (144A) (c) | 3670000 | &nbsp;&nbsp; 3681910 |

---

*See accompanying notes to financial statements.*

**BHFTII-373**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| BWAY Mortgage Trust |  |  |
| 4.058%, 03/10/33 (144A) (c) | 3200000 | &nbsp;&nbsp; $2770939 |
| BX Commercial Mortgage Trust |  |  |
| 3.667%, 03/11/44 (144A) (c) | 9066697 | &nbsp;&nbsp; 8162277 |
| 6.508%, 1M TSFR + 2.196%, 04/15/34 (144A) (c) | 7780000 | &nbsp;&nbsp; 7595225 |
| 7.970%, 08/13/41 (144A) (c) | 3110000 | &nbsp;&nbsp; 3086470 |
| 8.000%, 1M TSFR + 3.688%, 05/15/34 (144A) (c) | 4086206 | &nbsp;&nbsp; 4081098 |
| 8.002%, 1M TSFR + 3.690%, 04/15/40 (144A) (c) | 5350000 | &nbsp;&nbsp; 5307157 |
| BX Trust |  |  |
| 7.002%, 1M TSFR + 2.690%, 04/15/41 (144A) (c) | 4582271 | &nbsp;&nbsp; 4589431 |
| Citigroup Commercial Mortgage Trust |  |  |
| 3.110%, 04/10/48 (144A) | 1750000 | &nbsp;&nbsp; 1224650 |
| 3.225%, 09/15/48 (144A) | 2000000 | &nbsp;&nbsp; 1916126 |
| 6.015%, 10/12/40 (144A) (c) | 1120000 | &nbsp;&nbsp; 1156763 |
| CSMC Trust |  |  |
| 3.160%, 12/15/41 (144A) | 5560000 | &nbsp;&nbsp; 5153559 |
| 8.794%, PRIME + 1.294%, 07/15/32 (144A) (c) | 700000 | &nbsp;&nbsp; 692658 |
| 11.794%, PRIME + 4.294%, 07/15/32 (144A) (c) | 6685000 | &nbsp;&nbsp; 6454001 |
| Dwight Issuer LLC |  |  |
| 5.962%, 1M TSFR + 1.662%, 09/18/42 (144A) (c) | 4800000 | &nbsp;&nbsp; 4791000 |
| Extended Stay America Trust |  |  |
| 8.127%, 1M TSFR + 3.814%, 07/15/38 (144A) (c) | 3525261 | &nbsp;&nbsp; 3525261 |
| Greystone CRE Notes |  |  |
| 9.644%, 1M TSFR + 5.333%, 03/15/41 (144A) (c) | 2180000 | &nbsp;&nbsp; 2161389 |
| GS Mortgage Securities Corp. II |  |  |
| 9.263%, 03/10/41 (144A) (c) | 5880000 | &nbsp;&nbsp; 6135998 |
| GS Mortgage Securities Trust |  |  |
| 3.384%, 05/10/50 | 6500000 | &nbsp;&nbsp; 4712565 |
| HIH Trust |  |  |
| 9.749%, 1M TSFR + 5.437%, 10/15/41 (144A) (c) | 4236591 | &nbsp;&nbsp; 4205356 |
| HIT Trust |  |  |
| 13.434%, 1M TSFR + 9.122%, 07/15/39 (144A) (c) | 2704220 | &nbsp;&nbsp; 2722309 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 4.878%, 01/15/49 (c) | 568000 | &nbsp;&nbsp; 537226 |
| 8.842%, 1M TSFR + 4.529%, 11/15/38 (144A) (c) | 3760000 | &nbsp;&nbsp; 3675432 |
| KIND Trust |  |  |
| 6.730%, 1M TSFR + 2.414%, 08/15/38 (144A) (c) | 1309248 | &nbsp;&nbsp; 1301131 |
| 7.680%, 1M TSFR + 3.364%, 08/15/38 (144A) (c) | 2687926 | &nbsp;&nbsp; 2659420 |
| MF1 Trust |  |  |
| 5.856%, 1M TSFR + 1.541%, 11/18/39 (144A) (c) | 4910000 | &nbsp;&nbsp; 4919215 |
| MHC Trust |  |  |
| 6.377%, 1M TSFR + 2.064%, 05/15/38 (144A) (c) | 4496000 | &nbsp;&nbsp; 4496000 |
| MIC Trust |  |  |
| 8.732%, 12/05/38 (144A) (c) | 1080000 | &nbsp;&nbsp; 1177672 |
| Morgan Stanley Capital I Trust |  |  |
| 4.727%, 12/15/48 (c) | 1940000 | &nbsp;&nbsp; 1755137 |
| 5.875%, 1M TSFR + 1.563%, 12/15/38 (144A) (c) | 5350000 | &nbsp;&nbsp; 4976453 |
| MSWF Commercial Mortgage Trust |  |  |
| 5.472%, 05/15/56 | 2210000 | &nbsp;&nbsp; 2273548 |
| 7.252%, 12/15/56 (c) | 2260000 | &nbsp;&nbsp; 2343585 |
| Multifamily Trust |  |  |
| 12.498%, 04/25/46 (144A) (c) | 2079691 | &nbsp;&nbsp; 2062548 |
| One Market Plaza Trust |  |  |
| 3.845%, 02/10/32 (144A) | 1250000 | &nbsp;&nbsp; 1163078 |
| RIDE |  |  |
| 6.972%, 02/14/47 (144A) (c) | 3030000 | &nbsp;&nbsp; 3083899 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| SMR Mortgage Trust |  |  |
| 10.312%, 1M TSFR + 6.000%, 02/15/39 (144A) (c) | 3543671 | &nbsp;&nbsp; $3474564 |
| SMRT Commercial Mortgage Trust |  |  |
| 6.262%, 1M TSFR + 1.950%, 01/15/39 (144A) (c) | 2290000 | &nbsp;&nbsp; 2258513 |
| 7.662%, 1M TSFR + 3.350%, 01/15/39 (144A) (c) | 5070000 | &nbsp;&nbsp; 4933335 |
| SWCH Commercial Mortgage Trust |  |  |
| 7.652%, 1M TSFR + 3.340%, 02/15/42 (144A) (c) | 4860000 | &nbsp;&nbsp; 4811400 |
| UBS Commercial Mortgage Trust |  |  |
| 3.418%, 12/15/50 | 900181 | &nbsp;&nbsp; 876997 |
| WB Commercial Mortgage Trust |  |  |
| 8.278%, 03/15/40 (144A) (c) | 1100000 | &nbsp;&nbsp; 1112941 |
|  |  | &nbsp;&nbsp; 172016018 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $270,883,668) <br>|  | &nbsp;&nbsp; 273951359 |
| **Floating Rate Loans (i)—13.1%** | **Floating Rate Loans (i)—13.1%** | **Floating Rate Loans (i)—13.1%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| CB Poly U.S. Holdings, Inc. |  |  |
| Term Loan B, 9.796%, 3M TSFR + 5.500%, 05/18/29 | 2984654 | &nbsp;&nbsp; 2611573 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 8.022%, 3M TSFR + <br> 3.750%, 10/20/27<br>| 3563636 | &nbsp;&nbsp; 3589993 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2025 Delayed Draw Term Loan, 6.577%, 1M TSFR + <br> 2.250%, 02/13/32<br>| 2908328 | &nbsp;&nbsp; 2907237 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 05/06/30<br>| 1981791 | &nbsp;&nbsp; 1976218 |
| 2025 USD Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 01/28/32<br>| 980000 | &nbsp;&nbsp; 980612 |
| First Brands Group LLC |  |  |
| 2021 Term Loan, 9.541%, 3M TSFR + 5.000%, <br> 03/30/27<br>| 394846 | &nbsp;&nbsp; 374116 |
| 2022 Incremental Term Loan, 9.541%, 3M TSFR + <br> 5.000%, 03/30/27<br>| 3352833 | &nbsp;&nbsp; 3177648 |
|  |  | &nbsp;&nbsp; 6508594 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Celsius Holdings, Inc. |  |  |
| Term Loan, 7.548%, 3M TSFR + 3.250%, 04/01/32 | 2890553 | &nbsp;&nbsp; 2909521 |
| Primo Brands Corp. |  |  |
| 2025 Term Loan B, 6.546%, 3M TSFR + 2.250%, <br> 03/31/28<br>| 1990000 | &nbsp;&nbsp; 1999120 |
|  |  | &nbsp;&nbsp; 4908641 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 08/04/31<br>| 635200 | &nbsp;&nbsp; 634538 |

---

*See accompanying notes to financial statements.*

**BHFTII-374**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| EMRLD Borrower LP |  |  |
| Term Loan B, 6.833%, 3M TSFR + 2.500%, 05/31/30 | 1987206 | &nbsp;&nbsp; $1987207 |
|  |  | &nbsp;&nbsp; 2621745 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| A-AP Buyer, Inc. |  |  |
| Term Loan B, 7.077%, 1M TSFR + 2.750%, 09/09/31 | 1651700 | &nbsp;&nbsp; 1647571 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.827%, 1M TSFR + 5.500%, <br> 03/29/30<br>| 1614844 | &nbsp;&nbsp; 1606769 |
|  |  | &nbsp;&nbsp; 3254340 |
| **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |
| Adtalem Global Education, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 08/12/28<br>| 396418 | &nbsp;&nbsp; 397822 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.177%, 1M TSFR + <br> 3.750%, 05/12/28<br>| 2969152 | &nbsp;&nbsp; 2985574 |
| Boost Newco Borrower LLC |  |  |
| 2025 USD Term Loan B, 6.296%, 3M TSFR + 2.000%, <br> 01/31/31<br>| 2517366 | &nbsp;&nbsp; 2523974 |
| DS Parent, Inc. |  |  |
| Term Loan B, 9.796%, 3M TSFR + 5.500%, 01/31/31 | 4781700 | &nbsp;&nbsp; 4315484 |
| GEO Group, Inc. |  |  |
| 2024 Term Loan B, 9.577%, 1M TSFR + 5.250%, <br> 04/13/29<br>| 1523915 | &nbsp;&nbsp; 1532964 |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, 6.320%, 1M TSFR + 2.000%, <br> 10/13/30<br>| 2227570 | &nbsp;&nbsp; 2231400 |
| Ryan LLC |  |  |
| Term Loan, 7.827%, 1M TSFR + 3.500%, 11/14/30 | 2987658 | &nbsp;&nbsp; 2995127 |
| WW International, Inc. |  |  |
| 2021 Term Loan B, 11.121%, 3M TSFR + 6.800%, <br> 09/24/25<br>| 1565676 | &nbsp;&nbsp; 1424765 |
|  |  | &nbsp;&nbsp; 18407110 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Nielsen Consumer, Inc. |  |  |
| 2025 USD Term Loan, 7.827%, 1M TSFR + 3.500%, <br> 03/06/28<br>| 999944 | &nbsp;&nbsp; 1002444 |
| Twitter, Inc. |  |  |
| 2025 Fixed Term Loan, 9.500%, 10/26/29 | 3160000 | &nbsp;&nbsp; 3076260 |
| Term Loan, 10.927%, 1M TSFR + 6.500%, 10/26/29 | 1989796 | &nbsp;&nbsp; 1946683 |
| UST Holdings Ltd. |  |  |
| Term Loan, 7.312%, 1M TSFR + 3.000%, 11/20/28 | 1917069 | &nbsp;&nbsp; 1927852 |
|  |  | &nbsp;&nbsp; 7953239 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 7.577%, 1M TSFR + 3.250%, <br> 12/11/30<br>| 992506 | &nbsp;&nbsp; 987958 |
| **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** |
| AqGen Island Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 08/02/28<br>| 1410895 | &nbsp;&nbsp; 1414716 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Blackhawk Network Holdings, Inc. |  |  |
| 2025 Term Loan B, 8.327%, 1M TSFR + 4.000%, <br> 03/12/29<br>| 1717668 | &nbsp;&nbsp; $1729170 |
| CFC Bidco Ltd. |  |  |
| Term Loan B, 05/30/32 (j) | 4060000 | &nbsp;&nbsp; 4049850 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 6.327%, 1M TSFR + 2.000%, <br> 10/31/31<br>| 2887655 | &nbsp;&nbsp; 2898934 |
| Deerfield Dakota Holding LLC |  |  |
| 2021 USD 2nd Lien Term Loan, 11.307%, 3M TSFR + <br> 6.750%, 04/07/28<br>| 2060000 | &nbsp;&nbsp; 1977600 |
| Focus Financial Partners LLC |  |  |
| 2025 Incremental Term Loan B, 7.077%, 1M TSFR + <br> 2.750%, 09/15/31<br>| 3360759 | &nbsp;&nbsp; 3355957 |
| GC Ferry Acquisition I, Inc. |  |  |
| Delayed Draw Term Loan, 06/04/32 (j) | 463750 | &nbsp;&nbsp; 455634 |
| Term Loan, 06/04/32 (j) | 2716250 | &nbsp;&nbsp; 2675082 |
| Greystone Select Financial LLC |  |  |
| Term Loan B, 9.534%, 3M TSFR + 5.000%, 06/16/28 | 1341848 | &nbsp;&nbsp; 1335139 |
| Jane Street Group LLC |  |  |
| 2024 Term Loan B1, 6.333%, 3M TSFR + 2.000%, <br> 12/15/31<br>| 4011643 | &nbsp;&nbsp; 4011394 |
| VFH Parent LLC |  |  |
| 2025 Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 06/21/31<br>| 2000000 | &nbsp;&nbsp; 2010000 |
|  |  | &nbsp;&nbsp; 25913476 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 6.327%, 1M TSFR + 2.500%, 09/30/31 | 2233125 | &nbsp;&nbsp; 2235916 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Brown Group Holding LLC |  |  |
| 2022 Incremental Term Loan B2, 6.780% - 6.833%, 1M <br> TSFR + 2.500%, 3M TSFR + 2.500%, 07/01/31 (k)<br>| 657835 | &nbsp;&nbsp; 659233 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Allen Media LLC |  |  |
| 2021 Term Loan B, 9.946%, 3M TSFR + 5.500%, <br> 02/10/27<br>| 2617642 | &nbsp;&nbsp; 1680199 |
| Caesars Entertainment, Inc. |  |  |
| 2024 Term Loan B1, 6.577%, 1M TSFR + 2.250%, <br> 02/06/31<br>| 1974962 | &nbsp;&nbsp; 1976197 |
| Term Loan B, 6.577%, 1M TSFR + 2.250%, 02/06/30 | 1446975 | &nbsp;&nbsp; 1448105 |
| Catawba Nation Gaming Authority |  |  |
| Term Loan B, 9.046%, 3M TSFR + 4.750%, 03/29/32 | 2150000 | &nbsp;&nbsp; 2139250 |
| EOC Borrower LLC |  |  |
| Term Loan B, 7.327%, 1M TSFR + 3.000%, 03/24/32 | 3860000 | &nbsp;&nbsp; 3866435 |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, 6.046%, 3M TSFR + 1.750%, <br> 11/30/30<br>| 1992076 | &nbsp;&nbsp; 1986161 |
| 2025 Term Loan B, 6.296%, 3M TSFR + 2.000%, <br> 06/04/32<br>| 4070000 | &nbsp;&nbsp; 4080175 |
| UFC Holdings LLC |  |  |
| 2024 Term Loan B, 6.571%, 3M TSFR + 2.250%, <br> 11/21/31<br>| 2883309 | &nbsp;&nbsp; 2897186 |
|  |  | &nbsp;&nbsp; 20073708 |

---

*See accompanying notes to financial statements.*

**BHFTII-375**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Liberty Tire Recycling Holdco LLC |  |  |
| 2021 Term Loan, 8.941%, 1M TSFR + 4.500%, <br> 05/05/28<br>| 2888950 | &nbsp;&nbsp; $2775198 |
| LRS Holdings LLC |  |  |
| Term Loan B, 8.691%, 1M TSFR + 4.250%, 08/31/28 | 3474207 | &nbsp;&nbsp; 3415579 |
| Madison IAQ LLC |  |  |
| 2025 Term Loan B, 7.557%, 3M TSFR + 3.250%, <br> 05/06/32<br>| 2590000 | &nbsp;&nbsp; 2601331 |
|  |  | &nbsp;&nbsp; 8792108 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| 8th Avenue Food & Provisions, Inc. |  |  |
| 2018 2nd Lien Term Loan, 14.250%, PRIME + 6.750%, <br> 10/01/26<br>| 1452297 | &nbsp;&nbsp; 1450482 |
| **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** |
| Alliance Laundry Systems LLC |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 08/19/31<br>| 3854071 | &nbsp;&nbsp; 3864107 |
| Dynamo Newco II GmbH |  |  |
| USD Term Loan B, 7.798%, 3M TSFR + 3.500%, <br> 09/30/31<br>| 2984963 | &nbsp;&nbsp; 2995225 |
|  |  | &nbsp;&nbsp; 6859332 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| Medline Borrower LP |  |  |
| 2024 USD Add-on Term Loan B, 6.577%, 1M TSFR + <br> 2.250%, 10/23/28<br>| 3726389 | &nbsp;&nbsp; 3730757 |
| Sotera Health Holdings LLC |  |  |
| 2024 Term Loan B, 7.546%, 3M TSFR + 3.250%, <br> 05/30/31<br>| 2244269 | &nbsp;&nbsp; 2255490 |
|  |  | &nbsp;&nbsp; 5986247 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| Global Medical Response, Inc. |  |  |
| 2024 PIK Term Loan, 9.790%, 3M TSFR + 4.750%, <br> 0.750% PIK, 10/31/28 (b)<br>| 1957244 | &nbsp;&nbsp; 1962487 |
| Knight Health Holdings LLC |  |  |
| Term Loan B, 9.691%, 1M TSFR + 5.250%, 12/23/28 † <br>| 1391830 | &nbsp;&nbsp; 588048 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.006%, 3M TSFR + 3.750%, <br> 05/19/31<br>| 2883309 | &nbsp;&nbsp; 2856878 |
| 2024 Incremental Term Loan B1, 7.820%, 3M TSFR + <br> 3.500%, 05/19/31<br>| 1300191 | &nbsp;&nbsp; 1284020 |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Second Out Term Loan, 9.141%, 3M TSFR + <br> 4.600%, 12/31/30<br>| 1958506 | &nbsp;&nbsp; 1762655 |
| Phoenix Guarantor, Inc. |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 02/21/31<br>| 1128192 | &nbsp;&nbsp; 1132423 |
| Team Services Group |  |  |
| 2024 Term Loan B, 9.530%, 3M TSFR + 5.250%, <br> 12/20/27<br>| 875600 | &nbsp;&nbsp; 871769 |
| Term Loan, 9.541%, 3M TSFR + 5.000%, 12/20/27 | 1237080 | &nbsp;&nbsp; 1232441 |
|  |  | &nbsp;&nbsp; 11690721 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.324%, 1M TSFR + 3.000%, <br> 07/31/28<br>| 1317485 | &nbsp;&nbsp; $1317014 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Acrisure LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.327%, 1M TSFR + <br> 3.000%, 11/06/30<br>| 2427654 | &nbsp;&nbsp; 2422090 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 01/30/32<br>| 3844412 | &nbsp;&nbsp; 3850417 |
| AssuredPartners, Inc. |  |  |
| 2024 Incremental Term Loan B5, 7.827%, 1M TSFR + <br> 3.500%, 02/14/31<br>| 2984887 | &nbsp;&nbsp; 2995814 |
| Asurion LLC |  |  |
| 2021 Second Lien Term Loan B4, 9.691%, 1M TSFR + <br> 5.250%, 01/20/29<br>| 1450000 | &nbsp;&nbsp; 1350313 |
| 2021 Term Loan B9, 7.691%, 1M TSFR + 3.250%, <br> 07/31/27<br>| 1887946 | &nbsp;&nbsp; 1887749 |
| Howden Group Holdings Ltd. |  |  |
| 2024 USD Term Loan B, 7.827%, 1M TSFR + 3.500%, <br> 04/18/30<br>| 918850 | &nbsp;&nbsp; 924784 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 07/31/31<br>| 3267805 | &nbsp;&nbsp; 3282782 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 7.046%, 3M TSFR + 2.750%, <br> 05/06/31<br>| 1769758 | &nbsp;&nbsp; 1773076 |
|  |  | &nbsp;&nbsp; 18487025 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Nexus Buyer LLC |  |  |
| 2025 Term Loan B, 7.827%, 1M TSFR + 3.500%, <br> 07/31/31<br>| 3148350 | &nbsp;&nbsp; 3159502 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Carnival Corp. |  |  |
| 2025 Term Loan (2027), 6.312%, 1M TSFR + 2.000%, <br> 08/08/27<br>| 342406 | &nbsp;&nbsp; 343048 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Four Seasons Hotels Ltd. |  |  |
| 2024 1st Lien Term Loan B, 6.077%, 1M TSFR + 1.750%, <br> 11/30/29<br>| 1979695 | &nbsp;&nbsp; 1995161 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| Terex Corp. |  |  |
| 2024 Term Loan B, 6.327%, 1M TSFR + 2.000%, <br> 10/08/31<br>| 1296750 | &nbsp;&nbsp; 1305665 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Gray Television LLC |  |  |
| 2021 Term Loan D, 7.439%, 1M TSFR + 3.000%, <br> 12/01/28<br>| 1978023 | &nbsp;&nbsp; 1922638 |
| 2024 Term Loan F, 9.574%, 1M TSFR + 5.250%, <br> 06/04/29<br>| 1487350 | &nbsp;&nbsp; 1487118 |

---

*See accompanying notes to financial statements.*

**BHFTII-376**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Learfield Communications LLC |  |  |
| 2024 Term Loan B, 8.827%, 1M TSFR + 4.500%, <br> 06/30/28<br>| 1985224 | &nbsp;&nbsp; $2002182 |
| Univision Communications, Inc. |  |  |
| 2024 Term Loan B, 7.941%, 1M TSFR + 3.500%, <br> 01/31/29<br>| 603900 | &nbsp;&nbsp; 594275 |
|  |  | &nbsp;&nbsp; 6006213 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 2025 Delayed Draw Term Loan, 7.577%, 1M TSFR + <br> 3.250%, 04/01/32 (l)<br>| 68017 | &nbsp;&nbsp; 67829 |
| 2025 Term Loan B, 7.577%, 1M TSFR + 3.250%, <br> 04/01/32<br>| 3890693 | &nbsp;&nbsp; 3879924 |
|  |  | &nbsp;&nbsp; 3947753 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Bausch Health Cos., Inc. |  |  |
| 2025 Term Loan B, 10.561%, 1M TSFR + 6.250%, <br> 10/08/30<br>| 1500000 | &nbsp;&nbsp; 1456875 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.396%, 3M TSFR + 4.000%, 10/01/27 | 1555927 | &nbsp;&nbsp; 1497580 |
|  |  | &nbsp;&nbsp; 2954455 |
| **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |
| KREF Holdings X LLC |  |  |
| 2025 Term Loan B, 7.561%, 1M TSFR + 3.250%, <br> 03/05/32<br>| 1995000 | &nbsp;&nbsp; 2008716 |
| Starwood Property Trust, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 11/18/27<br>| 1922194 | &nbsp;&nbsp; 1926399 |
|  |  | &nbsp;&nbsp; 3935115 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
| Harbor Freight Tools USA, Inc. |  |  |
| 2024 Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 06/11/31<br>| 985000 | &nbsp;&nbsp; 965915 |
| Peer Holding III BV |  |  |
| 2025 USD Term Loan B4B, 6.796%, 3M TSFR + 2.500%, <br> 10/28/30<br>| 1922169 | &nbsp;&nbsp; 1936586 |
| 2025 USD Term Loan B5B, 6.796%, 3M TSFR + 2.500%, <br> 07/01/31<br>| 2636750 | &nbsp;&nbsp; 2654052 |
| Spencer Spirit IH LLC |  |  |
| 2024 Term Loan B, 9.060%, 3M TSFR + 4.750%, <br> 07/15/31<br>| 2981082 | &nbsp;&nbsp; 2968040 |
| Thermostat Purchaser III, Inc. |  |  |
| 2024 Term Loan B, 8.546%, 3M TSFR + 4.250%, <br> 08/31/28<br>| 2984925 | &nbsp;&nbsp; 2992387 |
|  |  | &nbsp;&nbsp; 11516980 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| Cloudera, Inc. |  |  |
| 2021 Term Loan, 8.177%, 1M TSFR + 3.750%, <br> 10/08/28<br>| 2524325 | &nbsp;&nbsp; 2432818 |
| Cotiviti Corp. |  |  |
| 2024 Fixed Term Loan B, 7.625%, 05/01/31 | 900000 | &nbsp;&nbsp; 905625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Cotiviti Corp. |  |  |
| 2024 Term Loan, 7.074%, 1M TSFR + 2.750%, <br> 05/01/31<br>| 2404360 | &nbsp;&nbsp; $2395344 |
| 2025 2nd Amendment Term Loan, 7.074%, 1M TSFR + <br> 2.750%, 03/26/32<br>| 2620000 | &nbsp;&nbsp; 2611813 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 7.458%, 3M TSFR + 3.250%, <br> 10/09/31<br>| 2948029 | &nbsp;&nbsp; 2953557 |
| Dayforce, Inc. |  |  |
| 2025 Term Loan B, 6.280%, 3M TSFR + 2.000%, <br> 03/01/31<br>| 1162741 | &nbsp;&nbsp; 1162741 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 8.327%, 1M TSFR + 4.000%, <br> 10/16/26<br>| 2091720 | &nbsp;&nbsp; 2075770 |
| 2021 2nd Lien Term Loan, 11.327%, 1M TSFR + 7.000%, <br> 02/19/29<br>| 1927036 | &nbsp;&nbsp; 1697599 |
| Evertec Group LLC |  |  |
| 2023 Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 10/30/30<br>| 1971000 | &nbsp;&nbsp; 1982087 |
| Modena Buyer LLC |  |  |
| Term Loan, 8.780%, 3M TSFR + 4.500%, 07/01/31 | 3116819 | &nbsp;&nbsp; 3012926 |
| MRI Software LLC |  |  |
| 2020 Term Loan, 9.046%, 3M TSFR + 4.750%, <br> 02/10/27<br>| 910837 | &nbsp;&nbsp; 907421 |
| 2020 Term Loan B, 9.046%, 3M TSFR + 4.750%, <br> 02/10/27<br>| 1583538 | &nbsp;&nbsp; 1567702 |
| Planview Parent, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.796%, 3M TSFR + 3.500%, <br> 12/17/27<br>| 1488053 | &nbsp;&nbsp; 1451410 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.546%, 3M TSFR + 3.250%, <br> 10/26/30<br>| 348245 | &nbsp;&nbsp; 350453 |
| Red Planet Borrower LLC |  |  |
| Term Loan B, 8.177%, 1M TSFR + 3.750%, 10/02/28 | 1915077 | &nbsp;&nbsp; 1895687 |
| SolarWinds Holdings, Inc. |  |  |
| 2025 Term Loan, 8.261%, 3M TSFR + 4.000%, <br> 04/16/32<br>| 4817589 | &nbsp;&nbsp; 4713712 |
| SS&C Technologies, Inc. |  |  |
| 2024 Term Loan B8, 6.327%, 1M TSFR + 2.000%, <br> 05/09/31<br>| 2649250 | &nbsp;&nbsp; 2664234 |
| X.AI Corp. |  |  |
| Fixed Term Loan, 06/28/30 (j) | 4870000 | &nbsp;&nbsp; 4896639 |
| Term Loan, 06/28/30 (j) | 6410000 | &nbsp;&nbsp; 6118217 |
|  |  | &nbsp;&nbsp; 45795755 |
| **Sovereign — 0.1%** | **Sovereign — 0.1%** | **Sovereign — 0.1%** |
| Republic of Tanzania |  |  |
| 2024 Term Loan, 9.584%, 6M TSFR + 5.450%, <br> 04/30/31 (g)<br>| 2700000 | &nbsp;&nbsp; 2659500 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| QualityTech LP |  |  |
| Term Loan B, 7.813%, 1M TSFR + 3.500%, 10/30/31 | 4149600 | &nbsp;&nbsp; 4170348 |
| Total Floating Rate Loans <br>(Cost $246,847,020) <br>|  | &nbsp;&nbsp; 245005187 |

---

*See accompanying notes to financial statements.*

**BHFTII-377**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—10.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 3.3%** | **Agency Collateralized Mortgage Obligations — 3.3%** | **Agency Collateralized Mortgage Obligations — 3.3%** |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| 4.250%, 11/25/59 (144A) (c) | 4234209 | &nbsp;&nbsp; $4075857 |
| 4.250%, 05/25/60 (144A) (c) | 4710000 | &nbsp;&nbsp; 4500382 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 7.305%, SOFR30A + 3.000%, 12/25/50 (144A) (c) | 8290000 | &nbsp;&nbsp; 8847658 |
| 7.355%, SOFR30A + 3.050%, 01/25/34 (144A) (c) | 4750000 | &nbsp;&nbsp; 5070625 |
| 8.055%, SOFR30A + 3.750%, 02/25/42 (144A) (c) | 2717000 | &nbsp;&nbsp; 2821389 |
| 9.055%, SOFR30A + 4.750%, 02/25/42 (144A) (c) | 1090000 | &nbsp;&nbsp; 1141436 |
| 10.055%, SOFR30A + 5.750%, 09/25/42 (144A) (c) | 3780000 | &nbsp;&nbsp; 4123773 |
| 14.055%, SOFR30A + 9.750%, 04/25/42 (144A) (c) | 1165184 | &nbsp;&nbsp; 1301971 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 6.805%, SOFR30A + 2.500%, 10/25/43 (144A) (c) | 1810000 | &nbsp;&nbsp; 1860613 |
| 6.805%, SOFR30A + 2.500%, 02/25/44 (144A) (c) | 1100000 | &nbsp;&nbsp; 1118506 |
| 7.005%, SOFR30A + 2.700%, 01/25/44 (144A) (c) | 4650000 | &nbsp;&nbsp; 4761659 |
| 7.405%, SOFR30A + 3.100%, 10/25/41 (144A) (c) | 7990000 | &nbsp;&nbsp; 8183634 |
| 7.820%, SOFR30A + 3.514%, 10/25/39 (144A) (c) | 9279299 | &nbsp;&nbsp; 9480973 |
| 8.205%, SOFR30A + 3.900%, 07/25/43 (144A) (c) | 1470000 | &nbsp;&nbsp; 1552379 |
| 8.520%, SOFR30A + 4.214%, 07/25/39 (144A) (c) | 2735962 | &nbsp;&nbsp; 2805514 |
| Federal National Mortgage Association REMICS |  |  |
| 4.770%, SOFR30A + 0.464%, 05/25/34 (c) | 24079 | &nbsp;&nbsp; 23936 |
|  |  | &nbsp;&nbsp; 61670305 |
| **Agency Mortgage-Backed Securities — 7.0%** | **Agency Mortgage-Backed Securities — 7.0%** | **Agency Mortgage-Backed Securities — 7.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 05/01/41 | 647657 | &nbsp;&nbsp; 536417 |
| 1.500%, 07/01/41 | 511510 | &nbsp;&nbsp; 424203 |
| 3.000%, 06/01/35 | 1912258 | &nbsp;&nbsp; 1820615 |
| 4.000%, 07/01/49 | 4940490 | &nbsp;&nbsp; 4677773 |
| 4.500%, 02/01/47 | 1129582 | &nbsp;&nbsp; 1099464 |
| 4.500%, 10/01/52 | 745221 | &nbsp;&nbsp; 714175 |
| 5.000%, 09/01/52 | 3365943 | &nbsp;&nbsp; 3315163 |
| 6.000%, 09/01/53 | 4474901 | &nbsp;&nbsp; 4565514 |
| 6.000%, 02/01/55 | 398145 | &nbsp;&nbsp; 405244 |
| 6.500%, 05/01/53 | 1341944 | &nbsp;&nbsp; 1398119 |
| 6.500%, 11/01/53 | 2158065 | &nbsp;&nbsp; 2246150 |
| 7.000%, 03/01/39 | 24706 | &nbsp;&nbsp; 26137 |
| Federal National Mortgage Association |  |  |
| 2.000%, 08/01/41 | 3629210 | &nbsp;&nbsp; 3129332 |
| 2.000%, 08/01/51 | 2132501 | &nbsp;&nbsp; 1720352 |
| 2.000%, 10/01/51 | 7132028 | &nbsp;&nbsp; 5737142 |
| 2.500%, 07/01/41 | 1966228 | &nbsp;&nbsp; 1744734 |
| 2.500%, 09/01/51 | 288799 | &nbsp;&nbsp; 244262 |
| 2.500%, 10/01/51 | 1110026 | &nbsp;&nbsp; 935060 |
| 2.500%, 03/01/52 | 2748066 | &nbsp;&nbsp; 2312074 |
| 3.000%, 06/01/51 | 12176569 | &nbsp;&nbsp; 10631565 |
| 3.000%, 03/01/52 | 5061613 | &nbsp;&nbsp; 4459886 |
| 3.000%, 06/01/52 | 362422 | &nbsp;&nbsp; 316596 |
| 3.500%, 08/01/45 | 13228894 | &nbsp;&nbsp; 12280997 |
| 4.500%, 04/01/48 | 866650 | &nbsp;&nbsp; 844303 |
| 4.500%, 04/01/49 | 35819 | &nbsp;&nbsp; 34811 |
| 4.500%, 10/01/49 | 19113 | &nbsp;&nbsp; 18581 |
| 4.500%, 08/01/58 | 61432 | &nbsp;&nbsp; 58788 |
| 5.500%, 09/01/53 | 4442179 | &nbsp;&nbsp; 4462215 |
| 6.500%, 01/01/53 | 1608239 | &nbsp;&nbsp; 1669488 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 7.000%, 07/01/30 | 119 | &nbsp;&nbsp; $125 |
| 7.000%, 07/01/31 | 676 | &nbsp;&nbsp; 713 |
| 7.000%, 09/01/31 | 456 | &nbsp;&nbsp; 481 |
| 7.000%, 10/01/31 | 473 | &nbsp;&nbsp; 498 |
| 7.000%, 11/01/31 | 9403 | &nbsp;&nbsp; 9914 |
| 7.000%, 01/01/32 | 3376 | &nbsp;&nbsp; 3560 |
| 7.500%, 01/01/30 | 74 | &nbsp;&nbsp; 77 |
| 7.500%, 02/01/30 | 139 | &nbsp;&nbsp; 138 |
| 7.500%, 06/01/30 | 15 | &nbsp;&nbsp; 15 |
| 7.500%, 08/01/30 | 35 | &nbsp;&nbsp; 34 |
| 7.500%, 11/01/30 | 5063 | &nbsp;&nbsp; 5083 |
| 7.500%, 02/01/31 | 99 | &nbsp;&nbsp; 99 |
| 8.000%, 07/01/30 | 96 | &nbsp;&nbsp; 100 |
| 8.000%, 09/01/30 | 215 | &nbsp;&nbsp; 217 |
| FREMF Mortgage Trust |  |  |
| 10.712%, SOFR30A + 6.400%, 07/25/31 (144A) (c) | 1781868 | &nbsp;&nbsp; 1627188 |
| Government National Mortgage Association |  |  |
| Zero Coupon, 04/16/52 (c) (h) | 1491517 | &nbsp;&nbsp; 15 |
| 0.561%, 07/16/58 (c) (h) | 841470 | &nbsp;&nbsp; 22348 |
| 2.000%, 10/20/50 | 1218897 | &nbsp;&nbsp; 992861 |
| 2.000%, 02/20/51 | 716690 | &nbsp;&nbsp; 573125 |
| 2.500%, 03/20/51 | 2314696 | &nbsp;&nbsp; 1968192 |
| 2.500%, 05/20/51 | 249112 | &nbsp;&nbsp; 209597 |
| 3.000%, 10/20/51 | 905358 | &nbsp;&nbsp; 801721 |
| 3.000%, 11/20/51 | 1768315 | &nbsp;&nbsp; 1564800 |
| 3.500%, 12/20/50 | 2146037 | &nbsp;&nbsp; 1959950 |
| 4.000%, 10/20/52 | 1573815 | &nbsp;&nbsp; 1473704 |
| 4.500%, 11/20/50 | 809838 | &nbsp;&nbsp; 788241 |
| 4.500%, 12/20/50 | 139420 | &nbsp;&nbsp; 135343 |
| 4.500%, 04/20/53 | 1215839 | &nbsp;&nbsp; 1170211 |
| 5.000%, 09/20/52 | 1955222 | &nbsp;&nbsp; 1931141 |
| 5.000%, 09/20/53 | 1326348 | &nbsp;&nbsp; 1304762 |
| 5.500%, 01/15/34 | 11081 | &nbsp;&nbsp; 11414 |
| 5.500%, 03/20/34 | 1852 | &nbsp;&nbsp; 1895 |
| 5.500%, 04/15/34 | 3898 | &nbsp;&nbsp; 4024 |
| 5.500%, 07/15/34 | 19836 | &nbsp;&nbsp; 20214 |
| 5.500%, 10/15/34 | 17697 | &nbsp;&nbsp; 18146 |
| 5.500%, 04/20/53 | 2065411 | &nbsp;&nbsp; 2078933 |
| 5.750%, 10/15/38 | 21253 | &nbsp;&nbsp; 22217 |
| 6.000%, 05/20/32 | 2167 | &nbsp;&nbsp; 2249 |
| 6.000%, 02/15/33 | 413 | &nbsp;&nbsp; 425 |
| 6.000%, 03/15/33 | 1260 | &nbsp;&nbsp; 1292 |
| 6.000%, 06/15/33 | 841 | &nbsp;&nbsp; 885 |
| 6.000%, 07/15/33 | 1156 | &nbsp;&nbsp; 1190 |
| 6.000%, 09/15/33 | 564 | &nbsp;&nbsp; 570 |
| 6.000%, 10/15/33 | 781 | &nbsp;&nbsp; 816 |
| 6.000%, 11/20/33 | 3047 | &nbsp;&nbsp; 3146 |
| 6.500%, 02/15/32 | 145 | &nbsp;&nbsp; 149 |
| 6.500%, 03/15/32 | 119 | &nbsp;&nbsp; 123 |
| 6.500%, 11/15/32 | 321 | &nbsp;&nbsp; 332 |
| Government National Mortgage Association, TBA |  |  |
| 2.000%, TBA (m) | 100000 | &nbsp;&nbsp; 81420 |
| 2.500%, TBA (m) | 200000 | &nbsp;&nbsp; 169888 |
| 3.000%, TBA (m) | 2900000 | &nbsp;&nbsp; 2564642 |
| 3.500%, TBA (m) | 1300000 | &nbsp;&nbsp; 1181744 |

---

*See accompanying notes to financial statements.*

**BHFTII-378**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association, TBA |  |  |
| 4.000%, TBA (m) | 800000 | &nbsp;&nbsp; $743696 |
| 4.500%, TBA (m) | 700000 | &nbsp;&nbsp; 669941 |
| 5.000%, TBA (m) | 200000 | &nbsp;&nbsp; 196429 |
| 5.500%, TBA (m) | 1500000 | &nbsp;&nbsp; 1501968 |
| 6.000%, TBA (m) | 2100000 | &nbsp;&nbsp; 2130675 |
| 6.500%, TBA (m) | 300000 | &nbsp;&nbsp; 307959 |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| 7.670%, SOFR30A + 3.364%, 10/25/49 (144A) (c) | 2376473 | &nbsp;&nbsp; 2412131 |
| 8.170%, SOFR30A + 3.864%, 03/25/50 (144A) (c) | 3619609 | &nbsp;&nbsp; 3672919 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.500%, TBA (m) | 15200000 | &nbsp;&nbsp; 12600354 |
| 4.500%, TBA (m) | 4300000 | &nbsp;&nbsp; 4112612 |
| 5.000%, TBA (m) | 2600000 | &nbsp;&nbsp; 2547740 |
| 5.500%, TBA (m) | 3600000 | &nbsp;&nbsp; 3599176 |
| 6.000%, TBA (m) | 2400000 | &nbsp;&nbsp; 2438695 |
|  |  | &nbsp;&nbsp; 131473422 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $199,444,006) <br>|  | &nbsp;&nbsp; 193143727 |
| **Asset-Backed Securities—9.9%** | **Asset-Backed Securities—9.9%** | **Asset-Backed Securities—9.9%** |
| **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| 3.710%, 08/20/27 (144A) | 7750000 | &nbsp;&nbsp; 7571808 |
| Santander Bank Auto Credit-Linked Notes |  |  |
| 14.592%, 12/15/32 (144A) | 2500000 | &nbsp;&nbsp; 2602552 |
|  |  | &nbsp;&nbsp; 10174360 |
| **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** |
| WaMu Asset-Backed Certificates WaMu Trust |  |  |
| 4.604%, 1M TSFR + 0.284%, 07/25/47 (c) | 5819310 | &nbsp;&nbsp; 4349772 |
| **Asset-Backed - Manufactured Housing — 0.4%** | **Asset-Backed - Manufactured Housing — 0.4%** | **Asset-Backed - Manufactured Housing — 0.4%** |
| Conseco Finance Corp. |  |  |
| 7.020%, 05/01/31 (c) | 15226384 | &nbsp;&nbsp; 4239048 |
| 7.700%, 05/01/31 (c) | 6849436 | &nbsp;&nbsp; 2060091 |
| Origen Manufactured Housing Contract Trust |  |  |
| 6.553%, 04/15/37 (c) | 165214 | &nbsp;&nbsp; 153790 |
| UCFC Manufactured Housing Contract |  |  |
| 7.095%, 04/15/29 (c) | 405856 | &nbsp;&nbsp; 384518 |
|  |  | &nbsp;&nbsp; 6837447 |
| **Asset-Backed - Other — 8.5%** | **Asset-Backed - Other — 8.5%** | **Asset-Backed - Other — 8.5%** |
| 1988 CLO 5 Ltd. |  |  |
| 7.556%, 3M TSFR + 3.300%, 07/15/37 (144A) (c) | 1200000 | &nbsp;&nbsp; 1204015 |
| 720 East CLO VII Ltd. |  |  |
| 9.031%, 3M TSFR + 4.750%, 04/20/37 (144A) (c) | 2010000 | &nbsp;&nbsp; 1986473 |
| AMMC CLO 23 Ltd. |  |  |
| 7.980%, 3M TSFR + 3.700%, 04/17/35 (144A) (c) | 2540000 | &nbsp;&nbsp; 2535555 |
| AMMC CLO 27 Ltd. |  |  |
| 6.970%, 3M TSFR + 2.700%, 01/20/37 (144A) (c) | 1580000 | &nbsp;&nbsp; 1582337 |
| AMMC CLO 30 Ltd. |  |  |
| 8.756%, 3M TSFR + 4.500%, 01/15/37 (144A) (c) | 1800000 | &nbsp;&nbsp; 1825866 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Apidos CLO XXII Ltd. |  |  |
| 11.281%, 3M TSFR + 7.012%, 04/20/31 (144A) (c) | 5490000 | &nbsp;&nbsp; $5502254 |
| Apidos Loan Fund Ltd. |  |  |
| 7.482%, 3M TSFR + 3.200%, 04/25/35 (144A) (c) | 1800000 | &nbsp;&nbsp; 1804266 |
| APL Finance DAC |  |  |
| 7.861%, 07/21/31 (144A) | 1200000 | &nbsp;&nbsp; 1209600 |
| Applebee's Funding LLC/IHOP Funding LLC |  |  |
| 7.824%, 03/05/53 (144A) † | 2000000 | &nbsp;&nbsp; 2028934 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| 6.000%, 10/25/36 | 894753 | &nbsp;&nbsp; 286513 |
| Black Diamond CLO Ltd. |  |  |
| 5.932%, 3M TSFR + 1.650%, 10/25/37 (144A) (c) | 5000000 | &nbsp;&nbsp; 5021855 |
| Blueberry Park CLO Ltd. |  |  |
| 7.170%, 3M TSFR + 2.900%, 10/20/37 (144A) (c) | 2640000 | &nbsp;&nbsp; 2646035 |
| Captree Park CLO Ltd. |  |  |
| 7.520%, 3M TSFR + 3.250%, 07/20/37 (144A) (c) | 2220000 | &nbsp;&nbsp; 2224365 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 5.638%, 3M TSFR + 1.312%, 05/15/31 (144A) (c) | 1192881 | &nbsp;&nbsp; 1193090 |
| 7.481%, 3M TSFR + 3.212%, 07/20/31 (144A) (c) | 1500000 | &nbsp;&nbsp; 1504134 |
| CarVal CLO XI C Ltd. |  |  |
| 7.270%, 3M TSFR + 3.000%, 10/20/37 (144A) (c) | 3820000 | &nbsp;&nbsp; 3837408 |
| CIFC Funding Ltd. |  |  |
| 7.970%, 3M TSFR + 3.700%, 04/20/37 (144A) (c) | 1340000 | &nbsp;&nbsp; 1349789 |
| Columbia Cent CLO 35 Ltd. |  |  |
| 7.822%, 3M TSFR + 3.500%, 07/25/36 (144A) (c) | 2400000 | &nbsp;&nbsp; 2400000 |
| Dividend Solar Loans LLC |  |  |
| 3.670%, 08/22/39 (144A) | 1969488 | &nbsp;&nbsp; 1808564 |
| Flatiron CLO 28 Ltd. |  |  |
| 10.006%, 3M TSFR + 5.750%, 07/15/36 (144A) (c) | 1500000 | &nbsp;&nbsp; 1501875 |
| Fortress Credit BSL XII Ltd. |  |  |
| 11.648%, 3M TSFR + 7.392%, 10/15/34 (144A) (c) | 2000000 | &nbsp;&nbsp; 1925392 |
| Galaxy XXVI CLO Ltd. |  |  |
| 7.276%, 3M TSFR + 2.950%, 11/22/31 (144A) (c) | 1795000 | &nbsp;&nbsp; 1808152 |
| Golub Capital Partners CLO 53B Ltd. |  |  |
| 9.011%, 3M TSFR + 4.700%, 07/20/34 (144A) (c) | 2500000 | &nbsp;&nbsp; 2462450 |
| Greenwood Park CLO Ltd. |  |  |
| 9.468%, 3M TSFR + 5.212%, 04/15/31 (144A) (c) | 7380000 | &nbsp;&nbsp; 7357860 |
| Greywolf CLO II Ltd. |  |  |
| 8.190%, 3M TSFR + 3.910%, 04/17/34 (144A) (c) | 3000000 | &nbsp;&nbsp; 3001818 |
| HalseyPoint CLO 3 Ltd. |  |  |
| 5.760%, 3M TSFR + 1.480%, 07/30/37 (144A) (c) | 2110000 | &nbsp;&nbsp; 2115435 |
| Hayfin U.S. XV Ltd. |  |  |
| 8.543%, 3M TSFR + 4.260%, 04/28/37 (144A) (c) | 2970000 | &nbsp;&nbsp; 3000974 |
| Kestrel Aircraft Funding Ltd. |  |  |
| 4.250%, 12/15/38 (144A) | 776124 | &nbsp;&nbsp; 760671 |
| LFS LLC |  |  |
| 8.250%, 07/15/35 (144A) | 1000000 | &nbsp;&nbsp; 998963 |
| Madison Park Funding XXIV Ltd. |  |  |
| 7.220%, 3M TSFR + 2.950%, 10/20/29 (144A) (c) | 2460000 | &nbsp;&nbsp; 2462721 |
| Magnetite XII Ltd. |  |  |
| 10.198%, 3M TSFR + 5.942%, 10/15/31 (144A) (c) | 500000 | &nbsp;&nbsp; 501107 |
| Magnetite XXII Ltd. |  |  |
| 7.156%, 3M TSFR + 2.900%, 07/15/36 (144A) (c) | 1830000 | &nbsp;&nbsp; 1831332 |
| MF1 LLC |  |  |
| 5.635%, 1M TSFR + 1.320%, 02/18/40 (144A) (c) | 3860000 | &nbsp;&nbsp; 3848069 |
| 7.056%, 1M TSFR + 2.741%, 02/18/40 (144A) (c) | 1410000 | &nbsp;&nbsp; 1389293 |

---

*See accompanying notes to financial statements.*

**BHFTII-379**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| MF1 LLC |  |  |
| 7.805%, 1M TSFR + 3.490%, 02/18/40 (144A) (c) | 1340000 | &nbsp;&nbsp; $1316348 |
| Mosaic Solar Loan Trust |  |  |
| 9.000%, 09/20/49 (144A) | 2600000 | &nbsp;&nbsp; 2266354 |
| Mountain View CLO XVI Ltd. |  |  |
| 8.446%, 3M TSFR + 4.190%, 04/15/34 (144A) (c) | 3700000 | &nbsp;&nbsp; 3705550 |
| New Mountain CLO 5 Ltd. |  |  |
| 7.475%, 3M TSFR + 3.150%, 07/20/36 (144A) (c) | 2690000 | &nbsp;&nbsp; 2690000 |
| Ocean Trails CLO X |  |  |
| 5.556%, 3M TSFR + 1.300%, 10/15/34 (144A) (c) | 5500000 | &nbsp;&nbsp; 5502530 |
| 12.088%, 3M TSFR + 7.832%, 10/15/34 (144A) (c) | 4000000 | &nbsp;&nbsp; 3944520 |
| OCP CLO Ltd. |  |  |
| 7.611%, 3M TSFR + 3.350%, 07/16/35 (144A) (c) | 3650000 | &nbsp;&nbsp; 3660377 |
| 7.983%, 3M TSFR + 3.700%, 04/26/36 (144A) (c) | 2210000 | &nbsp;&nbsp; 2206132 |
| Octagon Investment Partners 47 Ltd. |  |  |
| 10.272%, 3M TSFR + 6.000%, 01/22/38 (144A) (c) | 2680000 | &nbsp;&nbsp; 2687265 |
| OHA Credit Funding 11 Ltd. |  |  |
| 7.120%, 3M TSFR + 2.850%, 07/19/37 (144A) (c) | 3150000 | &nbsp;&nbsp; 3153912 |
| OHA Credit Funding 19 Ltd. |  |  |
| 7.170%, 3M TSFR + 2.900%, 07/20/37 (144A) (c) | 1000000 | &nbsp;&nbsp; 995583 |
| Palmer Square CLO Ltd. |  |  |
| 7.220%, 3M TSFR + 2.950%, 07/20/37 (144A) (c) | 4460000 | &nbsp;&nbsp; 4469446 |
| Palmer Square Loan Funding Ltd. |  |  |
| 7.256%, 3M TSFR + 3.000%, 04/15/31 (144A) (c) | 3230000 | &nbsp;&nbsp; 3240720 |
| 9.156%, 3M TSFR + 4.900%, 10/15/32 (144A) (c) | 2250000 | &nbsp;&nbsp; 2241452 |
| Peace Park CLO Ltd. |  |  |
| 10.531%, 3M TSFR + 6.262%, 10/20/34 (144A) (c) | 2250000 | &nbsp;&nbsp; 2256586 |
| Pioneer Aircraft Finance Ltd. |  |  |
| 3.967%, 06/15/44 (144A) | 1305485 | &nbsp;&nbsp; 1276950 |
| RR 18 Ltd. |  |  |
| 10.768%, 3M TSFR + 6.512%, 10/15/34 (144A) (c) | 7070000 | &nbsp;&nbsp; 7071570 |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| 4.654%, 1M TSFR + 0.334%, 02/25/36 (144A) (c) | 2525862 | &nbsp;&nbsp; 46770 |
| Symphony CLO XIX Ltd. |  |  |
| 5.482%, 3M TSFR + 1.222%, 04/16/31 (144A) (c) | 1357842 | &nbsp;&nbsp; 1358299 |
| TCI-Symphony CLO Ltd. |  |  |
| 7.603%, 3M TSFR + 3.362%, 10/13/32 (144A) (c) | 1720000 | &nbsp;&nbsp; 1719463 |
| 11.253%, 3M TSFR + 7.012%, 10/13/32 (144A) (c) | 6440000 | &nbsp;&nbsp; 6150303 |
| TCW CLO Ltd. |  |  |
| 7.670%, 3M TSFR + 3.400%, 04/20/34 (144A) (c) | 2350000 | &nbsp;&nbsp; 2347706 |
| Thrust Engine Leasing DAC |  |  |
| 4.163%, 07/15/40 (144A) | 2908561 | &nbsp;&nbsp; 2834447 |
| Trinitas CLO XXVII Ltd. |  |  |
| 8.570%, 3M TSFR + 4.300%, 04/18/37 (144A) (c) | 3660000 | &nbsp;&nbsp; 3698606 |
| Valley Stream Park CLO Ltd. |  |  |
| 6.970%, 3M TSFR + 2.700%, 01/20/37 (144A) (c) | 2425000 | &nbsp;&nbsp; 2422117 |
| Warwick Capital CLO 3 Ltd. |  |  |
| 8.770%, 3M TSFR + 4.500%, 04/20/37 (144A) (c) | 2000000 | &nbsp;&nbsp; 2015946 |
| Whitebox CLO V Ltd. |  |  |
| 7.104%, 3M TSFR + 2.850%, 07/20/38 (144A) (c) | 2680000 | &nbsp;&nbsp; 2680000 |
| Ziply Fiber Issuer LLC |  |  |
| 6.640%, 04/20/54 (144A) | 3000000 | &nbsp;&nbsp; 3080688 |
|  |  | &nbsp;&nbsp; 157956805 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Student Loan — 0.3%** | **Asset-Backed - Student Loan — 0.3%** | **Asset-Backed - Student Loan — 0.3%** |
| College Avenue Student Loans LLC |  |  |
| 6.060%, 05/25/55 (144A) | 2395139 | &nbsp;&nbsp; $2419306 |
| National Collegiate Student Loan Trust |  |  |
| 4.724%, 1M TSFR + 0.404%, 01/25/33 (c) | 1148766 | &nbsp;&nbsp; 1111926 |
| SMB Private Education Loan Trust |  |  |
| 3.860%, 01/15/53 (144A) | 2113885 | &nbsp;&nbsp; 1915925 |
|  |  | &nbsp;&nbsp; 5447157 |
| Total Asset-Backed Securities <br>(Cost $187,661,320) <br>|  | &nbsp;&nbsp; 184765541 |
| **Foreign Government—5.2%** | **Foreign Government—5.2%** | **Foreign Government—5.2%** |
| **Regional Government — 1.4%** | **Regional Government — 1.4%** | **Regional Government — 1.4%** |
| Provincia de Buenos Aires/Government Bonds |  |  |
| 6.625%, 09/01/37 (144A) (e) | 22163831 | &nbsp;&nbsp; 16041073 |
| Provincia de Cordoba |  |  |
| 6.990%, 06/01/27 (144A) (e) | 5215415 | &nbsp;&nbsp; 5150050 |
| 9.750%, 07/02/32 (144A) | 5233000 | &nbsp;&nbsp; 5246082 |
|  |  | &nbsp;&nbsp; 26437205 |
| **Sovereign — 3.8%** | **Sovereign — 3.8%** | **Sovereign — 3.8%** |
| Angola Government International Bonds |  |  |
| 8.750%, 04/14/32 (144A) | 1520000 | &nbsp;&nbsp; 1341647 |
| 9.125%, 11/26/49 | 1710000 | &nbsp;&nbsp; 1325926 |
| Bahamas Government International Bonds |  |  |
| 8.250%, 06/24/36 (144A) | 3000000 | &nbsp;&nbsp; 3045000 |
| Brazil Government International Bonds |  |  |
| 6.000%, 04/07/26 (a) | 2770000 | &nbsp;&nbsp; 2793762 |
| Brazil Letras do Tesouro Nacional |  |  |
| Zero Coupon, 01/01/26 (BRL) | 4784000 | &nbsp;&nbsp; 819770 |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/31 (BRL) | 56781000 | &nbsp;&nbsp; 9168902 |
| Dominican Republic International Bonds |  |  |
| 4.500%, 01/30/30 (a) | 900000 | &nbsp;&nbsp; 853380 |
| 4.875%, 09/23/32 | 4020000 | &nbsp;&nbsp; 3707847 |
| 5.500%, 02/22/29 (144A) | 2100000 | &nbsp;&nbsp; 2088660 |
| Egypt Government International Bonds |  |  |
| 5.875%, 02/16/31 | 510000 | &nbsp;&nbsp; 450776 |
| 7.053%, 01/15/32 | 1940000 | &nbsp;&nbsp; 1770266 |
| El Salvador Government International Bonds |  |  |
| 9.250%, 04/17/30 (144A) | 1180000 | &nbsp;&nbsp; 1247850 |
| 9.650%, 11/21/54 (144A) | 2370000 | &nbsp;&nbsp; 2435175 |
| Ethiopia International Bonds |  |  |
| 6.625%, 12/11/24 | 1500000 | &nbsp;&nbsp; 1380000 |
| Ghana Government International Bonds |  |  |
| Zero Coupon, 07/03/26 (144A) | 34080 | &nbsp;&nbsp; 33031 |
| 5.000%, 07/03/29 (144A) (e) | 646140 | &nbsp;&nbsp; 604901 |
| 5.000%, 07/03/35 (144A) (e) | 929160 | &nbsp;&nbsp; 721722 |
| Ivory Coast Government International Bonds |  |  |
| 7.625%, 01/30/33 (144A) | 6250000 | &nbsp;&nbsp; 6161245 |
| 8.250%, 01/30/37 (144A) | 1720000 | &nbsp;&nbsp; 1656720 |
| Jamaica Government International Bonds |  |  |
| 9.625%, 11/03/30 (JMD) | 227000000 | &nbsp;&nbsp; 1463467 |
| Jordan Government International Bonds |  |  |
| 7.500%, 01/13/29 | 2340000 | &nbsp;&nbsp; 2399837 |

---

*See accompanying notes to financial statements.*

**BHFTII-380**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Jordan Government International Bonds |  |  |
| 7.750%, 01/15/28 (144A) | 3150000 | &nbsp;&nbsp; $3252949 |
| Mexico Government International Bonds |  |  |
| 6.000%, 05/07/36 (a) | 4330000 | &nbsp;&nbsp; 4273277 |
| Mozambique International Bonds |  |  |
| 9.000%, 09/15/31 (e) | 1240000 | &nbsp;&nbsp; 1020223 |
| Nigeria Government International Bonds |  |  |
| 7.143%, 02/23/30 | 2600000 | &nbsp;&nbsp; 2473731 |
| Republic of Kenya Government International Bonds |  |  |
| 6.300%, 01/23/34 | 1220000 | &nbsp;&nbsp; 986496 |
| 9.750%, 02/16/31 (144A) | 4740000 | &nbsp;&nbsp; 4803536 |
| Republic of Uzbekistan International Bonds |  |  |
| 3.900%, 10/19/31 | 1650000 | &nbsp;&nbsp; 1454417 |
| Romania Government International Bonds |  |  |
| 7.500%, 02/10/37 (144A) | 2190000 | &nbsp;&nbsp; 2273445 |
| Senegal Government International Bonds |  |  |
| 6.250%, 05/23/33 | 1520000 | &nbsp;&nbsp; 998757 |
| Sri Lanka Government International Bonds |  |  |
| 3.100%, 01/15/30 (144A) (e) | 163672 | &nbsp;&nbsp; 145668 |
| 3.350%, 03/15/33 (144A) (e) | 321040 | &nbsp;&nbsp; 258717 |
| 3.600%, 06/15/35 (144A) (e) | 216776 | &nbsp;&nbsp; 148811 |
| 3.600%, 05/15/36 (144A) (e) | 150447 | &nbsp;&nbsp; 122238 |
| 3.600%, 02/15/38 (144A) (e) | 301021 | &nbsp;&nbsp; 244015 |
| 4.000%, 04/15/28 (144A) | 152952 | &nbsp;&nbsp; 143392 |
| Ukraine Government International Bonds |  |  |
| 1.750%, 02/01/34 (e) | 600436 | &nbsp;&nbsp; 308379 |
| 1.750%, 02/01/35 (e) | 1050764 | &nbsp;&nbsp; 530186 |
| 1.750%, 02/01/36 (e) | 1350982 | &nbsp;&nbsp; 659008 |
| 3.000%, 02/01/30 (e) | 23994 | &nbsp;&nbsp; 11401 |
| 3.000%, 02/01/34 (e) | 612820 | &nbsp;&nbsp; 231598 |
| 3.000%, 02/01/35 (e) | 517876 | &nbsp;&nbsp; 238625 |
| 3.000%, 02/01/36 (e) | 431563 | &nbsp;&nbsp; 203378 |
| Uruguay Government International Bonds |  |  |
| 3.400%, 05/16/45 (UYU) (n) | 9317940 | &nbsp;&nbsp; 231733 |
|  |  | &nbsp;&nbsp; 70483864 |
| Total Foreign Government <br>(Cost $91,678,163) <br>|  | &nbsp;&nbsp; 96921069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Wells Fargo & Co.- Series L, 7.500% <br>(Cost $5,598,292)<br>| 4965 | &nbsp;&nbsp; 5829556 |
| **Common Stocks—0.1%** | **Common Stocks—0.1%** | **Common Stocks—0.1%** |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Lear Corp.  | 399 | &nbsp;&nbsp; 37897 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| LyondellBasell Industries NV - Class A | 23 | &nbsp;&nbsp; 1331 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| WW International, Inc. (o) | 30640 | &nbsp;&nbsp; 925328 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Cengage Learning, Inc. (o) | 10995 | &nbsp;&nbsp; $247387 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| Ascent CNR Corp. - Class A † (f) (g) (o) | 13995 | &nbsp;&nbsp; 27990 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Spirit Aviation Holdings, Inc. (a) (o) | 82316 | &nbsp;&nbsp; 410757 |
| Total Common Stocks <br>(Cost $2,794,700) <br>|  | &nbsp;&nbsp; 1650690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Bond—0.0%** | **Convertible Bond—0.0%** | **Convertible Bond—0.0%** |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Gannett Co., Inc. |  |  |
| 6.000%, 12/01/27 (144A) <br>(Cost $373,204)<br>| 404000 | &nbsp;&nbsp; 423585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Sino Forest Corp. (f) (g) (o) <br>(Cost $0)<br>| 1746000 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** |
| **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** | **Repurchase Agreement—1.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due <br> on 07/01/25, with a maturity value of $20,532,044; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $20,940,877<br>| 20530191 | &nbsp;&nbsp; 20530191 |
| Total Short-Term Investments <br>(Cost $20,530,191) <br>|  | &nbsp;&nbsp; 20530191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (p)—12.9%** | **Securities Lending Reinvestments (p)—12.9%** | **Securities Lending Reinvestments (p)—12.9%** |
| **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (q)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market <br> Fund, <br>Premier Class 4.270% (q)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 4000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—3.2%** | **Certificates of Deposit—3.2%** | **Certificates of Deposit—3.2%** |
| Bank of America NA |  |  |
| 4.600%, SOFR + 0.200%, 07/09/25 (c) | 3000000 | &nbsp;&nbsp; 2999997 |
| 4.800%, SOFR + 0.400%, 03/31/26 (c) | 2000000 | &nbsp;&nbsp; 2001944 |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (c) | 1000000 | &nbsp;&nbsp; 999998 |
| 4.780%, SOFR + 0.390%, 05/05/26 (c) | 2000000 | &nbsp;&nbsp; 2001442 |
| Barclays Bank PLC |  |  |
| 4.600%, SOFR + 0.200%, 10/01/25 (c) | 2000000 | &nbsp;&nbsp; 2000152 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (c) | 1000000 | &nbsp;&nbsp; 999988 |

---

*See accompanying notes to financial statements.*

**BHFTII-381**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (c) | 3000000 | &nbsp;&nbsp; $3002808 |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (c) | 2000000 | &nbsp;&nbsp; 2000340 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.670%, SOFR + 0.280%, 11/03/25 (c) | 2000000 | &nbsp;&nbsp; 1999862 |
| 4.750%, SOFR+0.360%, 09/03/25 (c) | 1000000 | &nbsp;&nbsp; 1000132 |
| Credit Agricole SA |  |  |
| 4.500%, 09/15/25 | 3000000 | &nbsp;&nbsp; 3000810 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| Zero Coupon, 08/20/25 | 6000000 | &nbsp;&nbsp; 5962860 |
| 4.630%, SOFR + 0.240%, 07/07/25 (c) | 4000000 | &nbsp;&nbsp; 4000008 |
| Mizuho Bank Ltd. |  |  |
| 4.580%, SOFR + 0.180%, 09/11/25 (c) | 2000000 | &nbsp;&nbsp; 1999676 |
| 4.690%, SOFR+ 0.290%, 11/13/25 (c) | 2000000 | &nbsp;&nbsp; 1999992 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 07/11/25 (c) | 4000000 | &nbsp;&nbsp; 4000052 |
| 4.620%, SOFR + 0.220%, 11/21/25 (c) | 2000000 | &nbsp;&nbsp; 2000012 |
| 4.620%, SOFR + 0.220%, 12/15/25 (c) | 2000000 | &nbsp;&nbsp; 1999966 |
| Royal Bank of Canada |  |  |
| 4.770%, SOFR + 0.380%, 05/01/26 (c) | 2000000 | &nbsp;&nbsp; 2000930 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.600%, SOFR + 0.200%, 12/08/25 (c) | 2000000 | &nbsp;&nbsp; 1999414 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (c) | 3000000 | &nbsp;&nbsp; 3001308 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.740%, SOFR + 0.350%, 10/14/25 (c) | 3000000 | &nbsp;&nbsp; 3000948 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (c) | 2000000 | &nbsp;&nbsp; 1999538 |
| 4.850%, SOFR + 0.450%, 04/23/26 (c) | 2000000 | &nbsp;&nbsp; 2001554 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000001 |
|  |  | &nbsp;&nbsp; 58973732 |
| **Commercial Paper—1.5%** | **Commercial Paper—1.5%** | **Commercial Paper—1.5%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 3000000 | &nbsp;&nbsp; 2998909 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (c) | 4000000 | &nbsp;&nbsp; 3999856 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (c) | 4000000 | &nbsp;&nbsp; 3999804 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 5000000 | &nbsp;&nbsp; 4998135 |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 3000000 | &nbsp;&nbsp; 2996220 |
| Salisbury Receivables Co. LLC |  |  |
| 4.450%, 07/09/25 | 4000000 | &nbsp;&nbsp; 3995460 |
| 4.470%, 07/15/25 | 4000000 | &nbsp;&nbsp; 3992440 |
|  |  | &nbsp;&nbsp; 28976840 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—8.0%** | **Repurchase Agreements—8.0%** | **Repurchase Agreements—8.0%** |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due <br> on 07/01/25 with a maturity value of $2,000,243; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.375% - 4.250%, maturity dates ranging <br> from 07/31/27 - 05/15/39, and an aggregate market <br> value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due <br> on 07/01/25 with a maturity value of $20,002,433; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates <br> ranging from 01/25/30 - 04/20/74, and an aggregate <br> market value of $20,402,482<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due <br> on 01/02/26 with a maturity value of $10,249,033; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.125% - 5.000%, maturity dates ranging <br> from 07/15/25 - 07/15/26, and various Common Stock <br> with an aggregate market value of $10,455,675<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due <br> on 07/01/25 with a maturity value of $3,713,968; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 2.250% - 3.250%, maturity dates ranging <br> from 05/15/41 - 05/15/52, and an aggregate market <br> value of $3,787,790<br>| 3713518 | &nbsp;&nbsp; 3713518 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due <br> on 07/01/25 with a maturity value of $3,000,378; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due <br> on 07/07/25 with a maturity value of $27,023,940; <br> collateralized by various Common Stock with an aggregate <br> market value of $30,108,317<br>| 27000000 | &nbsp;&nbsp; 27000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due <br> on 07/07/25 with a maturity value of $50,044,625; <br> collateralized by various Common Stock with an aggregate <br> market value of $55,757,487<br>| 50000000 | &nbsp;&nbsp; 50000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due <br> on 07/01/25 with a maturity value of $28,903,564; <br> collateralized by various Common Stock with an aggregate <br> market value of $32,154,683<br>| 28900000 | &nbsp;&nbsp; 28900000 |

---

*See accompanying notes to financial statements.*

**BHFTII-382**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due <br> on 07/01/25 with a maturity value of $4,800,591; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,280,650<br>| 4800000 | &nbsp;&nbsp; $4800000 |
|  |  | &nbsp;&nbsp; 149413518 |
| Total Securities Lending Reinvestments <br>(Cost $241,356,602) <br>|  | &nbsp;&nbsp; 241364090 |
| Total Purchased Options—0.0% (r) <br>(Cost $99,191) <br>|  | &nbsp;&nbsp; 130 |
| Total Investments—112.3% <br>(Cost $2,123,556,590)<br>|  | &nbsp;&nbsp; 2098690337 |
| Unfunded Loan Commitments—(0.0)% <br>(Cost $(65977))<br>|  | &nbsp;&nbsp; (65977)<br>|
| Net Investments—112.3% <br>(Cost $2,123,490,613) <br>|  | &nbsp;&nbsp; 2098624360 |
| Other assets and liabilities (net)—(12.3)%  |  | &nbsp;&nbsp; (230456246)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1868168114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of June 30, 2025, the market value of restricted securities was <br> $36,264,563, which is 1.9% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $279,923,861 and the collateral received consisted of cash in the <br> amount of $241,202,053 and non-cash collateral with a value of $51,945,910. 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) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (c) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br>|

---

---

| | |
|:---|:---|
|  | securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (d) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | Interest only security. |
| (i) | 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>|
| (j) | This loan will settle after June 30, 2025, at which time the interest rate will be determined. |
| (k) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of June 30, 2025.<br>|
| (l) | 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) | 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>|
| (n) | Principal amount of security is adjusted for inflation. |
| (o) | Non-income producing security. |
| (p) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (q) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (r) | For a breakout of open positions, see details shown in the Purchased Options table that <br> follows.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $1,134,988,149, which is 60.8% 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** |
| ACN 113 874 712 Pty. Ltd., 13.250%, 02/15/18 | 05/24/11 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 931574 | &nbsp;&nbsp; $960686 | &nbsp;&nbsp; $0 |
| American News Co. LLC, 8.500%, 09/01/26 | 09/03/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Applebee's Funding LLC/IHOP Funding LLC, 7.824%, 03/05/53 | 03/29/23-05/11/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2016719 | &nbsp;&nbsp; 2028934 |
| Ascent CNR Corp. - Class A | 04/18/16 |  | &nbsp;&nbsp; 13995 | &nbsp;&nbsp; 27992 | &nbsp;&nbsp; 27990 |
| Knight Health Holdings LLC, 9.691%, 12/23/28 | 12/17/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1391830 | &nbsp;&nbsp; 1341038 | &nbsp;&nbsp; 588048 |
| Mcclatchy Media Co. LLC, 11.000%, 12/01/31 | 12/11/24-06/03/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 29985060 | &nbsp;&nbsp; 28645230 | &nbsp;&nbsp; 32308902 |
| Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125%, 11/01/22 | 10/06/17-11/21/19 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8475000 | &nbsp;&nbsp; 8571525 | &nbsp;&nbsp; 85 |
| Saks Global Enterprises LLC, 11.000%, 12/15/29 | 12/10/24-04/22/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; 3114662 | &nbsp;&nbsp; 1275000 |
| Sunnova Energy Corp., 5.875%, 09/01/26 | 10/26/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp; 1613488 | &nbsp;&nbsp; 35600 |
|  |  |  |  |  | &nbsp;&nbsp; $36264563 |

---

*See accompanying notes to financial statements.*

**BHFTII-383**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $264210189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $463816530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $233 <br>,452195<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $609046258 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $219817145 | &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; $187758860 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(236392588)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(236392588)<br>|
| Foreign Government | &nbsp;&nbsp; (4809465)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4809465)<br>|
| Total Borrowings | &nbsp;&nbsp; $(241202053)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(241202053)<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; $(241202053)<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; 2970000 | CBNA | 07/16/25 | USD | 1902861 | &nbsp;&nbsp; $52287 |
| AUD | &nbsp;&nbsp; 40768763 | CBNA | 07/16/25 | USD | 24678515 | &nbsp;&nbsp; 2159521 |
| BRL | &nbsp;&nbsp; 1430000 | CBNA | 07/02/25 | USD | 262044 | &nbsp;&nbsp; 1158 |
| BRL | &nbsp;&nbsp; 36900000 | CBNA | 07/02/25 | USD | 6761833 | &nbsp;&nbsp; 29869 |
| BRL | &nbsp;&nbsp; 38330000 | CBNA | 07/02/25 | USD | 6907551 | &nbsp;&nbsp; 147353 |
| CAD | &nbsp;&nbsp; 1471314 | GSBU | 07/16/25 | USD | 1039693 | &nbsp;&nbsp; 41527 |
| CHF | &nbsp;&nbsp; 4392754 | BOA | 07/15/25 | USD | 5450000 | &nbsp;&nbsp; 95292 |
| CHF | &nbsp;&nbsp; 380000 | BOA | 07/16/25 | USD | 460728 | &nbsp;&nbsp; 19033 |
| CHF | &nbsp;&nbsp; 510000 | BOA | 07/16/25 | USD | 620595 | &nbsp;&nbsp; 23296 |
| CHF | &nbsp;&nbsp; 870000 | BOA | 07/16/25 | USD | 1054540 | &nbsp;&nbsp; 43862 |
| CHF | &nbsp;&nbsp; 1190000 | GSBU | 07/16/25 | USD | 1452282 | &nbsp;&nbsp; 50130 |
| CHF | &nbsp;&nbsp; 890000 | JPMC | 07/16/25 | USD | 1084948 | &nbsp;&nbsp; 38705 |
| CNH | &nbsp;&nbsp; 10540000 | BOA | 07/16/25 | USD | 1471578 | &nbsp;&nbsp; 2455 |
| CNH | &nbsp;&nbsp; 28180000 | BOA | 07/16/25 | USD | 3932126 | &nbsp;&nbsp; 8885 |
| CNH | &nbsp;&nbsp; 14190000 | BOA | 07/16/25 | USD | 1933648 | &nbsp;&nbsp; 50843 |
| CNH | &nbsp;&nbsp; 14410000 | BOA | 07/16/25 | USD | 1961201 | &nbsp;&nbsp; 54057 |
| CNH | &nbsp;&nbsp; 14170000 | BOA | 07/16/25 | USD | 1927182 | &nbsp;&nbsp; 54512 |
| CNH | &nbsp;&nbsp; 22940000 | BOA | 07/16/25 | USD | 3127817 | &nbsp;&nbsp; 80373 |
| CNH | &nbsp;&nbsp; 26103123 | BNP | 07/16/25 | USD | 3611175 | &nbsp;&nbsp; 39383 |
| EUR | &nbsp;&nbsp; 1530000 | BOA | 07/16/25 | USD | 1735311 | &nbsp;&nbsp; 68617 |
| EUR | &nbsp;&nbsp; 1130000 | BOA | 07/16/25 | USD | 1241946 | &nbsp;&nbsp; 90367 |
| EUR | &nbsp;&nbsp; 2130000 | BOA | 07/16/25 | USD | 2413469 | &nbsp;&nbsp; 97882 |
| EUR | &nbsp;&nbsp; 2500000 | BOA | 07/16/25 | USD | 2846982 | &nbsp;&nbsp; 100612 |
| EUR | &nbsp;&nbsp; 1280000 | BOA | 07/16/25 | USD | 1408061 | &nbsp;&nbsp; 101107 |
| EUR | &nbsp;&nbsp; 2070000 | BOA | 07/16/25 | USD | 2333786 | &nbsp;&nbsp; 106822 |
| EUR | &nbsp;&nbsp; 3491712 | BOA | 07/16/25 | USD | 3843184 | &nbsp;&nbsp; 273677 |

---

*See accompanying notes to financial statements.*

**BHFTII-384**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 2128000 | BNP | 07/16/25 | USD | 2426015 | &nbsp;&nbsp; $82977 |
| EUR | &nbsp;&nbsp; 1550000 | MSCS | 07/16/25 | USD | 1704596 | &nbsp;&nbsp; 122913 |
| GBP | &nbsp;&nbsp; 859978 | MSCS | 07/16/25 | USD | 1147391 | &nbsp;&nbsp; 33131 |
| JPY | &nbsp;&nbsp; 1179240000 | GSBU | 07/16/25 | USD | 8278117 | &nbsp;&nbsp; (76450)<br>|
| JPY | &nbsp;&nbsp; 750430000 | GSBU | 07/16/25 | USD | 5259598 | &nbsp;&nbsp; (40324)<br>|
| JPY | &nbsp;&nbsp; 428810000 | GSBU | 07/16/25 | USD | 3007711 | &nbsp;&nbsp; (25319)<br>|
| JPY | &nbsp;&nbsp; 324980000 | GSBU | 07/16/25 | USD | 2219422 | &nbsp;&nbsp; 40828 |
| JPY | &nbsp;&nbsp; 359700000 | GSBU | 07/16/25 | USD | 2457201 | &nbsp;&nbsp; 44529 |
| JPY | &nbsp;&nbsp; 753032926 | GSBU | 07/16/25 | USD | 5144511 | &nbsp;&nbsp; 92866 |
| MXN | &nbsp;&nbsp; 23500000 | BOA | 07/16/25 | USD | 1124143 | &nbsp;&nbsp; 126429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 2550000 | BOA | 07/16/25 | USD | 1588199 | &nbsp;&nbsp; (90464)<br>|
| AUD | &nbsp;&nbsp; 4121121 | CBNA | 07/16/25 | USD | 2593574 | &nbsp;&nbsp; (119356)<br>|
| AUD | &nbsp;&nbsp; 3010000 | CBNA | 07/16/25 | USD | 1908292 | &nbsp;&nbsp; (73188)<br>|
| AUD | &nbsp;&nbsp; 2980000 | CBNA | 07/16/25 | USD | 1901374 | &nbsp;&nbsp; (60357)<br>|
| AUD | &nbsp;&nbsp; 3010000 | CBNA | 07/16/25 | USD | 1921300 | &nbsp;&nbsp; (60180)<br>|
| AUD | &nbsp;&nbsp; 1640000 | CBNA | 07/16/25 | USD | 1041594 | &nbsp;&nbsp; (38017)<br>|
| AUD | &nbsp;&nbsp; 1636862 | CBNA | 07/16/25 | USD | 1041304 | &nbsp;&nbsp; (36240)<br>|
| AUD | &nbsp;&nbsp; 1490000 | CBNA | 07/16/25 | USD | 968737 | &nbsp;&nbsp; (12128)<br>|
| AUD | &nbsp;&nbsp; 80000 | CBNA | 07/16/25 | USD | 51095 | &nbsp;&nbsp; (1569)<br>|
| AUD | &nbsp;&nbsp; 1000000 | GSBU | 07/16/25 | USD | 650102 | &nbsp;&nbsp; (8197)<br>|
| BRL | &nbsp;&nbsp; 36900000 | CBNA | 07/02/25 | USD | 6455673 | &nbsp;&nbsp; (336030)<br>|
| BRL | &nbsp;&nbsp; 38330000 | CBNA | 07/02/25 | USD | 7023877 | &nbsp;&nbsp; (31027)<br>|
| BRL | &nbsp;&nbsp; 1430000 | CBNA | 07/02/25 | USD | 250111 | &nbsp;&nbsp; (13091)<br>|
| BRL | &nbsp;&nbsp; 38330000 | CBNA | 08/04/25 | USD | 6855293 | &nbsp;&nbsp; (145109)<br>|
| CAD | &nbsp;&nbsp; 3090000 | CBNA | 07/16/25 | USD | 2223485 | &nbsp;&nbsp; (47254)<br>|
| CAD | &nbsp;&nbsp; 2684271 | GSBU | 07/16/25 | USD | 1941691 | &nbsp;&nbsp; (30892)<br>|
| CHF | &nbsp;&nbsp; 2238116 | BOA | 07/15/25 | USD | 2725040 | &nbsp;&nbsp; (100296)<br>|
| CHF | &nbsp;&nbsp; 4010000 | BOA | 07/16/25 | USD | 4903018 | &nbsp;&nbsp; (159732)<br>|
| CHF | &nbsp;&nbsp; 1980000 | BOA | 07/16/25 | USD | 2455576 | &nbsp;&nbsp; (44235)<br>|
| CNH | &nbsp;&nbsp; 153694640 | BOA | 07/16/25 | USD | 21000839 | &nbsp;&nbsp; (493565)<br>|
| CNH | &nbsp;&nbsp; 16560000 | BOA | 07/16/25 | USD | 2261920 | &nbsp;&nbsp; (54019)<br>|
| CNH | &nbsp;&nbsp; 12420000 | BOA | 07/16/25 | USD | 1695618 | &nbsp;&nbsp; (41336)<br>|
| EUR | &nbsp;&nbsp; 1220000 | BOA | 07/16/25 | USD | 1429916 | &nbsp;&nbsp; (8510)<br>|
| EUR | &nbsp;&nbsp; 1350000 | BOA | 07/16/25 | USD | 1583376 | &nbsp;&nbsp; (8325)<br>|
| EUR | &nbsp;&nbsp; 1400000 | CBNA | 07/16/25 | USD | 1613613 | &nbsp;&nbsp; (37040)<br>|
| EUR | &nbsp;&nbsp; 2086000 | GSBU | 07/16/25 | USD | 2394895 | &nbsp;&nbsp; (64578)<br>|
| GBP | &nbsp;&nbsp; 32700080 | BOA | 07/16/25 | USD | 41758329 | &nbsp;&nbsp; (3130213)<br>|
| INR | &nbsp;&nbsp; 1798940000 | CBNA | 07/16/25 | USD | 20754406 | &nbsp;&nbsp; (209113)<br>|
| JPY | &nbsp;&nbsp; 319110000 | GSBU | 07/16/25 | USD | 2214639 | &nbsp;&nbsp; (4785)<br>|
| JPY | &nbsp;&nbsp; 320430000 | GSBU | 07/16/25 | USD | 2224671 | &nbsp;&nbsp; (3934)<br>|
| JPY | &nbsp;&nbsp; 334860000 | GSBU | 07/16/25 | USD | 2325917 | &nbsp;&nbsp; (3049)<br>|
| JPY | &nbsp;&nbsp; 341250000 | GSBU | 07/16/25 | USD | 2371163 | &nbsp;&nbsp; (2246)<br>|
| JPY | &nbsp;&nbsp; 446480000 | GSBU | 07/16/25 | USD | 3103907 | &nbsp;&nbsp; (1381)<br>|
| MXN | &nbsp;&nbsp; 15026179 | GSBU | 07/16/25 | USD | 718365 | &nbsp;&nbsp; (81265)<br>|
| NZD | &nbsp;&nbsp; 3079562 | CBNA | 07/16/25 | USD | 1858430 | &nbsp;&nbsp; (19538)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1337054)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-385**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 191 | AUD | 21892279 | &nbsp;&nbsp; $32769 |
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 156 | EUR | 20303400 | &nbsp;&nbsp; (183981)<br>|
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 153 | GBP | 14233590 | &nbsp;&nbsp; 285331 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 861 | USD | 99418594 | &nbsp;&nbsp; 3026598 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 2003 | USD | 416670946 | &nbsp;&nbsp; 1714920 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 1802 | USD | 196418000 | &nbsp;&nbsp; 2128242 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 1377 | USD | 154396125 | &nbsp;&nbsp; 1058777 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 125 | USD | 14283203 | &nbsp;&nbsp; 402173 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 469 | USD | 55869625 | &nbsp;&nbsp; 1861047 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $10325876 |

---

**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/CHF Put<br> CHF | 0.836 | 07/11/25 | BOA | 11848000 | USD | 11848000 | $99191 | $130 | $(99061)<br>|

---

**Written 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>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| USD Call/CHF Put<br> CHF | 0.859 | 07/11/25 | BOA | (11848000)<br>| USD | (11848000)<br>| $(41752)<br>| $— | $41752 |

---

**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 | 28-Day TIIE | Monthly | 8.825<br> %<br>| Monthly | 11/19/29 | MXN | 340550000 | $809546 | $— | $809546 |
| Pay | 28-Day TIIE | Monthly | 8.902<br> %<br>| Monthly | 11/16/29 | MXN | 513290000 | 1297133 |  | 1297133 |
| Receive | 12M SOFR | Annually | 3.730<br> %<br>| Annually | 01/31/32 | USD | 52827000 | (672372)<br>| 117976 | (790348)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1434307 | $117976 | $1316331 |

---

**OTC 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>| **Counterparty**  | **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 | 10.262% | Maturity | 01/02/29 | JPMC | BRL | 173850000 | $(2606330)<br>| $— | $(2606330)<br>|
| Pay | 1-Day CDI | Maturity | 11.030% | Maturity | 01/02/26 | BOA | BRL | 268936000 | (1327856)<br>|  | (1327856)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(3934186)<br>| $— | $(3934186)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-386**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**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>|
| CDX.NA.HY.S44.V1 | (5.000%) | Quarterly | 06/20/30 | 3.183% | USD | 18790000 | $(1410359) | $(809900) | $(600459) |

---

**Centrally Cleared Credit Default Swap Contracts on Corporate Issues— 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>|
| MGM Resorts International <br>4.750%, due 10/15/28<br>| (5.000<br> %)<br>| Quarterly | 06/20/30 | 1.875<br> %<br>| USD | 2756000 | $(383368)<br>| $(369771)<br>| $(13597)<br>|
| Transocean, Inc. <br>8.000%, due 02/01/27<br>| (1.000<br> %)<br>| Quarterly | 06/20/29 | 6.609<br> %<br>| USD | 1720000 | 289211 | 174538 | 114673 |
| Transocean, Inc. <br>8.000%, due 02/01/27<br>| (1.000<br> %)<br>| Quarterly | 06/20/30 | 7.316<br> %<br>| USD | 2060000 | 439276 | 364676 | 74600 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $345119 | $169443 | $175676 |

---

**Centrally Cleared Credit Default Swap Contracts on Corporate Issues—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>|
| American Airlines Group, Inc. <br>6.500%, due 07/01/25<br>| 5.000<br> %<br>| Quarterly | 12/20/29 | 5.586<br> %<br>| USD | 3300000 | $(53892)<br>| $134438 | $(188330)<br>|
| American Airlines Group, Inc. <br>6.500%, due 07/01/25<br>| 5.000<br> %<br>| Quarterly | 06/20/30 | 5.829<br> %<br>| USD | 848000 | (23319)<br>| (37655)<br>| 14336 |
| Caesars Entertainment, Inc. <br>4.625%, due 10/15/29<br>| 5.000<br> %<br>| Quarterly | 06/20/30 | 2.392<br> %<br>| USD | 2756000 | 308942 | 302252 | 6690 |
| Nabors Industries, Inc. <br>9.125%, due 01/31/30<br>| 1.000<br> %<br>| Quarterly | 06/20/29 | 11.688<br> %<br>| USD | 1720000 | (484837)<br>| (249097)<br>| (235740)<br>|
| Nabors Industries, Inc. <br>9.125%, due 01/31/30<br>| 1.000<br> %<br>| Quarterly | 06/20/30 | 12.271<br> %<br>| USD | 2060000 | (684377)<br>| (510504)<br>| (173873)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(937483)<br>| $(360566)<br>| $(576917)<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**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premium** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Monthly | 07/03/25 | JPMC | WAM EM Frontier Custom Basket Index | USD | 12036000 | $473587 | $2913 | $470674 |

---

&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.

*See accompanying notes to financial statements.*

**BHFTII-387**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $473587 |  |  |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 210299 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; $1211999 |
| Foreign Exchange | Investments at market value (d) <br>| &nbsp;&nbsp; 130 |  |  |
|  | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 4375298 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 5712352 |
|  |  |  | Written options at value | &nbsp;&nbsp; 0 |
| Interest Rate |  |  | OTC swap contracts at market value | &nbsp;&nbsp; 3934186 |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 2106679 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 790348 |
|  | Unrealized appreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 10509857 | Unrealized depreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 183981 |
| Total |  | &nbsp;&nbsp; $17675850 |  | &nbsp;&nbsp; $11832866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest payable of $175,056.

&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.

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 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $1398251 | &nbsp;&nbsp;&nbsp;&nbsp; $(1398251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 122360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122360 |
| Citibank NA | &nbsp;&nbsp; 2390188 | &nbsp;&nbsp;&nbsp;&nbsp; (1239237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1150951 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 269880 | &nbsp;&nbsp;&nbsp;&nbsp; (269880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 512292 | &nbsp;&nbsp;&nbsp;&nbsp; (512292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 156044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156044 |
|  | &nbsp;&nbsp; $4849015 | &nbsp;&nbsp;&nbsp;&nbsp; $(3419660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1429355 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $5458551 | &nbsp;&nbsp;&nbsp;&nbsp; $(1398251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1290000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2770300 |
| Citibank NA | &nbsp;&nbsp; 1239237 | &nbsp;&nbsp;&nbsp;&nbsp; (1239237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 342420 | &nbsp;&nbsp;&nbsp;&nbsp; (269880)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72540 |

---

*See accompanying notes to financial statements.*

**BHFTII-388**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Pledged†**<br>| **Net**<br> **Amount\*\***<br>|
| JPMorgan Chase Bank NA | &nbsp;&nbsp; $2606330 | &nbsp;&nbsp;&nbsp;&nbsp; $(512292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2094038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; $9646538 | &nbsp;&nbsp;&nbsp;&nbsp; $(3419660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3384038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2842840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $(6007)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(15299)<br>| &nbsp;&nbsp;&nbsp; $(196443)<br>| &nbsp;&nbsp;&nbsp; $(217749)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1256155 | &nbsp;&nbsp;&nbsp; 1256155 |
| Futures contracts | &nbsp;&nbsp; (10376802)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10376802)<br>|
| Swap contracts | &nbsp;&nbsp; 84823 | &nbsp;&nbsp;&nbsp; 92283 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 177106 |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 233610 | &nbsp;&nbsp;&nbsp; 233610 |
|  | &nbsp;&nbsp; $(10297986)<br>| &nbsp;&nbsp;&nbsp; $92283 | &nbsp;&nbsp;&nbsp; $(15299)<br>| &nbsp;&nbsp;&nbsp; $1293322 | &nbsp;&nbsp;&nbsp; $(8927680)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $49239 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(76361)<br>| &nbsp;&nbsp;&nbsp; $(27122)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4336095)<br>| &nbsp;&nbsp;&nbsp; (4336095)<br>|
| Futures contracts | &nbsp;&nbsp; 21655748 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21655748 |
| Swap contracts | &nbsp;&nbsp; 3685097 | &nbsp;&nbsp;&nbsp; (754758)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2930339 |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (54091)<br>| &nbsp;&nbsp;&nbsp; (54091)<br>|
|  | &nbsp;&nbsp; $25390084 | &nbsp;&nbsp;&nbsp; $(754758)<br>| &nbsp;&nbsp;&nbsp; $(4466547)<br>| &nbsp;&nbsp;&nbsp; $20168779 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $20017517 |
| Forward foreign currency transactions | &nbsp;&nbsp; 300394078 |
| Futures contracts long | &nbsp;&nbsp; 950259537 |
| Futures contracts short | &nbsp;&nbsp; (13401110)<br>|
| Swap contracts | &nbsp;&nbsp; 184268596 |
| Written options | &nbsp;&nbsp; (23148062)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7936793 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7936793 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 1620961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1620961 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 21136582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21136582 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 13206742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13206742 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 14902943 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14902943 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 71507687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71507687 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 996901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 996901 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 9603694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9603694 |

---

*See accompanying notes to financial statements.*

**BHFTII-389**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Chemicals | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6944835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6944835 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 35734094 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35734094 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 302720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 302720 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 61845919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61845919 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 32101327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32101327 |
| Energy-Alternate Sources | &nbsp;&nbsp; — | &nbsp;&nbsp; 744729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 744729 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 22039237 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22039237 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 15113026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15113026 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 9542747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9542747 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 4619407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4619407 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 6272920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6272920 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 2936053 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2936053 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 4210727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4210727 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 10631846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10631846 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 22093539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22093539 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 1871781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1871781 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 1994161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1994161 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 1050211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1050211 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 5523022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5523022 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 6016383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6016383 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 3295451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3295451 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 31801994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31801994 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 13596193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13596193 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 6843303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6843303 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 44821917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44821917 |
| Metal Fabricate/Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 4589210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4589210 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 26528860 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 26528860 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 3045208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3045208 |
| Multi-National | &nbsp;&nbsp; — | &nbsp;&nbsp; 20817387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20817387 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 96501566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96501566 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 5086075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5086075 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 16478988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16478988 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 69077591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69077591 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 4389918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4389918 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 14761943 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14761943 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 28839218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28839218 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 912026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 912026 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 5895530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5895530 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 37686947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37686947 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 7634896 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7634896 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 835105212 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 835105212 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 273951359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 273951359 |
| Floating Rate Loans |  |  |  |  |
| Advertising | &nbsp;&nbsp; — | &nbsp;&nbsp; 2611573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2611573 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 3589993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3589993 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 2907237 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2907237 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 6508594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6508594 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 4908641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4908641 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 2621745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2621745 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 3254340 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3254340 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 18407110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18407110 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 7953239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7953239 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 987958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 987958 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 25913476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25913476 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 2235916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2235916 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 659233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 659233 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 20073708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20073708 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 8792108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8792108 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 1450482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1450482 |
| Hand/Machine Tools | &nbsp;&nbsp; — | &nbsp;&nbsp; 6859332 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6859332 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 5986247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5986247 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 11690721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11690721 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 1317014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1317014 |

---

*See accompanying notes to financial statements.*

**BHFTII-390**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Insurance | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18487025 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18487025 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 3159502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3159502 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 343048 | &nbsp;&nbsp; — | &nbsp;&nbsp; 343048 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 1995161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1995161 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1305665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1305665 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 6006213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6006213 |
| Packaging & Containers (Less Unfunded Loan Commitments of $65,977) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3881776 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3881776 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 2954455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2954455 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3935115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3935115 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 11516980 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11516980 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 45795755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45795755 |
| Sovereign | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2659500 | &nbsp;&nbsp; 2659500 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 4170348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4170348 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $65,977) | &nbsp;&nbsp; — | &nbsp;&nbsp; 242279710 | &nbsp;&nbsp; 2659500 | &nbsp;&nbsp; 244939210 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 193143727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 193143727 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 184765541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184765541 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 96921069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96921069 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 5829556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5829556 |
| Common Stocks |  |  |  |  |
| Automobile Components | &nbsp;&nbsp; 37897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37897 |
| Chemicals | &nbsp;&nbsp; 1331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1331 |
| Diversified Consumer Services | &nbsp;&nbsp; 925328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 925328 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 247387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 247387 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27990 | &nbsp;&nbsp; 27990 |
| Passenger Airlines | &nbsp;&nbsp; 410757 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 410757 |
| Total Common Stocks | &nbsp;&nbsp; 1375313 | &nbsp;&nbsp; 247387 | &nbsp;&nbsp; 27990 | &nbsp;&nbsp; 1650690 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 423585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 423585 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20530191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20530191 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 58973732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58973732 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 28976840 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28976840 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 149413518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149413518 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 237364090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 241364090 |
| Total Purchased Options at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; 130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130 |
| Total Net Investments | &nbsp;&nbsp; $11204869 | &nbsp;&nbsp; $2084732001 | &nbsp;&nbsp; $2687490 | &nbsp;&nbsp; $2098624360 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(241202053)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(241202053)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4375298 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4375298 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5712352)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5712352)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1337054)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1337054)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $10509857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10509857 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (183981)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (183981)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $10325876 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10325876 |
| Total Written Options\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2316978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2316978 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2002347)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2002347)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314631 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314631 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $473587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $473587 |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3934186)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3934186)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3460599)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3460599)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-391**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTII-392**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $2098624360 |
| Cash | &nbsp;&nbsp; 2017471 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 20426848 |
| Cash collateral (e) | &nbsp;&nbsp; 23575480 |
| OTC swap contracts at market value (f) | &nbsp;&nbsp; 473587 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 4375298 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 9575411 |
| TBA securities sold | &nbsp;&nbsp; 1186844 |
| Fund shares sold | &nbsp;&nbsp; 1460160 |
| Principal paydowns | &nbsp;&nbsp; 5105 |
| Interest | &nbsp;&nbsp; 25232821 |
| Variation margin on futures contracts | &nbsp;&nbsp; 6634092 |
| Prepaid expenses | &nbsp;&nbsp; 14738 |
| Total Assets | &nbsp;&nbsp; 2193602215 |
| **Liabilities** |  |
| Written options at value (g) | &nbsp;&nbsp; 0 |
| OTC swap contracts at market value | &nbsp;&nbsp; 3934186 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 5712352 |
| Collateral for securities loaned | &nbsp;&nbsp; 241202053 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 36391225 |
| TBA securities purchased | &nbsp;&nbsp; 35578096 |
| Fund shares redeemed | &nbsp;&nbsp; 507770 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 41129 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 175056 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 807413 |
| Distribution and service fees | &nbsp;&nbsp; 147590 |
| Deferred trustees' fees | &nbsp;&nbsp; 345624 |
| Other expenses | &nbsp;&nbsp; 591607 |
| Total Liabilities | &nbsp;&nbsp; 325434101 |
| **Net Assets**  | &nbsp;&nbsp; $1868168114 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2476393919 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (608225805)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1868168114 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1093319275 |
| Class B | &nbsp;&nbsp; 656270669 |
| Class E | &nbsp;&nbsp; 118578170 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 106174695 |
| Class B | &nbsp;&nbsp; 64407851 |
| Class E | &nbsp;&nbsp; 11584039 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.30 |
| Class B | 10.19 |
| Class E | 10.24 |

---

&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 $2,123,490,613.

(b) Investments at value is net of unfunded loan commitments of $65,977.

(c) Includes securities loaned at value of $279,923,861.

(d) Identified cost of cash denominated in foreign currencies was $19,826,472.

(e) Includes collateral of $13,252,280 for futures contracts, $4,290,000 for OTC derivative contracts, and $6,033,200 for centrally cleared swap contracts. 

(f) Net premium paid on OTC swap contracts was $2,913.

(g) Premiums received on written options were $41,752.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $202775 |
| Interest | &nbsp;&nbsp; 74825414 |
| Securities lending income | &nbsp;&nbsp; 532558 |
| Total investment income | &nbsp;&nbsp; 75560747 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5551710 |
| Administration fees | &nbsp;&nbsp; 52718 |
| Custodian and accounting fees | &nbsp;&nbsp; 119987 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 821993 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 90394 |
| Audit and tax services | &nbsp;&nbsp; 52100 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20043 |
| Shareholder reporting | &nbsp;&nbsp; 77221 |
| Insurance | &nbsp;&nbsp; 8888 |
| Miscellaneous | &nbsp;&nbsp; 14490 |
| Total expenses | &nbsp;&nbsp; 6832266 |
| Less management fee waiver | &nbsp;&nbsp; (433292)<br>|
| Net expenses | &nbsp;&nbsp; 6398974 |
| **Net Investment Income** | &nbsp;&nbsp; 69161773 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (21379495)<br>|
| Purchased options | &nbsp;&nbsp; (217749)<br>|
| Futures contracts | &nbsp;&nbsp; (10376802)<br>|
| Written options | &nbsp;&nbsp; 233610 |
| Swap contracts | &nbsp;&nbsp; 177106 |
| Foreign currency transactions | &nbsp;&nbsp; 214805 |
| Forward foreign currency transactions | &nbsp;&nbsp; 1256155 |
| Net realized gain (loss) | &nbsp;&nbsp; (30092370)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 29339982 |
| Purchased options | &nbsp;&nbsp; (27122)<br>|
| Futures contracts | &nbsp;&nbsp; 21655748 |
| Written options | &nbsp;&nbsp; (54091)<br>|
| Swap contracts | &nbsp;&nbsp; 2930339 |
| Foreign currency transactions | &nbsp;&nbsp; 1718194 |
| Forward foreign currency transactions | &nbsp;&nbsp; (4336095)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 51226955 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 21134585 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $90296358 |

---

*See accompanying notes to financial statements.*

**BHFTII-393**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $69161773 | &nbsp;&nbsp; $159162441 |
| Net realized gain (loss) | &nbsp;&nbsp; (30092370)<br>| &nbsp;&nbsp; (54754927)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 51226955 | &nbsp;&nbsp; (5164552)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 90296358 | &nbsp;&nbsp; 99242962 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (84438654)<br>| &nbsp;&nbsp; (98888456)<br>|
| Class B | &nbsp;&nbsp; (49554178)<br>| &nbsp;&nbsp; (50052283)<br>|
| Class E | &nbsp;&nbsp; (9050357)<br>| &nbsp;&nbsp; (9707898)<br>|
| **Total distributions** | &nbsp;&nbsp; (143043189)<br>| &nbsp;&nbsp; (158648637)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (94901371)<br>| &nbsp;&nbsp; (130032589)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (147648202)<br>| &nbsp;&nbsp; (189438264)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2015816316 | &nbsp;&nbsp; 2205254580 |
| End of period | &nbsp;&nbsp; $1868168114 | &nbsp;&nbsp; $2015816316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2097780 | &nbsp;&nbsp; $22648692 | &nbsp;&nbsp; 2001113 | &nbsp;&nbsp; $21625171 |
| Reinvestments | &nbsp;&nbsp; 8319079 | &nbsp;&nbsp; 84438654 | &nbsp;&nbsp; 9628866 | &nbsp;&nbsp; 98888456 |
| Redemptions | &nbsp;&nbsp; (18406501)<br>| &nbsp;&nbsp; (198876787)<br>| &nbsp;&nbsp; (22088199)<br>| &nbsp;&nbsp; (236528941)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7989642)<br>| &nbsp;&nbsp; $(91789441)<br>| &nbsp;&nbsp; (10458220)<br>| &nbsp;&nbsp; $(116015314)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1295448 | &nbsp;&nbsp; $13741422 | &nbsp;&nbsp; 3877553 | &nbsp;&nbsp; $41432613 |
| Reinvestments | &nbsp;&nbsp; 4930764 | &nbsp;&nbsp; 49554178 | &nbsp;&nbsp; 4921562 | &nbsp;&nbsp; 50052283 |
| Redemptions | &nbsp;&nbsp; (5888421)<br>| &nbsp;&nbsp; (62756099)<br>| &nbsp;&nbsp; (9050888)<br>| &nbsp;&nbsp; (96207240)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 337791 | &nbsp;&nbsp; $539501 | &nbsp;&nbsp; (251773)<br>| &nbsp;&nbsp; $(4722344)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 108220 | &nbsp;&nbsp; $1144885 | &nbsp;&nbsp; 424221 | &nbsp;&nbsp; $4543452 |
| Reinvestments | &nbsp;&nbsp; 896963 | &nbsp;&nbsp; 9050357 | &nbsp;&nbsp; 950823 | &nbsp;&nbsp; 9707898 |
| Redemptions | &nbsp;&nbsp; (1292904)<br>| &nbsp;&nbsp; (13846673)<br>| &nbsp;&nbsp; (2204873)<br>| &nbsp;&nbsp; (23546281)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (287721)<br>| &nbsp;&nbsp; $(3651431)<br>| &nbsp;&nbsp; (829829)<br>| &nbsp;&nbsp; $(9294931)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(94901371)<br>|  | &nbsp;&nbsp; $(130032589)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-394**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp;&nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.87 | &nbsp;&nbsp; $13.81 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Total income (loss) from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.82)<br>|
| Total distributions | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp;&nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.87 |
| **Total Return (%)** (b) | 4.80 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp; 9.64 <br>(d)<br>| &nbsp;&nbsp; (16.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.61 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net ratio of expenses to average net assets (%) (f) | 0.57 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Ratio of net investment income (loss) to average net assets (%) | 7.27 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 39 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53 <br>(g)<br>| &nbsp;&nbsp; 47 <br>(g)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 69 <br>(g)<br>| &nbsp;&nbsp; 66 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1093.3 | &nbsp;&nbsp;&nbsp;&nbsp; $1215.6 | &nbsp;&nbsp; $1367.9 | &nbsp;&nbsp; $1387.4 | &nbsp;&nbsp; $1934.4 | &nbsp;&nbsp; $1971.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp;&nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.69 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Total income (loss) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.78)<br>|
| Total distributions | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $13.73 |
| **Total Return (%)** (b) | 4.76 <br>(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp; (16.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;6.61 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.86 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (f) | 0.82 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Ratio of net investment income (loss) to average net assets (%) | 7.02 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 39 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53 <br>(g)<br>| &nbsp;&nbsp; 47 <br>(g)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 69 <br>(g)<br>| &nbsp;&nbsp; 66 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $656.3 | &nbsp;&nbsp;&nbsp;&nbsp; $674.6 | &nbsp;&nbsp; $698.7 | &nbsp;&nbsp; $689.6 | &nbsp;&nbsp; $913.2 | &nbsp;&nbsp; $879.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-395**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $13.65 | &nbsp;&nbsp; $13.79 | &nbsp;&nbsp; $13.73 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Total income (loss) from investment operations | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.79)<br>|
| Total distributions | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $13.65 | &nbsp;&nbsp; $13.79 |
| **Total Return (%)** (b) | 4.85 <br>(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp; (16.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.76 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net ratio of expenses to average net assets (%) (f) | 0.72 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Ratio of net investment income (loss) to average net assets (%) | 7.12 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 39 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53 <br>(g)<br>| &nbsp;&nbsp; 47 <br>(g)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 69 <br>(g)<br>| &nbsp;&nbsp; 66 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $118.6 | &nbsp;&nbsp;&nbsp;&nbsp; $125.6 | &nbsp;&nbsp; $138.6 | &nbsp;&nbsp; $143.3 | &nbsp;&nbsp; $198.3 | &nbsp;&nbsp; $215.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 27%, 52%, 46%, 69%, and 63% for the six months ended, June 30, 2025, and for the years ended December 31, 2024, 2023, 2021, and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTII-396**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—52.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies — 32.7%** | **Federal Agencies — 32.7%** | **Federal Agencies — 32.7%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 0.460%, 11/03/25 | 10000000 | &nbsp;&nbsp; $9866583 |
| 0.590%, 02/17/26 | 7900000 | &nbsp;&nbsp; 7720000 |
| 1.050%, 11/17/25 | 10000000 | &nbsp;&nbsp; 9873373 |
| 1.240%, 09/03/30 | 8000000 | &nbsp;&nbsp; 6948902 |
| 1.680%, 09/17/35 | 1195000 | &nbsp;&nbsp; 902499 |
| 2.600%, 04/05/27 | 10000000 | &nbsp;&nbsp; 9773918 |
| 2.700%, 10/26/27 | 10000000 | &nbsp;&nbsp; 9740781 |
| 4.750%, 05/02/31 | 8000000 | &nbsp;&nbsp; 8326577 |
| 5.480%, 06/27/42 | 3000000 | &nbsp;&nbsp; 2945867 |
| Federal Home Loan Banks |  |  |
| 0.375%, 09/04/25 | 15000000 | &nbsp;&nbsp; 14893314 |
| 1.000%, 03/23/26 | 9979125 | &nbsp;&nbsp; 9751079 |
| 1.020%, 02/24/27 | 9990000 | &nbsp;&nbsp; 9531081 |
| 1.250%, 10/26/26 | 15000000 | &nbsp;&nbsp; 14478281 |
| 1.750%, 09/12/25 | 10000000 | &nbsp;&nbsp; 9945583 |
| 2.250%, 03/04/36 | 15000000 | &nbsp;&nbsp; 11799843 |
| 4.000%, 08/28/25 | 10000000 | &nbsp;&nbsp; 9992752 |
| 4.000%, 03/10/27 | 2500000 | &nbsp;&nbsp; 2509392 |
| 4.125%, 01/15/27 (a) | 4000000 | &nbsp;&nbsp; 4019740 |
| Federal Home Loan Mortgage Corp. |  |  |
| Zero Coupon, 12/14/29 | 7443000 | &nbsp;&nbsp; 6291940 |
| Zero Coupon, 12/17/29 | 5562000 | &nbsp;&nbsp; 4670365 |
| Zero Coupon, 09/15/36 | 10000000 | &nbsp;&nbsp; 5881177 |
| Zero Coupon, 12/15/36 | 24765000 | &nbsp;&nbsp; 14329991 |
| Federal Home Loan Mortgage Corp. Coupon STRIPS |  |  |
| Zero Coupon, 07/15/28 | 5400000 | &nbsp;&nbsp; 4805736 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| Zero Coupon, 07/15/32 | 9000000 | &nbsp;&nbsp; 6682086 |
| Federal National Mortgage Association Principal STRIPS |  |  |
| Zero Coupon, 05/15/30 | 30000000 | &nbsp;&nbsp; 24744371 |
| Resolution Funding Corp. Interest STRIPS |  |  |
| Zero Coupon, 01/15/26 | 14517000 | &nbsp;&nbsp; 14198373 |
| Zero Coupon, 07/15/26 | 4230000 | &nbsp;&nbsp; 4051272 |
| Zero Coupon, 04/15/28 | 10000000 | &nbsp;&nbsp; 8971718 |
| Zero Coupon, 07/15/29 | 14000000 | &nbsp;&nbsp; 11929609 |
| Resolution Funding Corp. Principal STRIPS |  |  |
| Zero Coupon, 01/15/30 | 51000000 | &nbsp;&nbsp; 42557700 |
| Zero Coupon, 04/15/30 | 69000000 | &nbsp;&nbsp; 56895736 |
| Tennessee Valley Authority |  |  |
| 3.875%, 03/15/28 | 15000000 | &nbsp;&nbsp; 15045210 |
| 4.875%, 05/15/35 (a) | 20000000 | &nbsp;&nbsp; 20440917 |
| U.S. Department of Housing & Urban Development |  |  |
| 2.738%, 08/01/25 | 6000000 | &nbsp;&nbsp; 5989573 |
| U.S. International Development Finance Corp. |  |  |
| 1.110%, 05/15/29 | 8000000 | &nbsp;&nbsp; 7507777 |
| 3.540%, 06/15/30 | 5882666 | &nbsp;&nbsp; 5780542 |
|  |  | &nbsp;&nbsp; 413793658 |
| **U.S. Treasury — 19.4%** | **U.S. Treasury — 19.4%** | **U.S. Treasury — 19.4%** |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 01/15/30 (b) | 13215232 | &nbsp;&nbsp; 12471179 |
| 1.625%, 10/15/27 (b) | 16242300 | &nbsp;&nbsp; 16444468 |
| 1.875%, 07/15/34 (b) | 10222400 | &nbsp;&nbsp; 10230238 |
| 2.125%, 01/15/35 (b) | 9147600 | &nbsp;&nbsp; 9296834 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 4.125%, 08/31/30 | 37500000 | &nbsp;&nbsp; $38041992 |
| 4.125%, 10/31/31 | 28000000 | &nbsp;&nbsp; 28292031 |
| 4.250%, 01/31/26 | 50000000 | &nbsp;&nbsp; 49998047 |
| 4.500%, 05/15/27 | 80000000 | &nbsp;&nbsp; 81053125 |
|  |  | &nbsp;&nbsp; 245827914 |
| Total U.S. Treasury & Government Agencies <br>(Cost $671,633,133) <br>|  | &nbsp;&nbsp; 659621572 |
| **Agency Sponsored Mortgage-Backed Securities—42.1%** | **Agency Sponsored Mortgage-Backed Securities—42.1%** | **Agency Sponsored Mortgage-Backed Securities—42.1%** |
| **Agency Collateralized Mortgage Obligations — 4.1%** | **Agency Collateralized Mortgage Obligations — 4.1%** | **Agency Collateralized Mortgage Obligations — 4.1%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 2.000%, 01/25/51 (c) | 1430004 | &nbsp;&nbsp; 197368 |
| 2.000%, 02/25/51 (c) | 3298132 | &nbsp;&nbsp; 436331 |
| 2.000%, 03/25/51 (c) | 5755552 | &nbsp;&nbsp; 750112 |
| 2.500%, 05/25/50 (c) | 634608 | &nbsp;&nbsp; 102272 |
| 2.500%, 01/25/51 (c) | 20201576 | &nbsp;&nbsp; 3415208 |
| 2.500%, 04/25/51 (c) | 1456518 | &nbsp;&nbsp; 234358 |
| 2.500%, 10/25/51 (c) | 2726505 | &nbsp;&nbsp; 412042 |
| 2.500%, 12/25/51 (c) | 4124587 | &nbsp;&nbsp; 537400 |
| 3.000%, 01/25/50 (c) | 1139152 | &nbsp;&nbsp; 188739 |
| 3.000%, 11/25/50 (c) | 1056010 | &nbsp;&nbsp; 171190 |
| 3.000%, 07/25/51 (c) | 1235924 | &nbsp;&nbsp; 253083 |
| 3.000%, 11/25/51 (c) | 1289008 | &nbsp;&nbsp; 185425 |
| 3.500%, 04/25/52 (c) | 1308330 | &nbsp;&nbsp; 224881 |
| 4.000%, 11/25/49 (c) | 525741 | &nbsp;&nbsp; 89057 |
| 4.000%, 02/25/50 (c) | 936745 | &nbsp;&nbsp; 199454 |
| 4.500%, 04/15/32 | 76117 | &nbsp;&nbsp; 76374 |
| 4.500%, 10/25/49 (c) | 862379 | &nbsp;&nbsp; 197200 |
| 4.500%, 06/25/50 (c) | 2698604 | &nbsp;&nbsp; 640908 |
| 4.500%, 12/25/50 (c) | 1689386 | &nbsp;&nbsp; 400270 |
| 4.500%, 11/25/51 (c) | 1308628 | &nbsp;&nbsp; 285546 |
| 5.605%, SOFR30A + 1.300%, 12/25/54 (d) | 1390869 | &nbsp;&nbsp; 1389346 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.555%, SOFR30A + 1.250%, 05/25/44 (144A) (d) | 726706 | &nbsp;&nbsp; 729770 |
| 5.605%, SOFR30A + 1.300%, 02/25/42 (144A) (d) | 108872 | &nbsp;&nbsp; 108940 |
| 5.805%, SOFR30A + 1.500%, 10/25/41 (144A) (d) | 2085279 | &nbsp;&nbsp; 2093164 |
| 6.405%, SOFR30A + 2.100%, 10/25/33 (144A) (d) | 831035 | &nbsp;&nbsp; 847308 |
| 6.605%, SOFR30A + 2.300%, 08/25/33 (144A) (d) | 1256993 | &nbsp;&nbsp; 1282348 |
| 6.705%, SOFR30A + 2.400%, 02/25/42 (144A) (d) | 3420000 | &nbsp;&nbsp; 3479439 |
| 7.655%, SOFR30A + 3.350%, 05/25/42 (144A) (d) | 620000 | &nbsp;&nbsp; 644257 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 2.000%, 03/25/52 (c) | 710157 | &nbsp;&nbsp; 96442 |
| 4.000%, 11/15/52 (c) | 445468 | &nbsp;&nbsp; 112960 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 6.105%, SOFR30A + 1.800%, 01/25/44 (144A) (d) | 1950000 | &nbsp;&nbsp; 1970496 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 03/25/50 (c) | 2238399 | &nbsp;&nbsp; 288653 |
| 2.000%, 10/25/52 (c) | 4860903 | &nbsp;&nbsp; 629846 |
| 3.500%, 11/25/41 (c) | 488127 | &nbsp;&nbsp; 80815 |
| 4.000%, 04/25/42 (c) | 701695 | &nbsp;&nbsp; 130851 |
| 4.500%, 11/25/39 (c) | 392089 | &nbsp;&nbsp; 67352 |
| 4.500%, 10/25/53 (c) | 2694188 | &nbsp;&nbsp; 623815 |

---

*See accompanying notes to financial statements.*

**BHFTII-397**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal National Mortgage Association REMICS |  |  |
| Zero Coupon, 03/25/42 (e) | 82272 | &nbsp;&nbsp; $74642 |
| 1.730%, -1x SOFR30A + 6.036%, 03/25/42 (c) (d) | 1338291 | &nbsp;&nbsp; 76783 |
| 1.730%, -1x SOFR30A + 6.036%, 12/25/42 (c) (d) | 200077 | &nbsp;&nbsp; 24532 |
| 2.000%, 10/25/50 (c) | 4436279 | &nbsp;&nbsp; 573816 |
| 2.130%, -1x SOFR30A + 6.436%, 10/25/41 (c) (d) | 1040047 | &nbsp;&nbsp; 85181 |
| 2.230%, -1x SOFR30A + 6.536%, 03/25/42 (c) (d) | 323603 | &nbsp;&nbsp; 25436 |
| 2.500%, 10/25/47 (c) | 735009 | &nbsp;&nbsp; 106816 |
| 2.500%, 12/25/47 (c) | 771959 | &nbsp;&nbsp; 109964 |
| 2.500%, 04/25/48 (c) | 760554 | &nbsp;&nbsp; 113186 |
| 2.500%, 08/25/50 (c) | 9726236 | &nbsp;&nbsp; 1623168 |
| 2.500%, 09/25/50 (c) | 642454 | &nbsp;&nbsp; 107841 |
| 2.500%, 12/25/50 (c) | 709389 | &nbsp;&nbsp; 100110 |
| 2.500%, 02/25/51 (c) | 1937368 | &nbsp;&nbsp; 286290 |
| 2.500%, 09/25/51 (c) | 801644 | &nbsp;&nbsp; 88568 |
| 2.500%, 10/25/51 (c) | 1846673 | &nbsp;&nbsp; 305175 |
| 3.000%, 08/25/50 (c) | 1292884 | &nbsp;&nbsp; 209753 |
| 3.000%, 02/25/51 (c) | 593173 | &nbsp;&nbsp; 101110 |
| 3.000%, 10/25/51 (c) | 2965799 | &nbsp;&nbsp; 528512 |
| 3.500%, 10/25/48 | 27985 | &nbsp;&nbsp; 25966 |
| 3.500%, 09/25/50 (c) | 1691565 | &nbsp;&nbsp; 272885 |
| 3.500%, 03/25/51 (c) | 486734 | &nbsp;&nbsp; 106928 |
| 4.000%, 07/25/50 (c) | 448029 | &nbsp;&nbsp; 89562 |
| 4.000%, 11/25/51 (c) | 916072 | &nbsp;&nbsp; 194593 |
| 5.500%, 07/25/41 | 2275210 | &nbsp;&nbsp; 2343878 |
| 5.500%, 04/25/42 | 493162 | &nbsp;&nbsp; 507267 |
| 6.000%, 05/25/42 | 288162 | &nbsp;&nbsp; 303605 |
| 6.500%, 06/25/39 | 4686 | &nbsp;&nbsp; 4800 |
| 6.500%, 07/25/42 | 566841 | &nbsp;&nbsp; 600687 |
| Federal National Mortgage Association REMICS Trust |  |  |
| 4.915%, 01/25/43 (d) | 86328 | &nbsp;&nbsp; 84840 |
| Government National Mortgage Association REMICS |  |  |
| 0.971%, 06/16/61 (c) (d) | 3161120 | &nbsp;&nbsp; 220967 |
| 1.674%, -1x 1M TSFR + 5.986%, 08/16/42 (c) (d) | 285619 | &nbsp;&nbsp; 30833 |
| 2.000%, 01/20/52 | 144205 | &nbsp;&nbsp; 118662 |
| 2.500%, 06/20/51 (c) | 972933 | &nbsp;&nbsp; 94824 |
| 3.000%, 07/20/49 | 459620 | &nbsp;&nbsp; 408594 |
| 3.000%, 09/20/50 (c) | 1381270 | &nbsp;&nbsp; 203784 |
| 3.000%, 07/20/51 (c) | 800332 | &nbsp;&nbsp; 112633 |
| 4.000%, 08/20/47 (c) | 1648103 | &nbsp;&nbsp; 288761 |
| 4.000%, 08/20/48 | 36041 | &nbsp;&nbsp; 34425 |
| 4.500%, 10/20/47 (c) | 1196553 | &nbsp;&nbsp; 214939 |
| 4.826%, 1M TSFR + 0.494%, 12/20/60 (d) | 2363991 | &nbsp;&nbsp; 2364725 |
| 4.846%, 1M TSFR + 0.514%, 12/20/60 (d) | 610039 | &nbsp;&nbsp; 610436 |
| 4.846%, 1M TSFR + 0.514%, 08/20/70 (d) | 21719 | &nbsp;&nbsp; 21717 |
| 4.876%, 1M TSFR + 0.544%, 10/20/64 (d) | 1313865 | &nbsp;&nbsp; 1315182 |
| 4.896%, 1M TSFR + 0.564%, 07/20/70 (d) | 5089652 | &nbsp;&nbsp; 5024359 |
| 4.926%, 1M TSFR + 0.594%, 03/20/61 (d) | 429942 | &nbsp;&nbsp; 430599 |
| 4.946%, 1M TSFR + 0.614%, 12/20/60 (d) | 4632008 | &nbsp;&nbsp; 4641329 |
| 4.946%, 1M TSFR + 0.614%, 07/20/70 (d) | 339724 | &nbsp;&nbsp; 336269 |
| 5.183%, 12M TSFR + 0.965%, 10/20/68 (d) | 1089182 | &nbsp;&nbsp; 1097636 |
| 5.596%, 1M TSFR + 1.264%, 05/20/70 (d) | 988608 | &nbsp;&nbsp; 1001956 |
| 5.696%, 1M TSFR + 1.364%, 04/20/70 (d) | 64490 | &nbsp;&nbsp; 65538 |
|  |  | &nbsp;&nbsp; 51287082 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities — 38.0%** | **Agency Mortgage-Backed Securities — 38.0%** | **Agency Mortgage-Backed Securities — 38.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 05/01/41 | 3382206 | &nbsp;&nbsp; $2801291 |
| 1.500%, 07/01/41 | 2484477 | &nbsp;&nbsp; 2060413 |
| 1.500%, 10/01/41 | 601893 | &nbsp;&nbsp; 497193 |
| 1.500%, 11/01/41 | 76070 | &nbsp;&nbsp; 62814 |
| 2.000%, 09/01/40 | 318661 | &nbsp;&nbsp; 275945 |
| 2.000%, 10/01/40 | 1981953 | &nbsp;&nbsp; 1719588 |
| 2.000%, 03/01/41 | 3105266 | &nbsp;&nbsp; 2674717 |
| 2.000%, 06/01/41 | 209150 | &nbsp;&nbsp; 180388 |
| 2.000%, 07/01/41 | 1994908 | &nbsp;&nbsp; 1720778 |
| 2.000%, 08/01/41 | 1439211 | &nbsp;&nbsp; 1240981 |
| 2.000%, 09/01/41 | 2936628 | &nbsp;&nbsp; 2521394 |
| 2.000%, 11/01/41 | 1191825 | &nbsp;&nbsp; 1027291 |
| 2.000%, 12/01/41 | 2869025 | &nbsp;&nbsp; 2469372 |
| 2.000%, 01/01/42 | 2153010 | &nbsp;&nbsp; 1853313 |
| 2.000%, 02/01/42 | 384149 | &nbsp;&nbsp; 329960 |
| 2.000%, 04/01/42 | 79157 | &nbsp;&nbsp; 67781 |
| 2.000%, 05/01/42 | 452494 | &nbsp;&nbsp; 389507 |
| 2.000%, 08/01/42 | 2229623 | &nbsp;&nbsp; 1915108 |
| 2.000%, 06/01/50 | 8066211 | &nbsp;&nbsp; 6448613 |
| 2.000%, 11/01/50 | 749914 | &nbsp;&nbsp; 603829 |
| 2.000%, 02/01/51 | 1924019 | &nbsp;&nbsp; 1544664 |
| 2.000%, 03/01/51 | 2004928 | &nbsp;&nbsp; 1612167 |
| 2.000%, 04/01/51 | 1701570 | &nbsp;&nbsp; 1370906 |
| 2.000%, 05/01/51 | 3134795 | &nbsp;&nbsp; 2513972 |
| 2.000%, 06/01/51 | 2423653 | &nbsp;&nbsp; 1943281 |
| 2.000%, 11/01/51 | 453584 | &nbsp;&nbsp; 364976 |
| 2.000%, 02/01/52 | 82952 | &nbsp;&nbsp; 66746 |
| 2.500%, 04/01/41 | 123848 | &nbsp;&nbsp; 111015 |
| 2.500%, 04/01/42 | 1254583 | &nbsp;&nbsp; 1111820 |
| 2.500%, 10/01/50 | 951581 | &nbsp;&nbsp; 806764 |
| 2.500%, 11/01/50 | 3081936 | &nbsp;&nbsp; 2605022 |
| 2.500%, 12/01/50 | 3431330 | &nbsp;&nbsp; 2892891 |
| 2.500%, 01/01/51 | 32141 | &nbsp;&nbsp; 27010 |
| 2.500%, 03/01/51 | 189943 | &nbsp;&nbsp; 160767 |
| 2.500%, 05/01/51 | 139685 | &nbsp;&nbsp; 119064 |
| 2.500%, 07/01/51 | 3985686 | &nbsp;&nbsp; 3341089 |
| 2.500%, 08/01/51 | 2579899 | &nbsp;&nbsp; 2166573 |
| 2.500%, 09/01/51 | 1294699 | &nbsp;&nbsp; 1089603 |
| 2.500%, 11/01/51 | 741996 | &nbsp;&nbsp; 627953 |
| 2.500%, 01/01/52 | 11813689 | &nbsp;&nbsp; 9948096 |
| 2.500%, 02/01/52 | 1029045 | &nbsp;&nbsp; 863946 |
| 2.500%, 03/01/52 | 545394 | &nbsp;&nbsp; 459128 |
| 2.577%, 5Y H15 + 1.288%, 03/01/47 (d) | 195843 | &nbsp;&nbsp; 187529 |
| 3.000%, 09/01/32 | 118100 | &nbsp;&nbsp; 114820 |
| 3.000%, 04/01/38 | 277520 | &nbsp;&nbsp; 261628 |
| 3.000%, 10/01/46 | 216313 | &nbsp;&nbsp; 192748 |
| 3.000%, 04/01/47 | 395750 | &nbsp;&nbsp; 351345 |
| 3.000%, 09/01/48 | 884669 | &nbsp;&nbsp; 789335 |
| 3.000%, 09/01/49 | 2717623 | &nbsp;&nbsp; 2402638 |
| 3.000%, 11/01/49 | 591563 | &nbsp;&nbsp; 523364 |
| 3.000%, 01/01/50 | 39232 | &nbsp;&nbsp; 34771 |
| 3.000%, 03/01/50 | 52050 | &nbsp;&nbsp; 46161 |
| 3.000%, 05/01/50 | 150605 | &nbsp;&nbsp; 133916 |
| 3.000%, 03/01/52 | 474391 | &nbsp;&nbsp; 414917 |
| 3.000%, 04/01/52 | 698894 | &nbsp;&nbsp; 611273 |

---

*See accompanying notes to financial statements.*

**BHFTII-398**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.000%, 08/01/52 | 5353081 | &nbsp;&nbsp; $4711772 |
| 3.008%, 1Y RFUCCT + 1.627%, 11/01/48 (d) | 2593598 | &nbsp;&nbsp; 2543135 |
| 3.102%, 1Y RFUCCT + 1.621%, 02/01/50 (d) | 1295125 | &nbsp;&nbsp; 1295012 |
| 3.500%, 04/01/33 | 1067354 | &nbsp;&nbsp; 1051916 |
| 3.500%, 01/01/38 | 1457399 | &nbsp;&nbsp; 1402422 |
| 3.500%, 10/01/42 | 328619 | &nbsp;&nbsp; 305838 |
| 3.500%, 02/01/44 | 126827 | &nbsp;&nbsp; 118032 |
| 3.500%, 06/01/46 | 207874 | &nbsp;&nbsp; 192752 |
| 3.500%, 03/01/47 | 163878 | &nbsp;&nbsp; 151275 |
| 3.500%, 07/01/47 | 3256204 | &nbsp;&nbsp; 2989235 |
| 3.500%, 04/01/52 | 1394040 | &nbsp;&nbsp; 1270032 |
| 3.515%, 1Y RFUCCT + 1.619%, 11/01/47 (d) | 691904 | &nbsp;&nbsp; 702896 |
| 4.000%, 04/01/43 | 453506 | &nbsp;&nbsp; 434247 |
| 4.000%, 07/01/43 | 1133717 | &nbsp;&nbsp; 1092809 |
| 4.000%, 08/01/43 | 1006438 | &nbsp;&nbsp; 963624 |
| 4.000%, 07/01/50 | 352572 | &nbsp;&nbsp; 335051 |
| 4.500%, 06/01/38 | 330971 | &nbsp;&nbsp; 329997 |
| 4.500%, 04/01/47 | 221329 | &nbsp;&nbsp; 214592 |
| 4.500%, 05/01/47 | 234859 | &nbsp;&nbsp; 228848 |
| 4.500%, 06/01/47 | 364225 | &nbsp;&nbsp; 355588 |
| 4.500%, 04/01/49 | 185835 | &nbsp;&nbsp; 180918 |
| 4.500%, 06/01/52 | 3426411 | &nbsp;&nbsp; 3297595 |
| 4.500%, 05/01/53 | 1224681 | &nbsp;&nbsp; 1187013 |
| 4.500%, 07/01/53 | 3889043 | &nbsp;&nbsp; 3771349 |
| 5.000%, 08/01/33 | 6192 | &nbsp;&nbsp; 6229 |
| 5.000%, 06/01/41 | 813191 | &nbsp;&nbsp; 817119 |
| 5.000%, 04/01/44 | 15912 | &nbsp;&nbsp; 15953 |
| 5.000%, 07/01/52 | 1551304 | &nbsp;&nbsp; 1527680 |
| 5.000%, 09/01/52 | 240424 | &nbsp;&nbsp; 236797 |
| 5.000%, 10/01/52 | 3223285 | &nbsp;&nbsp; 3188887 |
| 5.000%, 12/01/52 | 312056 | &nbsp;&nbsp; 306694 |
| 5.000%, 01/01/53 | 891435 | &nbsp;&nbsp; 880810 |
| 5.000%, 03/01/53 | 485382 | &nbsp;&nbsp; 479166 |
| 5.000%, 04/01/53 | 691804 | &nbsp;&nbsp; 680618 |
| 5.000%, 05/01/53 | 1059516 | &nbsp;&nbsp; 1046060 |
| 5.500%, 04/01/53 | 781206 | &nbsp;&nbsp; 783304 |
| 5.500%, 07/01/53 | 330310 | &nbsp;&nbsp; 331896 |
| 5.500%, 08/01/53 | 2647226 | &nbsp;&nbsp; 2660372 |
| 5.500%, 09/01/53 | 435322 | &nbsp;&nbsp; 437930 |
| 5.500%, 11/01/53 | 2287949 | &nbsp;&nbsp; 2292098 |
| 5.500%, 04/01/54 | 356273 | &nbsp;&nbsp; 360113 |
| 6.000%, 07/01/41 | 163253 | &nbsp;&nbsp; 171110 |
| 6.000%, 07/01/53 | 159954 | &nbsp;&nbsp; 164162 |
| 6.000%, 09/01/53 | 832718 | &nbsp;&nbsp; 853659 |
| 6.000%, 04/01/54 | 1817699 | &nbsp;&nbsp; 1860249 |
| 6.000%, 05/01/54 | 933162 | &nbsp;&nbsp; 956247 |
| 6.000%, 06/01/54 | 889603 | &nbsp;&nbsp; 905235 |
| 6.000%, 07/01/54 | 643974 | &nbsp;&nbsp; 658064 |
| 6.000%, 02/01/55 | 497682 | &nbsp;&nbsp; 506555 |
| 6.500%, 09/01/39 | 66469 | &nbsp;&nbsp; 69931 |
| 6.500%, 07/01/53 | 159506 | &nbsp;&nbsp; 166679 |
| 6.500%, 10/01/53 | 3016584 | &nbsp;&nbsp; 3147159 |
| 6.500%, 12/01/53 | 74344 | &nbsp;&nbsp; 77101 |
| 6.500%, 02/01/54 | 715305 | &nbsp;&nbsp; 741565 |
| 6.500%, 04/01/54 | 710469 | &nbsp;&nbsp; 735553 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| 8.000%, 09/01/30 | 449 | &nbsp;&nbsp; $469 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 0.502%, 12/25/28 (c) (d) | 60877579 | &nbsp;&nbsp; 692446 |
| 0.635%, 01/25/34 (c) (d) | 51994983 | &nbsp;&nbsp; 1503492 |
| 0.651%, 01/25/29 (c) (d) | 83039298 | &nbsp;&nbsp; 1345668 |
| 0.817%, 09/25/27 (c) (d) | 16488032 | &nbsp;&nbsp; 223179 |
| 0.932%, 11/25/30 (c) (d) | 31500966 | &nbsp;&nbsp; 1141217 |
| 0.962%, 11/25/30 (c) (d) | 75785324 | &nbsp;&nbsp; 2870468 |
| 3.291%, 03/25/27 | 4670000 | &nbsp;&nbsp; 4615838 |
| Federal National Mortgage Association |  |  |
| 1.500%, 04/01/41 | 353354 | &nbsp;&nbsp; 292941 |
| 1.500%, 11/01/41 | 3113481 | &nbsp;&nbsp; 2559358 |
| 1.500%, 03/01/42 | 1337860 | &nbsp;&nbsp; 1101007 |
| 2.000%, 08/01/40 | 58842 | &nbsp;&nbsp; 51735 |
| 2.000%, 10/01/40 | 3667267 | &nbsp;&nbsp; 3202329 |
| 2.000%, 11/01/41 | 3439984 | &nbsp;&nbsp; 2947328 |
| 2.000%, 12/01/41 | 448109 | &nbsp;&nbsp; 385737 |
| 2.000%, 02/01/42 | 3101321 | &nbsp;&nbsp; 2666729 |
| 2.000%, 04/01/42 | 1105882 | &nbsp;&nbsp; 948855 |
| 2.000%, 05/01/42 | 1647030 | &nbsp;&nbsp; 1405161 |
| 2.000%, 06/01/42 | 3240802 | &nbsp;&nbsp; 2783644 |
| 2.000%, 08/01/42 | 2005734 | &nbsp;&nbsp; 1727079 |
| 2.000%, 06/01/50 | 4774778 | &nbsp;&nbsp; 3817243 |
| 2.000%, 08/01/50 | 106167 | &nbsp;&nbsp; 85307 |
| 2.000%, 09/01/50 | 55516 | &nbsp;&nbsp; 44641 |
| 2.000%, 01/01/51 | 5207747 | &nbsp;&nbsp; 4189177 |
| 2.000%, 02/01/51 | 1962057 | &nbsp;&nbsp; 1576289 |
| 2.000%, 03/01/51 | 5101986 | &nbsp;&nbsp; 4103915 |
| 2.000%, 04/01/51 | 651232 | &nbsp;&nbsp; 523715 |
| 2.000%, 08/01/51 | 854251 | &nbsp;&nbsp; 682591 |
| 2.000%, 10/01/51 | 1698102 | &nbsp;&nbsp; 1365986 |
| 2.000%, 02/01/52 | 842708 | &nbsp;&nbsp; 677935 |
| 2.000%, 03/01/52 | 2249092 | &nbsp;&nbsp; 1811308 |
| 2.500%, 10/01/40 | 2390631 | &nbsp;&nbsp; 2172358 |
| 2.500%, 03/01/41 | 388206 | &nbsp;&nbsp; 347985 |
| 2.500%, 04/01/41 | 668522 | &nbsp;&nbsp; 598979 |
| 2.500%, 05/01/41 | 1546616 | &nbsp;&nbsp; 1383800 |
| 2.500%, 03/01/42 | 2511425 | &nbsp;&nbsp; 2237383 |
| 2.500%, 04/01/42 | 232519 | &nbsp;&nbsp; 204483 |
| 2.500%, 05/01/42 | 157310 | &nbsp;&nbsp; 139360 |
| 2.500%, 06/01/50 | 369919 | &nbsp;&nbsp; 310734 |
| 2.500%, 10/01/50 | 1326224 | &nbsp;&nbsp; 1106627 |
| 2.500%, 11/01/50 | 358255 | &nbsp;&nbsp; 301578 |
| 2.500%, 12/01/50 | 122356 | &nbsp;&nbsp; 102937 |
| 2.500%, 01/01/51 | 264778 | &nbsp;&nbsp; 222790 |
| 2.500%, 02/01/51 | 157632 | &nbsp;&nbsp; 132639 |
| 2.500%, 03/01/51 | 319256 | &nbsp;&nbsp; 269126 |
| 2.500%, 04/01/51 | 508681 | &nbsp;&nbsp; 429744 |
| 2.500%, 05/01/51 | 1391721 | &nbsp;&nbsp; 1156814 |
| 2.500%, 06/01/51 | 2204738 | &nbsp;&nbsp; 1856673 |
| 2.500%, 07/01/51 | 2116681 | &nbsp;&nbsp; 1789000 |
| 2.500%, 08/01/51 | 696036 | &nbsp;&nbsp; 586155 |
| 2.500%, 09/01/51 | 1914430 | &nbsp;&nbsp; 1615011 |
| 2.500%, 10/01/51 | 2805835 | &nbsp;&nbsp; 2357259 |

---

*See accompanying notes to financial statements.*

**BHFTII-399**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 2.500%, 11/01/51 | 1223423 | &nbsp;&nbsp; $1032620 |
| 2.500%, 12/01/51 | 5667467 | &nbsp;&nbsp; 4765974 |
| 2.500%, 01/01/52 | 3013859 | &nbsp;&nbsp; 2532214 |
| 2.500%, 02/01/52 | 2585705 | &nbsp;&nbsp; 2176103 |
| 2.500%, 03/01/52 | 2513398 | &nbsp;&nbsp; 2112607 |
| 2.500%, 04/01/52 | 311481 | &nbsp;&nbsp; 261271 |
| 2.500%, 09/01/61 | 4414912 | &nbsp;&nbsp; 3504575 |
| 3.000%, 07/01/35 | 313996 | &nbsp;&nbsp; 297824 |
| 3.000%, 02/01/36 | 506152 | &nbsp;&nbsp; 480778 |
| 3.000%, 04/01/36 | 376894 | &nbsp;&nbsp; 358133 |
| 3.000%, 07/01/36 | 805961 | &nbsp;&nbsp; 764499 |
| 3.000%, 08/01/36 | 4191430 | &nbsp;&nbsp; 3974324 |
| 3.000%, 10/01/36 | 1673901 | &nbsp;&nbsp; 1585582 |
| 3.000%, 12/01/36 | 1390996 | &nbsp;&nbsp; 1316811 |
| 3.000%, 12/01/37 | 315313 | &nbsp;&nbsp; 296937 |
| 3.000%, 06/01/38 | 424495 | &nbsp;&nbsp; 401923 |
| 3.000%, 09/01/42 | 879833 | &nbsp;&nbsp; 797201 |
| 3.000%, 06/01/43 | 139038 | &nbsp;&nbsp; 125091 |
| 3.000%, 07/01/43 | 338974 | &nbsp;&nbsp; 304973 |
| 3.000%, 10/01/43 | 313616 | &nbsp;&nbsp; 282094 |
| 3.000%, 01/01/45 | 282426 | &nbsp;&nbsp; 254492 |
| 3.000%, 08/01/46 | 303007 | &nbsp;&nbsp; 269249 |
| 3.000%, 09/01/46 | 222355 | &nbsp;&nbsp; 197536 |
| 3.000%, 02/01/47 | 66790 | &nbsp;&nbsp; 60277 |
| 3.000%, 08/01/47 | 32962 | &nbsp;&nbsp; 29464 |
| 3.000%, 11/01/48 | 3030662 | &nbsp;&nbsp; 2692472 |
| 3.000%, 01/01/50 | 77441 | &nbsp;&nbsp; 68860 |
| 3.000%, 02/01/50 | 9013771 | &nbsp;&nbsp; 7994649 |
| 3.000%, 03/01/50 | 4794182 | &nbsp;&nbsp; 4236133 |
| 3.000%, 08/01/50 | 288900 | &nbsp;&nbsp; 253914 |
| 3.000%, 11/01/50 | 396107 | &nbsp;&nbsp; 349747 |
| 3.000%, 06/01/51 | 306143 | &nbsp;&nbsp; 270940 |
| 3.000%, 08/01/51 | 1529030 | &nbsp;&nbsp; 1349923 |
| 3.000%, 09/01/51 | 267878 | &nbsp;&nbsp; 234148 |
| 3.000%, 11/01/51 | 347394 | &nbsp;&nbsp; 305289 |
| 3.000%, 12/01/51 | 563456 | &nbsp;&nbsp; 495044 |
| 3.000%, 01/01/52 | 1222063 | &nbsp;&nbsp; 1073804 |
| 3.000%, 03/01/52 | 3708076 | &nbsp;&nbsp; 3267235 |
| 3.000%, 05/01/52 | 249672 | &nbsp;&nbsp; 216415 |
| 3.000%, 06/01/52 | 5164515 | &nbsp;&nbsp; 4511487 |
| 3.500%, 12/01/34 | 91519 | &nbsp;&nbsp; 88974 |
| 3.500%, 01/01/35 | 62034 | &nbsp;&nbsp; 60289 |
| 3.500%, 02/01/37 | 115918 | &nbsp;&nbsp; 111968 |
| 3.500%, 03/01/37 | 71452 | &nbsp;&nbsp; 69273 |
| 3.500%, 12/01/37 | 119540 | &nbsp;&nbsp; 114379 |
| 3.500%, 08/01/39 | 118195 | &nbsp;&nbsp; 113919 |
| 3.500%, 02/01/40 | 477314 | &nbsp;&nbsp; 457667 |
| 3.500%, 06/01/42 | 1979453 | &nbsp;&nbsp; 1864076 |
| 3.500%, 08/01/42 | 2168719 | &nbsp;&nbsp; 2018395 |
| 3.500%, 09/01/42 | 158633 | &nbsp;&nbsp; 147637 |
| 3.500%, 10/01/42 | 1139599 | &nbsp;&nbsp; 1060602 |
| 3.500%, 12/01/42 | 135483 | &nbsp;&nbsp; 127082 |
| 3.500%, 03/01/43 | 796372 | &nbsp;&nbsp; 749609 |
| 3.500%, 12/01/46 | 1311284 | &nbsp;&nbsp; 1225891 |
| 3.500%, 03/01/47 | 113020 | &nbsp;&nbsp; 103981 |

---

---

| | | |
|:---|:---|:---|
| **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%, 11/01/48 | 330803 | &nbsp;&nbsp; $306457 |
| 3.500%, 06/01/49 | 8236905 | &nbsp;&nbsp; 7582897 |
| 3.500%, 03/01/50 | 127977 | &nbsp;&nbsp; 116961 |
| 3.500%, 01/01/52 | 658818 | &nbsp;&nbsp; 601947 |
| 3.500%, 03/01/52 | 1109745 | &nbsp;&nbsp; 1011834 |
| 3.500%, 05/01/52 | 2635002 | &nbsp;&nbsp; 2408458 |
| 4.000%, 02/01/40 | 265445 | &nbsp;&nbsp; 256817 |
| 4.000%, 06/01/42 | 1708636 | &nbsp;&nbsp; 1650268 |
| 4.000%, 07/01/42 | 538045 | &nbsp;&nbsp; 519381 |
| 4.000%, 10/01/42 | 607885 | &nbsp;&nbsp; 583603 |
| 4.000%, 11/01/42 | 412765 | &nbsp;&nbsp; 396278 |
| 4.000%, 05/01/43 | 4469764 | &nbsp;&nbsp; 4314288 |
| 4.000%, 07/01/43 | 15595 | &nbsp;&nbsp; 14914 |
| 4.000%, 08/01/43 | 377663 | &nbsp;&nbsp; 361175 |
| 4.000%, 10/01/43 | 2331247 | &nbsp;&nbsp; 2244347 |
| 4.000%, 05/01/48 | 2762721 | &nbsp;&nbsp; 2615419 |
| 4.000%, 10/01/48 | 184619 | &nbsp;&nbsp; 173943 |
| 4.230%, 10/01/32 | 100000 | &nbsp;&nbsp; 98484 |
| 4.500%, 11/01/31 | 121432 | &nbsp;&nbsp; 122018 |
| 4.500%, 12/01/31 | 158884 | &nbsp;&nbsp; 159514 |
| 4.500%, 10/01/44 | 436805 | &nbsp;&nbsp; 431007 |
| 4.500%, 01/01/45 | 33117 | &nbsp;&nbsp; 32524 |
| 4.500%, 06/01/47 | 137145 | &nbsp;&nbsp; 133756 |
| 4.500%, 07/01/47 | 502042 | &nbsp;&nbsp; 488966 |
| 4.500%, 08/01/47 | 37807 | &nbsp;&nbsp; 36927 |
| 4.500%, 06/01/48 | 177100 | &nbsp;&nbsp; 172864 |
| 4.500%, 07/01/48 | 379091 | &nbsp;&nbsp; 368632 |
| 4.500%, 08/01/48 | 620338 | &nbsp;&nbsp; 603159 |
| 4.500%, 11/01/48 | 319284 | &nbsp;&nbsp; 310442 |
| 4.500%, 02/01/49 | 133613 | &nbsp;&nbsp; 129866 |
| 4.500%, 08/01/49 | 138512 | &nbsp;&nbsp; 134898 |
| 4.500%, 09/01/49 | 1681630 | &nbsp;&nbsp; 1635161 |
| 4.500%, 11/01/49 | 489533 | &nbsp;&nbsp; 478049 |
| 4.500%, 04/01/50 | 90382 | &nbsp;&nbsp; 86934 |
| 4.500%, 07/01/52 | 1111618 | &nbsp;&nbsp; 1073349 |
| 4.500%, 09/01/53 | 1055358 | &nbsp;&nbsp; 1028336 |
| 4.500%, 08/01/58 | 645040 | &nbsp;&nbsp; 617271 |
| 4.500%, 01/01/59 | 1355777 | &nbsp;&nbsp; 1293638 |
| 5.000%, 01/01/39 | 2477 | &nbsp;&nbsp; 2511 |
| 5.000%, 12/01/39 | 4003 | &nbsp;&nbsp; 4052 |
| 5.000%, 05/01/40 | 12511 | &nbsp;&nbsp; 12666 |
| 5.000%, 07/01/40 | 8896 | &nbsp;&nbsp; 9006 |
| 5.000%, 11/01/40 | 222063 | &nbsp;&nbsp; 224824 |
| 5.000%, 01/01/41 | 13600 | &nbsp;&nbsp; 13551 |
| 5.000%, 02/01/41 | 16677 | &nbsp;&nbsp; 16904 |
| 5.000%, 04/01/41 | 21944 | &nbsp;&nbsp; 22163 |
| 5.000%, 05/01/41 | 510956 | &nbsp;&nbsp; 517313 |
| 5.000%, 06/01/41 | 43446 | &nbsp;&nbsp; 43843 |
| 5.000%, 12/01/47 | 1002965 | &nbsp;&nbsp; 1019141 |
| 5.000%, 06/01/52 | 374100 | &nbsp;&nbsp; 370103 |
| 5.000%, 07/01/52 | 1118685 | &nbsp;&nbsp; 1111871 |
| 5.000%, 10/01/52 | 532047 | &nbsp;&nbsp; 523039 |
| 5.000%, 11/01/52 | 548584 | &nbsp;&nbsp; 540337 |
| 5.000%, 01/01/53 | 412284 | &nbsp;&nbsp; 408539 |
| 5.000%, 02/01/53 | 85284 | &nbsp;&nbsp; 84001 |

---

*See accompanying notes to financial statements.*

**BHFTII-400**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.000%, 06/01/53 | 718065 | &nbsp;&nbsp; $710335 |
| 5.000%, 07/01/53 | 652548 | &nbsp;&nbsp; 647956 |
| 5.500%, 08/01/52 | 139100 | &nbsp;&nbsp; 139592 |
| 5.500%, 10/01/52 | 153296 | &nbsp;&nbsp; 153798 |
| 5.500%, 11/01/52 | 1707118 | &nbsp;&nbsp; 1718518 |
| 5.500%, 07/01/53 | 1180061 | &nbsp;&nbsp; 1189500 |
| 5.500%, 08/01/53 | 929852 | &nbsp;&nbsp; 935200 |
| 5.500%, 06/01/54 | 366483 | &nbsp;&nbsp; 368714 |
| 6.000%, 07/01/41 | 139993 | &nbsp;&nbsp; 146746 |
| 6.000%, 12/01/52 | 1051004 | &nbsp;&nbsp; 1071147 |
| 6.000%, 03/01/53 | 682941 | &nbsp;&nbsp; 700462 |
| 6.000%, 06/01/53 | 4791763 | &nbsp;&nbsp; 4909690 |
| 6.000%, 07/01/53 | 232418 | &nbsp;&nbsp; 239690 |
| 6.000%, 11/01/53 | 525178 | &nbsp;&nbsp; 537883 |
| 6.000%, 03/01/54 | 1746375 | &nbsp;&nbsp; 1780326 |
| 6.000%, 05/01/54 | 1368909 | &nbsp;&nbsp; 1393558 |
| 6.500%, 03/01/26 | 71 | &nbsp;&nbsp; 73 |
| 6.500%, 04/01/29 | 11285 | &nbsp;&nbsp; 11778 |
| 6.500%, 05/01/32 | 1985 | &nbsp;&nbsp; 2039 |
| 6.500%, 04/01/53 | 134240 | &nbsp;&nbsp; 139678 |
| 6.500%, 10/01/53 | 1203727 | &nbsp;&nbsp; 1248582 |
| 6.500%, 12/01/53 | 1341606 | &nbsp;&nbsp; 1391367 |
| 6.500%, 03/01/54 | 959205 | &nbsp;&nbsp; 995637 |
| 6.500%, 04/01/54 | 1964379 | &nbsp;&nbsp; 2041137 |
| 7.000%, 11/01/37 | 11297 | &nbsp;&nbsp; 11910 |
| 7.000%, 12/01/37 | 5373 | &nbsp;&nbsp; 5665 |
| 7.000%, 02/01/38 | 2043 | &nbsp;&nbsp; 2154 |
| 7.000%, 11/01/38 | 24152 | &nbsp;&nbsp; 25463 |
| 8.000%, 05/01/28 | 141 | &nbsp;&nbsp; 141 |
| 8.000%, 07/01/32 | 512 | &nbsp;&nbsp; 524 |
| Government National Mortgage Association |  |  |
| Zero Coupon, 09/16/46 (c) (d) | 7052754 | &nbsp;&nbsp; 71 |
| 0.051%, 10/16/54 (c) (d) | 9912671 | &nbsp;&nbsp; 8990 |
| 0.161%, 02/16/48 (c) (d) | 739518 | &nbsp;&nbsp; 3038 |
| 0.188%, 04/16/54 (c) (d) | 5915066 | &nbsp;&nbsp; 5510 |
| 0.524%, 11/16/56 (c) (d) | 8397003 | &nbsp;&nbsp; 244533 |
| 0.558%, 12/16/58 (c) (d) | 6218730 | &nbsp;&nbsp; 185779 |
| 0.588%, 09/16/55 (c) (d) | 5630196 | &nbsp;&nbsp; 129125 |
| 0.614%, 10/16/58 (c) (d) | 10208998 | &nbsp;&nbsp; 347763 |
| 0.619%, 03/16/60 (c) (d) | 1363505 | &nbsp;&nbsp; 52424 |
| 0.640%, 02/16/61 (c) (d) | 1309860 | &nbsp;&nbsp; 62081 |
| 0.704%, 12/16/59 (c) (d) | 25487840 | &nbsp;&nbsp; 1098579 |
| 0.816%, 04/16/61 (c) (d) | 4850752 | &nbsp;&nbsp; 287116 |
| 0.833%, 02/16/63 (c) (d) | 3209295 | &nbsp;&nbsp; 192964 |
| 0.884%, 06/16/62 (c) (d) | 3563877 | &nbsp;&nbsp; 188088 |
| 0.965%, 05/16/62 (c) (d) | 3436691 | &nbsp;&nbsp; 194377 |
| 0.981%, 07/16/63 (c) (d) | 2892129 | &nbsp;&nbsp; 201652 |
| 1.000%, 07/16/60 | 519991 | &nbsp;&nbsp; 365343 |
| 1.112%, 01/16/61 (c) (d) | 4343571 | &nbsp;&nbsp; 347215 |
| 1.113%, 06/16/61 (c) (d) | 2830198 | &nbsp;&nbsp; 230872 |
| 1.144%, 06/16/61 (c) (d) | 5091814 | &nbsp;&nbsp; 417453 |
| 1.168%, 04/16/62 (c) (d) | 2975171 | &nbsp;&nbsp; 237517 |
| 1.271%, 09/16/60 (c) (d) | 2730073 | &nbsp;&nbsp; 247206 |
| 1.330%, 06/16/63 (c) (d) | 2578662 | &nbsp;&nbsp; 236915 |
| 1.432%, 06/16/61 (c) (d) | 1995734 | &nbsp;&nbsp; 193385 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| 1.500%, 06/16/63 | 2524745 | &nbsp;&nbsp; $1837010 |
| 1.600%, 09/16/63 (c) (d) | 3271734 | &nbsp;&nbsp; 380883 |
| 1.615%, 05/16/60 (c) (d) | 4295468 | &nbsp;&nbsp; 473421 |
| 2.000%, 08/20/50 | 108328 | &nbsp;&nbsp; 88262 |
| 2.000%, 02/20/51 | 6916427 | &nbsp;&nbsp; 5524240 |
| 2.000%, 03/20/51 | 2867344 | &nbsp;&nbsp; 2298294 |
| 2.000%, 04/20/51 | 1630355 | &nbsp;&nbsp; 1293657 |
| 2.500%, 10/20/49 | 319121 | &nbsp;&nbsp; 272911 |
| 2.500%, 04/20/51 | 3471419 | &nbsp;&nbsp; 2951505 |
| 2.500%, 06/20/51 | 72463 | &nbsp;&nbsp; 61147 |
| 2.500%, 08/20/51 | 70713 | &nbsp;&nbsp; 59691 |
| 2.500%, 10/20/51 | 288082 | &nbsp;&nbsp; 243327 |
| 2.500%, 12/20/51 | 148074 | &nbsp;&nbsp; 124906 |
| 2.500%, 08/20/52 | 4485899 | &nbsp;&nbsp; 3826912 |
| 3.000%, 09/15/42 | 251336 | &nbsp;&nbsp; 227993 |
| 3.000%, 10/15/42 | 1346970 | &nbsp;&nbsp; 1220856 |
| 3.000%, 11/15/42 | 496068 | &nbsp;&nbsp; 443933 |
| 3.000%, 11/20/46 | 136759 | &nbsp;&nbsp; 122630 |
| 3.000%, 09/20/47 | 43449 | &nbsp;&nbsp; 38890 |
| 3.000%, 11/20/47 | 91957 | &nbsp;&nbsp; 82308 |
| 3.000%, 12/20/47 | 582545 | &nbsp;&nbsp; 521365 |
| 3.000%, 01/20/50 | 536626 | &nbsp;&nbsp; 467580 |
| 3.000%, 02/20/51 | 85863 | &nbsp;&nbsp; 76194 |
| 3.000%, 06/20/51 | 940302 | &nbsp;&nbsp; 826872 |
| 3.000%, 09/20/51 | 4202956 | &nbsp;&nbsp; 3722171 |
| 3.000%, 11/20/51 | 673766 | &nbsp;&nbsp; 592050 |
| 3.000%, 01/20/52 | 86440 | &nbsp;&nbsp; 75632 |
| 3.000%, 02/20/52 | 2125987 | &nbsp;&nbsp; 1869378 |
| 3.000%, 03/20/52 | 1533726 | &nbsp;&nbsp; 1346793 |
| 3.000%, 04/20/52 | 1824470 | &nbsp;&nbsp; 1594692 |
| 3.500%, 06/20/44 | 521995 | &nbsp;&nbsp; 484014 |
| 3.500%, 03/20/45 | 41190 | &nbsp;&nbsp; 38350 |
| 3.500%, 01/20/46 | 109395 | &nbsp;&nbsp; 101808 |
| 3.500%, 03/20/46 | 573982 | &nbsp;&nbsp; 532752 |
| 3.500%, 04/20/46 | 302463 | &nbsp;&nbsp; 281483 |
| 3.500%, 05/20/46 | 140152 | &nbsp;&nbsp; 130430 |
| 3.500%, 06/20/46 | 239682 | &nbsp;&nbsp; 222932 |
| 3.500%, 07/20/46 | 145231 | &nbsp;&nbsp; 135014 |
| 3.500%, 09/20/46 | 13281 | &nbsp;&nbsp; 12332 |
| 3.500%, 05/20/47 | 1919263 | &nbsp;&nbsp; 1775209 |
| 3.500%, 02/20/48 | 846405 | &nbsp;&nbsp; 772034 |
| 3.500%, 06/15/48 | 1640765 | &nbsp;&nbsp; 1532215 |
| 3.500%, 09/20/48 | 361322 | &nbsp;&nbsp; 333253 |
| 3.500%, 02/20/49 | 11449 | &nbsp;&nbsp; 10571 |
| 3.500%, 10/20/49 | 81953 | &nbsp;&nbsp; 74544 |
| 3.500%, 01/20/50 | 740316 | &nbsp;&nbsp; 678435 |
| 3.500%, 02/20/50 | 129224 | &nbsp;&nbsp; 117544 |
| 3.500%, 05/15/50 | 271770 | &nbsp;&nbsp; 248210 |
| 3.500%, 07/20/50 | 142259 | &nbsp;&nbsp; 130299 |
| 3.500%, 02/20/52 | 1286438 | &nbsp;&nbsp; 1174861 |
| 3.500%, 03/20/52 | 423266 | &nbsp;&nbsp; 378712 |
| 3.500%, 06/20/52 | 392576 | &nbsp;&nbsp; 352220 |
| 4.000%, 09/20/45 | 99669 | &nbsp;&nbsp; 94322 |
| 4.000%, 11/20/45 | 2247043 | &nbsp;&nbsp; 2115026 |
| 4.000%, 08/20/46 | 1565796 | &nbsp;&nbsp; 1483248 |

---

*See accompanying notes to financial statements.*

**BHFTII-401**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.000%, 06/20/47 | 684182 | &nbsp;&nbsp; $644932 |
| 4.000%, 07/20/47 | 115855 | &nbsp;&nbsp; 109232 |
| 4.000%, 11/20/47 | 329675 | &nbsp;&nbsp; 310761 |
| 4.000%, 12/20/47 | 128625 | &nbsp;&nbsp; 121119 |
| 4.000%, 02/20/48 | 129064 | &nbsp;&nbsp; 121479 |
| 4.000%, 03/20/48 | 918905 | &nbsp;&nbsp; 866173 |
| 4.000%, 04/20/48 | 112376 | &nbsp;&nbsp; 105650 |
| 4.000%, 05/20/48 | 93216 | &nbsp;&nbsp; 88097 |
| 4.000%, 08/20/48 | 1277047 | &nbsp;&nbsp; 1203376 |
| 4.000%, 09/20/48 | 355255 | &nbsp;&nbsp; 334866 |
| 4.000%, 03/20/49 | 194649 | &nbsp;&nbsp; 183481 |
| 4.000%, 04/20/49 | 169264 | &nbsp;&nbsp; 160648 |
| 4.000%, 11/20/49 | 58102 | &nbsp;&nbsp; 54553 |
| 4.000%, 01/20/50 | 90051 | &nbsp;&nbsp; 82886 |
| 4.000%, 02/20/50 | 79769 | &nbsp;&nbsp; 74898 |
| 4.000%, 03/15/50 | 25514 | &nbsp;&nbsp; 23953 |
| 4.000%, 03/20/50 | 57174 | &nbsp;&nbsp; 53683 |
| 4.000%, 04/20/50 | 327433 | &nbsp;&nbsp; 305874 |
| 4.000%, 06/20/52 | 559636 | &nbsp;&nbsp; 522670 |
| 4.500%, 01/20/40 | 156441 | &nbsp;&nbsp; 155227 |
| 4.500%, 05/20/40 | 196665 | &nbsp;&nbsp; 195139 |
| 4.500%, 09/20/40 | 4277 | &nbsp;&nbsp; 4241 |
| 4.500%, 01/20/41 | 36388 | &nbsp;&nbsp; 36106 |
| 4.500%, 07/20/41 | 243184 | &nbsp;&nbsp; 241297 |
| 4.500%, 08/20/47 | 230422 | &nbsp;&nbsp; 224940 |
| 4.500%, 04/20/48 | 332750 | &nbsp;&nbsp; 324829 |
| 4.500%, 05/20/48 | 619280 | &nbsp;&nbsp; 604538 |
| 4.500%, 06/20/48 | 612681 | &nbsp;&nbsp; 597591 |
| 4.500%, 07/20/48 | 46141 | &nbsp;&nbsp; 44967 |
| 4.500%, 08/20/48 | 1553406 | &nbsp;&nbsp; 1513229 |
| 4.500%, 09/20/48 | 134770 | &nbsp;&nbsp; 131229 |
| 4.500%, 10/20/48 | 324117 | &nbsp;&nbsp; 315468 |
| 4.500%, 12/20/48 | 149695 | &nbsp;&nbsp; 146292 |
| 4.500%, 01/20/49 | 1258840 | &nbsp;&nbsp; 1229785 |
| 4.500%, 02/20/49 | 460900 | &nbsp;&nbsp; 450096 |
| 4.500%, 03/20/49 | 1198718 | &nbsp;&nbsp; 1170619 |
| 4.500%, 04/20/49 | 149980 | &nbsp;&nbsp; 146472 |
| 4.500%, 02/20/50 | 204773 | &nbsp;&nbsp; 198975 |
| 4.500%, 03/20/50 | 130061 | &nbsp;&nbsp; 126285 |
| 4.500%, 12/20/50 | 196457 | &nbsp;&nbsp; 190713 |
| 4.500%, 08/20/52 | 814680 | &nbsp;&nbsp; 782684 |
| 4.500%, 09/20/52 | 1014772 | &nbsp;&nbsp; 975533 |
| 5.000%, 07/20/40 | 152245 | &nbsp;&nbsp; 154116 |
| 5.000%, 05/20/48 | 100846 | &nbsp;&nbsp; 100660 |
| 5.000%, 10/20/48 | 529596 | &nbsp;&nbsp; 529708 |
| 5.000%, 11/20/48 | 285495 | &nbsp;&nbsp; 284925 |
| 5.000%, 03/20/49 | 63254 | &nbsp;&nbsp; 63118 |
| 5.000%, 04/20/49 | 53743 | &nbsp;&nbsp; 53729 |
| 5.000%, 09/20/49 | 90773 | &nbsp;&nbsp; 90606 |
| 5.000%, 11/20/49 | 137414 | &nbsp;&nbsp; 137160 |
| 5.000%, 12/20/49 | 91998 | &nbsp;&nbsp; 91828 |
| 5.000%, 01/20/50 | 241325 | &nbsp;&nbsp; 240881 |
| 5.000%, 04/20/50 | 53662 | &nbsp;&nbsp; 53563 |
| 5.000%, 09/20/52 | 402064 | &nbsp;&nbsp; 397845 |
| 5.000%, 01/20/53 | 718584 | &nbsp;&nbsp; 711503 |

---

---

| | | |
|:---|:---|:---|
| **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%, 08/20/53 | 2213882 | &nbsp;&nbsp; $2188176 |
| 5.500%, 06/15/36 | 107287 | &nbsp;&nbsp; 111844 |
| 5.500%, 11/20/52 | 1338634 | &nbsp;&nbsp; 1353076 |
| 5.500%, 02/20/53 | 1381339 | &nbsp;&nbsp; 1387394 |
| 5.500%, 03/20/53 | 2153289 | &nbsp;&nbsp; 2167689 |
| 5.500%, 04/20/53 | 2677384 | &nbsp;&nbsp; 2694913 |
| 5.500%, 05/20/53 | 909089 | &nbsp;&nbsp; 911679 |
| 5.500%, 07/20/53 | 589863 | &nbsp;&nbsp; 596002 |
| 5.500%, 08/20/53 | 3265898 | &nbsp;&nbsp; 3291894 |
| 6.000%, 03/15/33 | 261840 | &nbsp;&nbsp; 267647 |
| 6.000%, 11/20/34 | 411 | &nbsp;&nbsp; 429 |
| 6.000%, 06/20/35 | 636 | &nbsp;&nbsp; 664 |
| 6.000%, 07/20/36 | 32057 | &nbsp;&nbsp; 33957 |
| 6.000%, 09/20/36 | 1538 | &nbsp;&nbsp; 1606 |
| 6.000%, 07/20/38 | 93088 | &nbsp;&nbsp; 99370 |
| 6.000%, 09/20/38 | 224584 | &nbsp;&nbsp; 239553 |
| 6.000%, 06/20/39 | 1151 | &nbsp;&nbsp; 1205 |
| 6.000%, 05/20/40 | 17441 | &nbsp;&nbsp; 18207 |
| 6.000%, 06/20/40 | 54815 | &nbsp;&nbsp; 57305 |
| 6.000%, 08/20/40 | 33167 | &nbsp;&nbsp; 34665 |
| 6.000%, 09/20/40 | 81570 | &nbsp;&nbsp; 85402 |
| 6.000%, 10/20/40 | 33929 | &nbsp;&nbsp; 35418 |
| 6.000%, 11/20/40 | 60979 | &nbsp;&nbsp; 62900 |
| 6.000%, 01/20/41 | 36524 | &nbsp;&nbsp; 37877 |
| 6.000%, 03/20/41 | 211825 | &nbsp;&nbsp; 221339 |
| 6.000%, 07/20/41 | 51887 | &nbsp;&nbsp; 54162 |
| 6.000%, 12/20/41 | 27428 | &nbsp;&nbsp; 28717 |
| 6.000%, 07/20/53 | 1210540 | &nbsp;&nbsp; 1242764 |
| 6.000%, 09/20/53 | 1056297 | &nbsp;&nbsp; 1084556 |
| 6.000%, 01/20/54 | 571157 | &nbsp;&nbsp; 589970 |
| 6.000%, 02/20/54 | 1220520 | &nbsp;&nbsp; 1257947 |
| 6.500%, 08/15/34 | 51889 | &nbsp;&nbsp; 53070 |
| 6.500%, 10/20/37 | 87958 | &nbsp;&nbsp; 95652 |
| 6.500%, 09/20/53 | 284282 | &nbsp;&nbsp; 296333 |
| 6.500%, 11/20/53 | 207534 | &nbsp;&nbsp; 216046 |
| 6.500%, 01/20/54 | 922866 | &nbsp;&nbsp; 959989 |
| 7.500%, 09/15/29 | 243 | &nbsp;&nbsp; 244 |
| Government National Mortgage Association, TBA |  |  |
| 3.000%, TBA (f) | 5400000 | &nbsp;&nbsp; 4775540 |
| 3.500%, TBA (f) | 2400000 | &nbsp;&nbsp; 2181680 |
| 5.000%, TBA (f) | 7500000 | &nbsp;&nbsp; 7366104 |
| 5.500%, TBA (f) | 100000 | &nbsp;&nbsp; 100131 |
| 6.000%, TBA (f) | 700000 | &nbsp;&nbsp; 710225 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.500%, TBA (f) | 3100000 | &nbsp;&nbsp; 2569809 |
| 3.000%, TBA (f) | 8900000 | &nbsp;&nbsp; 7699751 |
| 4.500%, TBA (f) | 8100000 | &nbsp;&nbsp; 7747014 |
| 5.000%, TBA (f) | 5100000 | &nbsp;&nbsp; 4997491 |
| 5.500%, TBA (f) | 17100000 | &nbsp;&nbsp; 17096088 |
| 6.000%, TBA (f) | 8800000 | &nbsp;&nbsp; 8941881 |
| 6.500%, TBA (f) | 100000 | &nbsp;&nbsp; 103248 |
|  |  | &nbsp;&nbsp; 480887770 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $570,588,797) <br>|  | &nbsp;&nbsp; 532174852 |

---

*See accompanying notes to financial statements.*

**BHFTII-402**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Non-Agency Mortgage-Backed Securities—4.7%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations — 2.4%** | **Collateralized Mortgage Obligations — 2.4%** | **Collateralized Mortgage Obligations — 2.4%** |
| Banc of America Mortgage Trust |  |  |
| 6.107%, 07/25/35 (d) | 7866 | &nbsp;&nbsp; $7526 |
| BRAVO Residential Funding Trust |  |  |
| 7.535%, 09/25/63 (144A) (g) | 531539 | &nbsp;&nbsp; 539566 |
| CIM Trust |  |  |
| 1.425%, 07/25/61 (144A) (d) | 1734807 | &nbsp;&nbsp; 1547898 |
| 5.000%, 05/25/62 (144A) (d) | 2218123 | &nbsp;&nbsp; 2222028 |
| Countrywide Alternative Loan Trust |  |  |
| 4.832%, 1M TSFR + 0.514%, 07/20/46 (d) | 750334 | &nbsp;&nbsp; 635893 |
| CSMC Trust |  |  |
| 0.830%, 03/25/56 (144A) (d) | 517721 | &nbsp;&nbsp; 425068 |
| 0.938%, 05/25/66 (144A) (d) | 825453 | &nbsp;&nbsp; 698449 |
| 1.169%, 03/25/56 (144A) (d) | 445690 | &nbsp;&nbsp; 370698 |
| 1.756%, 10/25/66 (144A) (d) | 498231 | &nbsp;&nbsp; 437630 |
| Ellington Financial Mortgage Trust |  |  |
| 3.001%, 01/25/67 (144A) (d) | 950000 | &nbsp;&nbsp; 684064 |
| GCAT Trust |  |  |
| 6.500%, 09/25/54 (144A) (d) | 424036 | &nbsp;&nbsp; 432114 |
| GMACM Mortgage Loan Trust |  |  |
| 3.678%, 11/19/35 (d) | 66767 | &nbsp;&nbsp; 58086 |
| GS Mortgage-Backed Securities Trust |  |  |
| 3.750%, 10/25/57 (144A) | 1142748 | &nbsp;&nbsp; 1115460 |
| 4.000%, 05/25/62 (144A) (d) | 616861 | &nbsp;&nbsp; 562557 |
| JP Morgan Mortgage Trust |  |  |
| 3.500%, 10/25/48 (144A) (d) | 337976 | &nbsp;&nbsp; 305781 |
| Legacy Mortgage Asset Trust |  |  |
| 5.250%, 07/25/67 (144A) (g) | 585080 | &nbsp;&nbsp; 583969 |
| 5.750%, 07/25/61 (144A) (g) | 745148 | &nbsp;&nbsp; 742777 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| 3.918%, 02/25/34 (d) | 90476 | &nbsp;&nbsp; 81145 |
| MASTR Reperforming Loan Trust |  |  |
| 3.860%, 05/25/35 (144A) (d) | 1655780 | &nbsp;&nbsp; 747798 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| 3.601%, 07/25/35 (d) | 43902 | &nbsp;&nbsp; 39136 |
| 4.574%, 1M TSFR + 0.254%, 06/25/36 (d) | 405944 | &nbsp;&nbsp; 77614 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 6.500%, 06/25/54 (144A) (d) | 1984700 | &nbsp;&nbsp; 2027474 |
| New Residential Mortgage Loan Trust |  |  |
| 1.156%, 11/27/56 (144A) (d) | 429584 | &nbsp;&nbsp; 375702 |
| 2.750%, 07/25/59 (144A) (d) | 823683 | &nbsp;&nbsp; 790117 |
| 3.250%, 09/25/56 (144A) (d) | 819037 | &nbsp;&nbsp; 774445 |
| 4.000%, 02/25/57 (144A) (d) | 667883 | &nbsp;&nbsp; 649139 |
| 4.000%, 05/25/57 (144A) (d) | 1058108 | &nbsp;&nbsp; 1015813 |
| OBX Trust |  |  |
| 1.054%, 07/25/61 (144A) (d) | 550652 | &nbsp;&nbsp; 450527 |
| 5.755%, 02/25/55 (144A) (g) | 2711736 | &nbsp;&nbsp; 2717089 |
| 5.949%, 02/25/63 (144A) (g) | 482021 | &nbsp;&nbsp; 482520 |
| PRKCM Trust |  |  |
| 1.510%, 08/25/56 (144A) (d) | 1275650 | &nbsp;&nbsp; 1056576 |
| 2.071%, 11/25/56 (144A) (d) | 686836 | &nbsp;&nbsp; 608177 |
| 6.431%, 05/25/59 (144A) (g) | 657678 | &nbsp;&nbsp; 664445 |
| RCKT Mortgage Trust |  |  |
| 6.500%, 06/25/54 (144A) (d) | 2806469 | &nbsp;&nbsp; 2866954 |
| Reperforming Loan Trust REMICS |  |  |
| 4.854%, 1M TSFR + 0.534%, 07/25/36 (144A) (d) | 115483 | &nbsp;&nbsp; 108541 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| SACO I Trust |  |  |
| 4.046%, 06/25/21 (144A) (d) | 2337 | &nbsp;&nbsp; $1811 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.794%, 1M TSFR + 0.474%, 07/25/46 (d) | 67809 | &nbsp;&nbsp; 59248 |
| Structured Asset Securities Corp. |  |  |
| 4.281%, 06/25/35 (144A) (d) | 36231 | &nbsp;&nbsp; 32439 |
| 4.784%, 1M TSFR + 0.464%, 04/25/35 (144A) (d) | 1011488 | &nbsp;&nbsp; 908971 |
| Towd Point Mortgage Trust |  |  |
| 1.636%, 04/25/60 (144A) (d) | 615156 | &nbsp;&nbsp; 557825 |
| 3.000%, 04/25/60 (144A) (d) | 940000 | &nbsp;&nbsp; 728899 |
| Verus Securitization Trust |  |  |
| 6.845%, 04/25/69 (144A) (g) | 543048 | &nbsp;&nbsp; 550193 |
|  |  | &nbsp;&nbsp; 29742162 |
| **Commercial Mortgage-Backed Securities — 2.3%** | **Commercial Mortgage-Backed Securities — 2.3%** | **Commercial Mortgage-Backed Securities — 2.3%** |
| Bank |  |  |
| 2.470%, 09/15/64 | 2770000 | &nbsp;&nbsp; 2420330 |
| 2.643%, 04/15/54 (d) | 860000 | &nbsp;&nbsp; 768890 |
| 3.538%, 11/15/54 | 1580000 | &nbsp;&nbsp; 1541238 |
| Bank5 |  |  |
| 5.779%, 04/15/56 | 770000 | &nbsp;&nbsp; 789433 |
| Benchmark Mortgage Trust |  |  |
| 5.525%, 04/15/56 | 2700000 | &nbsp;&nbsp; 2805460 |
| BLP Commercial Mortgage Trust |  |  |
| 6.004%, 1M TSFR + 1.692%, 03/15/40 (144A) (d) | 4300000 | &nbsp;&nbsp; 4304031 |
| BOCA Commercial Mortgage Trust |  |  |
| 6.232%, 1M TSFR + 1.921%, 08/15/41 (144A) (d) | 2560000 | &nbsp;&nbsp; 2566400 |
| BX Trust |  |  |
| 5.162%, 1M TSFR + 0.850%, 01/15/39 (144A) (d) | 3000000 | &nbsp;&nbsp; 2998125 |
| 5.226%, 1M TSFR + 0.914%, 02/15/36 (144A) (d) | 585199 | &nbsp;&nbsp; 584834 |
| Citigroup Commercial Mortgage Trust |  |  |
| 6.015%, 10/12/40 (144A) (d) | 1520000 | &nbsp;&nbsp; 1569893 |
| GS Mortgage Securities Trust |  |  |
| 2.911%, 02/13/53 | 3414000 | &nbsp;&nbsp; 3167025 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 3.459%, 12/15/49 | 3129700 | &nbsp;&nbsp; 3087973 |
| MTN Commercial Mortgage Trust |  |  |
| 5.717%, 1M TSFR + 1.397%, 03/15/39 (144A) (d) | 2980000 | &nbsp;&nbsp; 2978138 |
|  |  | &nbsp;&nbsp; 29581770 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $61,109,674) <br>|  | &nbsp;&nbsp; 59323932 |
| **Foreign Government—3.8%** | **Foreign Government—3.8%** | **Foreign Government—3.8%** |
| **Sovereign — 3.8%** | **Sovereign — 3.8%** | **Sovereign — 3.8%** |
| Colombia Government International Bonds |  |  |
| 5.625%, 02/26/44 | 4840000 | &nbsp;&nbsp; 3570951 |
| Indonesia Government International Bonds |  |  |
| 4.750%, 02/11/29 | 6280000 | &nbsp;&nbsp; 6389882 |
| Israel Government AID Bonds |  |  |
| 5.500%, 09/18/33 | 10047000 | &nbsp;&nbsp; 10747198 |
| Israel Government International Bonds |  |  |
| 5.500%, 03/12/34 | 7000000 | &nbsp;&nbsp; 7083383 |
| Mexico Government International Bonds |  |  |
| 5.850%, 07/02/32 | 12000000 | &nbsp;&nbsp; 12144000 |

---

*See accompanying notes to financial statements.*

**BHFTII-403**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Peru Government International Bonds |  |  |
| 3.300%, 03/11/41 | 3420000 | &nbsp;&nbsp; $2533365 |
| 3.550%, 03/10/51 | 1090000 | &nbsp;&nbsp; 747162 |
| 6.550%, 03/14/37 | 320000 | &nbsp;&nbsp; 347139 |
| Republic of Poland Government International Bonds |  |  |
| 3.250%, 04/06/26 | 5010000 | &nbsp;&nbsp; 4967726 |
| Total Foreign Government <br>(Cost $51,061,623) <br>|  | &nbsp;&nbsp; 48530806 |
| **Corporate Bonds & Notes—0.8%** | **Corporate Bonds & Notes—0.8%** | **Corporate Bonds & Notes—0.8%** |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| EQUATE Petrochemical Co. KSC |  |  |
| 4.250%, 11/03/26 (144A) | 1540000 | &nbsp;&nbsp; 1524609 |
| **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
| Enel Chile SA |  |  |
| 4.875%, 06/12/28 | 4000000 | &nbsp;&nbsp; 4015732 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| 5.450%, 05/21/28 (144A) | 4000000 | &nbsp;&nbsp; 4074056 |
|  |  | &nbsp;&nbsp; 8089788 |
| Total Corporate Bonds & Notes <br>(Cost $9,543,098) <br>|  | &nbsp;&nbsp; 9614397 |
| **Asset-Backed Securities—0.0%** | **Asset-Backed Securities—0.0%** | **Asset-Backed Securities—0.0%** |
| **Asset-Backed - Other — 0.0%** | **Asset-Backed - Other — 0.0%** | **Asset-Backed - Other — 0.0%** |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| 4.654%, 1M TSFR + 0.334%, 02/25/36 (144A) (d) <br>(Cost $1,965,962)<br>| 4529132 | &nbsp;&nbsp; 83864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.0%** | **Short-Term Investments—2.0%** | **Short-Term Investments—2.0%** |
| **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $10,552,410; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $10,762,594<br>| 10551458 | &nbsp;&nbsp; 10551458 |
| **U.S. Treasury—1.2%** | **U.S. Treasury—1.2%** | **U.S. Treasury—1.2%** |
| U.S. Treasury Bills |  |  |
| Zero Coupon, 07/01/25 (h) | 15000000 | &nbsp;&nbsp; 15000000 |
| Total Short-Term Investments <br>(Cost $25,551,458) <br>|  | &nbsp;&nbsp; 25551458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (i)—0.7%** | **Securities Lending Reinvestments (i)—0.7%** | **Securities Lending Reinvestments (i)—0.7%** |
| **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (j)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (j)<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (j)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (j)<br>| 1500000 | &nbsp;&nbsp; $1500000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (j)<br>| 1500000 | &nbsp;&nbsp; 1500000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.250% (j)<br>| 200000 | &nbsp;&nbsp; 200000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (j)<br>| 300000 | &nbsp;&nbsp; 300000 |
|  |  | &nbsp;&nbsp; 6300000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $200,024; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 09/15/25 - <br> 05/15/34, and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; 200000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $200,025; collateralized <br> by various Common Stock with an aggregate market value of <br> $222,615<br>| 200000 | &nbsp;&nbsp; 200000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $100,012; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $102,012<br>| 100000 | &nbsp;&nbsp; 100000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $149,418; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% <br> - 3.250%, maturity dates ranging from 05/15/41 - <br> 05/15/52, and an aggregate market value of $152,388<br>| 149400 | &nbsp;&nbsp; 149400 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,000,122; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.250% - 4.750%, maturity dates ranging from <br> 08/31/25 - 02/15/48, and an aggregate market value of <br> $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $200,025; collateralized <br> by various Common Stock with an aggregate market value of <br> $222,524<br>| 200000 | &nbsp;&nbsp; 200000 |

---

*See accompanying notes to financial statements.*

**BHFTII-404**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $200,025; collateralized <br> by various Common Stock with an aggregate market value of <br> $220,027<br>| 200000 | &nbsp;&nbsp; $200000 |
|  |  | &nbsp;&nbsp; 2049400 |
| Total Securities Lending Reinvestments <br>(Cost $8,349,400) <br>|  | &nbsp;&nbsp; 8349400 |
| Total Investments—106.2% <br>(Cost $1,399,803,145) <br>|  | &nbsp;&nbsp; 1343250281 |
| Other assets and liabilities (net)—(6.2)%  |  | &nbsp;&nbsp; (78439611)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1264810670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $8,142,145 and the collateral received consisted of cash in the amount of $8,349,400. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. 

(b) Principal amount of security is adjusted for inflation.

(c) Interest only security.

(d) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. 

---

| | |
|:---|:---|
|  | Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (e) | Principal only security. |
| (f) | 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>|
| (g) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (h) | The rate shown represents current yield to maturity. |
| (i) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (j) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $60,623,186, which is 4.8% of net assets.<br>|

---

Security in the amount of $476,187 have been received at the custodian bank as collateral for TBA securities.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1227823529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14833841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 <br>,303390003<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67857506 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $846207659 | &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; $865922951 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; $(8349400)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8349400)<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; $(8349400)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-405**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**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; 09/19/25 | &nbsp;&nbsp; (50)<br>| USD | (5773438)<br>| &nbsp;&nbsp; $(125087)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $125087 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $(427726)<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; $(168526)<br>|

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $14557974 |
| Futures contracts short | &nbsp;&nbsp; (9179492)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $659621572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $659621572 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 532174852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 532174852 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 59323932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59323932 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 48530806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48530806 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 9614397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9614397 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 83864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83864 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 25551458 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25551458 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6300000 |

---

*See accompanying notes to financial statements.*

**BHFTII-406**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2049400 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2049400 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp; 2049400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8349400 |
| Total Investments | &nbsp;&nbsp; $6300000 | &nbsp;&nbsp; $1336950281 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1343250281 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8349400)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8349400)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $(125087)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(125087)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTII-407**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1343250281 |
| Cash | &nbsp;&nbsp; 3 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 523001 |
| Receivable for: |  |
| TBA securities sold | &nbsp;&nbsp; 2820789 |
| Fund shares sold | &nbsp;&nbsp; 416568 |
| Principal paydowns | &nbsp;&nbsp; 68444 |
| Interest | &nbsp;&nbsp; 6091223 |
| Prepaid expenses | &nbsp;&nbsp; 10084 |
| Total Assets | &nbsp;&nbsp; 1353180393 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 8349400 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 11993880 |
| TBA securities purchased | &nbsp;&nbsp; 66360410 |
| Fund shares redeemed | &nbsp;&nbsp; 159247 |
| Variation margin on futures contracts | &nbsp;&nbsp; 387726 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 480771 |
| Distribution and service fees | &nbsp;&nbsp; 58251 |
| Deferred trustees' fees | &nbsp;&nbsp; 213778 |
| Other expenses | &nbsp;&nbsp; 366260 |
| Total Liabilities | &nbsp;&nbsp; 88369723 |
| **Net Assets**  | &nbsp;&nbsp; $1264810670 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1530222829 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (265412159)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1264810670 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $974087260 |
| Class B | &nbsp;&nbsp; 279553128 |
| Class E | &nbsp;&nbsp; 11170282 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 93447683 |
| Class B | &nbsp;&nbsp; 26915201 |
| Class E | &nbsp;&nbsp; 1073840 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.42 |
| Class B | 10.39 |
| Class E | 10.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Identified cost of investments was $1,399,803,145.

(b) Includes securities loaned at value of $8,142,145.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $25779467 |
| Securities lending income | &nbsp;&nbsp; 7013 |
| Total investment income | &nbsp;&nbsp; 25786480 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3097908 |
| Administration fees | &nbsp;&nbsp; 38813 |
| Custodian and accounting fees | &nbsp;&nbsp; 75218 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 353821 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 8423 |
| Audit and tax services | &nbsp;&nbsp; 38167 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20044 |
| Shareholder reporting | &nbsp;&nbsp; 36026 |
| Insurance | &nbsp;&nbsp; 5787 |
| Miscellaneous | &nbsp;&nbsp; 12059 |
| Total expenses | &nbsp;&nbsp; 3708988 |
| Less management fee waiver | &nbsp;&nbsp; (149008)<br>|
| Net expenses | &nbsp;&nbsp; 3559980 |
| **Net Investment Income** | &nbsp;&nbsp; 22226500 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (1469744)<br>|
| Futures contracts | &nbsp;&nbsp; (427726)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (1897470)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 28977690 |
| Futures contracts | &nbsp;&nbsp; (168526)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28809164 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 26911694 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $49138194 |

---

*See accompanying notes to financial statements.*

**BHFTII-408**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $22226500 | &nbsp;&nbsp; $46012849 |
| Net realized gain (loss) | &nbsp;&nbsp; (1897470)<br>| &nbsp;&nbsp; (8873956)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28809164 | &nbsp;&nbsp; (5303747)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 49138194 | &nbsp;&nbsp; 31835146 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (39746284)<br>| &nbsp;&nbsp; (33324740)<br>|
| Class B | &nbsp;&nbsp; (10658052)<br>| &nbsp;&nbsp; (8311675)<br>|
| Class E | &nbsp;&nbsp; (441219)<br>| &nbsp;&nbsp; (363412)<br>|
| **Total distributions** | &nbsp;&nbsp; (50845555)<br>| &nbsp;&nbsp; (41999827)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (39708754)<br>| &nbsp;&nbsp; (104874557)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (41416115)<br>| &nbsp;&nbsp; (115039238)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1306226785 | &nbsp;&nbsp; 1421266023 |
| End of period | &nbsp;&nbsp; $1264810670 | &nbsp;&nbsp; $1306226785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1611365 | &nbsp;&nbsp; $17178931 | &nbsp;&nbsp; 2314713 | &nbsp;&nbsp; $24227939 |
| Reinvestments | &nbsp;&nbsp; 3855120 | &nbsp;&nbsp; 39746284 | &nbsp;&nbsp; 3251194 | &nbsp;&nbsp; 33324740 |
| Redemptions | &nbsp;&nbsp; (7902984)<br>| &nbsp;&nbsp; (83841543)<br>| &nbsp;&nbsp; (14851704)<br>| &nbsp;&nbsp; (155507859)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2436499)<br>| &nbsp;&nbsp; $(26916328)<br>| &nbsp;&nbsp; (9285797)<br>| &nbsp;&nbsp; $(97955180)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1244305 | &nbsp;&nbsp; $13128584 | &nbsp;&nbsp; 3650051 | &nbsp;&nbsp; $38112409 |
| Reinvestments | &nbsp;&nbsp; 1037785 | &nbsp;&nbsp; 10658052 | &nbsp;&nbsp; 814072 | &nbsp;&nbsp; 8311675 |
| Redemptions | &nbsp;&nbsp; (3412078)<br>| &nbsp;&nbsp; (36104708)<br>| &nbsp;&nbsp; (4973990)<br>| &nbsp;&nbsp; (51801266)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1129988)<br>| &nbsp;&nbsp; $(12318072)<br>| &nbsp;&nbsp; (509867)<br>| &nbsp;&nbsp; $(5377182)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 27186 | &nbsp;&nbsp; $287862 | &nbsp;&nbsp; 145995 | &nbsp;&nbsp; $1523034 |
| Reinvestments | &nbsp;&nbsp; 42878 | &nbsp;&nbsp; 441219 | &nbsp;&nbsp; 35524 | &nbsp;&nbsp; 363412 |
| Redemptions | &nbsp;&nbsp; (114086)<br>| &nbsp;&nbsp; (1203435)<br>| &nbsp;&nbsp; (328610)<br>| &nbsp;&nbsp; (3428641)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (44022)<br>| &nbsp;&nbsp; $(474354)<br>| &nbsp;&nbsp; (147091)<br>| &nbsp;&nbsp; $(1542195)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(39708754)<br>|  | &nbsp;&nbsp; $(104874557)<br>|

---

*See accompanying notes to financial statements.*

**BHFTII-409**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $11.85 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Total income (loss) from investment operations | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total distributions | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.39)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $12.08 |
| **Total Return (%)** (b) | 3.88 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.24 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.53 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net ratio of expenses to average net assets (%) (e) | 0.50 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Ratio of net investment income (loss) to average net assets (%) | 3.57 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 95 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 161 <br>(f)<br>| &nbsp;&nbsp; 86 <br>(f)<br>| &nbsp;&nbsp; 103 <br>(f)<br>| &nbsp;&nbsp; 167 <br>(f)<br>| &nbsp;&nbsp; 226 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $974.1 | &nbsp;&nbsp;&nbsp;&nbsp; $1002.7 | &nbsp;&nbsp; $1108.4 | &nbsp;&nbsp; $1150.8 | &nbsp;&nbsp; $1525.0 | &nbsp;&nbsp; $1493.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $11.79 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Total income (loss) from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.35)<br>|
| Total distributions | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $12.01 |
| **Total Return (%)** (b) | 3.81 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp; (9.17)<br>| &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.78 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net ratio of expenses to average net assets (%) (e) | 0.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | 3.32 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 95 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 161 <br>(f)<br>| &nbsp;&nbsp; 86 <br>(f)<br>| &nbsp;&nbsp; 103 <br>(f)<br>| &nbsp;&nbsp; 167 <br>(f)<br>| &nbsp;&nbsp; 226 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $279.6 | &nbsp;&nbsp;&nbsp;&nbsp; $291.8 | &nbsp;&nbsp; $299.5 | &nbsp;&nbsp; $295.4 | &nbsp;&nbsp; $384.8 | &nbsp;&nbsp; $396.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTII-410**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $12.03 | &nbsp;&nbsp; $11.81 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total income (loss) from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.37)<br>|
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $12.03 |
| **Total Return (%)** (b) | 3.81 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp; (9.12)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.68 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net ratio of expenses to average net assets (%) (e) | 0.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) | 3.42 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 95 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 161 <br>(f)<br>| &nbsp;&nbsp; 86 <br>(f)<br>| &nbsp;&nbsp; 103 <br>(f)<br>| &nbsp;&nbsp; 167 <br>(f)<br>| &nbsp;&nbsp; 226 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $11.2 | &nbsp;&nbsp;&nbsp;&nbsp; $11.7 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $14.2 | &nbsp;&nbsp; $17.9 | &nbsp;&nbsp; $20.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 5 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 32%, 36%, 39%, 43%, 70% and 100% for the six months ended June 30, 2025, and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTII-411**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **Organization** 

Brighthouse Funds Trust II (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 twenty-nine series (each a "Portfolio," and collectively the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust and each of which is diversified. Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing certain Portfolios, as indicated in the table below (see also Note 5). 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.

Each Portfolio has registered and offers various classes of shares as shown in the respective Portfolio's Statement of Assets and Liabilities. 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 lists each Portfolio offered and the Portfolio's subadviser, if applicable, as of June 30, 2025.

---

| | |
|:---|:---|
| **Portfolio**  | **Subadviser** |
| Baillie Gifford International Stock Portfolio | Baillie Gifford Overseas Limited |
| BlackRock Bond Income Portfolio | BlackRock Advisors, LLC |
| BlackRock Capital Appreciation Portfolio | BlackRock Advisors, LLC |
| BlackRock Ultra-Short Term Bond Portfolio | BlackRock Advisors, LLC |
| Brighthouse Asset Allocation 20 Portfolio | N/A |
| Brighthouse Asset Allocation 40 Portfolio | N/A |
| Brighthouse Asset Allocation 60 Portfolio | N/A |
| Brighthouse Asset Allocation 80 Portfolio | N/A |
| Brighthouse/Artisan Mid Cap Value Portfolio | Artisan Partners Limited Partnership |
| Brighthouse/Dimensional International Small Company Portfolio | Dimensional Fund Advisors LP |
| Brighthouse/Wellington Balanced Portfolio | Wellington Management Company LLP |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | Wellington Management Company LLP |
| Frontier Mid Cap Growth Portfolio | Frontier Capital Management Company, LLC |
| Jennison Growth Portfolio | Jennison Associates LLC |
| Loomis Sayles Small Cap Core Portfolio | Loomis, Sayles & Company, L.P. |
| Loomis Sayles Small Cap Growth Portfolio | Loomis, Sayles & Company, L.P. |
| MetLife Aggregate Bond Index Portfolio | MetLife Investment Management, LLC |
| MetLife Mid Cap Stock Index Portfolio | MetLife Investment Management, LLC |
| MetLife MSCI EAFE<sup>®</sup> Index Portfolio | MetLife Investment Management, LLC |
| MetLife Russell 2000<sup>®</sup> Index Portfolio | MetLife Investment Management, LLC |
| MetLife Stock Index Portfolio | MetLife Investment Management, LLC |
| MFS<sup>®</sup> Total Return Portfolio | Massachusetts Financial Services Company |
| MFS<sup>®</sup> Value Portfolio | Massachusetts Financial Services Company |
| Neuberger Berman Genesis Portfolio | Neuberger Berman Investment Advisers LLC |
| T. Rowe Price Large Cap Growth Portfolio | T. Rowe Price Associates, Inc. |
| T. Rowe Price Small Cap Growth Portfolio | T. Rowe Price Associates, Inc. |
| VanEck Global Natural Resources Portfolio | Van Eck Associates Corporation |
| Western Asset Management Strategic Bond Opportunities Portfolio | Western Asset Management Company, LLC |
| Western Asset Management U.S. Government Portfolio | Western Asset Management Company, LLC |

---

The Brighthouse Asset Allocation 20, 40, 60 and 80 Portfolios (the "Asset Allocation Portfolios") operate under a "fund of funds" structure, investing substantially all of their assets in other Portfolios advised by Brighthouse Investment Advisers (each, an "Underlying BIA Portfolio," and, collectively, the "Underlying BIA Portfolios").

**2.** **Significant Accounting Policies**

The preparation of a Portfolio's financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2025, through the date the financial statements were issued.

**BHFTII-412**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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.

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

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities held by a Portfolio, if any, will be disclosed following the fair value hierarchy table in the Portfolio's Schedule of Investments.

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, 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 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.

**BHFTII-413**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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

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

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

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

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

**BHFTII-414**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

proceedings within these countries. During the six months ended June 30, 2025, the following Portfolios received EU tax reclaim payments that were not previously accrued for due to uncertainty of collectability.

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| | |
|:---|:---|
| **Portfolio**  | **Tax Reclaim Payments** |
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $241742 |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 69377 |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 17863 |

---

Such amounts are included in dividends on the applicable Portfolio's Statement of Operations. No other amounts for additional EU tax reclaims are reflected in the 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 June 30, 2025, no Portfolios had uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to a Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian will have a lien on the Portfolio's assets to the extent of any overdraft. At June 30, 2025, the following Portfolios had a payment due to the Custodian pursuant to the foregoing arrangement.

---

| | |
|:---|:---|
| **Portfolio**  | **Due to Custodian** |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; $1401312 |
| Jennison Growth Portfolio | &nbsp;&nbsp; 1335616 |

---

Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated fair value and such inputs would be considered Level 2 in the fair value hierarchy at June 30, 2025. None of the Portfolios had significant average overdraft advances during the six months ended June 30, 2025.

Each significant accounting policy described below does not necessarily apply to each Portfolio, unless otherwise noted. For more information on the investment practices in which a particular Portfolio may engage, please refer to the Portfolio's prospectus.

**High-Yield Debt Securities -** Certain Portfolios may invest in high-yield debt securities, or "junk bonds," which are securities that are rated below "investment grade" or, if not rated, are of equivalent quality. A Portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a Portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities

**BHFTII-415**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio's subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

**Floating Rate Loans** - Certain Portfolios may invest in loans arranged through private negotiation between one or more financial institutions. A Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

A Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participation in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

A Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Unfunded Loan Commitments** - Certain Portfolios may enter into certain credit agreements, all or a portion of which may be unfunded. A Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the Portfolio's Schedule of Investments. As of June 30, 2025, the BlackRock Bond Income Portfolio and Western Asset Management Strategic Bond Opportunities Portfolio had open unfunded loan commitments. At June 30, 2025, these Portfolios had sufficient cash and/or securities to cover these commitments.

**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, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Stripped Securities** - Certain Portfolios may invest in "stripped securities," a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities ("POs"), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities ("IOs"), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, a Portfolio may not fully recoup the initial investment in IOs.

**Collateralized Obligations** - Certain Portfolios may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches

**BHFTII-416**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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. 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.

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 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

**BHFTII-417**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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.

**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.

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.

**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 and the valuation techniques are described in this Note 2. 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.

**BHFTII-418**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

Income received by a Portfolio in securities lending transactions during the six months ended June 30, 2025 is reflected as securities lending income on the Portfolio's Statement of Operations. The values of any securities loaned by a Portfolio and the related collateral at June 30, 2025 are disclosed in the Portfolio's footnotes to the Schedule of Investments. The value of the related collateral received by each Portfolio exceeded the value of the Portfolio's securities out on loan at June 30, 2025.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent a Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify each Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

**Directed Brokerage Agreement** - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. ("CAPIS"). Under this arrangement, certain Portfolios may direct certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to a Portfolio, if any, are shown separately as broker commission recapture on the Portfolio's Statement of Operations. 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.

**3.** **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. 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. These contracts involve market and/or credit risk in excess of the amount recognized in the Portfolio's 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. 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 and as a component of net change in unrealized appreciation/depreciation on the Portfolio's 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.

**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

**BHFTII-419**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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.

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 and restricted cash, if any, is reflected on the Portfolio's Statement of Assets and Liabilities.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on a Portfolio's Statement of Assets and Liabilities. 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. 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 and as a component of unrealized appreciation/ depreciation on the Portfolio's 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. 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. 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.

**BHFTII-420**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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. 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.

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

**BHFTII-421**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

generally represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2025, for which the Portfolio is the seller of protection, are disclosed in the Portfolio's Schedule of Investments. 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.

**4.** **Certain Risks**

In the normal course of business, the Portfolios invest in securities and enter into transactions where risks exist. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Portfolio. For a description of the principal risks associated with investing in a particular Portfolio, please refer to the Portfolio's prospectus.

*Market Risk:* The value of securities held by a Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations; rapid technological developments, such as artificial intelligence, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events, including trade policy changes or disputes, within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.

*Foreign Investment Risk:* The investments by a Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject a Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic

**BHFTII-422**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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.

*Natural Resource Risk*: The VanEck Global Natural Resources Portfolio may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. Since the VanEck Global Natural Resources Portfolio may concentrate its investments, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature.

*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.

*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. 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).

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 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. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio's Schedule of Investments.

**BHFTII-423**

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**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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.

**5.** **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 six months ended** <br>**June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $5461123 | 0.860<br> %<br>| Of the first $500 million |
|  |  | 0.800<br> %<br>| Of the next $500 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 4522903 | 0.400<br> %<br>| Of the first $1 billion |
|  |  | 0.350<br> %<br>| Of the next $1 billion |
|  |  | 0.300<br> %<br>| Of the next $1 billion |
|  |  | 0.250<br> %<br>| On amounts in excess of $3 billion |
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 5890064 | 0.730<br> %<br>| Of the first $1 billion |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 1344201 | 0.350<br> %<br>| Of the first $1 billion |
|  |  | 0.300<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 157255 | 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 Asset Allocation 40 Portfolio | &nbsp;&nbsp; 984402 | 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 Asset Allocation 60 Portfolio | &nbsp;&nbsp; 2359293 | 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 Asset Allocation 80 Portfolio | &nbsp;&nbsp; 2167004 | 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/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 2688201 | 0.820<br> %<br>| Of the first $1 billion |
|  |  | 0.780<br> %<br>| On amounts in excess of $1 billion |

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**BHFTII-424**

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**Notes to Financial Statements — June 30, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the**<br> **the six months ended**<br> **June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; $1888906 | 0.850<br> %<br>| Of the first $100 million |
|  |  | 0.800<br> %<br>| On amounts in excess of $100 million |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 2660919 | 0.500<br> %<br>| Of the first $500 million |
|  |  | 0.450<br> %<br>| Of the next $500 million |
|  |  | 0.400<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 10190455 | 0.750<br> %<br>| Of the first $1 billion |
|  |  | 0.700<br> %<br>| On the next $2 billion |
|  |  | 0.650<br> %<br>| On amounts in excess of $3 billion |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 3528640 | 0.750<br> %<br>| Of the first $500 million |
|  |  | 0.700<br> %<br>| Of the next $500 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| Jennison Growth Portfolio | &nbsp;&nbsp; 8288045 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $300 million |
|  |  | 0.600<br> %<br>| Of the next $1.5 billion |
|  |  | 0.550<br> %<br>| On amounts in excess of $2 billion |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 1557771 | 0.900<br> %<br>| Of the first $500 million |
|  |  | 0.850<br> %<br>| On amounts in excess of $500 million |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; 1434076 | 0.900<br> %<br>| Of the first $500 million |
|  |  | 0.850<br> %<br>| On amounts in excess of $500 million |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 4427640 | 0.250<br> %<br>| All Assets |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 1466475 | 0.250<br> %<br>| All Assets |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 2157080 | 0.300<br> %<br>| All Assets |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 1152200 | 0.250<br> %<br>| All Assets |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 10700780 | 0.250<br> %<br>| All Assets |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 1656798 | 0.600<br> %<br>| Of the first $250 million |
|  |  | 0.550<br> %<br>| Of the next $500 million |
|  |  | 0.500<br> %<br>| On amounts in excess of $750 million |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 7998127 | 0.700<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $750 million |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 3370306 | 0.850<br> %<br>| Of the first $500 million |
|  |  | 0.800<br> %<br>| Of the next $500 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; 6403938 | 0.650<br> %<br>| Of the first $50 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $50 million |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 2506706 | 0.550<br> %<br>| Of the first $100 million |
|  |  | 0.500<br> %<br>| Of the next $300 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $400 million |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 2930939 | 0.800<br> %<br>| Of the first $250 million |
|  |  | 0.775<br> %<br>| Of the next $750 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 5551710 | 0.650<br> %<br>| Of the first $500 million |
|  |  | 0.550<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 3097908 | 0.550<br> %<br>| Of the first $500 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $500 million |

---

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 Aggregate Bond Index, MetLife Mid Cap Stock Index, MetLife MSCI EAFE Index, MetLife Russell 2000 Index, and MetLife Stock Index Portfolios, the Adviser has agreed to pay MetLife Investment Management, LLC an investment subadvisory fee for each class of the Portfolios based upon annual rates applied to the respective Portfolios' average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the** <br>**six months ended** <br>**June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; $325873 | 0.040<br> %<br>| On the first $500 million |
|  |  | 0.030<br> %<br>| Of the next $500 million |
|  |  | 0.015<br> %<br>| Of the next $1 billion |
|  |  | 0.010<br> %<br>| On amounts in excess of $2 billion |

---

**BHFTII-425**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the**<br> **six months ended**<br> **June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; $133043 | 0.030<br> %<br>| On the first $500 million |
|  |  | 0.020<br> %<br>| Of the next $500 million |
|  |  | 0.010<br> %<br>| On amounts in excess of $1 billion |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 267778 | 0.050<br> %<br>| On the first $500 million |
|  |  | 0.040<br> %<br>| Of the next $500 million |
|  |  | 0.020<br> %<br>| On amounts in excess of $1 billion |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 162944 | 0.040<br> %<br>| On the first $500 million |
|  |  | 0.030<br> %<br>| Of the next $500 million |
|  |  | 0.015<br> %<br>| On amounts in excess of $1 billion |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 300796 | 0.020<br> %<br>| On the first $500 million |
|  |  | 0.015<br> %<br>| Of the next $500 million |
|  |  | 0.010<br> %<br>| Of the next $1 billion |
|  |  | 0.005<br> %<br>| On amounts in excess of $2 billion |

---

**Management Fee Waiver -** Pursuant to management fee waiver agreements, the Adviser has agreed, for the period May 1, 2025 to April 30, 2026, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of certain Portfolios as follows in the table below. Except as footnoted, identical contractual fee waivers were in effect during the period prior to May 1, 2025. Amounts waived for the six months ended June 30, 2025 are included in the table below and in the amount shown as a management fee waiver in the Portfolios' Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the** <br>**six months ended** <br>**June 30, 2025**<br>| **% per Annum** <br>**Reduction**<br>| **Average Daily Net Assets** |
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $767416 | 0.080<br> %<br>| $156.25 million to $400 million |
|  |  | 0.180<br> %<br>| $400 million to $500 million |
|  |  | 0.120<br> %<br>| $500 million to $900 million |
|  |  | 0.150<br> %<br>| On amounts in excess of $900 million |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 205763 | 0.030<br> %<br>| Of the first $1 billion |
|  |  | 0.025<br> %<br>| Of the next $1 billion |
|  |  | &nbsp;&nbsp; (0.025)%<br>| Of the next $1 billion |
|  |  | &nbsp;&nbsp; (0.075)%<br>| Of the next $400 million |
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 1379483 | 0.115<br> %<br>| Of the first $350 million |
|  |  | 0.165<br> %<br>| Of the next $350 million |
|  |  | 0.225<br> %<br>| Of the next $300 million |
|  |  | 0.160<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 96014 | 0.025<br> %<br>| Of the first $1 billion |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 311023 | 0.090<br> %<br>| Of the first $500 million |
|  |  | 0.110<br> %<br>| Of the next $500 million |
|  |  | 0.130<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 374315 | 0.200<br> %<br>| Of the first $100 million |
|  |  | 0.150<br> %<br>| On amounts in excess of $100 million |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 0 | 0.020<br> %<br>| Of the first $500 million |
|  |  | &nbsp;&nbsp; (0.030)%<br>| Of the next $250 million |
|  |  | &nbsp;&nbsp; (0.010)%<br>| Of the next $250 million |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 1766368 | 0.120<br> %<br>| Of the first $500 million |
|  |  | 0.145<br> %<br>| Of the next $500 million |
|  |  | 0.120<br> %<br>| Of the next $2 billion |
|  |  | 0.080<br> %<br>| Of the next $1.5 billion |
|  |  | 0.105<br> %<br>| On amounts in excess of $4.5 billion |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 363872 | 0.125<br> %<br>| Of the first $500 million |
|  |  | 0.025<br> %<br>| $500 million to $1 billion |
|  |  | &nbsp;&nbsp; (0.025)%<br>| $1 billion to $1.15 billion |
| Jennison Growth Portfolio | &nbsp;&nbsp; 1108159 | 0.100<br> %<br>| Of the first $200 million |
|  |  | 0.050<br> %<br>| Of the next $800 million |
|  |  | 0.100<br> %<br>| Of the next $1 billion |
|  |  | 0.080<br> %<br>| On amounts in excess of $2 billion |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 144572 | 0.130<br> %<br>| Of the first $25 million |
|  |  | 0.080<br> %<br>| Of the next $75 million |
|  |  | 0.050<br> %<br>| Of the next $100 million |
|  |  | 0.100<br> %<br>| Of the next $300 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $500 million |

---

**BHFTII-426**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the**<br> **six months ended**<br> **June 30, 2025**<br>| **% per Annum**<br> **Reduction**<br>| **Average Daily Net Assets** |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; $149424 | 0.080<br> %<br>| Of the first $100 million |
|  |  | 0.100<br> %<br>| Of the next $400 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $500 million |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 217841 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.020<br> %<br>| On amounts in excess of $2 billion |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 21467 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 34711 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 10685 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 555266 | 0.005<br> %<br>| $500 million to $1 billion |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $2 billion |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 63161 | 0.070<br> %<br>| $200 million to $250 million |
|  |  | 0.020<br> %<br>| $250 million to $500 million |
|  |  | 0.050<br> %<br>| $500 million to $1 billion |
|  |  | 0.075<br> %<br>| $1 billion to $1.25 billion |
|  |  | 0.025<br> %<br>| $1.25 billion to $1.5 billion |
|  |  | &nbsp;&nbsp; (0.025)%<br>| $1.5 billion to $3.84 billion |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 795807 | 0.100<br> %<br>| Of the first $100 million |
|  |  | 0.050<br> %<br>| Of the next $100 million |
|  |  | 0.075<br> %<br>| Of the next $50 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| Of the next $250 million |
|  |  | 0.025<br> %<br>| $1 billion to $1.5 billion |
|  |  | 0.100<br> %<br>| Of the next $1.5 billion |
|  |  | 0.125<br> %<br>| On amounts in excess of $3 billion |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 264882 | 0.075<br> %<br>| Of the first $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $500 million |
| T. Rowe Price Large Cap Growth Portfolio (a) | &nbsp;&nbsp; 648589 | 0.090<br> %<br>| Of the first $50 million |
|  |  | 0.060<br> %<br>| Of the next $50 million |
|  |  | 0.070<br> %<br>| Of the next $900 million |
|  |  | 0.045<br> %<br>| Of the next $500 million |
|  |  | 0.060<br> %<br>| Of the next $1.5 billion |
|  |  | 0.075<br> %<br>| On amounts in excess of $3 billion |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 218654 | 0.050<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 433292 | 0.055<br> %<br>| Of the first $500 million |
|  |  | 0.025<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| Of the next $1 billion |
|  |  | 0.075<br> %<br>| On amounts in excess of $2 billion |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 103004 | 0.030<br> %<br>| Of the first $100 million |
|  |  | 0.050<br> %<br>| $200 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) Fee waiver schedule applies provided the Portfolio's average daily net assets exceed $2 billion. If average daily net assets fall below $2 billion, a different fee schedule will apply.

Additionally, for the Western Asset Management U.S. Government Portfolio (the "Western U.S. 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 U.S. 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 U.S. Government Portfolio and those of Western Asset Management Government Income Portfolio, a series of Brighthouse Funds Trust I also advised by the Subadviser. An identical agreement was in place during the period prior to May 1, 2025. $46,004 was waived for the six months ended June 30, 2025 and is included in the amount shown as a management fee waiver in the Western U.S. Government Portfolio's Statement of Operations.

**BHFTII-427**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

Certain subadvisers have voluntarily agreed to waive a portion of their subadvisory fees payable by the Adviser to the subadviser for managing the Portfolios. The Adviser has agreed to reduce its advisory fees to reflect a portion of the amount waived by the subadvisers for managing the Portfolios pursuant to these voluntary subadvisory fee waivers. Fees waived in the aggregate for the six months ended June 30, 2025 are disclosed in the table below and are included in the total amount shown as a management fee waiver in the applicable Portfolio's Statement of Operations.

---

| | |
|:---|:---|
| **Portfolio** | **Fees voluntarily waived** <br>**for the six months ended** <br>**June 30, 2025**<br>|
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; $153709 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 409893 |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; 241986 |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 113193 |

---

During the six months ended June 30, 2025 Massachusetts Financial Services Company, ("MFS") the subadviser to the Portfolios, voluntarily reimbursed the MFS Total Return and MFS Value Portfolios for certain trading costs. These reimbursements amounted to $1,725 and $10,877 respectively and are reflected in the amount shown as Other income in each Portfolio's Statement of Operations and had no impact on the total return of each Portfolio.

**Expense Limitation Agreement** - Pursuant to an expense agreement relating to each class of the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Investment Advisers has contractually agreed, from May 1, 2025 to April 30, 2026, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including acquired fund fees and expenses, brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio's then-current fiscal year). For the Brighthouse Asset Allocation 20 Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the obligation of each class of the Portfolio to repay Brighthouse Investment Advisers in future years, if any, when a class' expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class' stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Brighthouse Asset Allocation 20 Portfolio is obligated to repay any expense paid by Brighthouse Investment Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Portfolio's net average daily net assets) in effect from May 1, 2025 to April 30, 2026 are 0.10% and 0.35% for Class A and B, respectively.

As of June 30, 2025, the amount of expenses deferred in 2020 subject to repayment until December 31, 2025 was $180,341. The amount of expenses deferred in 2021 subject to repayment until December 31, 2026 was $172,017. The amount of expenses deferred in 2022 subject to repayment until December 31, 2027 was $151,581. The amount of expenses deferred in 2023 subject to repayment until December 31, 2028 was $196,436. The amount of expenses deferred in 2024 subject to repayment until December 31, 2029 was $210,059. The amount of expenses deferred in 2025 subject to repayment until December 31, 2030 was $87,103.

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 D, Class E, Class F and Class G 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 B, Class D, Class E, Class F and Class G 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 0.25% of each Portfolio's average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G 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, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by each Portfolio for the six months ended June 30, 2025 are shown as Distribution and service fees in the Portfolio's Statement of Operations.

**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

**BHFTII-428**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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 I, 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. 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.

**6.** **Contractual Obligations**

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

**7.** **Commitments and Contingent Liabilities**

A Portfolio may enter into commitments, or agreements, to acquire an investment at a future date (subject to certain conditions) in connection with a potential public or non-public offering. Such agreements are subject to certain rights of the issuer's and ultimately, issuer approval, and may obligate the Portfolio to make future cash payments. At June 30, 2025, the BlackRock Bond Income Portfolio had an outstanding commitment of $203,649 to purchase a corporate bond issued by New Generation Gas Gathering LLC. Unrealized appreciation (depreciation) on any commitments outstanding at June 30, 2025 is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, if applicable. Outstanding commitments would be considered Level 2 in the fair value hierarchy at June 30, 2025.

**8.** **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.

**BHFTII-429**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9.** **Income Tax Information** 

The cost basis of investments for federal income tax purposes at June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost Basis of Investments** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $1045602248 | &nbsp;&nbsp; $439024373 | &nbsp;&nbsp; $(77127467)<br>| &nbsp;&nbsp; $361896906 |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 3122114611 | &nbsp;&nbsp; 47195795 | &nbsp;&nbsp; (161616962)<br>| &nbsp;&nbsp; (114421167)<br>|
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 1019262245 | &nbsp;&nbsp; 838766952 | &nbsp;&nbsp; (8186385)<br>| &nbsp;&nbsp; 830580567 |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 603336796 | &nbsp;&nbsp; 101807 | &nbsp;&nbsp; (39002)<br>| &nbsp;&nbsp; 62805 |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 360685344 | &nbsp;&nbsp; 2941922 | &nbsp;&nbsp; (46340895)<br>| &nbsp;&nbsp; (43398973)<br>|
| Brighthouse Asset Allocation 40 Portfolio | &nbsp;&nbsp; 3473260295 | &nbsp;&nbsp; 88231837 | &nbsp;&nbsp; (352887115)<br>| &nbsp;&nbsp; (264655278)<br>|
| Brighthouse Asset Allocation 60 Portfolio | &nbsp;&nbsp; 9272290041 | &nbsp;&nbsp; 351251176 | &nbsp;&nbsp; (747648729)<br>| &nbsp;&nbsp; (396397553)<br>|
| Brighthouse Asset Allocation 80 Portfolio | &nbsp;&nbsp; 8282377506 | &nbsp;&nbsp; 404165321 | &nbsp;&nbsp; (489915136)<br>| &nbsp;&nbsp; (85749815)<br>|
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 601200526 | &nbsp;&nbsp; 160902557 | &nbsp;&nbsp; (52539688)<br>| &nbsp;&nbsp; 108362869 |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 437023809 | &nbsp;&nbsp; 160544066 | &nbsp;&nbsp; (89200718)<br>| &nbsp;&nbsp; 71343348 |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 1172427791 | &nbsp;&nbsp; 151315698 | &nbsp;&nbsp; (64461579)<br>| &nbsp;&nbsp; 86854119 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 2193663604 | &nbsp;&nbsp; 741500662 | &nbsp;&nbsp; (59894658)<br>| &nbsp;&nbsp; 681606004 |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 908922728 | &nbsp;&nbsp; 179780757 | &nbsp;&nbsp; (65452963)<br>| &nbsp;&nbsp; 114327794 |
| Jennison Growth Portfolio | &nbsp;&nbsp; 1629601077 | &nbsp;&nbsp; 1430977404 | &nbsp;&nbsp; (24659843)<br>| &nbsp;&nbsp; 1406317561 |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 267803988 | &nbsp;&nbsp; 104977124 | &nbsp;&nbsp; (13408681)<br>| &nbsp;&nbsp; 91568443 |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; 256534436 | &nbsp;&nbsp; 93064350 | &nbsp;&nbsp; (14533303)<br>| &nbsp;&nbsp; 78531047 |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 3979941459 | &nbsp;&nbsp; 27872017 | &nbsp;&nbsp; (180480036)<br>| &nbsp;&nbsp; (152608019)<br>|
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 1008317626 | &nbsp;&nbsp; 318025523 | &nbsp;&nbsp; (75503976)<br>| &nbsp;&nbsp; 242521547 |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 1068415505 | &nbsp;&nbsp; 449348195 | &nbsp;&nbsp; (41383678)<br>| &nbsp;&nbsp; 407964517 |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 915262557 | &nbsp;&nbsp; 290341984 | &nbsp;&nbsp; (121549384)<br>| &nbsp;&nbsp; 168792600 |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 3507517072 | &nbsp;&nbsp; 5884209617 | &nbsp;&nbsp; (206344158)<br>| &nbsp;&nbsp; 5677865459 |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 529645452 | &nbsp;&nbsp; 96471326 | &nbsp;&nbsp; (34415360)<br>| &nbsp;&nbsp; 62055966 |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 1860594691 | &nbsp;&nbsp; 859371458 | &nbsp;&nbsp; (74348936)<br>| &nbsp;&nbsp; 785022522 |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 577897723 | &nbsp;&nbsp; 264122168 | &nbsp;&nbsp; (22280608)<br>| &nbsp;&nbsp; 241841560 |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; 1187121772 | &nbsp;&nbsp; 1124343321 | &nbsp;&nbsp; (34405737)<br>| &nbsp;&nbsp; 1089937584 |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 1016306038 | &nbsp;&nbsp; 240856921 | &nbsp;&nbsp; (72092686)<br>| &nbsp;&nbsp; 168764235 |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 797952586 | &nbsp;&nbsp; 103574265 | &nbsp;&nbsp; (50889346)<br>| &nbsp;&nbsp; 52684919 |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 2125477741 | &nbsp;&nbsp; 67149063 | &nbsp;&nbsp; (89541087)<br>| &nbsp;&nbsp; (22392024)<br>|
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 1399399653 | &nbsp;&nbsp; 9982721 | &nbsp;&nbsp; (67804534)<br>| &nbsp;&nbsp; (57821813)<br>|

---

The tax character of distributions paid for the years ended December 31, 2024, and December 31, 2023 for each Portfolio, as applicable, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2023** | **Year Ended** <br>**December 31, 2023** | **Year Ended** <br>**December 31, 2023** |
| **Portfolio** | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>| **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>|
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $11678996 | &nbsp;&nbsp; $92485066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18472670 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 114091303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87087715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 25616623 | &nbsp;&nbsp; 80768052 | &nbsp;&nbsp; — | &nbsp;&nbsp; 524044 | &nbsp;&nbsp; 30422230 | &nbsp;&nbsp; — |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 44882459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13861272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 9969043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13830052 | &nbsp;&nbsp; 8618568 | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 40 Portfolio | &nbsp;&nbsp; 83161264 | &nbsp;&nbsp; 5700291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128146172 | &nbsp;&nbsp; 192534499 | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 60 Portfolio | &nbsp;&nbsp; 174877611 | &nbsp;&nbsp; 156795463 | &nbsp;&nbsp; — | &nbsp;&nbsp; 292562238 | &nbsp;&nbsp; 771278096 | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 80 Portfolio | &nbsp;&nbsp; 116744455 | &nbsp;&nbsp; 167891449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248138575 | &nbsp;&nbsp; 952499338 | &nbsp;&nbsp; — |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 8773853 | &nbsp;&nbsp; 68089626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5815567 | &nbsp;&nbsp; 100429847 | &nbsp;&nbsp; — |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 15628211 | &nbsp;&nbsp; 8192987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13039768 | &nbsp;&nbsp; 16466084 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 22599586 | &nbsp;&nbsp; 37508661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24006274 | &nbsp;&nbsp; 8503350 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 42791151 | &nbsp;&nbsp; 107942995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42047165 | &nbsp;&nbsp; 328302289 | &nbsp;&nbsp; — |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 2291733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jennison Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 331919887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 359393 | &nbsp;&nbsp; 25997043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 466955 | &nbsp;&nbsp; 17725312 | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 3302812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 56509638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54985622 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 18157196 | &nbsp;&nbsp; 48486055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11896032 | &nbsp;&nbsp; 63775012 | &nbsp;&nbsp; — |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 29150225 | &nbsp;&nbsp; 8877630 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23613462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**BHFTII-430**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2023** | **Year Ended**<br> **December 31, 2023** | **Year Ended**<br> **December 31, 2023** |
| **Portfolio** | **Ordinary**<br> **Income**<br>| **Long-Term**<br> **Capital Gain**<br>| **Return of**<br> **Capital**<br>| **Ordinary**<br> **Income**<br>| **Long-Term**<br> **Capital Gain**<br>| **Return of**<br> **Capital**<br>|
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; $11820018 | &nbsp;&nbsp; $29380979 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10026275 | &nbsp;&nbsp; $14544513 | &nbsp;&nbsp; $— |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 98736991 | &nbsp;&nbsp; 480679790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94678546 | &nbsp;&nbsp; 472175570 | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 15087099 | &nbsp;&nbsp; 29348126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12611575 | &nbsp;&nbsp; 31461307 | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 49396123 | &nbsp;&nbsp; 252521382 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49915522 | &nbsp;&nbsp; 330630616 | &nbsp;&nbsp; — |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 852138 | &nbsp;&nbsp; 88376066 | &nbsp;&nbsp; — | &nbsp;&nbsp; 746186 | &nbsp;&nbsp; 80701632 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 128882716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 444864 | &nbsp;&nbsp; 63171806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 470640 | &nbsp;&nbsp; 29378866 | &nbsp;&nbsp; — |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 21227812 | &nbsp;&nbsp; 30184927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24403616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 158648637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 143060869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 41999827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32823339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of December 31, 2024, the components of distributable earnings (accumulated losses) on a federal income tax basis for each Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Accumulated** <br>**Capital Losses**<br>|
| Baillie Gifford International Stock Portfolio | &nbsp;&nbsp; $8545282 | &nbsp;&nbsp; $55384323 | &nbsp;&nbsp; $198111094 | &nbsp;&nbsp; $— |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; 137323188 | &nbsp;&nbsp; — | &nbsp;&nbsp; (192042690)<br>| &nbsp;&nbsp; (464174800)<br>|
| BlackRock Capital Appreciation Portfolio | &nbsp;&nbsp; 6121395 | &nbsp;&nbsp; 233717606 | &nbsp;&nbsp; 829265123 | &nbsp;&nbsp; — |
| BlackRock Ultra-Short Term Bond Portfolio | &nbsp;&nbsp; 38102388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192943 | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; 9757662 | &nbsp;&nbsp; — | &nbsp;&nbsp; (41457489)<br>| &nbsp;&nbsp; (4801057)<br>|
| Brighthouse Asset Allocation 40 Portfolio | &nbsp;&nbsp; 85288819 | &nbsp;&nbsp; 36581293 | &nbsp;&nbsp; (250476377)<br>| &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 60 Portfolio | &nbsp;&nbsp; 193838008 | &nbsp;&nbsp; 228975979 | &nbsp;&nbsp; (293395835)<br>| &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 80 Portfolio | &nbsp;&nbsp; 135824957 | &nbsp;&nbsp; 285564254 | &nbsp;&nbsp; 119869272 | &nbsp;&nbsp; — |
| Brighthouse/Artisan Mid Cap Value Portfolio | &nbsp;&nbsp; 10324071 | &nbsp;&nbsp; 121793270 | &nbsp;&nbsp; 133881692 | &nbsp;&nbsp; — |
| Brighthouse/Dimensional International Small Company Portfolio | &nbsp;&nbsp; 15755969 | &nbsp;&nbsp; 24717490 | &nbsp;&nbsp; (6673072)<br>| &nbsp;&nbsp; — |
| Brighthouse/Wellington Balanced Portfolio | &nbsp;&nbsp; 41301377 | &nbsp;&nbsp; 115886271 | &nbsp;&nbsp; 79624050 | &nbsp;&nbsp; — |
| Brighthouse/Wellington Core Equity Opportunities Portfolio | &nbsp;&nbsp; 41443300 | &nbsp;&nbsp; 354329711 | &nbsp;&nbsp; 753954631 | &nbsp;&nbsp; — |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; 25826016 | &nbsp;&nbsp; 47596683 | &nbsp;&nbsp; 183571734 | &nbsp;&nbsp; — |
| Jennison Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 512214042 | &nbsp;&nbsp; 1430627927 | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Core Portfolio | &nbsp;&nbsp; 1128700 | &nbsp;&nbsp; 42213468 | &nbsp;&nbsp; 103717652 | &nbsp;&nbsp; — |
| Loomis Sayles Small Cap Growth Portfolio | &nbsp;&nbsp; 847144 | &nbsp;&nbsp; 37553118 | &nbsp;&nbsp; 91243311 | &nbsp;&nbsp; — |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 70036088 | &nbsp;&nbsp; — | &nbsp;&nbsp; (255031586)<br>| &nbsp;&nbsp; (155799034)<br>|
| MetLife Mid Cap Stock Index Portfolio | &nbsp;&nbsp; 34047112 | &nbsp;&nbsp; 66844510 | &nbsp;&nbsp; 285243870 | &nbsp;&nbsp; — |
| MetLife MSCI EAFE Index Portfolio | &nbsp;&nbsp; 26243333 | &nbsp;&nbsp; 10285471 | &nbsp;&nbsp; 241390560 | &nbsp;&nbsp; — |
| MetLife Russell 2000 Index Portfolio | &nbsp;&nbsp; 14379734 | &nbsp;&nbsp; 50551412 | &nbsp;&nbsp; 223895934 | &nbsp;&nbsp; — |
| MetLife Stock Index Portfolio | &nbsp;&nbsp; 111645678 | &nbsp;&nbsp; 759255524 | &nbsp;&nbsp; 5564645489 | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Total Return Portfolio | &nbsp;&nbsp; 15757931 | &nbsp;&nbsp; 39816355 | &nbsp;&nbsp; 55725548 | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Value Portfolio | &nbsp;&nbsp; 45245788 | &nbsp;&nbsp; 296739866 | &nbsp;&nbsp; 738157978 | &nbsp;&nbsp; — |
| Neuberger Berman Genesis Portfolio | &nbsp;&nbsp; 1168842 | &nbsp;&nbsp; 106910153 | &nbsp;&nbsp; 327795448 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 314551002 | &nbsp;&nbsp; 1125702203 | &nbsp;&nbsp; — |
| T. Rowe Price Small Cap Growth Portfolio | &nbsp;&nbsp; 42819098 | &nbsp;&nbsp; 196794651 | &nbsp;&nbsp; 215690987 | &nbsp;&nbsp; — |
| VanEck Global Natural Resources Portfolio | &nbsp;&nbsp; 24636641 | &nbsp;&nbsp; 13086812 | &nbsp;&nbsp; 2202358 | &nbsp;&nbsp; — |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 142461291 | &nbsp;&nbsp; — | &nbsp;&nbsp; (68523714)<br>| &nbsp;&nbsp; (629072330)<br>|
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 50346251 | &nbsp;&nbsp; — | &nbsp;&nbsp; (89675772)<br>| &nbsp;&nbsp; (224164475)<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.

**BHFTII-431**

------

**Brighthouse Funds Trust II**

**Notes to Financial Statements — June 30, 2025— (Continued)**

The accumulated capital losses carried forward as of December 31, 2024 and prior years accumulated capital losses utilized for each Portfolio, as applicable, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Accumulated Losses Carried Forward** | **Accumulated Losses Carried Forward** | **Accumulated Losses Utilized** | **Accumulated Losses Utilized** |
| **Portfolio** | **Short-Term** | **Long-Term** | **Short-Term** | **Long-Term** |
| BlackRock Bond Income Portfolio | &nbsp;&nbsp; $172299932 | &nbsp;&nbsp; $291874868 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Brighthouse Asset Allocation 20 Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 4801057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Frontier Mid Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57268051 | &nbsp;&nbsp; — |
| MetLife Aggregate Bond Index Portfolio | &nbsp;&nbsp; 21631610 | &nbsp;&nbsp; 134167424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Western Asset Management Strategic Bond Opportunities Portfolio | &nbsp;&nbsp; 164815232 | &nbsp;&nbsp; 464257098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Western Asset Management U.S. Government Portfolio | &nbsp;&nbsp; 34269877 | &nbsp;&nbsp; 189894598 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**10.** **Recent Accounting Update**

In December 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

**BHFTII-432**

------

**Quarterly Portfolio Schedule**

The Trust files its complete schedule of portfolio holdings as an attachment to Form N-PORT for the first and third quarters of each fiscal year. The Trust's Form N-PORT filings are available on the Securities and Exchange Commission's website at http://www.sec.gov. Once filed, the most recent Form N-PORT will be available without charge, upon request, by calling (800) 848-3854.

**Proxy Voting Policies and Procedures**

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission's website at http://www.sec.gov.

**Proxy Voting Record**

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission's website at http://www.sec.gov.

------

#### 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
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders
The registrant does not have procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

#### Item 16. Controls and Procedures
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
(a) Not applicable.

(b) Not applicable.

------

#### Item 19. Exhibits
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d39713dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [The certifications required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d39713dex99906cert.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 II

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

---

Date: September 5, 2025

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Kristi Slavin, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust
II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

------

I, Alan R. Otis, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust
II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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Date: September 5, 2025

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| | |
|:---|:---|
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

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## Exhibit 99.906

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

Kristi Slavin, and Alan R. Otis, of Brighthouse Funds Trust II (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.

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| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

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Date: September 5, 2025

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| | |
|:---|:---|
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

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Date: September 5, 2025