# EDGAR Filing Document

**Accession Number:** 0000710826
**File Stem:** 0001410368-25-031683
**Filing Date:** 2025-11
**Character Count:** 2507545
**Document Hash:** 38069f3152b15ec2179c231361fe5345
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031683.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031683

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03618
- **FILM NUMBER:** 251524599

**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

### 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      |  |

## Nport-Ex

Brighthouse Funds Trust II

Schedule of Investments

September 30, 2025

------

**Brighthouse Funds Trust II**

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Glossary of Abbreviations  | **BHFTII-**2 |
| **Schedule of Investments as of September 30, 2025** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baillie Gifford International Stock Portfolio  | **BHFTII-**3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Bond Income Portfolio  | **BHFTII-**7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Appreciation Portfolio  | **BHFTII-**52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Ultra-Short Term Bond Portfolio  | **BHFTII-**56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Asset Allocation 20 Portfolio  | **BHFTII-**59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Asset Allocation 40 Portfolio  | **BHFTII-**62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Asset Allocation 60 Portfolio  | **BHFTII-**65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Asset Allocation 80 Portfolio  | **BHFTII-**68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Artisan Mid Cap Value Portfolio  | **BHFTII-**71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Dimensional International Small Company Portfolio  | **BHFTII-**74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Balanced Portfolio  | **BHFTII-**108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Core Equity Opportunities Portfolio  | **BHFTII-**130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Mid Cap Growth Portfolio  | **BHFTII-**133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jennison Growth Portfolio  | **BHFTII-**136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Sayles Small Cap Core Portfolio  | **BHFTII-**139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Sayles Small Cap Growth Portfolio  | **BHFTII-**144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife Aggregate Bond Index Portfolio  | **BHFTII-**147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife Mid Cap Stock Index Portfolio  | **BHFTII-**170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife MSCI EAFE Index Portfolio  | **BHFTII-**178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife Russell 2000 Index Portfolio  | **BHFTII-**188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife Stock Index Portfolio  | **BHFTII-**210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS<sup>®</sup> Total Return Portfolio  | **BHFTII-**220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFS<sup>®</sup> Value Portfolio  | **BHFTII-**233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Genesis Portfolio  | **BHFTII-**237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Large Cap Growth Portfolio  | **BHFTII-**240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Small Cap Growth Portfolio  | **BHFTII-**246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck Global Natural Resources Portfolio  | **BHFTII-**252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management Strategic Bond Opportunities Portfolio  | **BHFTII-**255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management U.S. Government Portfolio  | **BHFTII-**277 |
| Notes to the Schedule of Investments  | **BHFTII-**286 |

---

Not all Portfolios are available under every product. <br>Refer to your prospectus for information on the Portfolios that are available.

MSCI sponsors the MSCI EAFE® Index, Bloomberg sponsors the Bloomberg U.S. Aggregate Bond Index, Standard & Poor's sponsors the S&P 500® Index and the S&P 400 MidCap Index, and FTSE Russell sponsors the Russell 2000® Index (together referred to as the "index sponsors"). Direct investment in the indexes is not possible. The index sponsors do not sponsor, endorse, sell or promote any of the Brighthouse Funds Trust II (the "Fund's") Portfolios (the "Portfolios") or make any representation regarding the advisability of investing in the Portfolios. The index sponsors have no responsibility for and do not participate in the management of the Portfolio assets or sale of the Portfolio shares. Each index and its associated service marks are the exclusive property of the respective index sponsors, and references thereto have been made with permission. The Brighthouse Funds Trust II Statement of Additional Information contains a more detailed description of the limited relationship the index sponsors have with the Fund.

------

**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;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(MSIP) — Morgan Stanley & Co. International PLC

&nbsp;&nbsp;&nbsp;&nbsp;(RBC) — Royal Bank of Canada

&nbsp;&nbsp;&nbsp;&nbsp;(SCB) — Standard Chartered Bank

&nbsp;&nbsp;&nbsp;&nbsp;(SG) — Societe Generale Paris

&nbsp;&nbsp;&nbsp;&nbsp;(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;(CNH) — Chinese Renminbi

&nbsp;&nbsp;&nbsp;&nbsp;(COP) — Colombian Peso

&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;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(PEN) — Peruvian Nuevo Sol

&nbsp;&nbsp;&nbsp;&nbsp;(TRY) — Turkish Lira

&nbsp;&nbsp;&nbsp;&nbsp;(USD) — United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(UYU) — Uruguay Peso

&nbsp;&nbsp;&nbsp;&nbsp;(ZAR) — South African Rand

Index Abbreviations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (CDI) | — Brazil Interbank Deposit Rate |
| (CDX.NA.HY) | — Markit North America High Yield CDS Index |
| (CMBX.NA.AAA) | &nbsp;&nbsp;&nbsp;&nbsp; — Markit North America AAA Rated CMBS <br> Index<br>|
| (CMBX.NA.BBB-) | &nbsp;&nbsp;&nbsp;&nbsp; — Markit North America BBB- Rated CMBS <br> Index<br>|
| (CPURNSA) | &nbsp;&nbsp;&nbsp;&nbsp; — U.S. Consumer Price for All Urban Consumers <br> Non-Seasonally Adjusted<br>|
| (EURIBOR) | — Euro Interbank Offered Rate |
| (H15) | &nbsp;&nbsp;&nbsp;&nbsp; — U.S. Treasury Yield Curve Rate T-Note <br> Constant Maturity Index<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (HICP) | — Harmonized Index of Consumer Prices |
| (ITRX.EUR) | — Markit iTraxx Europe CDS Index |
| (ITRX.EUR.XOVER) | — Markit iTraxx Europe Crossover CDS Index |
| (ITRX.FINSR) | &nbsp;&nbsp;&nbsp;&nbsp; — 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) | &nbsp;&nbsp;&nbsp;&nbsp; — Refinitiv USD IBOR Consumer Cash Fallbacks <br> Term<br>|
| (SOFR) | — Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&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;(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;(UKRPI) — United Kingdom Retail Price Index

&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;(CLO) — Collateralized Loan Obligation

&nbsp;&nbsp;&nbsp;&nbsp;

&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 September 30, 2025 (Unaudited)**

**Common Stocks—99.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Australia — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| Rio Tinto PLC | 349661 | &nbsp;&nbsp;&nbsp; $23042719 |
| **Brazil — 4.5%** | **Brazil — 4.5%** | **Brazil — 4.5%** |
| B3 SA - Brasil Bolsa Balcao | 5552800 | &nbsp;&nbsp;&nbsp; 13980463 |
| MercadoLibre, Inc. (a) | 20330 | &nbsp;&nbsp;&nbsp; 47509990 |
|  |  | &nbsp;&nbsp;&nbsp; 61490453 |
| **Canada — 4.3%** | **Canada — 4.3%** | **Canada — 4.3%** |
| Constellation Software, Inc.  | 5557 | &nbsp;&nbsp;&nbsp; 15085317 |
| Lumine Group, Inc. (a) | 426672 | &nbsp;&nbsp;&nbsp; 12582179 |
| Shopify, Inc. - Class A (a) | 109176 | &nbsp;&nbsp;&nbsp; 16224645 |
| Stella-Jones, Inc.  | 127253 | &nbsp;&nbsp;&nbsp; 7261019 |
| TFI International, Inc.  | 82948 | &nbsp;&nbsp;&nbsp; 7300044 |
|  |  | &nbsp;&nbsp;&nbsp; 58453204 |
| **China — 10.8%** | **China — 10.8%** | **China — 10.8%** |
| Kweichow Moutai Co. Ltd. - Class A | 42200 | &nbsp;&nbsp;&nbsp; 8561123 |
| Meituan - Class B (a) | 682870 | &nbsp;&nbsp;&nbsp; 9137438 |
| Midea Group Co. Ltd. - Class A | 1936000 | &nbsp;&nbsp;&nbsp; 19769709 |
| PDD Holdings, Inc. (ADR) (a) | 85150 | &nbsp;&nbsp;&nbsp; 11254275 |
| Ping An Insurance Group Co. of China Ltd. - Class H (b) | 1355500 | &nbsp;&nbsp;&nbsp; 9224027 |
| Silergy Corp.  | 562000 | &nbsp;&nbsp;&nbsp; 4775025 |
| Tencent Holdings Ltd.  | 681700 | &nbsp;&nbsp;&nbsp; 58077971 |
| Tencent Music Entertainment Group (ADR) | 1109723 | &nbsp;&nbsp;&nbsp; 25900935 |
|  |  | &nbsp;&nbsp;&nbsp; 146700503 |
| **Denmark — 5.2%** | **Denmark — 5.2%** | **Denmark — 5.2%** |
| Demant AS (a) | 342947 | &nbsp;&nbsp;&nbsp; 11888775 |
| DSV AS | 131971 | &nbsp;&nbsp;&nbsp; 26346830 |
| Novo Nordisk AS - Class B | 232646 | &nbsp;&nbsp;&nbsp; 12841062 |
| Novonesis (Novozymes) - B Shares | 308369 | &nbsp;&nbsp;&nbsp; 18901688 |
|  |  | &nbsp;&nbsp;&nbsp; 69978355 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Kone OYJ - Class B | 186579 | &nbsp;&nbsp;&nbsp; 12729810 |
| **France — 6.1%** | **France — 6.1%** | **France — 6.1%** |
| Danone SA | 321037 | &nbsp;&nbsp;&nbsp; 27970145 |
| Dassault Systemes SE | 397680 | &nbsp;&nbsp;&nbsp; 13377561 |
| Edenred SE | 554461 | &nbsp;&nbsp;&nbsp; 13211604 |
| LVMH Moet Hennessy Louis Vuitton SE | 20248 | &nbsp;&nbsp;&nbsp; 12389430 |
| Nexans SA | 65604 | &nbsp;&nbsp;&nbsp; 9792731 |
| Sartorius Stedim Biotech | 32311 | &nbsp;&nbsp;&nbsp; 6541509 |
|  |  | &nbsp;&nbsp;&nbsp; 83282980 |
| **Germany — 7.0%** | **Germany — 7.0%** | **Germany — 7.0%** |
| BioNTech SE (ADR) (a) (b) | 58970 | &nbsp;&nbsp;&nbsp; 5815621 |
| Deutsche Boerse AG | 108097 | &nbsp;&nbsp;&nbsp; 28969091 |
| Rational AG | 13356 | &nbsp;&nbsp;&nbsp; 10179013 |
| SAP SE | 79355 | &nbsp;&nbsp;&nbsp; 21274412 |
| Scout24 SE | 235423 | &nbsp;&nbsp;&nbsp; 29476193 |
|  |  | &nbsp;&nbsp;&nbsp; 95714330 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd.  | 2600000 | &nbsp;&nbsp;&nbsp; 24921620 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — 2.6%** | **India — 2.6%** | **India — 2.6%** |
| HDFC Bank Ltd.  | 2145716 | &nbsp;&nbsp;&nbsp; $23025342 |
| ICICI Lombard General Insurance Co. Ltd.  | 579851 | &nbsp;&nbsp;&nbsp; 12332527 |
|  |  | &nbsp;&nbsp;&nbsp; 35357869 |
| **Ireland — 1.7%** | **Ireland — 1.7%** | **Ireland — 1.7%** |
| Kingspan Group PLC | 273011 | &nbsp;&nbsp;&nbsp; 22985795 |
| **Italy — 5.0%** | **Italy — 5.0%** | **Italy — 5.0%** |
| FinecoBank Banca Fineco SpA | 1140195 | &nbsp;&nbsp;&nbsp; 24699510 |
| Ryanair Holdings PLC (ADR) | 584238 | &nbsp;&nbsp;&nbsp; 35182812 |
| Technoprobe SpA (a) (b) | 761116 | &nbsp;&nbsp;&nbsp; 7500320 |
|  |  | &nbsp;&nbsp;&nbsp; 67382642 |
| **Japan — 10.8%** | **Japan — 10.8%** | **Japan — 10.8%** |
| Keyence Corp.  | 38800 | &nbsp;&nbsp;&nbsp; 14446463 |
| Money Forward, Inc. (a) | 304600 | &nbsp;&nbsp;&nbsp; 12368383 |
| MonotaRO Co. Ltd.  | 772700 | &nbsp;&nbsp;&nbsp; 11221810 |
| Nihon M&A Center Holdings, Inc. (b) | 2469000 | &nbsp;&nbsp;&nbsp; 12591768 |
| Nintendo Co. Ltd.  | 109400 | &nbsp;&nbsp;&nbsp; 9371898 |
| Olympus Corp. (b) | 725800 | &nbsp;&nbsp;&nbsp; 9195659 |
| Recruit Holdings Co. Ltd.  | 200900 | &nbsp;&nbsp;&nbsp; 10779108 |
| Shimano, Inc.  | 118100 | &nbsp;&nbsp;&nbsp; 13418754 |
| SMC Corp.  | 39000 | &nbsp;&nbsp;&nbsp; 11934339 |
| Sony Financial Group, Inc. (a) | 1037700 | &nbsp;&nbsp;&nbsp; 1150778 |
| Sony Group Corp.  | 1037700 | &nbsp;&nbsp;&nbsp; 29777018 |
| Unicharm Corp.  | 1679400 | &nbsp;&nbsp;&nbsp; 10950083 |
|  |  | &nbsp;&nbsp;&nbsp; 147206061 |
| **Kazakhstan — 0.8%** | **Kazakhstan — 0.8%** | **Kazakhstan — 0.8%** |
| Kaspi.KZ JSC (ADR) | 130532 | &nbsp;&nbsp;&nbsp; 10661854 |
| **Netherlands — 6.4%** | **Netherlands — 6.4%** | **Netherlands — 6.4%** |
| Adyen NV (a) | 12766 | &nbsp;&nbsp;&nbsp; 20487515 |
| ASML Holding NV | 22981 | &nbsp;&nbsp;&nbsp; 22405610 |
| EXOR NV | 124765 | &nbsp;&nbsp;&nbsp; 12250033 |
| IMCD NV | 145813 | &nbsp;&nbsp;&nbsp; 15074449 |
| Topicus.com, Inc. (a) | 159566 | &nbsp;&nbsp;&nbsp; 17112327 |
|  |  | &nbsp;&nbsp;&nbsp; 87329934 |
| **Panama — 0.8%** | **Panama — 0.8%** | **Panama — 0.8%** |
| Copa Holdings SA - Class A | 87169 | &nbsp;&nbsp;&nbsp; 10357421 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| GMK Norilskiy Nickel PAO (a) (c) (d) | 3921000 | &nbsp;&nbsp;&nbsp; 0 |
| MMC Norilsk Nickel PJSC (ADR) (a) (c) (d) | 7 | &nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp; 0 |
| **Singapore — 2.7%** | **Singapore — 2.7%** | **Singapore — 2.7%** |
| Sea Ltd. (ADR) (a) | 133279 | &nbsp;&nbsp;&nbsp; 23820956 |
| United Overseas Bank Ltd.  | 496300 | &nbsp;&nbsp;&nbsp; 13314212 |
|  |  | &nbsp;&nbsp;&nbsp; 37135168 |
| **South Africa — 1.3%** | **South Africa — 1.3%** | **South Africa — 1.3%** |
| Discovery Ltd.  | 1580022 | &nbsp;&nbsp;&nbsp; 18086999 |

---

**BHFTII-3**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (e)—0.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **South Korea — 4.0%** | **South Korea — 4.0%** | **South Korea — 4.0%** |
| Coupang, Inc. (a) | 549829 | &nbsp;&nbsp;&nbsp; $17704494 |
| Samsung Electronics Co. Ltd.  | 613799 | &nbsp;&nbsp;&nbsp; 36893234 |
|  |  | &nbsp;&nbsp;&nbsp; 54597728 |
| **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
| Amadeus IT Group SA | 262974 | &nbsp;&nbsp;&nbsp; 20813557 |
| **Sweden — 2.3%** | **Sweden — 2.3%** | **Sweden — 2.3%** |
| Atlas Copco AB - B Shares | 1149978 | &nbsp;&nbsp;&nbsp; 17352040 |
| MIPS AB | 116562 | &nbsp;&nbsp;&nbsp; 4252010 |
| Skandinaviska Enskilda Banken AB - Class A | 512103 | &nbsp;&nbsp;&nbsp; 10018677 |
|  |  | &nbsp;&nbsp;&nbsp; 31622727 |
| **Switzerland — 2.2%** | **Switzerland — 2.2%** | **Switzerland — 2.2%** |
| Cie Financiere Richemont SA - Class A | 76751 | &nbsp;&nbsp;&nbsp; 14726896 |
| Sandoz Group AG | 263886 | &nbsp;&nbsp;&nbsp; 15692657 |
|  |  | &nbsp;&nbsp;&nbsp; 30419553 |
| **Taiwan — 5.6%** | **Taiwan — 5.6%** | **Taiwan — 5.6%** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 1749000 | &nbsp;&nbsp;&nbsp; 76089114 |
| **United Kingdom — 1.8%** | **United Kingdom — 1.8%** | **United Kingdom — 1.8%** |
| B&M European Value Retail SA | 1773716 | &nbsp;&nbsp;&nbsp; 6257588 |
| Unilever PLC | 302152 | &nbsp;&nbsp;&nbsp; 17860851 |
|  |  | &nbsp;&nbsp;&nbsp; 24118439 |
| **United States — 7.3%** | **United States — 7.3%** | **United States — 7.3%** |
| CRH PLC | 292925 | &nbsp;&nbsp;&nbsp; 35340138 |
| Experian PLC | 416485 | &nbsp;&nbsp;&nbsp; 20975124 |
| Monday.com Ltd. (a) | 61705 | &nbsp;&nbsp;&nbsp; 11951641 |
| Roche Holding AG | 51814 | &nbsp;&nbsp;&nbsp; 17053607 |
| Spotify Technology SA (a) | 19503 | &nbsp;&nbsp;&nbsp; 13613094 |
|  |  | &nbsp;&nbsp;&nbsp; 98933604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,015,163,815) <br>|  | &nbsp;&nbsp;&nbsp; 1349412439 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc., Expires 03/31/40 (a) <br>(Cost $0)<br>| 10541 | &nbsp;&nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.9%** | **Short-Term Investments—0.9%** | **Short-Term Investments—0.9%** |
| **Repurchase Agreement — 0.9%** | **Repurchase Agreement — 0.9%** | **Repurchase Agreement — 0.9%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25 with a maturity value of $12,102,288; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $12,343,360<br>| 12101279 | &nbsp;&nbsp;&nbsp; 12101279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $12,101,279) <br>|  | &nbsp;&nbsp;&nbsp; 12101279 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Short-Term Investment Funds — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class, 4.070% (f)<br>| 500000 | &nbsp;&nbsp;&nbsp; $500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.020% (f)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.000% (f)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class , 4.040% (f)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.990% (f)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.050% (f)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.050% (f)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares, 4.060% (f)<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp;&nbsp; 3700000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.0%** | **Repurchase Agreements — 0.0%** | **Repurchase Agreements — 0.0%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $100,012; collateralized <br> by various Common Stock with an aggregate market value of <br> $111,234<br>| 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $27,458; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 10/28/25 - <br> 05/15/35, and an aggregate market value of $28,004<br>| 27455 | &nbsp;&nbsp;&nbsp; 27455 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $64,602; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity <br> dates ranging from 11/15/35 - 08/15/55, and an <br> aggregate market value of $65,886<br>| 64595 | &nbsp;&nbsp;&nbsp; 64595 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $29,183; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% <br> - 2.375%, maturity dates ranging from 05/31/26 - <br> 07/15/30, and an aggregate market value of $29,764<br>| 29180 | &nbsp;&nbsp;&nbsp; 29180 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $100,012; collateralized <br> by various Common Stock with an aggregate market value of <br> $110,013<br>| 100000 | &nbsp;&nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp;&nbsp; 321230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $4,021,230) <br>|  | &nbsp;&nbsp;&nbsp; 4021230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.3% <br>(Cost $1,031,286,324) <br>|  | &nbsp;&nbsp;&nbsp; 1365534948 |
| Other assets and liabilities (net)—(0.3)%  |  | &nbsp;&nbsp;&nbsp; (3934372)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1361600576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

**BHFTII-4**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security was held on loan. As of September 30, 2025, the market
 value of securities loaned was $14,831,011 and the collateral received consisted of cash in
 the amount of $4,021,230 and non-cash collateral with a value of $11,633,199. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was valued in good faith under procedures subject to oversight by the Board
 of Trustees. As of September 30, 2025, these securities represent 0.0% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents investment of cash collateral received from securities on loan as of September
 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the annualized seven-day yield as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**September 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Semiconductors & Semiconductor Equipment | 8.1 |
| Broadline Retail | 7.8 |
| Software | 7.6 |
| Interactive Media & Services | 6.4 |
| Banks | 5.2 |
| Insurance | 4.8 |
| Capital Markets | 4.1 |
| Machinery | 3.8 |
| Household Durables | 3.7 |
| Entertainment | 3.6 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $23042719 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $23042719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; 61490453 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61490453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp; 58453204 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58453204 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp; 37155210 | &nbsp;&nbsp;&nbsp; 109545293 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 146700503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69978355 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69978355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12729810 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12729810 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83282980 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83282980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp;&nbsp; 5815621 | &nbsp;&nbsp;&nbsp; 89898709 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95714330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24921620 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24921620 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35357869 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35357869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22985795 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22985795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; 35182812 | &nbsp;&nbsp;&nbsp; 32199830 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67382642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; 1150778 | &nbsp;&nbsp;&nbsp; 146055283 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 147206061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | &nbsp;&nbsp;&nbsp; 10661854 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10661854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp; 17112327 | &nbsp;&nbsp;&nbsp; 70217607 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87329934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama | &nbsp;&nbsp;&nbsp; 10357421 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10357421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp;&nbsp; 23820956 | &nbsp;&nbsp;&nbsp; 13314212 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37135168 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18086999 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18086999 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp; 17704494 | &nbsp;&nbsp;&nbsp; 36893234 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54597728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20813557 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20813557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31622727 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31622727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30419553 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30419553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76089114 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76089114 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24118439 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24118439 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; 25564735 | &nbsp;&nbsp;&nbsp; 73368869 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98933604 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 304469865 | &nbsp;&nbsp;&nbsp; 1044942574 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1349412439 |
| Total Warrants\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12101279 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12101279 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 321230 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 321230 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 321230 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4021230 |
| Total Investments | &nbsp;&nbsp;&nbsp; $308169865 | &nbsp;&nbsp;&nbsp; $1057365083 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1365534948 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4021230)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4021230)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-5**

------

**Brighthouse Funds Trust II**

**Baillie Gifford International Stock Portfolio**

**Schedule of Investments as of September 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 period ended September 30, 2025 is not presented.

**BHFTII-6**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—35.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 1.1%** | **Agency Collateralized Mortgage Obligations — 1.1%** | **Agency Collateralized Mortgage Obligations — 1.1%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.756%, SOFR30A + 1.400%, 02/25/55 (a) | 8560583 | &nbsp;&nbsp;&nbsp; $8621581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.756%, SOFR30A + 1.400%, 03/25/55 (a) | 17377062 | &nbsp;&nbsp;&nbsp; 17508601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/25/56 (144A) (b) | 769232 | &nbsp;&nbsp;&nbsp; 122405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.461%, 07/25/56 (144A) (a) (c) | 856167 | &nbsp;&nbsp;&nbsp; 97532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.475%, 05/25/57 (a) | 157156 | &nbsp;&nbsp;&nbsp; 71440 |
| Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/20/50 (c) | 1315657 | &nbsp;&nbsp;&nbsp; 223224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/20/51 (c) | 1130578 | &nbsp;&nbsp;&nbsp; 186110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/51 (c) | 3881445 | &nbsp;&nbsp;&nbsp; 672295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/20/51 (c) | 817448 | &nbsp;&nbsp;&nbsp; 138758 |
| Seasoned Loans Structured Transaction Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/25/60 (144A) (a) | 962327 | &nbsp;&nbsp;&nbsp; 955133 |
|  |  | &nbsp;&nbsp;&nbsp; 28597079 |
| **Agency Mortgage-Backed Securities — 34.6%** | **Agency Mortgage-Backed Securities — 34.6%** | **Agency Mortgage-Backed Securities — 34.6%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 04/01/36 | 2483763 | &nbsp;&nbsp;&nbsp; 2236845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/01/36 | 447693 | &nbsp;&nbsp;&nbsp; 403075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 08/01/50 | 791857 | &nbsp;&nbsp;&nbsp; 613046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/50 | 1981555 | &nbsp;&nbsp;&nbsp; 1523508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/35 | 574607 | &nbsp;&nbsp;&nbsp; 531430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/36 | 1172562 | &nbsp;&nbsp;&nbsp; 1087247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/36 | 1446871 | &nbsp;&nbsp;&nbsp; 1342200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/36 | 233212 | &nbsp;&nbsp;&nbsp; 216054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/36 | 1363158 | &nbsp;&nbsp;&nbsp; 1266653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/36 | 930696 | &nbsp;&nbsp;&nbsp; 863937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/36 | 397385 | &nbsp;&nbsp;&nbsp; 368879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/37 | 432018 | &nbsp;&nbsp;&nbsp; 399443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42 | 362899 | &nbsp;&nbsp;&nbsp; 313642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/42 | 1307100 | &nbsp;&nbsp;&nbsp; 1128565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/42 | 381744 | &nbsp;&nbsp;&nbsp; 329691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/50 | 278582 | &nbsp;&nbsp;&nbsp; 227566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/50 | 389666 | &nbsp;&nbsp;&nbsp; 317340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/50 | 519725 | &nbsp;&nbsp;&nbsp; 425789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 13699156 | &nbsp;&nbsp;&nbsp; 11139520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 3132046 | &nbsp;&nbsp;&nbsp; 2544876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 1559239 | &nbsp;&nbsp;&nbsp; 1280551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/51 | 943374 | &nbsp;&nbsp;&nbsp; 773860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/51 | 3582513 | &nbsp;&nbsp;&nbsp; 2955761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/51 | 1276727 | &nbsp;&nbsp;&nbsp; 1042603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51 | 3650028 | &nbsp;&nbsp;&nbsp; 2974910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/51 | 2615351 | &nbsp;&nbsp;&nbsp; 2146675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/52 | 13007719 | &nbsp;&nbsp;&nbsp; 10683221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 1487790 | &nbsp;&nbsp;&nbsp; 1220041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/27 | 4162 | &nbsp;&nbsp;&nbsp; 4107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/28 | 47961 | &nbsp;&nbsp;&nbsp; 47062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/29 | 116178 | &nbsp;&nbsp;&nbsp; 113291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/29 | 59293 | &nbsp;&nbsp;&nbsp; 57520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/30 | 188256 | &nbsp;&nbsp;&nbsp; 182955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/30 | 112888 | &nbsp;&nbsp;&nbsp; 109502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/30 | 438999 | &nbsp;&nbsp;&nbsp; 426149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/30 | 489403 | &nbsp;&nbsp;&nbsp; 474849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/31 | 393891 | &nbsp;&nbsp;&nbsp; 381697 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 349660 | &nbsp;&nbsp;&nbsp; $299812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51 | 2967269 | &nbsp;&nbsp;&nbsp; 2560778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 10432810 | &nbsp;&nbsp;&nbsp; 8988501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 9278163 | &nbsp;&nbsp;&nbsp; 7986609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 4621692 | &nbsp;&nbsp;&nbsp; 3969920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 15186757 | &nbsp;&nbsp;&nbsp; 13016273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/27 | 33613 | &nbsp;&nbsp;&nbsp; 33271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/28 | 23159 | &nbsp;&nbsp;&nbsp; 22876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/30 | 120989 | &nbsp;&nbsp;&nbsp; 118929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/30 | 661189 | &nbsp;&nbsp;&nbsp; 647216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/30 | 134379 | &nbsp;&nbsp;&nbsp; 131562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/30 | 4245 | &nbsp;&nbsp;&nbsp; 4156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/30 | 252584 | &nbsp;&nbsp;&nbsp; 247715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/30 | 72700 | &nbsp;&nbsp;&nbsp; 71092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/37 | 41320 | &nbsp;&nbsp;&nbsp; 39000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/38 | 839683 | &nbsp;&nbsp;&nbsp; 791785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/43 | 599501 | &nbsp;&nbsp;&nbsp; 552184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/43 | 1050378 | &nbsp;&nbsp;&nbsp; 967114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/44 | 5405374 | &nbsp;&nbsp;&nbsp; 4971275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/46 | 638093 | &nbsp;&nbsp;&nbsp; 579444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/47 | 455914 | &nbsp;&nbsp;&nbsp; 415134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 | 3951256 | &nbsp;&nbsp;&nbsp; 3538450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/50 | 1715452 | &nbsp;&nbsp;&nbsp; 1535202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/51 | 355485 | &nbsp;&nbsp;&nbsp; 319122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/51 | 501030 | &nbsp;&nbsp;&nbsp; 445932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/52 | 261730 | &nbsp;&nbsp;&nbsp; 234733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52 | 7585668 | &nbsp;&nbsp;&nbsp; 6780749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/52 | 13652041 | &nbsp;&nbsp;&nbsp; 12131124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/34 | 339384 | &nbsp;&nbsp;&nbsp; 332236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/35 | 1213111 | &nbsp;&nbsp;&nbsp; 1180946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/42 | 718161 | &nbsp;&nbsp;&nbsp; 682897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/42 | 22723 | &nbsp;&nbsp;&nbsp; 21534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/42 | 578189 | &nbsp;&nbsp;&nbsp; 548952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/42 | 27282 | &nbsp;&nbsp;&nbsp; 26069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/43 | 112067 | &nbsp;&nbsp;&nbsp; 105777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/44 | 201462 | &nbsp;&nbsp;&nbsp; 190255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/44 | 26222 | &nbsp;&nbsp;&nbsp; 24796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/44 | 91690 | &nbsp;&nbsp;&nbsp; 85515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/44 | 37551 | &nbsp;&nbsp;&nbsp; 35512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/44 | 81972 | &nbsp;&nbsp;&nbsp; 77610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/45 | 58847 | &nbsp;&nbsp;&nbsp; 55311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/46 | 2068574 | &nbsp;&nbsp;&nbsp; 1952290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/46 | 479444 | &nbsp;&nbsp;&nbsp; 449553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/47 | 513030 | &nbsp;&nbsp;&nbsp; 479327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/47 | 501669 | &nbsp;&nbsp;&nbsp; 472839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 | 576891 | &nbsp;&nbsp;&nbsp; 543738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/48 | 2974568 | &nbsp;&nbsp;&nbsp; 2792618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/48 | 809121 | &nbsp;&nbsp;&nbsp; 757979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/50 | 247061 | &nbsp;&nbsp;&nbsp; 228615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/40 | 76197 | &nbsp;&nbsp;&nbsp; 74292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/40 | 88512 | &nbsp;&nbsp;&nbsp; 86736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/40 | 51583 | &nbsp;&nbsp;&nbsp; 50612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/40 | 156758 | &nbsp;&nbsp;&nbsp; 153399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/41 | 4224 | &nbsp;&nbsp;&nbsp; 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/41 | 149191 | &nbsp;&nbsp;&nbsp; 145275 |

---

**BHFTII-7**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/43 | 144298 | &nbsp;&nbsp;&nbsp; $140450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/44 | 295617 | &nbsp;&nbsp;&nbsp; 283958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/44 | 57279 | &nbsp;&nbsp;&nbsp; 55776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/45 | 200505 | &nbsp;&nbsp;&nbsp; 195010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/45 | 74479 | &nbsp;&nbsp;&nbsp; 72400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/45 | 381121 | &nbsp;&nbsp;&nbsp; 370757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/45 | 2546557 | &nbsp;&nbsp;&nbsp; 2453490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/47 | 973966 | &nbsp;&nbsp;&nbsp; 937117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/48 | 2001089 | &nbsp;&nbsp;&nbsp; 1910829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/48 | 903312 | &nbsp;&nbsp;&nbsp; 870166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/49 | 93427 | &nbsp;&nbsp;&nbsp; 89785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/50 | 1898571 | &nbsp;&nbsp;&nbsp; 1824373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/50 | 1057333 | &nbsp;&nbsp;&nbsp; 1011312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/50 | 771026 | &nbsp;&nbsp;&nbsp; 740526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/52 | 320475 | &nbsp;&nbsp;&nbsp; 307806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/39 | 292457 | &nbsp;&nbsp;&nbsp; 295315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/39 | 211364 | &nbsp;&nbsp;&nbsp; 211189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/39 | 67190 | &nbsp;&nbsp;&nbsp; 67537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/40 | 24651 | &nbsp;&nbsp;&nbsp; 24725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/41 | 312301 | &nbsp;&nbsp;&nbsp; 311895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/42 | 355870 | &nbsp;&nbsp;&nbsp; 358032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/43 | 72228 | &nbsp;&nbsp;&nbsp; 71614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/43 | 398808 | &nbsp;&nbsp;&nbsp; 398767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/47 | 725583 | &nbsp;&nbsp;&nbsp; 719952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/47 | 270753 | &nbsp;&nbsp;&nbsp; 268420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/47 | 584388 | &nbsp;&nbsp;&nbsp; 578998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/49 | 905934 | &nbsp;&nbsp;&nbsp; 894876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/49 | 438705 | &nbsp;&nbsp;&nbsp; 433606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/52 | 1424044 | &nbsp;&nbsp;&nbsp; 1387486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/52 | 407875 | &nbsp;&nbsp;&nbsp; 397284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/41 | 187026 | &nbsp;&nbsp;&nbsp; 191763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/41 | 1254370 | &nbsp;&nbsp;&nbsp; 1287655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/52 | 24559 | &nbsp;&nbsp;&nbsp; 24661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/52 | 417348 | &nbsp;&nbsp;&nbsp; 420287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/52 | 935680 | &nbsp;&nbsp;&nbsp; 937524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/52 | 37605 | &nbsp;&nbsp;&nbsp; 37668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/52 | 109330 | &nbsp;&nbsp;&nbsp; 109429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/52 | 739346 | &nbsp;&nbsp;&nbsp; 741038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/52 | 3351012 | &nbsp;&nbsp;&nbsp; 3358681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/53 | 999839 | &nbsp;&nbsp;&nbsp; 1002127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/53 | 280644 | &nbsp;&nbsp;&nbsp; 281286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/35 | 39822 | &nbsp;&nbsp;&nbsp; 40888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/39 | 58921 | &nbsp;&nbsp;&nbsp; 60936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/40 | 39042 | &nbsp;&nbsp;&nbsp; 39710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/41 | 629258 | &nbsp;&nbsp;&nbsp; 654240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/53 | 865744 | &nbsp;&nbsp;&nbsp; 881337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/53 | 1182788 | &nbsp;&nbsp;&nbsp; 1204231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/53 | 227481 | &nbsp;&nbsp;&nbsp; 230279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/53 | 3421476 | &nbsp;&nbsp;&nbsp; 3483505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/53 | 577363 | &nbsp;&nbsp;&nbsp; 585833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 4170209 | &nbsp;&nbsp;&nbsp; 4234476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/53 | 587702 | &nbsp;&nbsp;&nbsp; 595550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/53 | 1473336 | &nbsp;&nbsp;&nbsp; 1496042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/54 | 3225493 | &nbsp;&nbsp;&nbsp; 3276209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/52 | 52732 | &nbsp;&nbsp;&nbsp; 54378 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/53 | 977265 | &nbsp;&nbsp;&nbsp; $1002408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/53 | 559427 | &nbsp;&nbsp;&nbsp; 573619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/53 | 331278 | &nbsp;&nbsp;&nbsp; 339881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/53 | 514965 | &nbsp;&nbsp;&nbsp; 530587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/53 | 2047999 | &nbsp;&nbsp;&nbsp; 2109923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/53 | 1216895 | &nbsp;&nbsp;&nbsp; 1254795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/55 | 1177749 | &nbsp;&nbsp;&nbsp; 1209383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/55 | 1189073 | &nbsp;&nbsp;&nbsp; 1221438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/55 | 2496393 | &nbsp;&nbsp;&nbsp; 2564339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/53 | 122137 | &nbsp;&nbsp;&nbsp; 126781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/53 | 443494 | &nbsp;&nbsp;&nbsp; 462226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.918%, 05/25/29 (a) (c) | 5837693 | &nbsp;&nbsp;&nbsp; 119332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.028%, 10/25/31 | 341000 | &nbsp;&nbsp;&nbsp; 351228 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/01/35 | 127239 | &nbsp;&nbsp;&nbsp; 114484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/01/36 | 274625 | &nbsp;&nbsp;&nbsp; 247767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/01/36 | 453189 | &nbsp;&nbsp;&nbsp; 408858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 06/01/36 | 1586378 | &nbsp;&nbsp;&nbsp; 1428292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/01/36 | 748316 | &nbsp;&nbsp;&nbsp; 671545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/01/37 | 462995 | &nbsp;&nbsp;&nbsp; 417696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/01/41 (d) | 16168788 | &nbsp;&nbsp;&nbsp; 13630543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/01/41 | 8278907 | &nbsp;&nbsp;&nbsp; 6855552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/50 | 2055215 | &nbsp;&nbsp;&nbsp; 1580163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/01/50 | 1790569 | &nbsp;&nbsp;&nbsp; 1377354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/01/51 | 2420339 | &nbsp;&nbsp;&nbsp; 1860798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/31 | 49680 | &nbsp;&nbsp;&nbsp; 47403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/31 | 655476 | &nbsp;&nbsp;&nbsp; 624973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/31 | 73218 | &nbsp;&nbsp;&nbsp; 69821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/32 | 482792 | &nbsp;&nbsp;&nbsp; 459490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/35 | 574797 | &nbsp;&nbsp;&nbsp; 536529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/35 | 197834 | &nbsp;&nbsp;&nbsp; 182925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/36 | 206824 | &nbsp;&nbsp;&nbsp; 191230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/36 | 349734 | &nbsp;&nbsp;&nbsp; 323364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/36 | 464461 | &nbsp;&nbsp;&nbsp; 431589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/36 | 326392 | &nbsp;&nbsp;&nbsp; 303284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/36 | 523730 | &nbsp;&nbsp;&nbsp; 484238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/36 | 693055 | &nbsp;&nbsp;&nbsp; 639172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/36 | 244463 | &nbsp;&nbsp;&nbsp; 226922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/37 | 235962 | &nbsp;&nbsp;&nbsp; 219033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/37 | 893951 | &nbsp;&nbsp;&nbsp; 826955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/37 | 2276496 | &nbsp;&nbsp;&nbsp; 2102334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/37 | 732908 | &nbsp;&nbsp;&nbsp; 678966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/40 | 268278 | &nbsp;&nbsp;&nbsp; 235002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/40 | 1183840 | &nbsp;&nbsp;&nbsp; 1025378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/41 | 1146493 | &nbsp;&nbsp;&nbsp; 991599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42 | 586012 | &nbsp;&nbsp;&nbsp; 506471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/42 | 5678984 | &nbsp;&nbsp;&nbsp; 4904618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/42 | 897129 | &nbsp;&nbsp;&nbsp; 774800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/42 | 3587393 | &nbsp;&nbsp;&nbsp; 3104943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/50 | 660243 | &nbsp;&nbsp;&nbsp; 537387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/50 | 1405398 | &nbsp;&nbsp;&nbsp; 1144040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/50 | 1788903 | &nbsp;&nbsp;&nbsp; 1456145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/50 | 309682 | &nbsp;&nbsp;&nbsp; 251850 |

---

**BHFTII-8**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/50 | 1862519 | &nbsp;&nbsp;&nbsp; $1526574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/51 | 12169580 | &nbsp;&nbsp;&nbsp; 9900816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 1487391 | &nbsp;&nbsp;&nbsp; 1208856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 1456923 | &nbsp;&nbsp;&nbsp; 1194356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 2134926 | &nbsp;&nbsp;&nbsp; 1750269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51 | 3146822 | &nbsp;&nbsp;&nbsp; 2566355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51 | 6742879 | &nbsp;&nbsp;&nbsp; 5505713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/51 | 4304785 | &nbsp;&nbsp;&nbsp; 3523003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/52 | 1887850 | &nbsp;&nbsp;&nbsp; 1562616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 7122301 | &nbsp;&nbsp;&nbsp; 5816950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52 | 3276947 | &nbsp;&nbsp;&nbsp; 2682897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/52 | 10727471 | &nbsp;&nbsp;&nbsp; 8810883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/27 | 20566 | &nbsp;&nbsp;&nbsp; 20278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/28 | 3607 | &nbsp;&nbsp;&nbsp; 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/28 | 8225 | &nbsp;&nbsp;&nbsp; 8086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/28 | 27629 | &nbsp;&nbsp;&nbsp; 27110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/30 | 215758 | &nbsp;&nbsp;&nbsp; 209260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/30 | 18134 | &nbsp;&nbsp;&nbsp; 17712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/30 | 40952 | &nbsp;&nbsp;&nbsp; 39776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/30 | 125502 | &nbsp;&nbsp;&nbsp; 121644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/30 | 433148 | &nbsp;&nbsp;&nbsp; 420396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/30 | 304485 | &nbsp;&nbsp;&nbsp; 295016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/30 | 550452 | &nbsp;&nbsp;&nbsp; 533242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/31 | 16179 | &nbsp;&nbsp;&nbsp; 15907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/31 | 175733 | &nbsp;&nbsp;&nbsp; 169703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/31 | 92906 | &nbsp;&nbsp;&nbsp; 89742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/31 | 13656 | &nbsp;&nbsp;&nbsp; 13187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/31 | 865201 | &nbsp;&nbsp;&nbsp; 835172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/31 | 533496 | &nbsp;&nbsp;&nbsp; 514710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/32 | 26259 | &nbsp;&nbsp;&nbsp; 25336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/32 | 103338 | &nbsp;&nbsp;&nbsp; 99396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/32 | 609802 | &nbsp;&nbsp;&nbsp; 588416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/33 | 998693 | &nbsp;&nbsp;&nbsp; 968659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 7417252 | &nbsp;&nbsp;&nbsp; 6374326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/50 | 4691394 | &nbsp;&nbsp;&nbsp; 4031659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 1832706 | &nbsp;&nbsp;&nbsp; 1584397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 4748134 | &nbsp;&nbsp;&nbsp; 4065478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 7360840 | &nbsp;&nbsp;&nbsp; 6266581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 15100458 | &nbsp;&nbsp;&nbsp; 12972062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 2854038 | &nbsp;&nbsp;&nbsp; 2458920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/28 | 20470 | &nbsp;&nbsp;&nbsp; 20174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/28 | 25042 | &nbsp;&nbsp;&nbsp; 24677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/28 | 54278 | &nbsp;&nbsp;&nbsp; 53495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/28 | 339614 | &nbsp;&nbsp;&nbsp; 334482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/28 | 78652 | &nbsp;&nbsp;&nbsp; 77271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/29 | 49927 | &nbsp;&nbsp;&nbsp; 49084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/29 | 181636 | &nbsp;&nbsp;&nbsp; 177247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/29 | 285329 | &nbsp;&nbsp;&nbsp; 278952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/29 | 278382 | &nbsp;&nbsp;&nbsp; 272255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/29 | 73469 | &nbsp;&nbsp;&nbsp; 72195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/30 | 185138 | &nbsp;&nbsp;&nbsp; 181804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/30 | 150035 | &nbsp;&nbsp;&nbsp; 147346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/30 | 239069 | &nbsp;&nbsp;&nbsp; 234649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/30 | 192111 | &nbsp;&nbsp;&nbsp; 187935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/30 | 779222 | &nbsp;&nbsp;&nbsp; 763375 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/30 | 213766 | &nbsp;&nbsp;&nbsp; $209510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/31 | 711821 | &nbsp;&nbsp;&nbsp; 694845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/31 | 103846 | &nbsp;&nbsp;&nbsp; 101698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/32 | 197275 | &nbsp;&nbsp;&nbsp; 192066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/36 | 33484 | &nbsp;&nbsp;&nbsp; 31575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/36 | 350976 | &nbsp;&nbsp;&nbsp; 333320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/36 | 579920 | &nbsp;&nbsp;&nbsp; 552322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/43 | 3444641 | &nbsp;&nbsp;&nbsp; 3159004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/43 | 2017159 | &nbsp;&nbsp;&nbsp; 1853666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/43 | 1028593 | &nbsp;&nbsp;&nbsp; 945297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/43 | 29947 | &nbsp;&nbsp;&nbsp; 27454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/46 | 21491 | &nbsp;&nbsp;&nbsp; 19475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/46 | 25890 | &nbsp;&nbsp;&nbsp; 23597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/46 | 1168984 | &nbsp;&nbsp;&nbsp; 1060036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/47 | 298477 | &nbsp;&nbsp;&nbsp; 270658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/47 | 1201709 | &nbsp;&nbsp;&nbsp; 1088014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 418073 | &nbsp;&nbsp;&nbsp; 377227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 | 1666670 | &nbsp;&nbsp;&nbsp; 1490953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/51 | 2060403 | &nbsp;&nbsp;&nbsp; 1838997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/51 | 881337 | &nbsp;&nbsp;&nbsp; 786480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 296305 | &nbsp;&nbsp;&nbsp; 264794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 472451 | &nbsp;&nbsp;&nbsp; 419515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/28 | 42491 | &nbsp;&nbsp;&nbsp; 42004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/28 | 427452 | &nbsp;&nbsp;&nbsp; 421822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/28 | 403230 | &nbsp;&nbsp;&nbsp; 398115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/29 | 544121 | &nbsp;&nbsp;&nbsp; 538186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/29 | 109098 | &nbsp;&nbsp;&nbsp; 107711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/29 | 365614 | &nbsp;&nbsp;&nbsp; 361641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/29 | 196092 | &nbsp;&nbsp;&nbsp; 193683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/29 | 42712 | &nbsp;&nbsp;&nbsp; 42155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/30 | 125048 | &nbsp;&nbsp;&nbsp; 123796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/32 | 64745 | &nbsp;&nbsp;&nbsp; 63907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/33 | 37585 | &nbsp;&nbsp;&nbsp; 37073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/42 | 176503 | &nbsp;&nbsp;&nbsp; 168015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/42 | 114774 | &nbsp;&nbsp;&nbsp; 108739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/42 | 12015 | &nbsp;&nbsp;&nbsp; 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/42 | 29280 | &nbsp;&nbsp;&nbsp; 27740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/42 | 43255 | &nbsp;&nbsp;&nbsp; 40822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/45 | 1207169 | &nbsp;&nbsp;&nbsp; 1141492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/47 | 543495 | &nbsp;&nbsp;&nbsp; 509128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/47 | 385123 | &nbsp;&nbsp;&nbsp; 359152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 | 387306 | &nbsp;&nbsp;&nbsp; 360667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/48 | 1118045 | &nbsp;&nbsp;&nbsp; 1046869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/48 | 175737 | &nbsp;&nbsp;&nbsp; 163532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/48 | 973900 | &nbsp;&nbsp;&nbsp; 905611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/48 | 641984 | &nbsp;&nbsp;&nbsp; 604670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/49 | 6582237 | &nbsp;&nbsp;&nbsp; 6145409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/51 | 6582769 | &nbsp;&nbsp;&nbsp; 6081177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/33 | 233307 | &nbsp;&nbsp;&nbsp; 229659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/33 | 1470864 | &nbsp;&nbsp;&nbsp; 1469106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/41 | 69462 | &nbsp;&nbsp;&nbsp; 67388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/42 | 327947 | &nbsp;&nbsp;&nbsp; 318957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/42 | 668411 | &nbsp;&nbsp;&nbsp; 650085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/42 | 96226 | &nbsp;&nbsp;&nbsp; 93538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/46 | 112176 | &nbsp;&nbsp;&nbsp; 107850 |

---

**BHFTII-9**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/47 | 392774 | &nbsp;&nbsp;&nbsp; $379066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/47 | 260303 | &nbsp;&nbsp;&nbsp; 250261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/47 | 22013 | &nbsp;&nbsp;&nbsp; 21160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/47 | 174144 | &nbsp;&nbsp;&nbsp; 167383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/48 | 173594 | &nbsp;&nbsp;&nbsp; 166834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/48 | 39270 | &nbsp;&nbsp;&nbsp; 37735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/48 | 47221 | &nbsp;&nbsp;&nbsp; 45373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/48 | 32683 | &nbsp;&nbsp;&nbsp; 31404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/48 | 32339 | &nbsp;&nbsp;&nbsp; 31073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/48 | 520179 | &nbsp;&nbsp;&nbsp; 500139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/48 | 213602 | &nbsp;&nbsp;&nbsp; 204379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/48 | 93399 | &nbsp;&nbsp;&nbsp; 89664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/49 | 876507 | &nbsp;&nbsp;&nbsp; 837003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/50 | 362640 | &nbsp;&nbsp;&nbsp; 345721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/50 | 189653 | &nbsp;&nbsp;&nbsp; 180452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/50 | 350915 | &nbsp;&nbsp;&nbsp; 336333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/50 | 477118 | &nbsp;&nbsp;&nbsp; 454871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/50 | 40582 | &nbsp;&nbsp;&nbsp; 38615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/51 | 2578536 | &nbsp;&nbsp;&nbsp; 2475331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/51 | 2066314 | &nbsp;&nbsp;&nbsp; 1977795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/52 | 437792 | &nbsp;&nbsp;&nbsp; 418281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/52 | 2748662 | &nbsp;&nbsp;&nbsp; 2639145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/26 | 3478 | &nbsp;&nbsp;&nbsp; 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/39 | 306593 | &nbsp;&nbsp;&nbsp; 308831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/39 | 274730 | &nbsp;&nbsp;&nbsp; 276070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/40 | 10976 | &nbsp;&nbsp;&nbsp; 11030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/40 | 20640 | &nbsp;&nbsp;&nbsp; 20696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/40 | 51081 | &nbsp;&nbsp;&nbsp; 51251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/40 | 54306 | &nbsp;&nbsp;&nbsp; 54387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/40 | 104939 | &nbsp;&nbsp;&nbsp; 105321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/40 | 221893 | &nbsp;&nbsp;&nbsp; 222041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/41 | 46594 | &nbsp;&nbsp;&nbsp; 46611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/41 | 203538 | &nbsp;&nbsp;&nbsp; 203673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/41 | 57764 | &nbsp;&nbsp;&nbsp; 57766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/42 | 43289 | &nbsp;&nbsp;&nbsp; 43340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/42 | 272522 | &nbsp;&nbsp;&nbsp; 272703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/43 | 217453 | &nbsp;&nbsp;&nbsp; 213500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/43 | 440225 | &nbsp;&nbsp;&nbsp; 432788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/43 | 1002870 | &nbsp;&nbsp;&nbsp; 993565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/43 | 484736 | &nbsp;&nbsp;&nbsp; 483513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/44 | 246755 | &nbsp;&nbsp;&nbsp; 245266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/44 | 1455731 | &nbsp;&nbsp;&nbsp; 1448460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/45 | 435588 | &nbsp;&nbsp;&nbsp; 433129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/45 | 207431 | &nbsp;&nbsp;&nbsp; 206625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/45 | 793172 | &nbsp;&nbsp;&nbsp; 788263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/45 | 283234 | &nbsp;&nbsp;&nbsp; 282053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/46 | 1346414 | &nbsp;&nbsp;&nbsp; 1342766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/46 | 229181 | &nbsp;&nbsp;&nbsp; 228601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/47 | 26237 | &nbsp;&nbsp;&nbsp; 25948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/47 | 177848 | &nbsp;&nbsp;&nbsp; 175356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/47 | 895497 | &nbsp;&nbsp;&nbsp; 884383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/47 | 34973 | &nbsp;&nbsp;&nbsp; 34545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/48 | 827225 | &nbsp;&nbsp;&nbsp; 816956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/48 | 41625 | &nbsp;&nbsp;&nbsp; 41116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/48 | 85085 | &nbsp;&nbsp;&nbsp; 84039 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/48 | 461823 | &nbsp;&nbsp;&nbsp; $459259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 | 4130861 | &nbsp;&nbsp;&nbsp; 4086080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/48 | 69509 | &nbsp;&nbsp;&nbsp; 68694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/48 | 863790 | &nbsp;&nbsp;&nbsp; 855216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/48 | 520376 | &nbsp;&nbsp;&nbsp; 513701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/49 | 4538826 | &nbsp;&nbsp;&nbsp; 4513627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/49 | 4216283 | &nbsp;&nbsp;&nbsp; 4192874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/52 | 221595 | &nbsp;&nbsp;&nbsp; 215980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/32 | 1175 | &nbsp;&nbsp;&nbsp; 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/35 | 49832 | &nbsp;&nbsp;&nbsp; 50413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/39 | 2150368 | &nbsp;&nbsp;&nbsp; 2178353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/41 | 4666 | &nbsp;&nbsp;&nbsp; 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/41 | 79685 | &nbsp;&nbsp;&nbsp; 81607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/41 | 56933 | &nbsp;&nbsp;&nbsp; 58306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/42 | 39967 | &nbsp;&nbsp;&nbsp; 40915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/52 | 871638 | &nbsp;&nbsp;&nbsp; 876827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/52 | 380647 | &nbsp;&nbsp;&nbsp; 379338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/53 | 3146500 | &nbsp;&nbsp;&nbsp; 3132642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/32 | 236899 | &nbsp;&nbsp;&nbsp; 240014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/32 | 37448 | &nbsp;&nbsp;&nbsp; 38780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/33 | 140487 | &nbsp;&nbsp;&nbsp; 143861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/33 | 52135 | &nbsp;&nbsp;&nbsp; 53370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/34 | 461728 | &nbsp;&nbsp;&nbsp; 474029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/37 | 489174 | &nbsp;&nbsp;&nbsp; 501952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/38 | 117088 | &nbsp;&nbsp;&nbsp; 121373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/38 | 53655 | &nbsp;&nbsp;&nbsp; 55720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/38 | 38372 | &nbsp;&nbsp;&nbsp; 39402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/38 | 42001 | &nbsp;&nbsp;&nbsp; 42771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/39 | 109959 | &nbsp;&nbsp;&nbsp; 113967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/39 | 49269 | &nbsp;&nbsp;&nbsp; 50822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/39 | 146532 | &nbsp;&nbsp;&nbsp; 151756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/40 | 9039 | &nbsp;&nbsp;&nbsp; 9337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/41 | 86303 | &nbsp;&nbsp;&nbsp; 89093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/53 | 804781 | &nbsp;&nbsp;&nbsp; 817833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/53 | 267507 | &nbsp;&nbsp;&nbsp; 271976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/53 | 5120276 | &nbsp;&nbsp;&nbsp; 5209553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/53 | 1206481 | &nbsp;&nbsp;&nbsp; 1228354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/53 | 3155717 | &nbsp;&nbsp;&nbsp; 3204351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/54 | 1731426 | &nbsp;&nbsp;&nbsp; 1758107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 06/01/31 | 796000 | &nbsp;&nbsp;&nbsp; 827967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/34 | 53644 | &nbsp;&nbsp;&nbsp; 55859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/34 | 40410 | &nbsp;&nbsp;&nbsp; 42027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 627511 | &nbsp;&nbsp;&nbsp; 650722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/36 | 82043 | &nbsp;&nbsp;&nbsp; 86191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/38 | 125396 | &nbsp;&nbsp;&nbsp; 132144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/38 | 55353 | &nbsp;&nbsp;&nbsp; 58332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/38 | 144751 | &nbsp;&nbsp;&nbsp; 152540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/38 | 173810 | &nbsp;&nbsp;&nbsp; 183031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/38 | 58706 | &nbsp;&nbsp;&nbsp; 61864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/40 | 553937 | &nbsp;&nbsp;&nbsp; 583746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/40 | 64995 | &nbsp;&nbsp;&nbsp; 68494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/41 | 143577 | &nbsp;&nbsp;&nbsp; 151303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/52 | 59380 | &nbsp;&nbsp;&nbsp; 61068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/53 | 1337548 | &nbsp;&nbsp;&nbsp; 1372065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/53 | 347531 | &nbsp;&nbsp;&nbsp; 358367 |

---

**BHFTII-10**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/53 | 1793061 | &nbsp;&nbsp;&nbsp; $1848989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/53 | 340237 | &nbsp;&nbsp;&nbsp; 349100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/53 | 1932958 | &nbsp;&nbsp;&nbsp; 1993299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/53 | 3858328 | &nbsp;&nbsp;&nbsp; 3960093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/55 | 1016966 | &nbsp;&nbsp;&nbsp; 1042756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/40 | 795680 | &nbsp;&nbsp;&nbsp; 842572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/53 | 258179 | &nbsp;&nbsp;&nbsp; 268376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/53 | 1831171 | &nbsp;&nbsp;&nbsp; 1906147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/53 | 419400 | &nbsp;&nbsp;&nbsp; 437119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/53 | 1165173 | &nbsp;&nbsp;&nbsp; 1214411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/54 | 2552387 | &nbsp;&nbsp;&nbsp; 2657233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/54 | 2944886 | &nbsp;&nbsp;&nbsp; 3044231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/54 | 2024234 | &nbsp;&nbsp;&nbsp; 2094830 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 01/25/29 (144A) (c) | 24072293 | &nbsp;&nbsp;&nbsp; 59904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 08/25/50 (144A) (a) | 304000 | &nbsp;&nbsp;&nbsp; 298095 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/20/50 | 5904317 | &nbsp;&nbsp;&nbsp; 4888721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/20/50 | 755959 | &nbsp;&nbsp;&nbsp; 625220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/20/51 | 8792587 | &nbsp;&nbsp;&nbsp; 7271944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/20/51 | 658762 | &nbsp;&nbsp;&nbsp; 545443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/51 | 5070675 | &nbsp;&nbsp;&nbsp; 4369122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 3011361 | &nbsp;&nbsp;&nbsp; 2594679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/51 | 2057225 | &nbsp;&nbsp;&nbsp; 1771927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/20/52 | 4225966 | &nbsp;&nbsp;&nbsp; 3639902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/20/52 | 3268094 | &nbsp;&nbsp;&nbsp; 2817650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/20/52 | 2191025 | &nbsp;&nbsp;&nbsp; 1889319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/52 | 368450 | &nbsp;&nbsp;&nbsp; 317801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/20/53 | 1536591 | &nbsp;&nbsp;&nbsp; 1325289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/44 | 30812 | &nbsp;&nbsp;&nbsp; 27809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/45 | 360670 | &nbsp;&nbsp;&nbsp; 331028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/47 | 625023 | &nbsp;&nbsp;&nbsp; 565968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/20/49 | 15380 | &nbsp;&nbsp;&nbsp; 13930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/50 | 247859 | &nbsp;&nbsp;&nbsp; 221588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/51 (d) | 17437887 | &nbsp;&nbsp;&nbsp; 15617379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/15/42 | 98017 | &nbsp;&nbsp;&nbsp; 91843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/42 | 41052 | &nbsp;&nbsp;&nbsp; 38517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/42 | 126797 | &nbsp;&nbsp;&nbsp; 118882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/15/42 | 116785 | &nbsp;&nbsp;&nbsp; 109574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/15/42 | 134542 | &nbsp;&nbsp;&nbsp; 126109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/42 | 50237 | &nbsp;&nbsp;&nbsp; 46963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/42 | 420464 | &nbsp;&nbsp;&nbsp; 394147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/15/43 | 110164 | &nbsp;&nbsp;&nbsp; 103328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/43 | 236692 | &nbsp;&nbsp;&nbsp; 221303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/43 | 196442 | &nbsp;&nbsp;&nbsp; 183638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/43 | 581387 | &nbsp;&nbsp;&nbsp; 543768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/43 | 571371 | &nbsp;&nbsp;&nbsp; 540663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/15/43 | 799217 | &nbsp;&nbsp;&nbsp; 747191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/43 | 312681 | &nbsp;&nbsp;&nbsp; 295876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/15/43 | 251032 | &nbsp;&nbsp;&nbsp; 234800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/43 | 601490 | &nbsp;&nbsp;&nbsp; 563842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/43 | 24278 | &nbsp;&nbsp;&nbsp; 22958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/44 | 610206 | &nbsp;&nbsp;&nbsp; 574258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/45 | 21862 | &nbsp;&nbsp;&nbsp; 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/45 | 32629 | &nbsp;&nbsp;&nbsp; 30472 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/45 | 133257 | &nbsp;&nbsp;&nbsp; $124280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/45 | 23932 | &nbsp;&nbsp;&nbsp; 22303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/20/45 | 32451 | &nbsp;&nbsp;&nbsp; 30238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/45 | 61373 | &nbsp;&nbsp;&nbsp; 57175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/45 | 22821 | &nbsp;&nbsp;&nbsp; 21258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/45 | 340165 | &nbsp;&nbsp;&nbsp; 316423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/46 | 68740 | &nbsp;&nbsp;&nbsp; 64018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/46 | 281882 | &nbsp;&nbsp;&nbsp; 262429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/20/46 | 107450 | &nbsp;&nbsp;&nbsp; 99946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/46 | 697938 | &nbsp;&nbsp;&nbsp; 643405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/48 | 26047 | &nbsp;&nbsp;&nbsp; 24179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/48 | 10670 | &nbsp;&nbsp;&nbsp; 9892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/52 | 7519604 | &nbsp;&nbsp;&nbsp; 6917221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/39 | 11056 | &nbsp;&nbsp;&nbsp; 10748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/39 | 85145 | &nbsp;&nbsp;&nbsp; 82930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/40 | 22055 | &nbsp;&nbsp;&nbsp; 21347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/40 | 254538 | &nbsp;&nbsp;&nbsp; 246368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/40 | 142905 | &nbsp;&nbsp;&nbsp; 140433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/40 | 545716 | &nbsp;&nbsp;&nbsp; 528198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/41 | 486041 | &nbsp;&nbsp;&nbsp; 470438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/41 | 8554 | &nbsp;&nbsp;&nbsp; 8279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/41 | 207990 | &nbsp;&nbsp;&nbsp; 200895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/41 | 19792 | &nbsp;&nbsp;&nbsp; 19080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/43 | 52941 | &nbsp;&nbsp;&nbsp; 51094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/44 | 201156 | &nbsp;&nbsp;&nbsp; 192540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/46 | 29258 | &nbsp;&nbsp;&nbsp; 27649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/20/47 | 130818 | &nbsp;&nbsp;&nbsp; 125159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/20/47 | 334692 | &nbsp;&nbsp;&nbsp; 320212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/47 | 382499 | &nbsp;&nbsp;&nbsp; 365951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/47 | 189233 | &nbsp;&nbsp;&nbsp; 181046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/20/50 | 378168 | &nbsp;&nbsp;&nbsp; 360410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/52 | 4143772 | &nbsp;&nbsp;&nbsp; 3927150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/39 | 19662 | &nbsp;&nbsp;&nbsp; 19778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/40 | 23829 | &nbsp;&nbsp;&nbsp; 23970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/20/40 | 19652 | &nbsp;&nbsp;&nbsp; 19768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/40 | 1230 | &nbsp;&nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/42 | 2455434 | &nbsp;&nbsp;&nbsp; 2434584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/47 | 60603 | &nbsp;&nbsp;&nbsp; 59679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/47 | 126203 | &nbsp;&nbsp;&nbsp; 124311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/47 | 47907 | &nbsp;&nbsp;&nbsp; 47371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/48 | 193950 | &nbsp;&nbsp;&nbsp; 190385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/49 | 772060 | &nbsp;&nbsp;&nbsp; 764682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/49 | 168680 | &nbsp;&nbsp;&nbsp; 167076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/49 | 644780 | &nbsp;&nbsp;&nbsp; 634383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/50 | 18688 | &nbsp;&nbsp;&nbsp; 18396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/33 | 194413 | &nbsp;&nbsp;&nbsp; 196158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/38 | 75770 | &nbsp;&nbsp;&nbsp; 77629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/39 | 129532 | &nbsp;&nbsp;&nbsp; 132833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/39 | 97313 | &nbsp;&nbsp;&nbsp; 98920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/39 | 71005 | &nbsp;&nbsp;&nbsp; 73104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/40 | 5649 | &nbsp;&nbsp;&nbsp; 5741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/40 | 256903 | &nbsp;&nbsp;&nbsp; 263402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/42 | 101168 | &nbsp;&nbsp;&nbsp; 103412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/33 | 6245 | &nbsp;&nbsp;&nbsp; 6400 |

---

**BHFTII-11**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, TBA (e) | 10132000 | &nbsp;&nbsp;&nbsp; $8372977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (e) | 4617000 | &nbsp;&nbsp;&nbsp; 3974208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (e) | 636000 | &nbsp;&nbsp;&nbsp; 567678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (e) | 459000 | &nbsp;&nbsp;&nbsp; 418432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (e) | 2990000 | &nbsp;&nbsp;&nbsp; 2810896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (e) | 7638000 | &nbsp;&nbsp;&nbsp; 7405818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (e) | 14499000 | &nbsp;&nbsp;&nbsp; 14411984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, TBA (e) | 18642000 | &nbsp;&nbsp;&nbsp; 18780739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, TBA (e) | 11930000 | &nbsp;&nbsp;&nbsp; 12132972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, TBA (e) | 5350000 | &nbsp;&nbsp;&nbsp; 5494148 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (e) | 107238000 | &nbsp;&nbsp;&nbsp; 97878786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (e) | 36302000 | &nbsp;&nbsp;&nbsp; 35999138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, TBA (e) | 74141725 | &nbsp;&nbsp;&nbsp; 74752502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, TBA (e) | 63719241 | &nbsp;&nbsp;&nbsp; 65094791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, TBA (e) | 8763000 | &nbsp;&nbsp;&nbsp; 9055541 |
|  |  | &nbsp;&nbsp;&nbsp; 890125875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $961,910,750) <br>|  | &nbsp;&nbsp;&nbsp; 918722954 |
| **Corporate Bonds & Notes—28.2%** | **Corporate Bonds & Notes—28.2%** | **Corporate Bonds & Notes—28.2%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 02/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105003 |
|  |  | &nbsp;&nbsp;&nbsp; 208368 |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.008%, 05/01/64 | 992000 | &nbsp;&nbsp;&nbsp; 1148392 |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 11/15/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 215678 |
| Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980%, 02/11/35 (f) | 1067000 | &nbsp;&nbsp;&nbsp; 1131959 |
| Figeac Aero S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.793%, 07/23/30 (EUR) (g) (h) | 980000 | &nbsp;&nbsp;&nbsp; 1147693 |
| L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/31 | 294000 | &nbsp;&nbsp;&nbsp; 306053 |
| Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/47 | 200000 | &nbsp;&nbsp;&nbsp; 162958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/15/53 | 2594000 | &nbsp;&nbsp;&nbsp; 2380990 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/31/33 (144A) | 300000 | &nbsp;&nbsp;&nbsp; 303373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 08/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/01/31 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 208618 |
|  |  | &nbsp;&nbsp;&nbsp; 7107620 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/04/41 | 1863000 | &nbsp;&nbsp;&nbsp; 1444024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/16/46 | 581000 | &nbsp;&nbsp;&nbsp; 445349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/09/42 | 968000 | &nbsp;&nbsp;&nbsp; 814475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/06/50 | 907000 | &nbsp;&nbsp;&nbsp; 735313 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agriculture—(Continued)** | **Agriculture—(Continued)** | **Agriculture—(Continued)** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/06/35 | 710000 | &nbsp;&nbsp;&nbsp; $717821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 02/14/59 | 149000 | &nbsp;&nbsp;&nbsp; 154721 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 09/25/40 | 343000 | &nbsp;&nbsp;&nbsp; 276659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 08/15/47 | 650000 | &nbsp;&nbsp;&nbsp; 545051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/22/33 | 1150000 | &nbsp;&nbsp;&nbsp; 1138007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.758%, 09/06/49 | 2749000 | &nbsp;&nbsp;&nbsp; 2339468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 03/16/52 | 1652000 | &nbsp;&nbsp;&nbsp; 1580490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 08/02/43 | 3124000 | &nbsp;&nbsp;&nbsp; 3535377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.081%, 08/02/53 | 1355000 | &nbsp;&nbsp;&nbsp; 1553101 |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100956 |
| Reynolds American, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 08/15/45 | 264000 | &nbsp;&nbsp;&nbsp; 261617 |
|  |  | &nbsp;&nbsp;&nbsp; 15642429 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Air Canada Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 07/15/27 (144A) | 3148 | &nbsp;&nbsp;&nbsp; 3129 |
| Allegiant Travel Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 08/15/27 (144A) | 175000 | &nbsp;&nbsp;&nbsp; 177176 |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/28 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 102446 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/20/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100383 |
| Avianca Midco 2 PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 12/01/28 (144A) | 755500 | &nbsp;&nbsp;&nbsp; 754556 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 09/20/31 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 202854 |
| JetBlue Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/33 | 89274 | &nbsp;&nbsp;&nbsp; 79073 |
| Latam Airlines Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 01/07/31 (144A) | 979000 | &nbsp;&nbsp;&nbsp; 1013692 |
| Spirit Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/31 | 139871 | &nbsp;&nbsp;&nbsp; 130243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 08/15/31 | 368587 | &nbsp;&nbsp;&nbsp; 335952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/01/29 | 12270 | &nbsp;&nbsp;&nbsp; 11642 |
| Turkish Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 09/15/28 (144A) | 283130 | &nbsp;&nbsp;&nbsp; 278676 |
|  |  | &nbsp;&nbsp;&nbsp; 3189822 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/27 (144A) | 21000 | &nbsp;&nbsp;&nbsp; 21013 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/30/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 92389 |
| Aston Martin Capital Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 03/31/29 (144A) (f) | 217000 | &nbsp;&nbsp;&nbsp; 212455 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 08/01/26 (f) | 200000 | &nbsp;&nbsp;&nbsp; 199829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/05/26 | 376000 | &nbsp;&nbsp;&nbsp; 377246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 03/06/26 | 200000 | &nbsp;&nbsp;&nbsp; 201593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 06/10/26 | 224000 | &nbsp;&nbsp;&nbsp; 226912 |

---

**BHFTII-12**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 07/15/35 | 1050000 | &nbsp;&nbsp;&nbsp; $1098091 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/29/28 (144A) | 130000 | &nbsp;&nbsp;&nbsp; 130084 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.345%, 09/17/27 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 196180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/17/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 209899 |
|  |  | &nbsp;&nbsp;&nbsp; 2944678 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/15/28 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 102475 |
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/29 (f) | 200000 | &nbsp;&nbsp;&nbsp; 190056 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102209 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/30/33 (f) | 100000 | &nbsp;&nbsp;&nbsp; 93042 |
| Tenneco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/17/28 (144A) | 610000 | &nbsp;&nbsp;&nbsp; 611113 |
|  |  | &nbsp;&nbsp;&nbsp; 1098895 |
| **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
| Akbank TAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.369%, 5Y H15 + 5.270%, 03/14/29 (a) | 946000 | &nbsp;&nbsp;&nbsp; 988935 |
| Banco Espirito Santo SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/22/49 (EUR) (i) | 200000 | &nbsp;&nbsp;&nbsp; 51658 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734%, SOFR + 0.960%, 07/22/27 (a) | 131000 | &nbsp;&nbsp;&nbsp; 128384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%, SOFR + 1.370%, 10/24/31 (a) | 680000 | &nbsp;&nbsp;&nbsp; 603956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%, SOFR + 1.060%, 06/14/29 (a) | 126000 | &nbsp;&nbsp;&nbsp; 119351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%, SOFR + 1.220%, 07/21/32 (a) | 908000 | &nbsp;&nbsp;&nbsp; 805398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592%, SOFR + 2.150%, 04/29/31 (a) | 1115000 | &nbsp;&nbsp;&nbsp; 1033256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%, SOFR + 1.330%, 02/04/33 (a) | 2653000 | &nbsp;&nbsp;&nbsp; 2415919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 3M TSFR + 1.302%, 12/20/28 (a) | 2702000 | &nbsp;&nbsp;&nbsp; 2660776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593%, 3M TSFR + 1.632%, 07/21/28 (a) | 3885000 | &nbsp;&nbsp;&nbsp; 3849384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.571%, SOFR + 1.830%, 04/27/33 (a) | 3787000 | &nbsp;&nbsp;&nbsp; 3786217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/01/44 (f) | 487000 | &nbsp;&nbsp;&nbsp; 467041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%, SOFR + 1.630%, 04/25/29 (a) | 377000 | &nbsp;&nbsp;&nbsp; 386449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%, SOFR + 1.910%, 04/25/34 (a) | 697000 | &nbsp;&nbsp;&nbsp; 721130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%, SOFR + 1.640%, 05/09/36 (a) (f) | 1520000 | &nbsp;&nbsp;&nbsp; 1584667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%, SOFR + 1.570%, 09/15/29 (a) | 517000 | &nbsp;&nbsp;&nbsp; 540624 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%, SOFR + 1.146%, 01/29/31 (a) | 649000 | &nbsp;&nbsp;&nbsp; 603295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%, SOFR + 1.422%, 11/05/30 (a) | 2219000 | &nbsp;&nbsp;&nbsp; 2100598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%, SOFR + 1.351%, 01/25/33 (a) | 804000 | &nbsp;&nbsp;&nbsp; 731946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%, SOFR + 1.939%, 03/17/33 (a) | 3066000 | &nbsp;&nbsp;&nbsp; 2912648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%, SOFR + 1.171%, 09/11/31 (a) | 1310000 | &nbsp;&nbsp;&nbsp; 1310708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, SOFR + 1.338%, 09/19/30 (a) | 1120000 | &nbsp;&nbsp;&nbsp; 1125212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.643%, SOFR + 1.143%, 05/07/28 (a) | 2110000 | &nbsp;&nbsp;&nbsp; 2124593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%, SOFR + 0.870%, 03/04/29 (a) | 2800000 | &nbsp;&nbsp;&nbsp; 2836065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%, SOFR + 1.364%, 02/13/30 (a) | 125000 | &nbsp;&nbsp;&nbsp; 128227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%, SOFR + 1.488%, 09/11/36 (a) | 390000 | &nbsp;&nbsp;&nbsp; 393958 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%, SOFR + 0.818%, 09/10/27 (a) | 2002000 | &nbsp;&nbsp;&nbsp; 1952590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948%, SOFR + 0.913%, 10/21/27 (a) | 994000 | &nbsp;&nbsp;&nbsp; 970605 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%, SOFR + 1.090%, 01/27/32 (a) | 599000 | &nbsp;&nbsp;&nbsp; $528576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 02/07/30 | 557000 | &nbsp;&nbsp;&nbsp; 521730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%, SOFR + 1.281%, 04/22/32 (a) | 703000 | &nbsp;&nbsp;&nbsp; 637775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%, SOFR + 1.114%, 02/24/28 (a) | 136000 | &nbsp;&nbsp;&nbsp; 133140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, SOFR + 1.264%, 10/21/32 (a) | 4250000 | &nbsp;&nbsp;&nbsp; 3822152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102%, SOFR + 1.410%, 02/24/33 (a) | 1189000 | &nbsp;&nbsp;&nbsp; 1090764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%, 3M TSFR + 1.563%, 05/01/29 (a) | 2264000 | &nbsp;&nbsp;&nbsp; 2266642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%, SOFR + 1.725%, 08/23/28 (a) | 1353000 | &nbsp;&nbsp;&nbsp; 1361465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, SOFR + 1.135%, 10/23/30 (a) | 1244000 | &nbsp;&nbsp;&nbsp; 1259854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.937%, SOFR + 1.319%, 04/23/28 (a) | 2451000 | &nbsp;&nbsp;&nbsp; 2479693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, SOFR + 1.210%, 07/23/30 (a) | 487000 | &nbsp;&nbsp;&nbsp; 499206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%, SOFR + 1.078%, 01/28/31 (a) | 1916000 | &nbsp;&nbsp;&nbsp; 1977854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, SOFR + 1.580%, 04/23/31 (a) | 2566000 | &nbsp;&nbsp;&nbsp; 2653515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330%, SOFR + 1.550%, 07/23/35 (a) | 638000 | &nbsp;&nbsp;&nbsp; 656785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, SOFR + 1.380%, 01/28/36 (a) | 496000 | &nbsp;&nbsp;&nbsp; 517747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727%, SOFR + 1.265%, 04/25/30 (a) | 522000 | &nbsp;&nbsp;&nbsp; 546138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, SOFR + 1.770%, 10/24/29 (a) | 117000 | &nbsp;&nbsp;&nbsp; 124509 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%, SOFR + 1.015%, 06/01/29 (a) | 5428000 | &nbsp;&nbsp;&nbsp; 5150520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.505%, SOFR + 0.860%, 10/22/28 (a) | 6099000 | &nbsp;&nbsp;&nbsp; 6151110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.915%, SOFR + 0.800%, 01/24/29 (a) | 481000 | &nbsp;&nbsp;&nbsp; 489672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.979%, SOFR + 0.930%, 07/22/28 (a) | 2302000 | &nbsp;&nbsp;&nbsp; 2337070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%, SOFR + 1.125%, 07/22/30 (a) | 8597000 | &nbsp;&nbsp;&nbsp; 8818316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.012%, SOFR + 1.310%, 01/23/30 (a) | 3654000 | &nbsp;&nbsp;&nbsp; 3743343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, SOFR + 1.010%, 01/24/31 (a) | 6644000 | &nbsp;&nbsp;&nbsp; 6861464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, SOFR + 1.460%, 07/22/35 (a) | 301000 | &nbsp;&nbsp;&nbsp; 310895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%, SOFR + 1.315%, 01/24/36 (a) | 3923000 | &nbsp;&nbsp;&nbsp; 4104279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.571%, SOFR + 0.930%, 04/22/28 (a) | 1474000 | &nbsp;&nbsp;&nbsp; 1506194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.572%, SOFR + 1.680%, 04/22/36 (a) (f) | 4037000 | &nbsp;&nbsp;&nbsp; 4255098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, SOFR + 1.635%, 07/23/36 (a) | 845000 | &nbsp;&nbsp;&nbsp; 875996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, SOFR + 1.330%, 10/22/27 (a) | 185000 | &nbsp;&nbsp;&nbsp; 188679 |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/26/33 | 1660000 | &nbsp;&nbsp;&nbsp; 1670695 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.593%, SOFR + 0.879%, 05/04/27 (a) | 528000 | &nbsp;&nbsp;&nbsp; 519665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%, SOFR + 1.178%, 07/21/32 (a) | 3018000 | &nbsp;&nbsp;&nbsp; 2665480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475%, SOFR + 1.000%, 01/21/28 (a) | 1001000 | &nbsp;&nbsp;&nbsp; 979749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%, SOFR + 1.290%, 01/21/33 (a) | 2562000 | &nbsp;&nbsp;&nbsp; 2329252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 3M TSFR + 1.402%, 01/24/29 (a) | 4311000 | &nbsp;&nbsp;&nbsp; 4273632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994%, SOFR + 1.380%, 04/12/29 (a) | 3833000 | &nbsp;&nbsp;&nbsp; 3909559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.042%, SOFR + 1.215%, 07/19/30 (a) | 5547000 | &nbsp;&nbsp;&nbsp; 5684906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%, SOFR + 1.450%, 01/16/30 (a) | 2450000 | &nbsp;&nbsp;&nbsp; 2518047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, SOFR + 1.108%, 01/15/31 (a) | 5237000 | &nbsp;&nbsp;&nbsp; 5405368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, SOFR + 1.870%, 04/21/34 (a) | 1156000 | &nbsp;&nbsp;&nbsp; 1192095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%, SOFR + 1.830%, 11/01/29 (a) | 731000 | &nbsp;&nbsp;&nbsp; 776955 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.068%, SOFR + 2.530%, 04/30/41 (a) | 459000 | &nbsp;&nbsp;&nbsp; 356316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, SOFR + 1.500%, 03/02/33 (a) | 2157000 | &nbsp;&nbsp;&nbsp; 2007897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611%, SOFR + 2.130%, 04/25/53 (a) (f) | 216000 | &nbsp;&nbsp;&nbsp; 189761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%, SOFR + 2.100%, 07/25/33 (a) | 6000 | &nbsp;&nbsp;&nbsp; 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%, SOFR + 1.500%, 01/23/30 (a) | 2585000 | &nbsp;&nbsp;&nbsp; 2662287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, SOFR + 2.020%, 04/24/34 (a) | 1362000 | &nbsp;&nbsp;&nbsp; 1415201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%, SOFR + 1.780%, 01/23/35 (a) | 344000 | &nbsp;&nbsp;&nbsp; 358823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.707%, SOFR + 1.070%, 04/22/28 (a) | 2219000 | &nbsp;&nbsp;&nbsp; 2270558 |
|  |  | &nbsp;&nbsp;&nbsp; 144396113 |

---

**BHFTII-13**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; $96990 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/52 | 390000 | &nbsp;&nbsp;&nbsp; 256241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 02/22/62 | 401000 | &nbsp;&nbsp;&nbsp; 320996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/02/63 | 264000 | &nbsp;&nbsp;&nbsp; 263373 |
|  |  | &nbsp;&nbsp;&nbsp; 840610 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/34 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103011 |
| Camelot Return Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 08/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 96751 |
| Cemex SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 5Y H15 + 3.520%, 06/10/30 (144A) (a) | 949000 | &nbsp;&nbsp;&nbsp; 992179 |
| Cornerstone Building Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 08/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97164 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102795 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/01/33 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103969 |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 11/15/31 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 211189 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/15/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 191756 |
|  |  | &nbsp;&nbsp;&nbsp; 2002398 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/15/33 (f) | 300000 | &nbsp;&nbsp;&nbsp; 298734 |
| Chemours Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 90346 |
| FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450%, 5Y H15 + 4.366%, 11/01/55 (a) | 100000 | &nbsp;&nbsp;&nbsp; 105538 |
| INEOS Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/15/29 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 194579 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 100000 | &nbsp;&nbsp;&nbsp; 100116 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/15/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 214429 |
| OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/02/34 | 932000 | &nbsp;&nbsp;&nbsp; 1012987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/02/34 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 217416 |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/33 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100516 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/29 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 194199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/33 (144A) | 201000 | &nbsp;&nbsp;&nbsp; 201209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 11/15/28 (144A) | 203000 | &nbsp;&nbsp;&nbsp; 213049 |
| Orbia Advance Corp. SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 05/13/30 (144A) (f) | 1173000 | &nbsp;&nbsp;&nbsp; 1219922 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 05/03/29 | 960000 | &nbsp;&nbsp;&nbsp; 995857 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; $97721 |
| Tronox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/29 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 130449 |
|  |  | &nbsp;&nbsp;&nbsp; 5387067 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/29 (144A) | 300000 | &nbsp;&nbsp;&nbsp; 294916 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 02/15/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 103452 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 06/01/26 | 100000 | &nbsp;&nbsp;&nbsp; 98686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/31 (f) | 464000 | &nbsp;&nbsp;&nbsp; 431809 |
| Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 96235 |
| DP World Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 07/02/37 | 1080000 | &nbsp;&nbsp;&nbsp; 1237295 |
| EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 05/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105822 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/29 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 99142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103803 |
| GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/15/29 | 100000 | &nbsp;&nbsp;&nbsp; 105873 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/33 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104390 |
| Kaspi.KZ JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/26/30 | 1185000 | &nbsp;&nbsp;&nbsp; 1217513 |
| OT Midco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 02/15/30 (144A) | 346000 | &nbsp;&nbsp;&nbsp; 233759 |
| Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/31/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97207 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/30 | 100000 | &nbsp;&nbsp;&nbsp; 92657 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/31 | 100000 | &nbsp;&nbsp;&nbsp; 94602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/15/30 | 100000 | &nbsp;&nbsp;&nbsp; 100497 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/15/30 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 102927 |
| Worldline SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 06/30/27 (EUR) | 200000 | &nbsp;&nbsp;&nbsp; 197774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/12/28 (EUR) | 500000 | &nbsp;&nbsp;&nbsp; 478361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/27/29 (EUR) | 100000 | &nbsp;&nbsp;&nbsp; 90879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/10/30 (EUR) | 100000 | &nbsp;&nbsp;&nbsp; 90994 |
|  |  | &nbsp;&nbsp;&nbsp; 5775859 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/31 | 2649000 | &nbsp;&nbsp;&nbsp; 2642876 |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 06/15/29 (144A) | 1505000 | &nbsp;&nbsp;&nbsp; 1442025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/01/30 (144A) (f) | 2493000 | &nbsp;&nbsp;&nbsp; 2354237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/28 (144A) | 5550000 | &nbsp;&nbsp;&nbsp; 5504680 |

---

**BHFTII-14**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 02/15/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; $185518 |
| NCR Atleos Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 04/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 108252 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101742 |
|  |  | &nbsp;&nbsp;&nbsp; 12339330 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 03/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104590 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.646%, 5Y H15 + 2.450%, 01/17/40 (a) | 100000 | &nbsp;&nbsp;&nbsp; 99966 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%, SOFR + 1.220%, 07/20/33 (a) | 630000 | &nbsp;&nbsp;&nbsp; 640967 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 08/15/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 217901 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T Reign II Multi-Property Lease-Backed Pass-Through <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.088%, 12/15/44 (144A) | 2750000 | &nbsp;&nbsp;&nbsp; 2777846 |
| Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 07/01/31 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 212513 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100166 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102412 |
| GGAM Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105845 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/30/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104889 |
| Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 05/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104583 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 205178 |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 08/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103284 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/15/33 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 106130 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102632 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/31/30 | 100000 | &nbsp;&nbsp;&nbsp; 104207 |
| SURA Asset Management SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 05/13/32 | 541000 | &nbsp;&nbsp;&nbsp; 580222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 05/13/32 (144A) | 562000 | &nbsp;&nbsp;&nbsp; 602745 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/31 | 2659000 | &nbsp;&nbsp;&nbsp; 2354849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/01/27 | 884000 | &nbsp;&nbsp;&nbsp; 873871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.019%, SOFR + 1.395%, 07/29/29 (a) (f) | 1357000 | &nbsp;&nbsp;&nbsp; 1368700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/19/29 | 2956000 | &nbsp;&nbsp;&nbsp; 2993248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, SOFR + 1.680%, 03/06/31 (a) (f) | 4623000 | &nbsp;&nbsp;&nbsp; 4710679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, SOFR + 2.130%, 08/02/30 (a) (f) | 2633000 | &nbsp;&nbsp;&nbsp; 2729189 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/02/33 | 2523000 | &nbsp;&nbsp;&nbsp; $2692279 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/29 (144A) (f) | 105000 | &nbsp;&nbsp;&nbsp; 103557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/15/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99944 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/31 (144A) | 60000 | &nbsp;&nbsp;&nbsp; 59714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 02/01/30 (144A) (f) | 196000 | &nbsp;&nbsp;&nbsp; 199387 |
|  |  | &nbsp;&nbsp;&nbsp; 24661570 |
| **Electric — 3.5%** | **Electric — 3.5%** | **Electric — 3.5%** |
| AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 05/15/51 | 837000 | &nbsp;&nbsp;&nbsp; 575646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 05/01/49 | 172000 | &nbsp;&nbsp;&nbsp; 134337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 06/01/33 | 122000 | &nbsp;&nbsp;&nbsp; 125462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 05/15/34 | 408000 | &nbsp;&nbsp;&nbsp; 424592 |
| AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 09/15/49 | 1093000 | &nbsp;&nbsp;&nbsp; 749511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/01/47 | 176000 | &nbsp;&nbsp;&nbsp; 136612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 06/15/49 | 168000 | &nbsp;&nbsp;&nbsp; 129507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/35 | 68000 | &nbsp;&nbsp;&nbsp; 70355 |
| AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 03/15/29 | 770000 | &nbsp;&nbsp;&nbsp; 805075 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 5Y H15 + 2.890%, 07/15/55 (a) | 200000 | &nbsp;&nbsp;&nbsp; 196275 |
| Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/01/45 | 164000 | &nbsp;&nbsp;&nbsp; 130273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/39 | 167000 | &nbsp;&nbsp;&nbsp; 180684 |
| Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 06/15/50 | 48000 | &nbsp;&nbsp;&nbsp; 31242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 09/15/49 | 192000 | &nbsp;&nbsp;&nbsp; 132605 |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99578 |
| Dominion Energy South Carolina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 01/15/35 | 122000 | &nbsp;&nbsp;&nbsp; 125985 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 5Y H15 + 2.511%, 06/01/54 (a) | 1169000 | &nbsp;&nbsp;&nbsp; 1267531 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 08/15/49 | 1198000 | &nbsp;&nbsp;&nbsp; 836987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/01/47 | 1066000 | &nbsp;&nbsp;&nbsp; 819999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/15/48 | 344000 | &nbsp;&nbsp;&nbsp; 275774 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/15/51 | 1046000 | &nbsp;&nbsp;&nbsp; 737045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 08/15/47 | 681000 | &nbsp;&nbsp;&nbsp; 529342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 06/15/54 (f) | 2303000 | &nbsp;&nbsp;&nbsp; 2326667 |
| Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/51 | 364000 | &nbsp;&nbsp;&nbsp; 238105 |
| Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 06/01/30 | 1338000 | &nbsp;&nbsp;&nbsp; 1221826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/33 | 328000 | &nbsp;&nbsp;&nbsp; 339700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/15/54 | 189000 | &nbsp;&nbsp;&nbsp; 188799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 04/01/53 | 151000 | &nbsp;&nbsp;&nbsp; 152193 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/15/50 | 1809000 | &nbsp;&nbsp;&nbsp; 1084316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/52 | 478000 | &nbsp;&nbsp;&nbsp; 376668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/35 | 1251000 | &nbsp;&nbsp;&nbsp; 1271160 |

---

**BHFTII-15**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/15/55 | 245000 | &nbsp;&nbsp;&nbsp; $245980 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5Y H15 + 3.658%, 06/15/54 (a) | 100000 | &nbsp;&nbsp;&nbsp; 101888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 5Y H15 + 3.864%, 06/15/53 (a) (f) | 100000 | &nbsp;&nbsp;&nbsp; 102200 |
| Emera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/76 (a) | 100000 | &nbsp;&nbsp;&nbsp; 100512 |
| FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 03/01/30 | 1496000 | &nbsp;&nbsp;&nbsp; 1387981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/01/50 | 4372000 | &nbsp;&nbsp;&nbsp; 3052294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 07/15/27 | 2316000 | &nbsp;&nbsp;&nbsp; 2301796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 07/15/47 | 1329000 | &nbsp;&nbsp;&nbsp; 1176375 |
| FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/01/49 (144A) | 1151000 | &nbsp;&nbsp;&nbsp; 982529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/33 (144A) | 2035000 | &nbsp;&nbsp;&nbsp; 2031021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/35 | 2536000 | &nbsp;&nbsp;&nbsp; 2537509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 07/15/44 (144A) | 965000 | &nbsp;&nbsp;&nbsp; 942370 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 12/04/51 | 200000 | &nbsp;&nbsp;&nbsp; 129230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/01/49 | 964000 | &nbsp;&nbsp;&nbsp; 672970 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 03/15/51 | 747000 | &nbsp;&nbsp;&nbsp; 522170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/15/31 | 421000 | &nbsp;&nbsp;&nbsp; 432277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/17/33 | 841000 | &nbsp;&nbsp;&nbsp; 857898 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 08/01/48 | 369000 | &nbsp;&nbsp;&nbsp; 281455 |
| Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/10/37 | 1240000 | &nbsp;&nbsp;&nbsp; 1230700 |
| MVM Energetika Zrt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/13/31 | 1149000 | &nbsp;&nbsp;&nbsp; 1219605 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.685%, 09/01/27 | 637000 | &nbsp;&nbsp;&nbsp; 643927 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 06/15/29 (144A) (f) | 1491000 | &nbsp;&nbsp;&nbsp; 1478460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/33 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/15/33 (144A) | 3613000 | &nbsp;&nbsp;&nbsp; 3994887 |
| Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 01/15/31 | 372000 | &nbsp;&nbsp;&nbsp; 321886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 04/01/30 (f) | 946000 | &nbsp;&nbsp;&nbsp; 879783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/51 | 189000 | &nbsp;&nbsp;&nbsp; 117602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/49 | 464000 | &nbsp;&nbsp;&nbsp; 358220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/01/48 | 164000 | &nbsp;&nbsp;&nbsp; 130161 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 08/01/40 | 1782000 | &nbsp;&nbsp;&nbsp; 1350138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/50 | 1183000 | &nbsp;&nbsp;&nbsp; 807050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/42 | 166000 | &nbsp;&nbsp;&nbsp; 126310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/46 | 749000 | &nbsp;&nbsp;&nbsp; 564688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/40 | 913894 | &nbsp;&nbsp;&nbsp; 794881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/44 | 1136000 | &nbsp;&nbsp;&nbsp; 971873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/01/50 (f) | 3489000 | &nbsp;&nbsp;&nbsp; 2994562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/01/52 (f) | 4457000 | &nbsp;&nbsp;&nbsp; 3962748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/01/54 | 414000 | &nbsp;&nbsp;&nbsp; 403279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 10/15/55 | 968000 | &nbsp;&nbsp;&nbsp; 966645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 01/15/33 | 794000 | &nbsp;&nbsp;&nbsp; 840365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 03/01/55 | 990000 | &nbsp;&nbsp;&nbsp; 995632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 06/15/33 | 705000 | &nbsp;&nbsp;&nbsp; 757836 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/53 | 855000 | &nbsp;&nbsp;&nbsp; $921218 |
| PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 09/15/51 | 303000 | &nbsp;&nbsp;&nbsp; 194729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 05/15/52 | 643000 | &nbsp;&nbsp;&nbsp; 568588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/15/54 | 233000 | &nbsp;&nbsp;&nbsp; 225598 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/30 (f) | 8435000 | &nbsp;&nbsp;&nbsp; 8318134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 5Y H15 + 3.883%, 03/15/55 (a) (f) | 4450000 | &nbsp;&nbsp;&nbsp; 4571708 |
| Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/15/30 | 2310000 | &nbsp;&nbsp;&nbsp; 2375577 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/01/36 | 109000 | &nbsp;&nbsp;&nbsp; 101284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 06/15/33 | 322000 | &nbsp;&nbsp;&nbsp; 331034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/32 | 2017000 | &nbsp;&nbsp;&nbsp; 2135791 |
| Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 06/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 106154 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/30/34 (144A) (f) | 2839000 | &nbsp;&nbsp;&nbsp; 2937860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/15/34 (144A) (f) | 3336000 | &nbsp;&nbsp;&nbsp; 3517168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 10/15/33 (144A) | 2865000 | &nbsp;&nbsp;&nbsp; 3195449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/15/31 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 211638 |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 01/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104800 |
|  |  | &nbsp;&nbsp;&nbsp; 89504503 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/31/29 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 95906 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102958 |
|  |  | &nbsp;&nbsp;&nbsp; 198864 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97262 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 92288 |
|  |  | &nbsp;&nbsp;&nbsp; 189550 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| Continuum Energy Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.850%, 7.850% PIK, 09/11/27 † (g) (h) (j) | 1476427 | &nbsp;&nbsp;&nbsp; 1476427 |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 09/27/28 | 944000 | &nbsp;&nbsp;&nbsp; 961228 |
| SCC Power PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4.000% PIK, 05/17/32 (144A) (j) | 174358 | &nbsp;&nbsp;&nbsp; 42718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 4.000% PIK, 12/31/28 (144A) (j) | 437329 | &nbsp;&nbsp;&nbsp; 261304 |
|  |  | &nbsp;&nbsp;&nbsp; 2741677 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 11/29/31 | 954000 | &nbsp;&nbsp;&nbsp; 1001159 |

---

**BHFTII-16**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| TAV Havalimanlari Holding AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 12/07/28 | 921000 | &nbsp;&nbsp;&nbsp; $961790 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/28 (144A) | 177000 | &nbsp;&nbsp;&nbsp; 173304 |
|  |  | &nbsp;&nbsp;&nbsp; 2136253 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Bracelet Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 07/02/28 (144A) | 795000 | &nbsp;&nbsp;&nbsp; 765036 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/29 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 95624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/15/32 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 98496 |
| Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/01/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102486 |
| HR Ottawa LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 03/31/31 (144A) | 3724850 | &nbsp;&nbsp;&nbsp; 3661842 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 09/01/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103996 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/29 (144A) | 232000 | &nbsp;&nbsp;&nbsp; 225527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital Entertainment <br> Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.875%, 04/15/31 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 209639 |
| Pioneer MidCo. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625%, 11/18/30 † (g) (h) (j) | 1410928 | &nbsp;&nbsp;&nbsp; 1414455 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/16/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 181052 |
| Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 05/15/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 100040 |
| Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 07/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105749 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 03/15/27 | 13128000 | &nbsp;&nbsp;&nbsp; 12947490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/52 | 47000 | &nbsp;&nbsp;&nbsp; 35015 |
|  |  | &nbsp;&nbsp;&nbsp; 20145785 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/27 (144A) | 72000 | &nbsp;&nbsp;&nbsp; 71940 |
| Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/01/29 (144A) | 101000 | &nbsp;&nbsp;&nbsp; 94987 |
|  |  | &nbsp;&nbsp;&nbsp; 166927 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/15/27 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 198743 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 07/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104275 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105215 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food—(Continued)** | **Food—(Continued)** | **Food—(Continued)** |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; $99753 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/15/31 (f) | 100000 | &nbsp;&nbsp;&nbsp; 96654 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 93425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/33 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 201862 |
|  |  | &nbsp;&nbsp;&nbsp; 899927 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 94098 |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 01/15/32 | 1369000 | &nbsp;&nbsp;&nbsp; 1228453 |
|  |  | &nbsp;&nbsp;&nbsp; 1322551 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 06/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 06/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104688 |
| New Generation Gas Gathering LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.530%, SOFR + 5.750%, 09/30/29 † (a) (g) (h) | 1425540 | &nbsp;&nbsp;&nbsp; 1425540 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/33 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 110501 |
|  |  | &nbsp;&nbsp;&nbsp; 1743464 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 98366 |
| Bausch & Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 10/01/28 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 208438 |
| Dentsply Sirona, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 5Y H15 + 4.379%, 09/12/55 (a) | 100000 | &nbsp;&nbsp;&nbsp; 103064 |
| Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 96559 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/01/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 192889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99135 |
| Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102540 |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/01/29 | 467000 | &nbsp;&nbsp;&nbsp; 481939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 03/23/34 (f) | 1138000 | &nbsp;&nbsp;&nbsp; 1184805 |
| Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 100000 | &nbsp;&nbsp;&nbsp; 99082 |
|  |  | &nbsp;&nbsp;&nbsp; 2666817 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/15/33 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 103819 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/27 | 500000 | &nbsp;&nbsp;&nbsp; 491009 |
| Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97805 |

---

**BHFTII-17**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; $86475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/15/32 (144A) (f) | 300000 | &nbsp;&nbsp;&nbsp; 317729 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 03/15/51 | 1243000 | &nbsp;&nbsp;&nbsp; 889814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 05/15/52 | 233000 | &nbsp;&nbsp;&nbsp; 195081 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/30 (f) | 100000 | &nbsp;&nbsp;&nbsp; 98828 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/51 | 921000 | &nbsp;&nbsp;&nbsp; 630071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/29 | 128000 | &nbsp;&nbsp;&nbsp; 126891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/52 | 629000 | &nbsp;&nbsp;&nbsp; 519396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 04/01/31 | 2355000 | &nbsp;&nbsp;&nbsp; 2447974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/15/34 | 824000 | &nbsp;&nbsp;&nbsp; 845251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/47 | 149000 | &nbsp;&nbsp;&nbsp; 142140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 04/01/34 | 233000 | &nbsp;&nbsp;&nbsp; 241874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/01/35 (f) | 2646000 | &nbsp;&nbsp;&nbsp; 2766325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/01/29 | 37000 | &nbsp;&nbsp;&nbsp; 38523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 04/01/64 | 817000 | &nbsp;&nbsp;&nbsp; 820293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 03/01/55 | 866000 | &nbsp;&nbsp;&nbsp; 893957 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102814 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97524 |
| Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 12/01/32 (144A) | 121000 | &nbsp;&nbsp;&nbsp; 121051 |
| Star Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 10/01/30 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 105719 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/01/29 | 100000 | &nbsp;&nbsp;&nbsp; 97663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/28 | 200000 | &nbsp;&nbsp;&nbsp; 198170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/30 | 200000 | &nbsp;&nbsp;&nbsp; 202551 |
|  |  | &nbsp;&nbsp;&nbsp; 12678747 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/29 (144A) (f) | 77000 | &nbsp;&nbsp;&nbsp; 73733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/01/30 (144A) | 190000 | &nbsp;&nbsp;&nbsp; 179869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 08/01/33 (144A) | 96000 | &nbsp;&nbsp;&nbsp; 96824 |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/15/29 (f) | 772000 | &nbsp;&nbsp;&nbsp; 785291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/29 (144A) (f) | 135000 | &nbsp;&nbsp;&nbsp; 128651 |
| Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 94077 |
| DR Horton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/35 | 162000 | &nbsp;&nbsp;&nbsp; 167962 |
| Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/28 (144A) | 287000 | &nbsp;&nbsp;&nbsp; 284314 |
| Homes by WestBay, LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 02/06/30 † (g) (h) | 3134000 | &nbsp;&nbsp;&nbsp; 3177249 |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/15/32 (144A) (f) | 353000 | &nbsp;&nbsp;&nbsp; 344678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 12/15/28 (144A) | 232000 | &nbsp;&nbsp;&nbsp; 243558 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Builders—(Continued)** | **Home Builders—(Continued)** | **Home Builders—(Continued)** |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/30 (144A) | 337000 | &nbsp;&nbsp;&nbsp; $325256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/15/27 (144A) | 245000 | &nbsp;&nbsp;&nbsp; 243413 |
| STL Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 02/15/29 (144A) | 178000 | &nbsp;&nbsp;&nbsp; 186529 |
| Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 08/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99680 |
|  |  | &nbsp;&nbsp;&nbsp; 6431084 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/29 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 95975 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/15/33 | 100000 | &nbsp;&nbsp;&nbsp; 99794 |
|  |  | &nbsp;&nbsp;&nbsp; 195769 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/30 (f) | 100000 | &nbsp;&nbsp;&nbsp; 99079 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 96343 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/15/28 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 203545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 10/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103043 |
| Ambac Assurance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% (144A) (k) | 162922 | &nbsp;&nbsp;&nbsp; 203653 |
| AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/31 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 205914 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/31/32 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 208268 |
|  |  | &nbsp;&nbsp;&nbsp; 1122799 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/29 | 3169000 | &nbsp;&nbsp;&nbsp; 3241907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/01/31 | 3706000 | &nbsp;&nbsp;&nbsp; 3833767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 12/01/54 | 2623000 | &nbsp;&nbsp;&nbsp; 2657246 |
| Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97994 |
| Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/32 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 97148 |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/15/28 | 566000 | &nbsp;&nbsp;&nbsp; 561095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 02/15/35 | 123000 | &nbsp;&nbsp;&nbsp; 126224 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/30/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101533 |
| ION Trading Technologies SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 05/30/29 (144A) † | 200000 | &nbsp;&nbsp;&nbsp; 211235 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 98233 |

---

**BHFTII-18**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet—(Continued)** | **Internet—(Continued)** | **Internet—(Continued)** |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 08/15/62 | 2600000 | &nbsp;&nbsp;&nbsp; $2229804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/15/64 | 996000 | &nbsp;&nbsp;&nbsp; 988682 |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193%, 01/19/32 | 1271000 | &nbsp;&nbsp;&nbsp; 1218586 |
| Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 04/15/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 224893 |
| Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 09/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104874 |
|  |  | &nbsp;&nbsp;&nbsp; 15793221 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| Flourishing Trade & Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.035%, 04/02/28 (g) (h) (j) | 2255388 | &nbsp;&nbsp;&nbsp; 2356881 |
| Prime Investments LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 5.500% PIK, 05/01/30 (g) (h) (j) | 701726 | &nbsp;&nbsp;&nbsp; 720181 |
|  |  | &nbsp;&nbsp;&nbsp; 3077062 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/15/30 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 101590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/01/33 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 102087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 09/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103074 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/01/27 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 203859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/01/30 (144A) | 156000 | &nbsp;&nbsp;&nbsp; 162263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 10/01/28 (144A) | 125000 | &nbsp;&nbsp;&nbsp; 130976 |
| Samarco Mineracao SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 5.500% PIK, 06/30/31 (j) | 1335062 | &nbsp;&nbsp;&nbsp; 1341991 |
| Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 06/28/54 (f) | 1211000 | &nbsp;&nbsp;&nbsp; 1244814 |
|  |  | &nbsp;&nbsp;&nbsp; 3390654 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/01/32 (144A) | 1655000 | &nbsp;&nbsp;&nbsp; 1684257 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 01/15/36 | 640000 | &nbsp;&nbsp;&nbsp; 643732 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/15/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100039 |
|  |  | &nbsp;&nbsp;&nbsp; 2428028 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Full House Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 02/15/28 (144A) (f) | 97000 | &nbsp;&nbsp;&nbsp; 90021 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 96200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 94623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/01/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 93324 |
| Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/04/29 | 967000 | &nbsp;&nbsp;&nbsp; 948325 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/15/32 (f) | 100000 | &nbsp;&nbsp;&nbsp; 101879 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Lodging—(Continued)** | **Lodging—(Continued)** | **Lodging—(Continued)** |
| Sonder Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/10/27 † (g) (h) (j) | 1807372 | &nbsp;&nbsp;&nbsp; $1355529 |
| Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/27 | 100000 | &nbsp;&nbsp;&nbsp; 101433 |
| Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/26/28 (144A) (f) | 300000 | &nbsp;&nbsp;&nbsp; 299695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/34 (144A) (f) | 1095000 | &nbsp;&nbsp;&nbsp; 1110064 |
|  |  | &nbsp;&nbsp;&nbsp; 4291093 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 98480 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan Co-<br> Borrower LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104519 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/29 | 405000 | &nbsp;&nbsp;&nbsp; 352350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 01/15/29 (144A) | 361000 | &nbsp;&nbsp;&nbsp; 380404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 07/15/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105743 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/34 (144A) (f) | 988000 | &nbsp;&nbsp;&nbsp; 854188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/30 (144A) | 300000 | &nbsp;&nbsp;&nbsp; 283324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/32 (f) | 1111000 | &nbsp;&nbsp;&nbsp; 1011084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/32 (144A) (f) | 329000 | &nbsp;&nbsp;&nbsp; 304247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/27 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 198657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/42 | 642000 | &nbsp;&nbsp;&nbsp; 462398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/51 | 444000 | &nbsp;&nbsp;&nbsp; 292911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/61 | 1244000 | &nbsp;&nbsp;&nbsp; 775361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 06/01/52 | 3530000 | &nbsp;&nbsp;&nbsp; 2390842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 06/30/62 | 2225000 | &nbsp;&nbsp;&nbsp; 1407689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/01/61 | 3423000 | &nbsp;&nbsp;&nbsp; 2371825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/50 | 1622000 | &nbsp;&nbsp;&nbsp; 1284674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/53 (f) | 374000 | &nbsp;&nbsp;&nbsp; 312514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/01/48 (f) | 664000 | &nbsp;&nbsp;&nbsp; 601899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/35 | 1542000 | &nbsp;&nbsp;&nbsp; 1615445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 06/01/34 (f) | 719000 | &nbsp;&nbsp;&nbsp; 766250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 02/01/34 | 185000 | &nbsp;&nbsp;&nbsp; 197690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/55 | 131000 | &nbsp;&nbsp;&nbsp; 133542 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 08/15/62 | 443000 | &nbsp;&nbsp;&nbsp; 233129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/01/63 | 646000 | &nbsp;&nbsp;&nbsp; 368877 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/27 (144A) | 400000 | &nbsp;&nbsp;&nbsp; 379651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, 05/15/28 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 185152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 01/31/29 (144A) | 247000 | &nbsp;&nbsp;&nbsp; 207713 |
| Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 02/01/30 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 198342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 02/01/30 (144A) | 58000 | &nbsp;&nbsp;&nbsp; 57288 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 02/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99853 |

---

**BHFTII-19**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/20/28 | 4214000 | &nbsp;&nbsp;&nbsp; $4113917 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 07/15/32 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 204328 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 05/01/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 179877 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 01/15/27 | 2661000 | &nbsp;&nbsp;&nbsp; 2606354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/28 | 417000 | &nbsp;&nbsp;&nbsp; 406211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/04/26 | 570000 | &nbsp;&nbsp;&nbsp; 561309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/43 | 347000 | &nbsp;&nbsp;&nbsp; 267841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 01/15/45 | 397000 | &nbsp;&nbsp;&nbsp; 309428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/15/44 | 152000 | &nbsp;&nbsp;&nbsp; 122437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 01/15/31 | 1330000 | &nbsp;&nbsp;&nbsp; 1314827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/44 | 579000 | &nbsp;&nbsp;&nbsp; 475796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/28/57 (a) (f) | 300000 | &nbsp;&nbsp;&nbsp; 295704 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/27 (144A) | 400000 | &nbsp;&nbsp;&nbsp; 398079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100023 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 07/31/31 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 206528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 08/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 106567 |
| Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/15/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 197739 |
| VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/32 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 180944 |
|  |  | &nbsp;&nbsp;&nbsp; 29979988 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 10/01/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 111063 |
| Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.440%, 01/26/36 (f) | 1131000 | &nbsp;&nbsp;&nbsp; 1222458 |
| Fortescue Treasury Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/15/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103335 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/30 (144A) | 138000 | &nbsp;&nbsp;&nbsp; 125890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/23/31 (144A) | 473000 | &nbsp;&nbsp;&nbsp; 424787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 05/08/33 (144A) | 140000 | &nbsp;&nbsp;&nbsp; 147854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/06/30 (144A) | 1383000 | &nbsp;&nbsp;&nbsp; 1492767 |
| Navoi Mining & Metallurgical Combinat |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/14/30 | 1046000 | &nbsp;&nbsp;&nbsp; 1098214 |
| Stillwater Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/16/29 | 537000 | &nbsp;&nbsp;&nbsp; 499045 |
| Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 09/17/29 | 927000 | &nbsp;&nbsp;&nbsp; 970296 |
| Volcan Cia Minera SAA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 01/24/30 (144A) | 30000 | &nbsp;&nbsp;&nbsp; 31194 |
|  |  | &nbsp;&nbsp;&nbsp; 6226903 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 10/15/30 (144A) | 96000 | &nbsp;&nbsp;&nbsp; 97520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.500%, 04/15/31 (144A) (f) | 129000 | &nbsp;&nbsp;&nbsp; 124886 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Office/Business Equipment—(Continued)** | **Office/Business Equipment—(Continued)** | **Office/Business Equipment—(Continued)** |
| Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 11/30/29 (144A) (f) | 52000 | &nbsp;&nbsp;&nbsp; $28093 |
|  |  | &nbsp;&nbsp;&nbsp; 250499 |
| **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** |
| Aethon III BR LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.610%, SOFR + 6.150%, 01/10/27 (144A) † (a) | 451536 | &nbsp;&nbsp;&nbsp; 448150 |
| Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/30 (144A) (f) | 6454000 | &nbsp;&nbsp;&nbsp; 6491446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 02/01/29 (144A) | 545000 | &nbsp;&nbsp;&nbsp; 555414 |
| Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 04/30/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102756 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.989%, 04/10/34 | 127000 | &nbsp;&nbsp;&nbsp; 129516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227%, 11/17/34 (f) | 1526000 | &nbsp;&nbsp;&nbsp; 1576180 |
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/34 (144A) | 192000 | &nbsp;&nbsp;&nbsp; 190678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 06/15/29 (144A) | 179000 | &nbsp;&nbsp;&nbsp; 186669 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/26 (144A) | 512000 | &nbsp;&nbsp;&nbsp; 509538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 07/01/28 (144A) | 268000 | &nbsp;&nbsp;&nbsp; 277795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 11/01/30 (144A) | 56000 | &nbsp;&nbsp;&nbsp; 57997 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 03/01/32 (144A) | 1078000 | &nbsp;&nbsp;&nbsp; 1118346 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/15/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 192611 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/33 (144A) | 56000 | &nbsp;&nbsp;&nbsp; 54525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99309 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 01/15/29 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 204412 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 03/24/31 | 4928000 | &nbsp;&nbsp;&nbsp; 4578723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/01/26 | 8219000 | &nbsp;&nbsp;&nbsp; 8132205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/29 | 7780000 | &nbsp;&nbsp;&nbsp; 7506142 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/01/32 (f) | 953000 | &nbsp;&nbsp;&nbsp; 986177 |
| Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 09/30/33 (144A) | 1059000 | &nbsp;&nbsp;&nbsp; 1117894 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/26 (144A) (f) | 2443000 | &nbsp;&nbsp;&nbsp; 2420615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/31 (144A) | 5809000 | &nbsp;&nbsp;&nbsp; 5431846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/01/27 | 5921000 | &nbsp;&nbsp;&nbsp; 5882970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/29 (f) | 6107000 | &nbsp;&nbsp;&nbsp; 6107877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/31 (f) | 12647000 | &nbsp;&nbsp;&nbsp; 12621216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/29 | 2107000 | &nbsp;&nbsp;&nbsp; 2136415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/28 | 196000 | &nbsp;&nbsp;&nbsp; 197413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/28 | 2928000 | &nbsp;&nbsp;&nbsp; 3026439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 02/01/34 | 3816000 | &nbsp;&nbsp;&nbsp; 3993674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/01/29 | 2517000 | &nbsp;&nbsp;&nbsp; 2610095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/27 | 1423000 | &nbsp;&nbsp;&nbsp; 1456804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/30 (f) | 3704000 | &nbsp;&nbsp;&nbsp; 4032706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/27 | 1400000 | &nbsp;&nbsp;&nbsp; 1427252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/30 | 7322000 | &nbsp;&nbsp;&nbsp; 8077082 |
| Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/32 | 3454000 | &nbsp;&nbsp;&nbsp; 3394504 |

---

**BHFTII-20**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/29 (f) | 2423000 | &nbsp;&nbsp;&nbsp; $2423747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 01/15/35 | 6362000 | &nbsp;&nbsp;&nbsp; 6538933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/01/29 (144A) | 531000 | &nbsp;&nbsp;&nbsp; 532974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/15/29 (144A) (f) | 2016000 | &nbsp;&nbsp;&nbsp; 2037036 |
| Gran Tierra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 10/15/29 (144A) (f) | 659000 | &nbsp;&nbsp;&nbsp; 557642 |
| Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/40 | 287000 | &nbsp;&nbsp;&nbsp; 311967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 08/15/31 | 498000 | &nbsp;&nbsp;&nbsp; 573432 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/35 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/01/33 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105028 |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/24/48 | 1196000 | &nbsp;&nbsp;&nbsp; 1188161 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/33 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 100470 |
| Medco Cypress Tree Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 05/19/30 (144A) | 919000 | &nbsp;&nbsp;&nbsp; 969076 |
| NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/19/26 (EUR) (j) | 179448 | &nbsp;&nbsp;&nbsp; 183354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/08/28 (144A) (j) | 442505 | &nbsp;&nbsp;&nbsp; 347289 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 04/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103506 |
| Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 10/15/33 (144A) | 111000 | &nbsp;&nbsp;&nbsp; 110561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 03/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 06/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103310 |
| ORLEN SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/30/35 | 1156000 | &nbsp;&nbsp;&nbsp; 1208698 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97226 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 04/15/27 (144A) | 358000 | &nbsp;&nbsp;&nbsp; 363560 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/31/26 | 2965000 | &nbsp;&nbsp;&nbsp; 2947210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 06/02/29 | 69800 | &nbsp;&nbsp;&nbsp; 75187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 02/07/33 | 32000 | &nbsp;&nbsp;&nbsp; 37136 |
| Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 01/15/31 | 584000 | &nbsp;&nbsp;&nbsp; 525076 |
| Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/08/32 (144A) | 796000 | &nbsp;&nbsp;&nbsp; 776896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 03/05/34 | 406000 | &nbsp;&nbsp;&nbsp; 393825 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.805%, 09/16/28 (144A) | 410000 | &nbsp;&nbsp;&nbsp; 411775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.204%, 09/16/30 (144A) | 505000 | &nbsp;&nbsp;&nbsp; 508656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.976%, 09/16/35 (144A) | 1045000 | &nbsp;&nbsp;&nbsp; 1064008 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 08/01/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100077 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5Y H15 + 4.230%, 09/18/30 (144A) (a) | 195000 | &nbsp;&nbsp;&nbsp; 198063 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/30/30 | 200000 | &nbsp;&nbsp;&nbsp; 192569 |
| Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 05/15/29 (144A) | 239000 | &nbsp;&nbsp;&nbsp; 235622 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 02/01/28 (144A) | 170000 | &nbsp;&nbsp;&nbsp; $174182 |
| Trident Energy Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.500%, 11/30/29 | 503000 | &nbsp;&nbsp;&nbsp; 524495 |
| Valaris Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 04/30/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103784 |
| Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/01/30 (f) | 1575000 | &nbsp;&nbsp;&nbsp; 1586744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 08/01/35 | 1693000 | &nbsp;&nbsp;&nbsp; 1721307 |
| Vista Energy Argentina SAU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 12/10/35 (144A) | 194000 | &nbsp;&nbsp;&nbsp; 188423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 06/10/33 (144A) | 949000 | &nbsp;&nbsp;&nbsp; 963660 |
| Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97074 |
| Vnom Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/27 (144A) | 2960000 | &nbsp;&nbsp;&nbsp; 2960518 |
| YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 01/17/31 (144A) | 146000 | &nbsp;&nbsp;&nbsp; 149502 |
|  |  | &nbsp;&nbsp;&nbsp; 131428005 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/32 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 102578 |
| &nbsp;&nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/33 (144A) | 21000 | &nbsp;&nbsp;&nbsp; 21080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 03/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103133 |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/30/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 204450 |
|  |  | &nbsp;&nbsp;&nbsp; 431241 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/26 (144A) | 982000 | &nbsp;&nbsp;&nbsp; 942720 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 03/15/28 | 100000 | &nbsp;&nbsp;&nbsp; 101913 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 04/15/30 (144A) | 329000 | &nbsp;&nbsp;&nbsp; 337963 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/32 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 101547 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/27 (144A) | 187000 | &nbsp;&nbsp;&nbsp; 188833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 04/15/27 (144A) | 600000 | &nbsp;&nbsp;&nbsp; 601373 |
| Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 05/15/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 101798 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo <br> U.S. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 05/15/30 (144A) | 502000 | &nbsp;&nbsp;&nbsp; 491757 |
|  |  | &nbsp;&nbsp;&nbsp; 2969285 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.081%, 06/07/29 | 662000 | &nbsp;&nbsp;&nbsp; 679772 |

---

**BHFTII-21**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/01/40 | 265000 | &nbsp;&nbsp;&nbsp; $225106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/20/45 | 275000 | &nbsp;&nbsp;&nbsp; 249635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 5Y H15 + 2.886%, 03/10/55 (a) | 100000 | &nbsp;&nbsp;&nbsp; 104974 |
| Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 04/15/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 107287 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/15/34 (144A) (f) | 300000 | &nbsp;&nbsp;&nbsp; 277920 |
| Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 05/28/50 | 665000 | &nbsp;&nbsp;&nbsp; 419437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/36 (f) | 137000 | &nbsp;&nbsp;&nbsp; 127882 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/01/26 | 100000 | &nbsp;&nbsp;&nbsp; 98222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 09/15/31 | 200000 | &nbsp;&nbsp;&nbsp; 228674 |
|  |  | &nbsp;&nbsp;&nbsp; 2518909 |
| **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** |
| Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.302%, 01/15/35 (144A) | 1846000 | &nbsp;&nbsp;&nbsp; 1602879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.402%, 01/15/38 (144A) | 1253000 | &nbsp;&nbsp;&nbsp; 1086455 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 12/31/39 | 3405000 | &nbsp;&nbsp;&nbsp; 2855931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/30/27 | 1552000 | &nbsp;&nbsp;&nbsp; 1568936 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/31/32 | 1672000 | &nbsp;&nbsp;&nbsp; 1523212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/31 | 3090000 | &nbsp;&nbsp;&nbsp; 2979897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 10/30/35 (144A) | 464000 | &nbsp;&nbsp;&nbsp; 474028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/15/34 | 1105000 | &nbsp;&nbsp;&nbsp; 1148746 |
| Cheniere Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 04/15/34 | 5901000 | &nbsp;&nbsp;&nbsp; 6082989 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 03/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104280 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 05/15/54 (f) | 2092000 | &nbsp;&nbsp;&nbsp; 2025954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 5Y H15 + 2.829%, 10/01/54 (a) | 100000 | &nbsp;&nbsp;&nbsp; 103507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 02/01/31 (144A) | 2919000 | &nbsp;&nbsp;&nbsp; 3048844 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/15/32 | 100000 | &nbsp;&nbsp;&nbsp; 104295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 04/15/30 | 100000 | &nbsp;&nbsp;&nbsp; 105868 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853%, 02/23/36 | 1171000 | &nbsp;&nbsp;&nbsp; 1227126 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101938 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 98314 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102642 |
| NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 07/15/31 (144A) (f) | 3594000 | &nbsp;&nbsp;&nbsp; 3255561 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/30 (f) | 4634000 | &nbsp;&nbsp;&nbsp; 4650164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/27 (f) | 3656000 | &nbsp;&nbsp;&nbsp; 3678107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/30/26 | 75000 | &nbsp;&nbsp;&nbsp; 75247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 09/15/37 | 1482895 | &nbsp;&nbsp;&nbsp; 1559298 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 102984 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 02/01/33 | 1047000 | &nbsp;&nbsp;&nbsp; $994760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 04/15/52 | 9000 | &nbsp;&nbsp;&nbsp; 7704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/33 | 509000 | &nbsp;&nbsp;&nbsp; 541301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 03/01/29 | 1427000 | &nbsp;&nbsp;&nbsp; 1503363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners <br> Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/01/31 | 2142000 | &nbsp;&nbsp;&nbsp; 2148256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/30 | 3463000 | &nbsp;&nbsp;&nbsp; 3522494 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 191667 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/30 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 103477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/01/31 (144A) (f) | 300000 | &nbsp;&nbsp;&nbsp; 314991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (a) | 254000 | &nbsp;&nbsp;&nbsp; 251734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/32 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 108872 |
|  |  | &nbsp;&nbsp;&nbsp; 49355821 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 09/01/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 106732 |
| Five Point Operating Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/01/30 (144A) | 39000 | &nbsp;&nbsp;&nbsp; 39576 |
| Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/01/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 93757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 08/01/28 (144A) | 416000 | &nbsp;&nbsp;&nbsp; 414358 |
| Lessen Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.270%, SOFR + 11.000%, 01/05/28 † (a) (g) (h) (j) | 1870810 | &nbsp;&nbsp;&nbsp; 1739853 |
| Resort Communities Loanco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.500%, 2.000% PIK, 11/21/28 (g) (h) (j) (l) | 4335291 | &nbsp;&nbsp;&nbsp; 4438471 |
|  |  | &nbsp;&nbsp;&nbsp; 6832747 |
| **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** | **Real Estate Investment Trusts — 1.6%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 04/15/31 | 255000 | &nbsp;&nbsp;&nbsp; 232647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 01/15/30 | 753000 | &nbsp;&nbsp;&nbsp; 709733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/15/29 | 261000 | &nbsp;&nbsp;&nbsp; 258245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/31/30 (f) | 651000 | &nbsp;&nbsp;&nbsp; 666204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 03/15/35 | 157000 | &nbsp;&nbsp;&nbsp; 161234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 02/15/34 | 2565000 | &nbsp;&nbsp;&nbsp; 2664866 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 04/01/31 | 264000 | &nbsp;&nbsp;&nbsp; 231137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/15/29 | 881000 | &nbsp;&nbsp;&nbsp; 876701 |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/34 | 701000 | &nbsp;&nbsp;&nbsp; 727667 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/15/31 (f) | 4629000 | &nbsp;&nbsp;&nbsp; 4172164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/15/52 | 420000 | &nbsp;&nbsp;&nbsp; 293968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/15/32 | 2220000 | &nbsp;&nbsp;&nbsp; 2129413 |
| Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/01/29 | 227000 | &nbsp;&nbsp;&nbsp; 223796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/29 | 18000 | &nbsp;&nbsp;&nbsp; 17815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 06/15/35 | 1070000 | &nbsp;&nbsp;&nbsp; 1093081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/30 | 3116000 | &nbsp;&nbsp;&nbsp; 3248664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 01/15/31 | 70000 | &nbsp;&nbsp;&nbsp; 74371 |

---

**BHFTII-22**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/32 | 1483000 | &nbsp;&nbsp;&nbsp; $1334213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/31 | 1251000 | &nbsp;&nbsp;&nbsp; 1197355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/15/33 | 2320000 | &nbsp;&nbsp;&nbsp; 2323782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 01/15/29 | 545000 | &nbsp;&nbsp;&nbsp; 554967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/01/28 | 984000 | &nbsp;&nbsp;&nbsp; 1011286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 09/15/54 (f) | 2556000 | &nbsp;&nbsp;&nbsp; 2575068 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/27 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 199038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 98897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/15/29 (144A) | 340000 | &nbsp;&nbsp;&nbsp; 331499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103089 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 98072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/27 | 100000 | &nbsp;&nbsp;&nbsp; 99561 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/27 | 200000 | &nbsp;&nbsp;&nbsp; 196985 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/30/28 (144A) † (f) | 318000 | &nbsp;&nbsp;&nbsp; 280327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 01/15/28 † | 100000 | &nbsp;&nbsp;&nbsp; 93587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/30 † (f) | 300000 | &nbsp;&nbsp;&nbsp; 254995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/27 † | 71000 | &nbsp;&nbsp;&nbsp; 69692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/29 † | 828000 | &nbsp;&nbsp;&nbsp; 840726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 06/15/32 † | 715000 | &nbsp;&nbsp;&nbsp; 719018 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105005 |
| Store Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/18/30 | 53000 | &nbsp;&nbsp;&nbsp; 48178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 04/30/30 (144A) | 1793000 | &nbsp;&nbsp;&nbsp; 1826103 |
| Trust Fibra Uno |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700%, 01/23/32 | 1128000 | &nbsp;&nbsp;&nbsp; 1218453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/15/28 (144A) | 300000 | &nbsp;&nbsp;&nbsp; 293778 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/28 | 1517000 | &nbsp;&nbsp;&nbsp; 1529754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/01/28 | 580000 | &nbsp;&nbsp;&nbsp; 586047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/15/30 (f) | 4039000 | &nbsp;&nbsp;&nbsp; 4085847 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/27 (144A) | 786000 | &nbsp;&nbsp;&nbsp; 777335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/29 (144A) | 645000 | &nbsp;&nbsp;&nbsp; 638647 |
| XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/29 (144A) | 52000 | &nbsp;&nbsp;&nbsp; 50930 |
|  |  | &nbsp;&nbsp;&nbsp; 41323940 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/28 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 195210 |
| Arcos Dorados BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/29/32 | 717000 | &nbsp;&nbsp;&nbsp; 755632 |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance <br> Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/30 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; $187687 |
| Gap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 93549 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 01/15/32 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 194500 |
| Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97181 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/29 (144A) (f) | 68000 | &nbsp;&nbsp;&nbsp; 62942 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 08/01/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 105760 |
| Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 06/01/29 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 95514 |
| PetSmart LLC/PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 09/15/33 (144A) | 300000 | &nbsp;&nbsp;&nbsp; 302747 |
| QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/30/32 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 103540 |
| Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/31 (144A) (f) | 100000 | &nbsp;&nbsp;&nbsp; 95621 |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/31 | 100000 | &nbsp;&nbsp;&nbsp; 93374 |
|  |  | &nbsp;&nbsp;&nbsp; 2480305 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 02/15/31 (144A) | 1690000 | &nbsp;&nbsp;&nbsp; 1537076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35 (144A) | 1240000 | &nbsp;&nbsp;&nbsp; 1072805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36 (144A) | 2820000 | &nbsp;&nbsp;&nbsp; 2406525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 04/15/33 (144A) | 1082000 | &nbsp;&nbsp;&nbsp; 1001363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 04/15/34 (144A) | 141000 | &nbsp;&nbsp;&nbsp; 128677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/15/32 (144A) | 236000 | &nbsp;&nbsp;&nbsp; 231437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 02/15/32 (f) | 125000 | &nbsp;&nbsp;&nbsp; 125868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 | 1403000 | &nbsp;&nbsp;&nbsp; 1412813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/15/38 | 1105000 | &nbsp;&nbsp;&nbsp; 1099080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/37 (144A) | 337000 | &nbsp;&nbsp;&nbsp; 336096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/31 | 3736000 | &nbsp;&nbsp;&nbsp; 3881886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 04/15/32 | 1517000 | &nbsp;&nbsp;&nbsp; 1579445 |
| Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/15/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 198285 |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/25/31 (144A) | 562000 | &nbsp;&nbsp;&nbsp; 583171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 01/25/33 (144A) | 1414000 | &nbsp;&nbsp;&nbsp; 1491043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 01/25/32 (144A) | 311000 | &nbsp;&nbsp;&nbsp; 332407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 01/25/37 (144A) | 823000 | &nbsp;&nbsp;&nbsp; 877886 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/11/41 | 170000 | &nbsp;&nbsp;&nbsp; 129160 |
|  |  | &nbsp;&nbsp;&nbsp; 18425023 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing Co., <br> Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/15/29 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 176251 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/30/29 (144A) | 628000 | &nbsp;&nbsp;&nbsp; 651366 |

---

**BHFTII-23**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 06/01/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; $206559 |
| Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/28 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 97254 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/01/35 | 1305000 | &nbsp;&nbsp;&nbsp; 1315804 |
| Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 94730 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/60 | 577000 | &nbsp;&nbsp;&nbsp; 396785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/15/46 | 255000 | &nbsp;&nbsp;&nbsp; 198638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 03/25/61 | 902000 | &nbsp;&nbsp;&nbsp; 649447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/27/64 | 1530000 | &nbsp;&nbsp;&nbsp; 1401227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/26/55 | 795000 | &nbsp;&nbsp;&nbsp; 792555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/03/55 (f) | 1679000 | &nbsp;&nbsp;&nbsp; 1685559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/03/65 | 309000 | &nbsp;&nbsp;&nbsp; 310195 |
|  |  | &nbsp;&nbsp;&nbsp; 7976370 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/15/53 | 2133000 | &nbsp;&nbsp;&nbsp; 1475402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/15/59 | 1589000 | &nbsp;&nbsp;&nbsp; 1086407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/01/57 | 4373000 | &nbsp;&nbsp;&nbsp; 3118157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 06/01/60 | 1029000 | &nbsp;&nbsp;&nbsp; 731646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 08/15/56 (f) | 951000 | &nbsp;&nbsp;&nbsp; 985735 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5Y H15 + 2.390%, 09/15/55 (a) | 100000 | &nbsp;&nbsp;&nbsp; 103743 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/15/29 (144A) (f) | 500000 | &nbsp;&nbsp;&nbsp; 525702 |
| Digicel Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/31/30 (144A) (h) | 145973 | &nbsp;&nbsp;&nbsp; 8758 |
| Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 11/15/33 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 198496 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/28 (144A) | 1841000 | &nbsp;&nbsp;&nbsp; 1836859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/01/29 (f) | 1267400 | &nbsp;&nbsp;&nbsp; 1280737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 03/15/31 (144A) | 621000 | &nbsp;&nbsp;&nbsp; 654696 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/31/34 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101731 |
| Maya SAS/Paris France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 04/15/31 (144A) (f) | 200000 | &nbsp;&nbsp;&nbsp; 214499 |
| Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/24/31 | 170000 | &nbsp;&nbsp;&nbsp; 155186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 08/15/30 | 453000 | &nbsp;&nbsp;&nbsp; 461632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/15/35 | 620000 | &nbsp;&nbsp;&nbsp; 645897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/01/32 | 636000 | &nbsp;&nbsp;&nbsp; 669507 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5Y H15 + 3.590%, 03/15/82 (144A) (a) | 100000 | &nbsp;&nbsp;&nbsp; 99230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 5Y H15 + 2.653%, 04/15/55 (a) | 100000 | &nbsp;&nbsp;&nbsp; 104250 |
| Telecom Argentina SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 05/28/33 (144A) | 524355 | &nbsp;&nbsp;&nbsp; 515125 |
| TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5Y H15 + 2.769%, 10/15/55 (a) | 100000 | &nbsp;&nbsp;&nbsp; 102951 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 03/15/32 | 1204000 | &nbsp;&nbsp;&nbsp; 1079282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/30 | 2790000 | &nbsp;&nbsp;&nbsp; 2735842 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/32 | 197000 | &nbsp;&nbsp;&nbsp; $202744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/15/62 | 2205000 | &nbsp;&nbsp;&nbsp; 2217912 |
| Turk Telekomunikasyon AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/20/29 | 940000 | &nbsp;&nbsp;&nbsp; 972903 |
| Turkcell Iletisim Hizmetleri AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650%, 01/24/32 | 1051000 | &nbsp;&nbsp;&nbsp; 1098511 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 09/18/30 | 492000 | &nbsp;&nbsp;&nbsp; 430104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/01/34 | 2000 | &nbsp;&nbsp;&nbsp; 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780%, 02/15/35 | 1220000 | &nbsp;&nbsp;&nbsp; 1200128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401%, 07/02/37 (144A) | 931000 | &nbsp;&nbsp;&nbsp; 945859 |
| Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/27 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99597 |
| Vmed O2 U.K. Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/15/31 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 188249 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 5Y USD Swap + 4.873%, 04/04/79 (a) (f) | 200000 | &nbsp;&nbsp;&nbsp; 211309 |
| Windstream Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/15/33 (144A) | 19000 | &nbsp;&nbsp;&nbsp; 18995 |
| WOM Mobile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 6.500% PIK, 04/01/31 (144A) (j) | 21796 | &nbsp;&nbsp;&nbsp; 21060 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 03/09/30 (144A) | 52354 | &nbsp;&nbsp;&nbsp; 50129 |
|  |  | &nbsp;&nbsp;&nbsp; 26550899 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Union Pacific Railroad Co. Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.227%, 05/14/26 | 517795 | &nbsp;&nbsp;&nbsp; 514800 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| FTAI Aviation Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/01/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 104606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/01/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 106264 |
|  |  | &nbsp;&nbsp;&nbsp; 210870 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Thames Water Super Senior Issuer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 10/10/27 (144A) (GBP) | 20076 | &nbsp;&nbsp;&nbsp; 30098 |
| Thames Water Utilities Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/19/27 (GBP) | 400000 | &nbsp;&nbsp;&nbsp; 382621 |
| Thames Water Utilities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/14/27 (144A) (GBP) | 3000 | &nbsp;&nbsp;&nbsp; 3450 |
|  |  | &nbsp;&nbsp;&nbsp; 416169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $712,890,479) <br>|  | &nbsp;&nbsp;&nbsp; 725135979 |
| **U.S. Treasury & Government Agencies—22.0%** | **U.S. Treasury & Government Agencies—22.0%** | **U.S. Treasury & Government Agencies—22.0%** |
| **U.S. Treasury — 22.0%** | **U.S. Treasury — 22.0%** | **U.S. Treasury — 22.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 05/15/40 | 9628000 | &nbsp;&nbsp;&nbsp; 6131456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 08/15/40 | 9628000 | &nbsp;&nbsp;&nbsp; 6071658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 9628000 | &nbsp;&nbsp;&nbsp; 6281518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/50 | 2681000 | &nbsp;&nbsp;&nbsp; 1348040 |

---

**BHFTII-24**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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 Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 3942300 | &nbsp;&nbsp;&nbsp; $2115290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/41 | 1431600 | &nbsp;&nbsp;&nbsp; 1006426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 6549100 | &nbsp;&nbsp;&nbsp; 3704846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/51 | 2681000 | &nbsp;&nbsp;&nbsp; 1570689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/49 | 7927000 | &nbsp;&nbsp;&nbsp; 5059656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/51 | 5888700 | &nbsp;&nbsp;&nbsp; 3788550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 (m) | 17887000 | &nbsp;&nbsp;&nbsp; 12812262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/47 (n) | 17887000 | &nbsp;&nbsp;&nbsp; 12928249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/49 | 2681000 | &nbsp;&nbsp;&nbsp; 1955873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/47 | 6579700 | &nbsp;&nbsp;&nbsp; 5009311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/48 | 12026300 | &nbsp;&nbsp;&nbsp; 9081736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/49 | 12024800 | &nbsp;&nbsp;&nbsp; 9003569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/52 (m) | 14868800 | &nbsp;&nbsp;&nbsp; 10875133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 02/15/43 | 3443000 | &nbsp;&nbsp;&nbsp; 2810214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/15/44 | 6418100 | &nbsp;&nbsp;&nbsp; 5138742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 2681000 | &nbsp;&nbsp;&nbsp; 2067302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/43 | 9487000 | &nbsp;&nbsp;&nbsp; 8277408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/53 | 6526000 | &nbsp;&nbsp;&nbsp; 5395422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/53 | 7906500 | &nbsp;&nbsp;&nbsp; 6530275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/41 | 791000 | &nbsp;&nbsp;&nbsp; 718852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 | 9487000 | &nbsp;&nbsp;&nbsp; 8400072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/43 | 3561500 | &nbsp;&nbsp;&nbsp; 3232479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/44 | 3582800 | &nbsp;&nbsp;&nbsp; 3325566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/53 | 1956200 | &nbsp;&nbsp;&nbsp; 1768145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/39 (m) | 898000 | &nbsp;&nbsp;&nbsp; 884110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/54 | 852000 | &nbsp;&nbsp;&nbsp; 786503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 | 898000 | &nbsp;&nbsp;&nbsp; 890704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/39 | 9665200 | &nbsp;&nbsp;&nbsp; 9736934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/44 | 4210000 | &nbsp;&nbsp;&nbsp; 4170860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 (m) (n) | 12928400 | &nbsp;&nbsp;&nbsp; 12950621 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 04/15/30 (o) | 28685518 | &nbsp;&nbsp;&nbsp; 29124841 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/30/27 | 6320000 | &nbsp;&nbsp;&nbsp; 5928703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 05/31/27 | 13670000 | &nbsp;&nbsp;&nbsp; 12981160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 08/31/27 | 17436300 | &nbsp;&nbsp;&nbsp; 16435756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/31/26 | 14128300 | &nbsp;&nbsp;&nbsp; 13766483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 08/31/28 | 5030000 | &nbsp;&nbsp;&nbsp; 4683991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 03/31/28 | 3772200 | &nbsp;&nbsp;&nbsp; 3560603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/31/28 | 14508000 | &nbsp;&nbsp;&nbsp; 13638653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/30 | 4871000 | &nbsp;&nbsp;&nbsp; 4441933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/27 | 13530500 | &nbsp;&nbsp;&nbsp; 13258833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/31/29 | 3772300 | &nbsp;&nbsp;&nbsp; 3614630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/32 (m) | 22425000 | &nbsp;&nbsp;&nbsp; 20847366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 04/30/29 | 7545000 | &nbsp;&nbsp;&nbsp; 7345175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/32 | 1552500 | &nbsp;&nbsp;&nbsp; 1459593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/29 | 13516000 | &nbsp;&nbsp;&nbsp; 13239344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 06/30/29 | 11482600 | &nbsp;&nbsp;&nbsp; 11310810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/31/30 | 8144900 | &nbsp;&nbsp;&nbsp; 8075859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/31/28 | 7232700 | &nbsp;&nbsp;&nbsp; 7233830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/30/31 | 11385000 | &nbsp;&nbsp;&nbsp; 11251582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 | 17354000 | &nbsp;&nbsp;&nbsp; 17408909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 6100000 | &nbsp;&nbsp;&nbsp; 6132168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/27 | 10412300 | &nbsp;&nbsp;&nbsp; 10451346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/34 | 8864000 | &nbsp;&nbsp;&nbsp; 8840801 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/28/27 | 13023600 | &nbsp;&nbsp;&nbsp; $13101436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/29 | 25459000 | &nbsp;&nbsp;&nbsp; 25868731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/27 | 10412300 | &nbsp;&nbsp;&nbsp; 10496900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/30/31 | 12978100 | &nbsp;&nbsp;&nbsp; 13260982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/35 (m) | 20089600 | &nbsp;&nbsp;&nbsp; 20252828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/26 | 7323200 | &nbsp;&nbsp;&nbsp; 7380413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/15/26 | 12977300 | &nbsp;&nbsp;&nbsp; 13049588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 | 11015400 | &nbsp;&nbsp;&nbsp; 11397497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/26 | 14800000 | &nbsp;&nbsp;&nbsp; 14849603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 14030900 | &nbsp;&nbsp;&nbsp; 14748339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury & Government Agencies <br>(Cost $603,650,246) <br>|  | &nbsp;&nbsp;&nbsp; 565267157 |
| **Non-Agency Mortgage-Backed Securities—9.8%** | **Non-Agency Mortgage-Backed Securities—9.8%** | **Non-Agency Mortgage-Backed Securities—9.8%** |
| **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** |
| Agate Bay Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.443%, 04/25/45 (144A) (a) | 150000 | &nbsp;&nbsp;&nbsp; 93526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.484%, 06/25/45 (144A) (a) | 104000 | &nbsp;&nbsp;&nbsp; 61045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 01/25/45 (144A) (a) | 130000 | &nbsp;&nbsp;&nbsp; 80386 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/25/57 (144A) (a) | 1388 | &nbsp;&nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.740%, 12/25/60 (144A) (a) | 3229861 | &nbsp;&nbsp;&nbsp; 2839488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.693%, 12/25/60 (144A) (a) | 744000 | &nbsp;&nbsp;&nbsp; 572028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940%, 12/25/60 (144A) (a) | 293000 | &nbsp;&nbsp;&nbsp; 211890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, 12/25/60 (144A) (a) | 449000 | &nbsp;&nbsp;&nbsp; 298691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/25/61 (144A) (l) | 7641044 | &nbsp;&nbsp;&nbsp; 7635487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/25/60 (144A) (l) | 2288121 | &nbsp;&nbsp;&nbsp; 2286997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.115%, 01/25/61 (144A) (l) | 1048238 | &nbsp;&nbsp;&nbsp; 1048007 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.093%, 12M MTA + 0.940%, 10/25/46 (a) | 291438 | &nbsp;&nbsp;&nbsp; 191444 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/25/67 (144A) (l) | 1551440 | &nbsp;&nbsp;&nbsp; 1543550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.637%, 02/25/70 (144A) (l) | 891335 | &nbsp;&nbsp;&nbsp; 899651 |
| Atlas Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.523%, SONIA + 1.550%, 09/20/61 (GBP) (a) | 99899 | &nbsp;&nbsp;&nbsp; 135671 |
| Banc of America Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/25/33 | 505653 | &nbsp;&nbsp;&nbsp; 510434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.498%, 10/25/36 (l) | 236459 | &nbsp;&nbsp;&nbsp; 62207 |
| Barclays Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/25/51 (144A) (l) | 1401516 | &nbsp;&nbsp;&nbsp; 1401077 |
| Braccan Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.326%, SONIA + 4.340%, 02/15/67 (GBP) (a) | 385691 | &nbsp;&nbsp;&nbsp; 521942 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%, 11/25/64 (144A) (l) | 1130848 | &nbsp;&nbsp;&nbsp; 1141714 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/25/34 (144A) (a) | 161000 | &nbsp;&nbsp;&nbsp; 153129 |
| Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%, 02/25/37 (a) | 1112497 | &nbsp;&nbsp;&nbsp; 1102038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/25/37 | 6233431 | &nbsp;&nbsp;&nbsp; 2439297 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 12M MTA + 0.960%, 04/25/46 (a) | 3102930 | &nbsp;&nbsp;&nbsp; 845766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/25/37 | 293618 | &nbsp;&nbsp;&nbsp; 136583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/25/37 | 804499 | &nbsp;&nbsp;&nbsp; 284959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/25/37 | 2824454 | &nbsp;&nbsp;&nbsp; 1145697 |

---

**BHFTII-25**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/25/37 | 5519512 | &nbsp;&nbsp;&nbsp; $2333112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/25/38 | 935347 | &nbsp;&nbsp;&nbsp; 384901 |
| Citadel PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.423%, SONIA + 1.450%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%, SONIA + 1.750%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.423%, SONIA + 2.450%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 136807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.723%, SONIA + 3.750%, 04/28/60 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 136770 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.772%, 1M TSFR + 0.614%, 05/25/37 (a) | 240132 | &nbsp;&nbsp;&nbsp; 222963 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.821%, 09/25/68 (144A) (a) | 2314000 | &nbsp;&nbsp;&nbsp; 2339623 |
| Countrywide Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%, 1M TSFR + 0.304%, 03/20/47 (a) | 701529 | &nbsp;&nbsp;&nbsp; 607939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 1M TSFR + 0.404%, 12/20/46 (a) | 3148820 | &nbsp;&nbsp;&nbsp; 2790434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.552%, 1M TSFR + 0.394%, 04/25/47 (a) | 349995 | &nbsp;&nbsp;&nbsp; 324263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.622%, 1M TSFR + 0.464%, 06/25/35 (a) | 841560 | &nbsp;&nbsp;&nbsp; 746378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 1M TSFR + 0.514%, 07/20/46 (a) | 1130250 | &nbsp;&nbsp;&nbsp; 967172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%, 1M TSFR + 0.494%, 10/25/46 (a) | 470632 | &nbsp;&nbsp;&nbsp; 440554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.710%, 1M TSFR + 0.574%, 05/20/46 (a) | 1967364 | &nbsp;&nbsp;&nbsp; 1765304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.732%, 1M TSFR + 0.574%, 03/25/36 (a) | 141597 | &nbsp;&nbsp;&nbsp; 139362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.732%, 1M TSFR + 0.574%, 11/25/36 (a) | 516441 | &nbsp;&nbsp;&nbsp; 467468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.772%, 1M TSFR + 0.614%, 07/25/46 (a) | 2049876 | &nbsp;&nbsp;&nbsp; 1850036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.832%, 1M TSFR + 0.674%, 08/25/35 (a) | 4104669 | &nbsp;&nbsp;&nbsp; 3941354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/25/25 | 66051 | &nbsp;&nbsp;&nbsp; 52909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/25/37 | 506361 | &nbsp;&nbsp;&nbsp; 228516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.883%, 12M MTA + 1.730%, 11/25/46 (a) | 1355076 | &nbsp;&nbsp;&nbsp; 1130189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/25/36 | 1254754 | &nbsp;&nbsp;&nbsp; 460953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/25/37 | 89391 | &nbsp;&nbsp;&nbsp; 38768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/25/37 | 1938255 | &nbsp;&nbsp;&nbsp; 883864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/25/36 | 163021 | &nbsp;&nbsp;&nbsp; 78706 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.735%, 02/25/70 (144A) (a) | 704220 | &nbsp;&nbsp;&nbsp; 711399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.135%, 11/25/68 (144A) (l) | 289685 | &nbsp;&nbsp;&nbsp; 294228 |
| CRSO Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.121%, 07/10/40 (a) | 5522122 | &nbsp;&nbsp;&nbsp; 5751502 |
| CSFB Mortgage-Backed Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.622%, 1M TSFR + 1.464%, 11/25/35 (a) | 407238 | &nbsp;&nbsp;&nbsp; 82744 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869%, 02/25/61 (144A) (a) | 1400594 | &nbsp;&nbsp;&nbsp; 1393777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.265%, 03/25/67 (144A) (a) | 560000 | &nbsp;&nbsp;&nbsp; 552660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.871%, 12/25/67 (144A) (a) | 1509262 | &nbsp;&nbsp;&nbsp; 1520797 |
| CSMC Trust Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/27/37 (144A) | 2614490 | &nbsp;&nbsp;&nbsp; 969516 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.612%, 1M TSFR + 0.454%, 08/25/47 (a) | 246531 | &nbsp;&nbsp;&nbsp; 228071 |
| Exmoor Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.887%, SONIA + 1.900%, 03/25/94 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.787%, SONIA + 2.800%, 03/25/94 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 136579 |
| Gaea Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/25/30 (144A) (a) | 276251 | &nbsp;&nbsp;&nbsp; 269221 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.471%, 05/25/66 (144A) (a) | 240000 | &nbsp;&nbsp;&nbsp; 182483 |
| GreenPoint Mortgage Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.153%, 12M MTA + 2.000%, 03/25/36 (a) | 79518 | &nbsp;&nbsp;&nbsp; 72223 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.364%, 11/25/49 (144A) (a) | 237267 | &nbsp;&nbsp;&nbsp; $216267 |
| GSR Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/25/37 | 326744 | &nbsp;&nbsp;&nbsp; 206371 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 1M TSFR + 0.524%, 12/19/36 (a) | 1021054 | &nbsp;&nbsp;&nbsp; 807179 |
| Impac Secured Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.612%, 1M TSFR + 0.454%, 11/25/36 (a) | 447302 | &nbsp;&nbsp;&nbsp; 408785 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.834%, 09/25/37 (a) | 598059 | &nbsp;&nbsp;&nbsp; 387473 |
| JP Morgan Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 1M TSFR + 0.534%, 03/25/37 (a) | 386140 | &nbsp;&nbsp;&nbsp; 319770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.779%, 05/25/37 (a) | 102270 | &nbsp;&nbsp;&nbsp; 89996 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.267%, 02/25/52 (144A) (a) (c) | 7724019 | &nbsp;&nbsp;&nbsp; 113199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/25/52 (144A) (a) (c) | 7724687 | &nbsp;&nbsp;&nbsp; 212278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/25/52 (144A) (a) | 6027987 | &nbsp;&nbsp;&nbsp; 4996821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.130%, 02/25/52 (144A) (a) | 118857 | &nbsp;&nbsp;&nbsp; 56561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.267%, 02/25/52 (144A) (a) | 914258 | &nbsp;&nbsp;&nbsp; 775855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/25/36 | 182325 | &nbsp;&nbsp;&nbsp; 58278 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/25/59 (144A) (a) | 497650 | &nbsp;&nbsp;&nbsp; 481137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/25/61 (144A) (l) | 2217159 | &nbsp;&nbsp;&nbsp; 2215431 |
| MASTR Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%, 08/25/37 (144A) (a) | 204598 | &nbsp;&nbsp;&nbsp; 78077 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.592%, 1M TSFR + 0.434%, 09/25/37 (a) | 94851 | &nbsp;&nbsp;&nbsp; 47376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.839%, 05/25/36 (a) | 356764 | &nbsp;&nbsp;&nbsp; 230939 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.514%, 04/25/65 (144A) (a) | 540000 | &nbsp;&nbsp;&nbsp; 447436 |
| Miltonia Mortgage Finance SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248%, 3M EURIBOR + 1.300%, 04/28/62 (EUR) (a) | 258000 | &nbsp;&nbsp;&nbsp; 302984 |
| Morgan Stanley Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.068%, 12M MTA + 0.710%, 12/27/46 (144A) (a) | 3227021 | &nbsp;&nbsp;&nbsp; 2924967 |
| Mortgage Loan Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.735%, 1M TSFR + 0.454%, 04/16/36 (144A) (a) | 461777 | &nbsp;&nbsp;&nbsp; 453503 |
| Mortimer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%, SONIA + 1.550%, 09/22/67 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.086%, SONIA + 2.100%, 09/22/67 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 136109 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/25/57 (144A) (a) | 144296 | &nbsp;&nbsp;&nbsp; 141869 |
| NLT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.322%, 08/25/56 (144A) (a) | 1361000 | &nbsp;&nbsp;&nbsp; 1046334 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.134%, 05/25/36 (l) | 210905 | &nbsp;&nbsp;&nbsp; 37269 |
| NYMT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/25/64 (144A) (l) | 1370912 | &nbsp;&nbsp;&nbsp; 1363427 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648%, 12/01/64 (144A) (l) | 661749 | &nbsp;&nbsp;&nbsp; 668523 |
| RALI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.632%, 1M TSFR + 0.474%, 12/25/36 (a) | 356328 | &nbsp;&nbsp;&nbsp; 312637 |
| Reperforming Loan Trust REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.612%, 1M TSFR + 0.454%, 06/25/35 (144A) (a) | 122349 | &nbsp;&nbsp;&nbsp; 118177 |
| Residential Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.178%, -1x 1M TSFR + 6.336%, 09/25/37 (a) (c) | 11384211 | &nbsp;&nbsp;&nbsp; 1325780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.822%, 1M TSFR + 0.664%, 09/25/37 (a) | 11384211 | &nbsp;&nbsp;&nbsp; 2933175 |

---

**BHFTII-26**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| Residential Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 12/25/36 | 3526776 | &nbsp;&nbsp;&nbsp; $2426688 |
| RFMSI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.486%, 11/25/36 (a) | 24271 | &nbsp;&nbsp;&nbsp; 20460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/25/36 (a) | 699628 | &nbsp;&nbsp;&nbsp; 492742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.736%, 10/25/37 (a) | 522017 | &nbsp;&nbsp;&nbsp; 316436 |
| RMF Buyout Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690%, 11/25/31 (144A) (a) | 509000 | &nbsp;&nbsp;&nbsp; 485417 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.762%, 04/25/30 (144A) (l) | 825000 | &nbsp;&nbsp;&nbsp; 834832 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.353%, 07/20/37 (a) | 129688 | &nbsp;&nbsp;&nbsp; 101892 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.175%, 05/25/65 (144A) (a) | 1360000 | &nbsp;&nbsp;&nbsp; 1221867 |
| Stratton Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.487%, SONIA + 1.500%, 06/25/49 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 134576 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.059%, 04/25/36 (a) | 161089 | &nbsp;&nbsp;&nbsp; 83599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.826%, 04/25/47 (a) | 499033 | &nbsp;&nbsp;&nbsp; 186794 |
| Structured Asset Mortgage Investments II Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%, 1M TSFR + 0.494%, 06/25/36 (a) | 679619 | &nbsp;&nbsp;&nbsp; 597340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 1M TSFR + 0.534%, 05/25/46 (a) | 117472 | &nbsp;&nbsp;&nbsp; 83191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.732%, 1M TSFR + 0.574%, 02/25/36 (a) | 398446 | &nbsp;&nbsp;&nbsp; 371984 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.438%, 03/25/68 (144A) (a) | 484000 | &nbsp;&nbsp;&nbsp; 486920 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910%, 11/25/54 (144A) (a) | 169000 | &nbsp;&nbsp;&nbsp; 157085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/25/57 (144A) (a) | 171000 | &nbsp;&nbsp;&nbsp; 170246 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 04/25/65 (144A) (a) | 100000 | &nbsp;&nbsp;&nbsp; 97923 |
| Voyager OPTONE Delaware Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.032%, 02/25/38 (144A) (a) (c) | 2785740 | &nbsp;&nbsp;&nbsp; 602628 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.712%, 04/25/37 (a) | 3556239 | &nbsp;&nbsp;&nbsp; 3210517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.903%, 12M MTA + 0.750%, 06/25/47 (a) | 1201188 | &nbsp;&nbsp;&nbsp; 1007037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates <br> WMALT Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.118%, 10/25/36 (l) | 842162 | &nbsp;&nbsp;&nbsp; 280344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.792%, 1M TSFR + 0.634%, 12/25/35 (a) | 1625138 | &nbsp;&nbsp;&nbsp; 1444871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.853%, 12M MTA + 0.700%, 01/25/47 (a) | 1947908 | &nbsp;&nbsp;&nbsp; 1675379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%, 1M TSFR + 0.734%, 06/25/37 (a) | 117121 | &nbsp;&nbsp;&nbsp; 110703 |
| Winchester 1 PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.603%, SONIA + 1.550%, 10/21/56 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.053%, SONIA + 2.000%, 10/21/56 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135975 |
|  |  | &nbsp;&nbsp;&nbsp; 103606744 |
| **Commercial Mortgage-Backed Securities — 5.8%** | **Commercial Mortgage-Backed Securities — 5.8%** | **Commercial Mortgage-Backed Securities — 5.8%** |
| 1211 Avenue of the Americas Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 08/10/35 (144A) (a) | 230000 | &nbsp;&nbsp;&nbsp; 205850 |
| 245 Park Avenue Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.271%, 06/05/37 (144A) (a) (c) | 5000000 | &nbsp;&nbsp;&nbsp; 12993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.779%, 06/05/37 (144A) (a) | 207000 | &nbsp;&nbsp;&nbsp; 196552 |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.055%, 1M TSFR + 1.836%, 09/15/34 (144A) (a) | 500000 | &nbsp;&nbsp;&nbsp; 490938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.637%, 1M TSFR + 2.419%, 09/15/34 (144A) (a) | 2998451 | &nbsp;&nbsp;&nbsp; 2904749 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| ACREC LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.446%, 1M TSFR + 1.310%, 08/18/42 (144A) (a) | 1870000 | &nbsp;&nbsp;&nbsp; $1869991 |
| Arbor Multifamily Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 05/15/53 (144A) | 126000 | &nbsp;&nbsp;&nbsp; 102124 |
| ARES Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.593%, 1M TSFR + 1.443%, 10/15/34 (144A) (a) | 1120000 | &nbsp;&nbsp;&nbsp; 1120700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%, 1M TSFR + 1.692%, 07/15/41 (144A) (a) | 100000 | &nbsp;&nbsp;&nbsp; 100250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.089%, 1M TSFR + 3.938%, 07/15/41 (144A) (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1501551 |
| Ashford Hospitality Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.423%, 1M TSFR + 2.272%, 04/15/35 (144A) (a) | 138000 | &nbsp;&nbsp;&nbsp; 137138 |
| Atrium Hotel Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.398%, 1M TSFR + 2.247%, 12/15/36 (144A) (a) | 1041000 | &nbsp;&nbsp;&nbsp; 990251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.520%, 11/10/29 (144A) (a) | 100000 | &nbsp;&nbsp;&nbsp; 102798 |
| BAHA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.171%, 12/10/41 (144A) (a) | 1450000 | &nbsp;&nbsp;&nbsp; 1499382 |
| BAMLL Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.001%, 1M TSFR + 1.850%, 02/15/42 (144A) (a) | 1435000 | &nbsp;&nbsp;&nbsp; 1436794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.401%, 1M TSFR + 5.250%, 02/15/42 (144A) (a) | 585000 | &nbsp;&nbsp;&nbsp; 587194 |
| Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.458%, 09/15/62 (a) (c) | 8619000 | &nbsp;&nbsp;&nbsp; 115265 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.726%, 02/15/50 (a) (c) | 4070000 | &nbsp;&nbsp;&nbsp; 26387 |
| Bayview Commercial Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.647%, 1M TSFR + 0.489%, 10/25/36 (144A) (a) | 48985 | &nbsp;&nbsp;&nbsp; 47096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.677%, 1M TSFR + 0.519%, 03/25/37 (144A) (a) | 85164 | &nbsp;&nbsp;&nbsp; 80963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.722%, 1M TSFR + 0.564%, 01/25/36 (144A) (a) | 42263 | &nbsp;&nbsp;&nbsp; 40050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.722%, 1M TSFR + 0.564%, 10/25/36 (144A) (a) | 49845 | &nbsp;&nbsp;&nbsp; 47898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 1M TSFR + 0.654%, 04/25/36 (144A) (a) | 47015 | &nbsp;&nbsp;&nbsp; 44236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.947%, 1M TSFR + 0.789%, 01/25/36 (144A) (a) | 31463 | &nbsp;&nbsp;&nbsp; 30028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.522%, 1M TSFR + 2.364%, 12/25/37 (144A) (a) | 672392 | &nbsp;&nbsp;&nbsp; 597198 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.070%, 1M TSFR + 0.919%, 03/15/37 (144A) (a) | 1770000 | &nbsp;&nbsp;&nbsp; 1677149 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.172%, 03/15/52 (a) (c) | 3267447 | &nbsp;&nbsp;&nbsp; 87999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.362%, 02/15/54 (a) (c) | 5033965 | &nbsp;&nbsp;&nbsp; 239551 |
| BFLD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.674%, 10/10/42 (144A) (a) | 178000 | &nbsp;&nbsp;&nbsp; 176944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.913%, 10/10/42 (144A) (a) | 199000 | &nbsp;&nbsp;&nbsp; 197914 |
| BFLD Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.966%, 1M TSFR + 3.814%, 10/15/35 (144A) (a) | 663000 | &nbsp;&nbsp;&nbsp; 8288 |
| BMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.539%, 1M TSFR + 3.389%, 06/15/41 (144A) (a) | 382000 | &nbsp;&nbsp;&nbsp; 382000 |
| BPR Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.497%, 12/05/39 (144A) | 1000000 | &nbsp;&nbsp;&nbsp; 1041133 |
| BPR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.866%, 1M TSFR + 3.714%, 09/15/38 (144A) (a) | 492000 | &nbsp;&nbsp;&nbsp; 485980 |
| BWAY Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.446%, 03/10/33 (144A) | 1495000 | &nbsp;&nbsp;&nbsp; 1379690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.454%, 03/10/33 (144A) | 1162116 | &nbsp;&nbsp;&nbsp; 1110726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.633%, 03/10/33 (144A) | 600000 | &nbsp;&nbsp;&nbsp; 546061 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.843%, 03/09/44 (144A) (a) | 1658472 | &nbsp;&nbsp;&nbsp; 1531805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.175%, 1M TSFR + 1.024%, 02/15/33 (144A) † (a) | 2391915 | &nbsp;&nbsp;&nbsp; 2390992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.443%, 1M TSFR + 1.293%, 12/15/39 (144A) (a) | 610765 | &nbsp;&nbsp;&nbsp; 612292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.592%, 1M TSFR + 1.442%, 02/15/39 (144A) (a) | 1048680 | &nbsp;&nbsp;&nbsp; 1049663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.592%, 1M TSFR + 1.442%, 02/15/39 (144A) (a) | 194800 | &nbsp;&nbsp;&nbsp; 194922 |

---

**BHFTII-27**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%, 1M TSFR + 1.541%, 05/15/34 (144A) (a) | 611944 | &nbsp;&nbsp;&nbsp; $612135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.792%, 1M TSFR + 1.641%, 05/15/41 (144A) (a) | 1874423 | &nbsp;&nbsp;&nbsp; 1876766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.912%, 1M TSFR + 1.761%, 12/09/40 (144A) (a) | 605027 | &nbsp;&nbsp;&nbsp; 605783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.415%, 1M TSFR + 2.264%, 02/15/33 (144A) † (a) | 1466417 | &nbsp;&nbsp;&nbsp; 1464370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.027%, 1M TSFR + 2.880%, 10/15/41 (144A) (a) | 1240000 | &nbsp;&nbsp;&nbsp; 1246588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.066%, 1M TSFR + 2.914%, 06/15/38 (144A) (a) | 605460 | &nbsp;&nbsp;&nbsp; 605649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.290%, 1M TSFR + 3.140%, 02/15/39 (144A) (a) | 3164600 | &nbsp;&nbsp;&nbsp; 3174489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.291%, 1M TSFR + 3.141%, 06/15/27 (144A) (a) | 560000 | &nbsp;&nbsp;&nbsp; 565600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.739%, 1M TSFR + 3.589%, 12/09/40 (144A) (a) | 826274 | &nbsp;&nbsp;&nbsp; 828082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.074%, 1M TSFR + 3.927%, 10/15/41 (144A) (a) | 302000 | &nbsp;&nbsp;&nbsp; 302374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.338%, 1M TSFR + 4.188%, 02/15/39 (144A) (a) | 1874631 | &nbsp;&nbsp;&nbsp; 1886964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.515%, 1M TSFR + 4.364%, 02/15/33 (144A) † (a) | 979005 | &nbsp;&nbsp;&nbsp; 977623 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.076%, 12/09/41 (144A) (a) | 1743000 | &nbsp;&nbsp;&nbsp; 1648437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.066%, 1M TSFR + 0.914%, 02/15/36 (144A) (a) | 162000 | &nbsp;&nbsp;&nbsp; 161949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164%, 1M TSFR + 1.014%, 10/15/36 (144A) (a) | 713000 | &nbsp;&nbsp;&nbsp; 712332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1M TSFR + 1.350%, 10/15/27 (144A) (a) | 431000 | &nbsp;&nbsp;&nbsp; 431000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.593%, 1M TSFR + 1.443%, 03/15/42 (144A) (a) | 530000 | &nbsp;&nbsp;&nbsp; 529834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.642%, 1M TSFR + 1.491%, 06/15/41 (144A) (a) | 2434000 | &nbsp;&nbsp;&nbsp; 2435521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%, 1M TSFR + 1.541%, 06/15/37 (144A) (a) | 1877885 | &nbsp;&nbsp;&nbsp; 1880819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.240%, 1M TSFR + 2.090%, 03/15/41 (144A) (a) | 530000 | &nbsp;&nbsp;&nbsp; 530166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.666%, 1M TSFR + 2.514%, 02/15/36 (144A) (a) | 1742188 | &nbsp;&nbsp;&nbsp; 1737833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%, 1M TSFR + 2.690%, 05/15/38 (144A) (a) | 5434000 | &nbsp;&nbsp;&nbsp; 5467890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.040%, 1M TSFR + 2.889%, 06/15/41 (144A) (a) | 460000 | &nbsp;&nbsp;&nbsp; 460575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.092%, 1M TSFR + 2.941%, 03/15/30 (144A) (a) | 1403526 | &nbsp;&nbsp;&nbsp; 1405752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.266%, 1M TSFR + 3.114%, 02/15/36 (144A) (a) | 893171 | &nbsp;&nbsp;&nbsp; 888704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.088%, 1M TSFR + 3.938%, 06/15/41 (144A) (a) | 1180000 | &nbsp;&nbsp;&nbsp; 1181454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.589%, 1M TSFR + 4.439%, 03/15/41 (144A) (a) | 1141000 | &nbsp;&nbsp;&nbsp; 1149466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.539%, 1M TSFR + 5.389%, 03/15/41 (144A) (a) | 547000 | &nbsp;&nbsp;&nbsp; 551058 |
| BXP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.868%, 01/15/44 (144A) (a) | 327000 | &nbsp;&nbsp;&nbsp; 266143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.670%, 08/13/37 (144A) (a) | 760000 | &nbsp;&nbsp;&nbsp; 621286 |
| Cassia SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.534%, 3M EURIBOR + 2.500%, 05/22/34 (144A) <br> (EUR) (a)<br>| 1203614 | &nbsp;&nbsp;&nbsp; 1414497 |
| CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.631%, 02/10/50 | 350000 | &nbsp;&nbsp;&nbsp; 339748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.956%, 08/15/50 (a) | 363000 | &nbsp;&nbsp;&nbsp; 350632 |
| CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.871%, 05/10/58 (a) (c) | 2370000 | &nbsp;&nbsp;&nbsp; 8156 |
| CFK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.791%, 01/15/39 (144A) (a) | 728000 | &nbsp;&nbsp;&nbsp; 681456 |
| CFSP Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/15/37 | 1122080 | &nbsp;&nbsp;&nbsp; 1085819 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.912%, 11/10/42 (144A) (a) (c) | 7730000 | &nbsp;&nbsp;&nbsp; 268526 |
| COAST Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.741%, 1M TSFR + 2.591%, 08/15/36 (144A) (a) | 2090000 | &nbsp;&nbsp;&nbsp; 2090000 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.285%, 10/10/36 (144A) (a) | 140636 | &nbsp;&nbsp;&nbsp; 103971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.991%, 1M TSFR + 1.841%, 06/15/41 (144A) (a) | 1220000 | &nbsp;&nbsp;&nbsp; 1216569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740%, 1M TSFR + 2.590%, 06/15/41 (144A) (a) | 367000 | &nbsp;&nbsp;&nbsp; 368032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.637%, 1M TSFR + 4.487%, 06/15/41 (144A) (a) | 484000 | &nbsp;&nbsp;&nbsp; 482224 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.322%, 11/15/50 (a) (c) | 3940000 | &nbsp;&nbsp;&nbsp; 20857 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.674%, 09/15/52 (a) (c) | 4150000 | &nbsp;&nbsp;&nbsp; $75305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.461%, 09/15/52 (a) (c) | 2769231 | &nbsp;&nbsp;&nbsp; 106960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.693%, 06/15/52 (a) (c) | 6853117 | &nbsp;&nbsp;&nbsp; 311474 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%, 11/10/32 (144A) (a) | 301000 | &nbsp;&nbsp;&nbsp; 89548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.628%, 1M TSFR + 5.476%, 10/15/37 (144A) (a) | 423000 | &nbsp;&nbsp;&nbsp; 387172 |
| DBJPM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 06/10/50 (a) (c) | 2060000 | &nbsp;&nbsp;&nbsp; 27985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276%, 05/10/49 | 240000 | &nbsp;&nbsp;&nbsp; 237849 |
| DBSG Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.144%, 06/10/37 (144A) (a) | 374607 | &nbsp;&nbsp;&nbsp; 380897 |
| DK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.743%, 1M TSFR + 1.593%, 08/15/37 (144A) (a) | 217000 | &nbsp;&nbsp;&nbsp; 217000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.041%, 1M TSFR + 2.891%, 08/15/37 (144A) (a) | 132000 | &nbsp;&nbsp;&nbsp; 132165 |
| ELM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.242%, 06/10/39 (144A) (a) (c) | 7464000 | &nbsp;&nbsp;&nbsp; 11589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.613%, 06/10/39 (144A) (a) (c) | 6760000 | &nbsp;&nbsp;&nbsp; 69744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.994%, 06/10/39 (144A) (a) | 1420000 | &nbsp;&nbsp;&nbsp; 1431692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.046%, 06/10/39 (144A) (a) | 924000 | &nbsp;&nbsp;&nbsp; 930043 |
| ELP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.382%, 1M TSFR + 3.230%, 11/15/38 (144A) (a) | 408736 | &nbsp;&nbsp;&nbsp; 408225 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 1M TSFR + 1.300%, 10/15/42 (144A) (a) | 542000 | &nbsp;&nbsp;&nbsp; 543016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.515%, 1M TSFR + 2.364%, 07/15/38 (144A) (a) | 319602 | &nbsp;&nbsp;&nbsp; 319602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.115%, 1M TSFR + 2.964%, 07/15/38 (144A) (a) | 813761 | &nbsp;&nbsp;&nbsp; 813761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.965%, 1M TSFR + 3.814%, 07/15/38 (144A) (a) | 4181806 | &nbsp;&nbsp;&nbsp; 4181806 |
| Fontainebleau Miami Beach Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 1M TSFR + 1.450%, 12/15/39 (144A) (a) | 1285419 | &nbsp;&nbsp;&nbsp; 1285821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.800%, 1M TSFR + 5.650%, 12/15/39 (144A) (a) | 297000 | &nbsp;&nbsp;&nbsp; 299421 |
| FS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.961%, 1M TSFR + 1.811%, 08/15/39 (144A) (a) | 1727000 | &nbsp;&nbsp;&nbsp; 1729698 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.856%, 05/10/34 (144A) | 602464 | &nbsp;&nbsp;&nbsp; 529892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.151%, 1M TSFR + 0.999%, 11/15/36 (144A) (a) | 1140000 | &nbsp;&nbsp;&nbsp; 1139289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.241%, 1M TSFR + 2.091%, 03/15/28 (144A) (a) | 130000 | &nbsp;&nbsp;&nbsp; 130528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.786%, 1M TSFR + 2.650%, 11/25/41 (144A) (a) | 1117000 | &nbsp;&nbsp;&nbsp; 1118583 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.771%, 12/12/53 (144A) (a) (c) | 2937573 | &nbsp;&nbsp;&nbsp; 189483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930%, 11/10/52 (a) | 60000 | &nbsp;&nbsp;&nbsp; 54756 |
| GWT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.841%, 1M TSFR + 1.691%, 05/15/41 (144A) (a) | 2672000 | &nbsp;&nbsp;&nbsp; 2677010 |
| HIH Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.790%, 1M TSFR + 3.640%, 10/15/41 (144A) (a) | 177346 | &nbsp;&nbsp;&nbsp; 178066 |
| HILT Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%, 1M TSFR + 1.541%, 05/15/37 (144A) (a) | 1946000 | &nbsp;&nbsp;&nbsp; 1949041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.590%, 1M TSFR + 2.440%, 05/15/37 (144A) (a) | 1203000 | &nbsp;&nbsp;&nbsp; 1204880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.339%, 1M TSFR + 3.189%, 05/15/37 (144A) (a) | 815000 | &nbsp;&nbsp;&nbsp; 814491 |
| HLTN Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.792%, 1M TSFR + 1.642%, 06/15/41 (144A) (a) | 2918633 | &nbsp;&nbsp;&nbsp; 2923193 |
| HMH Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.062%, 07/05/31 (144A) | 740000 | &nbsp;&nbsp;&nbsp; 621600 |
| HTL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.602%, 05/10/39 (144A) (a) | 3379000 | &nbsp;&nbsp;&nbsp; 3496541 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 12/10/41 (144A) (a) | 662050 | &nbsp;&nbsp;&nbsp; 563981 |

---

**BHFTII-28**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.606%, 04/15/46 (a) (c) | 3265228 | &nbsp;&nbsp;&nbsp; $8911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 08/15/49 (144A) (a) (c) | 5300000 | &nbsp;&nbsp;&nbsp; 26038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.407%, 1M TSFR + 1.257%, 06/15/35 (144A) (a) | 116290 | &nbsp;&nbsp;&nbsp; 99475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.216%, 1M TSFR + 2.064%, 04/15/38 (144A) (a) | 787000 | &nbsp;&nbsp;&nbsp; 787738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.358%, 1M TSFR + 2.207%, 07/15/36 (144A) (a) | 570000 | &nbsp;&nbsp;&nbsp; 437453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.966%, 1M TSFR + 2.814%, 04/15/38 (144A) (a) | 959000 | &nbsp;&nbsp;&nbsp; 960199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.466%, 1M TSFR + 3.314%, 04/15/38 (144A) (a) | 450000 | &nbsp;&nbsp;&nbsp; 450844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.940%, 1M TSFR + 3.790%, 04/15/37 (144A) (a) | 797620 | &nbsp;&nbsp;&nbsp; 753816 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.551%, 09/15/47 (a) (c) | 73779 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.314%, 12/15/48 (144A) (a) | 150000 | &nbsp;&nbsp;&nbsp; 136829 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 12/15/49 (144A) (a) (c) | 2067000 | &nbsp;&nbsp;&nbsp; 12893 |
| JW Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.771%, 1M TSFR + 1.621%, 06/15/39 (144A) (a) | 1410000 | &nbsp;&nbsp;&nbsp; 1414399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.339%, 1M TSFR + 3.189%, 06/15/39 (144A) (a) | 310000 | &nbsp;&nbsp;&nbsp; 312078 |
| KSL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.693%, 1M TSFR + 1.542%, 12/15/39 (144A) (a) | 5838161 | &nbsp;&nbsp;&nbsp; 5836337 |
| LBA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, 1M TSFR + 1.591%, 06/15/39 (144A) (a) | 1840000 | &nbsp;&nbsp;&nbsp; 1842300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.587%, 1M TSFR + 4.437%, 06/15/39 (144A) (a) | 153000 | &nbsp;&nbsp;&nbsp; 152582 |
| Lehman Brothers Small Balance Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.722%, 1M TSFR + 0.564%, 09/25/36 (144A) (a) | 137541 | &nbsp;&nbsp;&nbsp; 130940 |
| LEX Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.036%, 10/13/33 (144A) (a) | 1711000 | &nbsp;&nbsp;&nbsp; 1721226 |
| LSTAR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.004%, 03/10/50 (144A) (a) (c) | 584236 | &nbsp;&nbsp;&nbsp; 4517 |
| MCR Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.920%, 06/12/39 (144A) (c) | 2421000 | &nbsp;&nbsp;&nbsp; 25126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.924%, 06/12/39 (144A) | 520000 | &nbsp;&nbsp;&nbsp; 527418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.725%, 06/12/39 (144A) | 322000 | &nbsp;&nbsp;&nbsp; 327422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.805%, 1M TSFR + 4.654%, 02/15/37 (144A) (a) | 350476 | &nbsp;&nbsp;&nbsp; 348847 |
| MFT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593%, 02/10/42 (144A) (a) | 176781 | &nbsp;&nbsp;&nbsp; 128765 |
| MHC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.365%, 1M TSFR + 2.215%, 04/15/38 (144A) (a) | 602400 | &nbsp;&nbsp;&nbsp; 602965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.865%, 1M TSFR + 2.715%, 04/15/38 (144A) (a) | 154400 | &nbsp;&nbsp;&nbsp; 154497 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.379%, 12/15/47 (144A) † (a) (c) | 1810000 | &nbsp;&nbsp;&nbsp; 24 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.157%, 03/15/52 (a) (c) | 2159373 | &nbsp;&nbsp;&nbsp; 60549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294%, 06/15/50 (144A) (a) (c) | 1190000 | &nbsp;&nbsp;&nbsp; 38112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/52 (144A) | 97000 | &nbsp;&nbsp;&nbsp; 78450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.061%, 12/15/50 (a) | 4067000 | &nbsp;&nbsp;&nbsp; 3963540 |
| MSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.141%, 12/15/56 (a) (c) | 8231259 | &nbsp;&nbsp;&nbsp; 471303 |
| Natixis Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.404%, 06/17/38 (144A) | 265000 | &nbsp;&nbsp;&nbsp; 261198 |
| NJ Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.697%, 01/06/29 (144A) (a) | 350000 | &nbsp;&nbsp;&nbsp; 367349 |
| NRTH Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.543%, 1M TSFR + 1.393%, 10/15/40 (144A) (a) | 300000 | &nbsp;&nbsp;&nbsp; 299250 |
| NYCT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.988%, 1M TSFR + 3.838%, 08/15/29 (144A) (a) | 198000 | &nbsp;&nbsp;&nbsp; 197999 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Olympic Tower Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.511%, 05/10/39 (144A) (a) (c) | 13300000 | &nbsp;&nbsp;&nbsp; $61520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.077%, 05/10/39 (144A) (a) | 1049000 | &nbsp;&nbsp;&nbsp; 882887 |
| One Bryant Park Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516%, 09/15/54 (144A) | 128000 | &nbsp;&nbsp;&nbsp; 117886 |
| One Market Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/10/32 (144A) (a) (c) | 17538712 | &nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.219%, 02/10/32 (144A) (a) (c) | 3507742 | &nbsp;&nbsp;&nbsp; 5746 |
| One New York Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.016%, 1M TSFR + 2.864%, 01/15/36 (144A) (a) | 160000 | &nbsp;&nbsp;&nbsp; 152000 |
| OPEN Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.239%, 1M TSFR + 3.089%, 11/15/40 (144A) (a) | 10532 | &nbsp;&nbsp;&nbsp; 10532 |
| ORL Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643%, 1M TSFR + 1.493%, 12/15/39 (144A) (a) | 2560000 | &nbsp;&nbsp;&nbsp; 2560800 |
| PGA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.041%, 1M TSFR + 1.891%, 06/15/39 (144A) (a) | 1527000 | &nbsp;&nbsp;&nbsp; 1527000 |
| PRM5 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%, 03/10/33 (144A) (a) | 262000 | &nbsp;&nbsp;&nbsp; 261143 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388%, 11/13/41 (144A) | 1116274 | &nbsp;&nbsp;&nbsp; 1150115 |
| SCG Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 1M TSFR + 2.150%, 03/15/35 (144A) (a) | 100000 | &nbsp;&nbsp;&nbsp; 99750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 1M TSFR + 2.950%, 03/15/35 (144A) (a) | 581000 | &nbsp;&nbsp;&nbsp; 580637 |
| SCG Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.891%, 1M TSFR + 1.741%, 04/15/41 (144A) (a) | 2258000 | &nbsp;&nbsp;&nbsp; 2259410 |
| SHR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 1M TSFR + 3.600%, 10/15/41 (144A) (a) | 255000 | &nbsp;&nbsp;&nbsp; 256820 |
| SREIT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.883%, 1M TSFR + 2.733%, 11/15/36 (144A) (a) | 342700 | &nbsp;&nbsp;&nbsp; 342700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.890%, 1M TSFR + 2.739%, 11/15/38 (144A) (a) | 746569 | &nbsp;&nbsp;&nbsp; 745869 |
| TCO Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.393%, 1M TSFR + 1.243%, 12/15/39 (144A) (a) | 1329000 | &nbsp;&nbsp;&nbsp; 1330661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.891%, 1M TSFR + 2.741%, 12/15/39 (144A) (a) | 100000 | &nbsp;&nbsp;&nbsp; 100375 |
| Thunder Logistics DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.086%, 3M EURIBOR + 2.050%, 11/17/36 (EUR) (a) | 71578 | &nbsp;&nbsp;&nbsp; 83953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.586%, 3M EURIBOR + 2.550%, 11/17/36 (EUR) (a) | 71578 | &nbsp;&nbsp;&nbsp; 83911 |
| TYSN Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.799%, 12/10/33 (144A) (a) | 320000 | &nbsp;&nbsp;&nbsp; 337871 |
| U.K. Logistics DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.636%, SONIA + 1.650%, 05/17/34 (GBP) (a) | 202000 | &nbsp;&nbsp;&nbsp; 272348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.986%, SONIA + 4.000%, 05/17/35 (GBP) (a) | 716627 | &nbsp;&nbsp;&nbsp; 968119 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.109%, 12/15/52 (a) (c) | 6738744 | &nbsp;&nbsp;&nbsp; 198765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578%, 10/15/52 (a) (c) | 3934720 | &nbsp;&nbsp;&nbsp; 185836 |
| VEGAS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.424%, 07/10/36 (144A) (a) | 3150000 | &nbsp;&nbsp;&nbsp; 3132858 |
| Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.520%, 12/26/51 (144A) (a) | 1997286 | &nbsp;&nbsp;&nbsp; 1789636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.980%, 02/25/50 (144A) (a) | 90668 | &nbsp;&nbsp;&nbsp; 72573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 11/25/47 (144A) (a) | 66639 | &nbsp;&nbsp;&nbsp; 62567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 12/26/51 (144A) (a) | 226567 | &nbsp;&nbsp;&nbsp; 186841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/25/47 (144A) (a) | 39173 | &nbsp;&nbsp;&nbsp; 35615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.330%, 02/25/55 (144A) (a) | 313599 | &nbsp;&nbsp;&nbsp; 318618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.640%, 01/25/53 (144A) (a) | 216108 | &nbsp;&nbsp;&nbsp; 206806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.150%, 02/25/55 (144A) (a) | 108573 | &nbsp;&nbsp;&nbsp; 110202 |

---

**BHFTII-29**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| VRTX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670%, 08/05/42 (144A) (a) | 970000 | &nbsp;&nbsp;&nbsp; $979623 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.312%, 07/15/43 (144A) (a) (c) | 5050000 | &nbsp;&nbsp;&nbsp; 42016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.116%, 12/15/48 (a) (c) | 93248 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.367%, 08/15/49 (144A) (a) (c) | 1430000 | &nbsp;&nbsp;&nbsp; 14739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.571%, 05/15/52 (a) (c) | 4552158 | &nbsp;&nbsp;&nbsp; 170184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%, 07/15/35 (144A) (a) | 421000 | &nbsp;&nbsp;&nbsp; 424855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%, 07/15/43 (144A) | 640000 | &nbsp;&nbsp;&nbsp; 663132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.432%, 07/15/43 (144A) | 407000 | &nbsp;&nbsp;&nbsp; 418033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.082%, 07/15/43 (144A) | 170000 | &nbsp;&nbsp;&nbsp; 172998 |
|  |  | &nbsp;&nbsp;&nbsp; 149940238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Non-Agency Mortgage-Backed Securities <br>(Cost $266,455,518) <br>|  | &nbsp;&nbsp;&nbsp; 253546982 |
| **Asset-Backed Securities—8.7%** | **Asset-Backed Securities—8.7%** | **Asset-Backed Securities—8.7%** |
| **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed European Securitisation Transaction Twenty-<br> Three SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.530%, 1M EURIBOR + 1.600%, 03/21/34 (EUR) (a) | 94192 | &nbsp;&nbsp;&nbsp; 111557 |
| Auto ABS Italian Stella Loans SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.596%, 1M EURIBOR + 1.700%, 12/29/36 (EUR) (a) | 77497 | &nbsp;&nbsp;&nbsp; 91786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.196%, 1M EURIBOR + 2.300%, 12/29/36 (EUR) (a) | 77497 | &nbsp;&nbsp;&nbsp; 92152 |
| Auto1 Car Funding SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.377%, 1M EURIBOR + 3.500%, 12/15/33 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 121055 |
| Cardiff Auto Receivables Securitisation PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.873%, SONIA + 1.900%, 08/20/31 (GBP) (a) | 259000 | &nbsp;&nbsp;&nbsp; 351547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.573%, SONIA + 2.600%, 08/20/31 (GBP) (a) | 197000 | &nbsp;&nbsp;&nbsp; 268526 |
| Dowson PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.923%, SONIA + 3.950%, 08/20/31 (GBP) (a) | 500000 | &nbsp;&nbsp;&nbsp; 675982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.923%, SONIA + 6.950%, 08/20/31 (GBP) (a) | 500000 | &nbsp;&nbsp;&nbsp; 682427 |
| Hill FL BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.859%, 1M EURIBOR + 1.950%, 10/18/32 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 115871 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.589%, SOFR30A + 1.200%, 09/20/33 (144A) (a) | 345037 | &nbsp;&nbsp;&nbsp; 345162 |
| OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 07/14/37 (144A) | 473000 | &nbsp;&nbsp;&nbsp; 481810 |
| Pony SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.077%, 1M EURIBOR + 1.200%, 01/14/33 (EUR) (a) | 97337 | &nbsp;&nbsp;&nbsp; 114493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.527%, 1M EURIBOR + 1.650%, 01/14/33 (EUR) (a) | 97337 | &nbsp;&nbsp;&nbsp; 115014 |
| SCF Rahoituspalvelut XIII DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.270%, 1M EURIBOR + 1.400%, 06/25/34 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 118187 |
| Truist Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.728%, 09/26/33 (144A) | 1271000 | &nbsp;&nbsp;&nbsp; 1271938 |
|  |  | &nbsp;&nbsp;&nbsp; 4957507 |
| **Asset-Backed - Credit Card — 0.0%** | **Asset-Backed - Credit Card — 0.0%** | **Asset-Backed - Credit Card — 0.0%** |
| Newday Funding Master Issuer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, SONIA + 1.400%, 07/15/32 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.873%, SONIA + 1.900%, 07/15/32 (GBP) (a) | 111000 | &nbsp;&nbsp;&nbsp; 150813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.623%, SONIA + 2.650%, 07/15/32 (GBP) (a) | 246000 | &nbsp;&nbsp;&nbsp; 336570 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco <br> Finance No. 2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.689%, 1M EURIBOR + 1.800%, 10/27/42 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 118469 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Credit Card—(Continued)** | **Asset-Backed - Credit Card—(Continued)** | **Asset-Backed - Credit Card—(Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco <br> Finance No. 2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.889%, 1M EURIBOR + 4.000%, 10/27/42 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; $119121 |
|  |  | &nbsp;&nbsp;&nbsp; 860480 |
| **Asset-Backed - Home Equity — 0.9%** | **Asset-Backed - Home Equity — 0.9%** | **Asset-Backed - Home Equity — 0.9%** |
| Ace Securities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/30 | 102266 | &nbsp;&nbsp;&nbsp; 98052 |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.532%, 1M TSFR + 0.374%, 05/25/37 (a) | 968324 | &nbsp;&nbsp;&nbsp; 151413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.962%, 1M TSFR + 0.804%, 08/25/35 (a) | 213203 | &nbsp;&nbsp;&nbsp; 186837 |
| ACE Securities Corp. Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930%, 02/25/38 (144A) (l) | 93226 | &nbsp;&nbsp;&nbsp; 80144 |
| Argent Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.752%, 1M TSFR + 0.594%, 05/25/35 (a) | 1542383 | &nbsp;&nbsp;&nbsp; 1277506 |
| Argent Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.572%, 1M TSFR + 0.414%, 07/25/36 (a) | 522437 | &nbsp;&nbsp;&nbsp; 140930 |
| Bayview Financial Revolving Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280%, 1M TSFR + 1.114%, 05/28/39 (144A) (a) | 2699561 | &nbsp;&nbsp;&nbsp; 2254795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280%, 1M TSFR + 1.114%, 12/28/40 (144A) (a) | 77012 | &nbsp;&nbsp;&nbsp; 82748 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.752%, 1M TSFR + 0.594%, 06/25/36 (a) | 390033 | &nbsp;&nbsp;&nbsp; 382929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972%, 1M TSFR + 0.814%, 04/25/37 (a) | 2930121 | &nbsp;&nbsp;&nbsp; 2818664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.997%, 1M TSFR + 1.839%, 08/25/34 (a) | 1726 | &nbsp;&nbsp;&nbsp; 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 12/25/35 (l) | 1100309 | &nbsp;&nbsp;&nbsp; 1085195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/25/36 (l) | 1349859 | &nbsp;&nbsp;&nbsp; 1405409 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.832%, 1M TSFR + 0.674%, 04/25/36 (a) | 2048242 | &nbsp;&nbsp;&nbsp; 1992732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.521%, 1M TSFR + 5.364%, 06/25/35 (a) | 2142000 | &nbsp;&nbsp;&nbsp; 2187288 |
| Bear Stearns Structured Products Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.272%, 1M TSFR + 2.114%, 03/25/37 (144A) (a) | 405449 | &nbsp;&nbsp;&nbsp; 403684 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.472%, 1M TSFR + 0.314%, 05/25/37 (a) | 1496888 | &nbsp;&nbsp;&nbsp; 1011174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%, 1M TSFR + 0.384%, 05/25/37 (a) | 679952 | &nbsp;&nbsp;&nbsp; 459616 |
| CWABS Asset-Backed Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.647%, 1M TSFR + 0.489%, 06/25/37 (a) | 886445 | &nbsp;&nbsp;&nbsp; 841991 |
| CWHEQ Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.155%, 06/25/35 | 25135 | &nbsp;&nbsp;&nbsp; 38883 |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.772%, 11/25/36 (a) | 154060 | &nbsp;&nbsp;&nbsp; 41770 |
| Home Equity Mortgage Loan Asset-Backed Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.522%, 1M TSFR + 2.139%, 07/25/34 (a) | 90161 | &nbsp;&nbsp;&nbsp; 86918 |
| Home Equity Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%, 07/25/36 (l) | 445387 | &nbsp;&nbsp;&nbsp; 40145 |
| Irwin Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.530%, 09/25/37 (144A) (l) | 10326 | &nbsp;&nbsp;&nbsp; 10372 |
| MASTR Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.792%, 1M TSFR + 0.634%, 06/25/36 (144A) (a) | 283889 | &nbsp;&nbsp;&nbsp; 265782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.832%, 1M TSFR + 0.674%, 05/25/37 (a) | 621846 | &nbsp;&nbsp;&nbsp; 530498 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.463%, 01/25/47 (l) | 3069181 | &nbsp;&nbsp;&nbsp; 1054020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.512%, 10/25/36 (l) | 265778 | &nbsp;&nbsp;&nbsp; 56713 |
| Option One Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%, 1M TSFR + 0.324%, 03/25/37 (a) | 930000 | &nbsp;&nbsp;&nbsp; 815653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.860%, 01/25/37 (l) | 20181 | &nbsp;&nbsp;&nbsp; 19772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.866%, 01/25/37 (l) | 2047188 | &nbsp;&nbsp;&nbsp; 1769414 |

---

**BHFTII-30**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.005%, 04/25/44 (144A) (a) | 1647000 | &nbsp;&nbsp;&nbsp; $1694936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.693%, 04/25/44 (144A) (a) | 116000 | &nbsp;&nbsp;&nbsp; 119311 |
| Yale Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.672%, 1M TSFR + 0.514%, 06/25/37 (144A) (a) | 681093 | &nbsp;&nbsp;&nbsp; 211571 |
|  |  | &nbsp;&nbsp;&nbsp; 23618556 |
| **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** | **Asset-Backed - Manufactured Housing — 0.3%** |
| BankAmerica Manufactured Housing Contract Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.070%, 02/10/22 (a) | 470000 | &nbsp;&nbsp;&nbsp; 40189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.179%, 12/10/25 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 337987 |
| BCMSC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.575%, 06/15/30 (a) | 1270292 | &nbsp;&nbsp;&nbsp; 81812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.830%, 06/15/30 (a) | 1178847 | &nbsp;&nbsp;&nbsp; 78394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.290%, 06/15/30 (a) | 850435 | &nbsp;&nbsp;&nbsp; 59877 |
| Cascade MH Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/25/44 (144A) (a) | 1320478 | &nbsp;&nbsp;&nbsp; 1268006 |
| Conseco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.830%, 04/01/30 (a) | 847602 | &nbsp;&nbsp;&nbsp; 862948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/01/30 (a) | 343222 | &nbsp;&nbsp;&nbsp; 90270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.860%, 03/01/30 (a) | 320492 | &nbsp;&nbsp;&nbsp; 88082 |
| Conseco Finance Securitizations Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.960%, 05/01/31 | 878314 | &nbsp;&nbsp;&nbsp; 165792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.060%, 09/01/29 (a) | 586391 | &nbsp;&nbsp;&nbsp; 75314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.200%, 05/01/31 | 1604918 | &nbsp;&nbsp;&nbsp; 312081 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.100%, 09/25/31 (a) | 178656 | &nbsp;&nbsp;&nbsp; 181092 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/25/36 (144A) (l) | 3911828 | &nbsp;&nbsp;&nbsp; 3279471 |
| GreenPoint Manufactured Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.230%, 12/15/29 (a) | 230714 | &nbsp;&nbsp;&nbsp; 230623 |
| Lehman ABS Manufactured Housing Contract Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.630%, 04/15/40 (a) | 253477 | &nbsp;&nbsp;&nbsp; 255637 |
| Oakwood Mortgage Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930%, 09/15/31 (a) | 138271 | &nbsp;&nbsp;&nbsp; 56354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.620%, 06/15/32 (a) | 566258 | &nbsp;&nbsp;&nbsp; 573538 |
| Origen Manufactured Housing Contract Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.465%, 1M TSFR + 1.314%, 10/15/37 (144A) (a) | 39040 | &nbsp;&nbsp;&nbsp; 38866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.820%, 03/15/32 (a) | 140711 | &nbsp;&nbsp;&nbsp; 141301 |
|  |  | &nbsp;&nbsp;&nbsp; 8217634 |
| **Asset-Backed - Other — 6.3%** | **Asset-Backed - Other — 6.3%** | **Asset-Backed - Other — 6.3%** |
| 720 East CLO VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.341%, 3M TSFR + 1.060%, 04/20/37 (144A) (a) | 970000 | &nbsp;&nbsp;&nbsp; 968622 |
| AB BSL CLO 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 3M TSFR + 1.250%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250951 |
| AGL CLO 12 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.747%, 3M TSFR + 1.422%, 07/20/34 (144A) (a) | 1310000 | &nbsp;&nbsp;&nbsp; 1311813 |
| AGL CLO 13 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.923%, 3M TSFR + 1.650%, 10/20/34 (144A) (a) | 340000 | &nbsp;&nbsp;&nbsp; 339820 |
| AGL CLO 32 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.706%, 3M TSFR + 1.380%, 07/21/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250751 |
| AGL Core CLO 15 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.737%, 3M TSFR + 1.412%, 01/20/35 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250335 |
| AGL Core CLO 2 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 950000 | &nbsp;&nbsp;&nbsp; 953833 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| AGL Core CLO 4 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.706%, 3M TSFR + 1.380%, 10/20/37 (144A) (a) | 860000 | &nbsp;&nbsp;&nbsp; $863005 |
| AIMCO CLO 11 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.972%, 3M TSFR + 1.650%, 07/17/37 (144A) (a) | 330000 | &nbsp;&nbsp;&nbsp; 331464 |
| AIMCO CLO 21 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.249%, 3M TSFR + 1.920%, 04/18/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250876 |
| Anchorage Capital CLO 15 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.621%, 3M TSFR + 1.410%, 07/20/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250534 |
| Anchorage Capital CLO 17 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.548%, 3M TSFR + 1.230%, 02/15/38 (144A) (a) | 1890000 | &nbsp;&nbsp;&nbsp; 1890176 |
| Anchorage Capital CLO 6 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, 3M TSFR + 1.800%, 07/22/38 (144A) (a) | 540000 | &nbsp;&nbsp;&nbsp; 542496 |
| Anchorage Capital CLO 7 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.874%, 3M TSFR + 1.560%, 04/28/37 (144A) (a) | 830000 | &nbsp;&nbsp;&nbsp; 832328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.364%, 3M TSFR + 2.050%, 04/28/37 (144A) (a) | 1480000 | &nbsp;&nbsp;&nbsp; 1484610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.114%, 3M TSFR + 3.800%, 04/28/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 251897 |
| Anchorage Capital CLO 8 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3M TSFR + 2.062%, 10/27/34 (144A) (a) | 1050000 | &nbsp;&nbsp;&nbsp; 1051369 |
| Apidos CLO XXV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%, 3M TSFR + 1.600%, 01/20/37 (144A) (a) | 650000 | &nbsp;&nbsp;&nbsp; 650543 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.837%, 1M TSFR + 1.686%, 05/17/41 (144A) (a) | 1960748 | &nbsp;&nbsp;&nbsp; 1961077 |
| ARES European CLO XII DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.724%, 3M EURIBOR + 1.700%, 04/20/32 (144A) <br> (EUR) (a)<br>| 297000 | &nbsp;&nbsp;&nbsp; 348804 |
| ARES LIX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610%, 3M TSFR + 1.292%, 04/25/34 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250192 |
| ARES LVI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.569%, 3M TSFR + 1.250%, 01/25/38 (144A) (a) | 350000 | &nbsp;&nbsp;&nbsp; 350730 |
| Asimi Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.323%, SONIA + 1.350%, 09/16/31 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 134676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.723%, SONIA + 1.750%, 05/16/32 (GBP) (a) | 87999 | &nbsp;&nbsp;&nbsp; 118965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.923%, SONIA + 1.950%, 09/16/31 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 135194 |
| Assurant CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.627%, 3M TSFR + 1.302%, 04/20/31 (144A) (a) | 43089 | &nbsp;&nbsp;&nbsp; 43079 |
| Avoca CLO XXII DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.326%, 3M EURIBOR + 1.300%, 04/15/35 (EUR) (a) | 150000 | &nbsp;&nbsp;&nbsp; 175112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 3M EURIBOR + 2.900%, 04/15/35 (144A) <br> (EUR) (a)<br>| 250000 | &nbsp;&nbsp;&nbsp; 291746 |
| Bain Capital Credit CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.838%, 3M TSFR + 1.520%, 07/15/37 (144A) (a) | 1170000 | &nbsp;&nbsp;&nbsp; 1174439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%, 3M TSFR + 1.550%, 07/19/31 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.680%, 3M TSFR + 3.362%, 07/24/34 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249442 |
| Ballyrock CLO 15 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648%, 3M TSFR + 1.330%, 01/15/38 (144A) (a) | 1010000 | &nbsp;&nbsp;&nbsp; 1012995 |
| Ballyrock CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.737%, 3M TSFR + 6.412%, 10/20/31 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249088 |
| Bankers Healthcare Group Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 09/17/31 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 99901 |
| Barings CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.987%, 3M TSFR + 1.662%, 01/20/31 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250353 |
| Battalion CLO 18 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.083%, 3M TSFR + 1.800%, 10/15/36 (144A) (a) | 298000 | &nbsp;&nbsp;&nbsp; 298246 |
| Battalion CLO VIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.229%, 3M TSFR + 0.900%, 07/18/30 (144A) (a) | 1285000 | &nbsp;&nbsp;&nbsp; 1284814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.329%, 3M TSFR + 1.000%, 07/18/30 (144A) (a) | 642000 | &nbsp;&nbsp;&nbsp; 642191 |

---

**BHFTII-31**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| BBAM U.S. CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, 3M TSFR + 1.200%, 03/30/38 (144A) (a) | 390000 | &nbsp;&nbsp;&nbsp; $390782 |
| Benefit Street Partners CLO V-B Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.856%, 3M TSFR + 1.530%, 07/20/37 (144A) (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2106304 |
| Benefit Street Partners CLO XVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.642%, 3M TSFR + 1.320%, 01/17/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250531 |
| Benefit Street Partners CLO XX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580%, 3M TSFR + 1.290%, 07/15/37 (144A) (a) | 310000 | &nbsp;&nbsp;&nbsp; 311159 |
| BHG Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.240%, 10/17/34 (144A) | 130000 | &nbsp;&nbsp;&nbsp; 124809 |
| Birch Grove CLO 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%, 3M TSFR + 1.600%, 01/19/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250103 |
| BlueMountain CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.169%, 3M TSFR + 1.850%, 10/25/30 (144A) (a) | 970000 | &nbsp;&nbsp;&nbsp; 972308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.173%, 3M TSFR + 1.962%, 08/15/31 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250415 |
| BlueMountain CLO XXII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.079%, 3M TSFR + 1.762%, 07/15/31 (144A) (a) | 660000 | &nbsp;&nbsp;&nbsp; 660519 |
| BlueMountain EUR CLO DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.776%, 3M EURIBOR + 1.750%, 10/15/35 (144A) <br> (EUR) (a)<br>| 560000 | &nbsp;&nbsp;&nbsp; 657556 |
| BlueMountain Fuji U.S. CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%, 3M TSFR + 1.262%, 10/20/30 (144A) (a) | 60778 | &nbsp;&nbsp;&nbsp; 60778 |
| Bridge Street CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.817%, 3M TSFR + 1.492%, 07/20/34 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250153 |
| Brignole Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.893%, 1M EURIBOR + 4.000%, 02/24/42 (EUR) (a) | 59160 | &nbsp;&nbsp;&nbsp; 70515 |
| Bryant Park Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, 3M TSFR + 1.200%, 04/15/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249753 |
| Canyon CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.649%, 3M TSFR + 1.332%, 07/15/31 (144A) (a) | 422974 | &nbsp;&nbsp;&nbsp; 423029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%, 3M TSFR + 1.400%, 10/15/37 (144A) (a) | 330000 | &nbsp;&nbsp;&nbsp; 331180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.268%, 3M TSFR + 1.950%, 10/15/37 (144A) (a) | 290000 | &nbsp;&nbsp;&nbsp; 291129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.368%, 3M TSFR + 2.050%, 05/15/37 (144A) (a) | 660000 | &nbsp;&nbsp;&nbsp; 662082 |
| Carlyle U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.632%, 3M TSFR + 1.650%, 10/15/38 (144A) (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2008736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.106%, 3M TSFR + 1.780%, 10/21/37 (144A) (a) | 520000 | &nbsp;&nbsp;&nbsp; 521907 |
| Carrington Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.432%, 1M TSFR + 0.274%, 10/25/36 (a) | 71897 | &nbsp;&nbsp;&nbsp; 70238 |
| C-BASS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.592%, 1M TSFR + 0.434%, 10/25/36 (a) | 137601 | &nbsp;&nbsp;&nbsp; 95267 |
| Cedar Funding II CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.838%, 3M TSFR + 1.750%, 07/22/38 (144A) (a) | 510000 | &nbsp;&nbsp;&nbsp; 511359 |
| Cedar Funding V CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.684%, 3M TSFR + 1.362%, 07/17/31 (144A) (a) | 383250 | &nbsp;&nbsp;&nbsp; 383406 |
| Cedar Funding XI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%, 3M TSFR + 1.300%, 05/29/32 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250273 |
| Cedar Funding XIV CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.018%, 3M TSFR + 1.700%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250765 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.649%, 3M TSFR + 1.320%, 01/18/38 (144A) (a) | 510000 | &nbsp;&nbsp;&nbsp; 511735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.657%, 3M TSFR + 1.332%, 04/20/34 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.679%, 3M TSFR + 1.360%, 07/23/37 (144A) (a) | 666207 | &nbsp;&nbsp;&nbsp; 667873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.717%, 3M TSFR + 1.392%, 10/20/34 (144A) (a) | 1190000 | &nbsp;&nbsp;&nbsp; 1190390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.729%, 3M TSFR + 1.412%, 07/15/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.732%, 3M TSFR + 1.410%, 07/17/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739%, 3M TSFR + 1.650%, 10/15/38 (144A) (a) | 1825000 | &nbsp;&nbsp;&nbsp; 1830134 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.768%, 3M TSFR + 1.450%, 07/16/37 (144A) (a) | 940000 | &nbsp;&nbsp;&nbsp; $943310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.806%, 3M TSFR + 1.480%, 07/21/37 (144A) (a) | 1090000 | &nbsp;&nbsp;&nbsp; 1095308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.832%, 3M TSFR + 1.550%, 07/16/35 (144A) (a) | 500000 | &nbsp;&nbsp;&nbsp; 500254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%, 3M TSFR + 1.550%, 04/21/37 (144A) (a) | 1170000 | &nbsp;&nbsp;&nbsp; 1174680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.926%, 3M TSFR + 1.600%, 01/20/37 (144A) (a) | 390000 | &nbsp;&nbsp;&nbsp; 391253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.991%, 3M TSFR + 1.662%, 01/18/31 (144A) (a) | 330000 | &nbsp;&nbsp;&nbsp; 330519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.069%, 3M TSFR + 1.750%, 07/25/37 (144A) (a) | 730000 | &nbsp;&nbsp;&nbsp; 732632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.229%, 3M TSFR + 1.912%, 10/15/34 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.237%, 3M TSFR + 1.912%, 10/20/34 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.376%, 3M TSFR + 2.050%, 04/21/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250221 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442%, 1M TSFR + 0.284%, 07/25/45 (a) | 504445 | &nbsp;&nbsp;&nbsp; 352972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.022%, 1M TSFR + 3.864%, 07/25/37 (a) | 4602562 | &nbsp;&nbsp;&nbsp; 4205520 |
| Clover CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.856%, 3M TSFR + 1.530%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250600 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%, 04/25/36 (a) | 589018 | &nbsp;&nbsp;&nbsp; 529170 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.998%, 12/25/36 (l) | 127217 | &nbsp;&nbsp;&nbsp; 104161 |
| CVC Cordatus Loan Fund IV DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.334%, 3M EURIBOR + 1.300%, 02/22/34 (EUR) (a) | 250000 | &nbsp;&nbsp;&nbsp; 292096 |
| CWABS Asset-Backed Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 1M TSFR + 0.534%, 04/25/46 (a) | 504371 | &nbsp;&nbsp;&nbsp; 406459 |
| CWHEQ Revolving Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.415%, 1M TSFR + 0.264%, 11/15/36 (a) | 58232 | &nbsp;&nbsp;&nbsp; 57202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.445%, 1M TSFR + 0.294%, 05/15/35 (a) | 12446 | &nbsp;&nbsp;&nbsp; 12367 |
| Dryden 65 CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.191%, 3M TSFR + 1.862%, 07/18/30 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250307 |
| Edenbrook Mortgage Funding PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.936%, SONIA + 1.950%, 03/22/57 (GBP) (a) | 241132 | &nbsp;&nbsp;&nbsp; 329452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.536%, SONIA + 2.550%, 03/22/57 (GBP) (a) | 138924 | &nbsp;&nbsp;&nbsp; 191034 |
| Elmwood CLO 24 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.642%, 3M TSFR + 1.320%, 01/17/38 (144A) (a) | 567000 | &nbsp;&nbsp;&nbsp; 569397 |
| Elmwood CLO 27 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.279%, 3M TSFR + 1.950%, 04/18/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250894 |
| Elmwood CLO 29 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.846%, 3M TSFR + 1.520%, 04/20/37 (144A) (a) | 730000 | &nbsp;&nbsp;&nbsp; 732726 |
| Elmwood CLO 30 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.752%, 3M TSFR + 1.430%, 07/17/37 (144A) (a) | 390000 | &nbsp;&nbsp;&nbsp; 391117 |
| Elmwood CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%, 3M TSFR + 1.140%, 04/17/38 (144A) (a) | 1750000 | &nbsp;&nbsp;&nbsp; 1750070 |
| Elmwood CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.676%, 3M TSFR + 1.350%, 10/20/37 (144A) (a) | 1140000 | &nbsp;&nbsp;&nbsp; 1145193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.026%, 3M TSFR + 1.700%, 10/20/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250691 |
| Elmwood CLO XII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%, 3M TSFR + 1.360%, 10/15/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250734 |
| Equity One Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%, 12/25/33 (a) | 2986237 | &nbsp;&nbsp;&nbsp; 2672602 |
| Euro-Galaxy III CLO DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.194%, 3M EURIBOR + 3.250%, 04/24/34 (144A) <br> (EUR) (a)<br>| 290000 | &nbsp;&nbsp;&nbsp; 342271 |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.422%, 1M TSFR + 0.264%, 12/25/36 (a) | 1220966 | &nbsp;&nbsp;&nbsp; 1057880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.512%, 1M TSFR + 0.354%, 10/25/36 (a) | 127609 | &nbsp;&nbsp;&nbsp; 82184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.552%, 1M TSFR + 0.394%, 12/25/36 (a) | 3456646 | &nbsp;&nbsp;&nbsp; 1393545 |

---

**BHFTII-32**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 1M TSFR + 0.534%, 12/25/36 (a) | 6358716 | &nbsp;&nbsp;&nbsp; $2569771 |
| Flatiron CLO 20 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.124%, 3M TSFR + 1.920%, 05/20/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250000 |
| Flatiron CLO 21 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.686%, 3M TSFR + 1.360%, 10/19/37 (144A) (a) | 2390000 | &nbsp;&nbsp;&nbsp; 2396298 |
| Flatiron CLO 25 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.922%, 3M TSFR + 1.600%, 10/17/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250885 |
| Fortuna Consumer Loan ABS DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.559%, 1M EURIBOR + 1.650%, 10/18/34 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 118125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.009%, 1M EURIBOR + 4.100%, 10/18/34 (EUR) (a) | 300000 | &nbsp;&nbsp;&nbsp; 358175 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.190%, 01/15/42 (144A) | 335854 | &nbsp;&nbsp;&nbsp; 320357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930%, 03/15/50 (144A) | 205382 | &nbsp;&nbsp;&nbsp; 205800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.680%, 04/15/52 (144A) | 138000 | &nbsp;&nbsp;&nbsp; 138743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.350%, 04/15/52 (144A) | 300000 | &nbsp;&nbsp;&nbsp; 303624 |
| Fremont Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.552%, 1M TSFR + 0.394%, 02/25/37 (a) | 564020 | &nbsp;&nbsp;&nbsp; 418013 |
| FTA Consumo Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.324%, 3M EURIBOR + 1.300%, 07/20/38 (EUR) (a) | 78536 | &nbsp;&nbsp;&nbsp; 92754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.674%, 3M EURIBOR + 1.650%, 07/20/38 (EUR) (a) | 78536 | &nbsp;&nbsp;&nbsp; 92763 |
| Golden Bar Securitisation SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.529%, 3M EURIBOR + 1.500%, 09/22/43 (EUR) (a) | 194049 | &nbsp;&nbsp;&nbsp; 229963 |
| Golden Ray SA - Compartment 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.896%, 1M EURIBOR + 2.000%, 12/27/57 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 117438 |
| GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.406%, 3M TSFR + 1.080%, 10/20/34 (144A) (a) | 910000 | &nbsp;&nbsp;&nbsp; 910193 |
| Goldman Home Improvement Trust Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.970%, 06/25/51 (144A) | 262582 | &nbsp;&nbsp;&nbsp; 253436 |
| Golub Capital Partners CLO 50B-R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.826%, 3M TSFR + 1.500%, 04/20/35 (144A) (a) | 340000 | &nbsp;&nbsp;&nbsp; 341064 |
| Golub Capital Partners CLO 52 B R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.326%, 3M TSFR + 2.000%, 04/20/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250412 |
| Golub Capital Partners CLO 77 B Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.569%, 3M TSFR + 1.250%, 01/25/38 (144A) (a) | 298333 | &nbsp;&nbsp;&nbsp; 298698 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 10/20/46 (144A) | 212016 | &nbsp;&nbsp;&nbsp; 214787 |
| Henley CLO IV DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.289%, 3M EURIBOR + 1.350%, 04/25/34 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 117092 |
| Hermitage PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.573%, SONIA + 1.600%, 04/21/33 (GBP) (a) | 65816 | &nbsp;&nbsp;&nbsp; 88901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.323%, SONIA + 2.350%, 04/21/33 (GBP) (a) | 57733 | &nbsp;&nbsp;&nbsp; 78235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.873%, SONIA + 3.900%, 04/21/33 (GBP) (a) | 69280 | &nbsp;&nbsp;&nbsp; 94212 |
| Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799%, 12/17/26 (144A) | 1358646 | &nbsp;&nbsp;&nbsp; 1323735 |
| Invesco Euro CLO V DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.826%, 3M EURIBOR + 3.800%, 01/15/34 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 116781 |
| Juniper Valley Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%, 3M TSFR + 1.550%, 07/20/36 (144A) (a) | 270000 | &nbsp;&nbsp;&nbsp; 270000 |
| Knollwood CDO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.700%, PRIME + 3.200%, 01/10/39 (144A) † (a) | 1432411 | &nbsp;&nbsp;&nbsp; 143 |
| LCM 26 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.657%, 3M TSFR + 1.332%, 01/20/31 (144A) (a) | 10665 | &nbsp;&nbsp;&nbsp; 10663 |
| LCM 29 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.649%, 3M TSFR + 1.332%, 04/15/31 (144A) (a) | 111598 | &nbsp;&nbsp;&nbsp; 111669 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Lehman ABS Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.362%, 1M TSFR + 0.204%, 06/25/37 (144A) (a) | 117385 | &nbsp;&nbsp;&nbsp; $77960 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%, 02/21/34 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 100085 |
| Loanpal Solar Loan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290%, 01/20/48 (144A) | 669845 | &nbsp;&nbsp;&nbsp; 560951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/20/47 (144A) | 718292 | &nbsp;&nbsp;&nbsp; 609414 |
| Long Beach Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.572%, 1M TSFR + 0.414%, 06/25/36 (a) | 436308 | &nbsp;&nbsp;&nbsp; 204673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.592%, 1M TSFR + 0.434%, 08/25/36 (a) | 482261 | &nbsp;&nbsp;&nbsp; 191187 |
| Madison Park Funding LI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.287%, 3M TSFR + 1.962%, 07/19/34 (144A) (a) | 260000 | &nbsp;&nbsp;&nbsp; 260196 |
| Madison Park Funding LXVII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.369%, 3M TSFR + 2.050%, 04/25/37 (144A) (a) | 640000 | &nbsp;&nbsp;&nbsp; 642285 |
| Madison Park Funding XIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.932%, 3M TSFR + 1.600%, 01/22/37 (144A) (a) | 1094000 | &nbsp;&nbsp;&nbsp; 1097958 |
| Madison Park Funding XXIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.575%, 3M TSFR + 2.262%, 07/27/31 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250709 |
| Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, 11/20/36 (144A) | 400000 | &nbsp;&nbsp;&nbsp; 372252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.360%, 11/20/38 (144A) | 183000 | &nbsp;&nbsp;&nbsp; 187965 |
| Merrill Lynch First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.752%, 1M TSFR + 0.594%, 05/25/37 (a) | 3805974 | &nbsp;&nbsp;&nbsp; 2773306 |
| Mill City Solar Loan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.690%, 07/20/43 (144A) | 784105 | &nbsp;&nbsp;&nbsp; 706147 |
| Mosaic Solar Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 04/20/46 (144A) | 100050 | &nbsp;&nbsp;&nbsp; 88008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.880%, 09/20/40 (144A) | 90200 | &nbsp;&nbsp;&nbsp; 79846 |
| Neuberger Berman CLO XXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646%, 3M TSFR + 1.320%, 01/20/39 (144A) (a) | 870000 | &nbsp;&nbsp;&nbsp; 872827 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.826%, 3M TSFR + 1.500%, 01/20/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249337 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.672%, 1M TSFR + 0.514%, 10/25/36 (144A) (a) | 41935 | &nbsp;&nbsp;&nbsp; 83600 |
| Noria DE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520%, 1M EURIBOR + 1.650%, 02/25/43 (EUR) (a) | 89266 | &nbsp;&nbsp;&nbsp; 105338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%, 1M EURIBOR + 3.550%, 02/25/43 (EUR) (a) | 89266 | &nbsp;&nbsp;&nbsp; 106230 |
| Oceana Australian Fixed Income Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 07/31/28 (AUD) † (g) (h) | 639000 | &nbsp;&nbsp;&nbsp; 429718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.500%, 07/31/26 (AUD) † (g) (h) | 456000 | &nbsp;&nbsp;&nbsp; 308162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.500%, 07/31/27 (AUD) † (g) (h) | 759000 | &nbsp;&nbsp;&nbsp; 524831 |
| OCP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590%, 3M TSFR + 1.262%, 04/10/33 (144A) (a) | 205066 | &nbsp;&nbsp;&nbsp; 205232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.655%, 3M TSFR + 1.342%, 04/26/31 (144A) (a) | 3986 | &nbsp;&nbsp;&nbsp; 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.696%, 3M TSFR + 1.370%, 07/20/37 (144A) (a) | 500000 | &nbsp;&nbsp;&nbsp; 501278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.726%, 3M TSFR + 1.400%, 07/20/37 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.975%, 3M TSFR + 1.662%, 04/26/31 (144A) (a) | 180000 | &nbsp;&nbsp;&nbsp; 179981 |
| Octagon 57 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.229%, 3M TSFR + 1.912%, 10/15/34 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250184 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.539%, 3M TSFR + 1.222%, 04/16/31 (144A) (a) | 444684 | &nbsp;&nbsp;&nbsp; 444594 |
| Octagon Investment Partners 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.126%, 3M TSFR + 1.800%, 10/20/30 (144A) (a) | 860000 | &nbsp;&nbsp;&nbsp; 861737 |
| Octagon Investment Partners XVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.604%, 3M TSFR + 1.282%, 07/17/30 (144A) (a) | 846000 | &nbsp;&nbsp;&nbsp; 846045 |

---

**BHFTII-33**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| Octagon Investment Partners XVII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580%, 3M TSFR + 1.262%, 01/25/31 (144A) (a) | 34353 | &nbsp;&nbsp;&nbsp; $34345 |
| OHA Credit Funding 17 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.806%, 3M TSFR + 1.480%, 04/20/37 (144A) (a) | 490000 | &nbsp;&nbsp;&nbsp; 491454 |
| OHA Credit Funding 2 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.566%, 3M TSFR + 1.240%, 01/21/38 (144A) (a) | 2590000 | &nbsp;&nbsp;&nbsp; 2596014 |
| OHA Credit Funding 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646%, 3M TSFR + 1.320%, 01/20/38 (144A) (a) | 300000 | &nbsp;&nbsp;&nbsp; 301017 |
| OHA Credit Funding 9 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.026%, 3M TSFR + 1.700%, 10/19/37 (144A) (a) | 350000 | &nbsp;&nbsp;&nbsp; 351235 |
| OHA Credit Partners XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%, 3M TSFR + 1.460%, 04/20/37 (144A) (a) | 540000 | &nbsp;&nbsp;&nbsp; 541400 |
| OHA Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.422%, 3M TSFR + 1.250%, 10/19/38 (144A) (a) | 310000 | &nbsp;&nbsp;&nbsp; 310927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.498%, 3M TSFR + 1.302%, 05/23/31 (144A) (a) | 1407617 | &nbsp;&nbsp;&nbsp; 1407617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 610000 | &nbsp;&nbsp;&nbsp; 612822 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 05/14/41 (144A) | 2497000 | &nbsp;&nbsp;&nbsp; 2641836 |
| Owl Rock CLO XVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.019%, 3M TSFR + 1.700%, 07/24/36 (144A) (a) | 460000 | &nbsp;&nbsp;&nbsp; 459750 |
| OZLM XVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%, 3M TSFR + 1.282%, 04/15/31 (144A) (a) | 104545 | &nbsp;&nbsp;&nbsp; 104536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.129%, 3M TSFR + 1.812%, 04/15/31 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250854 |
| OZLM XXII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.654%, 3M TSFR + 1.332%, 01/17/31 (144A) (a) | 20805 | &nbsp;&nbsp;&nbsp; 20801 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.361%, 3M TSFR + 1.250%, 08/14/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%, 3M TSFR + 1.600%, 10/20/38 (144A) (a) | 340000 | &nbsp;&nbsp;&nbsp; 339350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.861%, 3M TSFR + 1.650%, 11/15/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250067 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918%, 3M TSFR + 1.600%, 04/15/31 (144A) (a) | 1580000 | &nbsp;&nbsp;&nbsp; 1580739 |
| PCL Funding IX PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.273%, SONIA + 1.300%, 07/16/29 (GBP) (a) | 100000 | &nbsp;&nbsp;&nbsp; 134898 |
| Point Broadband Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.156%, 07/20/55 (144A) | 1276000 | &nbsp;&nbsp;&nbsp; 1304550 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.436%, 05/17/26 (144A) | 1070000 | &nbsp;&nbsp;&nbsp; 1060363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666%, 12/17/40 (144A) | 292401 | &nbsp;&nbsp;&nbsp; 279707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.053%, 11/17/40 (144A) | 221000 | &nbsp;&nbsp;&nbsp; 209955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.608%, 12/17/40 (144A) | 1181365 | &nbsp;&nbsp;&nbsp; 1155749 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.044%, 10/05/55 (144A) | 1142000 | &nbsp;&nbsp;&nbsp; 1138141 |
| Quarzo SRL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.314%, 3M EURIBOR + 2.300%, 06/15/41 (EUR) (a) | 73975 | &nbsp;&nbsp;&nbsp; 87917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.714%, 3M EURIBOR + 3.700%, 06/15/41 (EUR) (a) | 73975 | &nbsp;&nbsp;&nbsp; 87784 |
| Rad CLO 25 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%, 3M TSFR + 1.460%, 07/20/37 (144A) (a) | 640000 | &nbsp;&nbsp;&nbsp; 642828 |
| Rad CLO 27 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.018%, 3M TSFR + 1.700%, 01/15/38 (144A) (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2005306 |
| Rad CLO 7 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672%, 3M TSFR + 1.350%, 04/17/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.222%, 3M TSFR + 1.900%, 04/17/36 (144A) (a) | 460000 | &nbsp;&nbsp;&nbsp; 460271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.922%, 3M TSFR + 2.600%, 04/17/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.472%, 3M TSFR + 4.150%, 04/17/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249647 |
| Redwood Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/25/59 (144A) (l) | 547895 | &nbsp;&nbsp;&nbsp; 546058 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401%, 3M TSFR + 1.170%, 03/25/38 (144A) (a) | 270000 | &nbsp;&nbsp;&nbsp; $270108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.831%, 3M TSFR + 1.600%, 03/25/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250856 |
| Regatta VI Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.206%, 3M TSFR + 1.250%, 10/20/38 (144A) (a) | 760000 | &nbsp;&nbsp;&nbsp; 762612 |
| Regatta VII Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.415%, 3M TSFR + 1.412%, 06/20/34 (144A) (a) | 280000 | &nbsp;&nbsp;&nbsp; 279930 |
| Regatta XIX Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.176%, 3M TSFR + 1.850%, 04/20/35 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 251043 |
| Regatta XVIII Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.478%, 3M TSFR + 1.160%, 04/15/38 (144A) (a) | 436000 | &nbsp;&nbsp;&nbsp; 436339 |
| Regatta XXIV Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646%, 3M TSFR + 1.320%, 01/20/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250950 |
| Regatta XXVII Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844%, 3M TSFR + 1.530%, 04/26/37 (144A) (a) | 470000 | &nbsp;&nbsp;&nbsp; 471522 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 08/15/33 (144A) | 173000 | &nbsp;&nbsp;&nbsp; 166577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/17/33 (g) (h) | 3710000 | &nbsp;&nbsp;&nbsp; 3594248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 12/15/33 (144A) | 261000 | &nbsp;&nbsp;&nbsp; 263248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.460%, 07/15/36 (144A) | 102000 | &nbsp;&nbsp;&nbsp; 105412 |
| Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.590%, 11/20/34 (144A) | 1292000 | &nbsp;&nbsp;&nbsp; 1291712 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.091%, 08/15/50 (144A) | 945000 | &nbsp;&nbsp;&nbsp; 947761 |
| Riserva CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.651%, 3M TSFR + 1.322%, 01/18/34 (144A) (a) | 940000 | &nbsp;&nbsp;&nbsp; 941031 |
| Rockford Tower CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.687%, 3M TSFR + 1.362%, 04/20/34 (144A) (a) | 856000 | &nbsp;&nbsp;&nbsp; 857137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.777%, 3M TSFR + 1.452%, 10/20/30 (144A) (a) | 699940 | &nbsp;&nbsp;&nbsp; 699898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.079%, 3M TSFR + 1.762%, 10/15/29 (144A) (a) | 1781000 | &nbsp;&nbsp;&nbsp; 1781575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.429%, 3M TSFR + 3.112%, 10/15/29 (144A) (a) | 939000 | &nbsp;&nbsp;&nbsp; 939398 |
| Romark WM-R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.617%, 3M TSFR + 1.292%, 04/20/31 (144A) (a) | 197775 | &nbsp;&nbsp;&nbsp; 197789 |
| RR 12 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918%, 3M TSFR + 1.600%, 01/15/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249722 |
| RR 19 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%, 3M TSFR + 1.550%, 04/15/40 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250460 |
| RR 32 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%, 3M TSFR + 1.360%, 10/15/39 (144A) (a) | 1860000 | &nbsp;&nbsp;&nbsp; 1865398 |
| RR 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%, 3M TSFR + 1.150%, 04/15/40 (144A) (a) | 1620000 | &nbsp;&nbsp;&nbsp; 1620237 |
| RR 5 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.268%, 3M TSFR + 1.950%, 07/15/39 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250923 |
| Saxon Asset Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.030%, 08/25/35 (l) | 164114 | &nbsp;&nbsp;&nbsp; 126422 |
| SC Germany SA Compartment Consumer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.277%, 1M EURIBOR + 1.400%, 05/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 118414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.577%, 1M EURIBOR + 1.700%, 05/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 118430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.627%, 1M EURIBOR + 1.750%, 12/14/38 (EUR) (a) | 100000 | &nbsp;&nbsp;&nbsp; 118551 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.712%, 1M TSFR + 0.554%, 01/25/37 (a) | 82000 | &nbsp;&nbsp;&nbsp; 61532 |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, 02/02/32 (144A) | 318618 | &nbsp;&nbsp;&nbsp; 312869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.390%, 11/20/35 (144A) | 474329 | &nbsp;&nbsp;&nbsp; 485079 |
| SG Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 1M TSFR + 0.534%, 10/25/36 (a) | 570000 | &nbsp;&nbsp;&nbsp; 443720 |

---

**BHFTII-34**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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)** |
| Signal Peak CLO 5 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.869%, 3M TSFR + 1.550%, 04/25/37 (144A) (a) | 270000 | &nbsp;&nbsp;&nbsp; $270931 |
| Silver Point CLO 4 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.948%, 3M TSFR + 1.630%, 04/15/37 (144A) (a) | 1090000 | &nbsp;&nbsp;&nbsp; 1092771 |
| Silver Point CLO 8 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.432%, 3M TSFR + 1.210%, 04/15/38 (144A) (a) | 770000 | &nbsp;&nbsp;&nbsp; 770381 |
| Sixth Street CLO IX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.706%, 3M TSFR + 1.380%, 07/21/37 (144A) (a) | 300000 | &nbsp;&nbsp;&nbsp; 300987 |
| Sixth Street CLO XX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.913%, 3M TSFR + 1.650%, 07/17/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 251008 |
| SoFi Personal Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/12/31 | 23003 | &nbsp;&nbsp;&nbsp; 364046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.060%, 02/12/31 (144A) | 585573 | &nbsp;&nbsp;&nbsp; 589238 |
| Sound Point CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.645%, 3M TSFR + 1.332%, 01/26/31 (144A) (a) | 100257 | &nbsp;&nbsp;&nbsp; 100261 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.797%, 1M TSFR + 0.639%, 01/25/37 (a) | 3400396 | &nbsp;&nbsp;&nbsp; 3364695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.067%, 1M TSFR + 0.909%, 01/25/35 (a) | 12255 | &nbsp;&nbsp;&nbsp; 10496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.292%, 1M TSFR + 1.134%, 11/25/35 (a) | 158500 | &nbsp;&nbsp;&nbsp; 131079 |
| Steele Creek CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.829%, 3M TSFR + 1.512%, 10/15/30 (144A) (a) | 60323 | &nbsp;&nbsp;&nbsp; 60310 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.268%, 07/30/54 (144A) | 830723 | &nbsp;&nbsp;&nbsp; 852091 |
| Sycamore Tree CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.576%, 3M TSFR + 2.250%, 04/20/36 (144A) (a) | 320000 | &nbsp;&nbsp;&nbsp; 320378 |
| Symphony CLO XX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%, 3M TSFR + 1.550%, 01/16/32 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250044 |
| Symphony CLO XXVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%, 3M TSFR + 1.342%, 04/20/33 (144A) (a) | 300394 | &nbsp;&nbsp;&nbsp; 300676 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.821%, 08/25/55 (144A) | 1192000 | &nbsp;&nbsp;&nbsp; 1198145 |
| Tiaa CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.729%, 3M TSFR + 1.412%, 01/16/31 (144A) (a) | 82641 | &nbsp;&nbsp;&nbsp; 82628 |
| TICP CLO VI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.699%, 3M TSFR + 1.382%, 01/15/34 (144A) (a) | 820000 | &nbsp;&nbsp;&nbsp; 821289 |
| TICP CLO VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.218%, 3M TSFR + 1.900%, 04/15/33 (144A) (a) | 395000 | &nbsp;&nbsp;&nbsp; 395334 |
| TICP CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.369%, 3M TSFR + 2.050%, 04/25/37 (144A) (a) | 260000 | &nbsp;&nbsp;&nbsp; 261033 |
| Trestles CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.757%, 3M TSFR + 1.432%, 07/21/34 (144A) (a) | 1170000 | &nbsp;&nbsp;&nbsp; 1170397 |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.692%, 07/17/38 (144A) | 795000 | &nbsp;&nbsp;&nbsp; 784069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.133%, 07/17/38 (144A) | 639000 | &nbsp;&nbsp;&nbsp; 629716 |
| Trinitas CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.991%, 3M TSFR + 1.662%, 10/18/31 (144A) (a) | 160000 | &nbsp;&nbsp;&nbsp; 160056 |
| Trinitas CLO VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.379%, 3M TSFR + 1.060%, 01/25/35 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249752 |
| Trinitas CLO XIV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%, 3M TSFR + 1.700%, 01/25/34 (144A) (a) | 560000 | &nbsp;&nbsp;&nbsp; 559989 |
| Upgrade Master Pass-Thru Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611%, 10/15/32 (144A) | 387000 | &nbsp;&nbsp;&nbsp; 387346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.254%, 09/15/32 (144A) | 126000 | &nbsp;&nbsp;&nbsp; 126370 |
| UPX HIL Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.160%, 01/25/47 (144A) | 1292452 | &nbsp;&nbsp;&nbsp; 1297960 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Vantage Data Centers Jersey Borrower SPV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.172%, 05/28/39 (GBP) | 480000 | &nbsp;&nbsp;&nbsp; $660601 |
| Venture 32 CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.661%, 3M TSFR + 1.332%, 07/18/31 (144A) (a) | 142320 | &nbsp;&nbsp;&nbsp; 142334 |
| Verdelite Static CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%, 3M TSFR + 1.130%, 07/20/32 (144A) (a) | 308948 | &nbsp;&nbsp;&nbsp; 308804 |
| VOLT CVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.734%, 12/26/51 (144A) (l) | 949870 | &nbsp;&nbsp;&nbsp; 949925 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 3M TSFR + 1.200%, 07/20/32 (144A) (a) | 1086760 | &nbsp;&nbsp;&nbsp; 1087543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.688%, 3M TSFR + 1.370%, 10/15/37 (144A) (a) | 1990000 | &nbsp;&nbsp;&nbsp; 1995910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%, 3M TSFR + 1.550%, 04/20/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.957%, 3M TSFR + 1.700%, 10/15/38 (144A) (a) | 765000 | &nbsp;&nbsp;&nbsp; 766853 |
| Voya Euro CLO V DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.776%, 3M EURIBOR + 1.750%, 04/15/35 (144A) <br> (EUR) (a)<br>| 340000 | &nbsp;&nbsp;&nbsp; 399230 |
| Washington Mutual Asset-Backed Certificates WMABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.129%, 1M TSFR + 0.424%, 10/25/36 (a) | 468161 | &nbsp;&nbsp;&nbsp; 357218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.632%, 1M TSFR + 0.474%, 09/25/36 (a) | 1588117 | &nbsp;&nbsp;&nbsp; 397271 |
| Wellington Management CLO 5 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611%, 3M TSFR + 1.650%, 10/18/38 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250782 |
| Whitebox CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.639%, 3M TSFR + 1.320%, 07/24/36 (144A) (a) | 253000 | &nbsp;&nbsp;&nbsp; 253399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.419%, 3M TSFR + 3.100%, 07/24/36 (144A) (a) | 500000 | &nbsp;&nbsp;&nbsp; 500336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.069%, 3M TSFR + 5.750%, 07/24/36 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 249956 |
| Whitebox CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.699%, 3M TSFR + 1.380%, 10/24/37 (144A) (a) | 981000 | &nbsp;&nbsp;&nbsp; 983092 |
| Whitebox CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.168%, 3M TSFR + 2.850%, 10/15/35 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.968%, 3M TSFR + 5.650%, 10/15/35 (144A) (a) | 250000 | &nbsp;&nbsp;&nbsp; 250466 |
| Wireless PropCo Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 06/25/55 (144A) | 2718000 | &nbsp;&nbsp;&nbsp; 2594615 |
|  |  | &nbsp;&nbsp;&nbsp; 162954469 |
| **Asset-Backed - Student Loan — 1.0%** | **Asset-Backed - Student Loan — 1.0%** | **Asset-Backed - Student Loan — 1.0%** |
| College Avenue Student Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.420%, 06/25/52 (144A) | 110193 | &nbsp;&nbsp;&nbsp; 101053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720%, 06/25/52 (144A) | 61127 | &nbsp;&nbsp;&nbsp; 56866 |
| Navient Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.165%, 1M TSFR + 1.014%, 11/15/68 (144A) (a) | 170948 | &nbsp;&nbsp;&nbsp; 170494 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.610%, 04/15/60 (144A) | 136381 | &nbsp;&nbsp;&nbsp; 122706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, 07/15/69 (144A) | 450000 | &nbsp;&nbsp;&nbsp; 387127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.480%, 04/15/60 (144A) | 361048 | &nbsp;&nbsp;&nbsp; 338262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660%, 10/15/72 (144A) | 1764727 | &nbsp;&nbsp;&nbsp; 1812182 |
| Navient Refinance Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720%, 09/15/55 (144A) | 1053000 | &nbsp;&nbsp;&nbsp; 1050654 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.530%, 04/20/62 (144A) | 2102119 | &nbsp;&nbsp;&nbsp; 1848775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.680%, 04/20/62 (144A) | 3120000 | &nbsp;&nbsp;&nbsp; 2787309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 04/20/62 (144A) | 3661000 | &nbsp;&nbsp;&nbsp; 3296340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 04/20/62 (144A) | 1640000 | &nbsp;&nbsp;&nbsp; 1472835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.360%, 04/20/62 (144A) | 110000 | &nbsp;&nbsp;&nbsp; 94899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/62 (144A) | 170000 | &nbsp;&nbsp;&nbsp; 147908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.570%, 04/20/62 (144A) | 142000 | &nbsp;&nbsp;&nbsp; 125618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/20/62 (144A) | 277000 | &nbsp;&nbsp;&nbsp; 247024 |

---

**BHFTII-35**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** | **Asset-Backed - Student Loan—(Continued)** |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, 04/20/62 (144A) | 100000 | &nbsp;&nbsp;&nbsp; $87057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%, 04/20/62 (144A) | 160000 | &nbsp;&nbsp;&nbsp; 137798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/20/62 (144A) | 260000 | &nbsp;&nbsp;&nbsp; 232906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930%, 04/20/62 (144A) | 374000 | &nbsp;&nbsp;&nbsp; 340194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.472%, SOFR30A + 1.100%, 03/15/57 (144A) (a) | 1001103 | &nbsp;&nbsp;&nbsp; 997150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739%, SOFR30A + 1.350%, 06/22/65 (144A) (a) | 1127000 | &nbsp;&nbsp;&nbsp; 1126993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.820%, 06/22/65 (144A) | 640000 | &nbsp;&nbsp;&nbsp; 637719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.606%, SOFR30A + 2.250%, 11/25/53 (144A) (a) | 375749 | &nbsp;&nbsp;&nbsp; 380976 |
| Prodigy Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.522%, 1M TSFR + 1.364%, 07/25/51 (144A) (a) | 184599 | &nbsp;&nbsp;&nbsp; 184428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.772%, 1M TSFR + 2.614%, 07/25/51 (144A) (a) | 42519 | &nbsp;&nbsp;&nbsp; 42981 |
| Scholar Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.105%, SOFR30A + 0.764%, 01/30/45 (144A) (a) | 1999268 | &nbsp;&nbsp;&nbsp; 1974825 |
| SLM Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.015%, 1M TSFR + 4.864%, 10/15/41 (144A) (a) | 1822718 | &nbsp;&nbsp;&nbsp; 1911312 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 01/15/53 (144A) | 92283 | &nbsp;&nbsp;&nbsp; 90097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.990%, 01/15/53 (144A) | 1070599 | &nbsp;&nbsp;&nbsp; 942956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/53 (144A) | 68313 | &nbsp;&nbsp;&nbsp; 59689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/17/40 (144A) | 219269 | &nbsp;&nbsp;&nbsp; 218449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860%, 01/15/53 (144A) | 458008 | &nbsp;&nbsp;&nbsp; 417463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930%, 01/15/53 (144A) | 33390 | &nbsp;&nbsp;&nbsp; 29899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.474%, SOFR30A + 1.100%, 06/17/52 (144A) (a) | 506511 | &nbsp;&nbsp;&nbsp; 505899 |
|  |  | &nbsp;&nbsp;&nbsp; 24378843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $232,520,361) <br>|  | &nbsp;&nbsp;&nbsp; 224987489 |
| **Foreign Government—2.9%** | **Foreign Government—2.9%** | **Foreign Government—2.9%** |
| **Sovereign — 2.9%** | **Sovereign — 2.9%** | **Sovereign — 2.9%** |
| Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 01/01/29 (BRL) | 20100000 | &nbsp;&nbsp;&nbsp; 3472343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 01/01/35 (BRL) | 104586000 | &nbsp;&nbsp;&nbsp; 16098248 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 08/15/56 (EUR) | 1793000 | &nbsp;&nbsp;&nbsp; 1950472 |
| Colombia TES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/09/36 (COP) | 23813200000 | &nbsp;&nbsp;&nbsp; 4192703 |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 02/14/30 | 2172000 | &nbsp;&nbsp;&nbsp; 2049776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 03/12/51 | 1965000 | &nbsp;&nbsp;&nbsp; 1319318 |
| Israel Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/12/54 (f) | 1440000 | &nbsp;&nbsp;&nbsp; 1362158 |
| Japan Government Thirty Year Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/20/54 (JPY) | 1025050000 | &nbsp;&nbsp;&nbsp; 5909919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 03/20/55 (JPY) | 634900000 | &nbsp;&nbsp;&nbsp; 3742168 |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%, 05/24/31 | 3275000 | &nbsp;&nbsp;&nbsp; 2909510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/34 | 3805000 | &nbsp;&nbsp;&nbsp; 3304642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/31/50 (f) | 4504000 | &nbsp;&nbsp;&nbsp; 3466954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/19/33 | 458000 | &nbsp;&nbsp;&nbsp; 443083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 02/09/35 | 2817000 | &nbsp;&nbsp;&nbsp; 2974808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/13/37 | 2837000 | &nbsp;&nbsp;&nbsp; 3059704 |
| Panama Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/17/28 | 1279000 | &nbsp;&nbsp;&nbsp; 1254571 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Panama Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/56 | 1811000 | &nbsp;&nbsp;&nbsp; $1322121 |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/10/51 | 2017000 | &nbsp;&nbsp;&nbsp; 1436407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 08/12/35 (PEN) | 6146000 | &nbsp;&nbsp;&nbsp; 1868158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 08/12/39 (PEN) | 4947000 | &nbsp;&nbsp;&nbsp; 1556826 |
| Philippines Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/28 | 1834000 | &nbsp;&nbsp;&nbsp; 1790630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 07/06/46 | 2044000 | &nbsp;&nbsp;&nbsp; 1496740 |
| Republic of South Africa Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 01/31/37 (ZAR) | 36225000 | &nbsp;&nbsp;&nbsp; 1929767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 03/31/33 (ZAR) | 39244000 | &nbsp;&nbsp;&nbsp; 2422692 |
| Uruguay Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 | 1266587 | &nbsp;&nbsp;&nbsp; 1270640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 06/18/50 | 1478733 | &nbsp;&nbsp;&nbsp; 1398142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government <br>(Cost $77,957,085) <br>|  | &nbsp;&nbsp;&nbsp; 74002500 |
| **Floating Rate Loans (p)—0.8%** | **Floating Rate Loans (p)—0.8%** | **Floating Rate Loans (p)—0.8%** |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Hydrofarm Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, 10.070%, 3M TSFR + 5.500%, <br> 10/25/28<br>| 347018 | &nbsp;&nbsp;&nbsp; 289760 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Emerald Technologies U.S. Acquisitionco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 10.599%, 3M TSFR + 6.250%, 12/29/27 | 253017 | &nbsp;&nbsp;&nbsp; 177112 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| Flexsys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Refinancing Term Loan, 9.710%, 3M <br> TSFR + 5.250%, 08/01/29<br>| 341198 | &nbsp;&nbsp;&nbsp; 116647 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Allied Universal Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, 7.513%, 1M TSFR + 3.250%, <br> 08/20/32<br>| 595787 | &nbsp;&nbsp;&nbsp; 598529 |
| Digital Room Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, 9.513%, 1M TSFR + 5.250%, <br> 12/21/28<br>| 498905 | &nbsp;&nbsp;&nbsp; 492045 |
| Interface Security Systems LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 12.260%, SOFR + 7.000%, 11/23/27 † (g) <br>(h) (j)<br>| 1998634 | &nbsp;&nbsp;&nbsp; 894389 |
| USAVFLOW II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 10.634%, 1M TSFR + 6.500%, 08/16/29 <br> † (g) (h)<br>| 295000 | &nbsp;&nbsp;&nbsp; 296859 |
| Vaco Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan, 9.152%, 3M TSFR + 5.000%, <br> 01/21/29<br>| 269059 | &nbsp;&nbsp;&nbsp; 232287 |
|  |  | &nbsp;&nbsp;&nbsp; 2514109 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Alorica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan, 11.038%, 1M TSFR + 6.875%, <br> 12/21/27 † (g) (h)<br>| 788423 | &nbsp;&nbsp;&nbsp; 782510 |

---

**BHFTII-36**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Floating Rate Loans (p)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Coreweave Compute Acquisition Co. II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 13.140%, 3M TSFR + <br> 9.620%, 07/31/28 † (g) (h)<br>| 1821200 | &nbsp;&nbsp;&nbsp; $1812094 |
| Coreweave Compute Acquisition Co. IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, 6.000% - 10.319%, 3M <br> TSFR + 6.000%, 05/16/29 † (g) (h) (q)<br>| 1845269 | &nbsp;&nbsp;&nbsp; 1826816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 5th Amendment Delayed Draw Term Loan, <br> 8.252%, 3M TSFR + 4.250%, 09/30/30 † (r)<br>| 1098948 | &nbsp;&nbsp;&nbsp; 1098948 |
| Veritas U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Priority Term Loan, 12.002%, 3M TSFR + 1.500%, <br> 12/09/29<br>| 157426 | &nbsp;&nbsp;&nbsp; 159787 |
|  |  | &nbsp;&nbsp;&nbsp; 5680155 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Euro Parfums Fze |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Upsize Term Loan, 9.122%, 3M TSFR + 6.250%, <br> 09/01/28 (g) (h)<br>| 108370 | &nbsp;&nbsp;&nbsp; 107828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 9.122%, 1M TSFR + 6.250%, 06/23/28 <br> (g) (h)<br>| 164225 | &nbsp;&nbsp;&nbsp; 163404 |
|  |  | &nbsp;&nbsp;&nbsp; 271232 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Garfunkelux Holdco 3 SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan, 08/01/28 (s) | 868000 | &nbsp;&nbsp;&nbsp; 1009731 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| West Deptford Energy Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 8.163%, 1M TSFR + 4.000%, <br> 07/24/32<br>| 264338 | &nbsp;&nbsp;&nbsp; 263016 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| ITG Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.947%, 3M TSFR + 4.750%, 07/09/31 | 680000 | &nbsp;&nbsp;&nbsp; 672989 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Bally's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, 7.844%, 3M TSFR + 3.250%, <br> 10/02/28<br>| 1287876 | &nbsp;&nbsp;&nbsp; 1254674 |
| ECL Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 7.163%, 1M TSFR + 3.000%, <br> 08/30/30<br>| 848732 | &nbsp;&nbsp;&nbsp; 848520 |
| J&J Ventures Gaming LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Term Loan B, 7.663%, 1M TSFR + <br> 3.500%, 04/26/30<br>| 311778 | &nbsp;&nbsp;&nbsp; 309147 |
| Maverick Gaming LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, 15.750%, PRIME + <br> 8.500%, 06/05/28 †<br>| 469331 | &nbsp;&nbsp;&nbsp; 305065 |
| Peninsula Pacific Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, 08/13/32 (s) | 113620 | &nbsp;&nbsp;&nbsp; 113762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 08/13/32 (s) | 484781 | &nbsp;&nbsp;&nbsp; 485387 |
| RunItOneTime LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Amendment Final New Money DIP Term Loan, <br> 5.002%, 3M TSFR + 1.000%, 11.500% PIK, 04/16/26 <br> (g) (h) (j)<br>| 164282 | &nbsp;&nbsp;&nbsp; 157963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Amendment Roll Up Term Loan, 5.163%, 3M TSFR <br> + 1.000%, 11.500% PIK, 05/06/26 (g) (h) (j)<br>| 268651 | &nbsp;&nbsp;&nbsp; 231068 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| RunItOneTime LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roll-Up DIP Term Loan, 5.163%, 3M TSFR + 1.000%, <br> 11.500% PIK, 04/16/26 (g) (h) (j)<br>| 13120 | &nbsp;&nbsp;&nbsp; $11284 |
|  |  | &nbsp;&nbsp;&nbsp; 3716870 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| Medical Solutions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, 11.408%, 3M TSFR + <br> 7.000%, 11/01/29<br>| 274000 | &nbsp;&nbsp;&nbsp; 61650 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Spectacle Gary Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, 8.402%, 3M TSFR + 4.250%, <br> 12/11/28<br>| 1217821 | &nbsp;&nbsp;&nbsp; 1199554 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B5, 8.750%, PRIME + 1.500%, <br> 04/15/27<br>| 153047 | &nbsp;&nbsp;&nbsp; 148216 |
| DirecTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 9.808%, 3M TSFR + 5.500%, <br> 02/17/31<br>| 519610 | &nbsp;&nbsp;&nbsp; 509434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 9.570%, 3M TSFR + 5.000%, 08/02/27 | 15649 | &nbsp;&nbsp;&nbsp; 15678 |
|  |  | &nbsp;&nbsp;&nbsp; 673328 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.002%, 3M TSFR + 4.000%, 12/30/27 | 361601 | &nbsp;&nbsp;&nbsp; 362505 |
| Stakeholder Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.042%, 3M TSFR + 4.000%, 01/01/31 | 662000 | &nbsp;&nbsp;&nbsp; 660345 |
|  |  | &nbsp;&nbsp;&nbsp; 1022850 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Solaris Energy Infrastructure LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 10.002%, 3M TSFR + 6.000%, 09/11/29 <br> (g) (h)<br>| 1583950 | &nbsp;&nbsp;&nbsp; 1595830 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| ConnectWise LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, 7.763%, 3M TSFR + 3.500%, <br> 09/29/28<br>| 403786 | &nbsp;&nbsp;&nbsp; 404947 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| Connect Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B, 8.663%, 1M TSFR + <br> 4.500%, 09/27/29<br>| 518424 | &nbsp;&nbsp;&nbsp; 512808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Floating Rate Loans <br>(Cost $21,915,152) <br>|  | &nbsp;&nbsp;&nbsp; 20182588 |
| **Municipals—0.7%** | **Municipals—0.7%** | **Municipals—0.7%** |
| American Municipal Power, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084%, 02/15/50 | 510000 | &nbsp;&nbsp;&nbsp; 654868 |
| Bay Area Toll Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 04/01/50 | 1215000 | &nbsp;&nbsp;&nbsp; 1395870 |
| City of San Antonio Electric & Gas Systems Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.808%, 02/01/41 | 875000 | &nbsp;&nbsp;&nbsp; 908786 |

---

**BHFTII-37**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Municipals—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District, General Obligation <br> Unlimited<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 08/01/42 | 785000 | &nbsp;&nbsp;&nbsp; $857643 |
| Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.668%, 11/15/39 | 170000 | &nbsp;&nbsp;&nbsp; 186335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.814%, 11/15/40 | 210000 | &nbsp;&nbsp;&nbsp; 233010 |
| Municipal Electric Authority of Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.637%, 04/01/57 | 443000 | &nbsp;&nbsp;&nbsp; 485492 |
| New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 01/01/40 | 492000 | &nbsp;&nbsp;&nbsp; 594168 |
| New York City Municipal Water Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882%, 06/15/44 | 270000 | &nbsp;&nbsp;&nbsp; 280085 |
| New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, 03/15/40 | 355000 | &nbsp;&nbsp;&nbsp; 360420 |
| Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960%, 08/01/46 | 1350000 | &nbsp;&nbsp;&nbsp; 1296877 |
| Port of Beaumont Navigation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 07/01/26 | 1005000 | &nbsp;&nbsp;&nbsp; 1009583 |
| State of California, General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 04/01/38 | 3765000 | &nbsp;&nbsp;&nbsp; 3839620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550%, 04/01/39 | 780000 | &nbsp;&nbsp;&nbsp; 951690 |
| State of Illinois, General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 06/01/33 | 2626373 | &nbsp;&nbsp;&nbsp; 2671767 |
| State of Texas, General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517%, 04/01/39 | 820000 | &nbsp;&nbsp;&nbsp; 852070 |
| University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%, 05/15/2112 | 239000 | &nbsp;&nbsp;&nbsp; 202781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipals <br>(Cost $18,390,343) <br>|  | &nbsp;&nbsp;&nbsp; 16781065 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks—0.3%** | **Common Stocks—0.3%** | **Common Stocks—0.3%** |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| Flagstar Financial, Inc. (f) | 87326 | &nbsp;&nbsp;&nbsp; 1008615 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Rakuten Group, Inc. (t) | 41394 | &nbsp;&nbsp;&nbsp; 268228 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| Lumen Technologies, Inc. (t) | 84465 | &nbsp;&nbsp;&nbsp; 516926 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| Freewire Technologies † (g) (h) (t) | 25 | &nbsp;&nbsp;&nbsp; 0 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Flowco Holdings, Inc. - Class A | 19427 | &nbsp;&nbsp;&nbsp; 288491 |
| Solaris Energy Infrastructure, Inc. (m) | 23730 | &nbsp;&nbsp;&nbsp; 948488 |
|  |  | &nbsp;&nbsp;&nbsp; 1236979 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Warner Bros Discovery, Inc. (f) (t) | 21892 | &nbsp;&nbsp;&nbsp; 427551 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| Centene Corp. (t) | 8352 | &nbsp;&nbsp;&nbsp; 297999 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Caesars Entertainment, Inc. (t) | 10022 | &nbsp;&nbsp;&nbsp; 270845 |
| Genius Sports Ltd. (t) | 82693 | &nbsp;&nbsp;&nbsp; 1023739 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Six Flags Entertainment Corp. (f) (t) | 11667 | &nbsp;&nbsp;&nbsp; $265074 |
| Sonder Holdings, Inc. - Class A † (t) | 4351 | &nbsp;&nbsp;&nbsp; 5526 |
|  |  | &nbsp;&nbsp;&nbsp; 1565184 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Century Communities, Inc.  | 4198 | &nbsp;&nbsp;&nbsp; 266027 |
| M/I Homes, Inc. (t) | 1062 | &nbsp;&nbsp;&nbsp; 153395 |
| Meritage Homes Corp.  | 3360 | &nbsp;&nbsp;&nbsp; 243365 |
| Tri Pointe Homes, Inc. (t) | 7336 | &nbsp;&nbsp;&nbsp; 249204 |
|  |  | &nbsp;&nbsp;&nbsp; 911991 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp. (f) (t) | 1162 | &nbsp;&nbsp;&nbsp; 9982 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| AMC Networks, Inc. - Class A (t) | 20917 | &nbsp;&nbsp;&nbsp; 172356 |
| EchoStar Corp. - Class A (f) (t) | 15162 | &nbsp;&nbsp;&nbsp; 1157771 |
|  |  | &nbsp;&nbsp;&nbsp; 1330127 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Algoma Steel Group, Inc.  | 43096 | &nbsp;&nbsp;&nbsp; 153206 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Amentum Holdings, Inc. (t) | 8262 | &nbsp;&nbsp;&nbsp; 197875 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Core Scientific, Inc. (f) (t) | 27665 | &nbsp;&nbsp;&nbsp; 496310 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| WOM New Holdco (h) (t) | 1032 | &nbsp;&nbsp;&nbsp; 23736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $7,476,459) <br>|  | &nbsp;&nbsp;&nbsp; 8444709 |
| **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Dream Finders Homes, Inc., 9.000%, 09/08/26 † (g) (h) | 2628 | &nbsp;&nbsp;&nbsp; 2608290 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Versa Networks, Inc. - Series E, 12.000% PIK † (g) (h) (j) | 678151 | &nbsp;&nbsp;&nbsp; 4034999 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Insight M, Inc. - Series D † (g) (h) (t) | 481839 | &nbsp;&nbsp;&nbsp; 96994 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Lessen Holdings, Inc. † (g) (h) (t) | 23458 | &nbsp;&nbsp;&nbsp; 11729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $5,048,898) <br>|  | &nbsp;&nbsp;&nbsp; 6752012 |

---

&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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5.000% PIK, 04/01/32 (144A) (j) | 546844 | &nbsp;&nbsp;&nbsp; 490360 |

---

**BHFTII-38**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Convertible Bonds—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Stem, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/01/28 (144A) | 102000 | &nbsp;&nbsp;&nbsp; $29070 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/25 | 459000 | &nbsp;&nbsp;&nbsp; 452282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/26 | 130000 | &nbsp;&nbsp;&nbsp; 124930 |
|  |  | &nbsp;&nbsp;&nbsp; 577212 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Solaris Energy Infrastructure, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/01/30 | 608000 | &nbsp;&nbsp;&nbsp; 1088263 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Core Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/15/31 (144A) | 71000 | &nbsp;&nbsp;&nbsp; 79342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds <br>(Cost $1,811,092) <br>|  | &nbsp;&nbsp;&nbsp; 2264247 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
| Sonder Holdings, Inc. Expires 04/11/30 † (g) (h) (t) | 43128 | &nbsp;&nbsp;&nbsp; 22858 |
| Sonder Holdings, Inc. Expires 12/30/29 † (t) | 4323 | &nbsp;&nbsp;&nbsp; 5447 |
|  |  | &nbsp;&nbsp;&nbsp; 28305 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Versa Networks, Inc., Expires 10/07/32 † (g) (h) (t) | 83584 | &nbsp;&nbsp;&nbsp; 399531 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Palladyne AI Corp., Expires 09/24/26 (t) | 102425 | &nbsp;&nbsp;&nbsp; 20536 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Insight M, Inc., Expires 01/31/29 † (g) (h) (t) | 499269 | &nbsp;&nbsp;&nbsp; 35099 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Aurora Innovation, Inc., Expires 11/03/26 (t) | 2636 | &nbsp;&nbsp;&nbsp; 1531 |
| Latch, Inc., Expires 06/04/26 (t) | 6439 | &nbsp;&nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp;&nbsp; 1532 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| EVgo, Inc., Expires 07/01/26 (t) | 12581 | &nbsp;&nbsp;&nbsp; 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Warrants <br>(Cost $172,352) <br>|  | &nbsp;&nbsp;&nbsp; 487395 |
| **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;&nbsp; 375678 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Cohesity Global, Inc. - Series G-1 (t) | 1382 | &nbsp;&nbsp;&nbsp; 31095 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** |
| Cohesity Global, Inc. - Series G (t) | 2000 | &nbsp;&nbsp;&nbsp; $45000 |
|  |  | &nbsp;&nbsp;&nbsp; 76095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Cost $337,440) <br>|  | &nbsp;&nbsp;&nbsp; 451773 |
| **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. (g) (h) (t) | 100000 | &nbsp;&nbsp;&nbsp; 0 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Washington Mutual, Inc. (g) (h) (t) | 8777000 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Escrow Shares <br>(Cost $0) <br>|  | &nbsp;&nbsp;&nbsp; 0 |

---

&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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due <br> on 10/01/25, with a maturity value of $61,841,285; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $63,072,886<br>| 61836132 | &nbsp;&nbsp;&nbsp; 61836132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $61,836,132) <br>|  | &nbsp;&nbsp;&nbsp; 61836132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (u)—1.0%** | **Securities Lending Reinvestments (u)—1.0%** | **Securities Lending Reinvestments (u)—1.0%** |
| **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (v)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (v)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (v)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (v)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (v)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (v)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp;&nbsp; 17000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due <br> on 10/01/25 with a maturity value of $1,000,116; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 5.000%, maturity dates ranging <br> from 11/30/25 - 02/15/52, and an aggregate market <br> value of $1,020,000<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due <br> on 10/01/25 with a maturity value of $2,000,233; <br> collateralized by various Common Stock with an <br> aggregate market value of $2,224,672<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |

---

**BHFTII-39**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due <br> on 10/01/25 with a maturity value of $1,200,141; <br> collateralized by various Common Stock with an <br> aggregate market value of $1,334,803<br>| 1200000 | &nbsp;&nbsp;&nbsp; $1200000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due <br> on 10/01/25 with a maturity value of $500,058; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.625%, maturity dates ranging <br> from 10/28/25 - 05/15/35, and an aggregate market <br> value of $510,000<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due <br> on 10/01/25 with a maturity value of $2,883,254; <br> collateralized by U.S. Treasury Obligations with zero <br> coupon, maturity dates ranging from 11/15/35 - <br> 08/15/55, and an aggregate market value of <br> $2,940,576<br>| 2882918 | &nbsp;&nbsp;&nbsp; 2882918 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due <br> on 10/01/25 with a maturity value of $500,057; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.125% - 2.375%, maturity dates ranging <br> from 05/31/26 - 07/15/30, and an aggregate market <br> value of $510,000<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp;&nbsp; 8082918 |
| **Time Deposit—0.0%** | **Time Deposit—0.0%** | **Time Deposit—0.0%** |
| Skandinaviska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $26,082,918) <br>|  | &nbsp;&nbsp;&nbsp; 26082918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options—0.0% (w) <br>(Cost $1,535,313) <br>|  | &nbsp;&nbsp;&nbsp; 228037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—112.9% <br>(Cost $2,999,990,538)<br>|  | &nbsp;&nbsp;&nbsp; 2905173937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Commitments—0.0% <br>(Cost $(644231))<br>|  | &nbsp;&nbsp;&nbsp; (644231)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—112.9% <br>(Cost $2,999,346,307) <br>|  | &nbsp;&nbsp;&nbsp; 2904529706 |
| Other assets and liabilities (net)—(12.9)%  |  | &nbsp;&nbsp;&nbsp; (330946427)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $2573583279 |

---

&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 September 30, 2025, the market value of restricted securities <br> was $33,839,800, which is 1.3% of net assets. See details shown in the Restricted Securities <br> table that follows.<br>|
| (a) | Variable or floating rate security. The stated rate represents the rate at September 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) | All or a portion of the security was pledged as collateral for TBA securities. As of <br> September 30, 2025, the market value of securities pledged was $1,576,059.<br>|
| (e) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (f) | All or a portion of the security was held on loan. As of September 30, 2025, the market value <br> of securities loaned was $43,079,540 and the collateral received consisted of cash in the <br> amount of $26,082,918 and non-cash collateral with a value of $18,701,550. 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.<br>|
| (g) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of September 30, 2025, these securities represent 1.5% of net assets.<br>|
| (h) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (i) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (j) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (k) | Perpetual bond with no specified maturity date. |
| (l) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (m) | All or a portion of the security was pledged as collateral against open OTC derivative <br> contracts. As of September 30, 2025, the market value of securities pledged was <br> $1,412,957.<br>|
| (n) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> September 30, 2025, the market value of securities pledged was $6,146,780.<br>|
| (o) | Principal amount of security is adjusted for inflation. |
| (p) | 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>|
| (q) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of September 30, 2025.<br>|
| (r) | 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>|
| (s) | This loan will settle after September 30, 2025, at which time the interest rate will be <br> determined.<br>|
| (t) | Non-income producing security. |
| (u) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (v) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |
| (w) | 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 September 30, 2025, the market value of 144A securities was <br> $505,280,882, which is 19.6% of net assets.<br>|

---

**BHFTII-40**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

&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** |
| Aethon III BR LLC, 9.610%, 01/10/27 | 09/19/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 451536 | &nbsp;&nbsp; $448234 | &nbsp;&nbsp; $448150 |
| Alorica, Inc., 11.038%, 12/21/27 | 01/26/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 788423 | &nbsp;&nbsp; 784849 | &nbsp;&nbsp; 782510 |
| BX Commercial Mortgage Trust, 5.175%, 02/15/33 | 03/02/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2391915 | &nbsp;&nbsp; 2391915 | &nbsp;&nbsp; 2390992 |
| BX Commercial Mortgage Trust, 6.415%, 02/15/33 | 03/02/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1466417 | &nbsp;&nbsp; 1466417 | &nbsp;&nbsp; 1464370 |
| BX Commercial Mortgage Trust, 8.515%, 02/15/33 | 03/02/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 979005 | &nbsp;&nbsp; 979005 | &nbsp;&nbsp; 977623 |
| Continuum Energy Pte. Ltd., 12.850%, 09/11/27 | 05/16/24-09/11/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1476427 | &nbsp;&nbsp; 1467330 | &nbsp;&nbsp; 1476427 |
| Coreweave Compute Acquisition Co. II LLC, 13.140%, 07/31/28 | 07/31/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1821200 | &nbsp;&nbsp; 1820393 | &nbsp;&nbsp; 1812094 |
| Coreweave Compute Acquisition Co. IV LLC, 8.252%, 09/30/30 | 09/29/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1098948 | &nbsp;&nbsp; 1091942 | &nbsp;&nbsp; 1098948 |
| Coreweave Compute Acquisition Co. IV LLC, 6.000% - 10.319%, 05/16/29 | 05/20/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1845269 | &nbsp;&nbsp; 1845269 | &nbsp;&nbsp; 1826816 |
| Dream Finders Homes, Inc., 9.000%, 09/08/26 | 09/29/21 |  | &nbsp;&nbsp; 2628 | &nbsp;&nbsp; 2601720 | &nbsp;&nbsp; 2608290 |
| 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; 3090843 | &nbsp;&nbsp; 3177249 |
| Insight M, Inc. - Series D | 01/31/24 |  | &nbsp;&nbsp; 481839 | &nbsp;&nbsp; 164500 | &nbsp;&nbsp; 96994 |
| Insight M, Inc., Expires 01/31/29 | 01/31/24-07/31/24 |  | &nbsp;&nbsp; 499269 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 35099 |
| Interface Security Systems LLC, 12.260%, 11/23/27 | 08/13/19-08/29/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1998634 | &nbsp;&nbsp; 1881112 | &nbsp;&nbsp; 894389 |
| ION Trading Technologies SARL, 9.500%, 05/30/29 | 07/24/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209814 | &nbsp;&nbsp; 211235 |
| Knollwood CDO Ltd., 10.700%, 01/10/39 | 02/10/04 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1432411 | &nbsp;&nbsp; 1432411 | &nbsp;&nbsp; 143 |
| Lessen Holdings, Inc. | 01/05/23 |  | &nbsp;&nbsp; 23458 | &nbsp;&nbsp; 303694 | &nbsp;&nbsp; 11729 |
| Lessen Holdings, Inc., 14.270%, 01/05/28 | 01/05/23-03/31/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1870810 | &nbsp;&nbsp; 1837133 | &nbsp;&nbsp; 1739853 |
| Maverick Gaming LLC, 15.750%, 06/05/28 | 04/03/24-01/03/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 469331 | &nbsp;&nbsp; 466809 | &nbsp;&nbsp; 305065 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 1.379%, 12/15/47 | 06/22/16 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp; 121537 | &nbsp;&nbsp; 24 |
| New Generation Gas Gathering LLC, 8.530%, 09/30/29 | 09/30/24-08/28/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1425540 | &nbsp;&nbsp; 1407001 | &nbsp;&nbsp; 1425540 |
| Oceana Australian Fixed Income Trust, 10.500%, 07/31/28 | 01/14/25 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 639000 | &nbsp;&nbsp; 395509 | &nbsp;&nbsp; 429718 |
| Oceana Australian Fixed Income Trust, 12.500%, 07/31/27 | 08/31/23 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 759000 | &nbsp;&nbsp; 491794 | &nbsp;&nbsp; 524831 |
| Oceana Australian Fixed Income Trust, 12.500%, 07/31/26 | 08/31/23 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 456000 | &nbsp;&nbsp; 295465 | &nbsp;&nbsp; 308162 |
| Pioneer MidCo. LLC, 11.625%, 11/18/30 | 01/27/23-09/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1410928 | &nbsp;&nbsp; 1392973 | &nbsp;&nbsp; 1414455 |
| Service Properties Trust, Zero Coupon, 09/30/28 | 09/15/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 318000 | &nbsp;&nbsp; 274515 | &nbsp;&nbsp; 280327 |
| Service Properties Trust, 3.950%, 01/15/28 | 07/24/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94489 | &nbsp;&nbsp; 93587 |
| Service Properties Trust, 4.375%, 02/15/30 | 07/24/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 261547 | &nbsp;&nbsp; 254995 |
| Service Properties Trust, 5.500%, 12/15/27 | 11/17/20-07/24/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 69692 |
| Service Properties Trust, 8.375%, 06/15/29 | 05/17/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 828000 | &nbsp;&nbsp; 821586 | &nbsp;&nbsp; 840726 |
| Service Properties Trust, 8.875%, 06/15/32 | 05/17/24-05/21/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 715000 | &nbsp;&nbsp; 692407 | &nbsp;&nbsp; 719018 |
| Sonder Holdings, Inc. - Class A | 08/13/24 |  | &nbsp;&nbsp; 4351 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 5526 |
| Sonder Holdings, Inc., 7.000%, 12/10/27 | 06/28/24-09/30/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1807372 | &nbsp;&nbsp; 1795003 | &nbsp;&nbsp; 1355529 |
| Sonder Holdings, Inc. Expires 04/11/30 | 04/11/25 |  | &nbsp;&nbsp; 43128 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 22858 |
| Sonder Holdings, Inc. Expires 12/30/29 | 12/30/24 |  | &nbsp;&nbsp; 4323 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 5447 |
| USAVFLOW II Ltd., 10.634%, 08/16/29 | 08/20/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 296859 |
| Versa Networks, Inc. - Series E | 10/14/22 |  | &nbsp;&nbsp; 678151 | &nbsp;&nbsp; 1978984 | &nbsp;&nbsp; 4034999 |
| Versa Networks, Inc., Expires 10/07/32 | 10/14/22 |  | &nbsp;&nbsp; 83584 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 399531 |
|  |  |  |  |  | &nbsp;&nbsp; $33839800 |

---

**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;&nbsp; TBA | &nbsp;&nbsp;&nbsp; $(2697000)<br>| &nbsp;&nbsp;&nbsp; $(2441417)<br>| &nbsp;&nbsp;&nbsp; $(2412393)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (7192000)<br>| &nbsp;&nbsp;&nbsp; (6277230)<br>| &nbsp;&nbsp;&nbsp; (6251236)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.500<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (684600)<br>| &nbsp;&nbsp;&nbsp; (303131)<br>| &nbsp;&nbsp;&nbsp; (305120)<br>|
| Uniform Mortgage-Backed Security, TBA | 3.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (7194300)<br>| &nbsp;&nbsp;&nbsp; (6408725)<br>| &nbsp;&nbsp;&nbsp; (6384267)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (5324000)<br>| &nbsp;&nbsp;&nbsp; (5031857)<br>| &nbsp;&nbsp;&nbsp; (5037243)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.500<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (6956000)<br>| &nbsp;&nbsp;&nbsp; (6297219)<br>| &nbsp;&nbsp;&nbsp; (6610920)<br>|
| Totals | Totals | Totals | Totals | &nbsp;&nbsp;&nbsp; $(26759579)<br>| &nbsp;&nbsp;&nbsp; $(27001179)<br>|

---

**BHFTII-41**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| BRL | &nbsp;&nbsp; 25176199 | UBSA | 12/17/25 | USD | 4551300 | &nbsp;&nbsp; $95222 |
| BRL | &nbsp;&nbsp; 30746818 | UBSA | 12/17/25 | USD | 5558345 | &nbsp;&nbsp; 116291 |
| CNH | &nbsp;&nbsp; 88051777 | CBNA | 12/17/25 | USD | 12449000 | &nbsp;&nbsp; (37487)<br>|
| EGP | &nbsp;&nbsp; 10789900 | MSIP | 12/22/25 | USD | 192402 | &nbsp;&nbsp; 24647 |
| EUR | &nbsp;&nbsp; 2065000 | DBAG | 12/17/25 | USD | 2429239 | &nbsp;&nbsp; 5806 |
| MXN | &nbsp;&nbsp; 47353006 | JPMC | 12/17/25 | USD | 2520506 | &nbsp;&nbsp; 44330 |
| MXN | &nbsp;&nbsp; 48170124 | JPMC | 12/17/25 | USD | 2564000 | &nbsp;&nbsp; 45095 |
| TRY | &nbsp;&nbsp; 5720841 | UBSA | 10/24/25 | USD | 123000 | &nbsp;&nbsp; 12157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 150000 | MSIP | 12/17/25 | USD | 98535 | &nbsp;&nbsp; (810)<br>|
| AUD | &nbsp;&nbsp; 302000 | TDB | 12/17/25 | USD | 201430 | &nbsp;&nbsp; 1416 |
| BRL | &nbsp;&nbsp; 100508200 | UBSA | 12/17/25 | USD | 18169660 | &nbsp;&nbsp; (380145)<br>|
| COP | &nbsp;&nbsp; 17264521019 | MSIP | 12/17/25 | USD | 4359232 | &nbsp;&nbsp; 359 |
| EGP | &nbsp;&nbsp; 10789900 | CBNA | 12/22/25 | USD | 192299 | &nbsp;&nbsp; (24749)<br>|
| EUR | &nbsp;&nbsp; 23301800 | DBAG | 12/17/25 | USD | 27411935 | &nbsp;&nbsp; (65520)<br>|
| EUR | &nbsp;&nbsp; 8546968 | DBAG | 12/17/25 | USD | 10054542 | &nbsp;&nbsp; (24033)<br>|
| EUR | &nbsp;&nbsp; 419558 | DBAG | 12/17/25 | USD | 493563 | &nbsp;&nbsp; (1180)<br>|
| EUR | &nbsp;&nbsp; 838000 | DBAG | 12/17/25 | USD | 987100 | &nbsp;&nbsp; (1068)<br>|
| EUR | &nbsp;&nbsp; 3839000 | MSIP | 12/17/25 | USD | 4539610 | &nbsp;&nbsp; 12666 |
| GBP | &nbsp;&nbsp; 2426900 | BBP | 12/17/25 | USD | 3285172 | &nbsp;&nbsp; 20905 |
| GBP | &nbsp;&nbsp; 2017000 | CBNA | 12/17/25 | USD | 2746268 | &nbsp;&nbsp; 33331 |
| JPY | &nbsp;&nbsp; 1395777000 | MSIP | 12/17/25 | USD | 9563059 | &nbsp;&nbsp; 52260 |
| JPY | &nbsp;&nbsp; 99128000 | RBC | 12/17/25 | USD | 679074 | &nbsp;&nbsp; 3618 |
| JPY | &nbsp;&nbsp; 21527000 | UBSA | 12/17/25 | USD | 147453 | &nbsp;&nbsp; 769 |
| PEN | &nbsp;&nbsp; 11597570 | BOA | 12/17/25 | USD | 3329000 | &nbsp;&nbsp; (4799)<br>|
| TRY | &nbsp;&nbsp; 5777003 | BBP | 10/24/25 | USD | 123000 | &nbsp;&nbsp; (13484)<br>|
| ZAR | &nbsp;&nbsp; 75807000 | BOA | 12/17/25 | USD | 4309738 | &nbsp;&nbsp; (56015)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(140418)<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;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp; 433 | AUD | 49081264 | &nbsp;&nbsp;&nbsp; $(123002)<br>|
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp; 82 | CAD | 10041720 | &nbsp;&nbsp;&nbsp; 13419 |
| Euro-Bund Futures | &nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp; 107 | EUR | 13756990 | &nbsp;&nbsp;&nbsp; 31272 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 217 | USD | 25300844 | &nbsp;&nbsp;&nbsp; 26106 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; 16 | USD | 3334375 | &nbsp;&nbsp;&nbsp; (3130)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; 1584 | USD | 172965376 | &nbsp;&nbsp;&nbsp; (334361)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 434 | USD | 52107125 | &nbsp;&nbsp;&nbsp; 900700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; (26)<br>| USD | (3192150)<br>| &nbsp;&nbsp;&nbsp; (39824)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; (2)<br>| USD | (673875)<br>| &nbsp;&nbsp;&nbsp; (5960)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; (111)<br>| USD | (12487500)<br>| &nbsp;&nbsp;&nbsp; 4133 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; (278)<br>| USD | (31991719)<br>| &nbsp;&nbsp;&nbsp; 135450 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp; $604803 |

---

**BHFTII-42**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**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>|
| CNH Call/USD Put | CNH | 7.000 | 01/16/26 | SCB | 57407000 | USD | 57407000 | $397429 | $170958 | $(226471)<br>|
| JPY Call/USD Put | JPY | 150.000 | 11/20/25 | BBP | 26483000 | USD | 26483000 | 59586 | 8024 | (51562)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $457015 | $178982 | $(278033)<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>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put - OTC - 30 Yr. IRS | 4.330<br> %<br>| SOFR | Receive | 10/14/25<br> CBNA | 37098000 | USD | 37098000 | $525979 | $2336 | $(523643)<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 - U.S. Treasury Long Bond Futures | USD | 111.000 | 10/24/25 | &nbsp;&nbsp; 598 | USD | 598000 | &nbsp;&nbsp; $552318 | &nbsp;&nbsp; $46719 | &nbsp;&nbsp; $(505599)<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>|
| CNH Call/USD Put<br> CNH | 6.850 | 01/16/26 | SCB | (57407000)<br>| USD | (57407000)<br>| $(156893)<br>| $(39209)<br>| $117684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 10 Yr. IRS | 3.300% | SOFR | Receive | 12/30/25 | JPMC | (14687000)<br>| USD | (14687000)<br>| $(55165)<br>| $(586)<br>| $54579 |
| Put - OTC - 2 Yr. IRS | 4.300% | SOFR | Pay | 09/20/27 | GSI | (117148000)<br>| USD | (117148000)<br>| (325671)<br>| (3104)<br>| 322567 |
| Put - OTC - 10 Yr. IRS | 4.000% | SOFR | Pay | 12/30/25 | JPMC | (14687000)<br>| USD | (14687000)<br>| (52417)<br>| (364)<br>| 52053 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(433253)<br>| $(4054)<br>| $429199 |

---

&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 - U.S. Treasury Long Bond Futures | USD | 106.000 | 10/24/25 | &nbsp;&nbsp; (598)<br>| USD | (598000)<br>| &nbsp;&nbsp; $(117902)<br>| &nbsp;&nbsp; $(9344)<br>| &nbsp;&nbsp; $108558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Option Contracts** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - EchoStar Corp. | USD | 80.000 | 10/17/25 | &nbsp;&nbsp; (35)<br>| USD | (3500)<br>| &nbsp;&nbsp; $(23747)<br>| &nbsp;&nbsp; $(8225)<br>| &nbsp;&nbsp; $15522 |

---

**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 | &nbsp;&nbsp; $(11437)<br>| &nbsp;&nbsp; $57 | &nbsp;&nbsp; $(11494)<br>|
| Pay | 12M SOFR | Annually | 3.900<br> %<br>| Annually | 05/16/26 | USD | 36611000 | &nbsp;&nbsp; 14066 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 14025 |
| Pay | 12M TONA | Maturity | 1.007<br> %<br>| Maturity | 09/11/27 | JPY | 1906900000 | &nbsp;&nbsp; (14711)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; (14772)<br>|
| Pay | 12M TONA | Annually | 2.030<br> %<br>| Annually | 08/12/45 | JPY | 138890321 | &nbsp;&nbsp; (17296)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; (17322)<br>|
| Pay | 12M TONA | Annually | 2.036<br> %<br>| Annually | 08/12/45 | JPY | 223180379 | &nbsp;&nbsp; (26285)<br>| &nbsp;&nbsp; 42 | &nbsp;&nbsp; (26327)<br>|

---

**BHFTII-43**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Pay | 12M TONA | Annually | 2.036<br> %<br>| Annually | 08/12/45 | JPY | 221914300 | &nbsp;&nbsp; $(26073)<br>| &nbsp;&nbsp; $42 | &nbsp;&nbsp; $(26115)<br>|
| Pay | 12M UKRPI | Maturity | 3.203<br> %<br>| Maturity | 08/15/35 | GBP | 5208341 | &nbsp;&nbsp; (16353)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; (16497)<br>|
| Pay | 12M UKRPI | Maturity | 3.241<br> %<br>| Maturity | 07/15/35 | GBP | 6236665 | &nbsp;&nbsp; (4229)<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; (4404)<br>|
| Pay | 12M UKRPI | Maturity | 3.242<br> %<br>| Maturity | 07/15/35 | GBP | 3183777 | &nbsp;&nbsp; (1762)<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; (1851)<br>|
| Pay | 12M UKRPI | Maturity | 3.244<br> %<br>| Maturity | 07/15/35 | GBP | 3121350 | &nbsp;&nbsp; (969)<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; (1056)<br>|
| Pay | 12M UKRPI | Maturity | 3.255<br> %<br>| Maturity | 08/15/27 | GBP | 11934957 | &nbsp;&nbsp; (43068)<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; (43161)<br>|
| Pay | 12M UKRPI | Maturity | 3.273<br> %<br>| Maturity | 07/15/35 | GBP | 3058867 | &nbsp;&nbsp; 9677 | &nbsp;&nbsp; 1871 | &nbsp;&nbsp; 7806 |
| Pay | 12M UKRPI | Maturity | 3.284<br> %<br>| Maturity | 07/15/27 | GBP | 7152600 | &nbsp;&nbsp; (34607)<br>| &nbsp;&nbsp; 57 | &nbsp;&nbsp; (34664)<br>|
| Pay | 12M UKRPI | Maturity | 3.304<br> %<br>| Maturity | 07/15/27 | GBP | 7295652 | &nbsp;&nbsp; (31505)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; (31563)<br>|
| Pay | 12M UKRPI | Maturity | 3.317<br> %<br>| Maturity | 07/15/27 | GBP | 14291372 | &nbsp;&nbsp; (57069)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; (57182)<br>|
| Pay | 12M UKRPI | Maturity | 3.429<br> %<br>| Maturity | 07/15/27 | GBP | 7009419 | &nbsp;&nbsp; (7487)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; (7615)<br>|
| Receive | 12M CPURNSA | Maturity | 2.428<br> %<br>| Maturity | 04/15/30 | USD | 7456698 | &nbsp;&nbsp; 63364 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 63275 |
| Receive | 12M CPURNSA | Maturity | 2.429<br> %<br>| Maturity | 04/15/30 | USD | 3673250 | &nbsp;&nbsp; 31040 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 30997 |
| Receive | 12M CPURNSA | Maturity | 2.531<br> %<br>| Maturity | 04/15/29 | USD | 2224500 | &nbsp;&nbsp; 18082 | &nbsp;&nbsp; (410)<br>| &nbsp;&nbsp; 18492 |
| Receive | 12M CPURNSA | Maturity | 2.536<br> %<br>| Maturity | 04/15/29 | USD | 2341500 | &nbsp;&nbsp; 18458 | &nbsp;&nbsp; (340)<br>| &nbsp;&nbsp; 18798 |
| Receive | 12M CPURNSA | Maturity | 2.562<br> %<br>| Maturity | 04/15/29 | USD | 4543000 | &nbsp;&nbsp; 30174 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 30120 |
| Receive | 12M CPURNSA | Maturity | 2.569<br> %<br>| Maturity | 04/15/29 | USD | 1400000 | &nbsp;&nbsp; 8768 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 8752 |
| Receive | 12M CPURNSA | Maturity | 2.632<br> %<br>| Maturity | 09/09/30 | USD | 15410000 | &nbsp;&nbsp; 8874 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 8691 |
| Receive | 12M CPURNSA | Maturity | 2.641<br> %<br>| Maturity | 04/15/29 | USD | 4523000 | &nbsp;&nbsp; 12332 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 12279 |
| Receive | 12M CPURNSA | Maturity | 2.648<br> %<br>| Maturity | 04/15/29 | USD | 3017215 | &nbsp;&nbsp; 7185 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 7149 |
| Receive | 12M CPURNSA | Maturity | 2.670<br> %<br>| Maturity | 04/15/29 | USD | 2961000 | &nbsp;&nbsp; 3909 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 3874 |
| Receive | 12M CPURNSA | Maturity | 2.684<br> %<br>| Maturity | 04/15/29 | USD | 2262000 | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1339 |
| Receive | 12M CPURNSA | Maturity | 2.685<br> %<br>| Maturity | 04/15/29 | USD | 2262000 | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1227 |
| Receive | 12M CPURNSA | Maturity | 2.688<br> %<br>| Maturity | 04/15/29 | USD | 4523000 | &nbsp;&nbsp; 1949 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 1895 |
| Receive | 12M CPURNSA | Maturity | 2.689<br> %<br>| Maturity | 07/17/30 | USD | 15899000 | &nbsp;&nbsp; (15668)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; (15856)<br>|
| Receive | 12M CPURNSA | Maturity | 2.702<br> %<br>| Maturity | 07/22/30 | USD | 5197000 | &nbsp;&nbsp; (7811)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; (7872)<br>|
| Receive | 12M CPURNSA | Maturity | 2.724<br> %<br>| Maturity | 04/15/29 | USD | 4523000 | &nbsp;&nbsp; (6103)<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; (6156)<br>|
| Receive | 12M CPURNSA | Maturity | 2.751<br> %<br>| Maturity | 04/15/29 | USD | 3654000 | &nbsp;&nbsp; (9815)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; (9858)<br>|
| Receive | 12M HICP | Maturity | 2.233<br> %<br>| Maturity | 08/15/55 | EUR | 1470810 | &nbsp;&nbsp; (7211)<br>| &nbsp;&nbsp; 76 | &nbsp;&nbsp; (7287)<br>|
| Receive | 12M HICP | Maturity | 2.236<br> %<br>| Maturity | 08/15/55 | EUR | 1119821 | &nbsp;&nbsp; (6453)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; (6512)<br>|
| Receive | 12M HICP | Maturity | 2.238<br> %<br>| Maturity | 08/15/55 | EUR | 1119821 | &nbsp;&nbsp; (6935)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; (6993)<br>|
| Receive | 12M HICP | Maturity | 2.240<br> %<br>| Maturity | 08/15/55 | EUR | 746548 | &nbsp;&nbsp; (5159)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; (5198)<br>|
| Receive | 12M SOFR | Annually | 3.794<br> %<br>| Annually | 05/16/26 | USD | 50240000 | &nbsp;&nbsp; 13373 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 13316 |
| Receive | 12M SOFR | Annually | 3.814<br> %<br>| Annually | 05/16/26 | USD | 36611000 | &nbsp;&nbsp; 5198 | &nbsp;&nbsp; 16489 | &nbsp;&nbsp; (11291)<br>|
| Receive | 12M TONA | Maturity | 0.683<br> %<br>| Maturity | 04/21/27 | JPY | 3257950188 | &nbsp;&nbsp; 70783 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 70708 |
| Receive | 12M TONA | Maturity | 0.685<br> %<br>| Maturity | 04/21/27 | JPY | 3296037736 | &nbsp;&nbsp; 71171 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 71095 |
| Receive | 12M TONA | Maturity | 0.698<br> %<br>| Maturity | 05/11/27 | JPY | 2601672453 | &nbsp;&nbsp; 57182 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 57123 |
| Receive | 12M TONA | Maturity | 0.812<br> %<br>| Maturity | 03/12/27 | JPY | 750000000 | &nbsp;&nbsp; 7783 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 7766 |
| Receive | 12M TONA | Maturity | 0.998<br> %<br>| Maturity | 03/12/27 | JPY | 3395348847 | &nbsp;&nbsp; (6890)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; (6964)<br>|
| Receive | 12M TONA | Maturity | 1.018<br> %<br>| Maturity | 03/12/27 | JPY | 7697595372 | &nbsp;&nbsp; (26393)<br>| &nbsp;&nbsp; 169 | &nbsp;&nbsp; (26562)<br>|
| Receive | 12M TONA | Maturity | 1.027<br> %<br>| Maturity | 03/12/27 | JPY | 8309049195 | &nbsp;&nbsp; (32950)<br>| &nbsp;&nbsp; 182 | &nbsp;&nbsp; (33132)<br>|
| Receive | 12M TONA | Annually | 1.292<br> %<br>| Annually | 08/13/35 | JPY | 221050710 | &nbsp;&nbsp; 26988 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26962 |
| Receive | 12M TONA | Annually | 1.298<br> %<br>| Annually | 08/13/35 | JPY | 398486030 | &nbsp;&nbsp; 47161 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 47115 |
| Receive | 12M TONA | Annually | 1.299<br> %<br>| Annually | 08/13/35 | JPY | 396097260 | &nbsp;&nbsp; 46694 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46649 |
| Receive | 12M UKRPI | Maturity | 3.348<br> %<br>| Maturity | 08/15/30 | GBP | 5208341 | &nbsp;&nbsp; 17192 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 17097 |
| Receive | 12M UKRPI | Maturity | 3.369<br> %<br>| Maturity | 08/15/29 | GBP | 11934957 | &nbsp;&nbsp; 60038 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 59851 |
| Receive | 12M UKRPI | Maturity | 3.394<br> %<br>| Maturity | 07/15/30 | GBP | 3121350 | &nbsp;&nbsp; 8177 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 8127 |
| Receive | 12M UKRPI | Maturity | 3.404<br> %<br>| Maturity | 07/15/30 | GBP | 3183777 | &nbsp;&nbsp; 6297 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 6246 |
| Receive | 12M UKRPI | Maturity | 3.407<br> %<br>| Maturity | 07/15/30 | GBP | 6236665 | &nbsp;&nbsp; 11335 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 11235 |
| Receive | 12M UKRPI | Maturity | 3.409<br> %<br>| Maturity | 07/15/29 | GBP | 7152600 | &nbsp;&nbsp; 34705 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 34590 |
| Receive | 12M UKRPI | Maturity | 3.422<br> %<br>| Maturity | 07/15/29 | GBP | 7295652 | &nbsp;&nbsp; 30499 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 30383 |
| Receive | 12M UKRPI | Maturity | 3.427<br> %<br>| Maturity | 07/15/29 | GBP | 14291372 | &nbsp;&nbsp; 55905 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 55676 |
| Receive | 12M UKRPI | Maturity | 3.457<br> %<br>| Maturity | 07/15/30 | GBP | 3058867 | &nbsp;&nbsp; (4366)<br>| &nbsp;&nbsp; (731)<br>| &nbsp;&nbsp; (3635)<br>|
| Receive | 12M UKRPI | Maturity | 3.492<br> %<br>| Maturity | 07/15/29 | GBP | 7009419 | &nbsp;&nbsp; 4107 | &nbsp;&nbsp; (968)<br>| &nbsp;&nbsp; 5075 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $376481 | &nbsp;&nbsp; $20087 | &nbsp;&nbsp; $356394 |

---

**BHFTII-44**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 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.45.V1 | (5.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/30 | &nbsp;&nbsp; 3.208% | &nbsp;&nbsp; USD | 1838000 | &nbsp;&nbsp; $(141780) | &nbsp;&nbsp; $(139374) | &nbsp;&nbsp; $(2406) |
| ITRX.EUR.44.V1 | (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/30 | &nbsp;&nbsp; 0.560% | &nbsp;&nbsp; EUR | 2890000 | &nbsp;&nbsp;&nbsp; (72865) | &nbsp;&nbsp;&nbsp; (73910) | &nbsp;&nbsp;&nbsp; 1045 |
| ITRX.EUR.XOVER.44.V1 | (5.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/30 | &nbsp;&nbsp; 2.626% | &nbsp;&nbsp; EUR | 1089000 | &nbsp;&nbsp; (135763) | &nbsp;&nbsp; (134267) | &nbsp;&nbsp; (1496) |
| ITRX.FINSR.44.V1 | (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/30 | &nbsp;&nbsp; 0.603% | &nbsp;&nbsp; EUR | 9090000 | &nbsp;&nbsp; (206847) | &nbsp;&nbsp; (211618) | &nbsp;&nbsp;&nbsp; 4771 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(557255) | &nbsp;&nbsp; $(559169) | &nbsp;&nbsp; $1914 |

---

**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% | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/21/30 | &nbsp;&nbsp; 3.001% | &nbsp;&nbsp; USD | 45033297 | &nbsp;&nbsp; $3588929 | &nbsp;&nbsp; $3031463 | &nbsp;&nbsp; $557466 |

---

**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>|
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. <br>3.200%, due on 11/13/27<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/29 | &nbsp;&nbsp; BOA | &nbsp;&nbsp; 0.270% | &nbsp;&nbsp; USD | 5854000 | &nbsp;&nbsp; $(168776) | &nbsp;&nbsp; $(137458) | &nbsp;&nbsp; $(31318) |
| &nbsp;&nbsp;&nbsp; American Express Co. <br>4.050%, due on 05/03/29<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/29 | &nbsp;&nbsp; GSI | &nbsp;&nbsp; 0.253% | &nbsp;&nbsp; USD | 3000000 | &nbsp;&nbsp;&nbsp; (88499) | &nbsp;&nbsp;&nbsp; (71889) | &nbsp;&nbsp;&nbsp; (16610) |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>5.150%, due on 05/01/30<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; DBAG | &nbsp;&nbsp; 0.455% | &nbsp;&nbsp; USD | 700000 | &nbsp;&nbsp;&nbsp; (11639) | &nbsp;&nbsp;&nbsp;&nbsp; (2204) | &nbsp;&nbsp;&nbsp;&nbsp; (9435) |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>5.150%, due on 05/01/30<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/29 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.498% | &nbsp;&nbsp; USD | 700000 | &nbsp;&nbsp;&nbsp; (12263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6247 | &nbsp;&nbsp;&nbsp; (18510) |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.478% | &nbsp;&nbsp; EUR | 600000 | &nbsp;&nbsp;&nbsp;&nbsp; (9788) | &nbsp;&nbsp;&nbsp;&nbsp; 27057 | &nbsp;&nbsp;&nbsp; (36845) |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.478% | &nbsp;&nbsp; EUR | 352000 | &nbsp;&nbsp;&nbsp;&nbsp; (5743) | &nbsp;&nbsp;&nbsp;&nbsp; 10360 | &nbsp;&nbsp;&nbsp; (16103) |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.478% | &nbsp;&nbsp; EUR | 117000 | &nbsp;&nbsp;&nbsp;&nbsp; (1909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3443 | &nbsp;&nbsp;&nbsp;&nbsp; (5352) |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG <br>5.125%, due on 08/31/17<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.478% | &nbsp;&nbsp; EUR | 131000 | &nbsp;&nbsp;&nbsp;&nbsp; (2137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4057 | &nbsp;&nbsp;&nbsp;&nbsp; (6194) |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. <br>4.250%, due on 06/01/28<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/29 | &nbsp;&nbsp; GSI | &nbsp;&nbsp; 0.328% | &nbsp;&nbsp; USD | 2879000 | &nbsp;&nbsp;&nbsp; (76325) | &nbsp;&nbsp;&nbsp; (65474) | &nbsp;&nbsp;&nbsp; (10851) |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; BNP | &nbsp;&nbsp; 0.276% | &nbsp;&nbsp; EUR | 134000 | &nbsp;&nbsp;&nbsp;&nbsp; (3040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3285 | &nbsp;&nbsp;&nbsp;&nbsp; (6325) |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.276% | &nbsp;&nbsp; EUR | 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp;&nbsp; (1947) |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.276% | &nbsp;&nbsp; EUR | 112000 | &nbsp;&nbsp;&nbsp;&nbsp; (2541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3218 | &nbsp;&nbsp;&nbsp;&nbsp; (5759) |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.276% | &nbsp;&nbsp; EUR | 117000 | &nbsp;&nbsp;&nbsp;&nbsp; (2655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3768 | &nbsp;&nbsp;&nbsp;&nbsp; (6423) |
| &nbsp;&nbsp;&nbsp; UBS Group AG <br>0.250%, due on 01/29/26<br>| (1.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp; JPMC | &nbsp;&nbsp; 0.276% | &nbsp;&nbsp; EUR | 1000000 | &nbsp;&nbsp;&nbsp; (22689) | &nbsp;&nbsp;&nbsp;&nbsp; 19312 | &nbsp;&nbsp;&nbsp; (42001) |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(408844) | &nbsp;&nbsp; $(195171) | &nbsp;&nbsp; $(213673) |

---

**BHFTII-45**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**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%) | &nbsp;&nbsp; Monthly | 05/11/63 | DBAG | 0.500<br> %<br>| USD | &nbsp;&nbsp; 2619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $1 |
| CMBX.NA.9.AAA | (0.500%) | &nbsp;&nbsp; Monthly | 09/17/58 | MSIP | 0.164<br> %<br>| USD | &nbsp;&nbsp; 169486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1982 | &nbsp;&nbsp; (1982)<br>|
| CMBX.NA.9.AAA | (0.500%) | &nbsp;&nbsp; Monthly | 09/17/58 | MSIP | 0.164<br> %<br>| USD | &nbsp;&nbsp; 3421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 | &nbsp;&nbsp; (44)<br>|
| CMBX.NA.9.BBB- | (3.000%) | &nbsp;&nbsp; Monthly | 09/17/58 | CBNA | 81.749<br> %<br>| USD | &nbsp;&nbsp; 438181 | &nbsp;&nbsp; 84459 | &nbsp;&nbsp; 12936 | &nbsp;&nbsp; 71523 |
| CMBX.NA.9.BBB- | (3.000%) | &nbsp;&nbsp; Monthly | 09/17/58 | MSIP | 81.749<br> %<br>| USD | &nbsp;&nbsp; 92018 | &nbsp;&nbsp; 17737 | &nbsp;&nbsp; 4449 | &nbsp;&nbsp; 13288 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $102196 | &nbsp;&nbsp; $19410 | &nbsp;&nbsp; $82786 |

---

**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% | &nbsp;&nbsp; Monthly | 11/17/59 | JPMC | 20.199<br> %<br>| USD | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; $(7956)<br>| &nbsp;&nbsp; $(3429)<br>| &nbsp;&nbsp; $(4527)<br>|
| CMBX.NA.9.BBB- | 3.000% | &nbsp;&nbsp; Monthly | 09/17/58 | DBAG | 81.749<br> %<br>| USD | &nbsp;&nbsp; 409262 | &nbsp;&nbsp; (78885)<br>| &nbsp;&nbsp; (48151)<br>| &nbsp;&nbsp; (30734)<br>|
| CMBX.NA.9.BBB- | 3.000% | &nbsp;&nbsp; Monthly | 09/17/58 | MSIP | 81.749<br> %<br>| USD | &nbsp;&nbsp; 120938 | &nbsp;&nbsp; (23311)<br>| &nbsp;&nbsp; (140)<br>| &nbsp;&nbsp; (23171)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(110152)<br>| &nbsp;&nbsp; $(51720)<br>| &nbsp;&nbsp; $(58432)<br>|

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Receive | 12M SOFR | Quarterly | 12/20/25 | BNP | iBoxx USD Liquid High Yield Index | USD | 1422000 | $(4575)<br>| $(1)<br>| $(4574)<br>|
| Pay | 12M SOFR | Quarterly | 12/20/25 | JPMC | iBoxx USD Liquid High Yield Index | USD | 19207526 | 4664 | (5)<br>| 4669 |
| Receive | 12M SOFR | Quarterly | 12/20/25 | MSIP | iBoxx USD Liquid Investment Grade Index | USD | 1750000 | 8058 |  | 8058 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $8147 | $(6)<br>| $8153 |

---

&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.

Securities in the amount of $137,245 have been received at the custodian bank and held in a segregated account as collateral for OTC derivative contracts.

**BHFTII-46**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $918722954 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $918722954 |
| Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advertising | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208368 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5959927 | &nbsp;&nbsp;&nbsp; 1147693 | &nbsp;&nbsp;&nbsp; 7107620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15642429 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15642429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3189822 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3189822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apparel | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21013 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Manufacturers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2944678 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2944678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1098895 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1098895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144396113 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144396113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 96990 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 96990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 840610 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 840610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Materials | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2002398 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2002398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5387067 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5387067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5775859 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5775859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12339330 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12339330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution/Wholesale | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 104590 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 104590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24661570 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24661570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89504503 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89504503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Components & Equipment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 198864 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 198864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronics | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 189550 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 189550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy-Alternate Sources | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1265250 | &nbsp;&nbsp;&nbsp; 1476427 | &nbsp;&nbsp;&nbsp; 2741677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2136253 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2136253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18731330 | &nbsp;&nbsp;&nbsp; 1414455 | &nbsp;&nbsp;&nbsp; 20145785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Control | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 166927 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 166927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 899927 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 899927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forest Products & Paper | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1322551 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1322551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 317924 | &nbsp;&nbsp;&nbsp; 1425540 | &nbsp;&nbsp;&nbsp; 1743464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2666817 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2666817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12678747 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12678747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Builders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3253835 | &nbsp;&nbsp;&nbsp; 3177249 | &nbsp;&nbsp;&nbsp; 6431084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Furnishings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 195769 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 195769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housewares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99079 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1122799 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1122799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15793221 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15793221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3077062 | &nbsp;&nbsp;&nbsp; 3077062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron/Steel | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3390654 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3390654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Time | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2428028 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2428028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2935564 | &nbsp;&nbsp;&nbsp; 1355529 | &nbsp;&nbsp;&nbsp; 4291093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98480 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Diversified | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 104519 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 104519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29979988 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29979988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mining | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6226903 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6226903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office/Business Equipment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 250499 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 250499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 131428005 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 131428005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 431241 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 431241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2969285 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2969285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2518909 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2518909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pipelines | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49355821 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49355821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 654423 | &nbsp;&nbsp;&nbsp; 6178324 | &nbsp;&nbsp;&nbsp; 6832747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41323940 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41323940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2480305 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2480305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18425023 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18425023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7976370 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7976370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26542141 | &nbsp;&nbsp;&nbsp; 8758 | &nbsp;&nbsp;&nbsp; 26550899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 514800 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 514800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trucking & Leasing | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 210870 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 210870 |

---

**BHFTII-47**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $416169 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $416169 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 705874942 | &nbsp;&nbsp;&nbsp; 19261037 | &nbsp;&nbsp;&nbsp; 725135979 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 565267157 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 565267157 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 253546982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 253546982 |
| Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Automobile | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4957507 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4957507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Credit Card | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 860480 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 860480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Home Equity | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23618556 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23618556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Manufactured Housing | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8217634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8217634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Other | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158097510 | &nbsp;&nbsp;&nbsp; 4856959 | &nbsp;&nbsp;&nbsp; 162954469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Student Loan | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24378843 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24378843 |
| Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 220130530 | &nbsp;&nbsp;&nbsp; 4856959 | &nbsp;&nbsp;&nbsp; 224987489 |
| Total Foreign Government\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74002500 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74002500 |
| Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 289760 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 289760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 177112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 177112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116647 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 116647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1322861 | &nbsp;&nbsp;&nbsp; 1191248 | &nbsp;&nbsp;&nbsp; 2514109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers (Less Unfunded Loan Commitments of $644,231) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 614504 | &nbsp;&nbsp;&nbsp; 4421420 | &nbsp;&nbsp;&nbsp; 5035924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 271232 | &nbsp;&nbsp;&nbsp; 271232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1009731 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1009731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy-Alternate Sources | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 263016 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 263016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 672989 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 672989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3316555 | &nbsp;&nbsp;&nbsp; 400315 | &nbsp;&nbsp;&nbsp; 3716870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61650 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1199554 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1199554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 673328 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 673328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1022850 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1022850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1595830 | &nbsp;&nbsp;&nbsp; 1595830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 404947 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 404947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 512808 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 512808 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $644,231) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11658312 | &nbsp;&nbsp;&nbsp; 7880045 | &nbsp;&nbsp;&nbsp; 19538357 |
| Total Municipals\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16781065 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16781065 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp; 1008615 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1008615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 268228 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 268228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp; 516926 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 516926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp; 1236979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1236979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; 427551 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 427551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp; 297999 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 297999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp; 1559658 | &nbsp;&nbsp;&nbsp; 5526 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1565184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp; 911991 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 911991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp; 9982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; 1330127 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1330127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp; 153206 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 153206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp; 197875 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 197875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; 496310 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 496310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23736 | &nbsp;&nbsp;&nbsp; 23736 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 8147219 | &nbsp;&nbsp;&nbsp; 273754 | &nbsp;&nbsp;&nbsp; 23736 | &nbsp;&nbsp;&nbsp; 8444709 |
| Total Preferred Stocks\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6752012 | &nbsp;&nbsp;&nbsp; 6752012 |
| Total Convertible Bonds\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2264247 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2264247 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5447 | &nbsp;&nbsp;&nbsp; 22858 | &nbsp;&nbsp;&nbsp; 28305 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 399531 | &nbsp;&nbsp;&nbsp; 399531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp; 20536 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35099 | &nbsp;&nbsp;&nbsp; 35099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; 1531 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp; 2392 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2392 |
| Total Warrants | &nbsp;&nbsp;&nbsp; 24459 | &nbsp;&nbsp;&nbsp; 5448 | &nbsp;&nbsp;&nbsp; 457488 | &nbsp;&nbsp;&nbsp; 487395 |

---

**BHFTII-48**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp; $375678 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $375678 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76095 |
| Total Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp; 375678 | &nbsp;&nbsp;&nbsp; 76095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 451773 |
| Total Escrow Shares\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61836132 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61836132 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8082918 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8082918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp; 9082918 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26082918 |
| Purchased Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Options at Value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaptions at Value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2336 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options on Exchange-Traded Futures Contracts at Value | &nbsp;&nbsp;&nbsp; 46719 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46719 |
| Total Purchased Options at Value | &nbsp;&nbsp;&nbsp; 46719 | &nbsp;&nbsp;&nbsp; 181318 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 228037 |
| Total Investments | &nbsp;&nbsp;&nbsp; $25594075 | &nbsp;&nbsp;&nbsp; $2839704354 | &nbsp;&nbsp;&nbsp; $39231277 | &nbsp;&nbsp;&nbsp; $2904529706 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26082918)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26082918)<br>|
| TBA Forward Sales Commitments (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(27001179)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(27001179)<br>|
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $468872 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $468872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (609290)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (609290)<br>|
| Total Forward Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(140418)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(140418)<br>|
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $1111080 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1111080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; (506277)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (506277)<br>|
| Total Futures Contracts | &nbsp;&nbsp;&nbsp; $604803 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $604803 |
| Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Option Contracts at Value | &nbsp;&nbsp;&nbsp; $(8225)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8225)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Options at Value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39209)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39209)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaptions at Value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4054)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4054)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Options on Exchange-Traded Futures Contracts at Value | &nbsp;&nbsp;&nbsp; (9344)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9344)<br>|
| Total Written Options | &nbsp;&nbsp;&nbsp; $(17569)<br>| &nbsp;&nbsp;&nbsp; $(43263)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(60832)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1361015 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1361015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (445241)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (445241)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $915774 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $915774 |
| OTC Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $114918 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $114918 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (523571)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (523571)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(408653)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(408653)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-49**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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>**September 30, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br>**from Investment** <br>**Held at** <br>**September 30, 2025**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1140278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7415 | &nbsp;&nbsp; $1147693 | &nbsp;&nbsp; $7415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy-Alternate Sources | &nbsp;&nbsp; 1446848 | &nbsp;&nbsp; 83620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3245 | &nbsp;&nbsp; (57286)<br>| &nbsp;&nbsp; 1476427 | &nbsp;&nbsp; (57286)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment  | &nbsp;&nbsp; 1325851<br>| &nbsp;&nbsp; 117415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (28811)<br>| &nbsp;&nbsp; 1414455 | &nbsp;&nbsp; (28811) <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gas | &nbsp;&nbsp; 401188 | &nbsp;&nbsp; 1002970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2532 | &nbsp;&nbsp; 18850 | &nbsp;&nbsp; 1425540 | &nbsp;&nbsp; 18850<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Home Builders | &nbsp;&nbsp; 6474985 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3104000) <br>| &nbsp;&nbsp; 93120<br>| &nbsp;&nbsp; 5569<br>| &nbsp;&nbsp; (292425)<br>| &nbsp;&nbsp; 3177249 | &nbsp;&nbsp; 22010<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3416769 | &nbsp;&nbsp; (468120) <br>| &nbsp;&nbsp; 7120<br>| &nbsp;&nbsp; 84<br>| &nbsp;&nbsp; 121209 | &nbsp;&nbsp; 3077062 | &nbsp;&nbsp; 121209<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging  | &nbsp;&nbsp; 1875301<br>| &nbsp;&nbsp; 130706 | &nbsp;&nbsp; (0)<br>| &nbsp;&nbsp; (303825)<br>| &nbsp;&nbsp; 5466<br>| &nbsp;&nbsp; (352119)<br>| &nbsp;&nbsp; 1355529 | &nbsp;&nbsp; (352119) <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate  | &nbsp;&nbsp; 6102817<br>| &nbsp;&nbsp; 33132<br>| &nbsp;&nbsp; (34546)<br>| &nbsp;&nbsp; 809<br>| &nbsp;&nbsp; 26377 | &nbsp;&nbsp; 49735 | &nbsp;&nbsp; 6178324 | &nbsp;&nbsp; 49735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications  | &nbsp;&nbsp; 12000<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14032) <br>| &nbsp;&nbsp; 5820<br>| &nbsp;&nbsp; 5312 | &nbsp;&nbsp; (342)<br>| &nbsp;&nbsp; 8758 | &nbsp;&nbsp; (342) <br>|
| Asset-Backed Securities  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed - Other | &nbsp;&nbsp; 4423661<br>| &nbsp;&nbsp; 395509<br>| &nbsp;&nbsp; (195366)<br>| &nbsp;&nbsp; (1611)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 234766 | &nbsp;&nbsp; 4856959 | &nbsp;&nbsp; 226420<br>|
| Floating Rate Loans  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services  | &nbsp;&nbsp; 1202184<br>| &nbsp;&nbsp; 57142<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6574<br>| &nbsp;&nbsp; (74652)<br>| &nbsp;&nbsp; 1191248 | &nbsp;&nbsp; (74652) <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Computers\*  | &nbsp;&nbsp; 4377494<br>| &nbsp;&nbsp; 437218 | &nbsp;&nbsp; (389865)<br>| &nbsp;&nbsp; 321<br>| &nbsp;&nbsp; 2334 | &nbsp;&nbsp; (6082)<br>| &nbsp;&nbsp; 4421420 | &nbsp;&nbsp; (6082)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmetics/Personal Care  | &nbsp;&nbsp; 176072<br>| &nbsp;&nbsp; 107286 | &nbsp;&nbsp; (10745)<br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; 821<br>| &nbsp;&nbsp; (2386)<br>| &nbsp;&nbsp; 271232 | &nbsp;&nbsp; (2386)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 457503 | &nbsp;&nbsp; (42257)<br>| &nbsp;&nbsp; (1104)<br>| &nbsp;&nbsp; 3850 | &nbsp;&nbsp; (17678)<br>| &nbsp;&nbsp; 400315 | &nbsp;&nbsp; (17678)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services  | &nbsp;&nbsp; 1604000<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20050)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 4815<br>| &nbsp;&nbsp; 6747 | &nbsp;&nbsp; 1595830 | &nbsp;&nbsp; 6747 |
| Preferred Stocks  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Builders  | &nbsp;&nbsp; 2611575<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3285)<br>| &nbsp;&nbsp; 2608290 | &nbsp;&nbsp; (3285)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services  | &nbsp;&nbsp; 3600982<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 434017 | &nbsp;&nbsp; 4034999 | &nbsp;&nbsp; 434017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas  | &nbsp;&nbsp; 127446<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (30452)<br>| &nbsp;&nbsp; 96994 | &nbsp;&nbsp; (30452) <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Software  | &nbsp;&nbsp; 91721<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (79992)<br>| &nbsp;&nbsp; 11729 | &nbsp;&nbsp; (79992) <br>|
| Common Stocks  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services  | &nbsp;&nbsp; — | &nbsp;&nbsp; 664<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23072 | &nbsp;&nbsp; 23736<br>| &nbsp;&nbsp; 23072 |
| Warants  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22858 | &nbsp;&nbsp; 22858<br>| &nbsp;&nbsp; 22858 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services  | &nbsp;&nbsp; 373621<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25910 | &nbsp;&nbsp; 399531 | &nbsp;&nbsp; 25910<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas  | &nbsp;&nbsp; 36197<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1098)<br>| &nbsp;&nbsp; 35099 | &nbsp;&nbsp; (1098) <br>|
| Escrow Shares  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas  | &nbsp;&nbsp; 0<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&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; $7380212 | &nbsp;&nbsp; $(4278981)<br>| &nbsp;&nbsp; $(198848) <br>| &nbsp;&nbsp; $66979 | &nbsp;&nbsp; $(2029)<br>| &nbsp;&nbsp; $39231277 | &nbsp;&nbsp; $304060<br>|
| \* Values are net of unfunded loan <br> commitments.<br>|  |  |  |  |  |  |  |  |

---

**BHFTII-50**

------

**Brighthouse Funds Trust II**

**BlackRock Bond Income Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**September 30,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace/Defense | &nbsp;&nbsp; $1147693 | Market Yield Analysis | Midpoint Yield Spread | 5.40<br> %<br>| 5.40<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 2.46<br> %<br>| 2.46<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Energy - Alternate Sources | &nbsp;&nbsp; 1476427 | Market Yield Analysis | Midpoint Yield Spread  | 4.96<br> %<br>| 4.96<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.59<br> %<br>| 3.59<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 1414455<br>| Market Yield Analysis | Midpoint Yield Spread | 7.75<br> %<br>| 7.75<br> %<br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread | 3.65<br> %<br>| 3.65<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Gas | &nbsp;&nbsp; 1425540<br>| Market Yield Analysis  | Midpoint Yield Spread  | 5.29<br> %<br>| 5.29<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.27<br> %<br>| 3.27<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Home Builders | &nbsp;&nbsp; 3177249 | Market Yield Analysis  | Midpoint Yield Spread  | 7.00<br> % <br>| 7.00<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.64<br> % <br>| 3.64<br> % <br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Investment Companies  | &nbsp;&nbsp; 3077062 | Market Yield Analysis | Midpoint Yield Spread | 12.75<br> %<br>| 7.20<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.66<br> %<br>| 3.59<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Lodging | &nbsp;&nbsp; 1355529 | Market Yield Analysis  | Midpoint Yield Spread | 17.00<br> % <br>| 17.00<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread  | 3.57<br> %<br>| 3.57<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; 6178324 | Market Yield Analysis  | Midpoint Yield Spread  | 15.25<br> %<br>| 10.94<br> % <br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.57<br> %<br>| 3.49<br> %<br>| &nbsp;&nbsp; Decrease<br>|
| &nbsp;&nbsp;&nbsp; Telecommunications  | &nbsp;&nbsp; 8758 | Broker Quotations  | Single-Source Quote  | &nbsp;&nbsp; $6.00<br>| &nbsp;&nbsp; $6.00<br>| &nbsp;&nbsp; Increase |
| Asset-Backed Securities  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed - Other | &nbsp;&nbsp; 4856959<br>| Discounted Cash Flow  | Implied Yield  | 9.84<br> % <br>| 9.81<br> %<br>| &nbsp;&nbsp; Decrease<br>|
|  |  | Market Yield Analysis | Midpoint Yield Spread  | 3.33<br> % <br>| 3.33<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread  | 3.66<br> %<br>| 3.66<br> %<br>| &nbsp;&nbsp; Decrease |
| Floating Rate Loans |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial Services | &nbsp;&nbsp; 1191248 | EV Coverage Analysis | EV/EBITDA Multiple | &nbsp;&nbsp; 11.00x | &nbsp;&nbsp; 11.00x | &nbsp;&nbsp; Increase<br>|
|  |  |  | Loan/EV Coverage Ratio | &nbsp;&nbsp; 0.45x | &nbsp;&nbsp; 0.45x | &nbsp;&nbsp; Increase |
|  |  | Market Yield Analysis | Midpoint Yield Spread | 6.12<br> %<br>| 6.12<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread | 3.26<br> %<br>| 3.26<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Computers\* | &nbsp;&nbsp; 4421420 | Market Yield Analysis | Midpoint Yield Spread | 10.92<br> %<br>| 8.16<br> %<br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread | 3.52<br> % <br>| 3.36<br> % <br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Cosmetics/Personal Care | &nbsp;&nbsp; 271232<br>| Market Yield Analysis  | Midpoint Yield Spread  | 5.50<br> % <br>| 5.50<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread | 3.22<br> %<br>| 3.22<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 400315 | Precedent Transaction | Transaction Price  | &nbsp;&nbsp; $96.15 | &nbsp;&nbsp; $96.15 | &nbsp;&nbsp; Increase |
| &nbsp;&nbsp;&nbsp; Oil & Gas Services  | &nbsp;&nbsp; 1595830 | Market Yield Analysis | Midpoint Yield Spread | 5.75<br> %<br>| 5.75<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | Reference Index Spread  | 3.26<br> %<br>| 3.26<br> %<br>| &nbsp;&nbsp; Decrease<br>|
| Preferred Stock |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Home Builders  | &nbsp;&nbsp; 2608290<br>| Market Yield Analysis | Midpoint Yield Spread | 6.21<br> % <br>| 6.21<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Reference Index Spread | 3.64<br> % <br>| 3.64<br> % <br>| &nbsp;&nbsp; Decrease<br>|
| &nbsp;&nbsp;&nbsp; IT Services  | &nbsp;&nbsp; 4034999 | Comparable Company Analysis  | EV/Revenue Multiple  | &nbsp;&nbsp; 10.25x | &nbsp;&nbsp; 10.25x | &nbsp;&nbsp; Increase |
|  |  |  | Accrued Dividend/Share | &nbsp;&nbsp; $1.17 | &nbsp;&nbsp; $1.17 | &nbsp;&nbsp; Increase |
| &nbsp;&nbsp;&nbsp; Oil & Gas | &nbsp;&nbsp; 96994 | Option Pricing Method | Volatility | 48.00<br> % <br>| 48.00<br> % <br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Risk Free Rate  | 3.56<br> % <br>| 3.56<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | EV/Revenue Multiple | &nbsp;&nbsp; 5.75x<br>| &nbsp;&nbsp; 5.75x<br>| &nbsp;&nbsp; Increase<br>|
| &nbsp;&nbsp;&nbsp; Software  | &nbsp;&nbsp; 11729<br>| Option Pricing Method  | Volatility  | 80.00<br> % <br>| 80.00<br> % <br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Risk Free Rate  | 3.56<br> % <br>| 3.56<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | EV/Gross Profit Multiple  | &nbsp;&nbsp; 3.25x | &nbsp;&nbsp; 3.25x | &nbsp;&nbsp; Increase<br>|
| Warrants |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 22858 | Black-Scholes Model | Volatility | 30.00<br> %<br>| 30.00<br> %<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Risk Free Rate  | 3.65<br> %<br>| 3.65<br> %<br>| &nbsp;&nbsp; Decrease<br>|
|  |  |  | Strike Price  | &nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp; $1.00<br>| &nbsp;&nbsp; Decrease<br>|
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 399531 | Comparable Company Analysis  | EV/Revenue Multiple  | &nbsp;&nbsp; 10.25x<br>| &nbsp;&nbsp; 10.25x<br>| &nbsp;&nbsp; Increase<br>|
| &nbsp;&nbsp;&nbsp; Oil & Gas | &nbsp;&nbsp; 35099 | Option Pricing Method | Volatility  | 48.00<br> % <br>| 48.00<br> % <br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Risk Free Rate | 3.56<br> %<br>| 3.56<br> %<br>| &nbsp;&nbsp; Decrease |
|  |  |  | EV/Revenue Multiple | &nbsp;&nbsp; 5.75x<br>| &nbsp;&nbsp; 5.75x<br>| &nbsp;&nbsp; Increase<br>|
| Common Stock |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Electrical Equipment  | &nbsp;&nbsp; 0 | Liquidation Analysis  | Expected Payout  | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; Increase |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services  | &nbsp;&nbsp; 23736<br>| Broker Quotations  | Single-Source Quote  | &nbsp;&nbsp; $23.00<br>| &nbsp;&nbsp; $23.00<br>| &nbsp;&nbsp; Increase |
| \* Market values are net of unfunded loan commitments.  | \* Market values are net of unfunded loan commitments.  |  |  |  |  |  |

---

**BHFTII-51**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—97.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| Axon Enterprise, Inc. (a) | 36222 | &nbsp;&nbsp;&nbsp; $25994356 |
| Howmet Aerospace, Inc. (b) | 114321 | &nbsp;&nbsp;&nbsp; 22433210 |
| TransDigm Group, Inc.  | 7985 | &nbsp;&nbsp;&nbsp; 10524390 |
|  |  | &nbsp;&nbsp;&nbsp; 58951956 |
| **Automobiles — 4.4%** | **Automobiles — 4.4%** | **Automobiles — 4.4%** |
| Ferrari NV (b) | 70698 | &nbsp;&nbsp;&nbsp; 34304084 |
| Tesla, Inc. (a) | 106803 | &nbsp;&nbsp;&nbsp; 47497430 |
|  |  | &nbsp;&nbsp;&nbsp; 81801514 |
| **Broadline Retail — 8.0%** | **Broadline Retail — 8.0%** | **Broadline Retail — 8.0%** |
| Amazon.com, Inc. (a) | 681627 | &nbsp;&nbsp;&nbsp; 149664840 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| Trane Technologies PLC (b) | 24485 | &nbsp;&nbsp;&nbsp; 10331691 |
| **Capital Markets — 3.6%** | **Capital Markets — 3.6%** | **Capital Markets — 3.6%** |
| Blue Owl Capital, Inc. (b) | 752124 | &nbsp;&nbsp;&nbsp; 12733459 |
| KKR & Co., Inc. (b) | 275969 | &nbsp;&nbsp;&nbsp; 35862172 |
| S&P Global, Inc.  | 39311 | &nbsp;&nbsp;&nbsp; 19133057 |
|  |  | &nbsp;&nbsp;&nbsp; 67728688 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Sherwin-Williams Co.  | 19024 | &nbsp;&nbsp;&nbsp; 6587250 |
| **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
| Amphenol Corp. - Class A (b) | 117481 | &nbsp;&nbsp;&nbsp; 14538274 |
| Corning, Inc.  | 144202 | &nbsp;&nbsp;&nbsp; 11828890 |
|  |  | &nbsp;&nbsp;&nbsp; 26367164 |
| **Entertainment — 5.3%** | **Entertainment — 5.3%** | **Entertainment — 5.3%** |
| Netflix, Inc. (a) | 48364 | &nbsp;&nbsp;&nbsp; 57984567 |
| Spotify Technology SA (a) | 58963 | &nbsp;&nbsp;&nbsp; 41156174 |
|  |  | &nbsp;&nbsp;&nbsp; 99140741 |
| **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
| Adyen NV (a) | 13692 | &nbsp;&nbsp;&nbsp; 21973606 |
| Visa, Inc. - Class A | 204866 | &nbsp;&nbsp;&nbsp; 69937155 |
|  |  | &nbsp;&nbsp;&nbsp; 91910761 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| Boston Scientific Corp. (a) | 194250 | &nbsp;&nbsp;&nbsp; 18964627 |
| Intuitive Surgical, Inc. (a) | 61243 | &nbsp;&nbsp;&nbsp; 27389707 |
|  |  | &nbsp;&nbsp;&nbsp; 46354334 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Hilton Worldwide Holdings, Inc.  | 73950 | &nbsp;&nbsp;&nbsp; 19185588 |
| **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** | **Interactive Media & Services — 6.3%** |
| Meta Platforms, Inc. - Class A | 160885 | &nbsp;&nbsp;&nbsp; 118150726 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Shopify, Inc. - Class A (a) | 79608 | &nbsp;&nbsp;&nbsp; 11830545 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Danaher Corp.  | 65215 | &nbsp;&nbsp;&nbsp; 12929526 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Charter Communications, Inc. - Class A (a) (b) | 2958 | &nbsp;&nbsp;&nbsp; $813761 |
| **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** |
| Eli Lilly & Co.  | 61103 | &nbsp;&nbsp;&nbsp; 46621589 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| CoStar Group, Inc. (a) | 134090 | &nbsp;&nbsp;&nbsp; 11313173 |
| **Semiconductors & Semiconductor Equipment — 23.7%** | **Semiconductors & Semiconductor Equipment — 23.7%** | **Semiconductors & Semiconductor Equipment — 23.7%** |
| ASM International NV | 23146 | &nbsp;&nbsp;&nbsp; 13913338 |
| ASML Holding NV (NY Registry Shares) | 10531 | &nbsp;&nbsp;&nbsp; 10194956 |
| Broadcom, Inc.  | 370760 | &nbsp;&nbsp;&nbsp; 122317431 |
| NVIDIA Corp.  | 1366017 | &nbsp;&nbsp;&nbsp; 254871452 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 148776 | &nbsp;&nbsp;&nbsp; 41551649 |
|  |  | &nbsp;&nbsp;&nbsp; 442848826 |
| **Software — 19.3%** | **Software — 19.3%** | **Software — 19.3%** |
| AppLovin Corp. - Class A (a) | 68754 | &nbsp;&nbsp;&nbsp; 49402499 |
| Cadence Design Systems, Inc. (a) | 101531 | &nbsp;&nbsp;&nbsp; 35663779 |
| Fair Isaac Corp. (a) | 4667 | &nbsp;&nbsp;&nbsp; 6984306 |
| Intuit, Inc.  | 77290 | &nbsp;&nbsp;&nbsp; 52782114 |
| Microsoft Corp.  | 369104 | &nbsp;&nbsp;&nbsp; 191177417 |
| Oracle Corp.  | 91430 | &nbsp;&nbsp;&nbsp; 25713773 |
|  |  | &nbsp;&nbsp;&nbsp; 361723888 |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| Carvana Co. (a) | 76114 | &nbsp;&nbsp;&nbsp; 28713245 |
| **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** | **Technology Hardware, Storage & Peripherals — 6.6%** |
| Apple, Inc.  | 481019 | &nbsp;&nbsp;&nbsp; 122481868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $976,966,993) <br>|  | &nbsp;&nbsp;&nbsp; 1815451674 |
| **Convertible Preferred Stocks—2.5%** | **Convertible Preferred Stocks—2.5%** | **Convertible Preferred Stocks—2.5%** |
| **Software — 2.5%** | **Software — 2.5%** | **Software — 2.5%** |
| Databricks, Inc. - Series D † (a) (c) (d) | 239200 | &nbsp;&nbsp;&nbsp; 35880000 |
| Databricks, Inc. - Series J † (a) (c) (d) | 70572 | &nbsp;&nbsp;&nbsp; 10585800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Cost $28,653,910) <br>|  | &nbsp;&nbsp;&nbsp; 46465800 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bytedance Ltd. - Series E-1 † (a) (c) (d) <br>(Cost $5,371,984)<br>| 49026 | &nbsp;&nbsp;&nbsp; 12399656 |

---

**BHFTII-52**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Short-Term Investments—0.2%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Repurchase Agreement—0.2%** | **Repurchase Agreement—0.2%** | **Repurchase Agreement—0.2%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $3,358,552; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $3,425,451<br>| 3358272 | &nbsp;&nbsp;&nbsp; $3358272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $3,358,272) <br>|  | &nbsp;&nbsp;&nbsp; 3358272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—1.1%** | **Securities Lending Reinvestments (e)—1.1%** | **Securities Lending Reinvestments (e)—1.1%** |
| **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (f)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (f)<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (f)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (f)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (f)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.060% (f)<br>| 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.090% (f)<br>| 100000 | &nbsp;&nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp;&nbsp; 8400000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.6%** | **Repurchase Agreements—0.6%** | **Repurchase Agreements—0.6%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $2,000,233; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,672<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $3,000,348; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.375% - <br> 4.625%, maturity dates ranging from 06/15/27 - 10/31/28, <br> and an aggregate market value of $3,060,001<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $200,023; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $4,393,668; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $4,481,020<br>| 4393157 | &nbsp;&nbsp;&nbsp; 4393157 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| ING Financial Markets LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $775,828; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.125% - <br> 6.125%, maturity dates ranging from 11/15/27 - 08/15/53, <br> and an aggregate market value of $791,252<br>| 775737 | &nbsp;&nbsp;&nbsp; $775737 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $1,000,119; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,115,094<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $200,023; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp;&nbsp; 11568894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $19,968,894) <br>|  | &nbsp;&nbsp;&nbsp; 19968894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—101.5% <br>(Cost $1,034,320,053) <br>|  | &nbsp;&nbsp;&nbsp; 1897644296 |
| Other assets and liabilities (net)—(1.5)%  |  | &nbsp;&nbsp;&nbsp; (27784521)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1869859775 |

---

&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 September 30, 2025, the market value of restricted securities was <br> $58,865,456, which is 3.1% of net assets. See details shown in the Restricted Securities table that <br> follows.<br>|
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of September 30, 2025, the market value of <br> securities loaned was $32,911,054 and the collateral received consisted of cash in the amount of <br> $19,968,894 and non-cash collateral with a value of $13,974,085. 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.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of September 30, 2025, these securities represent 3.1% 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 September 30, <br> 2025.<br>|
| (f) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |

---

**BHFTII-53**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

&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; $12399656 |
| Databricks, Inc. - Series D | 03/27/25 | &nbsp;&nbsp; 239200 | &nbsp;&nbsp; 22126000 | &nbsp;&nbsp; 35880000 |
| Databricks, Inc. - Series J | 01/21/25 | &nbsp;&nbsp; 70572 | &nbsp;&nbsp; 6527910 | &nbsp;&nbsp; 10585800 |
|  |  |  |  | &nbsp;&nbsp; $58865456 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp; $58951956 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $58951956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp; 81801514 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81801514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp; 149664840 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 149664840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp; 10331691 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10331691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp; 67728688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67728688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; 6587250 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6587250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp; 26367164 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26367164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; 99140741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99140741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp; 69937155 | &nbsp;&nbsp;&nbsp; 21973606 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91910761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp; 46354334 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46354334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp; 19185588 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19185588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp; 118150726 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118150726 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; 11830545 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11830545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp; 12929526 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12929526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; 813761 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 813761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; 46621589 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46621589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp; 11313173 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11313173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp; 428935488 | &nbsp;&nbsp;&nbsp; 13913338 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 442848826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; 361723888 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 361723888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp; 28713245 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28713245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp; 122481868 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 122481868 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 1779564730 | &nbsp;&nbsp;&nbsp; 35886944 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1815451674 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46465800 | &nbsp;&nbsp;&nbsp; 46465800 |
| Total Preferred Stocks\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12399656 | &nbsp;&nbsp;&nbsp; 12399656 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3358272 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3358272 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11568894 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11568894 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp; 11568894 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19968894 |
| Total Investments | &nbsp;&nbsp;&nbsp; $1787964730 | &nbsp;&nbsp;&nbsp; $50814110 | &nbsp;&nbsp;&nbsp; $58865456 | &nbsp;&nbsp;&nbsp; $1897644296 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(19968894)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(19968894)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-54**

------

**Brighthouse Funds Trust II**

**BlackRock Capital Appreciation Portfolio**

**Schedule of Investments as of September 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>**September 30, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from Investments** <br>**Held at** <br>**September 30, 2025**<br>|
| Convertible Preferred Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28653910 | &nbsp;&nbsp; $17811890 | &nbsp;&nbsp; $46465800 | &nbsp;&nbsp; $17811890 |
| Preferred Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 8858998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3540658 | &nbsp;&nbsp; 12399656 | &nbsp;&nbsp; 3540658 |
|  | &nbsp;&nbsp; $8858998 | &nbsp;&nbsp; $28653910 | &nbsp;&nbsp; $21352548<br>| &nbsp;&nbsp; $58865456 | &nbsp;&nbsp; $21352548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**September 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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; $46465800 | Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; $150.00<br>| &nbsp;&nbsp; Increase |
| Preferred Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 12399656 | Comparable Company Analysis  | Enterprise Value/TTM Revenue  | &nbsp;&nbsp; 1.50x | &nbsp;&nbsp; 1.50x<br>| &nbsp;&nbsp; Increase |

---

**BHFTII-55**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Short-Term Investments—100.6% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Certificate of Deposit—24.0%** |  |  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 02/09/26 | 4000000 | &nbsp;&nbsp;&nbsp; $4002599 |
| Bank of America NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 11/05/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/02/26 | 2000000 | &nbsp;&nbsp;&nbsp; 2001480 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.888%, 10/10/25 | 3000000 | &nbsp;&nbsp;&nbsp; 2996529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, SOFR + 0.290%, 02/20/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/23/26 | 3000000 | &nbsp;&nbsp;&nbsp; 3002555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%, 11/10/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000582 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, SOFR + 0.440%, 04/21/26 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4004178 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/06/25 | 3000000 | &nbsp;&nbsp;&nbsp; 3000669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%, 11/21/25 | 3000000 | &nbsp;&nbsp;&nbsp; 3001335 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160%, 08/12/26 | 4000000 | &nbsp;&nbsp;&nbsp; 4005673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 02/09/26 | 2000000 | &nbsp;&nbsp;&nbsp; 2001499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490%, 01/23/26 | 4000000 | &nbsp;&nbsp;&nbsp; 4002894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/09/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, SOFR + 0.370%, 07/14/26 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1000923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 12/22/25 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 3002085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.590%, SOFR + 0.460%, 05/15/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2003333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, SOFR + 0.470%, 05/21/26 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 3005322 |
| Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 01/21/26 | 1000000 | &nbsp;&nbsp;&nbsp; 1000778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 02/25/26 | 1000000 | &nbsp;&nbsp;&nbsp; 1000934 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, SOFR + 0.220%, 03/06/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.260%, 04/08/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 02/10/26 | 4000000 | &nbsp;&nbsp;&nbsp; 4003620 |
| Credit Agricole Corporate & Investment Bank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, 11/07/25 | 4000000 | &nbsp;&nbsp;&nbsp; 4001151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/21/25 | 2500000 | &nbsp;&nbsp;&nbsp; 2501252 |
| Korea Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, SOFR + 0.270%, 11/13/25 (a) | 7500000 | &nbsp;&nbsp;&nbsp; 7501526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, SOFR + 0.340%, 10/24/25 (a) | 6500000 | &nbsp;&nbsp;&nbsp; 6501122 |
| Lloyds Bank Corporate Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, 05/15/26 | 3755000 | &nbsp;&nbsp;&nbsp; 3762212 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 12/03/25 | 4000000 | &nbsp;&nbsp;&nbsp; 4001428 |
| Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.310%, 02/17/26 | 3000000 | &nbsp;&nbsp;&nbsp; 3001799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/09/26 | 4000000 | &nbsp;&nbsp;&nbsp; 4003110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%, SOFR + 0.300%, 11/12/25 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, SOFR + 0.340%, 02/18/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2001294 |
| MUFG Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.020%, 04/15/26 | 4000000 | &nbsp;&nbsp;&nbsp; 3999467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, 10/14/25 | 2500000 | &nbsp;&nbsp;&nbsp; 2500159 |
| Natixis SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 11/05/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000423 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 03/27/26 | 1500000 | &nbsp;&nbsp;&nbsp; 1499802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.250%, 03/17/26 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2501016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.260%, 04/14/26 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2500869 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificate of Deposit—(Continued)** |  |  |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 08/14/26 | 2250000 | &nbsp;&nbsp;&nbsp; $2253069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%, 03/12/26 | 3000000 | &nbsp;&nbsp;&nbsp; 3001600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/16/26 | 3000000 | &nbsp;&nbsp;&nbsp; 3005188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%, 12/12/25 | 4000000 | &nbsp;&nbsp;&nbsp; 4001775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/07/25 | 1000000 | &nbsp;&nbsp;&nbsp; 1000040 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 01/15/26 | 3250000 | &nbsp;&nbsp;&nbsp; 3252972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 02/12/26 | 2000000 | &nbsp;&nbsp;&nbsp; 2002888 |
| State Street Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.320%, 11/12/25 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 3000702 |
| Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.230%, 10/01/25 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4000014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, SOFR + 0.260%, 12/11/25 (a) | 5000000 | &nbsp;&nbsp;&nbsp; 5001497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 03/06/26 | 3000000 | &nbsp;&nbsp;&nbsp; 3003980 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.230%, 01/14/26 (a) | 6000000 | &nbsp;&nbsp;&nbsp; 6001703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%, SOFR + 0.310%, 10/30/25 (a) | 8000000 | &nbsp;&nbsp;&nbsp; 8001534 |
| Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.260%, 02/20/26 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2501089 |
| Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, SOFR + 0.270%, 04/13/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000746 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/07/25 | 1000000 | &nbsp;&nbsp;&nbsp; 1000040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, 02/04/26 | 2500000 | &nbsp;&nbsp;&nbsp; 2502759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610%, SOFR + 0.450%, 04/28/26 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1501771 |
| Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%, SOFR + 0.310%, 05/28/26 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 3000988 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, 03/04/26 | 3000000 | &nbsp;&nbsp;&nbsp; 3002449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 03/12/26 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4000736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.440%, SOFR + 0.280%, 10/20/25 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4000435 |
|  |  | &nbsp;&nbsp;&nbsp; 184355045 |
| **Commercial Paper—42.9%** | **Commercial Paper—42.9%** | **Commercial Paper—42.9%** |
| Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.252%, 11/04/25 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3984043 |
| Albion Capital Corp. SA/Albion Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.173%, 01/20/26 (144A) (b) | 5000000 | &nbsp;&nbsp;&nbsp; 4936108 |
| Alinghi Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.209%, 10/16/25 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3493511 |
| ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (144A) (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2999660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/23/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1967826 |
| Aquitaine Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.609%, 10/07/25 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1998382 |
| Atlantic Asset Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.404%, 12/02/25 (144A) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2482045 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.326%, 07/16/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1939182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.401%, 11/25/25 (144A) (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2981003 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, SOFR + 0.250%, 03/26/26 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2500392 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.230%, 03/06/26 (144A) (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2500734 |

---

**BHFTII-56**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of September 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)** |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.323%, 12/09/25 (144A) (b) | 8000000 | &nbsp;&nbsp;&nbsp; $7935605 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.308%, 10/22/25 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3989803 |
| Bedford Row Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.592%, 10/07/25 (144A) (b) | 6000000 | &nbsp;&nbsp;&nbsp; 5995193 |
| BofA Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.436%, 07/01/26 (144A) (b) | 5000000 | &nbsp;&nbsp;&nbsp; 4852060 |
| Britannia Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%, 10/09/25 (144A) (b) | 6000000 | &nbsp;&nbsp;&nbsp; 5993786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.326%, 10/28/25 (144A) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1495126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.362%, 11/04/25 (144A) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1493912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, SOFR + 0.300%, 01/07/26 (144A) (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1000047 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 02/12/26 (144A) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1477205 |
| CDP Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.798%, 10/09/25 (144A) (b) | 5000000 | &nbsp;&nbsp;&nbsp; 4994844 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (b) | 7000000 | &nbsp;&nbsp;&nbsp; 6999198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.592%, 10/07/25 (144A) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 999197 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.365%, 02/10/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3940786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, SOFR + 0.300%, 03/20/26 (144A) (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000613 |
| Columbia Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, 01/15/26 (144A) (b) | 7000000 | &nbsp;&nbsp;&nbsp; 6915915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.403%, 01/12/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3953281 |
| Concord Minutemen Capital Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.464%, 12/08/25 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3968298 |
| Credit Agricole Corporate & Investment Bank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.394%, 02/20/26 (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3936838 |
| DBS Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.266%, 11/05/25 (144A) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2489745 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%, 11/05/25 (144A) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2489881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.276%, 03/18/26 (144A) (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2944565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.347%, 04/16/26 (144A) (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2935382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%, 02/12/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1970444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.396%, 05/01/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1953808 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.141%, 11/26/25 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3477179 |
| &nbsp;&nbsp;&nbsp;&nbsp; DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt <br> Am Main<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248%, 02/06/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3942566 |
| Endeavour Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.449%, 01/07/26 (144A) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1483230 |
| Falcon Asset Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, SOFR + 0.270%, 02/04/26 (144A) (a) | 3800000 | &nbsp;&nbsp;&nbsp; 3801013 |
| Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.038%, 03/05/26 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3439728 |
| ING U.S. Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, SOFR + 0.300%, 02/06/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.490%, SOFR + 0.360%, 10/24/25 (144A) (a) | 3600000 | &nbsp;&nbsp;&nbsp; 3600662 |
| Intrepid Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.426%, 04/24/26 (144A) (b) | 5500000 | &nbsp;&nbsp;&nbsp; 5375874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.473%, 04/30/26 (144A) (b) | 5000000 | &nbsp;&nbsp;&nbsp; 4884048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Ionic Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720%, 10/06/25 (b) | 4000000 | &nbsp;&nbsp;&nbsp; $3997221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.038%, 10/10/25 (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2497094 |
| Landesbank Baden-Wuerttemberg |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (b) | 30000000 | &nbsp;&nbsp;&nbsp; 29996574 |
| Lloyds Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.049%, 07/01/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1941169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248%, 02/06/26 (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2956989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.268%, 10/29/25 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1993362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.402%, 02/17/26 (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2461208 |
| Mackinac Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 10/15/25 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3493962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/06/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3942230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 11/12/25 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3482585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.378%, 11/19/25 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3976963 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.059%, 09/24/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1923338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.176%, 05/20/26 (144A) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2436555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.190%, 10/24/25 (144A) (b) | 1750000 | &nbsp;&nbsp;&nbsp; 1745193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.207%, 04/30/26 (144A) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 976692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.231%, 07/20/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3873506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263%, 02/27/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1966917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.348%, 11/19/25 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1988620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.395%, 04/24/26 (144A) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 977317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%, 04/29/26 (144A) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2441990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.418%, 11/19/25 (144A) (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2982931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 04/07/26 (144A) (a) | 5000000 | &nbsp;&nbsp;&nbsp; 5002954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.481%, 02/12/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3940300 |
| Matchpoint Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.326%, 12/04/25 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3970449 |
| MUFG Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.093%, 03/10/26 (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2946508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.358%, 12/05/25 (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2977554 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.250%, 03/24/26 (144A) (a) | 5000000 | &nbsp;&nbsp;&nbsp; 5001323 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.386%, 01/16/26 (144A) (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2963982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 05/29/26 (144A) (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2502306 |
| Natixis SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.381%, 02/17/26 (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3445597 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.341%, 02/20/26 (144A) (b) | 3750000 | &nbsp;&nbsp;&nbsp; 3691024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.347%, 04/16/26 (144A) (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2935760 |
| Old Line Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.218%, 05/18/26 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3413164 |
| Ranger Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.126%, 03/12/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3927586 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.308%, 11/03/25 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1992242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.314%, 11/07/25 (144A) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2489168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.378%, 05/27/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1948602 |
| Sheffield Receivables Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.344%, 11/10/25 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3483422 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, SOFR + 0.390%, 04/28/26 (144A) (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4003799 |

---

**BHFTII-57**

------

**Brighthouse Funds Trust II**

**BlackRock Ultra-Short Term Bond Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 03/04/26 (144A) (b) | 6000000 | &nbsp;&nbsp;&nbsp; $5898117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.242%, 02/19/26 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3937398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330%, 11/20/25 (144A) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2485469 |
| Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.430%, 09/29/26 (144A) (b) | 3500000 | &nbsp;&nbsp;&nbsp; 3499996 |
| Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.038%, 06/10/26 (144A) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1945719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330%, SOFR + 0.200%, 11/26/25 (144A) (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2000311 |
| UBS AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.778%, SOFR + 0.450%, 04/14/26 (144A) (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2001287 |
| Verto Capital I-A LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (144A) (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3999542 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, SOFR + 0.270%, 02/03/26 (144A) (a) | 3500000 | &nbsp;&nbsp;&nbsp; 3501585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, SOFR + 0.290%, 01/02/26 (144A) (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2500974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%, SOFR + 0.340%, 04/30/26 (144A) (a) | 3000000 | &nbsp;&nbsp;&nbsp; 3002074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%, SOFR + 0.400%, 04/10/26 (144A) (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2502732 |
|  |  | &nbsp;&nbsp;&nbsp; 330477048 |
| **Repurchase Agreements—32.5%** | **Repurchase Agreements—32.5%** | **Repurchase Agreements—32.5%** |
| BofA Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.210%, due on <br> 10/01/25, with a maturity value of $51,005,964; <br> collateralized by U.S. Government Agency Obligations with <br> rates ranging from 2.000%-6.500%, with maturity dates <br> ranging from 07/20/50 - 04/15/60, and an aggregate <br> market value of $51,786,710<br>| 51000000 | &nbsp;&nbsp;&nbsp; 51000000 |
| JPMorgan Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.210%, due on <br> 10/01/25, with a maturity value of $78,809,215; <br> collateralized by U.S. Government Agency Obligations with <br> rates ranging from 2.000% - 7.500%, with maturity dates <br> ranging from 02/20/52-12/15/60, and an aggregate <br> market value of $79,997,286<br>| 78800000 | &nbsp;&nbsp;&nbsp; 78800000 |
| TD Securities (USA) LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25, with a maturity value of $120,014,067; <br> collateralized by U.S. Government Agency Obligations with <br> rates ranging from 3.000%-6.500%, with maturity dates <br> ranging from 01/01/47 -01/01/55, and an aggregate <br> market value of $123,041,000<br>| 120000000 | &nbsp;&nbsp;&nbsp; 120000000 |
|  |  | &nbsp;&nbsp;&nbsp; 249800000 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.032%, 10/30/25 (b) | 3000000 | &nbsp;&nbsp;&nbsp; $2990203 |
| **Time Deposit—0.8%** |  |  |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/01/25 | 6000000 | &nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $773,354,399) <br>|  | &nbsp;&nbsp;&nbsp; 773622296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.6% <br>(Cost $773,354,399) <br>|  | &nbsp;&nbsp;&nbsp; 773622296 |
| Other assets and liabilities (net)—(0.6)%  |  | &nbsp;&nbsp;&nbsp; (4536125)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $769086171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable or floating rate security. The stated rate represents the rate at September
 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents current yield to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025, the market value of 144A securities
 was $263,760,905, which is 34.3% of net assets.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Short-Term Investments\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $773622296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $773622296 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $773622296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $773622296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-58**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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) | 800267 | &nbsp;&nbsp;&nbsp; $6258090 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 270959 | &nbsp;&nbsp;&nbsp; 3105192 |
| BlackRock Bond Income Portfolio (Class A) (b) | 448838 | &nbsp;&nbsp;&nbsp; 40732039 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 52573 | &nbsp;&nbsp;&nbsp; 2349488 |
| BlackRock High Yield Portfolio (Class A) (a) | 312997 | &nbsp;&nbsp;&nbsp; 2347477 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 272290 | &nbsp;&nbsp;&nbsp; 3049644 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 188951 | &nbsp;&nbsp;&nbsp; 2361887 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 4741 | &nbsp;&nbsp;&nbsp; 779128 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 597279 | &nbsp;&nbsp;&nbsp; 5483023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) <br> (a)<br>| 1791097 | &nbsp;&nbsp;&nbsp; 15672101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 206770 | &nbsp;&nbsp;&nbsp; 5498021 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a) <br>| 221216 | &nbsp;&nbsp;&nbsp; 3139051 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 146416 | &nbsp;&nbsp;&nbsp; 1572507 |
| Harris Oakmark International Portfolio (Class A) (a) | 213930 | &nbsp;&nbsp;&nbsp; 3142630 |
| Invesco Comstock Portfolio (Class A) (a) | 497239 | &nbsp;&nbsp;&nbsp; 6275158 |
| Invesco Global Equity Portfolio (Class A) (a) | 32412 | &nbsp;&nbsp;&nbsp; 779835 |
| Jennison Growth Portfolio (Class A) (b) | 201230 | &nbsp;&nbsp;&nbsp; 3131144 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 2836704 | &nbsp;&nbsp;&nbsp; 25842376 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 137112 | &nbsp;&nbsp;&nbsp; 1564453 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 70363 | &nbsp;&nbsp;&nbsp; 782433 |
| MFS Research International Portfolio (Class A) (a) | 240460 | &nbsp;&nbsp;&nbsp; 3138004 |
| MFS Value Portfolio (Class A) (b) | 588831 | &nbsp;&nbsp;&nbsp; 7855002 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 49936 | &nbsp;&nbsp;&nbsp; 767016 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 2512750 | &nbsp;&nbsp;&nbsp; 25831067 |

---

---

| | | |
|:---|:---|:---|
| **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) | 3916989 | &nbsp;&nbsp;&nbsp; $39169894 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 58529 | &nbsp;&nbsp;&nbsp; 784874 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 93336 | &nbsp;&nbsp;&nbsp; 2351122 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 179790 | &nbsp;&nbsp;&nbsp; 4701516 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 93588 | &nbsp;&nbsp;&nbsp; 782396 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 127855 | &nbsp;&nbsp;&nbsp; 2349969 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 3589152 | &nbsp;&nbsp;&nbsp; 31333294 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 295249 | &nbsp;&nbsp;&nbsp; 3920902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management Strategic Bond Opportunities Portfolio <br> (Class A) (b)<br>| 1483537 | &nbsp;&nbsp;&nbsp; 15666148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 3838556 | &nbsp;&nbsp;&nbsp; 40727080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $333,986,923) <br>|  | &nbsp;&nbsp;&nbsp; 313243961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.1% <br>(Cost $333,986,923) <br>|  | &nbsp;&nbsp;&nbsp; 313243961 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp;&nbsp; (372617)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $312871344 |

---

&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 period ended September 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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $6520258 | &nbsp;&nbsp; $737535 | &nbsp;&nbsp; $(774348)<br>| &nbsp;&nbsp; $(193870)<br>| &nbsp;&nbsp; $(31485)<br>| &nbsp;&nbsp; $6258090 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3211724 | &nbsp;&nbsp; 243877 | &nbsp;&nbsp; (748825)<br>| &nbsp;&nbsp; (132589)<br>| &nbsp;&nbsp; 531005 | &nbsp;&nbsp; 3105192 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 40803632 | &nbsp;&nbsp; 3669530 | &nbsp;&nbsp; (4208069)<br>| &nbsp;&nbsp; (757498)<br>| &nbsp;&nbsp; 1224444 | &nbsp;&nbsp; 40732039 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 2375641 | &nbsp;&nbsp; 545415 | &nbsp;&nbsp; (607346)<br>| &nbsp;&nbsp; 243300 | &nbsp;&nbsp; (207522)<br>| &nbsp;&nbsp; 2349488 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 2447303 | &nbsp;&nbsp; 197075 | &nbsp;&nbsp; (302671)<br>| &nbsp;&nbsp; 26562 | &nbsp;&nbsp; (20792)<br>| &nbsp;&nbsp; 2347477 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3158010 | &nbsp;&nbsp; 959816 | &nbsp;&nbsp; (453901)<br>| &nbsp;&nbsp; (190911)<br>| &nbsp;&nbsp; (423370)<br>| &nbsp;&nbsp; 3049644 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 2429687 | &nbsp;&nbsp; 506416 | &nbsp;&nbsp; (882934)<br>| &nbsp;&nbsp; 45991 | &nbsp;&nbsp; 262727 | &nbsp;&nbsp; 2361887 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 799263 | &nbsp;&nbsp; 229495 | &nbsp;&nbsp; (98034)<br>| &nbsp;&nbsp; 2665 | &nbsp;&nbsp; (154261)<br>| &nbsp;&nbsp; 779128 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 5708292 | &nbsp;&nbsp; 658924 | &nbsp;&nbsp; (557426)<br>| &nbsp;&nbsp; (40396)<br>| &nbsp;&nbsp; (286372)<br>| &nbsp;&nbsp; 5483023 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 16316059 | &nbsp;&nbsp; 1284508 | &nbsp;&nbsp; (1786087)<br>| &nbsp;&nbsp; (155811)<br>| &nbsp;&nbsp; 13432 | &nbsp;&nbsp; 15672101 |
| 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; 1009058 | &nbsp;&nbsp; (654002)<br>| &nbsp;&nbsp; 1233 | &nbsp;&nbsp; (492697)<br>| &nbsp;&nbsp; 5498021 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 3203289 | &nbsp;&nbsp; 769060 | &nbsp;&nbsp; (618154)<br>| &nbsp;&nbsp; (107764)<br>| &nbsp;&nbsp; (107380)<br>| &nbsp;&nbsp; 3139051 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 1600074 | &nbsp;&nbsp; 104141 | &nbsp;&nbsp; (216489)<br>| &nbsp;&nbsp; 8226 | &nbsp;&nbsp; 76555 | &nbsp;&nbsp; 1572507 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 3240544 | &nbsp;&nbsp; 298950 | &nbsp;&nbsp; (1021901)<br>| &nbsp;&nbsp; 168496 | &nbsp;&nbsp; 456541 | &nbsp;&nbsp; 3142630 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 6414899 | &nbsp;&nbsp; 1263594 | &nbsp;&nbsp; (1270216)<br>| &nbsp;&nbsp; (22025)<br>| &nbsp;&nbsp; (111094)<br>| &nbsp;&nbsp; 6275158 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 798862 | &nbsp;&nbsp; 174426 | &nbsp;&nbsp; (166963)<br>| &nbsp;&nbsp; (19299)<br>| &nbsp;&nbsp; (7190)<br>| &nbsp;&nbsp; 779835 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 3168447 | &nbsp;&nbsp; 826473 | &nbsp;&nbsp; (754818)<br>| &nbsp;&nbsp; 245309 | &nbsp;&nbsp; (354267)<br>| &nbsp;&nbsp; 3131144 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 25308642 | &nbsp;&nbsp; 2607515 | &nbsp;&nbsp; (2518708)<br>| &nbsp;&nbsp; (347820)<br>| &nbsp;&nbsp; 792747 | &nbsp;&nbsp; 25842376 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1571068 | &nbsp;&nbsp; 372872 | &nbsp;&nbsp; (315728)<br>| &nbsp;&nbsp; 8074 | &nbsp;&nbsp; (71833)<br>| &nbsp;&nbsp; 1564453 |

---

**BHFTII-59**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; $790205 | &nbsp;&nbsp; $183901 | &nbsp;&nbsp; $(141658)<br>| &nbsp;&nbsp; $(31098)<br>| &nbsp;&nbsp; $(18917)<br>| &nbsp;&nbsp; $782433 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3225167 | &nbsp;&nbsp; 335235 | &nbsp;&nbsp; (728968)<br>| &nbsp;&nbsp; 139225 | &nbsp;&nbsp; 167345 | &nbsp;&nbsp; 3138004 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 8063817 | &nbsp;&nbsp; 1320570 | &nbsp;&nbsp; (1331621)<br>| &nbsp;&nbsp; 52162 | &nbsp;&nbsp; (249926)<br>| &nbsp;&nbsp; 7855002 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 781129 | &nbsp;&nbsp; 197688 | &nbsp;&nbsp; (92156)<br>| &nbsp;&nbsp; (4595)<br>| &nbsp;&nbsp; (115050)<br>| &nbsp;&nbsp; 767016 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 26936649 | &nbsp;&nbsp; 1021264 | &nbsp;&nbsp; (3554949)<br>| &nbsp;&nbsp; 117749 | &nbsp;&nbsp; 1310354 | &nbsp;&nbsp; 25831067 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 40817440 | &nbsp;&nbsp; 2683504 | &nbsp;&nbsp; (4895852)<br>| &nbsp;&nbsp; (713006)<br>| &nbsp;&nbsp; 1277808 | &nbsp;&nbsp; 39169894 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 901477 | &nbsp;&nbsp; (175372)<br>| &nbsp;&nbsp; (68645)<br>| &nbsp;&nbsp; 127414 | &nbsp;&nbsp; 784874 |
| 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; 526695 | &nbsp;&nbsp; (581213)<br>| &nbsp;&nbsp; 216881 | &nbsp;&nbsp; (191617)<br>| &nbsp;&nbsp; 2351122 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4810571 | &nbsp;&nbsp; 839374 | &nbsp;&nbsp; (785812)<br>| &nbsp;&nbsp; 113612 | &nbsp;&nbsp; (276229)<br>| &nbsp;&nbsp; 4701516 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 798071 | &nbsp;&nbsp; 183293 | &nbsp;&nbsp; (118858)<br>| &nbsp;&nbsp; (45709)<br>| &nbsp;&nbsp; (34401)<br>| &nbsp;&nbsp; 782396 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2348144 | &nbsp;&nbsp; 714556 | &nbsp;&nbsp; (435452)<br>| &nbsp;&nbsp; 67706 | &nbsp;&nbsp; (344985)<br>| &nbsp;&nbsp; 2349969 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 31029333 | &nbsp;&nbsp; 3073073 | &nbsp;&nbsp; (3237548)<br>| &nbsp;&nbsp; (530135)<br>| &nbsp;&nbsp; 998571 | &nbsp;&nbsp; 31333294 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 3960799 | &nbsp;&nbsp; 497487 | &nbsp;&nbsp; (1359980)<br>| &nbsp;&nbsp; 24110 | &nbsp;&nbsp; 798486 | &nbsp;&nbsp; 3920902 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 16314623 | &nbsp;&nbsp; 1519085 | &nbsp;&nbsp; (2081846)<br>| &nbsp;&nbsp; (645299)<br>| &nbsp;&nbsp; 559585 | &nbsp;&nbsp; 15666148 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 42461220 | &nbsp;&nbsp; 2333172 | &nbsp;&nbsp; (4695215)<br>| &nbsp;&nbsp; (667788)<br>| &nbsp;&nbsp; 1295691 | &nbsp;&nbsp; 40727080 |
|  | &nbsp;&nbsp; $325044677 | &nbsp;&nbsp; $32844283 | &nbsp;&nbsp; $(48389517)<br>| &nbsp;&nbsp; $(4188966)<br>| &nbsp;&nbsp; $7933484 | &nbsp;&nbsp; $313243961 |

---

&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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $608108 | &nbsp;&nbsp; 800267 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 126753 | &nbsp;&nbsp; 21434 | &nbsp;&nbsp; 270959 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2210737 | &nbsp;&nbsp; 448838 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 310631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52573 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 161698 | &nbsp;&nbsp; 312997 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 461387 | &nbsp;&nbsp; 48784 | &nbsp;&nbsp; 272290 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 385957 | &nbsp;&nbsp; 30890 | &nbsp;&nbsp; 188951 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 146473 | &nbsp;&nbsp; 10407 | &nbsp;&nbsp; 4741 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 504412 | &nbsp;&nbsp; 597279 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 828205 | &nbsp;&nbsp; 1791097 |
| 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; 206770 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 570701 | &nbsp;&nbsp; 16516 | &nbsp;&nbsp; 221216 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 45747 | &nbsp;&nbsp; 146416 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 105159 | &nbsp;&nbsp; 72109 | &nbsp;&nbsp; 213930 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 771257 | &nbsp;&nbsp; 133672 | &nbsp;&nbsp; 497239 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 118758 | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 32412 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 547421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201230 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1082317 | &nbsp;&nbsp; 2836704 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 171618 | &nbsp;&nbsp; 19053 | &nbsp;&nbsp; 137112 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 88136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70363 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 177664 | &nbsp;&nbsp; 61137 | &nbsp;&nbsp; 240460 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 897841 | &nbsp;&nbsp; 143916 | &nbsp;&nbsp; 588831 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 101867 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 49936 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 194361 | &nbsp;&nbsp; 334300 | &nbsp;&nbsp; 2512750 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2313026 | &nbsp;&nbsp; 3916989 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7730 | &nbsp;&nbsp; 58529 |
| 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; 93336 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 444532 | &nbsp;&nbsp; 96092 | &nbsp;&nbsp; 179790 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 110059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93588 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 496372 | &nbsp;&nbsp; 6148 | &nbsp;&nbsp; 127855 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1472224 | &nbsp;&nbsp; 3589152 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 67597 | &nbsp;&nbsp; 127359 | &nbsp;&nbsp; 295249 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1240486 | &nbsp;&nbsp; 1483537 |

---

**BHFTII-60**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 20 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1687583 | &nbsp;&nbsp; 3838556 |
|  | &nbsp;&nbsp; $7307257 | &nbsp;&nbsp; $13380242 |  |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; $313243961 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $313243961 |
| Total Investments | &nbsp;&nbsp;&nbsp; $313243961 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $313243961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-61**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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) | 12162719 | &nbsp;&nbsp;&nbsp; $95112459 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 780361 | &nbsp;&nbsp;&nbsp; 7842625 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 6899467 | &nbsp;&nbsp;&nbsp; 79067890 |
| BlackRock Bond Income Portfolio (Class A) (b) | 3586947 | &nbsp;&nbsp;&nbsp; 325515467 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 1246746 | &nbsp;&nbsp;&nbsp; 55717076 |
| BlackRock High Yield Portfolio (Class A) (a) | 4233513 | &nbsp;&nbsp;&nbsp; 31751348 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 3410603 | &nbsp;&nbsp;&nbsp; 38198754 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 4482815 | &nbsp;&nbsp;&nbsp; 56035185 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 47315 | &nbsp;&nbsp;&nbsp; 7775673 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 6053404 | &nbsp;&nbsp;&nbsp; 55570252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 10896315 | &nbsp;&nbsp;&nbsp; 95342760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 3871190 | &nbsp;&nbsp;&nbsp; 31317926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 3881099 | &nbsp;&nbsp;&nbsp; 103198424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 5057002 | &nbsp;&nbsp;&nbsp; 71758864 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 2230499 | &nbsp;&nbsp;&nbsp; 23955560 |
| Harris Oakmark International Portfolio (Class A) (a) | 5987558 | &nbsp;&nbsp;&nbsp; 87957227 |
| Invesco Comstock Portfolio (Class A) (a) | 8214042 | &nbsp;&nbsp;&nbsp; 103661209 |
| Invesco Global Equity Portfolio (Class A) (a) | 1318154 | &nbsp;&nbsp;&nbsp; 31714773 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 1583040 | &nbsp;&nbsp;&nbsp; 15814568 |
| Jennison Growth Portfolio (Class A) (b) | 2555662 | &nbsp;&nbsp;&nbsp; 39766108 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 14788022 | &nbsp;&nbsp;&nbsp; 134718879 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 2082017 | &nbsp;&nbsp;&nbsp; 23755809 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 1641410 | &nbsp;&nbsp;&nbsp; 31580728 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 715359 | &nbsp;&nbsp;&nbsp; 7954787 |
| MFS Research International Portfolio (Class A) (a) | 4281735 | &nbsp;&nbsp;&nbsp; 55876642 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| MFS Value Portfolio (Class A) (b) | 8980467 | &nbsp;&nbsp;&nbsp; $119799431 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 1009883 | &nbsp;&nbsp;&nbsp; 15511805 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 16194111 | &nbsp;&nbsp;&nbsp; 166475462 |
| PIMCO Total Return Portfolio (Class A) (a) | 31765554 | &nbsp;&nbsp;&nbsp; 317655543 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 3566222 | &nbsp;&nbsp;&nbsp; 47823043 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 1897837 | &nbsp;&nbsp;&nbsp; 47806521 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 4262364 | &nbsp;&nbsp;&nbsp; 111460808 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 1892448 | &nbsp;&nbsp;&nbsp; 15820869 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 2162581 | &nbsp;&nbsp;&nbsp; 39748244 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 28164773 | &nbsp;&nbsp;&nbsp; 245878471 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 4802593 | &nbsp;&nbsp;&nbsp; 63778438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 10526402 | &nbsp;&nbsp;&nbsp; 111158806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 24684635 | &nbsp;&nbsp;&nbsp; 261903973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $3,273,950,553) <br>|  | &nbsp;&nbsp;&nbsp; 3175782407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.0% <br>(Cost $3,273,950,553) <br>|  | &nbsp;&nbsp;&nbsp; 3175782407 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp;&nbsp; (1176570)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $3174605837 |

---

&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 period ended September 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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $108783897 | &nbsp;&nbsp; $9283937 | &nbsp;&nbsp; $(19660972)<br>| &nbsp;&nbsp; $(4598873)<br>| &nbsp;&nbsp; $1304470 | &nbsp;&nbsp; $95112459 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8081958 | &nbsp;&nbsp; 1575212 | &nbsp;&nbsp; (791884)<br>| &nbsp;&nbsp; (26679)<br>| &nbsp;&nbsp; (995982)<br>| &nbsp;&nbsp; 7842625 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 81019849 | &nbsp;&nbsp; 3866046 | &nbsp;&nbsp; (15719715)<br>| &nbsp;&nbsp; (1172798)<br>| &nbsp;&nbsp; 11074508 | &nbsp;&nbsp; 79067890 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 326333178 | &nbsp;&nbsp; 23082945 | &nbsp;&nbsp; (27925780)<br>| &nbsp;&nbsp; (5727690)<br>| &nbsp;&nbsp; 9752814 | &nbsp;&nbsp; 325515467 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 56779603 | &nbsp;&nbsp; 9765698 | &nbsp;&nbsp; (10971491)<br>| &nbsp;&nbsp; (1164555)<br>| &nbsp;&nbsp; 1307821 | &nbsp;&nbsp; 55717076 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 25119548 | &nbsp;&nbsp; 8715533 | &nbsp;&nbsp; (2058426)<br>| &nbsp;&nbsp; (342)<br>| &nbsp;&nbsp; (24965)<br>| &nbsp;&nbsp; 31751348 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 39649437 | &nbsp;&nbsp; 9525851 | &nbsp;&nbsp; (3044686)<br>| &nbsp;&nbsp; 20026 | &nbsp;&nbsp; (7951874)<br>| &nbsp;&nbsp; 38198754 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 57837912 | &nbsp;&nbsp; 10332876 | &nbsp;&nbsp; (19356856)<br>| &nbsp;&nbsp; 1587085 | &nbsp;&nbsp; 5634168 | &nbsp;&nbsp; 56035185 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8107898 | &nbsp;&nbsp; 1751473 | &nbsp;&nbsp; (511099)<br>| &nbsp;&nbsp; (114809)<br>| &nbsp;&nbsp; (1457790)<br>| &nbsp;&nbsp; 7775673 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 58613945 | &nbsp;&nbsp; 5771589 | &nbsp;&nbsp; (5499103)<br>| &nbsp;&nbsp; (442583)<br>| &nbsp;&nbsp; (2873596)<br>| &nbsp;&nbsp; 55570252 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 100492498 | &nbsp;&nbsp; 6598946 | &nbsp;&nbsp; (10922664)<br>| &nbsp;&nbsp; (1387055)<br>| &nbsp;&nbsp; 561035 | &nbsp;&nbsp; 95342760 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 78037554 | &nbsp;&nbsp; 295431 | &nbsp;&nbsp; (55941951)<br>| &nbsp;&nbsp; (22363092)<br>| &nbsp;&nbsp; 31289984 | &nbsp;&nbsp; 31317926 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 107201949 | &nbsp;&nbsp; 14497960 | &nbsp;&nbsp; (8954416)<br>| &nbsp;&nbsp; (1053807)<br>| &nbsp;&nbsp; (8493262)<br>| &nbsp;&nbsp; 103198424 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 73801874 | &nbsp;&nbsp; 14019248 | &nbsp;&nbsp; (10582485)<br>| &nbsp;&nbsp; 491569 | &nbsp;&nbsp; (5971342)<br>| &nbsp;&nbsp; 71758864 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 23850499 | &nbsp;&nbsp; 731108 | &nbsp;&nbsp; (1854129)<br>| &nbsp;&nbsp; (230850)<br>| &nbsp;&nbsp; 1458932 | &nbsp;&nbsp; 23955560 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 88811373 | &nbsp;&nbsp; 5095455 | &nbsp;&nbsp; (23011106)<br>| &nbsp;&nbsp; 5265501 | &nbsp;&nbsp; 11796004 | &nbsp;&nbsp; 87957227 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 105723464 | &nbsp;&nbsp; 15699192 | &nbsp;&nbsp; (15020513)<br>| &nbsp;&nbsp; 2771579 | &nbsp;&nbsp; (5512513)<br>| &nbsp;&nbsp; 103661209 |

---

**BHFTII-62**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; $32565507 | &nbsp;&nbsp; $5587173 | &nbsp;&nbsp; $(5020519)<br>| &nbsp;&nbsp; $683568 | &nbsp;&nbsp; $(2100956)<br>| &nbsp;&nbsp; $31714773 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 15939936 | &nbsp;&nbsp; 1602185 | &nbsp;&nbsp; (2596351)<br>| &nbsp;&nbsp; (1325666)<br>| &nbsp;&nbsp; 2194464 | &nbsp;&nbsp; 15814568 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 40506557 | &nbsp;&nbsp; 8486217 | &nbsp;&nbsp; (7321965)<br>| &nbsp;&nbsp; (992656)<br>| &nbsp;&nbsp; (912045)<br>| &nbsp;&nbsp; 39766108 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 125556829 | &nbsp;&nbsp; 15722770 | &nbsp;&nbsp; (8829227)<br>| &nbsp;&nbsp; (1004505)<br>| &nbsp;&nbsp; 3273012 | &nbsp;&nbsp; 134718879 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 23772063 | &nbsp;&nbsp; 4676078 | &nbsp;&nbsp; (3574403)<br>| &nbsp;&nbsp; 110762 | &nbsp;&nbsp; (1228691)<br>| &nbsp;&nbsp; 23755809 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 32361333 | &nbsp;&nbsp; 5492632 | &nbsp;&nbsp; (6623678)<br>| &nbsp;&nbsp; 2471335 | &nbsp;&nbsp; (2120894)<br>| &nbsp;&nbsp; 31580728 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 7976058 | &nbsp;&nbsp; 1513819 | &nbsp;&nbsp; (952948)<br>| &nbsp;&nbsp; (138132)<br>| &nbsp;&nbsp; (444010)<br>| &nbsp;&nbsp; 7954787 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 56490895 | &nbsp;&nbsp; 4296866 | &nbsp;&nbsp; (10221907)<br>| &nbsp;&nbsp; 1686846 | &nbsp;&nbsp; 3623942 | &nbsp;&nbsp; 55876642 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 121874184 | &nbsp;&nbsp; 15908780 | &nbsp;&nbsp; (14739949)<br>| &nbsp;&nbsp; (1458904)<br>| &nbsp;&nbsp; (1784680)<br>| &nbsp;&nbsp; 119799431 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 15619214 | &nbsp;&nbsp; 3418225 | &nbsp;&nbsp; (1032634)<br>| &nbsp;&nbsp; (212359)<br>| &nbsp;&nbsp; (2280641)<br>| &nbsp;&nbsp; 15511805 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 175745191 | &nbsp;&nbsp; 4508661 | &nbsp;&nbsp; (23125518)<br>| &nbsp;&nbsp; (2852018)<br>| &nbsp;&nbsp; 12199146 | &nbsp;&nbsp; 166475462 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 317974476 | &nbsp;&nbsp; 23556372 | &nbsp;&nbsp; (28606493)<br>| &nbsp;&nbsp; (6624049)<br>| &nbsp;&nbsp; 11355237 | &nbsp;&nbsp; 317655543 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 24077018 | &nbsp;&nbsp; 29205056 | &nbsp;&nbsp; (11462040)<br>| &nbsp;&nbsp; 2421887 | &nbsp;&nbsp; 3581122 | &nbsp;&nbsp; 47823043 |
| 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; (9310077)<br>| &nbsp;&nbsp; (667461)<br>| &nbsp;&nbsp; 648868 | &nbsp;&nbsp; 47806521 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 112546381 | &nbsp;&nbsp; 14510336 | &nbsp;&nbsp; (11333702)<br>| &nbsp;&nbsp; (653098)<br>| &nbsp;&nbsp; (3609109)<br>| &nbsp;&nbsp; 111460808 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 16226988 | &nbsp;&nbsp; 2894390 | &nbsp;&nbsp; (1545397)<br>| &nbsp;&nbsp; (292572)<br>| &nbsp;&nbsp; (1462540)<br>| &nbsp;&nbsp; 15820869 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 39427980 | &nbsp;&nbsp; 10481183 | &nbsp;&nbsp; (5103281)<br>| &nbsp;&nbsp; (679690)<br>| &nbsp;&nbsp; (4377948)<br>| &nbsp;&nbsp; 39748244 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 242648392 | &nbsp;&nbsp; 17425401 | &nbsp;&nbsp; (18024612)<br>| &nbsp;&nbsp; (2238825)<br>| &nbsp;&nbsp; 6068115 | &nbsp;&nbsp; 245878471 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 62904846 | &nbsp;&nbsp; 4197231 | &nbsp;&nbsp; (16405199)<br>| &nbsp;&nbsp; 5311939 | &nbsp;&nbsp; 7769621 | &nbsp;&nbsp; 63778438 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 133900694 | &nbsp;&nbsp; 8817048 | &nbsp;&nbsp; (31288462)<br>| &nbsp;&nbsp; (8427735)<br>| &nbsp;&nbsp; 8157261 | &nbsp;&nbsp; 111158806 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 276440587 | &nbsp;&nbsp; 13688601 | &nbsp;&nbsp; (32395942)<br>| &nbsp;&nbsp; (3822226)<br>| &nbsp;&nbsp; 7992953 | &nbsp;&nbsp; 261903973 |
|  | &nbsp;&nbsp; $3295617460 | &nbsp;&nbsp; $345423058 | &nbsp;&nbsp; $(511083009)<br>| &nbsp;&nbsp; $(46934815)<br>| &nbsp;&nbsp; $92759713 | &nbsp;&nbsp; $3175782407 |

---

&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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9264179 | &nbsp;&nbsp; 12162719 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1328742 | &nbsp;&nbsp; 131414 | &nbsp;&nbsp; 780361 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3242923 | &nbsp;&nbsp; 548386 | &nbsp;&nbsp; 6899467 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 17339917 | &nbsp;&nbsp; 3586947 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 7454760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1246746 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2131513 | &nbsp;&nbsp; 4233513 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 5825347 | &nbsp;&nbsp; 615936 | &nbsp;&nbsp; 3410603 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 9239289 | &nbsp;&nbsp; 739468 | &nbsp;&nbsp; 4482815 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1490255 | &nbsp;&nbsp; 105882 | &nbsp;&nbsp; 47315 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5115472 | &nbsp;&nbsp; 6053404 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5034942 | &nbsp;&nbsp; 10896315 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3871190 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 12953960 | &nbsp;&nbsp; 1489757 | &nbsp;&nbsp; 3881099 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 13140448 | &nbsp;&nbsp; 380285 | &nbsp;&nbsp; 5057002 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 701390 | &nbsp;&nbsp; 2230499 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 2977839 | &nbsp;&nbsp; 2041947 | &nbsp;&nbsp; 5987558 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 12869058 | &nbsp;&nbsp; 2230432 | &nbsp;&nbsp; 8214042 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 4915621 | &nbsp;&nbsp; 47371 | &nbsp;&nbsp; 1318154 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1583040 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 7025134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2555662 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5527694 | &nbsp;&nbsp; 14788022 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 2634264 | &nbsp;&nbsp; 292462 | &nbsp;&nbsp; 2082017 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 4283261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1641410 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 906250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 715359 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3179857 | &nbsp;&nbsp; 1094233 | &nbsp;&nbsp; 4281735 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 13679933 | &nbsp;&nbsp; 2192776 | &nbsp;&nbsp; 8980467 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 2074045 | &nbsp;&nbsp; 16629 | &nbsp;&nbsp; 1009883 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 1249390 | &nbsp;&nbsp; 2148950 | &nbsp;&nbsp; 16194111 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 18140020 | &nbsp;&nbsp; 31765554 |

---

**BHFTII-63**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 40 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $477548 | &nbsp;&nbsp; 3566222 |
| 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; 1897837 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10577775 | &nbsp;&nbsp; 2286542 | &nbsp;&nbsp; 4262364 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2257270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1892448 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 8465059 | &nbsp;&nbsp; 104836 | &nbsp;&nbsp; 2162581 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 11317818 | &nbsp;&nbsp; 28164773 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 1114218 | &nbsp;&nbsp; 2099250 | &nbsp;&nbsp; 4802593 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8817048 | &nbsp;&nbsp; 10526402 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10885064 | &nbsp;&nbsp; 24684635 |
|  | &nbsp;&nbsp; $139621294 | &nbsp;&nbsp; $113786718 |  |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; $3175782407 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3175782407 |
| Total Investments | &nbsp;&nbsp;&nbsp; $3175782407 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3175782407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-64**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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) | 22720724 | &nbsp;&nbsp;&nbsp; $177676061 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 2181833 | &nbsp;&nbsp;&nbsp; 21927425 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 27040159 | &nbsp;&nbsp;&nbsp; 309880228 |
| BlackRock Bond Income Portfolio (Class A) (b) | 7638759 | &nbsp;&nbsp;&nbsp; 693217340 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 4997775 | &nbsp;&nbsp;&nbsp; 223350567 |
| BlackRock High Yield Portfolio (Class A) (a) | 12715701 | &nbsp;&nbsp;&nbsp; 95367758 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 11453382 | &nbsp;&nbsp;&nbsp; 128277874 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 21521812 | &nbsp;&nbsp;&nbsp; 269022645 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 132443 | &nbsp;&nbsp;&nbsp; 21765653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 7551843 | &nbsp;&nbsp;&nbsp; 89640375 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 16952153 | &nbsp;&nbsp;&nbsp; 155620764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 17809454 | &nbsp;&nbsp;&nbsp; 155832720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 19300040 | &nbsp;&nbsp;&nbsp; 156137325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 14189296 | &nbsp;&nbsp;&nbsp; 377293382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 18945280 | &nbsp;&nbsp;&nbsp; 268833517 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 12515612 | &nbsp;&nbsp;&nbsp; 134417674 |
| Harris Oakmark International Portfolio (Class A) (a) | 24408152 | &nbsp;&nbsp;&nbsp; 358555756 |
| Invesco Comstock Portfolio (Class A) (a) | 30136977 | &nbsp;&nbsp;&nbsp; 380328650 |
| Invesco Global Equity Portfolio (Class A) (a) | 3687318 | &nbsp;&nbsp;&nbsp; 88716863 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 11093619 | &nbsp;&nbsp;&nbsp; 110825255 |
| Jennison Growth Portfolio (Class A) (b) | 17192649 | &nbsp;&nbsp;&nbsp; 267517614 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 24451783 | &nbsp;&nbsp;&nbsp; 222755739 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 5831840 | &nbsp;&nbsp;&nbsp; 66541289 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 12658654 | &nbsp;&nbsp;&nbsp; 243552507 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 6015999 | &nbsp;&nbsp;&nbsp; 66897905 |

---

---

| | | |
|:---|:---|:---|
| **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) | 17152095 | &nbsp;&nbsp;&nbsp; $223834845 |
| MFS Value Portfolio (Class A) (b) | 33573466 | &nbsp;&nbsp;&nbsp; 447870042 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 4242187 | &nbsp;&nbsp;&nbsp; 65159985 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 21637269 | &nbsp;&nbsp;&nbsp; 222431130 |
| PIMCO Total Return Portfolio (Class A) (a) | 55692981 | &nbsp;&nbsp;&nbsp; 556929811 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 16658265 | &nbsp;&nbsp;&nbsp; 223387332 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 7994337 | &nbsp;&nbsp;&nbsp; 201377344 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 15375563 | &nbsp;&nbsp;&nbsp; 402070980 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 5297613 | &nbsp;&nbsp;&nbsp; 44288048 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 7279781 | &nbsp;&nbsp;&nbsp; 133802376 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 55898788 | &nbsp;&nbsp;&nbsp; 487996422 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 20193204 | &nbsp;&nbsp;&nbsp; 268165755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 12655667 | &nbsp;&nbsp;&nbsp; 133643848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management U.S. Government Portfolio (Class A) <br> (b)<br>| 35655836 | &nbsp;&nbsp;&nbsp; 378308422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $8,824,593,874) <br>|  | &nbsp;&nbsp;&nbsp; 8873219226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.0% <br>(Cost $8,824,593,874) <br>|  | &nbsp;&nbsp;&nbsp; 8873219226 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp;&nbsp; (2490661)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $8870728565 |

---

&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 period ended September 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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $205216255 | &nbsp;&nbsp; $17015944 | &nbsp;&nbsp; $(38604319)<br>| &nbsp;&nbsp; $(8745339)<br>| &nbsp;&nbsp; $2793520 | &nbsp;&nbsp; $177676061 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22135988 | &nbsp;&nbsp; 4173743 | &nbsp;&nbsp; (1577246)<br>| &nbsp;&nbsp; (212380)<br>| &nbsp;&nbsp; (2592680)<br>| &nbsp;&nbsp; 21927425 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 307470747 | &nbsp;&nbsp; 14691714 | &nbsp;&nbsp; (49899124)<br>| &nbsp;&nbsp; (9347529)<br>| &nbsp;&nbsp; 46964420 | &nbsp;&nbsp; 309880228 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 681608054 | &nbsp;&nbsp; 47632785 | &nbsp;&nbsp; (44525351)<br>| &nbsp;&nbsp; (10515497)<br>| &nbsp;&nbsp; 19017349 | &nbsp;&nbsp; 693217340 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 223770091 | &nbsp;&nbsp; 31978179 | &nbsp;&nbsp; (32789838)<br>| &nbsp;&nbsp; (2461828)<br>| &nbsp;&nbsp; 2853963 | &nbsp;&nbsp; 223350567 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 77639189 | &nbsp;&nbsp; 22017264 | &nbsp;&nbsp; (4284172)<br>| &nbsp;&nbsp; (377546)<br>| &nbsp;&nbsp; 373023 | &nbsp;&nbsp; 95367758 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 130823154 | &nbsp;&nbsp; 26866232 | &nbsp;&nbsp; (3538371)<br>| &nbsp;&nbsp; 67523 | &nbsp;&nbsp; (25940664)<br>| &nbsp;&nbsp; 128277874 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 269029373 | &nbsp;&nbsp; 47423227 | &nbsp;&nbsp; (80945736)<br>| &nbsp;&nbsp; 18151578 | &nbsp;&nbsp; 15364203 | &nbsp;&nbsp; 269022645 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22197416 | &nbsp;&nbsp; 4575161 | &nbsp;&nbsp; (701399)<br>| &nbsp;&nbsp; (248887)<br>| &nbsp;&nbsp; (4056638)<br>| &nbsp;&nbsp; 21765653 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 88420559 | &nbsp;&nbsp; 7885936 | &nbsp;&nbsp; (23271066)<br>| &nbsp;&nbsp; (3392625)<br>| &nbsp;&nbsp; 19997571 | &nbsp;&nbsp; 89640375 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 160198273 | &nbsp;&nbsp; 16949117 | &nbsp;&nbsp; (12380037)<br>| &nbsp;&nbsp; (999899)<br>| &nbsp;&nbsp; (8146690)<br>| &nbsp;&nbsp; 155620764 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 182887991 | &nbsp;&nbsp; 8077599 | &nbsp;&nbsp; (34227457)<br>| &nbsp;&nbsp; (3638342)<br>| &nbsp;&nbsp; 2732929 | &nbsp;&nbsp; 155832720 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 168584601 | &nbsp;&nbsp; 54003 | &nbsp;&nbsp; (37387903)<br>| &nbsp;&nbsp; (18387959)<br>| &nbsp;&nbsp; 43274583 | &nbsp;&nbsp; 156137325 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 381827670 | &nbsp;&nbsp; 52064176 | &nbsp;&nbsp; (22107788)<br>| &nbsp;&nbsp; (994043)<br>| &nbsp;&nbsp; (33496633)<br>| &nbsp;&nbsp; 377293382 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 269790178 | &nbsp;&nbsp; 48833745 | &nbsp;&nbsp; (30181670)<br>| &nbsp;&nbsp; 1525471 | &nbsp;&nbsp; (21134207)<br>| &nbsp;&nbsp; 268833517 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 128924422 | &nbsp;&nbsp; 4521545 | &nbsp;&nbsp; (5762817)<br>| &nbsp;&nbsp; (391077)<br>| &nbsp;&nbsp; 7125601 | &nbsp;&nbsp; 134417674 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 349849969 | &nbsp;&nbsp; 20216072 | &nbsp;&nbsp; (79381202)<br>| &nbsp;&nbsp; (11213504)<br>| &nbsp;&nbsp; 79084421 | &nbsp;&nbsp; 358555756 |

---

**BHFTII-65**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; $378905186 | &nbsp;&nbsp; $54101518 | &nbsp;&nbsp; $(42848476)<br>| &nbsp;&nbsp; $753308 | &nbsp;&nbsp; $(10582886)<br>| &nbsp;&nbsp; $380328650 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 89501136 | &nbsp;&nbsp; 13627955 | &nbsp;&nbsp; (10418029)<br>| &nbsp;&nbsp; 560806 | &nbsp;&nbsp; (4555005)<br>| &nbsp;&nbsp; 88716863 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 109585662 | &nbsp;&nbsp; 8272204 | &nbsp;&nbsp; (13033871)<br>| &nbsp;&nbsp; (3327350)<br>| &nbsp;&nbsp; 9328610 | &nbsp;&nbsp; 110825255 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 267787999 | &nbsp;&nbsp; 48820912 | &nbsp;&nbsp; (36264578)<br>| &nbsp;&nbsp; (6309980)<br>| &nbsp;&nbsp; (6516739)<br>| &nbsp;&nbsp; 267517614 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 227578907 | &nbsp;&nbsp; 12802280 | &nbsp;&nbsp; (21700742)<br>| &nbsp;&nbsp; (2547211)<br>| &nbsp;&nbsp; 6622505 | &nbsp;&nbsp; 222755739 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 65348391 | &nbsp;&nbsp; 10644347 | &nbsp;&nbsp; (6530892)<br>| &nbsp;&nbsp; (875899)<br>| &nbsp;&nbsp; (2044658)<br>| &nbsp;&nbsp; 66541289 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 245250379 | &nbsp;&nbsp; 34883809 | &nbsp;&nbsp; (39017985)<br>| &nbsp;&nbsp; 14509085 | &nbsp;&nbsp; (12072781)<br>| &nbsp;&nbsp; 243552507 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 65973185 | &nbsp;&nbsp; 10758363 | &nbsp;&nbsp; (5123102)<br>| &nbsp;&nbsp; (193169)<br>| &nbsp;&nbsp; (4517372)<br>| &nbsp;&nbsp; 66897905 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 218432477 | &nbsp;&nbsp; 17630774 | &nbsp;&nbsp; (32759442)<br>| &nbsp;&nbsp; 8643460 | &nbsp;&nbsp; 11887576 | &nbsp;&nbsp; 223834845 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 444545877 | &nbsp;&nbsp; 58312981 | &nbsp;&nbsp; (43058528)<br>| &nbsp;&nbsp; (8243002)<br>| &nbsp;&nbsp; (3687286)<br>| &nbsp;&nbsp; 447870042 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 64344853 | &nbsp;&nbsp; 11981036 | &nbsp;&nbsp; (942528)<br>| &nbsp;&nbsp; (313464)<br>| &nbsp;&nbsp; (9909912)<br>| &nbsp;&nbsp; 65159985 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 227516779 | &nbsp;&nbsp; 7655644 | &nbsp;&nbsp; (24961707)<br>| &nbsp;&nbsp; (2275809)<br>| &nbsp;&nbsp; 14496223 | &nbsp;&nbsp; 222431130 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 569118406 | &nbsp;&nbsp; 39223644 | &nbsp;&nbsp; (59716975)<br>| &nbsp;&nbsp; (12011462)<br>| &nbsp;&nbsp; 20316198 | &nbsp;&nbsp; 556929811 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 108643444 | &nbsp;&nbsp; 134144300 | &nbsp;&nbsp; (45473592)<br>| &nbsp;&nbsp; 7044138 | &nbsp;&nbsp; 19029042 | &nbsp;&nbsp; 223387332 |
| 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; (28184849)<br>| &nbsp;&nbsp; 2669199 | &nbsp;&nbsp; (2851204)<br>| &nbsp;&nbsp; 201377344 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 396011882 | &nbsp;&nbsp; 49772030 | &nbsp;&nbsp; (28848469)<br>| &nbsp;&nbsp; (5281588)<br>| &nbsp;&nbsp; (9582875)<br>| &nbsp;&nbsp; 402070980 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 44451441 | &nbsp;&nbsp; 6786027 | &nbsp;&nbsp; (2144413)<br>| &nbsp;&nbsp; (373816)<br>| &nbsp;&nbsp; (4431191)<br>| &nbsp;&nbsp; 44288048 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 129900042 | &nbsp;&nbsp; 30251307 | &nbsp;&nbsp; (10137264)<br>| &nbsp;&nbsp; (2258731)<br>| &nbsp;&nbsp; (13952978)<br>| &nbsp;&nbsp; 133802376 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 467018692 | &nbsp;&nbsp; 44823148 | &nbsp;&nbsp; (31425951)<br>| &nbsp;&nbsp; (3822421)<br>| &nbsp;&nbsp; 11402954 | &nbsp;&nbsp; 487996422 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 255882500 | &nbsp;&nbsp; 19673735 | &nbsp;&nbsp; (61624754)<br>| &nbsp;&nbsp; 14278170 | &nbsp;&nbsp; 39956104 | &nbsp;&nbsp; 268165755 |
| Western Asset Management Strategic Bond Opportunities Portfolio <br> (Class A)<br>| &nbsp;&nbsp; 182341501 | &nbsp;&nbsp; 10246823 | &nbsp;&nbsp; (59197077)<br>| &nbsp;&nbsp; (15415429)<br>| &nbsp;&nbsp; 15668030 | &nbsp;&nbsp; 133643848 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 387853613 | &nbsp;&nbsp; 22450619 | &nbsp;&nbsp; (37896428)<br>| &nbsp;&nbsp; (5485757)<br>| &nbsp;&nbsp; 11386375 | &nbsp;&nbsp; 378308422 |
|  | &nbsp;&nbsp; $8925973557 | &nbsp;&nbsp; $1052521102 | &nbsp;&nbsp; $(1278562718)<br>| &nbsp;&nbsp; $(71670584)<br>| &nbsp;&nbsp; $244957869 | &nbsp;&nbsp; $8873219226 |

---

&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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17015944 | &nbsp;&nbsp; 22720724 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3648907 | &nbsp;&nbsp; 360881 | &nbsp;&nbsp; 2181833 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 12563314 | &nbsp;&nbsp; 2124485 | &nbsp;&nbsp; 27040159 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 36239744 | &nbsp;&nbsp; 7638759 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 29303874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4997775 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6248789 | &nbsp;&nbsp; 12715701 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 18705785 | &nbsp;&nbsp; 1977834 | &nbsp;&nbsp; 11453382 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 43908084 | &nbsp;&nbsp; 3514191 | &nbsp;&nbsp; 21521812 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4061847 | &nbsp;&nbsp; 288593 | &nbsp;&nbsp; 132443 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 5223790 | &nbsp;&nbsp; 2661176 | &nbsp;&nbsp; 7551843 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 14103700 | &nbsp;&nbsp; 16952153 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8076994 | &nbsp;&nbsp; 17809454 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19300040 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 46694160 | &nbsp;&nbsp; 5370016 | &nbsp;&nbsp; 14189296 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 47417818 | &nbsp;&nbsp; 1372273 | &nbsp;&nbsp; 18945280 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3868443 | &nbsp;&nbsp; 12515612 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 11989089 | &nbsp;&nbsp; 8221089 | &nbsp;&nbsp; 24408152 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 46104227 | &nbsp;&nbsp; 7990667 | &nbsp;&nbsp; 30136977 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 13481884 | &nbsp;&nbsp; 129922 | &nbsp;&nbsp; 3687318 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11093619 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 46386247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17192649 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 9367138 | &nbsp;&nbsp; 24451783 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 7063044 | &nbsp;&nbsp; 784156 | &nbsp;&nbsp; 5831840 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 32412326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12658654 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 7380355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6015999 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 12583186 | &nbsp;&nbsp; 4330049 | &nbsp;&nbsp; 17152095 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 50257184 | &nbsp;&nbsp; 8055796 | &nbsp;&nbsp; 33573466 |

---

**BHFTII-66**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 60 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; $8393760 | &nbsp;&nbsp; $67300 | &nbsp;&nbsp; 4242187 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 1637088 | &nbsp;&nbsp; 2815791 | &nbsp;&nbsp; 21637269 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 32236956 | &nbsp;&nbsp; 55692981 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2143830 | &nbsp;&nbsp; 16658265 |
| 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; 7994337 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 37283652 | &nbsp;&nbsp; 8059409 | &nbsp;&nbsp; 15375563 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 6139678 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5297613 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 27401036 | &nbsp;&nbsp; 339351 | &nbsp;&nbsp; 7279781 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 21887379 | &nbsp;&nbsp; 55898788 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 4624088 | &nbsp;&nbsp; 8712050 | &nbsp;&nbsp; 20193204 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10246823 | &nbsp;&nbsp; 12655667 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15442796 | &nbsp;&nbsp; 35655836 |
|  | &nbsp;&nbsp; $552421317 | &nbsp;&nbsp; $246180121 |  |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; $8873219226 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8873219226 |
| Total Investments | &nbsp;&nbsp;&nbsp; $8873219226 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8873219226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-67**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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) | 7906520 | &nbsp;&nbsp;&nbsp; $61828988 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 6060319 | &nbsp;&nbsp;&nbsp; 60906206 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 32228102 | &nbsp;&nbsp;&nbsp; 369334053 |
| BlackRock Bond Income Portfolio (Class A) (b) | 3981619 | &nbsp;&nbsp;&nbsp; 361331904 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 5592075 | &nbsp;&nbsp;&nbsp; 249909814 |
| BlackRock High Yield Portfolio (Class A) (a) | 8262465 | &nbsp;&nbsp;&nbsp; 61968491 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 14106258 | &nbsp;&nbsp;&nbsp; 157990090 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 26692868 | &nbsp;&nbsp;&nbsp; 333660852 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 122507 | &nbsp;&nbsp;&nbsp; 20132808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 14055084 | &nbsp;&nbsp;&nbsp; 166833851 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 8922952 | &nbsp;&nbsp;&nbsp; 81912699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 10259977 | &nbsp;&nbsp;&nbsp; 83003218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 13900215 | &nbsp;&nbsp;&nbsp; 369606707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 24941947 | &nbsp;&nbsp;&nbsp; 353926229 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 19364805 | &nbsp;&nbsp;&nbsp; 207978009 |
| Frontier Mid Cap Growth Portfolio (Class A) (b) | 1396733 | &nbsp;&nbsp;&nbsp; 41357263 |
| Harris Oakmark International Portfolio (Class A) (a) | 26949617 | &nbsp;&nbsp;&nbsp; 395889870 |
| Invesco Comstock Portfolio (Class A) (a) | 34563609 | &nbsp;&nbsp;&nbsp; 436192744 |
| Invesco Global Equity Portfolio (Class A) (a) | 5156908 | &nbsp;&nbsp;&nbsp; 124075215 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 14474971 | &nbsp;&nbsp;&nbsp; 144604958 |
| Jennison Growth Portfolio (Class A) (b) | 25373098 | &nbsp;&nbsp;&nbsp; 394805403 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 18095993 | &nbsp;&nbsp;&nbsp; 164854496 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 9059094 | &nbsp;&nbsp;&nbsp; 103364264 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 19332836 | &nbsp;&nbsp;&nbsp; 371963757 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 11177493 | &nbsp;&nbsp;&nbsp; 124293728 |
| MFS Research International Portfolio (Class A) (a) | 22282332 | &nbsp;&nbsp;&nbsp; 290784435 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| MFS Value Portfolio (Class A) (b) | 35777620 | &nbsp;&nbsp;&nbsp; $477273446 |
| Morgan Stanley Discovery Portfolio (Class A) (a) (c) | 1972324 | &nbsp;&nbsp;&nbsp; 19940192 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 1293674 | &nbsp;&nbsp;&nbsp; 19870831 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 8012034 | &nbsp;&nbsp;&nbsp; 82363706 |
| PIMCO Total Return Portfolio (Class A) (a) | 26869599 | &nbsp;&nbsp;&nbsp; 268695988 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 21665745 | &nbsp;&nbsp;&nbsp; 290537643 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 13245143 | &nbsp;&nbsp;&nbsp; 333645141 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 16637200 | &nbsp;&nbsp;&nbsp; 435062773 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 4898149 | &nbsp;&nbsp;&nbsp; 40948523 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 7902697 | &nbsp;&nbsp;&nbsp; 145251578 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 27557341 | &nbsp;&nbsp;&nbsp; 240575588 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 18784980 | &nbsp;&nbsp;&nbsp; 249464535 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) (a) | 1175272 | &nbsp;&nbsp;&nbsp; 20614275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 9777398 | &nbsp;&nbsp;&nbsp; 103249324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $7,913,724,468) <br>|  | &nbsp;&nbsp;&nbsp; 8260003595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.0% <br>(Cost $7,913,724,468) <br>|  | &nbsp;&nbsp;&nbsp; 8260003595 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp;&nbsp; (2323767)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $8257679828 |

---

&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 period ended September 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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $62698529 | &nbsp;&nbsp; $7446647 | &nbsp;&nbsp; $(6159599)<br>| &nbsp;&nbsp; $(1451253)<br>| &nbsp;&nbsp; $(705336)<br>| &nbsp;&nbsp; $61828988 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 60948525 | &nbsp;&nbsp; 11780968 | &nbsp;&nbsp; (4098835)<br>| &nbsp;&nbsp; (480389)<br>| &nbsp;&nbsp; (7244063)<br>| &nbsp;&nbsp; 60906206 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 357482278 | &nbsp;&nbsp; 17354503 | &nbsp;&nbsp; (49412961)<br>| &nbsp;&nbsp; 6928014 | &nbsp;&nbsp; 36982219 | &nbsp;&nbsp; 369334053 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 348403676 | &nbsp;&nbsp; 28740043 | &nbsp;&nbsp; (20255622)<br>| &nbsp;&nbsp; (3344465)<br>| &nbsp;&nbsp; 7788272 | &nbsp;&nbsp; 361331904 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 250580068 | &nbsp;&nbsp; 32262407 | &nbsp;&nbsp; (33208044)<br>| &nbsp;&nbsp; 1761079 | &nbsp;&nbsp; (1485696)<br>| &nbsp;&nbsp; 249909814 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 62698513 | &nbsp;&nbsp; 5553536 | &nbsp;&nbsp; (6414101)<br>| &nbsp;&nbsp; (610398)<br>| &nbsp;&nbsp; 740941 | &nbsp;&nbsp; 61968491 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 161195219 | &nbsp;&nbsp; 29419035 | &nbsp;&nbsp; (1059190)<br>| &nbsp;&nbsp; 116916 | &nbsp;&nbsp; (31681890)<br>| &nbsp;&nbsp; 157990090 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 326488764 | &nbsp;&nbsp; 57916355 | &nbsp;&nbsp; (91681745)<br>| &nbsp;&nbsp; 16868614 | &nbsp;&nbsp; 24068864 | &nbsp;&nbsp; 333660852 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 20369269 | &nbsp;&nbsp; 4287111 | &nbsp;&nbsp; (568243)<br>| &nbsp;&nbsp; (86728)<br>| &nbsp;&nbsp; (3868601)<br>| &nbsp;&nbsp; 20132808 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 159911308 | &nbsp;&nbsp; 14450368 | &nbsp;&nbsp; (37831845)<br>| &nbsp;&nbsp; (6946952)<br>| &nbsp;&nbsp; 37250972 | &nbsp;&nbsp; 166833851 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 83904108 | &nbsp;&nbsp; 9533351 | &nbsp;&nbsp; (6730018)<br>| &nbsp;&nbsp; (577572)<br>| &nbsp;&nbsp; (4217170)<br>| &nbsp;&nbsp; 81912699 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 94927528 | &nbsp;&nbsp; 1091400 | &nbsp;&nbsp; (26675126)<br>| &nbsp;&nbsp; (7861289)<br>| &nbsp;&nbsp; 21520705 | &nbsp;&nbsp; 83003218 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 366942529 | &nbsp;&nbsp; 51447249 | &nbsp;&nbsp; (15144004)<br>| &nbsp;&nbsp; 259088 | &nbsp;&nbsp; (33898155)<br>| &nbsp;&nbsp; 369606707 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 352650355 | &nbsp;&nbsp; 63492056 | &nbsp;&nbsp; (36749447)<br>| &nbsp;&nbsp; (526622)<br>| &nbsp;&nbsp; (24940113)<br>| &nbsp;&nbsp; 353926229 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 193716177 | &nbsp;&nbsp; 9004373 | &nbsp;&nbsp; (4972024)<br>| &nbsp;&nbsp; (280338)<br>| &nbsp;&nbsp; 10509821 | &nbsp;&nbsp; 207978009 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 40678400 | &nbsp;&nbsp; 3882757 | &nbsp;&nbsp; (3651158)<br>| &nbsp;&nbsp; (885831)<br>| &nbsp;&nbsp; 1333095 | &nbsp;&nbsp; 41357263 |

---

**BHFTII-68**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; $376050948 | &nbsp;&nbsp; $25383078 | &nbsp;&nbsp; $(79205634)<br>| &nbsp;&nbsp; $9478635 | &nbsp;&nbsp; $64182843 | &nbsp;&nbsp; $395889870 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 430536772 | &nbsp;&nbsp; 61411181 | &nbsp;&nbsp; (44786520)<br>| &nbsp;&nbsp; (6048798)<br>| &nbsp;&nbsp; (4919891)<br>| &nbsp;&nbsp; 436192744 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 124184240 | &nbsp;&nbsp; 18587726 | &nbsp;&nbsp; (13202492)<br>| &nbsp;&nbsp; 3668295 | &nbsp;&nbsp; (9162554)<br>| &nbsp;&nbsp; 124075215 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 142041625 | &nbsp;&nbsp; 7065520 | &nbsp;&nbsp; (11859916)<br>| &nbsp;&nbsp; (3216805)<br>| &nbsp;&nbsp; 10574534 | &nbsp;&nbsp; 144604958 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 395783984 | &nbsp;&nbsp; 67228544 | &nbsp;&nbsp; (49496949)<br>| &nbsp;&nbsp; (5883544)<br>| &nbsp;&nbsp; (12826632)<br>| &nbsp;&nbsp; 394805403 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 164525045 | &nbsp;&nbsp; 10820498 | &nbsp;&nbsp; (13492954)<br>| &nbsp;&nbsp; (1693885)<br>| &nbsp;&nbsp; 4695792 | &nbsp;&nbsp; 164854496 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 100462603 | &nbsp;&nbsp; 14094058 | &nbsp;&nbsp; (6768518)<br>| &nbsp;&nbsp; (804878)<br>| &nbsp;&nbsp; (3619001)<br>| &nbsp;&nbsp; 103364264 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 375967659 | &nbsp;&nbsp; 48608082 | &nbsp;&nbsp; (56197352)<br>| &nbsp;&nbsp; 20960044 | &nbsp;&nbsp; (17374676)<br>| &nbsp;&nbsp; 371963757 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 122474750 | &nbsp;&nbsp; 16730779 | &nbsp;&nbsp; (6248376)<br>| &nbsp;&nbsp; (654597)<br>| &nbsp;&nbsp; (8008828)<br>| &nbsp;&nbsp; 124293728 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 276759334 | &nbsp;&nbsp; 23493544 | &nbsp;&nbsp; (35453336)<br>| &nbsp;&nbsp; 5675412 | &nbsp;&nbsp; 20309481 | &nbsp;&nbsp; 290784435 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 467880982 | &nbsp;&nbsp; 63807816 | &nbsp;&nbsp; (41882709)<br>| &nbsp;&nbsp; (6424687)<br>| &nbsp;&nbsp; (6107956)<br>| &nbsp;&nbsp; 477273446 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; 20543934 | &nbsp;&nbsp; 265597 | &nbsp;&nbsp; (5916933)<br>| &nbsp;&nbsp; 3023438 | &nbsp;&nbsp; 2024156 | &nbsp;&nbsp; 19940192 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 19816674 | &nbsp;&nbsp; 3203030 | &nbsp;&nbsp; (33114)<br>| &nbsp;&nbsp; (9028)<br>| &nbsp;&nbsp; (3106731)<br>| &nbsp;&nbsp; 19870831 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 82575087 | &nbsp;&nbsp; 3483247 | &nbsp;&nbsp; (8184073)<br>| &nbsp;&nbsp; (31531)<br>| &nbsp;&nbsp; 4520976 | &nbsp;&nbsp; 82363706 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 268017435 | &nbsp;&nbsp; 21082591 | &nbsp;&nbsp; (24402187)<br>| &nbsp;&nbsp; (4094217)<br>| &nbsp;&nbsp; 8092366 | &nbsp;&nbsp; 268695988 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 137435142 | &nbsp;&nbsp; 175872709 | &nbsp;&nbsp; (51253790)<br>| &nbsp;&nbsp; 4038701 | &nbsp;&nbsp; 24444881 | &nbsp;&nbsp; 290537643 |
| 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; (44037441)<br>| &nbsp;&nbsp; 7203328 | &nbsp;&nbsp; (7401454)<br>| &nbsp;&nbsp; 333645141 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 424136536 | &nbsp;&nbsp; 55224986 | &nbsp;&nbsp; (28553899)<br>| &nbsp;&nbsp; (5821585)<br>| &nbsp;&nbsp; (9923265)<br>| &nbsp;&nbsp; 435062773 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 41021373 | &nbsp;&nbsp; 5566247 | &nbsp;&nbsp; (1272534)<br>| &nbsp;&nbsp; (133420)<br>| &nbsp;&nbsp; (4233143)<br>| &nbsp;&nbsp; 40948523 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 139831275 | &nbsp;&nbsp; 29487428 | &nbsp;&nbsp; (7063559)<br>| &nbsp;&nbsp; (1338414)<br>| &nbsp;&nbsp; (15665152)<br>| &nbsp;&nbsp; 145251578 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 224430341 | &nbsp;&nbsp; 25567657 | &nbsp;&nbsp; (13172517)<br>| &nbsp;&nbsp; (1539392)<br>| &nbsp;&nbsp; 5289499 | &nbsp;&nbsp; 240575588 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 229804389 | &nbsp;&nbsp; 20043345 | &nbsp;&nbsp; (50053116)<br>| &nbsp;&nbsp; 6399455 | &nbsp;&nbsp; 43270462 | &nbsp;&nbsp; 249464535 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 20284205 | &nbsp;&nbsp; 2906372 | &nbsp;&nbsp; (447098)<br>| &nbsp;&nbsp; (38511)<br>| &nbsp;&nbsp; (2090693)<br>| &nbsp;&nbsp; 20614275 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 125018281 | &nbsp;&nbsp; 7849036 | &nbsp;&nbsp; (29559412)<br>| &nbsp;&nbsp; (7240423)<br>| &nbsp;&nbsp; 7181842 | &nbsp;&nbsp; 103249324 |
|  | &nbsp;&nbsp; $8123193295 | &nbsp;&nbsp; $1103206829 | &nbsp;&nbsp; $(1143912214)<br>| &nbsp;&nbsp; $18515771 | &nbsp;&nbsp; $158999914 | &nbsp;&nbsp; $8260003595 |

---

&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>**September 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5851545 | &nbsp;&nbsp; 7906520 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10064795 | &nbsp;&nbsp; 995419 | &nbsp;&nbsp; 6060319 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 14826555 | &nbsp;&nbsp; 2507204 | &nbsp;&nbsp; 32228102 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 18731006 | &nbsp;&nbsp; 3981619 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 32139387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5592075 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4161053 | &nbsp;&nbsp; 8262466 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 22523488 | &nbsp;&nbsp; 2381494 | &nbsp;&nbsp; 14106258 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 53624508 | &nbsp;&nbsp; 4291847 | &nbsp;&nbsp; 26692868 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3732731 | &nbsp;&nbsp; 265209 | &nbsp;&nbsp; 122507 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 9570312 | &nbsp;&nbsp; 4875442 | &nbsp;&nbsp; 14055084 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7385792 | &nbsp;&nbsp; 8922952 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10259978 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 45358103 | &nbsp;&nbsp; 5216365 | &nbsp;&nbsp; 13900215 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 61644882 | &nbsp;&nbsp; 1784006 | &nbsp;&nbsp; 24941947 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5908693 | &nbsp;&nbsp; 19364805 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 2028686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1396733 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 13065389 | &nbsp;&nbsp; 8959124 | &nbsp;&nbsp; 26949617 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 52338278 | &nbsp;&nbsp; 9071137 | &nbsp;&nbsp; 34563609 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 18389692 | &nbsp;&nbsp; 177217 | &nbsp;&nbsp; 5156908 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14474971 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 67061393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25373098 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6863179 | &nbsp;&nbsp; 18095993 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 10630474 | &nbsp;&nbsp; 1180220 | &nbsp;&nbsp; 9059094 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 48471697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19332836 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 13330845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11177494 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 16149827 | &nbsp;&nbsp; 5557379 | &nbsp;&nbsp; 22282332 |

---

**BHFTII-69**

------

**Brighthouse Funds Trust II**

**Brighthouse Asset Allocation 80 Portfolio**

**Schedule of Investments as of September 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> **September 30, 2025**<br>|
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; $52996507 | &nbsp;&nbsp; $8494886 | &nbsp;&nbsp; 35777620 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1972324 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 2527452 | &nbsp;&nbsp; 20265 | &nbsp;&nbsp; 1293674 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 599649 | &nbsp;&nbsp; 1031396 | &nbsp;&nbsp; 8012034 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15362198 | &nbsp;&nbsp; 26869599 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2708403 | &nbsp;&nbsp; 21665745 |
| 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; 13245143 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 39925472 | &nbsp;&nbsp; 8630477 | &nbsp;&nbsp; 16637200 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 5543813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4898149 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 28866495 | &nbsp;&nbsp; 357500 | &nbsp;&nbsp; 7902697 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10593898 | &nbsp;&nbsp; 27557341 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 4240493 | &nbsp;&nbsp; 7989335 | &nbsp;&nbsp; 18784980 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 2443788 | &nbsp;&nbsp; 286839 | &nbsp;&nbsp; 1175272 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7848733 | &nbsp;&nbsp; 9777398 |
|  | &nbsp;&nbsp; $676981992 | &nbsp;&nbsp; $162196716 |  |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; $8260003595 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8260003595 |
| Total Investments | &nbsp;&nbsp;&nbsp; $8260003595 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8260003595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-70**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—97.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| Expeditors International of Washington, Inc.  | 45882 | &nbsp;&nbsp;&nbsp; $5624674 |
| **Banks — 6.8%** | **Banks — 6.8%** | **Banks — 6.8%** |
| Fifth Third Bancorp (a) | 210271 | &nbsp;&nbsp;&nbsp; 9367573 |
| First Citizens BancShares, Inc. - Class A | 10071 | &nbsp;&nbsp;&nbsp; 18018630 |
| M&T Bank Corp. (a) | 42314 | &nbsp;&nbsp;&nbsp; 8362093 |
| WaFd, Inc. (a) | 270997 | &nbsp;&nbsp;&nbsp; 8208499 |
|  |  | &nbsp;&nbsp;&nbsp; 43956795 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| Constellation Brands, Inc. - Class A (a) | 75571 | &nbsp;&nbsp;&nbsp; 10177147 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| Moelis & Co. - Class A | 107453 | &nbsp;&nbsp;&nbsp; 7663548 |
| **Construction Materials — 2.0%** | **Construction Materials — 2.0%** | **Construction Materials — 2.0%** |
| Amrize Ltd. (a) (b) | 269757 | &nbsp;&nbsp;&nbsp; 13091307 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Sysco Corp.  | 142538 | &nbsp;&nbsp;&nbsp; 11736579 |
| **Distributors — 4.0%** | **Distributors — 4.0%** | **Distributors — 4.0%** |
| Genuine Parts Co.  | 115819 | &nbsp;&nbsp;&nbsp; 16052513 |
| LKQ Corp. (a) | 315229 | &nbsp;&nbsp;&nbsp; 9627094 |
|  |  | &nbsp;&nbsp;&nbsp; 25679607 |
| **Electric Utilities — 5.5%** | **Electric Utilities — 5.5%** | **Electric Utilities — 5.5%** |
| Alliant Energy Corp. (a) | 245431 | &nbsp;&nbsp;&nbsp; 16544504 |
| OGE Energy Corp. (a) | 410613 | &nbsp;&nbsp;&nbsp; 18999063 |
|  |  | &nbsp;&nbsp;&nbsp; 35543567 |
| **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** | **Electrical Equipment — 2.5%** |
| nVent Electric PLC | 164279 | &nbsp;&nbsp;&nbsp; 16204481 |
| **Electronic Equipment, Instruments & Components — 5.0%** | **Electronic Equipment, Instruments & Components — 5.0%** | **Electronic Equipment, Instruments & Components — 5.0%** |
| CDW Corp.  | 71607 | &nbsp;&nbsp;&nbsp; 11405563 |
| Vontier Corp.  | 496920 | &nbsp;&nbsp;&nbsp; 20855732 |
|  |  | &nbsp;&nbsp;&nbsp; 32261295 |
| **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** | **Energy Equipment & Services — 1.8%** |
| NOV, Inc. (a) | 855981 | &nbsp;&nbsp;&nbsp; 11341748 |
| **Entertainment — 2.0%** | **Entertainment — 2.0%** | **Entertainment — 2.0%** |
| Warner Music Group Corp. - Class A | 388372 | &nbsp;&nbsp;&nbsp; 13227950 |
| **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
| Corebridge Financial, Inc.  | 403666 | &nbsp;&nbsp;&nbsp; 12937495 |
| **Food Products — 2.1%** | **Food Products — 2.1%** | **Food Products — 2.1%** |
| Tyson Foods, Inc. - Class A | 247215 | &nbsp;&nbsp;&nbsp; 13423775 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| UGI Corp.  | 149924 | &nbsp;&nbsp;&nbsp; 4986472 |
| **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** |
| U-Haul Holding Co. (Non-Voting Shares) (a) | 325955 | &nbsp;&nbsp;&nbsp; 16591109 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |
| Align Technology, Inc. (b) | 72942 | &nbsp;&nbsp;&nbsp; $9133797 |
| Baxter International, Inc.  | 458433 | &nbsp;&nbsp;&nbsp; 10438520 |
|  |  | &nbsp;&nbsp;&nbsp; 19572317 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
| Elevance Health, Inc.  | 42363 | &nbsp;&nbsp;&nbsp; 13688333 |
| Humana, Inc.  | 59741 | &nbsp;&nbsp;&nbsp; 15542816 |
|  |  | &nbsp;&nbsp;&nbsp; 29231149 |
| **Hotels, Restaurants & Leisure — 6.1%** | **Hotels, Restaurants & Leisure — 6.1%** | **Hotels, Restaurants & Leisure — 6.1%** |
| Expedia Group, Inc.  | 77956 | &nbsp;&nbsp;&nbsp; 16663095 |
| MGM Resorts International (b) | 269956 | &nbsp;&nbsp;&nbsp; 9356675 |
| Vail Resorts, Inc. (a) | 90393 | &nbsp;&nbsp;&nbsp; 13520081 |
|  |  | &nbsp;&nbsp;&nbsp; 39539851 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Lineage, Inc.  | 109553 | &nbsp;&nbsp;&nbsp; 4233128 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| Arch Capital Group Ltd.  | 99872 | &nbsp;&nbsp;&nbsp; 9061387 |
| Globe Life, Inc.  | 104090 | &nbsp;&nbsp;&nbsp; 14881747 |
|  |  | &nbsp;&nbsp;&nbsp; 23943134 |
| **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** |
| IAC, Inc. (a) (b) | 88873 | &nbsp;&nbsp;&nbsp; 3027903 |
| Pinterest, Inc. - Class A (b) | 370698 | &nbsp;&nbsp;&nbsp; 11925355 |
|  |  | &nbsp;&nbsp;&nbsp; 14953258 |
| **IT Services — 1.8%** | **IT Services — 1.8%** | **IT Services — 1.8%** |
| Gartner, Inc. (a) (b) | 44646 | &nbsp;&nbsp;&nbsp; 11736094 |
| **Leisure Products — 1.9%** | **Leisure Products — 1.9%** | **Leisure Products — 1.9%** |
| Polaris, Inc. (a) | 214339 | &nbsp;&nbsp;&nbsp; 12459526 |
| **Life Sciences Tools & Services — 5.0%** | **Life Sciences Tools & Services — 5.0%** | **Life Sciences Tools & Services — 5.0%** |
| Bio-Rad Laboratories, Inc. - Class A (b) | 22837 | &nbsp;&nbsp;&nbsp; 6403267 |
| ICON PLC (b) | 94353 | &nbsp;&nbsp;&nbsp; 16511775 |
| Waters Corp. (a) (b) | 31451 | &nbsp;&nbsp;&nbsp; 9429324 |
|  |  | &nbsp;&nbsp;&nbsp; 32344366 |
| **Machinery — 2.1%** | **Machinery — 2.1%** | **Machinery — 2.1%** |
| Otis Worldwide Corp.  | 146975 | &nbsp;&nbsp;&nbsp; 13437924 |
| **Media — 4.1%** | **Media — 4.1%** | **Media — 4.1%** |
| News Corp. - Class A | 452151 | &nbsp;&nbsp;&nbsp; 13885557 |
| Omnicom Group, Inc.  | 159090 | &nbsp;&nbsp;&nbsp; 12970608 |
|  |  | &nbsp;&nbsp;&nbsp; 26856165 |
| **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
| Permian Resources Corp.  | 927663 | &nbsp;&nbsp;&nbsp; 11874086 |
| **Professional Services — 2.8%** | **Professional Services — 2.8%** | **Professional Services — 2.8%** |
| Genpact Ltd.  | 426269 | &nbsp;&nbsp;&nbsp; 17856408 |
| **Retail REITs — 2.0%** | **Retail REITs — 2.0%** | **Retail REITs — 2.0%** |
| NNN REIT, Inc.  | 306908 | &nbsp;&nbsp;&nbsp; 13065074 |

---

**BHFTII-71**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
| Analog Devices, Inc.  | 65486 | &nbsp;&nbsp;&nbsp; $16089910 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| Check Point Software Technologies Ltd. (a) (b) | 50954 | &nbsp;&nbsp;&nbsp; 10542892 |
| **Specialized REITs — 4.8%** | **Specialized REITs — 4.8%** | **Specialized REITs — 4.8%** |
| Lamar Advertising Co. - Class A (a) | 165543 | &nbsp;&nbsp;&nbsp; 20265774 |
| Public Storage | 36914 | &nbsp;&nbsp;&nbsp; 10662609 |
|  |  | &nbsp;&nbsp;&nbsp; 30928383 |
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| Asbury Automotive Group, Inc. (a) (b) | 57886 | &nbsp;&nbsp;&nbsp; 14150233 |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| Ferguson Enterprises, Inc.  | 49374 | &nbsp;&nbsp;&nbsp; 11088413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $503,361,586) <br>|  | &nbsp;&nbsp;&nbsp; 628349860 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (b) (c) (d) <br>(Cost $0)<br>| 108185 | &nbsp;&nbsp;&nbsp; 0 |

---

&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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $15,470,264; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 04/30/27, with a <br> market value of $15,778,517<br>| 15468975 | &nbsp;&nbsp;&nbsp; 15468975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $15,468,975) <br>|  | &nbsp;&nbsp;&nbsp; 15468975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—8.6%** | **Securities Lending Reinvestments (e)—8.6%** | **Securities Lending Reinvestments (e)—8.6%** |
| **Short-Term Investment Funds—1.9%** | **Short-Term Investment Funds—1.9%** | **Short-Term Investment Funds—1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Government Money Market Portfolio, <br>Institutional Class 3.960% (f)<br>| 500990 | &nbsp;&nbsp;&nbsp; 500990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (f)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (f)<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (f)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (f)<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp;&nbsp; 12500990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.6%** | **Certificates of Deposit—0.6%** | **Certificates of Deposit—0.6%** |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/24/25 | 1000000 | &nbsp;&nbsp;&nbsp; 997280 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 11/21/25 (g) | 2000000 | &nbsp;&nbsp;&nbsp; 2000170 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 03/20/26 (g) | 1000000 | &nbsp;&nbsp;&nbsp; $1000277 |
|  |  | &nbsp;&nbsp;&nbsp; 3997727 |
| **Repurchase Agreements—4.2%** | **Repurchase Agreements—4.2%** | **Repurchase Agreements—4.2%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $2,000,233; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,672<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $7,000,830; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,786,350<br>| 7000000 | &nbsp;&nbsp;&nbsp; 7000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $2,000,232; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.375% - <br> 4.625%, maturity dates ranging from 06/15/27 - 10/31/28, <br> and an aggregate market value of $2,040,001<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $2,047,836; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,001<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $600,069; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $612,000<br>| 600000 | &nbsp;&nbsp;&nbsp; 600000 |
| ING Financial Markets LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $7,823,846; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.125% - <br> 6.125%, maturity dates ranging from 11/15/27 - 08/15/53, <br> and an aggregate market value of $7,979,397<br>| 7822936 | &nbsp;&nbsp;&nbsp; 7822936 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $4,003,344; collateralized <br> by U.S. Treasury Obligations with rates ranging from 3.750% - <br> 4.125%, maturity dates ranging from 10/31/26 - 11/30/29, <br> and various Common Stock with an aggregate market value of <br> $4,448,751<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| Royal Bank of Canada Toronto |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.360%, due on <br> 11/04/25 with a maturity value of $1,004,239; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,246<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $600,068; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $612,000<br>| 600000 | &nbsp;&nbsp;&nbsp; 600000 |
|  |  | &nbsp;&nbsp;&nbsp; 27022936 |

---

**BHFTII-72**

------

**Brighthouse Funds Trust II**

**Brighthouse/Artisan Mid Cap Value Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—1.9%** | **Time Deposits—1.9%** | **Time Deposits—1.9%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; $2000000 |
| Canadian Imperial Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.040%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| DZ Bank AG (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Skandinaviska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Svenska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $55,521,137) <br>|  | &nbsp;&nbsp;&nbsp; 55521653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—108.2% <br>(Cost $574,351,698) <br>|  | &nbsp;&nbsp;&nbsp; 699340488 |
| Other assets and liabilities (net)—(8.2)%  |  | &nbsp;&nbsp;&nbsp; (52761482)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $646579006 |

---

&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 September 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $121,927,455 and the collateral received consisted of cash in the amount <br> of $55,513,741 and non-cash collateral with a value of $69,153,164. 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.<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 September 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 September 30, <br> 2025.<br>|
| (f) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |
| (g) | Variable or floating rate security. The stated rate represents the rate at September 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $628349860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $628349860 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15468975 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15468975 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp; 12500990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12500990 |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 3997727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3997727 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 27022936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27022936 |
| &nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 12500990 | &nbsp;&nbsp; 43020663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55521653 |
| Total Investments | &nbsp;&nbsp; $640850850 | &nbsp;&nbsp; $58489638 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $699340488 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55513741)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55513741)<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 period ended September 30, 2025 is not presented.

**BHFTII-73**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—98.5% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Australia — 6.4%** | **Australia — 6.4%** | **Australia — 6.4%** |
| Accent Group Ltd.  | 48849 | &nbsp;&nbsp;&nbsp; $42624 |
| Adairs Ltd.  | 32872 | &nbsp;&nbsp;&nbsp; 55806 |
| Ainsworth Game Technology Ltd. (a) | 35132 | &nbsp;&nbsp;&nbsp; 23994 |
| Alkane Resources Ltd. (a) | 100921 | &nbsp;&nbsp;&nbsp; 76664 |
| Alliance Aviation Services Ltd.  | 6026 | &nbsp;&nbsp;&nbsp; 8899 |
| AMA Group Ltd. (a) | 880225 | &nbsp;&nbsp;&nbsp; 54682 |
| Amotiv Ltd.  | 31705 | &nbsp;&nbsp;&nbsp; 187010 |
| AMP Ltd.  | 476602 | &nbsp;&nbsp;&nbsp; 522492 |
| Amplitude Energy Ltd. (a) | 752617 | &nbsp;&nbsp;&nbsp; 114472 |
| Ansell Ltd.  | 25149 | &nbsp;&nbsp;&nbsp; 532324 |
| Appen Ltd. (a) | 37942 | &nbsp;&nbsp;&nbsp; 21641 |
| Arafura Rare Earths Ltd. (a) | 465432 | &nbsp;&nbsp;&nbsp; 61790 |
| ARB Corp. Ltd.  | 20944 | &nbsp;&nbsp;&nbsp; 532842 |
| ARN Media Ltd.  | 82651 | &nbsp;&nbsp;&nbsp; 29052 |
| Articore Group Ltd. (a) | 43202 | &nbsp;&nbsp;&nbsp; 7759 |
| AUB Group Ltd.  | 23873 | &nbsp;&nbsp;&nbsp; 515786 |
| Audinate Group Ltd. (a) | 5631 | &nbsp;&nbsp;&nbsp; 18007 |
| Aurelia Metals Ltd. (a) | 336966 | &nbsp;&nbsp;&nbsp; 55957 |
| Aurizon Holdings Ltd.  | 17908 | &nbsp;&nbsp;&nbsp; 37886 |
| Aussie Broadband Ltd.  | 38030 | &nbsp;&nbsp;&nbsp; 146191 |
| Austal Ltd. (a) | 90915 | &nbsp;&nbsp;&nbsp; 467313 |
| Australian Agricultural Co. Ltd. (a) | 43071 | &nbsp;&nbsp;&nbsp; 42016 |
| Australian Clinical Labs Ltd.  | 26737 | &nbsp;&nbsp;&nbsp; 42466 |
| Australian Ethical Investment Ltd.  | 10812 | &nbsp;&nbsp;&nbsp; 51523 |
| Australian Finance Group Ltd.  | 47413 | &nbsp;&nbsp;&nbsp; 81720 |
| Australian Strategic Materials Ltd. (a) | 44058 | &nbsp;&nbsp;&nbsp; 16669 |
| AVZ Minerals Ltd. (a) (b) (c) | 403512 | &nbsp;&nbsp;&nbsp; 42308 |
| Baby Bunting Group Ltd. (a) | 24951 | &nbsp;&nbsp;&nbsp; 51214 |
| Bank of Queensland Ltd.  | 86960 | &nbsp;&nbsp;&nbsp; 416641 |
| Bapcor Ltd.  | 78956 | &nbsp;&nbsp;&nbsp; 165456 |
| Beach Energy Ltd.  | 317481 | &nbsp;&nbsp;&nbsp; 240173 |
| Bega Cheese Ltd.  | 60278 | &nbsp;&nbsp;&nbsp; 207330 |
| Bellevue Gold Ltd. (a) | 35096 | &nbsp;&nbsp;&nbsp; 26715 |
| Black Cat Syndicate Ltd. (a) | 26431 | &nbsp;&nbsp;&nbsp; 24684 |
| Boss Energy Ltd. (a) | 27524 | &nbsp;&nbsp;&nbsp; 37719 |
| Bravura Solutions Ltd.  | 62095 | &nbsp;&nbsp;&nbsp; 103796 |
| Breville Group Ltd.  | 23403 | &nbsp;&nbsp;&nbsp; 465760 |
| Bubs Australia Ltd. (a) | 46469 | &nbsp;&nbsp;&nbsp; 4448 |
| Capral Ltd.  | 5292 | &nbsp;&nbsp;&nbsp; 38259 |
| Capricorn Metals Ltd. (a) | 69437 | &nbsp;&nbsp;&nbsp; 611884 |
| Carnarvon Energy Ltd. (a) | 136527 | &nbsp;&nbsp;&nbsp; 8847 |
| Cash Converters International Ltd.  | 152939 | &nbsp;&nbsp;&nbsp; 32910 |
| Catapult Sports Ltd. (a) | 14902 | &nbsp;&nbsp;&nbsp; 68095 |
| Cedar Woods Properties Ltd.  | 16680 | &nbsp;&nbsp;&nbsp; 86176 |
| Chalice Mining Ltd. (a) | 19243 | &nbsp;&nbsp;&nbsp; 31883 |
| Challenger Ltd.  | 38815 | &nbsp;&nbsp;&nbsp; 222708 |
| Chrysos Corp. Ltd. (a) | 5357 | &nbsp;&nbsp;&nbsp; 27700 |
| ClearView Wealth Ltd. (a) | 44262 | &nbsp;&nbsp;&nbsp; 17059 |
| Clinuvel Pharmaceuticals Ltd.  | 6680 | &nbsp;&nbsp;&nbsp; 52345 |
| Clover Corp. Ltd.  | 39945 | &nbsp;&nbsp;&nbsp; 19408 |
| Coast Entertainment Holdings Ltd. (a) | 113950 | &nbsp;&nbsp;&nbsp; 30923 |
| Codan Ltd.  | 23563 | &nbsp;&nbsp;&nbsp; 460793 |
| Collins Foods Ltd.  | 23905 | &nbsp;&nbsp;&nbsp; 169855 |
| Corporate Travel Management Ltd. (b) (c) | 28366 | &nbsp;&nbsp;&nbsp; 301630 |
| Credit Corp. Group Ltd.  | 13273 | &nbsp;&nbsp;&nbsp; 134873 |
| Dalrymple Bay Infrastructure Ltd.  | 22810 | &nbsp;&nbsp;&nbsp; 65840 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Data#3 Ltd.  | 33260 | &nbsp;&nbsp;&nbsp; $202737 |
| Deep Yellow Ltd. (a) | 111735 | &nbsp;&nbsp;&nbsp; 145702 |
| Deterra Royalties Ltd.  | 9179 | &nbsp;&nbsp;&nbsp; 24235 |
| Develop Global Ltd. (a) | 8766 | &nbsp;&nbsp;&nbsp; 24624 |
| Dicker Data Ltd.  | 14945 | &nbsp;&nbsp;&nbsp; 97175 |
| Domino's Pizza Enterprises Ltd.  | 5331 | &nbsp;&nbsp;&nbsp; 47588 |
| Downer EDI Ltd.  | 150888 | &nbsp;&nbsp;&nbsp; 739508 |
| Duratec Ltd.  | 11553 | &nbsp;&nbsp;&nbsp; 16060 |
| Dyno Nobel Ltd.  | 82373 | &nbsp;&nbsp;&nbsp; 169393 |
| Eagers Automotive Ltd.  | 19275 | &nbsp;&nbsp;&nbsp; 374534 |
| Elanor Investor Group (a) (b) (c) | 5934 | &nbsp;&nbsp;&nbsp; 605 |
| Elders Ltd.  | 43031 | &nbsp;&nbsp;&nbsp; 212515 |
| Emeco Holdings Ltd. (a) | 70139 | &nbsp;&nbsp;&nbsp; 59170 |
| Emerald Resources NL (a) | 99710 | &nbsp;&nbsp;&nbsp; 332783 |
| EML Payments Ltd. (a) | 62760 | &nbsp;&nbsp;&nbsp; 41368 |
| Energy World Corp. Ltd. (a) | 472609 | &nbsp;&nbsp;&nbsp; 18433 |
| EQT Holdings Ltd.  | 4827 | &nbsp;&nbsp;&nbsp; 76485 |
| Euroz Hartleys Group Ltd.  | 24476 | &nbsp;&nbsp;&nbsp; 15667 |
| EVT Ltd.  | 21456 | &nbsp;&nbsp;&nbsp; 185876 |
| Fiducian Group Ltd.  | 3121 | &nbsp;&nbsp;&nbsp; 27610 |
| Finbar Group Ltd.  | 6909 | &nbsp;&nbsp;&nbsp; 4051 |
| Firefinch Ltd. (a) (b) (c) | 39761 | &nbsp;&nbsp;&nbsp; 987 |
| FleetPartners Group Ltd. (a) | 50695 | &nbsp;&nbsp;&nbsp; 97006 |
| Fleetwood Ltd.  | 20877 | &nbsp;&nbsp;&nbsp; 43274 |
| Flight Centre Travel Group Ltd.  | 27227 | &nbsp;&nbsp;&nbsp; 208820 |
| Frontier Digital Ventures Ltd. (a) | 10683 | &nbsp;&nbsp;&nbsp; 3442 |
| G8 Education Ltd.  | 133259 | &nbsp;&nbsp;&nbsp; 74330 |
| Galan Lithium Ltd. (a) | 48070 | &nbsp;&nbsp;&nbsp; 4782 |
| Generation Development Group Ltd.  | 6234 | &nbsp;&nbsp;&nbsp; 28841 |
| Genesis Minerals Ltd. (a) | 66585 | &nbsp;&nbsp;&nbsp; 262306 |
| GR Engineering Services Ltd.  | 13603 | &nbsp;&nbsp;&nbsp; 35461 |
| GrainCorp Ltd. - Class A | 46177 | &nbsp;&nbsp;&nbsp; 275509 |
| GWA Group Ltd.  | 51481 | &nbsp;&nbsp;&nbsp; 86620 |
| Hansen Technologies Ltd.  | 42180 | &nbsp;&nbsp;&nbsp; 163530 |
| Healius Ltd.  | 148628 | &nbsp;&nbsp;&nbsp; 73647 |
| Helia Group Ltd.  | 55724 | &nbsp;&nbsp;&nbsp; 213630 |
| HUB24 Ltd.  | 1655 | &nbsp;&nbsp;&nbsp; 110718 |
| Humm Group Ltd.  | 122339 | &nbsp;&nbsp;&nbsp; 53143 |
| IDP Education Ltd.  | 30748 | &nbsp;&nbsp;&nbsp; 133951 |
| IGO Ltd. (a) | 14118 | &nbsp;&nbsp;&nbsp; 48172 |
| Iluka Resources Ltd.  | 41287 | &nbsp;&nbsp;&nbsp; 172132 |
| Imdex Ltd.  | 114903 | &nbsp;&nbsp;&nbsp; 256728 |
| Immutep Ltd. (ADR) (a) | 8886 | &nbsp;&nbsp;&nbsp; 15551 |
| Infomedia Ltd.  | 89791 | &nbsp;&nbsp;&nbsp; 100005 |
| Inghams Group Ltd.  | 86621 | &nbsp;&nbsp;&nbsp; 145294 |
| Insignia Financial Ltd. (a) | 181510 | &nbsp;&nbsp;&nbsp; 538823 |
| Integral Diagnostics Ltd.  | 81164 | &nbsp;&nbsp;&nbsp; 147336 |
| ioneer Ltd. (a) | 341217 | &nbsp;&nbsp;&nbsp; 37285 |
| IPH Ltd.  | 55115 | &nbsp;&nbsp;&nbsp; 129984 |
| IRESS Ltd.  | 15805 | &nbsp;&nbsp;&nbsp; 92099 |
| IVE Group Ltd.  | 19754 | &nbsp;&nbsp;&nbsp; 36727 |
| Johns Lyng Group Ltd.  | 24851 | &nbsp;&nbsp;&nbsp; 65027 |
| Jumbo Interactive Ltd.  | 5702 | &nbsp;&nbsp;&nbsp; 40543 |
| Jupiter Mines Ltd.  | 267429 | &nbsp;&nbsp;&nbsp; 45161 |
| Kelsian Group Ltd.  | 24968 | &nbsp;&nbsp;&nbsp; 81149 |
| Kogan.com Ltd.  | 8324 | &nbsp;&nbsp;&nbsp; 18661 |

---

**BHFTII-74**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Lendlease Corp. Ltd.  | 89844 | &nbsp;&nbsp;&nbsp; $328341 |
| Leo Lithium Ltd. (a) (b) (c) | 28400 | &nbsp;&nbsp;&nbsp; 0 |
| Lifestyle Communities Ltd. (a) | 11437 | &nbsp;&nbsp;&nbsp; 43553 |
| Lindsay Australia Ltd.  | 17112 | &nbsp;&nbsp;&nbsp; 7435 |
| Lovisa Holdings Ltd.  | 13735 | &nbsp;&nbsp;&nbsp; 340772 |
| Lycopodium Ltd.  | 6179 | &nbsp;&nbsp;&nbsp; 48393 |
| MA Financial Group Ltd.  | 14408 | &nbsp;&nbsp;&nbsp; 88822 |
| Macmahon Holdings Ltd.  | 263583 | &nbsp;&nbsp;&nbsp; 69770 |
| Macquarie Technology Group Ltd. (a) | 1322 | &nbsp;&nbsp;&nbsp; 55781 |
| Mader Group Ltd.  | 3508 | &nbsp;&nbsp;&nbsp; 19234 |
| Magellan Financial Group Ltd.  | 22860 | &nbsp;&nbsp;&nbsp; 145986 |
| Mayne Pharma Group Ltd. (a) | 15480 | &nbsp;&nbsp;&nbsp; 52814 |
| McMillan Shakespeare Ltd.  | 10057 | &nbsp;&nbsp;&nbsp; 111903 |
| McPherson's Ltd. (a) | 39600 | &nbsp;&nbsp;&nbsp; 6675 |
| Megaport Ltd. (a) | 17487 | &nbsp;&nbsp;&nbsp; 183296 |
| Mesoblast Ltd. (a) | 79233 | &nbsp;&nbsp;&nbsp; 126001 |
| Metals X Ltd. (a) | 147577 | &nbsp;&nbsp;&nbsp; 76412 |
| Metcash Ltd.  | 176193 | &nbsp;&nbsp;&nbsp; 443274 |
| Michael Hill International Ltd. (a) | 82929 | &nbsp;&nbsp;&nbsp; 19223 |
| Monadelphous Group Ltd.  | 21147 | &nbsp;&nbsp;&nbsp; 315847 |
| Monash IVF Group Ltd.  | 73577 | &nbsp;&nbsp;&nbsp; 32654 |
| Mount Gibson Iron Ltd. (a) | 158334 | &nbsp;&nbsp;&nbsp; 40369 |
| Myer Holdings Ltd.  | 237944 | &nbsp;&nbsp;&nbsp; 75886 |
| MyState Ltd.  | 32772 | &nbsp;&nbsp;&nbsp; 93268 |
| Nanosonics Ltd. (a) | 13506 | &nbsp;&nbsp;&nbsp; 37664 |
| Navigator Global Investments Ltd.  | 52466 | &nbsp;&nbsp;&nbsp; 73030 |
| New Hope Corp. Ltd.  | 112261 | &nbsp;&nbsp;&nbsp; 291615 |
| nib holdings Ltd.  | 98922 | &nbsp;&nbsp;&nbsp; 484646 |
| Nick Scali Ltd.  | 16625 | &nbsp;&nbsp;&nbsp; 256356 |
| Nine Entertainment Co. Holdings Ltd.  | 208760 | &nbsp;&nbsp;&nbsp; 167525 |
| NRW Holdings Ltd.  | 100636 | &nbsp;&nbsp;&nbsp; 309318 |
| Nufarm Ltd. (a) | 58894 | &nbsp;&nbsp;&nbsp; 89369 |
| Nuix Ltd. (a) | 24658 | &nbsp;&nbsp;&nbsp; 47881 |
| Objective Corp. Ltd.  | 2117 | &nbsp;&nbsp;&nbsp; 28042 |
| OceanaGold Corp.  | 57770 | &nbsp;&nbsp;&nbsp; 1233273 |
| OFX Group Ltd. (a) | 76506 | &nbsp;&nbsp;&nbsp; 43355 |
| Omni Bridgeway Ltd. (a) | 75128 | &nbsp;&nbsp;&nbsp; 84679 |
| oOh!media Ltd.  | 105904 | &nbsp;&nbsp;&nbsp; 104649 |
| Orora Ltd.  | 264915 | &nbsp;&nbsp;&nbsp; 365363 |
| Pacific Current Group Ltd.  | 11253 | &nbsp;&nbsp;&nbsp; 82173 |
| Paladin Energy Ltd. (a) | 38900 | &nbsp;&nbsp;&nbsp; 214732 |
| Pantoro Gold Ltd. (a) | 25454 | &nbsp;&nbsp;&nbsp; 102993 |
| Peet Ltd.  | 88199 | &nbsp;&nbsp;&nbsp; 116260 |
| PeopleIN Ltd. (a) | 9511 | &nbsp;&nbsp;&nbsp; 5015 |
| Perenti Ltd.  | 182021 | &nbsp;&nbsp;&nbsp; 338589 |
| Perpetual Ltd.  | 5092 | &nbsp;&nbsp;&nbsp; 62953 |
| Perseus Mining Ltd.  | 192803 | &nbsp;&nbsp;&nbsp; 628599 |
| PEXA Group Ltd. (a) | 21038 | &nbsp;&nbsp;&nbsp; 218397 |
| Platinum Asset Management Ltd.  | 98772 | &nbsp;&nbsp;&nbsp; 43818 |
| Praemium Ltd.  | 98955 | &nbsp;&nbsp;&nbsp; 49775 |
| Premier Investments Ltd.  | 15190 | &nbsp;&nbsp;&nbsp; 193971 |
| Propel Funeral Partners Ltd.  | 9117 | &nbsp;&nbsp;&nbsp; 30790 |
| PWR Holdings Ltd.  | 10021 | &nbsp;&nbsp;&nbsp; 51620 |
| Ramelius Resources Ltd.  | 164218 | &nbsp;&nbsp;&nbsp; 423946 |
| Regis Healthcare Ltd.  | 32213 | &nbsp;&nbsp;&nbsp; 129129 |
| Regis Resources Ltd.  | 188824 | &nbsp;&nbsp;&nbsp; 754789 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — (Continued)** | **Australia — (Continued)** | **Australia — (Continued)** |
| Resolute Mining Ltd. (a) | 456777 | &nbsp;&nbsp;&nbsp; $312544 |
| Retail Food Group Ltd. (a) | 5455 | &nbsp;&nbsp;&nbsp; 4804 |
| Ridley Corp. Ltd.  | 67123 | &nbsp;&nbsp;&nbsp; 134060 |
| RPMGlobal Holdings Ltd. (a) | 32785 | &nbsp;&nbsp;&nbsp; 100269 |
| Sandfire Resources Ltd. (a) | 62244 | &nbsp;&nbsp;&nbsp; 589465 |
| Select Harvests Ltd. (a) | 33304 | &nbsp;&nbsp;&nbsp; 89076 |
| Servcorp Ltd.  | 9916 | &nbsp;&nbsp;&nbsp; 46833 |
| Service Stream Ltd.  | 137474 | &nbsp;&nbsp;&nbsp; 210251 |
| Seven West Media Ltd. (a) | 319979 | &nbsp;&nbsp;&nbsp; 31858 |
| Shaver Shop Group Ltd.  | 18090 | &nbsp;&nbsp;&nbsp; 17071 |
| SmartGroup Corp. Ltd.  | 26049 | &nbsp;&nbsp;&nbsp; 137943 |
| SolGold PLC (a) | 36239 | &nbsp;&nbsp;&nbsp; 7321 |
| Solvar Ltd.  | 43951 | &nbsp;&nbsp;&nbsp; 46254 |
| Southern Cross Media Group Ltd.  | 76997 | &nbsp;&nbsp;&nbsp; 45633 |
| SRG Global Ltd.  | 48370 | &nbsp;&nbsp;&nbsp; 62157 |
| St Barbara Ltd. (a) | 275392 | &nbsp;&nbsp;&nbsp; 98421 |
| Super Retail Group Ltd.  | 35225 | &nbsp;&nbsp;&nbsp; 378682 |
| Superloop Ltd. (a) | 107817 | &nbsp;&nbsp;&nbsp; 242034 |
| Syrah Resources Ltd. (a) | 258998 | &nbsp;&nbsp;&nbsp; 45457 |
| Tabcorp Holdings Ltd.  | 406397 | &nbsp;&nbsp;&nbsp; 276737 |
| Temple & Webster Group Ltd. (a) | 1051 | &nbsp;&nbsp;&nbsp; 16044 |
| Ten Sixty Four Ltd. (a) (b) (c) | 60972 | &nbsp;&nbsp;&nbsp; 4438 |
| Terracom Ltd.  | 54002 | &nbsp;&nbsp;&nbsp; 2498 |
| Treasury Wine Estates Ltd.  | 2784 | &nbsp;&nbsp;&nbsp; 13071 |
| Tribune Resources Ltd.  | 2377 | &nbsp;&nbsp;&nbsp; 10543 |
| Tuas Ltd. (a) | 26727 | &nbsp;&nbsp;&nbsp; 123565 |
| Tyro Payments Ltd. (a) | 64496 | &nbsp;&nbsp;&nbsp; 47870 |
| Ventia Services Group Pty. Ltd.  | 110267 | &nbsp;&nbsp;&nbsp; 372540 |
| Virgin Australia Holdings Pty. Ltd. (a) (b) (c) | 968773 | &nbsp;&nbsp;&nbsp; 1 |
| Vista Group International Ltd. (a) | 33201 | &nbsp;&nbsp;&nbsp; 57168 |
| Viva Energy Group Ltd.  | 137760 | &nbsp;&nbsp;&nbsp; 165691 |
| Vulcan Energy Resources Ltd. (a) | 11071 | &nbsp;&nbsp;&nbsp; 43745 |
| Washington H Soul Pattinson & Co. Ltd.  | 10027 | &nbsp;&nbsp;&nbsp; 255818 |
| WEB Travel Group Ltd. (a) | 42011 | &nbsp;&nbsp;&nbsp; 110028 |
| Webjet Group Ltd. (a) | 84765 | &nbsp;&nbsp;&nbsp; 48954 |
| West African Resources Ltd. (a) (b) (c) | 258051 | &nbsp;&nbsp;&nbsp; 436106 |
| Westgold Resources Ltd.  | 195797 | &nbsp;&nbsp;&nbsp; 579359 |
| Whitehaven Coal Ltd.  | 91780 | &nbsp;&nbsp;&nbsp; 400723 |
| Zip Co. Ltd. (a) | 244339 | &nbsp;&nbsp;&nbsp; 719534 |
|  |  | &nbsp;&nbsp;&nbsp; 30646399 |
| **Austria — 1.6%** | **Austria — 1.6%** | **Austria — 1.6%** |
| Agrana Beteiligungs AG (d) | 3399 | &nbsp;&nbsp;&nbsp; 49287 |
| ams-OSRAM AG (a) | 3967 | &nbsp;&nbsp;&nbsp; 55958 |
| ANDRITZ AG | 13919 | &nbsp;&nbsp;&nbsp; 982214 |
| AT&S Austria Technologie & Systemtechnik AG (a) (d) | 2246 | &nbsp;&nbsp;&nbsp; 59395 |
| A-TEC Industries AG (a) (b) (c) | 1 | &nbsp;&nbsp;&nbsp; 0 |
| BAWAG Group AG | 16497 | &nbsp;&nbsp;&nbsp; 2180047 |
| CA Immobilien Anlagen AG (d) | 4214 | &nbsp;&nbsp;&nbsp; 115677 |
| CPI Europe AG (a) | 2057 | &nbsp;&nbsp;&nbsp; 44864 |
| DO & Co. AG | 1629 | &nbsp;&nbsp;&nbsp; 425194 |
| Eurotelesites AG (a) | 6880 | &nbsp;&nbsp;&nbsp; 39702 |
| EVN AG | 6159 | &nbsp;&nbsp;&nbsp; 169305 |
| FACC AG (a) | 4855 | &nbsp;&nbsp;&nbsp; 53343 |
| Kapsch TrafficCom AG (a) (d) | 1870 | &nbsp;&nbsp;&nbsp; 16046 |
| Kontron AG (d) | 9767 | &nbsp;&nbsp;&nbsp; 314261 |

---

**BHFTII-75**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Austria — (Continued)** | **Austria — (Continued)** | **Austria — (Continued)** |
| Lenzing AG (a) (d) | 1767 | &nbsp;&nbsp;&nbsp; $53118 |
| Mayr Melnhof Karton AG | 381 | &nbsp;&nbsp;&nbsp; 35386 |
| Oesterreichische Post AG (d) | 4583 | &nbsp;&nbsp;&nbsp; 159277 |
| Palfinger AG | 3436 | &nbsp;&nbsp;&nbsp; 142443 |
| POLYTEC Holding AG (a) (d) | 6228 | &nbsp;&nbsp;&nbsp; 23393 |
| Porr AG | 2768 | &nbsp;&nbsp;&nbsp; 92752 |
| SBO AG (d) | 1715 | &nbsp;&nbsp;&nbsp; 53766 |
| Semperit AG Holding (d) | 2077 | &nbsp;&nbsp;&nbsp; 31179 |
| Telekom Austria AG (d) | 18418 | &nbsp;&nbsp;&nbsp; 196860 |
| UBM Development AG (a) | 1083 | &nbsp;&nbsp;&nbsp; 27135 |
| UNIQA Insurance Group AG | 23996 | &nbsp;&nbsp;&nbsp; 356851 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 7619 | &nbsp;&nbsp;&nbsp; 420443 |
| voestalpine AG (d) | 20114 | &nbsp;&nbsp;&nbsp; 720503 |
| Wienerberger AG (d) | 23585 | &nbsp;&nbsp;&nbsp; 764321 |
| Zumtobel Group AG | 8536 | &nbsp;&nbsp;&nbsp; 40223 |
|  |  | &nbsp;&nbsp;&nbsp; 7622943 |
| **Belgium — 1.4%** | **Belgium — 1.4%** | **Belgium — 1.4%** |
| Ackermans & van Haaren NV | 4266 | &nbsp;&nbsp;&nbsp; 1096874 |
| Ageas SA | 2711 | &nbsp;&nbsp;&nbsp; 188219 |
| AGFA-Gevaert NV (a) | 31161 | &nbsp;&nbsp;&nbsp; 34214 |
| Atenor (a) | 6098 | &nbsp;&nbsp;&nbsp; 21346 |
| Azelis Group NV | 9927 | &nbsp;&nbsp;&nbsp; 134594 |
| Barco NV | 12997 | &nbsp;&nbsp;&nbsp; 206606 |
| Bekaert SA | 7178 | &nbsp;&nbsp;&nbsp; 329313 |
| Biocartis Group NV (a) (b) (c) (d) | 16240 | &nbsp;&nbsp;&nbsp; 0 |
| bpost SA (a) | 18928 | &nbsp;&nbsp;&nbsp; 51713 |
| Cie d'Entreprises CFE | 2249 | &nbsp;&nbsp;&nbsp; 24254 |
| Colruyt Group NV (d) | 6403 | &nbsp;&nbsp;&nbsp; 252542 |
| Deceuninck NV | 14908 | &nbsp;&nbsp;&nbsp; 36059 |
| Deme Group NV | 1115 | &nbsp;&nbsp;&nbsp; 162676 |
| Econocom Group SA NV | 20343 | &nbsp;&nbsp;&nbsp; 42205 |
| Elia Group SA (d) | 2494 | &nbsp;&nbsp;&nbsp; 287789 |
| EVS Broadcast Equipment SA | 2668 | &nbsp;&nbsp;&nbsp; 111812 |
| Fagron | 13331 | &nbsp;&nbsp;&nbsp; 309865 |
| Galapagos NV (a) | 8687 | &nbsp;&nbsp;&nbsp; 300029 |
| Gimv NV | 5058 | &nbsp;&nbsp;&nbsp; 271091 |
| Immobel SA (a) (d) | 1276 | &nbsp;&nbsp;&nbsp; 38725 |
| Ion Beam Applications (d) | 5598 | &nbsp;&nbsp;&nbsp; 69314 |
| Jensen-Group NV | 1035 | &nbsp;&nbsp;&nbsp; 73220 |
| Kinepolis Group NV | 2995 | &nbsp;&nbsp;&nbsp; 112600 |
| Lotus Bakeries NV | 45 | &nbsp;&nbsp;&nbsp; 424327 |
| MDxHealth SA (a) | 843 | &nbsp;&nbsp;&nbsp; 3920 |
| Melexis NV (d) | 3152 | &nbsp;&nbsp;&nbsp; 251899 |
| Ontex Group NV (a) (d) | 9415 | &nbsp;&nbsp;&nbsp; 70264 |
| Orange Belgium SA (a) | 4348 | &nbsp;&nbsp;&nbsp; 97021 |
| Proximus SADP | 26805 | &nbsp;&nbsp;&nbsp; 234226 |
| Recticel SA (d) | 7728 | &nbsp;&nbsp;&nbsp; 81507 |
| Sipef NV | 1189 | &nbsp;&nbsp;&nbsp; 102658 |
| Solvay SA (d) | 15973 | &nbsp;&nbsp;&nbsp; 508727 |
| Syensqo SA | 384 | &nbsp;&nbsp;&nbsp; 31172 |
| Tessenderlo Group SA (d) | 3843 | &nbsp;&nbsp;&nbsp; 116975 |
| Umicore SA | 12841 | &nbsp;&nbsp;&nbsp; 228267 |
| Van de Velde NV | 1424 | &nbsp;&nbsp;&nbsp; 51687 |
| VGP NV (d) | 1667 | &nbsp;&nbsp;&nbsp; 187101 |
| Viohalco SA (d) | 22715 | &nbsp;&nbsp;&nbsp; 199962 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Belgium — (Continued)** | **Belgium — (Continued)** | **Belgium — (Continued)** |
| What's Cooking BV | 153 | &nbsp;&nbsp;&nbsp; $20524 |
| X-Fab Silicon Foundries SE (a) | 7239 | &nbsp;&nbsp;&nbsp; 58656 |
|  |  | &nbsp;&nbsp;&nbsp; 6823953 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| Northern Ocean Ltd. (a) (d) | 29554 | &nbsp;&nbsp;&nbsp; 17724 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| ERO Copper Corp. (a) | 2951 | &nbsp;&nbsp;&nbsp; 59775 |
| Karoon Energy Ltd.  | 167873 | &nbsp;&nbsp;&nbsp; 183343 |
| Pluxee NV | 7577 | &nbsp;&nbsp;&nbsp; 134911 |
|  |  | &nbsp;&nbsp;&nbsp; 378029 |
| **Burkina Faso — 0.3%** | **Burkina Faso — 0.3%** | **Burkina Faso — 0.3%** |
| IAMGOLD Corp. (a) (d) | 118555 | &nbsp;&nbsp;&nbsp; 1531665 |
| **Cambodia — 0.0%** | **Cambodia — 0.0%** | **Cambodia — 0.0%** |
| NagaCorp Ltd.  | 254719 | &nbsp;&nbsp;&nbsp; 191540 |
| **Canada — 11.2%** | **Canada — 11.2%** | **Canada — 11.2%** |
| 5N Plus, Inc. (a) | 24232 | &nbsp;&nbsp;&nbsp; 296175 |
| Acadian Timber Corp. (d) | 2900 | &nbsp;&nbsp;&nbsp; 34237 |
| Advantage Energy Ltd. (a) | 40225 | &nbsp;&nbsp;&nbsp; 329789 |
| Aecon Group, Inc. (d) | 15646 | &nbsp;&nbsp;&nbsp; 267793 |
| Ag Growth International, Inc. (d) | 1586 | &nbsp;&nbsp;&nbsp; 41448 |
| AGF Management Ltd. - Class B | 13913 | &nbsp;&nbsp;&nbsp; 145258 |
| Aimia, Inc. (a) (d) | 17335 | &nbsp;&nbsp;&nbsp; 39485 |
| Air Canada (a) (d) | 23833 | &nbsp;&nbsp;&nbsp; 300717 |
| AirBoss of America Corp. (d) | 3761 | &nbsp;&nbsp;&nbsp; 13810 |
| Algoma Central Corp. (d) | 4710 | &nbsp;&nbsp;&nbsp; 56519 |
| Algonquin Power & Utilities Corp. (d) | 101548 | &nbsp;&nbsp;&nbsp; 545567 |
| Altius Minerals Corp.  | 5660 | &nbsp;&nbsp;&nbsp; 136121 |
| Altus Group Ltd.  | 8586 | &nbsp;&nbsp;&nbsp; 366711 |
| Amerigo Resources Ltd.  | 35000 | &nbsp;&nbsp;&nbsp; 68406 |
| Andlauer Healthcare Group, Inc. (d) | 2076 | &nbsp;&nbsp;&nbsp; 78717 |
| Andrew Peller Ltd. - Class A (d) | 8617 | &nbsp;&nbsp;&nbsp; 31578 |
| Aritzia, Inc. (a) (d) | 19417 | &nbsp;&nbsp;&nbsp; 1174479 |
| Atco Ltd. - Class I | 17446 | &nbsp;&nbsp;&nbsp; 631551 |
| Athabasca Oil Corp. (a) (d) | 119524 | &nbsp;&nbsp;&nbsp; 571984 |
| ATS Corp. (a) (d) | 14582 | &nbsp;&nbsp;&nbsp; 381498 |
| AutoCanada, Inc. (a) | 3328 | &nbsp;&nbsp;&nbsp; 74729 |
| B2Gold Corp.  | 296857 | &nbsp;&nbsp;&nbsp; 1468967 |
| Badger Infrastructure Solutions Ltd.  | 8462 | &nbsp;&nbsp;&nbsp; 373211 |
| Ballard Power Systems, Inc. (a) | 22605 | &nbsp;&nbsp;&nbsp; 61486 |
| Baytex Energy Corp.  | 21683 | &nbsp;&nbsp;&nbsp; 50792 |
| Birchcliff Energy Ltd.  | 60988 | &nbsp;&nbsp;&nbsp; 251104 |
| Bird Construction, Inc. (d) | 13412 | &nbsp;&nbsp;&nbsp; 290849 |
| Black Diamond Group Ltd. (d) | 14412 | &nbsp;&nbsp;&nbsp; 144979 |
| BlackBerry Ltd. (a) | 7011 | &nbsp;&nbsp;&nbsp; 34214 |
| BMTC Group, Inc.  | 5387 | &nbsp;&nbsp;&nbsp; 49817 |
| Boralex, Inc. - Class A (d) | 19118 | &nbsp;&nbsp;&nbsp; 373239 |
| BOYD GROUP, Inc. (d) | 3307 | &nbsp;&nbsp;&nbsp; 557749 |
| Calfrac Well Services Ltd. (a) | 3087 | &nbsp;&nbsp;&nbsp; 7675 |
| Calian Group Ltd. (d) | 2146 | &nbsp;&nbsp;&nbsp; 76576 |
| Canaccord Genuity Group, Inc.  | 18859 | &nbsp;&nbsp;&nbsp; 145538 |
| Canada Goose Holdings, Inc. (a) (d) | 9656 | &nbsp;&nbsp;&nbsp; 133156 |

---

**BHFTII-76**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| Canadian Tire Corp. Ltd. - Class A (d) | 3424 | &nbsp;&nbsp;&nbsp; $407598 |
| Canfor Corp. (a) | 15511 | &nbsp;&nbsp;&nbsp; 136531 |
| Capital Power Corp. (d) | 27632 | &nbsp;&nbsp;&nbsp; 1297515 |
| Capstone Copper Corp. (a) | 93417 | &nbsp;&nbsp;&nbsp; 793410 |
| Cardinal Energy Ltd. (d) | 32459 | &nbsp;&nbsp;&nbsp; 180755 |
| Cascades, Inc.  | 16926 | &nbsp;&nbsp;&nbsp; 117243 |
| Centerra Gold, Inc. (d) | 50985 | &nbsp;&nbsp;&nbsp; 546229 |
| CES Energy Solutions Corp.  | 56542 | &nbsp;&nbsp;&nbsp; 381497 |
| Champion Iron Ltd.  | 63943 | &nbsp;&nbsp;&nbsp; 198374 |
| Cineplex, Inc. (a) (d) | 6558 | &nbsp;&nbsp;&nbsp; 56264 |
| Cipher Pharmaceuticals, Inc. (a) (d) | 2300 | &nbsp;&nbsp;&nbsp; 25567 |
| Clairvest Group, Inc.  | 200 | &nbsp;&nbsp;&nbsp; 10223 |
| Cogeco Communications, Inc.  | 3380 | &nbsp;&nbsp;&nbsp; 155339 |
| Cogeco, Inc.  | 609 | &nbsp;&nbsp;&nbsp; 26461 |
| Colliers International Group, Inc.  | 131 | &nbsp;&nbsp;&nbsp; 20463 |
| Computer Modelling Group Ltd.  | 9720 | &nbsp;&nbsp;&nbsp; 43791 |
| Corby Spirit & Wine Ltd.  | 3957 | &nbsp;&nbsp;&nbsp; 39948 |
| Cronos Group, Inc. (a) | 20813 | &nbsp;&nbsp;&nbsp; 57860 |
| Definity Financial Corp. (d) | 9869 | &nbsp;&nbsp;&nbsp; 507243 |
| Denison Mines Corp. (a) (d) | 87299 | &nbsp;&nbsp;&nbsp; 240249 |
| Dexterra Group, Inc.  | 8842 | &nbsp;&nbsp;&nbsp; 60357 |
| Doman Building Materials Group Ltd. (d) | 19304 | &nbsp;&nbsp;&nbsp; 126502 |
| Dorel Industries, Inc. - Class B (a) (d) | 8626 | &nbsp;&nbsp;&nbsp; 10351 |
| DPM Metals, Inc.  | 41272 | &nbsp;&nbsp;&nbsp; 914882 |
| DREAM Unlimited Corp. - Class A (d) | 5372 | &nbsp;&nbsp;&nbsp; 79941 |
| Dye & Durham Ltd. (d) | 4963 | &nbsp;&nbsp;&nbsp; 26389 |
| E-L Financial Corp. Ltd.  | 40400 | &nbsp;&nbsp;&nbsp; 469693 |
| Endeavour Silver Corp. (a) (d) | 34348 | &nbsp;&nbsp;&nbsp; 269019 |
| Enerflex Ltd.  | 29289 | &nbsp;&nbsp;&nbsp; 315893 |
| Enghouse Systems Ltd.  | 7379 | &nbsp;&nbsp;&nbsp; 110974 |
| Ensign Energy Services, Inc. (a) (d) | 39626 | &nbsp;&nbsp;&nbsp; 70044 |
| EQB, Inc. (d) | 7098 | &nbsp;&nbsp;&nbsp; 474322 |
| Equinox Gold Corp. (a) | 27871 | &nbsp;&nbsp;&nbsp; 312713 |
| Equinox Gold Corp. (a) (d) | 28628 | &nbsp;&nbsp;&nbsp; 320694 |
| Evertz Technologies Ltd.  | 8149 | &nbsp;&nbsp;&nbsp; 70265 |
| Exchange Income Corp. (d) | 5351 | &nbsp;&nbsp;&nbsp; 279219 |
| Exco Technologies Ltd.  | 7732 | &nbsp;&nbsp;&nbsp; 37224 |
| Extendicare, Inc. (d) | 19562 | &nbsp;&nbsp;&nbsp; 209016 |
| Fiera Capital Corp.  | 18057 | &nbsp;&nbsp;&nbsp; 84596 |
| Finning International, Inc.  | 32132 | &nbsp;&nbsp;&nbsp; 1492659 |
| Firm Capital Mortgage Investment Corp. (d) | 9574 | &nbsp;&nbsp;&nbsp; 84341 |
| First Majestic Silver Corp. (d) | 54590 | &nbsp;&nbsp;&nbsp; 670457 |
| First Mining Gold Corp. (a) | 50000 | &nbsp;&nbsp;&nbsp; 10239 |
| First National Financial Corp.  | 2660 | &nbsp;&nbsp;&nbsp; 91648 |
| Fortuna Mining Corp. (a) (d) | 75418 | &nbsp;&nbsp;&nbsp; 675223 |
| Freehold Royalties Ltd. (d) | 30612 | &nbsp;&nbsp;&nbsp; 303107 |
| Galiano Gold, Inc. (a) | 23027 | &nbsp;&nbsp;&nbsp; 50134 |
| Gamehost, Inc.  | 4952 | &nbsp;&nbsp;&nbsp; 41809 |
| GDI Integrated Facility Services, Inc. (a) | 3200 | &nbsp;&nbsp;&nbsp; 63439 |
| Gibson Energy, Inc. (d) | 38325 | &nbsp;&nbsp;&nbsp; 712415 |
| Gildan Activewear, Inc.  | 5739 | &nbsp;&nbsp;&nbsp; 331714 |
| goeasy Ltd.  | 2495 | &nbsp;&nbsp;&nbsp; 310813 |
| GoGold Resources, Inc. (a) | 28473 | &nbsp;&nbsp;&nbsp; 55240 |
| GoldMoney, Inc. (a) | 2199 | &nbsp;&nbsp;&nbsp; 17096 |
| Guardian Capital Group Ltd. - Class A | 3083 | &nbsp;&nbsp;&nbsp; 148423 |
| Haivision Systems, Inc. (a) (d) | 4800 | &nbsp;&nbsp;&nbsp; 17038 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| Hanfeng Evergreen, Inc. (a) (b) (c) | 12100 | &nbsp;&nbsp;&nbsp; $0 |
| Headwater Exploration, Inc.  | 48021 | &nbsp;&nbsp;&nbsp; 259135 |
| High Liner Foods, Inc.  | 5107 | &nbsp;&nbsp;&nbsp; 62640 |
| Hudbay Minerals, Inc.  | 84922 | &nbsp;&nbsp;&nbsp; 1286309 |
| Hut 8 Corp. (a) | 379 | &nbsp;&nbsp;&nbsp; 13193 |
| Imperial Metals Corp. (a) (d) | 19966 | &nbsp;&nbsp;&nbsp; 84644 |
| Information Services Corp.  | 2900 | &nbsp;&nbsp;&nbsp; 76871 |
| Interfor Corp. (a) | 11632 | &nbsp;&nbsp;&nbsp; 84835 |
| International Petroleum Corp. (a) (d) | 1640 | &nbsp;&nbsp;&nbsp; 27363 |
| International Petroleum Corp. (a) | 15668 | &nbsp;&nbsp;&nbsp; 262978 |
| Jamieson Wellness, Inc. (d) | 10457 | &nbsp;&nbsp;&nbsp; 272076 |
| Journey Energy, Inc. (a) | 100 | &nbsp;&nbsp;&nbsp; 234 |
| K92 Mining, Inc. (a) | 27548 | &nbsp;&nbsp;&nbsp; 332943 |
| K-Bro Linen, Inc.  | 2819 | &nbsp;&nbsp;&nbsp; 72414 |
| Kelt Exploration Ltd. (a) (d) | 42251 | &nbsp;&nbsp;&nbsp; 208872 |
| Knight Therapeutics, Inc. (a) | 19152 | &nbsp;&nbsp;&nbsp; 80918 |
| KP Tissue, Inc. (d) | 1400 | &nbsp;&nbsp;&nbsp; 9506 |
| Labrador Iron Ore Royalty Corp. (d) | 15500 | &nbsp;&nbsp;&nbsp; 312740 |
| Largo, Inc. (a) (d) | 8317 | &nbsp;&nbsp;&nbsp; 12430 |
| Lassonde Industries, Inc. - Class A (d) | 900 | &nbsp;&nbsp;&nbsp; 137027 |
| Laurentian Bank of Canada (d) | 10404 | &nbsp;&nbsp;&nbsp; 246625 |
| Leon's Furniture Ltd.  | 6639 | &nbsp;&nbsp;&nbsp; 137579 |
| Lightspeed Commerce, Inc. (a) (d) | 22389 | &nbsp;&nbsp;&nbsp; 258593 |
| Lightstream Resources Ltd. (a) (b) (c) | 108373 | &nbsp;&nbsp;&nbsp; 0 |
| Linamar Corp.  | 8784 | &nbsp;&nbsp;&nbsp; 471106 |
| Lucara Diamond Corp. (a) (d) | 110136 | &nbsp;&nbsp;&nbsp; 15828 |
| Lundin Gold, Inc. (d) | 16376 | &nbsp;&nbsp;&nbsp; 1061022 |
| Magellan Aerospace Corp. (d) | 3994 | &nbsp;&nbsp;&nbsp; 46951 |
| Mainstreet Equity Corp. (d) | 1161 | &nbsp;&nbsp;&nbsp; 155501 |
| Major Drilling Group International, Inc. (a) | 17077 | &nbsp;&nbsp;&nbsp; 142830 |
| Manitok Energy, Inc. (a) (b) (c) | 122 | &nbsp;&nbsp;&nbsp; 0 |
| Maple Leaf Foods, Inc. (d) | 19191 | &nbsp;&nbsp;&nbsp; 496564 |
| Martinrea International, Inc.  | 5846 | &nbsp;&nbsp;&nbsp; 44527 |
| Mattr Corp. (a) | 3517 | &nbsp;&nbsp;&nbsp; 27091 |
| Maxim Power Corp. (d) | 2800 | &nbsp;&nbsp;&nbsp; 9174 |
| Medical Facilities Corp.  | 4957 | &nbsp;&nbsp;&nbsp; 50364 |
| MEG Energy Corp.  | 33411 | &nbsp;&nbsp;&nbsp; 674126 |
| Melcor Developments Ltd.  | 3120 | &nbsp;&nbsp;&nbsp; 33852 |
| Meren Energy, Inc. (d) | 57099 | &nbsp;&nbsp;&nbsp; 75492 |
| Methanex Corp.  | 9366 | &nbsp;&nbsp;&nbsp; 372392 |
| Methanex Corp. (d) | 1300 | &nbsp;&nbsp;&nbsp; 51684 |
| Morguard Corp.  | 1000 | &nbsp;&nbsp;&nbsp; 82870 |
| MTY Food Group, Inc.  | 4620 | &nbsp;&nbsp;&nbsp; 127841 |
| Mullen Group Ltd. (d) | 19954 | &nbsp;&nbsp;&nbsp; 199583 |
| Neo Performance Materials, Inc.  | 4300 | &nbsp;&nbsp;&nbsp; 61331 |
| New Gold, Inc. (a) | 172247 | &nbsp;&nbsp;&nbsp; 1233960 |
| NFI Group, Inc. (a) | 13975 | &nbsp;&nbsp;&nbsp; 148115 |
| North American Construction Group Ltd.  | 5263 | &nbsp;&nbsp;&nbsp; 74764 |
| North West Co., Inc.  | 11871 | &nbsp;&nbsp;&nbsp; 407898 |
| Northland Power, Inc. (d) | 38310 | &nbsp;&nbsp;&nbsp; 641390 |
| NuVista Energy Ltd. (a) (d) | 37917 | &nbsp;&nbsp;&nbsp; 438101 |
| Obsidian Energy Ltd. (a) | 5354 | &nbsp;&nbsp;&nbsp; 35015 |
| Onex Corp. (d) | 6977 | &nbsp;&nbsp;&nbsp; 619092 |
| Open Text Corp.  | 7643 | &nbsp;&nbsp;&nbsp; 285695 |
| OR Royalties, Inc. (d) | 28827 | &nbsp;&nbsp;&nbsp; 1155400 |
| Orla Mining Ltd. (a) | 18012 | &nbsp;&nbsp;&nbsp; 194530 |

---

**BHFTII-77**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| Paramount Resources Ltd. - Class A (d) | 19490 | &nbsp;&nbsp;&nbsp; $314680 |
| Parex Resources, Inc.  | 6102 | &nbsp;&nbsp;&nbsp; 79755 |
| Parkland Corp. (d) | 24990 | &nbsp;&nbsp;&nbsp; 691324 |
| Pason Systems, Inc.  | 13455 | &nbsp;&nbsp;&nbsp; 116790 |
| Pet Valu Holdings Ltd.  | 2074 | &nbsp;&nbsp;&nbsp; 53635 |
| Peyto Exploration & Development Corp. (d) | 48991 | &nbsp;&nbsp;&nbsp; 638217 |
| PHX Energy Services Corp.  | 8794 | &nbsp;&nbsp;&nbsp; 49982 |
| Pizza Pizza Royalty Corp. (d) | 6998 | &nbsp;&nbsp;&nbsp; 77286 |
| Polaris Renewable Energy, Inc.  | 5300 | &nbsp;&nbsp;&nbsp; 51755 |
| Pollard Banknote Ltd. (d) | 1790 | &nbsp;&nbsp;&nbsp; 29583 |
| PrairieSky Royalty Ltd. (d) | 47952 | &nbsp;&nbsp;&nbsp; 889646 |
| Precision Drilling Corp. (a) | 1018 | &nbsp;&nbsp;&nbsp; 57333 |
| Premium Brands Holdings Corp. (d) | 10555 | &nbsp;&nbsp;&nbsp; 708748 |
| Propel Holdings, Inc. (d) | 1050 | &nbsp;&nbsp;&nbsp; 22166 |
| Pulse Seismic, Inc. (d) | 13500 | &nbsp;&nbsp;&nbsp; 34436 |
| Quarterhill, Inc. (a) (d) | 37345 | &nbsp;&nbsp;&nbsp; 28176 |
| Quebecor, Inc. - Class B | 16161 | &nbsp;&nbsp;&nbsp; 508856 |
| Questerre Energy Corp. - Class A (a) (d) | 83569 | &nbsp;&nbsp;&nbsp; 20416 |
| RF Capital Group, Inc. (a) | 852 | &nbsp;&nbsp;&nbsp; 12128 |
| Richelieu Hardware Ltd. (d) | 11590 | &nbsp;&nbsp;&nbsp; 284732 |
| Rogers Sugar, Inc. (d) | 28139 | &nbsp;&nbsp;&nbsp; 128796 |
| Russel Metals, Inc.  | 13422 | &nbsp;&nbsp;&nbsp; 401975 |
| Sandstorm Gold Ltd.  | 29150 | &nbsp;&nbsp;&nbsp; 364958 |
| Savaria Corp.  | 10600 | &nbsp;&nbsp;&nbsp; 153550 |
| Seabridge Gold, Inc. (a) (d) | 8233 | &nbsp;&nbsp;&nbsp; 198827 |
| Secure Waste Infrastructure Corp. (d) | 45912 | &nbsp;&nbsp;&nbsp; 653859 |
| Sienna Senior Living, Inc.  | 20676 | &nbsp;&nbsp;&nbsp; 277077 |
| SNDL, Inc. (a) | 11204 | &nbsp;&nbsp;&nbsp; 30027 |
| South Bow Corp.  | 370 | &nbsp;&nbsp;&nbsp; 10467 |
| Spartan Delta Corp. (a) | 16736 | &nbsp;&nbsp;&nbsp; 65058 |
| Spin Master Corp.  | 4348 | &nbsp;&nbsp;&nbsp; 60017 |
| Sprott, Inc. (d) | 5042 | &nbsp;&nbsp;&nbsp; 419062 |
| SSR Mining, Inc. (a) (d) | 45893 | &nbsp;&nbsp;&nbsp; 1120532 |
| Stella-Jones, Inc.  | 8494 | &nbsp;&nbsp;&nbsp; 484665 |
| StorageVault Canada, Inc.  | 12770 | &nbsp;&nbsp;&nbsp; 47439 |
| SunOpta, Inc. (a) | 7292 | &nbsp;&nbsp;&nbsp; 42651 |
| Superior Plus Corp.  | 22786 | &nbsp;&nbsp;&nbsp; 129181 |
| Surge Energy, Inc. (d) | 12100 | &nbsp;&nbsp;&nbsp; 61556 |
| Sylogist Ltd. (d) | 1343 | &nbsp;&nbsp;&nbsp; 6707 |
| Tamarack Valley Energy Ltd. (d) | 85898 | &nbsp;&nbsp;&nbsp; 373416 |
| Taseko Mines Ltd. (a) | 80286 | &nbsp;&nbsp;&nbsp; 340366 |
| TerraVest Industries, Inc. (d) | 1600 | &nbsp;&nbsp;&nbsp; 160149 |
| Timbercreek Financial Corp.  | 17551 | &nbsp;&nbsp;&nbsp; 94332 |
| Topaz Energy Corp. (d) | 8101 | &nbsp;&nbsp;&nbsp; 150355 |
| Torex Gold Resources, Inc. (a) (d) | 22294 | &nbsp;&nbsp;&nbsp; 926554 |
| Toromont Industries Ltd. (d) | 1668 | &nbsp;&nbsp;&nbsp; 185197 |
| Total Energy Services, Inc.  | 9886 | &nbsp;&nbsp;&nbsp; 102291 |
| TransAlta Corp. (d) | 58778 | &nbsp;&nbsp;&nbsp; 802881 |
| Transat AT, Inc. (a) | 3600 | &nbsp;&nbsp;&nbsp; 6570 |
| Transcontinental, Inc. - Class A | 17620 | &nbsp;&nbsp;&nbsp; 249037 |
| Trevali Mining Corp. (a) (b) (c) | 9060 | &nbsp;&nbsp;&nbsp; 0 |
| Trican Well Service Ltd.  | 47483 | &nbsp;&nbsp;&nbsp; 210512 |
| Triple Flag Precious Metals Corp.  | 3866 | &nbsp;&nbsp;&nbsp; 113134 |
| Trisura Group Ltd. (a) | 8223 | &nbsp;&nbsp;&nbsp; 226713 |
| Vecima Networks, Inc. (d) | 2500 | &nbsp;&nbsp;&nbsp; 18395 |
| Vermilion Energy, Inc. (d) | 22417 | &nbsp;&nbsp;&nbsp; 175157 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — (Continued)** | **Canada — (Continued)** | **Canada — (Continued)** |
| VersaBank | 3000 | &nbsp;&nbsp;&nbsp; $36641 |
| Vitalhub Corp. (a) | 1790 | &nbsp;&nbsp;&nbsp; 14264 |
| Wajax Corp.  | 3113 | &nbsp;&nbsp;&nbsp; 54131 |
| Well Health Technologies Corp. (a) (d) | 21014 | &nbsp;&nbsp;&nbsp; 77612 |
| Wesdome Gold Mines Ltd. (a) (d) | 36507 | &nbsp;&nbsp;&nbsp; 568709 |
| Western Forest Products, Inc. (a) | 3508 | &nbsp;&nbsp;&nbsp; 30475 |
| Westshore Terminals Investment Corp. (d) | 8214 | &nbsp;&nbsp;&nbsp; 146963 |
| Whitecap Resources, Inc. (d) | 159667 | &nbsp;&nbsp;&nbsp; 1218378 |
| Winpak Ltd. (d) | 6752 | &nbsp;&nbsp;&nbsp; 197849 |
| Yellow Pages Ltd. (d) | 3727 | &nbsp;&nbsp;&nbsp; 30074 |
| Zenith Capital Corp. (a) (b) (c) | 12830 | &nbsp;&nbsp;&nbsp; 241 |
|  |  | &nbsp;&nbsp;&nbsp; 53676831 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| Bund Center Investment Ltd.  | 107700 | &nbsp;&nbsp;&nbsp; 35499 |
| China Gold International Resources Corp. Ltd.  | 79013 | &nbsp;&nbsp;&nbsp; 1415387 |
| CITIC Telecom International Holdings Ltd.  | 346000 | &nbsp;&nbsp;&nbsp; 108043 |
| Deep Source Holdings Ltd. (a) | 170000 | &nbsp;&nbsp;&nbsp; 15946 |
| First Sponsor Group Ltd.  | 9490 | &nbsp;&nbsp;&nbsp; 7651 |
| KLN Logistics Group Ltd.  | 67000 | &nbsp;&nbsp;&nbsp; 63685 |
| Neo-Neon Holdings Ltd. (a) | 322500 | &nbsp;&nbsp;&nbsp; 16577 |
| Shangri-La Asia Ltd.  | 234000 | &nbsp;&nbsp;&nbsp; 136629 |
| VSTECS Holdings Ltd.  | 125200 | &nbsp;&nbsp;&nbsp; 173310 |
| Xinyi Glass Holdings Ltd.  | 51285 | &nbsp;&nbsp;&nbsp; 59524 |
|  |  | &nbsp;&nbsp;&nbsp; 2032251 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Canacol Energy Ltd. (a) (d) | 7932 | &nbsp;&nbsp;&nbsp; 14819 |
| Frontera Energy Corp. (d) | 8267 | &nbsp;&nbsp;&nbsp; 33919 |
| Gran Tierra Energy, Inc. (a) | 3221 | &nbsp;&nbsp;&nbsp; 13840 |
|  |  | &nbsp;&nbsp;&nbsp; 62578 |
| **Denmark — 2.6%** | **Denmark — 2.6%** | **Denmark — 2.6%** |
| ALK-Abello AS (a) (d) | 27036 | &nbsp;&nbsp;&nbsp; 888478 |
| Alm Brand AS (d) | 147115 | &nbsp;&nbsp;&nbsp; 411615 |
| Ambu AS - Class B (d) | 31560 | &nbsp;&nbsp;&nbsp; 466513 |
| Bang & Olufsen AS (a) (d) | 30627 | &nbsp;&nbsp;&nbsp; 61794 |
| Bavarian Nordic AS (a) | 15597 | &nbsp;&nbsp;&nbsp; 561531 |
| Better Collective AS (a) (d) | 2123 | &nbsp;&nbsp;&nbsp; 27081 |
| cBrain AS (d) | 1254 | &nbsp;&nbsp;&nbsp; 35870 |
| Cementir Holding NV | 10361 | &nbsp;&nbsp;&nbsp; 172926 |
| Chemometec AS | 3635 | &nbsp;&nbsp;&nbsp; 359832 |
| Columbus AS (d) | 20865 | &nbsp;&nbsp;&nbsp; 33678 |
| D/S Norden AS | 1976 | &nbsp;&nbsp;&nbsp; 71773 |
| Demant AS (a) | 879 | &nbsp;&nbsp;&nbsp; 30472 |
| Dfds AS (a) | 2432 | &nbsp;&nbsp;&nbsp; 37019 |
| FLSmidth & Co. AS | 8433 | &nbsp;&nbsp;&nbsp; 593396 |
| GN Store Nord AS (a) (d) | 3749 | &nbsp;&nbsp;&nbsp; 63858 |
| H Lundbeck AS | 44313 | &nbsp;&nbsp;&nbsp; 321851 |
| H Lundbeck AS - A Shares | 5266 | &nbsp;&nbsp;&nbsp; 29482 |
| H&H International AS - Class B (a) (d) | 3245 | &nbsp;&nbsp;&nbsp; 49750 |
| Harboes Bryggeri AS - Class B (d) | 1454 | &nbsp;&nbsp;&nbsp; 30822 |
| ISS AS | 29519 | &nbsp;&nbsp;&nbsp; 937357 |
| Jeudan AS (d) | 2360 | &nbsp;&nbsp;&nbsp; 75792 |
| Jyske Bank AS | 8666 | &nbsp;&nbsp;&nbsp; 969849 |
| Matas AS (d) | 7772 | &nbsp;&nbsp;&nbsp; 159075 |

---

**BHFTII-78**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Denmark — (Continued)** | **Denmark — (Continued)** | **Denmark — (Continued)** |
| Napatech AS (a) (d) | 3374 | &nbsp;&nbsp;&nbsp; $9165 |
| Netcompany Group AS (a) (d) | 7774 | &nbsp;&nbsp;&nbsp; 296140 |
| Nilfisk Holding AS (a) | 2510 | &nbsp;&nbsp;&nbsp; 43857 |
| NKT AS (a) | 10772 | &nbsp;&nbsp;&nbsp; 1052145 |
| NNIT AS (a) | 2656 | &nbsp;&nbsp;&nbsp; 24786 |
| North Media AS (a) (d) | 679 | &nbsp;&nbsp;&nbsp; 5168 |
| NTG Nordic Transport Group AS (a) (d) | 1858 | &nbsp;&nbsp;&nbsp; 54450 |
| Parken Sport & Entertainment AS | 2351 | &nbsp;&nbsp;&nbsp; 62890 |
| Per Aarsleff Holding AS | 4996 | &nbsp;&nbsp;&nbsp; 539001 |
| Ringkjoebing Landbobank AS | 5055 | &nbsp;&nbsp;&nbsp; 1172400 |
| Rockwool AS - A Shares | 5450 | &nbsp;&nbsp;&nbsp; 203317 |
| Rockwool AS - B Shares (d) | 9580 | &nbsp;&nbsp;&nbsp; 357734 |
| Royal Unibrew AS | 10550 | &nbsp;&nbsp;&nbsp; 806606 |
| RTX AS (a) (d) | 2486 | &nbsp;&nbsp;&nbsp; 36392 |
| Scandinavian Tobacco Group AS | 10418 | &nbsp;&nbsp;&nbsp; 144013 |
| Schouw & Co. AS | 2533 | &nbsp;&nbsp;&nbsp; 235545 |
| Solar AS - B Shares | 753 | &nbsp;&nbsp;&nbsp; 23954 |
| SP Group AS (d) | 1294 | &nbsp;&nbsp;&nbsp; 55247 |
| Sparekassen Sjaelland-Fyn AS | 1358 | &nbsp;&nbsp;&nbsp; 73323 |
| Sydbank AS | 10406 | &nbsp;&nbsp;&nbsp; 835925 |
| TCM Group AS | 502 | &nbsp;&nbsp;&nbsp; 5811 |
| Tivoli AS (d) | 844 | &nbsp;&nbsp;&nbsp; 78609 |
| UIE PLC (d) | 2939 | &nbsp;&nbsp;&nbsp; 135651 |
| Vestjysk Bank AS | 23730 | &nbsp;&nbsp;&nbsp; 18869 |
|  |  | &nbsp;&nbsp;&nbsp; 12660812 |
| **Faeroe Islands — 0.0%** | **Faeroe Islands — 0.0%** | **Faeroe Islands — 0.0%** |
| Foroya Banki P | 1109 | &nbsp;&nbsp;&nbsp; 34003 |
| **Finland — 2.7%** | **Finland — 2.7%** | **Finland — 2.7%** |
| Aktia Bank OYJ | 11350 | &nbsp;&nbsp;&nbsp; 133435 |
| Alma Media OYJ (d) | 10487 | &nbsp;&nbsp;&nbsp; 176748 |
| Anora Group OYJ | 1398 | &nbsp;&nbsp;&nbsp; 4946 |
| Apetit OYJ (d) | 1205 | &nbsp;&nbsp;&nbsp; 19482 |
| Aspo OYJ | 7386 | &nbsp;&nbsp;&nbsp; 51919 |
| Atria OYJ (d) | 2639 | &nbsp;&nbsp;&nbsp; 40319 |
| Bittium OYJ (d) | 5744 | &nbsp;&nbsp;&nbsp; 101928 |
| Citycon OYJ | 18999 | &nbsp;&nbsp;&nbsp; 72962 |
| Digia OYJ | 6625 | &nbsp;&nbsp;&nbsp; 49855 |
| Elisa OYJ (d) | 15224 | &nbsp;&nbsp;&nbsp; 798812 |
| Enento Group OYJ | 3892 | &nbsp;&nbsp;&nbsp; 69392 |
| Finnair OYJ (d) | 39441 | &nbsp;&nbsp;&nbsp; 133987 |
| Fiskars OYJ Abp (d) | 6335 | &nbsp;&nbsp;&nbsp; 90759 |
| F-Secure OYJ | 15912 | &nbsp;&nbsp;&nbsp; 31783 |
| Harvia OYJ (d) | 2955 | &nbsp;&nbsp;&nbsp; 119614 |
| Hiab OYJ - B Shares (d) | 7752 | &nbsp;&nbsp;&nbsp; 454811 |
| HKFoods OYJ | 6704 | &nbsp;&nbsp;&nbsp; 11574 |
| Huhtamaki OYJ | 17405 | &nbsp;&nbsp;&nbsp; 602644 |
| Ilkka OYJ | 5725 | &nbsp;&nbsp;&nbsp; 25616 |
| Kalmar OYJ - B Shares | 8074 | &nbsp;&nbsp;&nbsp; 319583 |
| Kemira OYJ (d) | 22674 | &nbsp;&nbsp;&nbsp; 508122 |
| Kesko OYJ - A Shares | 6578 | &nbsp;&nbsp;&nbsp; 141266 |
| Kesko OYJ - B Shares | 30707 | &nbsp;&nbsp;&nbsp; 653660 |
| Kojamo OYJ (a) (d) | 21412 | &nbsp;&nbsp;&nbsp; 272977 |
| Konecranes OYJ | 13430 | &nbsp;&nbsp;&nbsp; 1112503 |
| Lassila & Tikanoja OYJ | 6984 | &nbsp;&nbsp;&nbsp; 85640 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Finland — (Continued)** | **Finland — (Continued)** | **Finland — (Continued)** |
| Lindex Group OYJ (a) | 9321 | &nbsp;&nbsp;&nbsp; $31416 |
| Mandatum OYJ (d) | 36201 | &nbsp;&nbsp;&nbsp; 242748 |
| Marimekko OYJ | 4363 | &nbsp;&nbsp;&nbsp; 64183 |
| Metsa Board OYJ - Class B (d) | 9160 | &nbsp;&nbsp;&nbsp; 32370 |
| Metso OYJ (d) | 58158 | &nbsp;&nbsp;&nbsp; 801369 |
| Nokian Renkaat OYJ (d) | 14031 | &nbsp;&nbsp;&nbsp; 127253 |
| Olvi OYJ - A Shares (d) | 3214 | &nbsp;&nbsp;&nbsp; 113135 |
| Oriola OYJ - B Shares | 36630 | &nbsp;&nbsp;&nbsp; 49477 |
| Orion OYJ - Class A | 6817 | &nbsp;&nbsp;&nbsp; 519363 |
| Orion OYJ - Class B | 14294 | &nbsp;&nbsp;&nbsp; 1094896 |
| Outokumpu OYJ | 59078 | &nbsp;&nbsp;&nbsp; 269044 |
| Ponsse OYJ (d) | 2847 | &nbsp;&nbsp;&nbsp; 88921 |
| Puuilo OYJ | 5676 | &nbsp;&nbsp;&nbsp; 98912 |
| QT Group OYJ (a) (d) | 2121 | &nbsp;&nbsp;&nbsp; 114019 |
| Raisio OYJ - V Shares | 26777 | &nbsp;&nbsp;&nbsp; 77052 |
| Rapala VMC OYJ (a) | 8902 | &nbsp;&nbsp;&nbsp; 12444 |
| Revenio Group OYJ (d) | 4924 | &nbsp;&nbsp;&nbsp; 133597 |
| Sampo OYJ - A Shares (d) | 37407 | &nbsp;&nbsp;&nbsp; 428995 |
| Sanoma OYJ | 18857 | &nbsp;&nbsp;&nbsp; 236462 |
| Stora Enso OYJ - R Shares (d) | 42033 | &nbsp;&nbsp;&nbsp; 462534 |
| Taaleri PLC | 1210 | &nbsp;&nbsp;&nbsp; 10307 |
| Talenom OYJ (d) | 2085 | &nbsp;&nbsp;&nbsp; 8533 |
| Teleste OYJ | 2149 | &nbsp;&nbsp;&nbsp; 10199 |
| Terveystalo OYJ | 14772 | &nbsp;&nbsp;&nbsp; 175519 |
| TietoEVRY OYJ (d) | 17665 | &nbsp;&nbsp;&nbsp; 320002 |
| Tokmanni Group Corp. (d) | 6854 | &nbsp;&nbsp;&nbsp; 73274 |
| Vaisala OYJ - A Shares | 4534 | &nbsp;&nbsp;&nbsp; 237301 |
| Valmet OYJ (d) | 29554 | &nbsp;&nbsp;&nbsp; 990243 |
| WithSecure OYJ (a) (d) | 26373 | &nbsp;&nbsp;&nbsp; 52668 |
| YIT OYJ (a) | 27133 | &nbsp;&nbsp;&nbsp; 94727 |
|  |  | &nbsp;&nbsp;&nbsp; 13055300 |
| **France — 5.2%** | **France — 5.2%** | **France — 5.2%** |
| 74Software SA (a) (d) | 2930 | &nbsp;&nbsp;&nbsp; 126747 |
| AKWEL SADIR | 2629 | &nbsp;&nbsp;&nbsp; 30413 |
| Alstom SA (a) (d) | 41954 | &nbsp;&nbsp;&nbsp; 1102416 |
| Altamir (d) | 7426 | &nbsp;&nbsp;&nbsp; 211057 |
| Alten SA | 4627 | &nbsp;&nbsp;&nbsp; 380846 |
| Arkema SA | 7926 | &nbsp;&nbsp;&nbsp; 503034 |
| Aubay | 464 | &nbsp;&nbsp;&nbsp; 26164 |
| Ayvens SA | 2568 | &nbsp;&nbsp;&nbsp; 31048 |
| Bastide le Confort Medical (a) | 938 | &nbsp;&nbsp;&nbsp; 27987 |
| Beneteau SACA | 8857 | &nbsp;&nbsp;&nbsp; 90239 |
| Boiron SA (d) | 1382 | &nbsp;&nbsp;&nbsp; 45331 |
| Bonduelle SCA | 4120 | &nbsp;&nbsp;&nbsp; 39794 |
| Carrefour SA | 39608 | &nbsp;&nbsp;&nbsp; 599723 |
| Catana Group (d) | 2793 | &nbsp;&nbsp;&nbsp; 10582 |
| CBo Territoria | 2864 | &nbsp;&nbsp;&nbsp; 12342 |
| Cegedim SA (a) | 2295 | &nbsp;&nbsp;&nbsp; 29008 |
| Cie des Alpes | 4881 | &nbsp;&nbsp;&nbsp; 122131 |
| Clariane SE (a) | 48256 | &nbsp;&nbsp;&nbsp; 268563 |
| Coface SA | 27029 | &nbsp;&nbsp;&nbsp; 505857 |
| Derichebourg SA | 22712 | &nbsp;&nbsp;&nbsp; 140376 |
| Edenred SE | 7079 | &nbsp;&nbsp;&nbsp; 168677 |
| Ekinops SAS (a) (d) | 1670 | &nbsp;&nbsp;&nbsp; 6191 |
| Electricite de Strasbourg SA | 271 | &nbsp;&nbsp;&nbsp; 51366 |

---

**BHFTII-79**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Elior Group SA (a) | 29385 | &nbsp;&nbsp;&nbsp; $91498 |
| Elis SA | 40575 | &nbsp;&nbsp;&nbsp; 1173705 |
| Equasens | 56 | &nbsp;&nbsp;&nbsp; 2618 |
| Eramet SA (d) | 627 | &nbsp;&nbsp;&nbsp; 41333 |
| Esso SA Francaise (d) | 625 | &nbsp;&nbsp;&nbsp; 74443 |
| Etablissements Maurel et Prom SA | 15300 | &nbsp;&nbsp;&nbsp; 88109 |
| Eurazeo SE | 9792 | &nbsp;&nbsp;&nbsp; 648309 |
| Euroapi SA (a) | 7243 | &nbsp;&nbsp;&nbsp; 26331 |
| Eutelsat Communications SACA (a) (d) | 30929 | &nbsp;&nbsp;&nbsp; 123904 |
| Exel Industries SA - A Shares | 618 | &nbsp;&nbsp;&nbsp; 25899 |
| FDJ UNITED | 13301 | &nbsp;&nbsp;&nbsp; 445697 |
| Fnac Darty SA | 2444 | &nbsp;&nbsp;&nbsp; 83794 |
| Foraco International SA (a) (d) | 17535 | &nbsp;&nbsp;&nbsp; 26837 |
| Forvia SE (a) | 8965 | &nbsp;&nbsp;&nbsp; 121630 |
| Gaztransport Et Technigaz SA | 7959 | &nbsp;&nbsp;&nbsp; 1471860 |
| GEA (d) | 165 | &nbsp;&nbsp;&nbsp; 16169 |
| Getlink SE | 17997 | &nbsp;&nbsp;&nbsp; 331131 |
| GL Events SACA | 2288 | &nbsp;&nbsp;&nbsp; 83452 |
| Groupe Crit SA (d) | 900 | &nbsp;&nbsp;&nbsp; 63694 |
| Guerbet (a) (d) | 1201 | &nbsp;&nbsp;&nbsp; 18633 |
| Haulotte Group SA | 5337 | &nbsp;&nbsp;&nbsp; 12671 |
| ID Logistics Group SACA (a) | 796 | &nbsp;&nbsp;&nbsp; 376226 |
| Imerys SA | 7588 | &nbsp;&nbsp;&nbsp; 200273 |
| Infotel SA | 342 | &nbsp;&nbsp;&nbsp; 17273 |
| Interparfums SA | 1532 | &nbsp;&nbsp;&nbsp; 50543 |
| IPSOS SA | 6397 | &nbsp;&nbsp;&nbsp; 284863 |
| Jacquet Metals SACA (d) | 2954 | &nbsp;&nbsp;&nbsp; 65889 |
| JCDecaux SE | 13978 | &nbsp;&nbsp;&nbsp; 251106 |
| Kaufman & Broad SA | 3257 | &nbsp;&nbsp;&nbsp; 113942 |
| Laurent-Perrier | 1255 | &nbsp;&nbsp;&nbsp; 129262 |
| LISI SA | 1686 | &nbsp;&nbsp;&nbsp; 91743 |
| LNA Sante SA | 1534 | &nbsp;&nbsp;&nbsp; 46639 |
| Maisons du Monde SA (a) (d) | 7475 | &nbsp;&nbsp;&nbsp; 16356 |
| Manitou BF SA | 2626 | &nbsp;&nbsp;&nbsp; 57841 |
| Mersen SA | 1657 | &nbsp;&nbsp;&nbsp; 49109 |
| Metropole Television SA | 6596 | &nbsp;&nbsp;&nbsp; 98937 |
| Nacon SA (a) (d) | 3416 | &nbsp;&nbsp;&nbsp; 2910 |
| Nexans SA | 6484 | &nbsp;&nbsp;&nbsp; 967869 |
| Nexity SA (a) (d) | 9433 | &nbsp;&nbsp;&nbsp; 122733 |
| NRJ Group | 9690 | &nbsp;&nbsp;&nbsp; 87401 |
| Oeneo SA (d) | 2122 | &nbsp;&nbsp;&nbsp; 23719 |
| Opmobility | 12724 | &nbsp;&nbsp;&nbsp; 205525 |
| Pierre Et Vacances SA (a) | 6918 | &nbsp;&nbsp;&nbsp; 13790 |
| Quadient SA | 6244 | &nbsp;&nbsp;&nbsp; 96608 |
| Recylex SA (a) (b) (c) | 3335 | &nbsp;&nbsp;&nbsp; 0 |
| Remy Cointreau SA (d) | 686 | &nbsp;&nbsp;&nbsp; 37136 |
| Renault SA | 2964 | &nbsp;&nbsp;&nbsp; 122069 |
| Rexel SA | 43232 | &nbsp;&nbsp;&nbsp; 1427551 |
| Robertet SA | 43 | &nbsp;&nbsp;&nbsp; 40134 |
| Rubis SCA | 17934 | &nbsp;&nbsp;&nbsp; 670526 |
| Samse SACA (d) | 107 | &nbsp;&nbsp;&nbsp; 15715 |
| Savencia SA | 1270 | &nbsp;&nbsp;&nbsp; 91968 |
| SCOR SE | 34667 | &nbsp;&nbsp;&nbsp; 1225891 |
| SEB SA (d) | 4545 | &nbsp;&nbsp;&nbsp; 333798 |
| Seche Environnement SACA | 605 | &nbsp;&nbsp;&nbsp; 52232 |
| SMCP SA (a) | 1230 | &nbsp;&nbsp;&nbsp; 9432 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Societe BIC SA | 5062 | &nbsp;&nbsp;&nbsp; $316083 |
| Societe LDC SADIR | 700 | &nbsp;&nbsp;&nbsp; 75330 |
| Sodexo SA | 1014 | &nbsp;&nbsp;&nbsp; 63837 |
| SOITEC (a) | 794 | &nbsp;&nbsp;&nbsp; 36342 |
| Sopra Steria Group | 3520 | &nbsp;&nbsp;&nbsp; 672825 |
| SPIE SA | 31212 | &nbsp;&nbsp;&nbsp; 1687833 |
| Stef SA (d) | 902 | &nbsp;&nbsp;&nbsp; 127285 |
| Sword Group (d) | 1364 | &nbsp;&nbsp;&nbsp; 57354 |
| Synergie SE (d) | 3366 | &nbsp;&nbsp;&nbsp; 126076 |
| Technip Energies NV | 25933 | &nbsp;&nbsp;&nbsp; 1220742 |
| Teleperformance SE (d) | 9401 | &nbsp;&nbsp;&nbsp; 700849 |
| Television Francaise 1 SA | 9749 | &nbsp;&nbsp;&nbsp; 99212 |
| Thermador Groupe (d) | 1800 | &nbsp;&nbsp;&nbsp; 157341 |
| Tikehau Capital SCA (d) | 7508 | &nbsp;&nbsp;&nbsp; 163490 |
| Trigano SA (d) | 2175 | &nbsp;&nbsp;&nbsp; 379366 |
| Ubisoft Entertainment SA (a) | 2713 | &nbsp;&nbsp;&nbsp; 31114 |
| Valeo SE | 36656 | &nbsp;&nbsp;&nbsp; 451738 |
| Vallourec SACA (d) | 37257 | &nbsp;&nbsp;&nbsp; 709176 |
| Vetoquinol SA | 376 | &nbsp;&nbsp;&nbsp; 34069 |
| Vicat SACA | 3936 | &nbsp;&nbsp;&nbsp; 276497 |
| VIEL & Cie SA | 4205 | &nbsp;&nbsp;&nbsp; 83488 |
| Virbac SACA | 307 | &nbsp;&nbsp;&nbsp; 113799 |
| Viridien (a) | 1557 | &nbsp;&nbsp;&nbsp; 117807 |
| Vivendi SE (a) | 63152 | &nbsp;&nbsp;&nbsp; 223531 |
| Voltalia SA (a) (d) | 4361 | &nbsp;&nbsp;&nbsp; 38468 |
| Vranken-Pommery Monopole SA (d) | 958 | &nbsp;&nbsp;&nbsp; 13679 |
| Wavestone (d) | 126 | &nbsp;&nbsp;&nbsp; 7149 |
|  |  | &nbsp;&nbsp;&nbsp; 24883098 |
| **Georgia — 0.4%** | **Georgia — 0.4%** | **Georgia — 0.4%** |
| Georgia Capital PLC (a) | 7105 | &nbsp;&nbsp;&nbsp; 231025 |
| Lion Finance Group PLC | 9821 | &nbsp;&nbsp;&nbsp; 1011556 |
| TBC Bank Group PLC | 7218 | &nbsp;&nbsp;&nbsp; 443397 |
|  |  | &nbsp;&nbsp;&nbsp; 1685978 |
| **Germany — 5.7%** | **Germany — 5.7%** | **Germany — 5.7%** |
| 1&1 AG (d) | 9578 | &nbsp;&nbsp;&nbsp; 226017 |
| 7C Solarparken AG (a) | 9101 | &nbsp;&nbsp;&nbsp; 17803 |
| Adesso SE | 561 | &nbsp;&nbsp;&nbsp; 64535 |
| Adtran Networks SE | 908 | &nbsp;&nbsp;&nbsp; 22919 |
| All for One Group SE | 498 | &nbsp;&nbsp;&nbsp; 26604 |
| Allgeier SE (d) | 2090 | &nbsp;&nbsp;&nbsp; 45441 |
| AlzChem Group AG | 731 | &nbsp;&nbsp;&nbsp; 128898 |
| Amadeus Fire AG (d) | 779 | &nbsp;&nbsp;&nbsp; 45771 |
| Aroundtown SA (a) (d) | 165287 | &nbsp;&nbsp;&nbsp; 633764 |
| Atoss Software SE | 1982 | &nbsp;&nbsp;&nbsp; 256070 |
| Aurubis AG (d) | 7379 | &nbsp;&nbsp;&nbsp; 919639 |
| Auto1 Group SE (a) | 1308 | &nbsp;&nbsp;&nbsp; 44609 |
| Basler AG (a) | 2385 | &nbsp;&nbsp;&nbsp; 49885 |
| BayWa AG (a) (d) | 4390 | &nbsp;&nbsp;&nbsp; 41568 |
| Bechtle AG (d) | 19131 | &nbsp;&nbsp;&nbsp; 880973 |
| Bertrandt AG (d) | 1545 | &nbsp;&nbsp;&nbsp; 33748 |
| Bijou Brigitte AG | 1055 | &nbsp;&nbsp;&nbsp; 50206 |
| Bilfinger SE | 7883 | &nbsp;&nbsp;&nbsp; 868691 |
| Borussia Dortmund GmbH & Co. KGaA (d) | 18711 | &nbsp;&nbsp;&nbsp; 79528 |
| BRANICKS Group AG (a) (d) | 13461 | &nbsp;&nbsp;&nbsp; 31046 |

---

**BHFTII-80**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — (Continued)** | **Germany — (Continued)** | **Germany — (Continued)** |
| Brenntag SE | 6711 | &nbsp;&nbsp;&nbsp; $402173 |
| CANCOM SE (d) | 2487 | &nbsp;&nbsp;&nbsp; 76393 |
| Ceconomy AG (a) | 37777 | &nbsp;&nbsp;&nbsp; 194728 |
| CENIT AG (a) | 3413 | &nbsp;&nbsp;&nbsp; 30064 |
| Cewe Stiftung & Co. KGaA | 1300 | &nbsp;&nbsp;&nbsp; 152579 |
| CTS Eventim AG & Co. KGaA | 5258 | &nbsp;&nbsp;&nbsp; 515438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Data Modul AG Produktion Und Vertrieb Von Elektronischen <br> Systemen<br>| 138 | &nbsp;&nbsp;&nbsp; 3726 |
| Dermapharm Holding SE (d) | 3685 | &nbsp;&nbsp;&nbsp; 140851 |
| Deutsche Beteiligungs AG (d) | 3328 | &nbsp;&nbsp;&nbsp; 96016 |
| Deutsche EuroShop AG | 1221 | &nbsp;&nbsp;&nbsp; 26554 |
| Deutsche Pfandbriefbank AG (d) | 30601 | &nbsp;&nbsp;&nbsp; 180077 |
| Deutz AG | 26653 | &nbsp;&nbsp;&nbsp; 281148 |
| Draegerwerk AG & Co. KGaA (d) | 859 | &nbsp;&nbsp;&nbsp; 51476 |
| Duerr AG | 11956 | &nbsp;&nbsp;&nbsp; 280718 |
| DWS Group GmbH & Co. KGaA | 3655 | &nbsp;&nbsp;&nbsp; 228907 |
| Eckert & Ziegler SE | 10434 | &nbsp;&nbsp;&nbsp; 218710 |
| Elmos Semiconductor SE | 1461 | &nbsp;&nbsp;&nbsp; 140754 |
| ElringKlinger AG | 6993 | &nbsp;&nbsp;&nbsp; 37786 |
| Energiekontor AG (d) | 880 | &nbsp;&nbsp;&nbsp; 45382 |
| EuroEyes International Eye Clinic Ltd.  | 10000 | &nbsp;&nbsp;&nbsp; 3971 |
| Evonik Industries AG | 14031 | &nbsp;&nbsp;&nbsp; 243705 |
| Evotec SE (a) | 5019 | &nbsp;&nbsp;&nbsp; 36454 |
| Fielmann Group AG | 6031 | &nbsp;&nbsp;&nbsp; 364020 |
| flatexDEGIRO AG | 12762 | &nbsp;&nbsp;&nbsp; 417859 |
| FORTEC Elektronik AG | 253 | &nbsp;&nbsp;&nbsp; 4455 |
| Fraport AG Frankfurt Airport Services Worldwide (a) | 8815 | &nbsp;&nbsp;&nbsp; 761393 |
| Freenet AG | 28407 | &nbsp;&nbsp;&nbsp; 908545 |
| Friedrich Vorwerk Group SE | 938 | &nbsp;&nbsp;&nbsp; 90212 |
| FUCHS SE | 6231 | &nbsp;&nbsp;&nbsp; 223005 |
| GEA Group AG | 14834 | &nbsp;&nbsp;&nbsp; 1095886 |
| Gerresheimer AG | 1977 | &nbsp;&nbsp;&nbsp; 81801 |
| Gesco SE (d) | 2953 | &nbsp;&nbsp;&nbsp; 53052 |
| GFT Technologies SE (d) | 3497 | &nbsp;&nbsp;&nbsp; 74721 |
| Grand City Properties SA | 17052 | &nbsp;&nbsp;&nbsp; 225125 |
| Grenke AG | 1610 | &nbsp;&nbsp;&nbsp; 31426 |
| Hawesko Holding SE | 223 | &nbsp;&nbsp;&nbsp; 5706 |
| Heidelberger Druckmaschinen AG (a) (d) | 61130 | &nbsp;&nbsp;&nbsp; 160899 |
| HelloFresh SE (a) (d) | 30689 | &nbsp;&nbsp;&nbsp; 263528 |
| Hensoldt AG (d) | 11970 | &nbsp;&nbsp;&nbsp; 1550309 |
| Hoenle AG (a) (d) | 2084 | &nbsp;&nbsp;&nbsp; 20203 |
| Hornbach Holding AG & Co. KGaA | 2431 | &nbsp;&nbsp;&nbsp; 279965 |
| HUGO BOSS AG | 8004 | &nbsp;&nbsp;&nbsp; 380114 |
| Indus Holding AG (d) | 3250 | &nbsp;&nbsp;&nbsp; 82922 |
| Init Innovation in Traffic Systems SE | 1552 | &nbsp;&nbsp;&nbsp; 91842 |
| Instone Real Estate Group SE | 9568 | &nbsp;&nbsp;&nbsp; 96500 |
| IVU Traffic Technologies AG | 1432 | &nbsp;&nbsp;&nbsp; 33825 |
| Jenoptik AG | 8078 | &nbsp;&nbsp;&nbsp; 163004 |
| JOST Werke SE | 2840 | &nbsp;&nbsp;&nbsp; 165786 |
| K&S AG (d) | 39216 | &nbsp;&nbsp;&nbsp; 531014 |
| KION Group AG | 13725 | &nbsp;&nbsp;&nbsp; 927758 |
| Koenig & Bauer AG (a) | 2020 | &nbsp;&nbsp;&nbsp; 32760 |
| Krones AG | 3288 | &nbsp;&nbsp;&nbsp; 479220 |
| KSB SE & Co. KGaA | 60 | &nbsp;&nbsp;&nbsp; 63080 |
| KWS Saat SE & Co. KGaA (d) | 2541 | &nbsp;&nbsp;&nbsp; 197778 |
| Lanxess AG | 19379 | &nbsp;&nbsp;&nbsp; 480970 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Germany — (Continued)** | **Germany — (Continued)** | **Germany — (Continued)** |
| LEG Immobilien SE | 14791 | &nbsp;&nbsp;&nbsp; $1175884 |
| Leifheit AG | 2380 | &nbsp;&nbsp;&nbsp; 43210 |
| Medios AG (a) (d) | 96 | &nbsp;&nbsp;&nbsp; 1518 |
| MLP SE (d) | 19478 | &nbsp;&nbsp;&nbsp; 170166 |
| Mutares SE & Co. KGaA (d) | 1778 | &nbsp;&nbsp;&nbsp; 62014 |
| Nagarro SE | 1067 | &nbsp;&nbsp;&nbsp; 65127 |
| Nordex SE (a) (d) | 5603 | &nbsp;&nbsp;&nbsp; 143787 |
| Norma Group SE | 3073 | &nbsp;&nbsp;&nbsp; 51508 |
| Patrizia SE | 9361 | &nbsp;&nbsp;&nbsp; 78961 |
| Pentixapharm Holding AG (a) | 3291 | &nbsp;&nbsp;&nbsp; 6972 |
| Pfeiffer Vacuum Technology AG | 131 | &nbsp;&nbsp;&nbsp; 23858 |
| ProCredit Holding AG | 1061 | &nbsp;&nbsp;&nbsp; 11415 |
| Puma SE | 10416 | &nbsp;&nbsp;&nbsp; 258999 |
| PVA TePla AG (a) | 2982 | &nbsp;&nbsp;&nbsp; 95475 |
| PWO AG (d) | 822 | &nbsp;&nbsp;&nbsp; 28190 |
| q.beyond AG (a) | 24973 | &nbsp;&nbsp;&nbsp; 25457 |
| R Stahl AG (a) (d) | 1594 | &nbsp;&nbsp;&nbsp; 30505 |
| SAF-Holland SE | 9928 | &nbsp;&nbsp;&nbsp; 172314 |
| Salzgitter AG (d) | 6391 | &nbsp;&nbsp;&nbsp; 193464 |
| Scout24 SE | 926 | &nbsp;&nbsp;&nbsp; 115940 |
| Secunet Security Networks AG (d) | 391 | &nbsp;&nbsp;&nbsp; 87683 |
| SFC Energy AG (a) (d) | 802 | &nbsp;&nbsp;&nbsp; 16242 |
| SGL Carbon SE (a) | 8945 | &nbsp;&nbsp;&nbsp; 33059 |
| Siltronic AG (d) | 738 | &nbsp;&nbsp;&nbsp; 40538 |
| Sixt SE | 3109 | &nbsp;&nbsp;&nbsp; 300701 |
| SMA Solar Technology AG (a) (d) | 1529 | &nbsp;&nbsp;&nbsp; 38647 |
| Softwareone Holding AG | 13461 | &nbsp;&nbsp;&nbsp; 138382 |
| Stabilus SE | 1865 | &nbsp;&nbsp;&nbsp; 53881 |
| STRATEC SE | 1280 | &nbsp;&nbsp;&nbsp; 43045 |
| Stroeer SE & Co. KGaA | 6565 | &nbsp;&nbsp;&nbsp; 292331 |
| Suedzucker AG (d) | 15567 | &nbsp;&nbsp;&nbsp; 171246 |
| Surteco Group SE | 2209 | &nbsp;&nbsp;&nbsp; 33715 |
| SUSS MicroTec SE | 644 | &nbsp;&nbsp;&nbsp; 22972 |
| TAG Immobilien AG | 43340 | &nbsp;&nbsp;&nbsp; 749309 |
| Takkt AG | 5204 | &nbsp;&nbsp;&nbsp; 30497 |
| TeamViewer SE (a) (d) | 18997 | &nbsp;&nbsp;&nbsp; 193331 |
| Technotrans SE | 1752 | &nbsp;&nbsp;&nbsp; 63954 |
| thyssenkrupp AG | 116223 | &nbsp;&nbsp;&nbsp; 1593966 |
| TUI AG (a) | 58083 | &nbsp;&nbsp;&nbsp; 529078 |
| United Internet AG | 13280 | &nbsp;&nbsp;&nbsp; 418886 |
| Verbio SE (d) | 1497 | &nbsp;&nbsp;&nbsp; 18778 |
| Vossloh AG (d) | 2425 | &nbsp;&nbsp;&nbsp; 258227 |
| Wacker Chemie AG (d) | 2085 | &nbsp;&nbsp;&nbsp; 157216 |
| Wacker Neuson SE (d) | 7366 | &nbsp;&nbsp;&nbsp; 190632 |
| Washtec AG (d) | 3286 | &nbsp;&nbsp;&nbsp; 148634 |
| Westwing Group SE (a) | 395 | &nbsp;&nbsp;&nbsp; 5641 |
| Wuestenrot & Wuerttembergische AG | 4932 | &nbsp;&nbsp;&nbsp; 78170 |
| Zalando SE (a) | 24162 | &nbsp;&nbsp;&nbsp; 740740 |
| Zeal Network SE (d) | 469 | &nbsp;&nbsp;&nbsp; 27169 |
|  |  | &nbsp;&nbsp;&nbsp; 27425442 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |
| Tullow Oil PLC (a) (d) | 216529 | &nbsp;&nbsp;&nbsp; 30361 |
| **Greece — 0.0%** | **Greece — 0.0%** | **Greece — 0.0%** |
| Okeanis Eco Tankers Corp. (d) | 1944 | &nbsp;&nbsp;&nbsp; 57521 |

---

**BHFTII-81**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Greenland — 0.0%** | **Greenland — 0.0%** | **Greenland — 0.0%** |
| GronlandsBANKEN AS | 140 | &nbsp;&nbsp;&nbsp; $19164 |
| **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;&nbsp; 0 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| Aceso Life Science Group Ltd. (a) | 191000 | &nbsp;&nbsp;&nbsp; 1693 |
| Aeon Credit Service Asia Co. Ltd.  | 44000 | &nbsp;&nbsp;&nbsp; 41501 |
| Allied Group Ltd. (a) | 346000 | &nbsp;&nbsp;&nbsp; 99730 |
| APAC Resources Ltd.  | 94156 | &nbsp;&nbsp;&nbsp; 19601 |
| Apollo Future Mobility Group Ltd. (a) | 17400 | &nbsp;&nbsp;&nbsp; 1475 |
| Asia Financial Holdings Ltd.  | 88000 | &nbsp;&nbsp;&nbsp; 47608 |
| Asia Standard International Group Ltd. (a) | 296000 | &nbsp;&nbsp;&nbsp; 12010 |
| ASMPT Ltd.  | 19000 | &nbsp;&nbsp;&nbsp; 200334 |
| Associated International Hotels Ltd.  | 14000 | &nbsp;&nbsp;&nbsp; 9229 |
| Bank of East Asia Ltd.  | 110734 | &nbsp;&nbsp;&nbsp; 172388 |
| Bel Global Resources Holdings Ltd. (a) (b) (c) | 520000 | &nbsp;&nbsp;&nbsp; 0 |
| Bright Smart Securities & Commodities Group Ltd. (a) | 98000 | &nbsp;&nbsp;&nbsp; 115314 |
| Brightoil Petroleum Holdings Ltd. (a) (b) (c) | 591000 | &nbsp;&nbsp;&nbsp; 0 |
| Build King Holdings Ltd.  | 160000 | &nbsp;&nbsp;&nbsp; 27771 |
| Burwill Holdings Ltd. (a) (b) (c) | 1566000 | &nbsp;&nbsp;&nbsp; 0 |
| Cafe de Coral Holdings Ltd. (d) | 82000 | &nbsp;&nbsp;&nbsp; 68009 |
| Chen Hsong Holdings | 150000 | &nbsp;&nbsp;&nbsp; 35151 |
| Cheuk Nang Holdings Ltd.  | 108566 | &nbsp;&nbsp;&nbsp; 19515 |
| Chevalier International Holdings Ltd.  | 75139 | &nbsp;&nbsp;&nbsp; 37485 |
| China Energy Development Holdings Ltd. (a) | 3376000 | &nbsp;&nbsp;&nbsp; 15590 |
| China Motor Bus Co. Ltd.  | 4800 | &nbsp;&nbsp;&nbsp; 36317 |
| China Solar (a) (b) (c) | 162000 | &nbsp;&nbsp;&nbsp; 0 |
| China Star Entertainment Ltd. (a) | 378000 | &nbsp;&nbsp;&nbsp; 111328 |
| Chinese Estates Holdings Ltd.  | 151000 | &nbsp;&nbsp;&nbsp; 25419 |
| Chow Sang Sang Holdings International Ltd.  | 70000 | &nbsp;&nbsp;&nbsp; 124153 |
| Chuang's Consortium International Ltd. (a) | 382357 | &nbsp;&nbsp;&nbsp; 16906 |
| CK Life Sciences International Holdings, Inc. (a) | 304000 | &nbsp;&nbsp;&nbsp; 37893 |
| C-Mer Medical Holdings Ltd.  | 74000 | &nbsp;&nbsp;&nbsp; 19304 |
| Convoy, Inc. (a) (b) (c) | 1314000 | &nbsp;&nbsp;&nbsp; 5285 |
| Cowell e Holdings, Inc. (a) (d) | 39000 | &nbsp;&nbsp;&nbsp; 195695 |
| Crystal International Group Ltd.  | 29500 | &nbsp;&nbsp;&nbsp; 25653 |
| CSC Holdings Ltd. (a) | 4927500 | &nbsp;&nbsp;&nbsp; 18363 |
| CSI Properties Ltd. (a) | 3183630 | &nbsp;&nbsp;&nbsp; 77730 |
| CTF Services Ltd.  | 205000 | &nbsp;&nbsp;&nbsp; 221833 |
| CW Group Holdings Ltd. (a) (b) (c) | 106000 | &nbsp;&nbsp;&nbsp; 0 |
| Dah Sing Banking Group Ltd.  | 81471 | &nbsp;&nbsp;&nbsp; 102718 |
| Dah Sing Financial Holdings Ltd.  | 34660 | &nbsp;&nbsp;&nbsp; 151243 |
| DFI Retail Group Holdings Ltd.  | 5900 | &nbsp;&nbsp;&nbsp; 19257 |
| Dickson Concepts International Ltd.  | 87500 | &nbsp;&nbsp;&nbsp; 58743 |
| DMX Technologies Group Ltd. (a) (b) (c) | 186000 | &nbsp;&nbsp;&nbsp; 0 |
| Eagle Nice International Holdings Ltd.  | 80000 | &nbsp;&nbsp;&nbsp; 38577 |
| EC Healthcare | 59000 | &nbsp;&nbsp;&nbsp; 5536 |
| EcoGreen International Group Ltd. (a) (b) (c) | 118800 | &nbsp;&nbsp;&nbsp; 5439 |
| Emperor Watch & Jewellery Ltd.  | 960000 | &nbsp;&nbsp;&nbsp; 35106 |
| ENM Holdings Ltd. (a) | 412000 | &nbsp;&nbsp;&nbsp; 15892 |
| Esprit Holdings Ltd. (a) | 50427 | &nbsp;&nbsp;&nbsp; 8990 |
| Fairwood Holdings Ltd.  | 26500 | &nbsp;&nbsp;&nbsp; 18014 |
| Far East Consortium International Ltd.  | 394956 | &nbsp;&nbsp;&nbsp; 39062 |
| Genting Hong Kong Ltd. (a) (b) (c) | 327000 | &nbsp;&nbsp;&nbsp; 0 |
| Get Nice Holdings Ltd.  | 20800 | &nbsp;&nbsp;&nbsp; 7992 |
| Giordano International Ltd.  | 270000 | &nbsp;&nbsp;&nbsp; 52689 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| Glorious Sun Enterprises Ltd.  | 393000 | &nbsp;&nbsp;&nbsp; $65663 |
| Gold Financial Holdings Ltd. (a) (b) (c) | 214000 | &nbsp;&nbsp;&nbsp; 0 |
| Gold Peak Technology Group Ltd.  | 277714 | &nbsp;&nbsp;&nbsp; 24338 |
| Golden Resources Development International Ltd.  | 264000 | &nbsp;&nbsp;&nbsp; 12222 |
| Good Resources Holdings, Ltd. (a) (b) (c) | 420000 | &nbsp;&nbsp;&nbsp; 0 |
| GR Life Style Co. Ltd. (a) | 82000 | &nbsp;&nbsp;&nbsp; 20384 |
| Great Eagle Holdings Ltd.  | 40491 | &nbsp;&nbsp;&nbsp; 74277 |
| G-Resources Group Ltd.  | 54180 | &nbsp;&nbsp;&nbsp; 63126 |
| Guoco Group Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 9807 |
| Guotai Junan International Holdings Ltd. (d) | 310600 | &nbsp;&nbsp;&nbsp; 179574 |
| Hang Lung Group Ltd.  | 167000 | &nbsp;&nbsp;&nbsp; 314965 |
| Hang Lung Properties Ltd.  | 94092 | &nbsp;&nbsp;&nbsp; 105535 |
| Hanison Construction Holdings Ltd. (a) | 148009 | &nbsp;&nbsp;&nbsp; 4893 |
| Harbour Centre Development Ltd.  | 88000 | &nbsp;&nbsp;&nbsp; 48633 |
| HKR International Ltd. (a) | 343680 | &nbsp;&nbsp;&nbsp; 47255 |
| Hon Kwok Land Investment Co. Ltd.  | 140000 | &nbsp;&nbsp;&nbsp; 19098 |
| Hong Kong Ferry Holdings Co. Ltd.  | 39000 | &nbsp;&nbsp;&nbsp; 24858 |
| Hong Kong Technology Venture Co. Ltd.  | 52296 | &nbsp;&nbsp;&nbsp; 10422 |
| Hongkong & Shanghai Hotels Ltd. (a) | 95902 | &nbsp;&nbsp;&nbsp; 71970 |
| Hsin Chong Group Holdings Ltd. (a) (b) (c) | 918000 | &nbsp;&nbsp;&nbsp; 0 |
| Hung Hing Printing Group Ltd.  | 252000 | &nbsp;&nbsp;&nbsp; 29806 |
| Hutchison Port Holdings Trust | 909200 | &nbsp;&nbsp;&nbsp; 181817 |
| Hutchison Telecommunications Hong Kong Holdings Ltd.  | 366000 | &nbsp;&nbsp;&nbsp; 51760 |
| Hysan Development Co. Ltd.  | 125000 | &nbsp;&nbsp;&nbsp; 255381 |
| International Housewares Retail Co. Ltd.  | 105000 | &nbsp;&nbsp;&nbsp; 10801 |
| IPE Group Ltd. (a) | 285000 | &nbsp;&nbsp;&nbsp; 34426 |
| Jacobson Pharma Corp. Ltd.  | 90000 | &nbsp;&nbsp;&nbsp; 16885 |
| Johnson Electric Holdings Ltd. (d) | 73691 | &nbsp;&nbsp;&nbsp; 387002 |
| Joy Faith Investment Ltd. (a) | 420000 | &nbsp;&nbsp;&nbsp; 0 |
| K Wah International Holdings Ltd.  | 172000 | &nbsp;&nbsp;&nbsp; 47299 |
| Karrie International Holdings Ltd.  | 140000 | &nbsp;&nbsp;&nbsp; 43408 |
| Keck Seng Investments Hong Kong Ltd.  | 72000 | &nbsp;&nbsp;&nbsp; 22406 |
| Kerry Properties Ltd. (d) | 116000 | &nbsp;&nbsp;&nbsp; 311125 |
| Kowloon Development Co. Ltd.  | 137655 | &nbsp;&nbsp;&nbsp; 64557 |
| Lai Sun Development Co. Ltd. (a) | 111919 | &nbsp;&nbsp;&nbsp; 9251 |
| Lai Sun Garment International Ltd. (a) | 62634 | &nbsp;&nbsp;&nbsp; 4749 |
| Lam Soon Hong Kong Ltd.  | 15000 | &nbsp;&nbsp;&nbsp; 22167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Langham Hospitality Investments & Langham Hospitality <br> Investments Ltd. <br>| 207000 | &nbsp;&nbsp;&nbsp; 13022 |
| Lerthai Group Ltd. (a) (b) (c) | 18000 | &nbsp;&nbsp;&nbsp; 0 |
| Liu Chong Hing Investment Ltd.  | 78000 | &nbsp;&nbsp;&nbsp; 44847 |
| Luk Fook Holdings International Ltd. (d) | 69000 | &nbsp;&nbsp;&nbsp; 220781 |
| Man Wah Holdings Ltd.  | 240800 | &nbsp;&nbsp;&nbsp; 133520 |
| Mandarin Oriental International Ltd.  | 67000 | &nbsp;&nbsp;&nbsp; 157478 |
| Matrix Holdings Ltd.  | 36000 | &nbsp;&nbsp;&nbsp; 2406 |
| Melco International Development Ltd. (a) | 49499 | &nbsp;&nbsp;&nbsp; 40098 |
| MH Development NPV (a) (b) (c) | 124000 | &nbsp;&nbsp;&nbsp; 0 |
| Midland Holdings Ltd. (a) | 134010 | &nbsp;&nbsp;&nbsp; 34509 |
| Miramar Hotel & Investment | 51000 | &nbsp;&nbsp;&nbsp; 64195 |
| Modern Dental Group Ltd.  | 79000 | &nbsp;&nbsp;&nbsp; 53297 |
| Nameson Holdings Ltd.  | 130000 | &nbsp;&nbsp;&nbsp; 14845 |
| New World Development Co. Ltd. (a) (d) | 167000 | &nbsp;&nbsp;&nbsp; 168072 |
| NewOcean Energy Holdings Ltd. (a) (b) (c) | 398000 | &nbsp;&nbsp;&nbsp; 0 |
| Nissin Foods Co. Ltd.  | 47000 | &nbsp;&nbsp;&nbsp; 41915 |
| Oriental Watch Holdings | 96484 | &nbsp;&nbsp;&nbsp; 41674 |
| Oshidori International Holdings Ltd. (a) | 1068000 | &nbsp;&nbsp;&nbsp; 68618 |

---

**BHFTII-82**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| Pacific Andes International Holdings Ltd. (a) (b) (c) | 1819984 | &nbsp;&nbsp;&nbsp; $0 |
| Pacific Basin Shipping Ltd. (d) | 909000 | &nbsp;&nbsp;&nbsp; 293369 |
| Pacific Textiles Holdings Ltd.  | 194000 | &nbsp;&nbsp;&nbsp; 37174 |
| Paradise Entertainment Ltd.  | 48000 | &nbsp;&nbsp;&nbsp; 5613 |
| PAX Global Technology Ltd.  | 20000 | &nbsp;&nbsp;&nbsp; 14827 |
| PC Partner Group Ltd.  | 54000 | &nbsp;&nbsp;&nbsp; 42450 |
| PCCW Ltd.  | 362582 | &nbsp;&nbsp;&nbsp; 248322 |
| Perfect Medical Health Management Ltd.  | 108000 | &nbsp;&nbsp;&nbsp; 19306 |
| Pico Far East Holdings Ltd.  | 178000 | &nbsp;&nbsp;&nbsp; 60386 |
| Playmates Holdings Ltd.  | 460000 | &nbsp;&nbsp;&nbsp; 30749 |
| Plover Bay Technologies Ltd.  | 17000 | &nbsp;&nbsp;&nbsp; 15007 |
| Public Financial Holdings Ltd.  | 166000 | &nbsp;&nbsp;&nbsp; 26250 |
| Regal Hotels International Holdings Ltd. (a) | 126000 | &nbsp;&nbsp;&nbsp; 9708 |
| Regina Miracle International Holdings Ltd.  | 71000 | &nbsp;&nbsp;&nbsp; 19617 |
| SAS Dragon Holdings Ltd.  | 140000 | &nbsp;&nbsp;&nbsp; 80661 |
| SEA Holdings Ltd.  | 63896 | &nbsp;&nbsp;&nbsp; 10017 |
| Shun Tak Holdings Ltd. (a) | 379500 | &nbsp;&nbsp;&nbsp; 40356 |
| Singamas Container Holdings Ltd.  | 388000 | &nbsp;&nbsp;&nbsp; 33406 |
| SmarTone Telecommunications Holdings Ltd.  | 66888 | &nbsp;&nbsp;&nbsp; 39968 |
| Soundwill Holdings Ltd. (a) | 41500 | &nbsp;&nbsp;&nbsp; 31944 |
| South China Holdings Co. Ltd. (a) | 1240000 | &nbsp;&nbsp;&nbsp; 5237 |
| Stella International Holdings Ltd. (d) | 124000 | &nbsp;&nbsp;&nbsp; 244983 |
| Sun Hung Kai & Co. Ltd. (d) | 126440 | &nbsp;&nbsp;&nbsp; 64489 |
| SUNeVision Holdings Ltd. (d) | 133000 | &nbsp;&nbsp;&nbsp; 117415 |
| TAI Cheung Holdings Ltd.  | 192000 | &nbsp;&nbsp;&nbsp; 79240 |
| Tan Chong International Ltd.  | 63000 | &nbsp;&nbsp;&nbsp; 12629 |
| Television Broadcasts Ltd. (a) | 97700 | &nbsp;&nbsp;&nbsp; 43313 |
| Texwinca Holdings Ltd.  | 236000 | &nbsp;&nbsp;&nbsp; 23655 |
| Tradelink Electronic Commerce Ltd.  | 256000 | &nbsp;&nbsp;&nbsp; 33555 |
| Transport International Holdings Ltd.  | 61561 | &nbsp;&nbsp;&nbsp; 83451 |
| United Laboratories International Holdings Ltd. (d) | 201000 | &nbsp;&nbsp;&nbsp; 388165 |
| Up Energy Development Group Ltd. (a) (b) (c) | 92000 | &nbsp;&nbsp;&nbsp; 0 |
| Upbest Group Ltd.  | 16000 | &nbsp;&nbsp;&nbsp; 1439 |
| Value Partners Group Ltd.  | 215000 | &nbsp;&nbsp;&nbsp; 73204 |
| Valuetronics Holdings Ltd.  | 71690 | &nbsp;&nbsp;&nbsp; 45579 |
| Vedan International Holdings Ltd.  | 296000 | &nbsp;&nbsp;&nbsp; 25104 |
| Vitasoy International Holdings Ltd.  | 144000 | &nbsp;&nbsp;&nbsp; 156177 |
| VTech Holdings Ltd. (d) | 34600 | &nbsp;&nbsp;&nbsp; 278478 |
| Wang On Group Ltd. (a) | 2200000 | &nbsp;&nbsp;&nbsp; 7937 |
| Wealthink AI-Innovation Capital Ltd. (a) | 284000 | &nbsp;&nbsp;&nbsp; 6533 |
| Wing On Co. International Ltd.  | 46000 | &nbsp;&nbsp;&nbsp; 79682 |
| Wing Tai Properties Ltd.  | 176000 | &nbsp;&nbsp;&nbsp; 35845 |
| Yue Yuen Industrial Holdings Ltd.  | 143500 | &nbsp;&nbsp;&nbsp; 244493 |
| Yunfeng Financial Group Ltd. (a) | 34000 | &nbsp;&nbsp;&nbsp; 22652 |
| Zhaobangji Lifestyle Holdings Ltd. (a) | 184000 | &nbsp;&nbsp;&nbsp; 6016 |
|  |  | &nbsp;&nbsp;&nbsp; 9227079 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| First Pacific Co. Ltd.  | 484000 | &nbsp;&nbsp;&nbsp; 405965 |
| First Resources Ltd.  | 78300 | &nbsp;&nbsp;&nbsp; 101994 |
| Gallant Venture Ltd. (a) | 257900 | &nbsp;&nbsp;&nbsp; 15819 |
| Golden Agri-Resources Ltd.  | 1125500 | &nbsp;&nbsp;&nbsp; 257236 |
| Nickel Industries Ltd.  | 203875 | &nbsp;&nbsp;&nbsp; 96037 |
|  |  | &nbsp;&nbsp;&nbsp; 877051 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Iraq — 0.0%** | **Iraq — 0.0%** | **Iraq — 0.0%** |
| Genel Energy PLC (a) (d) | 25050 | &nbsp;&nbsp;&nbsp; $24583 |
| Gulf Keystone Petroleum Ltd.  | 52664 | &nbsp;&nbsp;&nbsp; 159013 |
|  |  | &nbsp;&nbsp;&nbsp; 183596 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| C&C Group PLC | 99214 | &nbsp;&nbsp;&nbsp; 184236 |
| Cairn Homes PLC | 126967 | &nbsp;&nbsp;&nbsp; 287498 |
| COSMO Pharmaceuticals NV | 823 | &nbsp;&nbsp;&nbsp; 67253 |
| Dalata Hotel Group PLC | 23703 | &nbsp;&nbsp;&nbsp; 178150 |
| FBD Holdings PLC | 7476 | &nbsp;&nbsp;&nbsp; 123493 |
| Glanbia PLC | 36185 | &nbsp;&nbsp;&nbsp; 596181 |
| Glenveagh Properties PLC (a) | 61605 | &nbsp;&nbsp;&nbsp; 139980 |
| Greencore Group PLC | 117489 | &nbsp;&nbsp;&nbsp; 361058 |
| Hostelworld Group PLC | 8529 | &nbsp;&nbsp;&nbsp; 13653 |
| Irish Continental Group PLC | 20378 | &nbsp;&nbsp;&nbsp; 138318 |
| Permanent TSB Group Holdings PLC (a) | 15086 | &nbsp;&nbsp;&nbsp; 41099 |
|  |  | &nbsp;&nbsp;&nbsp; 2130919 |
| **Isle of Man — 0.0%** | **Isle of Man — 0.0%** | **Isle of Man — 0.0%** |
| Strix Group PLC (a) | 15100 | &nbsp;&nbsp;&nbsp; 8131 |
| **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** |
| Adgar Investment & Development Ltd. (a) | 11788 | &nbsp;&nbsp;&nbsp; 17796 |
| Afcon Holdings Ltd.  | 771 | &nbsp;&nbsp;&nbsp; 53661 |
| AFI Properties Ltd. (a) | 2396 | &nbsp;&nbsp;&nbsp; 152466 |
| Africa Israel Residences Ltd.  | 880 | &nbsp;&nbsp;&nbsp; 69201 |
| Allot Ltd. (a) | 8567 | &nbsp;&nbsp;&nbsp; 89016 |
| Alrov Properties & Lodgings Ltd.  | 1801 | &nbsp;&nbsp;&nbsp; 143373 |
| Arad Ltd.  | 2224 | &nbsp;&nbsp;&nbsp; 36370 |
| AudioCodes Ltd.  | 1 | &nbsp;&nbsp;&nbsp; 6 |
| Avgol Industries 1953 Ltd. (a) | 27883 | &nbsp;&nbsp;&nbsp; 11631 |
| Azorim-Investment Development & Construction Co. Ltd.  | 10081 | &nbsp;&nbsp;&nbsp; 61596 |
| Bet Shemesh Engines Holdings 1997 Ltd. (a) | 339 | &nbsp;&nbsp;&nbsp; 69626 |
| Blue Square Real Estate Ltd.  | 785 | &nbsp;&nbsp;&nbsp; 85836 |
| Carasso Motors Ltd.  | 5984 | &nbsp;&nbsp;&nbsp; 73295 |
| Cellcom Israel Ltd. (a) | 12049 | &nbsp;&nbsp;&nbsp; 120139 |
| Ceragon Networks Ltd. (a) (d) | 14799 | &nbsp;&nbsp;&nbsp; 34482 |
| Danel Adir Yeoshua Ltd.  | 1006 | &nbsp;&nbsp;&nbsp; 154652 |
| Delek Automotive Systems Ltd.  | 4372 | &nbsp;&nbsp;&nbsp; 32259 |
| Delta Galil Ltd.  | 700 | &nbsp;&nbsp;&nbsp; 36803 |
| Dor Alon Energy in Israel 1988 Ltd.  | 1540 | &nbsp;&nbsp;&nbsp; 60316 |
| Doral Group Renewable Energy Resources Ltd. (a) | 8985 | &nbsp;&nbsp;&nbsp; 46073 |
| Electra Consumer Products 1970 Ltd.  | 1793 | &nbsp;&nbsp;&nbsp; 62547 |
| Energean PLC | 27001 | &nbsp;&nbsp;&nbsp; 301018 |
| Equital Ltd. (a) | 1117 | &nbsp;&nbsp;&nbsp; 49212 |
| FMS Enterprises Migun Ltd.  | 864 | &nbsp;&nbsp;&nbsp; 51672 |
| Fox Wizel Ltd.  | 908 | &nbsp;&nbsp;&nbsp; 96201 |
| Gilat Satellite Networks Ltd. (a) | 9844 | &nbsp;&nbsp;&nbsp; 125700 |
| Globrands Ltd.  | 93 | &nbsp;&nbsp;&nbsp; 13586 |
| IDI Insurance Co. Ltd.  | 1564 | &nbsp;&nbsp;&nbsp; 96538 |
| IES Holdings Ltd. (a) | 569 | &nbsp;&nbsp;&nbsp; 51723 |
| Ilex Medical Ltd.  | 959 | &nbsp;&nbsp;&nbsp; 19316 |
| Inrom Construction Industries Ltd.  | 17580 | &nbsp;&nbsp;&nbsp; 115855 |
| Isracard Ltd.  | 22812 | &nbsp;&nbsp;&nbsp; 92185 |
| Isras Investment Co. Ltd.  | 188 | &nbsp;&nbsp;&nbsp; 50133 |
| Issta Ltd.  | 1175 | &nbsp;&nbsp;&nbsp; 38289 |

---

**BHFTII-83**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Israel — (Continued)** | **Israel — (Continued)** | **Israel — (Continued)** |
| Kamada Ltd.  | 7951 | &nbsp;&nbsp;&nbsp; $55498 |
| Kardan Real Estate Enterprise & Development Ltd.  | 9389 | &nbsp;&nbsp;&nbsp; 17567 |
| Kerur Holdings Ltd.  | 2088 | &nbsp;&nbsp;&nbsp; 54373 |
| Klil Industries Ltd.  | 315 | &nbsp;&nbsp;&nbsp; 18286 |
| Kvutzat Acro Ltd.  | 2674 | &nbsp;&nbsp;&nbsp; 37613 |
| Lahav L.R. Real Estate Ltd.  | 7734 | &nbsp;&nbsp;&nbsp; 13523 |
| Land Development Nimrodi Group Ltd.  | 3950 | &nbsp;&nbsp;&nbsp; 43935 |
| Lapidoth Capital Ltd.  | 607 | &nbsp;&nbsp;&nbsp; 14778 |
| M Yochananof & Sons Ltd.  | 586 | &nbsp;&nbsp;&nbsp; 48752 |
| Magic Software Enterprises Ltd.  | 4778 | &nbsp;&nbsp;&nbsp; 97245 |
| Malam - Team Ltd. (a) | 1160 | &nbsp;&nbsp;&nbsp; 42412 |
| Max Stock Ltd.  | 4536 | &nbsp;&nbsp;&nbsp; 28307 |
| Mediterranean Towers Ltd.  | 19316 | &nbsp;&nbsp;&nbsp; 79262 |
| Meitav Investment House Ltd.  | 10041 | &nbsp;&nbsp;&nbsp; 285091 |
| Meshulam Levinstein Contracting & Engineering Ltd.  | 255 | &nbsp;&nbsp;&nbsp; 34890 |
| Mivtach Shamir Holdings Ltd.  | 906 | &nbsp;&nbsp;&nbsp; 75315 |
| Mizrahi Tefahot Bank Ltd.  | 1 | &nbsp;&nbsp;&nbsp; 61 |
| Nawi Group Ltd.  | 3373 | &nbsp;&nbsp;&nbsp; 52648 |
| Neto Malinda Trading Ltd.  | 783 | &nbsp;&nbsp;&nbsp; 31437 |
| Neto ME Holdings Ltd. (a) | 788 | &nbsp;&nbsp;&nbsp; 47227 |
| Nexxen International Ltd. (a) | 7429 | &nbsp;&nbsp;&nbsp; 68718 |
| Novolog Ltd.  | 43939 | &nbsp;&nbsp;&nbsp; 17180 |
| Oil Refineries Ltd.  | 258232 | &nbsp;&nbsp;&nbsp; 69794 |
| OY Nofar Energy Ltd. (a) | 1445 | &nbsp;&nbsp;&nbsp; 46026 |
| Partner Communications Co. Ltd.  | 6626 | &nbsp;&nbsp;&nbsp; 63515 |
| Perion Network Ltd. (a) | 2894 | &nbsp;&nbsp;&nbsp; 28048 |
| Plasson Industries Ltd.  | 696 | &nbsp;&nbsp;&nbsp; 42039 |
| Plus500 Ltd.  | 18650 | &nbsp;&nbsp;&nbsp; 808102 |
| Polyram Plastic Industries Ltd.  | 3415 | &nbsp;&nbsp;&nbsp; 11032 |
| Prashkovsky Investments & Construction Ltd.  | 569 | &nbsp;&nbsp;&nbsp; 22941 |
| Priortech Ltd. (a) | 792 | &nbsp;&nbsp;&nbsp; 47238 |
| Qualitau Ltd.  | 607 | &nbsp;&nbsp;&nbsp; 82539 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.  | 1570 | &nbsp;&nbsp;&nbsp; 144827 |
| Retailors Ltd.  | 1447 | &nbsp;&nbsp;&nbsp; 28056 |
| Sano-Brunos Enterprises Ltd.  | 46 | &nbsp;&nbsp;&nbsp; 4863 |
| Scope Metals Group Ltd.  | 1374 | &nbsp;&nbsp;&nbsp; 63876 |
| Shikun & Binui Soltec Renewable Energy (a) | 15758 | &nbsp;&nbsp;&nbsp; 11666 |
| Summit Real Estate Holdings Ltd. (REIT) | 4460 | &nbsp;&nbsp;&nbsp; 86251 |
| Suny Cellular Communication Ltd.  | 16495 | &nbsp;&nbsp;&nbsp; 7611 |
| Tadiran Group Ltd.  | 539 | &nbsp;&nbsp;&nbsp; 27095 |
| Tamar Petroleum Ltd.  | 3762 | &nbsp;&nbsp;&nbsp; 51720 |
| Telsys Ltd.  | 1 | &nbsp;&nbsp;&nbsp; 53 |
| Veridis Environment Ltd. (a) | 3156 | &nbsp;&nbsp;&nbsp; 22392 |
| Victory Supermarket Chain Ltd.  | 589 | &nbsp;&nbsp;&nbsp; 8499 |
| YD More Investments Ltd.  | 3237 | &nbsp;&nbsp;&nbsp; 44220 |
|  |  | &nbsp;&nbsp;&nbsp; 5399093 |
| **Italy — 3.9%** | **Italy — 3.9%** | **Italy — 3.9%** |
| A2A SpA | 363373 | &nbsp;&nbsp;&nbsp; 950262 |
| Abitare In SpA (a) | 2488 | &nbsp;&nbsp;&nbsp; 8357 |
| ACEA SpA | 10339 | &nbsp;&nbsp;&nbsp; 249341 |
| Amplifon SpA (d) | 6438 | &nbsp;&nbsp;&nbsp; 105219 |
| Ariston Holding NV | 3301 | &nbsp;&nbsp;&nbsp; 16311 |
| Arnoldo Mondadori Editore SpA | 30273 | &nbsp;&nbsp;&nbsp; 76277 |
| Ascopiave SpA | 16968 | &nbsp;&nbsp;&nbsp; 60799 |
| Azimut Holding SpA | 24097 | &nbsp;&nbsp;&nbsp; 933689 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — (Continued)** | **Italy — (Continued)** | **Italy — (Continued)** |
| Banca Generali SpA | 12644 | &nbsp;&nbsp;&nbsp; $705147 |
| Banca IFIS SpA | 4675 | &nbsp;&nbsp;&nbsp; 123957 |
| Banca Monte dei Paschi di Siena SpA | 111940 | &nbsp;&nbsp;&nbsp; 993939 |
| Banca Profilo SpA (d) | 117883 | &nbsp;&nbsp;&nbsp; 24040 |
| Banca Sistema SpA (a) | 13168 | &nbsp;&nbsp;&nbsp; 24020 |
| Banco di Desio e della Brianza SpA | 7920 | &nbsp;&nbsp;&nbsp; 71799 |
| BFF Bank SpA (a) (d) | 20564 | &nbsp;&nbsp;&nbsp; 264210 |
| Brembo NV (d) | 20302 | &nbsp;&nbsp;&nbsp; 215250 |
| Brunello Cucinelli SpA (d) | 7776 | &nbsp;&nbsp;&nbsp; 853875 |
| Cairo Communication SpA (a) (d) | 13212 | &nbsp;&nbsp;&nbsp; 43304 |
| Carel Industries SpA | 1168 | &nbsp;&nbsp;&nbsp; 30799 |
| Cembre SpA | 248 | &nbsp;&nbsp;&nbsp; 15842 |
| CIR SpA-Compagnie Industriali (a) | 120339 | &nbsp;&nbsp;&nbsp; 92373 |
| Credito Emiliano SpA | 17880 | &nbsp;&nbsp;&nbsp; 288178 |
| d'Amico International Shipping SA | 6853 | &nbsp;&nbsp;&nbsp; 34916 |
| Danieli & C Officine Meccaniche SpA (d) | 2816 | &nbsp;&nbsp;&nbsp; 144012 |
| doValue SpA (a) | 13535 | &nbsp;&nbsp;&nbsp; 48848 |
| Emak SpA (d) | 23063 | &nbsp;&nbsp;&nbsp; 27373 |
| Enav SpA | 38399 | &nbsp;&nbsp;&nbsp; 195529 |
| Equita Group SpA | 2498 | &nbsp;&nbsp;&nbsp; 16591 |
| ERG SpA | 916 | &nbsp;&nbsp;&nbsp; 22589 |
| Esprinet SpA | 5413 | &nbsp;&nbsp;&nbsp; 37448 |
| Fila SpA | 5412 | &nbsp;&nbsp;&nbsp; 59253 |
| Fincantieri SpA (a) | 16235 | &nbsp;&nbsp;&nbsp; 426509 |
| FNM SpA | 55327 | &nbsp;&nbsp;&nbsp; 30395 |
| Garofalo Health Care SpA | 4060 | &nbsp;&nbsp;&nbsp; 23958 |
| Geox SpA (a) (d) | 48698 | &nbsp;&nbsp;&nbsp; 18149 |
| Hera SpA | 188309 | &nbsp;&nbsp;&nbsp; 846793 |
| IMMSI SpA (d) | 51196 | &nbsp;&nbsp;&nbsp; 35604 |
| Intercos SpA | 2359 | &nbsp;&nbsp;&nbsp; 33495 |
| Iren SpA | 134583 | &nbsp;&nbsp;&nbsp; 416182 |
| Italgas SpA | 140447 | &nbsp;&nbsp;&nbsp; 1292287 |
| Italmobiliare SpA (d) | 3032 | &nbsp;&nbsp;&nbsp; 109124 |
| Iveco Group NV | 40291 | &nbsp;&nbsp;&nbsp; 873183 |
| Lottomatica Group SpA | 10217 | &nbsp;&nbsp;&nbsp; 276102 |
| LU-VE SpA | 1991 | &nbsp;&nbsp;&nbsp; 80362 |
| Maire SpA | 32403 | &nbsp;&nbsp;&nbsp; 480095 |
| MARR SpA | 2278 | &nbsp;&nbsp;&nbsp; 24654 |
| MFE-MediaForEurope NV - Class A | 81522 | &nbsp;&nbsp;&nbsp; 300432 |
| MFE-MediaForEurope NV - Class B | 15815 | &nbsp;&nbsp;&nbsp; 80557 |
| Moltiply Group SpA | 3520 | &nbsp;&nbsp;&nbsp; 171595 |
| NewPrinces SpA (a) | 1806 | &nbsp;&nbsp;&nbsp; 48955 |
| Nexi SpA (d) | 67453 | &nbsp;&nbsp;&nbsp; 381770 |
| Orsero SpA | 814 | &nbsp;&nbsp;&nbsp; 18152 |
| OVS SpA | 32456 | &nbsp;&nbsp;&nbsp; 159863 |
| Pharmanutra SpA (d) | 826 | &nbsp;&nbsp;&nbsp; 38481 |
| Piaggio & C SpA (d) | 13551 | &nbsp;&nbsp;&nbsp; 31179 |
| Pirelli & C SpA | 71853 | &nbsp;&nbsp;&nbsp; 489152 |
| RAI Way SpA | 21468 | &nbsp;&nbsp;&nbsp; 152021 |
| Recordati Industria Chimica e Farmaceutica SpA | 351 | &nbsp;&nbsp;&nbsp; 21320 |
| Reply SpA | 5131 | &nbsp;&nbsp;&nbsp; 730432 |
| Rizzoli Corriere Della Sera Mediagroup SpA | 25276 | &nbsp;&nbsp;&nbsp; 31079 |
| Sabaf SpA | 3059 | &nbsp;&nbsp;&nbsp; 49389 |
| Safilo Group SpA (a) | 12212 | &nbsp;&nbsp;&nbsp; 23350 |
| Saipem SpA | 282320 | &nbsp;&nbsp;&nbsp; 814940 |
| Salvatore Ferragamo SpA (a) (d) | 3759 | &nbsp;&nbsp;&nbsp; 23636 |

---

**BHFTII-84**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — (Continued)** | **Italy — (Continued)** | **Italy — (Continued)** |
| Sanlorenzo SpA | 1764 | &nbsp;&nbsp;&nbsp; $72975 |
| Sesa SpA | 1039 | &nbsp;&nbsp;&nbsp; 105556 |
| Sogefi SpA | 13532 | &nbsp;&nbsp;&nbsp; 41394 |
| SOL SpA | 8590 | &nbsp;&nbsp;&nbsp; 512042 |
| Tamburi Investment Partners SpA (d) | 20113 | &nbsp;&nbsp;&nbsp; 197205 |
| Technogym SpA | 24734 | &nbsp;&nbsp;&nbsp; 419614 |
| Telecom Italia SpA (a) | 1819770 | &nbsp;&nbsp;&nbsp; 952468 |
| TXT e-solutions SpA | 388 | &nbsp;&nbsp;&nbsp; 13812 |
| Uni Land SpA (a) (b) (c) | 4937 | &nbsp;&nbsp;&nbsp; 0 |
| Unipol Assicurazioni SpA | 24884 | &nbsp;&nbsp;&nbsp; 534536 |
| Webuild SpA (d) | 70140 | &nbsp;&nbsp;&nbsp; 291768 |
| Wiit SpA | 697 | &nbsp;&nbsp;&nbsp; 15921 |
| Zignago Vetro SpA | 1145 | &nbsp;&nbsp;&nbsp; 10530 |
|  |  | &nbsp;&nbsp;&nbsp; 18434563 |
| **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** |
| Endeavour Mining PLC | 22091 | &nbsp;&nbsp;&nbsp; 927958 |
| **Japan — 23.2%** | **Japan — 23.2%** | **Japan — 23.2%** |
| &Do Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 10513 |
| 77 Bank Ltd. (d) | 11600 | &nbsp;&nbsp;&nbsp; 483716 |
| A&D HOLON Holdings Co. Ltd.  | 5100 | &nbsp;&nbsp;&nbsp; 69845 |
| Achilles Corp.  | 3700 | &nbsp;&nbsp;&nbsp; 30615 |
| ADEKA Corp.  | 15800 | &nbsp;&nbsp;&nbsp; 352137 |
| Ad-sol Nissin Corp.  | 3800 | &nbsp;&nbsp;&nbsp; 34358 |
| Adtec Plasma Technology Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 6002 |
| Advan Group Co. Ltd.  | 5200 | &nbsp;&nbsp;&nbsp; 30921 |
| Advanced Media, Inc.  | 1200 | &nbsp;&nbsp;&nbsp; 8505 |
| Adventure, Inc. (d) | 600 | &nbsp;&nbsp;&nbsp; 11506 |
| Aeon Fantasy Co. Ltd. (a) (d) | 1600 | &nbsp;&nbsp;&nbsp; 39402 |
| AEON Financial Service Co. Ltd. (d) | 12700 | &nbsp;&nbsp;&nbsp; 129374 |
| Aeon Hokkaido Corp.  | 4800 | &nbsp;&nbsp;&nbsp; 29219 |
| Aeon Kyushu Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 11737 |
| AFC-HD AMS Life Science Co. Ltd. (d) | 1900 | &nbsp;&nbsp;&nbsp; 11168 |
| Ahresty Corp.  | 5200 | &nbsp;&nbsp;&nbsp; 30333 |
| Ai Holdings Corp.  | 8200 | &nbsp;&nbsp;&nbsp; 155129 |
| Aica Kogyo Co. Ltd.  | 10800 | &nbsp;&nbsp;&nbsp; 271862 |
| Aichi Corp.  | 5200 | &nbsp;&nbsp;&nbsp; 48101 |
| Aichi Financial Group, Inc.  | 714 | &nbsp;&nbsp;&nbsp; 15062 |
| Aichi Steel Corp. (d) | 5100 | &nbsp;&nbsp;&nbsp; 92733 |
| Aichi Tokei Denki Co. Ltd.  | 2200 | &nbsp;&nbsp;&nbsp; 41557 |
| Aida Engineering Ltd.  | 8100 | &nbsp;&nbsp;&nbsp; 51202 |
| Aiful Corp.  | 51900 | &nbsp;&nbsp;&nbsp; 174806 |
| Ain Holdings, Inc.  | 5400 | &nbsp;&nbsp;&nbsp; 254127 |
| Ainavo Holdings Co. Ltd. (d) | 2200 | &nbsp;&nbsp;&nbsp; 11101 |
| Aiphone Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 40763 |
| Airman Corp.  | 4200 | &nbsp;&nbsp;&nbsp; 55629 |
| Airport Facilities Co. Ltd.  | 4800 | &nbsp;&nbsp;&nbsp; 34190 |
| Airtrip Corp.  | 2500 | &nbsp;&nbsp;&nbsp; 16581 |
| Aisan Industry Co. Ltd.  | 6300 | &nbsp;&nbsp;&nbsp; 80025 |
| AIT Corp.  | 1600 | &nbsp;&nbsp;&nbsp; 23147 |
| Ajis Co. Ltd. (d) | 500 | &nbsp;&nbsp;&nbsp; 10081 |
| Akatsuki Corp.  | 8100 | &nbsp;&nbsp;&nbsp; 30021 |
| Akatsuki, Inc.  | 2100 | &nbsp;&nbsp;&nbsp; 38356 |
| Akebono Brake Industry Co. Ltd. (a) | 17400 | &nbsp;&nbsp;&nbsp; 13546 |
| Akita Bank Ltd.  | 3300 | &nbsp;&nbsp;&nbsp; 80043 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Albis Co. Ltd. (d) | 1600 | &nbsp;&nbsp;&nbsp; $31013 |
| Alconix Corp. (d) | 5600 | &nbsp;&nbsp;&nbsp; 80050 |
| Alinco, Inc.  | 4600 | &nbsp;&nbsp;&nbsp; 34375 |
| Alleanza Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 10079 |
| Alpen Co. Ltd. (d) | 3900 | &nbsp;&nbsp;&nbsp; 62082 |
| Alpha Corp.  | 2200 | &nbsp;&nbsp;&nbsp; 17365 |
| AlphaPolis Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 12928 |
| Alps Alpine Co. Ltd. (d) | 32700 | &nbsp;&nbsp;&nbsp; 413967 |
| Altech Corp.  | 3320 | &nbsp;&nbsp;&nbsp; 62641 |
| Amano Corp. (d) | 9900 | &nbsp;&nbsp;&nbsp; 281217 |
| Amiyaki Tei Co. Ltd. (d) | 3300 | &nbsp;&nbsp;&nbsp; 33988 |
| Amuse, Inc.  | 2800 | &nbsp;&nbsp;&nbsp; 38796 |
| Amvis Holdings, Inc.  | 5200 | &nbsp;&nbsp;&nbsp; 21044 |
| Anabuki Kosan, Inc.  | 800 | &nbsp;&nbsp;&nbsp; 11848 |
| and ST HD Co. Ltd. (d) | 5440 | &nbsp;&nbsp;&nbsp; 110162 |
| Anest Iwata Corp.  | 5500 | &nbsp;&nbsp;&nbsp; 58394 |
| Anicom Holdings, Inc. (d) | 11300 | &nbsp;&nbsp;&nbsp; 63185 |
| Anycolor, Inc.  | 900 | &nbsp;&nbsp;&nbsp; 34212 |
| AOI Electronics Co. Ltd.  | 1100 | &nbsp;&nbsp;&nbsp; 17193 |
| AOKI Holdings, Inc. (d) | 7300 | &nbsp;&nbsp;&nbsp; 87734 |
| Aoyama Trading Co. Ltd.  | 7600 | &nbsp;&nbsp;&nbsp; 125346 |
| Aoyama Zaisan Networks Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 38591 |
| Arakawa Chemical Industries Ltd.  | 4600 | &nbsp;&nbsp;&nbsp; 34053 |
| Arata Corp.  | 5900 | &nbsp;&nbsp;&nbsp; 123965 |
| ARCLANDS Corp. (d) | 9680 | &nbsp;&nbsp;&nbsp; 127475 |
| Arcs Co. Ltd.  | 7364 | &nbsp;&nbsp;&nbsp; 157360 |
| ARE Holdings, Inc. (d) | 15400 | &nbsp;&nbsp;&nbsp; 223819 |
| Arealink Co. Ltd.  | 3800 | &nbsp;&nbsp;&nbsp; 57209 |
| Argo Graphics, Inc.  | 11200 | &nbsp;&nbsp;&nbsp; 93568 |
| Arisawa Manufacturing Co. Ltd.  | 5900 | &nbsp;&nbsp;&nbsp; 64570 |
| Artience Co. Ltd. (d) | 6800 | &nbsp;&nbsp;&nbsp; 144043 |
| Artnature, Inc.  | 5000 | &nbsp;&nbsp;&nbsp; 27437 |
| As One Corp. (d) | 10700 | &nbsp;&nbsp;&nbsp; 177471 |
| Asahi Broadcasting Group Holdings Corp.  | 2400 | &nbsp;&nbsp;&nbsp; 12603 |
| Asahi Co. Ltd.  | 3400 | &nbsp;&nbsp;&nbsp; 32265 |
| Asahi Diamond Industrial Co. Ltd.  | 7800 | &nbsp;&nbsp;&nbsp; 45776 |
| Asahi Kogyosha Co. Ltd.  | 3400 | &nbsp;&nbsp;&nbsp; 72003 |
| Asahi Net, Inc.  | 5000 | &nbsp;&nbsp;&nbsp; 23975 |
| Asahi Printing Co. Ltd.  | 400 | &nbsp;&nbsp;&nbsp; 2441 |
| Asahi Yukizai Corp.  | 2600 | &nbsp;&nbsp;&nbsp; 80975 |
| Asanuma Corp.  | 13400 | &nbsp;&nbsp;&nbsp; 77460 |
| Asax Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 19303 |
| Ashimori Industry Co. Ltd. (d) | 1600 | &nbsp;&nbsp;&nbsp; 44697 |
| Asia Pile Holdings Corp.  | 3800 | &nbsp;&nbsp;&nbsp; 31907 |
| ASKA Pharmaceutical Holdings Co. Ltd.  | 4400 | &nbsp;&nbsp;&nbsp; 68058 |
| ASKUL Corp.  | 7400 | &nbsp;&nbsp;&nbsp; 78476 |
| Astena Holdings Co. Ltd.  | 9000 | &nbsp;&nbsp;&nbsp; 32045 |
| Atsugi Co. Ltd. (a) | 4300 | &nbsp;&nbsp;&nbsp; 32873 |
| Aucnet, Inc.  | 4200 | &nbsp;&nbsp;&nbsp; 52722 |
| Autobacs Seven Co. Ltd. (d) | 13600 | &nbsp;&nbsp;&nbsp; 148557 |
| Avant Group Corp.  | 4700 | &nbsp;&nbsp;&nbsp; 48565 |
| Avantia Co. Ltd. (d) | 3000 | &nbsp;&nbsp;&nbsp; 16601 |
| Avex, Inc.  | 7600 | &nbsp;&nbsp;&nbsp; 65095 |
| Awa Bank Ltd.  | 6000 | &nbsp;&nbsp;&nbsp; 150501 |
| Axial Retailing, Inc.  | 13400 | &nbsp;&nbsp;&nbsp; 106272 |
| Axyz Co. Ltd. (d) | 500 | &nbsp;&nbsp;&nbsp; 10311 |

---

**BHFTII-85**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| AZ-COM MARUWA Holdings, Inc. (d) | 7400 | &nbsp;&nbsp;&nbsp; $53491 |
| Bando Chemical Industries Ltd. (d) | 5500 | &nbsp;&nbsp;&nbsp; 72949 |
| Bank of Iwate Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 81598 |
| Bank of Kochi Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 9893 |
| Bank of Nagoya Ltd. (d) | 5400 | &nbsp;&nbsp;&nbsp; 129559 |
| Bank of Saga Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 53729 |
| Bank of the Ryukyus Ltd.  | 7300 | &nbsp;&nbsp;&nbsp; 72749 |
| Base Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 14671 |
| Beauty Garage, Inc.  | 1600 | &nbsp;&nbsp;&nbsp; 16200 |
| Belc Co. Ltd.  | 2200 | &nbsp;&nbsp;&nbsp; 114970 |
| Bell System24 Holdings, Inc.  | 6900 | &nbsp;&nbsp;&nbsp; 62342 |
| Belluna Co. Ltd.  | 10200 | &nbsp;&nbsp;&nbsp; 70576 |
| Bic Camera, Inc. (d) | 18000 | &nbsp;&nbsp;&nbsp; 198981 |
| BML, Inc. (d) | 4800 | &nbsp;&nbsp;&nbsp; 119992 |
| Bookoff Group Holdings Ltd. (d) | 3500 | &nbsp;&nbsp;&nbsp; 35672 |
| Bourbon Corp.  | 2100 | &nbsp;&nbsp;&nbsp; 35676 |
| Br Holdings Corp.  | 7400 | &nbsp;&nbsp;&nbsp; 16926 |
| BrainPad, Inc. (d) | 3300 | &nbsp;&nbsp;&nbsp; 30911 |
| BRONCO BILLY Co. Ltd.  | 500 | &nbsp;&nbsp;&nbsp; 13041 |
| Buffalo, Inc.  | 1500 | &nbsp;&nbsp;&nbsp; 36122 |
| Bull-Dog Sauce Co. Ltd. (d) | 1200 | &nbsp;&nbsp;&nbsp; 16406 |
| Bunka Shutter Co. Ltd. (d) | 10200 | &nbsp;&nbsp;&nbsp; 157251 |
| Business Brain Showa-Ota, Inc.  | 2000 | &nbsp;&nbsp;&nbsp; 40061 |
| Business Engineering Corp.  | 800 | &nbsp;&nbsp;&nbsp; 34485 |
| C Uyemura & Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 158259 |
| CAC Holdings Corp.  | 2600 | &nbsp;&nbsp;&nbsp; 38334 |
| Canare Electric Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 10063 |
| Canon Electronics, Inc.  | 4300 | &nbsp;&nbsp;&nbsp; 79250 |
| Careerlink Co. Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 16878 |
| Carenet, Inc. (d) | 3600 | &nbsp;&nbsp;&nbsp; 27690 |
| Carlit Co. Ltd.  | 3000 | &nbsp;&nbsp;&nbsp; 26576 |
| Casio Computer Co. Ltd.  | 3800 | &nbsp;&nbsp;&nbsp; 31201 |
| Cawachi Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 40012 |
| CDS Co. Ltd.  | 700 | &nbsp;&nbsp;&nbsp; 8544 |
| Celsys, Inc.  | 4800 | &nbsp;&nbsp;&nbsp; 60741 |
| Central Automotive Products Ltd.  | 7800 | &nbsp;&nbsp;&nbsp; 97118 |
| Central Glass Co. Ltd. (d) | 4500 | &nbsp;&nbsp;&nbsp; 99692 |
| Central Security Patrols Co. Ltd.  | 2300 | &nbsp;&nbsp;&nbsp; 39834 |
| Central Sports Co. Ltd. (d) | 2400 | &nbsp;&nbsp;&nbsp; 39294 |
| Ceres, Inc. (d) | 1600 | &nbsp;&nbsp;&nbsp; 27619 |
| Change Holdings, Inc. (d) | 5500 | &nbsp;&nbsp;&nbsp; 42367 |
| Charm Care Corp. KK | 3800 | &nbsp;&nbsp;&nbsp; 28937 |
| Chiba Kogyo Bank Ltd. (d) | 5900 | &nbsp;&nbsp;&nbsp; 64591 |
| Chino Corp.  | 5400 | &nbsp;&nbsp;&nbsp; 47425 |
| Chiyoda Co. Ltd.  | 3400 | &nbsp;&nbsp;&nbsp; 27612 |
| Chiyoda Integre Co. Ltd.  | 1900 | &nbsp;&nbsp;&nbsp; 42235 |
| Chofu Seisakusho Co. Ltd.  | 4000 | &nbsp;&nbsp;&nbsp; 52250 |
| Chori Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 63793 |
| Chubu Shiryo Co. Ltd.  | 4600 | &nbsp;&nbsp;&nbsp; 53837 |
| Chudenko Corp. (d) | 5200 | &nbsp;&nbsp;&nbsp; 138422 |
| Chuetsu Pulp & Paper Co. Ltd.  | 1900 | &nbsp;&nbsp;&nbsp; 21753 |
| Chugai Ro Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 41293 |
| Chugin Financial Group, Inc. (d) | 28600 | &nbsp;&nbsp;&nbsp; 421231 |
| Chugoku Electric Power Co., Inc.  | 5800 | &nbsp;&nbsp;&nbsp; 33094 |
| Chugoku Marine Paints Ltd.  | 7700 | &nbsp;&nbsp;&nbsp; 186257 |
| Chuo Gyorui Co. Ltd.  | 200 | &nbsp;&nbsp;&nbsp; 4963 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Chuo Spring Co. Ltd. (d) | 2100 | &nbsp;&nbsp;&nbsp; $46250 |
| Citizen Watch Co. Ltd. (d) | 40100 | &nbsp;&nbsp;&nbsp; 272377 |
| CKD Corp. (d) | 9700 | &nbsp;&nbsp;&nbsp; 180012 |
| Cleanup Corp.  | 5300 | &nbsp;&nbsp;&nbsp; 28367 |
| CMK Corp.  | 12600 | &nbsp;&nbsp;&nbsp; 29737 |
| COLOPL, Inc.  | 7200 | &nbsp;&nbsp;&nbsp; 23342 |
| Colowide Co. Ltd. (d) | 18100 | &nbsp;&nbsp;&nbsp; 223850 |
| Como Co. Ltd.  | 400 | &nbsp;&nbsp;&nbsp; 8967 |
| Computer Engineering & Consulting Ltd.  | 1500 | &nbsp;&nbsp;&nbsp; 24180 |
| Computer Institute of Japan Ltd.  | 12240 | &nbsp;&nbsp;&nbsp; 40508 |
| Comture Corp.  | 4400 | &nbsp;&nbsp;&nbsp; 48349 |
| Core Corp.  | 2500 | &nbsp;&nbsp;&nbsp; 36197 |
| Corona Corp.  | 4400 | &nbsp;&nbsp;&nbsp; 28815 |
| Cosel Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 43869 |
| Cosmos Initia Co. Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 32352 |
| Cota Co. Ltd.  | 4920 | &nbsp;&nbsp;&nbsp; 45760 |
| Create Medic Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 12447 |
| Create Restaurants Holdings, Inc. (d) | 47400 | &nbsp;&nbsp;&nbsp; 247457 |
| Create SD Holdings Co. Ltd.  | 5600 | &nbsp;&nbsp;&nbsp; 125785 |
| Creek & River Co. Ltd.  | 2700 | &nbsp;&nbsp;&nbsp; 27435 |
| Cresco Ltd.  | 5000 | &nbsp;&nbsp;&nbsp; 55882 |
| Cross Cat Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 11400 |
| CTI Engineering Co. Ltd.  | 3700 | &nbsp;&nbsp;&nbsp; 74727 |
| CTS Co. Ltd.  | 5200 | &nbsp;&nbsp;&nbsp; 32280 |
| CUC, Inc. (a) | 1300 | &nbsp;&nbsp;&nbsp; 9913 |
| Curves Holdings Co. Ltd.  | 10900 | &nbsp;&nbsp;&nbsp; 61564 |
| Cybozu, Inc.  | 4400 | &nbsp;&nbsp;&nbsp; 101287 |
| Dai Nippon Toryo Co. Ltd.  | 3800 | &nbsp;&nbsp;&nbsp; 33036 |
| Dai-Dan Co. Ltd. (d) | 2800 | &nbsp;&nbsp;&nbsp; 117020 |
| Daido Kogyo Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 18259 |
| Daido Metal Co. Ltd.  | 8200 | &nbsp;&nbsp;&nbsp; 54714 |
| Daido Steel Co. Ltd.  | 23900 | &nbsp;&nbsp;&nbsp; 206749 |
| Daihatsu Infinearth Mfg Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 51181 |
| Daiho Corp. (d) | 6900 | &nbsp;&nbsp;&nbsp; 38657 |
| Daiichi Jitsugyo Co. Ltd.  | 3700 | &nbsp;&nbsp;&nbsp; 68052 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd.  | 5000 | &nbsp;&nbsp;&nbsp; 23476 |
| Daiichikosho Co. Ltd.  | 8100 | &nbsp;&nbsp;&nbsp; 91547 |
| Daiken Medical Co. Ltd.  | 4400 | &nbsp;&nbsp;&nbsp; 13481 |
| Daiki Aluminium Industry Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 41100 |
| Daiki Axis Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 6005 |
| DAIKO XTECH Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 10605 |
| Daikoku Denki Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 31991 |
| Daikokutenbussan Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 63356 |
| Daikyonishikawa Corp.  | 8300 | &nbsp;&nbsp;&nbsp; 41104 |
| Dainichi Co. Ltd.  | 4100 | &nbsp;&nbsp;&nbsp; 24477 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 63215 |
| Daio Paper Corp.  | 16200 | &nbsp;&nbsp;&nbsp; 97604 |
| Daiseki Co. Ltd. (d) | 7839 | &nbsp;&nbsp;&nbsp; 181342 |
| Daishi Hokuetsu Financial Group, Inc. (d) | 39900 | &nbsp;&nbsp;&nbsp; 387351 |
| Daishinku Corp. (d) | 7400 | &nbsp;&nbsp;&nbsp; 28765 |
| Daisue Construction Co. Ltd.  | 2300 | &nbsp;&nbsp;&nbsp; 38916 |
| Daito Bank Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 7546 |
| Daito Pharmaceutical Co. Ltd.  | 5912 | &nbsp;&nbsp;&nbsp; 49147 |
| Daitron Co. Ltd.  | 1500 | &nbsp;&nbsp;&nbsp; 44555 |
| Daiwa Industries Ltd.  | 5800 | &nbsp;&nbsp;&nbsp; 65182 |
| Daiwabo Holdings Co. Ltd. (d) | 16300 | &nbsp;&nbsp;&nbsp; 324296 |

---

**BHFTII-86**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| DCM Holdings Co. Ltd.  | 19400 | &nbsp;&nbsp;&nbsp; $210182 |
| Dear Life Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 43262 |
| Delica Foods Holdings Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 3836 |
| Denka Co. Ltd. (d) | 13100 | &nbsp;&nbsp;&nbsp; 202000 |
| Densan System Holdings Co. Ltd. (d) | 1700 | &nbsp;&nbsp;&nbsp; 41035 |
| Dentsu Soken, Inc.  | 900 | &nbsp;&nbsp;&nbsp; 39497 |
| Denyo Co. Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 70102 |
| Dexerials Corp.  | 800 | &nbsp;&nbsp;&nbsp; 12265 |
| DIC Corp.  | 14500 | &nbsp;&nbsp;&nbsp; 357279 |
| Digital Arts, Inc. (d) | 2100 | &nbsp;&nbsp;&nbsp; 108832 |
| Digital Hearts Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 17083 |
| Digital Holdings, Inc.  | 2100 | &nbsp;&nbsp;&nbsp; 28420 |
| Digital Information Technologies Corp.  | 2100 | &nbsp;&nbsp;&nbsp; 36909 |
| Dip Corp.  | 6600 | &nbsp;&nbsp;&nbsp; 103674 |
| DKK Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 35117 |
| DKS Co. Ltd. (d) | 1100 | &nbsp;&nbsp;&nbsp; 43859 |
| DMW Corp.  | 700 | &nbsp;&nbsp;&nbsp; 24800 |
| Doshisha Co. Ltd.  | 4400 | &nbsp;&nbsp;&nbsp; 84017 |
| Double Standard, Inc.  | 1400 | &nbsp;&nbsp;&nbsp; 17077 |
| Doutor Nichires Holdings Co. Ltd.  | 6000 | &nbsp;&nbsp;&nbsp; 106907 |
| Dowa Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp;&nbsp; 233210 |
| DTS Corp.  | 24800 | &nbsp;&nbsp;&nbsp; 219995 |
| Duskin Co. Ltd. (d) | 5500 | &nbsp;&nbsp;&nbsp; 143286 |
| DyDo Group Holdings, Inc. (d) | 3000 | &nbsp;&nbsp;&nbsp; 51006 |
| Eagle Industry Co. Ltd.  | 4100 | &nbsp;&nbsp;&nbsp; 72735 |
| EAT&HOLDINGS Co. Ltd. (d) | 1400 | &nbsp;&nbsp;&nbsp; 19371 |
| Ebara Foods Industry, Inc.  | 700 | &nbsp;&nbsp;&nbsp; 12113 |
| Ebara Jitsugyo Co. Ltd.  | 1900 | &nbsp;&nbsp;&nbsp; 58975 |
| Ebase Co. Ltd.  | 4800 | &nbsp;&nbsp;&nbsp; 16106 |
| Eco's Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 40187 |
| EDION Corp. (d) | 15700 | &nbsp;&nbsp;&nbsp; 229841 |
| EF-ON, Inc.  | 6100 | &nbsp;&nbsp;&nbsp; 17963 |
| eGuarantee, Inc.  | 6200 | &nbsp;&nbsp;&nbsp; 68540 |
| E-Guardian, Inc. (d) | 1000 | &nbsp;&nbsp;&nbsp; 13362 |
| Ehime Bank Ltd.  | 7600 | &nbsp;&nbsp;&nbsp; 63204 |
| Eidai Co. Ltd. (d) | 10000 | &nbsp;&nbsp;&nbsp; 16147 |
| Eizo Corp.  | 6500 | &nbsp;&nbsp;&nbsp; 96284 |
| Elan Corp.  | 2200 | &nbsp;&nbsp;&nbsp; 11704 |
| Elecom Co. Ltd.  | 8800 | &nbsp;&nbsp;&nbsp; 109710 |
| EM Systems Co. Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 18015 |
| en Japan, Inc.  | 5500 | &nbsp;&nbsp;&nbsp; 60346 |
| Endo Lighting Corp.  | 2600 | &nbsp;&nbsp;&nbsp; 38770 |
| Enplas Corp.  | 1400 | &nbsp;&nbsp;&nbsp; 52794 |
| Entrust, Inc.  | 1500 | &nbsp;&nbsp;&nbsp; 11094 |
| eRex Co. Ltd. (d) | 8000 | &nbsp;&nbsp;&nbsp; 39792 |
| ES-Con Japan Ltd.  | 6700 | &nbsp;&nbsp;&nbsp; 46723 |
| Eslead Corp.  | 1600 | &nbsp;&nbsp;&nbsp; 58794 |
| ESPEC Corp.  | 3400 | &nbsp;&nbsp;&nbsp; 78964 |
| Exedy Corp.  | 4100 | &nbsp;&nbsp;&nbsp; 143977 |
| EXEO Group, Inc.  | 25700 | &nbsp;&nbsp;&nbsp; 371941 |
| Ezaki Glico Co. Ltd.  | 9200 | &nbsp;&nbsp;&nbsp; 314800 |
| F&M Co. Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 28980 |
| FALCO HOLDINGS Co. Ltd.  | 2300 | &nbsp;&nbsp;&nbsp; 39516 |
| FCC Co. Ltd.  | 7100 | &nbsp;&nbsp;&nbsp; 154159 |
| FDK Corp. (a) | 1100 | &nbsp;&nbsp;&nbsp; 2810 |
| Feed One Co. Ltd.  | 4576 | &nbsp;&nbsp;&nbsp; 35099 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Ferrotec Corp.  | 8600 | &nbsp;&nbsp;&nbsp; $233164 |
| Fibergate, Inc.  | 1800 | &nbsp;&nbsp;&nbsp; 8669 |
| FIDEA Holdings Co. Ltd.  | 3950 | &nbsp;&nbsp;&nbsp; 43590 |
| Financial Partners Group Co. Ltd. (d) | 8200 | &nbsp;&nbsp;&nbsp; 132337 |
| FINDEX, Inc.  | 3900 | &nbsp;&nbsp;&nbsp; 23260 |
| First Bank of Toyama Ltd. (d) | 10700 | &nbsp;&nbsp;&nbsp; 111321 |
| First Brothers Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 7035 |
| First Juken Co. Ltd. (d) | 1600 | &nbsp;&nbsp;&nbsp; 13268 |
| First-Corp., Inc.  | 1600 | &nbsp;&nbsp;&nbsp; 11124 |
| Fixstars Corp. (d) | 4100 | &nbsp;&nbsp;&nbsp; 50704 |
| FJ Next Holdings Co. Ltd.  | 3800 | &nbsp;&nbsp;&nbsp; 41266 |
| Focus Systems Corp.  | 2900 | &nbsp;&nbsp;&nbsp; 31396 |
| Forval Corp. (d) | 1900 | &nbsp;&nbsp;&nbsp; 17308 |
| Foster Electric Co. Ltd.  | 4000 | &nbsp;&nbsp;&nbsp; 63084 |
| FP Corp.  | 3600 | &nbsp;&nbsp;&nbsp; 61286 |
| France Bed Holdings Co. Ltd. (d) | 5700 | &nbsp;&nbsp;&nbsp; 49652 |
| Freebit Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 23253 |
| Freund Corp.  | 2400 | &nbsp;&nbsp;&nbsp; 17502 |
| F-Tech, Inc.  | 3200 | &nbsp;&nbsp;&nbsp; 16561 |
| FTGroup Co. Ltd.  | 1500 | &nbsp;&nbsp;&nbsp; 12508 |
| Fudo Tetra Corp.  | 2830 | &nbsp;&nbsp;&nbsp; 51262 |
| Fuji Corp. (d) | 15300 | &nbsp;&nbsp;&nbsp; 278786 |
| Fuji Corp. Ltd.  | 6500 | &nbsp;&nbsp;&nbsp; 35613 |
| Fuji Kyuko Co. Ltd.  | 4600 | &nbsp;&nbsp;&nbsp; 80050 |
| Fuji Oil Co. Ltd.  | 19600 | &nbsp;&nbsp;&nbsp; 240341 |
| Fuji Pharma Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 25111 |
| Fuji Seal International, Inc.  | 7600 | &nbsp;&nbsp;&nbsp; 146206 |
| Fujibo Holdings, Inc.  | 1800 | &nbsp;&nbsp;&nbsp; 78851 |
| Fujicco Co. Ltd.  | 4700 | &nbsp;&nbsp;&nbsp; 52305 |
| Fujikura Composites, Inc.  | 3700 | &nbsp;&nbsp;&nbsp; 47821 |
| Fujikura Kasei Co. Ltd.  | 6900 | &nbsp;&nbsp;&nbsp; 28381 |
| Fujimi, Inc.  | 9900 | &nbsp;&nbsp;&nbsp; 144575 |
| Fujisash Co. Ltd.  | 2450 | &nbsp;&nbsp;&nbsp; 14270 |
| Fujishoji Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 9152 |
| Fujita Kanko, Inc.  | 400 | &nbsp;&nbsp;&nbsp; 28325 |
| Fujiya Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 43941 |
| FuKoKu Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 35058 |
| Fukuda Corp.  | 1300 | &nbsp;&nbsp;&nbsp; 61917 |
| Fukuda Denshi Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 145765 |
| Fukui Bank Ltd.  | 4500 | &nbsp;&nbsp;&nbsp; 64263 |
| Fukui Computer Holdings, Inc.  | 1900 | &nbsp;&nbsp;&nbsp; 42796 |
| Fukuyama Transporting Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 79579 |
| FULLCAST Holdings Co. Ltd.  | 3400 | &nbsp;&nbsp;&nbsp; 40845 |
| Funai Soken Holdings, Inc.  | 7270 | &nbsp;&nbsp;&nbsp; 126901 |
| Furukawa Co. Ltd.  | 4000 | &nbsp;&nbsp;&nbsp; 77563 |
| Furuno Electric Co. Ltd. (d) | 4500 | &nbsp;&nbsp;&nbsp; 173151 |
| Furuya Metal Co. Ltd.  | 3300 | &nbsp;&nbsp;&nbsp; 62491 |
| Furyu Corp.  | 4300 | &nbsp;&nbsp;&nbsp; 32072 |
| Fuso Chemical Co. Ltd. (d) | 4100 | &nbsp;&nbsp;&nbsp; 135572 |
| Fuso Pharmaceutical Industries Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 26042 |
| Futaba Corp. (d) | 10200 | &nbsp;&nbsp;&nbsp; 45704 |
| Futaba Industrial Co. Ltd.  | 9900 | &nbsp;&nbsp;&nbsp; 64456 |
| Future Corp.  | 8100 | &nbsp;&nbsp;&nbsp; 127159 |
| Fuyo General Lease Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 71726 |
| G-7 Holdings, Inc.  | 4600 | &nbsp;&nbsp;&nbsp; 39312 |
| Gakken Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp;&nbsp; 45622 |

---

**BHFTII-87**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Gakkyusha Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; $43688 |
| Galilei Co. Ltd.  | 4900 | &nbsp;&nbsp;&nbsp; 125398 |
| Gecoss Corp.  | 3400 | &nbsp;&nbsp;&nbsp; 31894 |
| Genki Global Dining Concepts Corp. (d) | 2400 | &nbsp;&nbsp;&nbsp; 54567 |
| Genky DrugStores Co. Ltd. (d) | 2800 | &nbsp;&nbsp;&nbsp; 95106 |
| Geo Holdings Corp.  | 4600 | &nbsp;&nbsp;&nbsp; 51239 |
| Gift Holdings, Inc.  | 1600 | &nbsp;&nbsp;&nbsp; 35765 |
| giftee, Inc.  | 2800 | &nbsp;&nbsp;&nbsp; 22763 |
| GLOBERIDE, Inc.  | 3500 | &nbsp;&nbsp;&nbsp; 57603 |
| Glory Ltd. (d) | 8400 | &nbsp;&nbsp;&nbsp; 207824 |
| GLtechno Holdings, Inc.  | 1300 | &nbsp;&nbsp;&nbsp; 27272 |
| GMO Financial Gate, Inc.  | 400 | &nbsp;&nbsp;&nbsp; 16617 |
| GMO Financial Holdings, Inc.  | 8000 | &nbsp;&nbsp;&nbsp; 52772 |
| GMO GlobalSign Holdings KK | 1000 | &nbsp;&nbsp;&nbsp; 14587 |
| GMO internet group, Inc.  | 7300 | &nbsp;&nbsp;&nbsp; 178810 |
| Godo Steel Ltd.  | 2300 | &nbsp;&nbsp;&nbsp; 61924 |
| Goldcrest Co. Ltd.  | 3230 | &nbsp;&nbsp;&nbsp; 73244 |
| Grandy House Corp.  | 3600 | &nbsp;&nbsp;&nbsp; 14193 |
| GREE Holdings, Inc.  | 3500 | &nbsp;&nbsp;&nbsp; 10379 |
| Greens Co. Ltd.  | 1700 | &nbsp;&nbsp;&nbsp; 28368 |
| grems, Inc.  | 900 | &nbsp;&nbsp;&nbsp; 14847 |
| GS Yuasa Corp. (d) | 15900 | &nbsp;&nbsp;&nbsp; 375515 |
| GSI Creos Corp. (d) | 2800 | &nbsp;&nbsp;&nbsp; 45381 |
| G-Tekt Corp.  | 5100 | &nbsp;&nbsp;&nbsp; 68268 |
| Gun-Ei Chemical Industry Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 40946 |
| Gunze Ltd.  | 6100 | &nbsp;&nbsp;&nbsp; 155919 |
| H.U. Group Holdings, Inc. (d) | 9500 | &nbsp;&nbsp;&nbsp; 219112 |
| H2O Retailing Corp. (d) | 18500 | &nbsp;&nbsp;&nbsp; 271163 |
| HABA Laboratories, Inc.  | 700 | &nbsp;&nbsp;&nbsp; 8006 |
| Hagihara Industries, Inc.  | 2600 | &nbsp;&nbsp;&nbsp; 30051 |
| Hagiwara Electric Holdings Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 42672 |
| Hakudo Co. Ltd. (d) | 1700 | &nbsp;&nbsp;&nbsp; 25707 |
| Halows Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 71026 |
| Hamakyorex Co. Ltd. (d) | 11500 | &nbsp;&nbsp;&nbsp; 122013 |
| Hamee Corp.  | 1800 | &nbsp;&nbsp;&nbsp; 17292 |
| Handsman Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 4464 |
| Hanwa Co. Ltd. (d) | 6900 | &nbsp;&nbsp;&nbsp; 293545 |
| Happinet Corp. (d) | 2800 | &nbsp;&nbsp;&nbsp; 129852 |
| Hard Off Corp. Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 31025 |
| Harima Chemicals Group, Inc.  | 4300 | &nbsp;&nbsp;&nbsp; 25832 |
| Hashimoto Sogyo Holdings Co. Ltd. (d) | 1400 | &nbsp;&nbsp;&nbsp; 11936 |
| Hazama Ando Corp.  | 28390 | &nbsp;&nbsp;&nbsp; 321433 |
| Heiwa Corp. (d) | 5600 | &nbsp;&nbsp;&nbsp; 79625 |
| Heiwado Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 106201 |
| Hennge KK (d) | 600 | &nbsp;&nbsp;&nbsp; 6523 |
| Hibiya Engineering Ltd. (d) | 3700 | &nbsp;&nbsp;&nbsp; 110789 |
| Hiday Hidaka Corp.  | 500 | &nbsp;&nbsp;&nbsp; 12098 |
| HI-LEX Corp.  | 4600 | &nbsp;&nbsp;&nbsp; 83980 |
| Himaraya Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 15048 |
| Hino Motors Ltd. (a) (d) | 34000 | &nbsp;&nbsp;&nbsp; 88622 |
| Hioki EE Corp.  | 2000 | &nbsp;&nbsp;&nbsp; 82129 |
| Hirakawa Hewtech Corp.  | 2100 | &nbsp;&nbsp;&nbsp; 29387 |
| Hirano Tecseed Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 14049 |
| Hirata Corp.  | 3000 | &nbsp;&nbsp;&nbsp; 39387 |
| Hirogin Holdings, Inc. (d) | 36800 | &nbsp;&nbsp;&nbsp; 359109 |
| Hirose Tusyo, Inc.  | 300 | &nbsp;&nbsp;&nbsp; 7955 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Hiroshima Electric Railway Co. Ltd. (d) | 1500 | &nbsp;&nbsp;&nbsp; $6360 |
| Hiroshima Gas Co. Ltd.  | 7000 | &nbsp;&nbsp;&nbsp; 18133 |
| Hisaka Works Ltd. (d) | 4000 | &nbsp;&nbsp;&nbsp; 36449 |
| Hito Communications Holdings, Inc. (d) | 1700 | &nbsp;&nbsp;&nbsp; 12668 |
| Hochiki Corp.  | 2600 | &nbsp;&nbsp;&nbsp; 68812 |
| Hodogaya Chemical Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 21787 |
| Hogy Medical Co. Ltd. (d) | 3700 | &nbsp;&nbsp;&nbsp; 134371 |
| Hokkaido Electric Power Co., Inc. (d) | 33500 | &nbsp;&nbsp;&nbsp; 245739 |
| Hokkaido Gas Co. Ltd.  | 13800 | &nbsp;&nbsp;&nbsp; 63959 |
| Hokkan Holdings Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 37785 |
| Hokko Chemical Industry Co. Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 40030 |
| Hokkoku Financial Holdings, Inc. (d) | 39000 | &nbsp;&nbsp;&nbsp; 181115 |
| Hokuetsu Corp. (d) | 21100 | &nbsp;&nbsp;&nbsp; 141968 |
| Hokuhoku Financial Group, Inc. (d) | 19100 | &nbsp;&nbsp;&nbsp; 501624 |
| Hokuriku Electric Industry Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 40760 |
| Hokuriku Electric Power Co. (d) | 32400 | &nbsp;&nbsp;&nbsp; 185024 |
| Hokuriku Electrical Construction Co. Ltd. (d) | 3600 | &nbsp;&nbsp;&nbsp; 35970 |
| Hokuriku Gas Co. Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 25951 |
| Hokuto Corp.  | 4300 | &nbsp;&nbsp;&nbsp; 55510 |
| H-One Co. Ltd.  | 4500 | &nbsp;&nbsp;&nbsp; 44234 |
| Honeys Holdings Co. Ltd.  | 3630 | &nbsp;&nbsp;&nbsp; 37891 |
| Honma Golf Ltd. (a) | 27000 | &nbsp;&nbsp;&nbsp; 12179 |
| Hoosiers Holdings Co. Ltd. (d) | 5400 | &nbsp;&nbsp;&nbsp; 47304 |
| Hoshi Iryo-Sanki Co. Ltd.  | 300 | &nbsp;&nbsp;&nbsp; 9951 |
| Hosiden Corp. (d) | 8900 | &nbsp;&nbsp;&nbsp; 141827 |
| Hosokawa Micron Corp. (d) | 2700 | &nbsp;&nbsp;&nbsp; 106119 |
| Hotland Holdings Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 29172 |
| House Foods Group, Inc.  | 3300 | &nbsp;&nbsp;&nbsp; 64728 |
| Howa Machinery Ltd. (d) | 1400 | &nbsp;&nbsp;&nbsp; 11510 |
| HS Holdings Co. Ltd.  | 5000 | &nbsp;&nbsp;&nbsp; 34111 |
| Hyakugo Bank Ltd. (d) | 39100 | &nbsp;&nbsp;&nbsp; 242439 |
| Hyakujushi Bank Ltd. (d) | 4100 | &nbsp;&nbsp;&nbsp; 142833 |
| IBJ, Inc.  | 4900 | &nbsp;&nbsp;&nbsp; 28915 |
| Ichiken Co. Ltd.  | 1100 | &nbsp;&nbsp;&nbsp; 27573 |
| Ichikoh Industries Ltd.  | 9000 | &nbsp;&nbsp;&nbsp; 26916 |
| Ichimasa Kamaboko Co. Ltd.  | 1100 | &nbsp;&nbsp;&nbsp; 5542 |
| Ichinen Holdings Co. Ltd.  | 4300 | &nbsp;&nbsp;&nbsp; 58456 |
| Ichiyoshi Securities Co. Ltd.  | 7000 | &nbsp;&nbsp;&nbsp; 39943 |
| Icom, Inc. (d) | 2000 | &nbsp;&nbsp;&nbsp; 40789 |
| Idec Corp.  | 5200 | &nbsp;&nbsp;&nbsp; 85041 |
| IDOM, Inc.  | 10000 | &nbsp;&nbsp;&nbsp; 71077 |
| Iino Kaiun Kaisha Ltd. (d) | 13800 | &nbsp;&nbsp;&nbsp; 110490 |
| I'll, Inc.  | 900 | &nbsp;&nbsp;&nbsp; 16456 |
| Imasen Electric Industrial (d) | 2000 | &nbsp;&nbsp;&nbsp; 10084 |
| i-mobile Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 23180 |
| Imuraya Group Co. Ltd.  | 2200 | &nbsp;&nbsp;&nbsp; 37510 |
| Inaba Denki Sangyo Co. Ltd.  | 10200 | &nbsp;&nbsp;&nbsp; 289948 |
| Inaba Seisakusho Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 37051 |
| Inabata & Co. Ltd. (d) | 8300 | &nbsp;&nbsp;&nbsp; 195755 |
| I-NE Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 7679 |
| Ines Corp.  | 4100 | &nbsp;&nbsp;&nbsp; 55959 |
| I-Net Corp.  | 2620 | &nbsp;&nbsp;&nbsp; 30604 |
| Infomart Corp.  | 16100 | &nbsp;&nbsp;&nbsp; 36273 |
| INFRONEER Holdings, Inc.  | 17300 | &nbsp;&nbsp;&nbsp; 179866 |
| Innotech Corp.  | 3900 | &nbsp;&nbsp;&nbsp; 42576 |
| Insource Co. Ltd.  | 11200 | &nbsp;&nbsp;&nbsp; 72711 |

---

**BHFTII-88**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Intage Holdings, Inc.  | 2600 | &nbsp;&nbsp;&nbsp; $30226 |
| Intelligent Wave, Inc.  | 3400 | &nbsp;&nbsp;&nbsp; 24308 |
| Inui Global Logistics Co. Ltd. (d) | 3000 | &nbsp;&nbsp;&nbsp; 33273 |
| IR Japan Holdings Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 11170 |
| Iriso Electronics Co. Ltd. (d) | 3200 | &nbsp;&nbsp;&nbsp; 63754 |
| ISB Corp.  | 400 | &nbsp;&nbsp;&nbsp; 4992 |
| Ise Chemicals Corp.  | 400 | &nbsp;&nbsp;&nbsp; 76092 |
| Iseki & Co. Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 46992 |
| Ishihara Sangyo Kaisha Ltd.  | 6600 | &nbsp;&nbsp;&nbsp; 103506 |
| Ishizuka Glass Co. Ltd.  | 500 | &nbsp;&nbsp;&nbsp; 9953 |
| Itfor, Inc.  | 5300 | &nbsp;&nbsp;&nbsp; 53940 |
| ITmedia, Inc.  | 1500 | &nbsp;&nbsp;&nbsp; 16866 |
| Ito En Ltd. (d) | 6100 | &nbsp;&nbsp;&nbsp; 143610 |
| Itochu Enex Co. Ltd. (d) | 9100 | &nbsp;&nbsp;&nbsp; 121617 |
| Itochu-Shokuhin Co. Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 69195 |
| Itoham Yonekyu Holdings, Inc. (d) | 5300 | &nbsp;&nbsp;&nbsp; 203967 |
| Itoki Corp. (d) | 6900 | &nbsp;&nbsp;&nbsp; 114201 |
| IwaiCosmo Holdings, Inc.  | 4300 | &nbsp;&nbsp;&nbsp; 78940 |
| Iwaki Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 22678 |
| Iwatani Corp.  | 3600 | &nbsp;&nbsp;&nbsp; 39428 |
| Iwatsuka Confectionery Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 42172 |
| Izumi Co. Ltd.  | 6800 | &nbsp;&nbsp;&nbsp; 150098 |
| J Trust Co. Ltd.  | 16800 | &nbsp;&nbsp;&nbsp; 50444 |
| JAC Recruitment Co. Ltd. (d) | 13700 | &nbsp;&nbsp;&nbsp; 100201 |
| Jaccs Co. Ltd.  | 4200 | &nbsp;&nbsp;&nbsp; 120530 |
| JAFCO Group Co. Ltd. (d) | 8900 | &nbsp;&nbsp;&nbsp; 155818 |
| JANOME Corp.  | 3899 | &nbsp;&nbsp;&nbsp; 30620 |
| Japan Aviation Electronics Industry Ltd. (d) | 9300 | &nbsp;&nbsp;&nbsp; 158212 |
| Japan Cash Machine Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 8032 |
| Japan Communications, Inc. (a) | 35600 | &nbsp;&nbsp;&nbsp; 35072 |
| Japan Elevator Service Holdings Co. Ltd.  | 27800 | &nbsp;&nbsp;&nbsp; 352610 |
| Japan Foundation Engineering Co. Ltd.  | 7900 | &nbsp;&nbsp;&nbsp; 34476 |
| Japan Investment Adviser Co. Ltd.  | 4700 | &nbsp;&nbsp;&nbsp; 63435 |
| Japan Lifeline Co. Ltd.  | 9100 | &nbsp;&nbsp;&nbsp; 92859 |
| Japan Material Co. Ltd.  | 13600 | &nbsp;&nbsp;&nbsp; 167459 |
| Japan Medical Dynamic Marketing, Inc.  | 4400 | &nbsp;&nbsp;&nbsp; 15013 |
| Japan Oil Transportation Co. Ltd.  | 700 | &nbsp;&nbsp;&nbsp; 18538 |
| Japan Petroleum Exploration Co. Ltd. (d) | 26500 | &nbsp;&nbsp;&nbsp; 231873 |
| Japan Property Management Center Co. Ltd.  | 4100 | &nbsp;&nbsp;&nbsp; 36514 |
| Japan Pulp & Paper Co. Ltd.  | 18700 | &nbsp;&nbsp;&nbsp; 90316 |
| Japan Pure Chemical Co. Ltd.  | 500 | &nbsp;&nbsp;&nbsp; 10446 |
| Japan Securities Finance Co. Ltd.  | 14300 | &nbsp;&nbsp;&nbsp; 179900 |
| Japan Transcity Corp.  | 8300 | &nbsp;&nbsp;&nbsp; 64685 |
| Japan Wool Textile Co. Ltd.  | 9200 | &nbsp;&nbsp;&nbsp; 103145 |
| JBCC Holdings, Inc.  | 11200 | &nbsp;&nbsp;&nbsp; 98935 |
| JCU Corp. (d) | 3700 | &nbsp;&nbsp;&nbsp; 114030 |
| Jeol Ltd.  | 9100 | &nbsp;&nbsp;&nbsp; 313500 |
| JFE Systems, Inc.  | 1400 | &nbsp;&nbsp;&nbsp; 20781 |
| JGC Holdings Corp.  | 23600 | &nbsp;&nbsp;&nbsp; 240550 |
| JIG-SAW, Inc. (a) | 900 | &nbsp;&nbsp;&nbsp; 14790 |
| JINS Holdings, Inc.  | 2200 | &nbsp;&nbsp;&nbsp; 136176 |
| JINUSHI Co. Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 72186 |
| JK Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 25422 |
| J-Lease Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 13260 |
| JM Holdings Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 49479 |
| JMS Co. Ltd.  | 6400 | &nbsp;&nbsp;&nbsp; 19049 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| J-Oil Mills, Inc.  | 4000 | &nbsp;&nbsp;&nbsp; $55578 |
| Joshin Denki Co. Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 53938 |
| Joyful Honda Co. Ltd. (d) | 9800 | &nbsp;&nbsp;&nbsp; 144149 |
| JP-Holdings, Inc.  | 8000 | &nbsp;&nbsp;&nbsp; 33881 |
| JSB Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 55655 |
| JSP Corp.  | 2400 | &nbsp;&nbsp;&nbsp; 31474 |
| JTEKT Corp.  | 15100 | &nbsp;&nbsp;&nbsp; 149762 |
| Juki Corp. (a) | 7200 | &nbsp;&nbsp;&nbsp; 20947 |
| Juroku Financial Group, Inc.  | 5700 | &nbsp;&nbsp;&nbsp; 212432 |
| Justsystems Corp.  | 4500 | &nbsp;&nbsp;&nbsp; 145653 |
| JVCKenwood Corp.  | 31000 | &nbsp;&nbsp;&nbsp; 241211 |
| K&O Energy Group, Inc.  | 2800 | &nbsp;&nbsp;&nbsp; 61249 |
| Kadoya Sesame Mills, Inc.  | 800 | &nbsp;&nbsp;&nbsp; 20372 |
| Kaga Electronics Co. Ltd.  | 6900 | &nbsp;&nbsp;&nbsp; 165000 |
| Kagome Co. Ltd. (d) | 6400 | &nbsp;&nbsp;&nbsp; 124612 |
| Kaken Pharmaceutical Co. Ltd. (d) | 3400 | &nbsp;&nbsp;&nbsp; 84000 |
| Kakiyasu Honten Co. Ltd. (d) | 2500 | &nbsp;&nbsp;&nbsp; 45485 |
| Kamakura Shinsho Ltd.  | 3700 | &nbsp;&nbsp;&nbsp; 14927 |
| Kameda Seika Co. Ltd. (d) | 2300 | &nbsp;&nbsp;&nbsp; 64223 |
| Kamei Corp.  | 3600 | &nbsp;&nbsp;&nbsp; 70331 |
| Kanaden Corp.  | 2200 | &nbsp;&nbsp;&nbsp; 30930 |
| Kanadevia Corp.  | 32000 | &nbsp;&nbsp;&nbsp; 221855 |
| Kanagawa Chuo Kotsu Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 35140 |
| Kanamic Network Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 2884 |
| Kanamoto Co. Ltd.  | 5900 | &nbsp;&nbsp;&nbsp; 143532 |
| Kaneka Corp. (d) | 8700 | &nbsp;&nbsp;&nbsp; 247651 |
| Kaneko Seeds Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 13254 |
| Kanematsu Corp. (d) | 16200 | &nbsp;&nbsp;&nbsp; 340726 |
| Kanemi Co. Ltd. (d) | 100 | &nbsp;&nbsp;&nbsp; 2232 |
| Kanto Denka Kogyo Co. Ltd. (d) | 9000 | &nbsp;&nbsp;&nbsp; 58275 |
| Kappa Create Co. Ltd. (d) | 1000 | &nbsp;&nbsp;&nbsp; 10658 |
| Katakura Industries Co. Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 68496 |
| Katitas Co. Ltd. (d) | 9800 | &nbsp;&nbsp;&nbsp; 184703 |
| Kato Sangyo Co. Ltd. (d) | 4200 | &nbsp;&nbsp;&nbsp; 165547 |
| Kato Works Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 23676 |
| Kawada Technologies, Inc.  | 2700 | &nbsp;&nbsp;&nbsp; 72645 |
| Kawai Musical Instruments Manufacturing Co. Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 27927 |
| KeePer Technical Laboratory Co. Ltd. (d) | 2500 | &nbsp;&nbsp;&nbsp; 63090 |
| Keihan Holdings Co. Ltd.  | 6400 | &nbsp;&nbsp;&nbsp; 145456 |
| Keihanshin Building Co. Ltd.  | 6100 | &nbsp;&nbsp;&nbsp; 67519 |
| Keihin Co. Ltd.  | 2300 | &nbsp;&nbsp;&nbsp; 40510 |
| Keikyu Corp. (d) | 9000 | &nbsp;&nbsp;&nbsp; 91358 |
| KEIWA, Inc.  | 1200 | &nbsp;&nbsp;&nbsp; 9570 |
| Keiyo Bank Ltd.  | 18900 | &nbsp;&nbsp;&nbsp; 162044 |
| Kenko Mayonnaise Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 31832 |
| KH Neochem Co. Ltd.  | 6700 | &nbsp;&nbsp;&nbsp; 126137 |
| Kibun Foods, Inc.  | 1500 | &nbsp;&nbsp;&nbsp; 11623 |
| Kimura Chemical Plants Co. Ltd.  | 3300 | &nbsp;&nbsp;&nbsp; 22537 |
| King Jim Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 7979 |
| Kintetsu Department Store Co. Ltd.  | 400 | &nbsp;&nbsp;&nbsp; 5485 |
| Kissei Pharmaceutical Co. Ltd.  | 5900 | &nbsp;&nbsp;&nbsp; 171659 |
| Ki-Star Real Estate Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 68086 |
| Kitagawa Corp.  | 3100 | &nbsp;&nbsp;&nbsp; 34434 |
| Kita-Nippon Bank Ltd.  | 1700 | &nbsp;&nbsp;&nbsp; 44344 |
| Kitano Construction Corp. (d) | 5600 | &nbsp;&nbsp;&nbsp; 48671 |
| Kitz Corp. (d) | 11700 | &nbsp;&nbsp;&nbsp; 133429 |

---

**BHFTII-89**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Kiyo Bank Ltd. (d) | 11000 | &nbsp;&nbsp;&nbsp; $217940 |
| Koa Corp.  | 6400 | &nbsp;&nbsp;&nbsp; 50292 |
| Koatsu Gas Kogyo Co. Ltd. (d) | 5600 | &nbsp;&nbsp;&nbsp; 39276 |
| Kobe Electric Railway Co. Ltd. (d) | 1400 | &nbsp;&nbsp;&nbsp; 23621 |
| Kohnan Shoji Co. Ltd.  | 4200 | &nbsp;&nbsp;&nbsp; 119632 |
| Koike Sanso Kogyo Co. Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 34176 |
| Kojima Co. Ltd. (d) | 7800 | &nbsp;&nbsp;&nbsp; 59600 |
| Kokuyo Co. Ltd.  | 42000 | &nbsp;&nbsp;&nbsp; 249929 |
| Komatsu Matere Co. Ltd.  | 4200 | &nbsp;&nbsp;&nbsp; 24048 |
| Komatsu Wall Industry Co. Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 62502 |
| KOMEDA Holdings Co. Ltd.  | 8500 | &nbsp;&nbsp;&nbsp; 178746 |
| Komehyo Holdings Co. Ltd. (d) | 1300 | &nbsp;&nbsp;&nbsp; 26285 |
| Komeri Co. Ltd. (d) | 5400 | &nbsp;&nbsp;&nbsp; 120472 |
| Komori Corp.  | 8600 | &nbsp;&nbsp;&nbsp; 88421 |
| Konaka Co. Ltd. (d) | 7300 | &nbsp;&nbsp;&nbsp; 12688 |
| Kondotec, Inc.  | 4500 | &nbsp;&nbsp;&nbsp; 50827 |
| Konica Minolta, Inc.  | 93000 | &nbsp;&nbsp;&nbsp; 331144 |
| Konishi Co. Ltd.  | 11600 | &nbsp;&nbsp;&nbsp; 101196 |
| Konoike Transport Co. Ltd. (d) | 5700 | &nbsp;&nbsp;&nbsp; 126243 |
| Konoshima Chemical Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 5828 |
| Kosaido Holdings Co. Ltd.  | 12300 | &nbsp;&nbsp;&nbsp; 36719 |
| Koshidaka Holdings Co. Ltd. (d) | 6000 | &nbsp;&nbsp;&nbsp; 55815 |
| Kotobuki Spirits Co. Ltd. (d) | 13000 | &nbsp;&nbsp;&nbsp; 159233 |
| Kotobukiya Co. Ltd. (d) | 1500 | &nbsp;&nbsp;&nbsp; 17783 |
| Kozo Keikaku Engineering Holdings, Inc.  | 1900 | &nbsp;&nbsp;&nbsp; 43340 |
| KPP Group Holdings Co. Ltd.  | 3700 | &nbsp;&nbsp;&nbsp; 19741 |
| Krosaki Harima Corp.  | 3400 | &nbsp;&nbsp;&nbsp; 94818 |
| KRS Corp.  | 2300 | &nbsp;&nbsp;&nbsp; 49568 |
| K's Holdings Corp. (d) | 24500 | &nbsp;&nbsp;&nbsp; 264680 |
| KU Holdings Co. Ltd.  | 4200 | &nbsp;&nbsp;&nbsp; 33393 |
| Kumagai Gumi Co. Ltd.  | 26800 | &nbsp;&nbsp;&nbsp; 226668 |
| Kumiai Chemical Industry Co. Ltd.  | 10995 | &nbsp;&nbsp;&nbsp; 61482 |
| Kunimine Industries Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 9632 |
| Kura Sushi, Inc. (d) | 1800 | &nbsp;&nbsp;&nbsp; 41320 |
| Kurabo Industries Ltd. (d) | 2100 | &nbsp;&nbsp;&nbsp; 100090 |
| Kureha Corp. (d) | 5600 | &nbsp;&nbsp;&nbsp; 144720 |
| Kurimoto Ltd. (d) | 7000 | &nbsp;&nbsp;&nbsp; 87444 |
| Kuriyama Holdings Corp.  | 2300 | &nbsp;&nbsp;&nbsp; 25443 |
| Kusuri No. Aoki Holdings Co. Ltd. (d) | 8200 | &nbsp;&nbsp;&nbsp; 222061 |
| KYB Corp.  | 6200 | &nbsp;&nbsp;&nbsp; 164750 |
| Kyodo Printing Co. Ltd. (d) | 3800 | &nbsp;&nbsp;&nbsp; 38631 |
| Kyoei Steel Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 55822 |
| Kyokuto Boeki Kaisha Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 44211 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. (d) | 5400 | &nbsp;&nbsp;&nbsp; 99247 |
| Kyokuto Securities Co. Ltd. (d) | 4100 | &nbsp;&nbsp;&nbsp; 41951 |
| Kyokuyo Co. Ltd.  | 2200 | &nbsp;&nbsp;&nbsp; 73482 |
| Kyorin Pharmaceutical Co. Ltd. (d) | 7400 | &nbsp;&nbsp;&nbsp; 74073 |
| KYORITSU Co. Ltd.  | 6800 | &nbsp;&nbsp;&nbsp; 9026 |
| Kyoritsu Maintenance Co. Ltd. (d) | 13200 | &nbsp;&nbsp;&nbsp; 285450 |
| Kyosan Electric Manufacturing Co. Ltd.  | 12600 | &nbsp;&nbsp;&nbsp; 44575 |
| Kyowa Electronic Instruments Co. Ltd.  | 5900 | &nbsp;&nbsp;&nbsp; 27974 |
| Kyowa Leather Cloth Co. Ltd.  | 3300 | &nbsp;&nbsp;&nbsp; 19116 |
| Kyushu Financial Group, Inc.  | 17500 | &nbsp;&nbsp;&nbsp; 107523 |
| Lacto Japan Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 39456 |
| LEC, Inc.  | 5000 | &nbsp;&nbsp;&nbsp; 39174 |
| Leopalace21 Corp. (d) | 24800 | &nbsp;&nbsp;&nbsp; 119580 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Life Corp.  | 6800 | &nbsp;&nbsp;&nbsp; $116105 |
| LIFULL Co. Ltd.  | 17000 | &nbsp;&nbsp;&nbsp; 23997 |
| LIKE, Inc.  | 2100 | &nbsp;&nbsp;&nbsp; 21404 |
| Link & Motivation, Inc.  | 8900 | &nbsp;&nbsp;&nbsp; 31844 |
| Lintec Corp.  | 7500 | &nbsp;&nbsp;&nbsp; 184243 |
| LITALICO, Inc.  | 4700 | &nbsp;&nbsp;&nbsp; 43049 |
| Look Holdings, Inc.  | 1600 | &nbsp;&nbsp;&nbsp; 28706 |
| Mabuchi Motor Co. Ltd.  | 16600 | &nbsp;&nbsp;&nbsp; 290375 |
| Macnica Holdings, Inc. (d) | 11300 | &nbsp;&nbsp;&nbsp; 156503 |
| Maeda Kosen Co. Ltd.  | 8400 | &nbsp;&nbsp;&nbsp; 110416 |
| Maezawa Kasei Industries Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 46765 |
| Maezawa Kyuso Industries Co. Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 36215 |
| Makino Milling Machine Co. Ltd.  | 3800 | &nbsp;&nbsp;&nbsp; 294369 |
| Management Solutions Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 17908 |
| Mandom Corp. (d) | 7000 | &nbsp;&nbsp;&nbsp; 105549 |
| Mani, Inc. (d) | 15000 | &nbsp;&nbsp;&nbsp; 129342 |
| MarkLines Co. Ltd.  | 3000 | &nbsp;&nbsp;&nbsp; 41983 |
| Mars Group Holdings Corp. (d) | 2200 | &nbsp;&nbsp;&nbsp; 45719 |
| Marubun Corp. (d) | 4200 | &nbsp;&nbsp;&nbsp; 34777 |
| Marudai Food Co. Ltd. (d) | 3800 | &nbsp;&nbsp;&nbsp; 52051 |
| Marufuji Sheet Piling Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 23000 |
| Maruha Nichiro Corp.  | 8000 | &nbsp;&nbsp;&nbsp; 185482 |
| Maruichi Steel Tube Ltd.  | 27900 | &nbsp;&nbsp;&nbsp; 242977 |
| MARUKA FURUSATO Corp.  | 993 | &nbsp;&nbsp;&nbsp; 15688 |
| Marusan Securities Co. Ltd. (d) | 9900 | &nbsp;&nbsp;&nbsp; 63474 |
| Maruyama Manufacturing Co., Inc.  | 1500 | &nbsp;&nbsp;&nbsp; 22634 |
| Maruzen CHI Holdings Co. Ltd.  | 11900 | &nbsp;&nbsp;&nbsp; 26958 |
| Maruzen Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 23071 |
| Maruzen Showa Unyu Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 112734 |
| Marvelous, Inc.  | 9500 | &nbsp;&nbsp;&nbsp; 39449 |
| Matching Service Japan Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 8165 |
| Matsuda Sangyo Co. Ltd.  | 2700 | &nbsp;&nbsp;&nbsp; 76474 |
| Matsui Construction Co. Ltd.  | 3900 | &nbsp;&nbsp;&nbsp; 37218 |
| Matsui Securities Co. Ltd. (d) | 20100 | &nbsp;&nbsp;&nbsp; 104315 |
| Matsuya Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 23331 |
| Matsuyafoods Holdings Co. Ltd.  | 400 | &nbsp;&nbsp;&nbsp; 16232 |
| Max Co. Ltd.  | 4500 | &nbsp;&nbsp;&nbsp; 171655 |
| Maxell Ltd.  | 7800 | &nbsp;&nbsp;&nbsp; 112691 |
| Maxvalu Tokai Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 58812 |
| MCJ Co. Ltd.  | 13500 | &nbsp;&nbsp;&nbsp; 125291 |
| MEC Co. Ltd.  | 3000 | &nbsp;&nbsp;&nbsp; 77589 |
| Media Do Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 27179 |
| Medical System Network Co. Ltd.  | 7000 | &nbsp;&nbsp;&nbsp; 22531 |
| Medikit Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 24306 |
| Medius Holdings Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 10318 |
| Medley, Inc. (a) | 1700 | &nbsp;&nbsp;&nbsp; 28024 |
| Megmilk Snow Brand Co. Ltd.  | 8500 | &nbsp;&nbsp;&nbsp; 170137 |
| Meidensha Corp. (d) | 6500 | &nbsp;&nbsp;&nbsp; 258138 |
| Meiji Electric Industries Co. Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 13827 |
| Meiji Shipping Group Co. Ltd.  | 4300 | &nbsp;&nbsp;&nbsp; 21753 |
| Meiko Electronics Co. Ltd. (d) | 4200 | &nbsp;&nbsp;&nbsp; 280154 |
| Meisei Industrial Co. Ltd.  | 6300 | &nbsp;&nbsp;&nbsp; 69103 |
| MEITEC Group Holdings, Inc.  | 13800 | &nbsp;&nbsp;&nbsp; 297566 |
| Meito Co. Ltd. (d) | 3000 | &nbsp;&nbsp;&nbsp; 45002 |
| Meiwa Corp.  | 8100 | &nbsp;&nbsp;&nbsp; 46298 |
| Meiwa Estate Co. Ltd. (d) | 3800 | &nbsp;&nbsp;&nbsp; 28523 |

---

**BHFTII-90**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Menicon Co. Ltd. (d) | 13100 | &nbsp;&nbsp;&nbsp; $100778 |
| Mercari, Inc. (a) (d) | 18000 | &nbsp;&nbsp;&nbsp; 277811 |
| Mercuria Holdings Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 11961 |
| METAWATER Co. Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 73972 |
| Micronics Japan Co. Ltd. (d) | 5400 | &nbsp;&nbsp;&nbsp; 213680 |
| Midac Holdings Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 12150 |
| Mie Kotsu Group Holdings, Inc. (d) | 8600 | &nbsp;&nbsp;&nbsp; 31622 |
| Mikuni Corp.  | 7300 | &nbsp;&nbsp;&nbsp; 18050 |
| Milbon Co. Ltd.  | 6120 | &nbsp;&nbsp;&nbsp; 102579 |
| MIMAKI ENGINEERING Co. Ltd.  | 1700 | &nbsp;&nbsp;&nbsp; 20263 |
| Miraial Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 23365 |
| Mirait One Corp.  | 16680 | &nbsp;&nbsp;&nbsp; 325436 |
| Mirarth Holdings, Inc. (d) | 18300 | &nbsp;&nbsp;&nbsp; 48231 |
| Miroku Jyoho Service Co. Ltd.  | 4600 | &nbsp;&nbsp;&nbsp; 58993 |
| Mitani Corp.  | 22700 | &nbsp;&nbsp;&nbsp; 329464 |
| Mitani Sekisan Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 106666 |
| Mito Securities Co. Ltd.  | 10400 | &nbsp;&nbsp;&nbsp; 38686 |
| Mitsuba Corp.  | 6900 | &nbsp;&nbsp;&nbsp; 44948 |
| Mitsubishi Kakoki Kaisha Ltd. (d) | 2400 | &nbsp;&nbsp;&nbsp; 43413 |
| Mitsubishi Logisnext Co. Ltd. (d) | 6600 | &nbsp;&nbsp;&nbsp; 80813 |
| Mitsubishi Materials Corp. (d) | 14600 | &nbsp;&nbsp;&nbsp; 273831 |
| Mitsubishi Paper Mills Ltd. (d) | 5400 | &nbsp;&nbsp;&nbsp; 24638 |
| Mitsubishi Pencil Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 79207 |
| Mitsubishi Research Institute, Inc.  | 2000 | &nbsp;&nbsp;&nbsp; 69983 |
| Mitsubishi Steel Manufacturing Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 28711 |
| Mitsuboshi Belting Ltd. (d) | 3900 | &nbsp;&nbsp;&nbsp; 97601 |
| Mitsui DM Sugar Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 62719 |
| Mitsui E&S Co. Ltd. (d) | 18100 | &nbsp;&nbsp;&nbsp; 546113 |
| Mitsui High-Tec, Inc.  | 14000 | &nbsp;&nbsp;&nbsp; 73211 |
| Mitsui Matsushima Holdings Co. Ltd. (d) | 7000 | &nbsp;&nbsp;&nbsp; 70374 |
| Mitsui Mining & Smelting Co. Ltd.  | 6900 | &nbsp;&nbsp;&nbsp; 534967 |
| Mitsui-Soko Holdings Co. Ltd. (d) | 10900 | &nbsp;&nbsp;&nbsp; 304526 |
| Mitsuuroko Group Holdings Co. Ltd. (d) | 5500 | &nbsp;&nbsp;&nbsp; 85359 |
| MIXI, Inc.  | 6400 | &nbsp;&nbsp;&nbsp; 137782 |
| Miyaji Engineering Group, Inc. (d) | 4500 | &nbsp;&nbsp;&nbsp; 61543 |
| Miyazaki Bank Ltd. (d) | 3000 | &nbsp;&nbsp;&nbsp; 92644 |
| Miyoshi Oil & Fat Co. Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 23708 |
| Mizuho Leasing Co. Ltd. (d) | 27000 | &nbsp;&nbsp;&nbsp; 237662 |
| Mizuho Medy Co. Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 10966 |
| Mizuno Corp. (d) | 11100 | &nbsp;&nbsp;&nbsp; 200031 |
| Mochida Pharmaceutical Co. Ltd.  | 4200 | &nbsp;&nbsp;&nbsp; 90088 |
| Monogatari Corp. (d) | 6100 | &nbsp;&nbsp;&nbsp; 175856 |
| MORESCO Corp.  | 2500 | &nbsp;&nbsp;&nbsp; 23363 |
| Morinaga & Co. Ltd. (d) | 12500 | &nbsp;&nbsp;&nbsp; 221306 |
| Morinaga Milk Industry Co. Ltd. (d) | 13000 | &nbsp;&nbsp;&nbsp; 304520 |
| Moriroku Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 13943 |
| Morita Holdings Corp.  | 6100 | &nbsp;&nbsp;&nbsp; 95723 |
| Morito Co. Ltd.  | 3400 | &nbsp;&nbsp;&nbsp; 36842 |
| Morozoff Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 17108 |
| Mory Industries, Inc.  | 6300 | &nbsp;&nbsp;&nbsp; 40858 |
| MOS Food Services, Inc.  | 1000 | &nbsp;&nbsp;&nbsp; 26767 |
| MrMax Holdings Ltd.  | 6500 | &nbsp;&nbsp;&nbsp; 38370 |
| Mugen Estate Co. Ltd.  | 1700 | &nbsp;&nbsp;&nbsp; 24714 |
| m-up Holdings, Inc.  | 5900 | &nbsp;&nbsp;&nbsp; 84665 |
| Murakami Corp. (d) | 1200 | &nbsp;&nbsp;&nbsp; 59370 |
| Musashi Seimitsu Industry Co. Ltd. (d) | 9400 | &nbsp;&nbsp;&nbsp; 218252 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Musashino Bank Ltd. (d) | 4900 | &nbsp;&nbsp;&nbsp; $134086 |
| Mutoh Holdings Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 16054 |
| Nabtesco Corp.  | 10600 | &nbsp;&nbsp;&nbsp; 239730 |
| NAC Co. Ltd. (d) | 7200 | &nbsp;&nbsp;&nbsp; 26791 |
| Nachi-Fujikoshi Corp.  | 2700 | &nbsp;&nbsp;&nbsp; 68109 |
| Nafco Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 35854 |
| Nagano Keiki Co. Ltd. (d) | 2800 | &nbsp;&nbsp;&nbsp; 38971 |
| Nagase & Co. Ltd. (d) | 14800 | &nbsp;&nbsp;&nbsp; 320015 |
| Nagoya Railroad Co. Ltd. (d) | 22000 | &nbsp;&nbsp;&nbsp; 262778 |
| Nakabayashi Co. Ltd.  | 5500 | &nbsp;&nbsp;&nbsp; 22551 |
| Nakamuraya Co. Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 33595 |
| Nakanishi, Inc.  | 13200 | &nbsp;&nbsp;&nbsp; 182469 |
| Nakano Corp.  | 4000 | &nbsp;&nbsp;&nbsp; 24650 |
| Nakayama Steel Works Ltd.  | 6300 | &nbsp;&nbsp;&nbsp; 27280 |
| Nakayamafuku Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 5610 |
| Namura Shipbuilding Co. Ltd. (d) | 8856 | &nbsp;&nbsp;&nbsp; 203717 |
| Nankai Electric Railway Co. Ltd. (d) | 9200 | &nbsp;&nbsp;&nbsp; 173408 |
| Nanto Bank Ltd. (d) | 4300 | &nbsp;&nbsp;&nbsp; 147750 |
| Narasaki Sangyo Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 19371 |
| Natori Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 35173 |
| NCD Co. Ltd./Shinagawa | 1700 | &nbsp;&nbsp;&nbsp; 32769 |
| NEC Capital Solutions Ltd. (d) | 2000 | &nbsp;&nbsp;&nbsp; 53028 |
| Neturen Co. Ltd.  | 4300 | &nbsp;&nbsp;&nbsp; 35450 |
| New Art Holdings Co. Ltd. (d) | 1358 | &nbsp;&nbsp;&nbsp; 13129 |
| New Japan Chemical Co. Ltd.  | 9900 | &nbsp;&nbsp;&nbsp; 14930 |
| Nextage Co. Ltd.  | 9300 | &nbsp;&nbsp;&nbsp; 147236 |
| NexTone, Inc. (a) | 700 | &nbsp;&nbsp;&nbsp; 10497 |
| NF Holdings Corp. (d) | 1600 | &nbsp;&nbsp;&nbsp; 14583 |
| NHK Spring Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 18026 |
| Nicca Chemical Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 13576 |
| Nice Corp. (d) | 2300 | &nbsp;&nbsp;&nbsp; 28923 |
| Nichia Steel Works Ltd. (d) | 5100 | &nbsp;&nbsp;&nbsp; 12454 |
| Nichias Corp. (d) | 6900 | &nbsp;&nbsp;&nbsp; 259213 |
| Nichiban Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 42759 |
| Nichicon Corp. (d) | 8300 | &nbsp;&nbsp;&nbsp; 83025 |
| Nichiden Corp.  | 2900 | &nbsp;&nbsp;&nbsp; 53292 |
| Nichiha Corp. (d) | 4900 | &nbsp;&nbsp;&nbsp; 91191 |
| Nichimo Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 33772 |
| Nichireki Group Co. Ltd. (d) | 5100 | &nbsp;&nbsp;&nbsp; 91191 |
| Nichirin Co. Ltd. (d) | 1400 | &nbsp;&nbsp;&nbsp; 35363 |
| Nifco, Inc.  | 5400 | &nbsp;&nbsp;&nbsp; 162953 |
| Nihon Dempa Kogyo Co. Ltd.  | 3300 | &nbsp;&nbsp;&nbsp; 20726 |
| Nihon Dengi Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 28543 |
| Nihon Flush Co. Ltd.  | 6000 | &nbsp;&nbsp;&nbsp; 32727 |
| Nihon House Holdings Co. Ltd.  | 10000 | &nbsp;&nbsp;&nbsp; 21238 |
| Nihon Kagaku Sangyo Co. Ltd.  | 3000 | &nbsp;&nbsp;&nbsp; 46793 |
| Nihon M&A Center Holdings, Inc. (d) | 53600 | &nbsp;&nbsp;&nbsp; 273357 |
| Nihon Nohyaku Co. Ltd.  | 5700 | &nbsp;&nbsp;&nbsp; 38637 |
| Nihon Parkerizing Co. Ltd.  | 18000 | &nbsp;&nbsp;&nbsp; 166430 |
| Nihon Plast Co. Ltd.  | 4500 | &nbsp;&nbsp;&nbsp; 12999 |
| Nihon Tokushu Toryo Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 41350 |
| Nihon Yamamura Glass Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 38386 |
| Nikkiso Co. Ltd.  | 9500 | &nbsp;&nbsp;&nbsp; 95070 |
| Nikko Co. Ltd.  | 6900 | &nbsp;&nbsp;&nbsp; 36223 |
| Nikkon Holdings Co. Ltd. (d) | 18100 | &nbsp;&nbsp;&nbsp; 417196 |
| Nippn Corp. (d) | 10000 | &nbsp;&nbsp;&nbsp; 156720 |

---

**BHFTII-91**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Nippon Air Conditioning Services Co. Ltd.  | 3700 | &nbsp;&nbsp;&nbsp; $32292 |
| Nippon Aqua Co. Ltd.  | 3000 | &nbsp;&nbsp;&nbsp; 18682 |
| Nippon Beet Sugar Manufacturing Co. Ltd.  | 2200 | &nbsp;&nbsp;&nbsp; 43846 |
| Nippon Carbide Industries Co., Inc.  | 2300 | &nbsp;&nbsp;&nbsp; 34083 |
| Nippon Carbon Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 61825 |
| Nippon Chemical Industrial Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 26961 |
| Nippon Chemi-Con Corp. (a) | 4400 | &nbsp;&nbsp;&nbsp; 48513 |
| Nippon Coke & Engineering Co. Ltd. (a) | 47000 | &nbsp;&nbsp;&nbsp; 33059 |
| Nippon Concrete Industries Co. Ltd. (d) | 14000 | &nbsp;&nbsp;&nbsp; 32680 |
| Nippon Denko Co. Ltd.  | 18565 | &nbsp;&nbsp;&nbsp; 42577 |
| Nippon Densetsu Kogyo Co. Ltd.  | 6700 | &nbsp;&nbsp;&nbsp; 129407 |
| Nippon Dry-Chemical Co. Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 53561 |
| Nippon Electric Glass Co. Ltd.  | 12300 | &nbsp;&nbsp;&nbsp; 403272 |
| Nippon Felt Co. Ltd. (d) | 8600 | &nbsp;&nbsp;&nbsp; 34563 |
| Nippon Filcon Co. Ltd.  | 5200 | &nbsp;&nbsp;&nbsp; 19925 |
| Nippon Gas Co. Ltd. (d) | 20300 | &nbsp;&nbsp;&nbsp; 379982 |
| Nippon Hume Corp. (d) | 5600 | &nbsp;&nbsp;&nbsp; 148209 |
| Nippon Kayaku Co. Ltd.  | 25700 | &nbsp;&nbsp;&nbsp; 241825 |
| Nippon Kodoshi Corp.  | 1600 | &nbsp;&nbsp;&nbsp; 24053 |
| Nippon Light Metal Holdings Co. Ltd.  | 10300 | &nbsp;&nbsp;&nbsp; 146051 |
| Nippon Paper Industries Co. Ltd. (d) | 18500 | &nbsp;&nbsp;&nbsp; 152600 |
| Nippon Parking Development Co. Ltd.  | 38400 | &nbsp;&nbsp;&nbsp; 74682 |
| Nippon Rietec Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 35372 |
| Nippon Seiki Co. Ltd.  | 9100 | &nbsp;&nbsp;&nbsp; 109344 |
| Nippon Seisen Co. Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 26066 |
| Nippon Sharyo Ltd.  | 1900 | &nbsp;&nbsp;&nbsp; 36972 |
| Nippon Sheet Glass Co. Ltd. (a) | 15100 | &nbsp;&nbsp;&nbsp; 51966 |
| Nippon Shinyaku Co. Ltd. (d) | 5300 | &nbsp;&nbsp;&nbsp; 119283 |
| Nippon Shokubai Co. Ltd. (d) | 12400 | &nbsp;&nbsp;&nbsp; 152814 |
| Nippon Signal Co. Ltd.  | 8300 | &nbsp;&nbsp;&nbsp; 68212 |
| Nippon Soda Co. Ltd.  | 8800 | &nbsp;&nbsp;&nbsp; 205047 |
| Nippon Thompson Co. Ltd.  | 11700 | &nbsp;&nbsp;&nbsp; 54336 |
| Nippon Yakin Kogyo Co. Ltd. (d) | 2000 | &nbsp;&nbsp;&nbsp; 57843 |
| Nipro Corp. (d) | 29300 | &nbsp;&nbsp;&nbsp; 298021 |
| Nishikawa Rubber Co. Ltd. (d) | 2400 | &nbsp;&nbsp;&nbsp; 47462 |
| Nishimatsu Construction Co. Ltd.  | 5000 | &nbsp;&nbsp;&nbsp; 177264 |
| Nishimatsuya Chain Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 12998 |
| Nishi-Nippon Financial Holdings, Inc. (d) | 21500 | &nbsp;&nbsp;&nbsp; 364201 |
| Nishi-Nippon Railroad Co. Ltd.  | 11900 | &nbsp;&nbsp;&nbsp; 188143 |
| Nishio Holdings Co. Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 104192 |
| Nissan Shatai Co. Ltd. (d) | 12600 | &nbsp;&nbsp;&nbsp; 104874 |
| Nissan Tokyo Sales Holdings Co. Ltd.  | 11000 | &nbsp;&nbsp;&nbsp; 37515 |
| Nissei ASB Machine Co. Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 77571 |
| Nissei Plastic Industrial Co. Ltd.  | 4500 | &nbsp;&nbsp;&nbsp; 26369 |
| Nissha Co. Ltd.  | 7400 | &nbsp;&nbsp;&nbsp; 71590 |
| Nisshin Group Holdings Co. Ltd.  | 9400 | &nbsp;&nbsp;&nbsp; 38404 |
| Nisshin Oillio Group Ltd. (d) | 5000 | &nbsp;&nbsp;&nbsp; 175820 |
| Nisshinbo Holdings, Inc.  | 27920 | &nbsp;&nbsp;&nbsp; 214590 |
| Nisso Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 6202 |
| Nissui Corp. (d) | 56700 | &nbsp;&nbsp;&nbsp; 399477 |
| Nitta Corp.  | 3700 | &nbsp;&nbsp;&nbsp; 103976 |
| Nitta Gelatin, Inc. (d) | 4500 | &nbsp;&nbsp;&nbsp; 30970 |
| Nittetsu Mining Co. Ltd. (d) | 9000 | &nbsp;&nbsp;&nbsp; 121538 |
| Nitto Fuji Flour Milling Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 37959 |
| Nitto Kogyo Corp. (d) | 4800 | &nbsp;&nbsp;&nbsp; 117369 |
| Nitto Kohki Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 37833 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Nitto Seiko Co. Ltd.  | 8900 | &nbsp;&nbsp;&nbsp; $38413 |
| Nittoc Construction Co. Ltd.  | 4450 | &nbsp;&nbsp;&nbsp; 38016 |
| Noevir Holdings Co. Ltd. (d) | 3200 | &nbsp;&nbsp;&nbsp; 96572 |
| Nohmi Bosai Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 15299 |
| Nojima Corp. (d) | 12200 | &nbsp;&nbsp;&nbsp; 334263 |
| NOK Corp.  | 900 | &nbsp;&nbsp;&nbsp; 15793 |
| Noritake Co. Ltd. (d) | 3600 | &nbsp;&nbsp;&nbsp; 114986 |
| Noritsu Koki Co. Ltd.  | 11000 | &nbsp;&nbsp;&nbsp; 131025 |
| Noritz Corp.  | 6400 | &nbsp;&nbsp;&nbsp; 86819 |
| North Pacific Bank Ltd.  | 48800 | &nbsp;&nbsp;&nbsp; 246019 |
| NPR-RIKEN Corp. (d) | 4264 | &nbsp;&nbsp;&nbsp; 88705 |
| NS Tool Co. Ltd.  | 4800 | &nbsp;&nbsp;&nbsp; 25713 |
| NS United Kaiun Kaisha Ltd. (d) | 2200 | &nbsp;&nbsp;&nbsp; 75332 |
| NSD Co. Ltd. (d) | 12440 | &nbsp;&nbsp;&nbsp; 291931 |
| NSK Ltd.  | 13000 | &nbsp;&nbsp;&nbsp; 67338 |
| NSW, Inc.  | 1900 | &nbsp;&nbsp;&nbsp; 33166 |
| NTN Corp.  | 92700 | &nbsp;&nbsp;&nbsp; 214050 |
| Oat Agrio Co. Ltd.  | 400 | &nbsp;&nbsp;&nbsp; 6582 |
| Obara Group, Inc. (d) | 1900 | &nbsp;&nbsp;&nbsp; 54886 |
| Oenon Holdings, Inc.  | 9700 | &nbsp;&nbsp;&nbsp; 38884 |
| Ogaki Kyoritsu Bank Ltd. (d) | 7200 | &nbsp;&nbsp;&nbsp; 168905 |
| Ohara, Inc.  | 1600 | &nbsp;&nbsp;&nbsp; 12883 |
| Ohashi Technica, Inc.  | 2900 | &nbsp;&nbsp;&nbsp; 42709 |
| Ohba Co. Ltd.  | 4600 | &nbsp;&nbsp;&nbsp; 35621 |
| Ohsho Food Service Corp. (d) | 6600 | &nbsp;&nbsp;&nbsp; 165066 |
| OIE Sangyo Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 12112 |
| Oiles Corp.  | 4400 | &nbsp;&nbsp;&nbsp; 68541 |
| Oita Bank Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 83388 |
| Okabe Co. Ltd.  | 6800 | &nbsp;&nbsp;&nbsp; 43058 |
| Okada Aiyon Corp.  | 1900 | &nbsp;&nbsp;&nbsp; 25868 |
| Okamoto Industries, Inc.  | 1800 | &nbsp;&nbsp;&nbsp; 61772 |
| Okamoto Machine Tool Works Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 32125 |
| Okamura Corp. (d) | 11100 | &nbsp;&nbsp;&nbsp; 176148 |
| Okasan Securities Group, Inc.  | 24600 | &nbsp;&nbsp;&nbsp; 113600 |
| Oki Electric Industry Co. Ltd.  | 16800 | &nbsp;&nbsp;&nbsp; 182805 |
| Okinawa Cellular Telephone Co. (d) | 7600 | &nbsp;&nbsp;&nbsp; 134257 |
| Okinawa Electric Power Co., Inc. (d) | 8627 | &nbsp;&nbsp;&nbsp; 59054 |
| Okinawa Financial Group, Inc.  | 3260 | &nbsp;&nbsp;&nbsp; 85085 |
| OKUMA Corp. (d) | 8900 | &nbsp;&nbsp;&nbsp; 203293 |
| Okumura Corp. (d) | 6000 | &nbsp;&nbsp;&nbsp; 191774 |
| Okura Industrial Co. Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 59019 |
| Okuwa Co. Ltd.  | 4400 | &nbsp;&nbsp;&nbsp; 27556 |
| Onoken Co. Ltd.  | 4300 | &nbsp;&nbsp;&nbsp; 40752 |
| Onward Holdings Co. Ltd.  | 22500 | &nbsp;&nbsp;&nbsp; 106396 |
| Open Up Group, Inc.  | 4700 | &nbsp;&nbsp;&nbsp; 57650 |
| Optex Group Co. Ltd.  | 6800 | &nbsp;&nbsp;&nbsp; 96805 |
| Optim Corp. (a) (d) | 4200 | &nbsp;&nbsp;&nbsp; 17210 |
| Optorun Co. Ltd.  | 5500 | &nbsp;&nbsp;&nbsp; 61684 |
| Organo Corp. (d) | 2900 | &nbsp;&nbsp;&nbsp; 221621 |
| Oricon, Inc.  | 1200 | &nbsp;&nbsp;&nbsp; 6725 |
| Orient Corp.  | 11670 | &nbsp;&nbsp;&nbsp; 79645 |
| Oriental Shiraishi Corp.  | 22700 | &nbsp;&nbsp;&nbsp; 65416 |
| Oro Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 24818 |
| Osaka Organic Chemical Industry Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 61034 |
| Osaka Steel Co. Ltd. (d) | 2500 | &nbsp;&nbsp;&nbsp; 42785 |
| OSAKA Titanium Technologies Co. Ltd. (d) | 3200 | &nbsp;&nbsp;&nbsp; 56154 |

---

**BHFTII-92**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Osaki Electric Co. Ltd.  | 4900 | &nbsp;&nbsp;&nbsp; $42413 |
| OSG Corp. (d) | 13400 | &nbsp;&nbsp;&nbsp; 191834 |
| OUG Holdings, Inc.  | 700 | &nbsp;&nbsp;&nbsp; 18287 |
| Oyo Corp.  | 3700 | &nbsp;&nbsp;&nbsp; 72058 |
| Ozu Corp. (d) | 600 | &nbsp;&nbsp;&nbsp; 6877 |
| Pacific Industrial Co. Ltd. (d) | 8900 | &nbsp;&nbsp;&nbsp; 160073 |
| Pacific Metals Co. Ltd. (d) | 3900 | &nbsp;&nbsp;&nbsp; 52516 |
| Pack Corp. (d) | 8600 | &nbsp;&nbsp;&nbsp; 69826 |
| PAL GROUP Holdings Co. Ltd.  | 9600 | &nbsp;&nbsp;&nbsp; 162773 |
| PALTAC Corp.  | 3300 | &nbsp;&nbsp;&nbsp; 103283 |
| Paraca, Inc.  | 300 | &nbsp;&nbsp;&nbsp; 4037 |
| Paramount Bed Holdings Co. Ltd.  | 8000 | &nbsp;&nbsp;&nbsp; 196368 |
| Park24 Co. Ltd. (d) | 23400 | &nbsp;&nbsp;&nbsp; 298775 |
| Pasona Group, Inc.  | 4600 | &nbsp;&nbsp;&nbsp; 68030 |
| Pegasus Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 24942 |
| Penta-Ocean Construction Co. Ltd.  | 25100 | &nbsp;&nbsp;&nbsp; 197579 |
| People Dreams & Technologies Group Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 16433 |
| PeptiDream, Inc. (a) (d) | 10000 | &nbsp;&nbsp;&nbsp; 106052 |
| Pharma Foods International Co. Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 20207 |
| PIA Corp. (a) | 500 | &nbsp;&nbsp;&nbsp; 11718 |
| Pickles Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 20440 |
| Pigeon Corp.  | 22500 | &nbsp;&nbsp;&nbsp; 270132 |
| PILLAR Corp. (d) | 3700 | &nbsp;&nbsp;&nbsp; 102853 |
| Pilot Corp.  | 5800 | &nbsp;&nbsp;&nbsp; 187998 |
| Piolax, Inc.  | 4000 | &nbsp;&nbsp;&nbsp; 48203 |
| Plus Alpha Consulting Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 33799 |
| Pole To Win Holdings, Inc.  | 7900 | &nbsp;&nbsp;&nbsp; 18782 |
| PR Times Corp.  | 700 | &nbsp;&nbsp;&nbsp; 14535 |
| Premium Group Co. Ltd.  | 6700 | &nbsp;&nbsp;&nbsp; 97520 |
| Premium Water Holdings, Inc.  | 500 | &nbsp;&nbsp;&nbsp; 11312 |
| Press Kogyo Co. Ltd.  | 16600 | &nbsp;&nbsp;&nbsp; 72219 |
| Prestige International, Inc. (d) | 17100 | &nbsp;&nbsp;&nbsp; 76215 |
| Prima Meat Packers Ltd.  | 4600 | &nbsp;&nbsp;&nbsp; 73251 |
| Procrea Holdings, Inc. (d) | 5421 | &nbsp;&nbsp;&nbsp; 63638 |
| Pronexus, Inc.  | 5100 | &nbsp;&nbsp;&nbsp; 38633 |
| Pro-Ship, Inc.  | 3000 | &nbsp;&nbsp;&nbsp; 30181 |
| PS Construction Co. Ltd.  | 2700 | &nbsp;&nbsp;&nbsp; 33820 |
| Punch Industry Co. Ltd.  | 2700 | &nbsp;&nbsp;&nbsp; 7895 |
| QB Net Holdings Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 12883 |
| Qol Holdings Co. Ltd.  | 3900 | &nbsp;&nbsp;&nbsp; 52959 |
| Quick Co. Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 52578 |
| Raccoon Holdings, Inc. (d) | 4100 | &nbsp;&nbsp;&nbsp; 20036 |
| Raito Kogyo Co. Ltd. (d) | 6700 | &nbsp;&nbsp;&nbsp; 146078 |
| Raiznext Corp.  | 3700 | &nbsp;&nbsp;&nbsp; 47896 |
| Raksul, Inc.  | 3300 | &nbsp;&nbsp;&nbsp; 26591 |
| Rakus Co. Ltd.  | 9600 | &nbsp;&nbsp;&nbsp; 88344 |
| Rasa Industries Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 49297 |
| Relo Group, Inc.  | 11500 | &nbsp;&nbsp;&nbsp; 138652 |
| Rengo Co. Ltd. (d) | 39000 | &nbsp;&nbsp;&nbsp; 246620 |
| RENOVA, Inc. (a) | 5100 | &nbsp;&nbsp;&nbsp; 32345 |
| Resorttrust, Inc.  | 34800 | &nbsp;&nbsp;&nbsp; 441728 |
| Restar Corp. (d) | 3800 | &nbsp;&nbsp;&nbsp; 67610 |
| Retail Partners Co. Ltd.  | 4300 | &nbsp;&nbsp;&nbsp; 41268 |
| Rheon Automatic Machinery Co. Ltd.  | 5000 | &nbsp;&nbsp;&nbsp; 47550 |
| Rhythm Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 29447 |
| Ricoh Leasing Co. Ltd. (d) | 2700 | &nbsp;&nbsp;&nbsp; 106529 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Ride On Express Holdings Co. Ltd.  | 1700 | &nbsp;&nbsp;&nbsp; $11737 |
| Riken Keiki Co. Ltd.  | 6400 | &nbsp;&nbsp;&nbsp; 135058 |
| Riken Technos Corp.  | 6700 | &nbsp;&nbsp;&nbsp; 57028 |
| Riken Vitamin Co. Ltd.  | 3800 | &nbsp;&nbsp;&nbsp; 74777 |
| Ringer Hut Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 9280 |
| Rion Co. Ltd.  | 2200 | &nbsp;&nbsp;&nbsp; 39503 |
| Riso Kyoiku Group Corp.  | 12870 | &nbsp;&nbsp;&nbsp; 19567 |
| Rokko Butter Co. Ltd.  | 3600 | &nbsp;&nbsp;&nbsp; 30677 |
| Roland Corp.  | 2800 | &nbsp;&nbsp;&nbsp; 63808 |
| Round One Corp. (d) | 22400 | &nbsp;&nbsp;&nbsp; 197649 |
| Ryobi Ltd.  | 4900 | &nbsp;&nbsp;&nbsp; 91929 |
| RYODEN Corp.  | 2700 | &nbsp;&nbsp;&nbsp; 56340 |
| Ryoyo Ryosan Holdings, Inc. (d) | 2220 | &nbsp;&nbsp;&nbsp; 44876 |
| S Foods, Inc.  | 3600 | &nbsp;&nbsp;&nbsp; 66106 |
| S&B Foods, Inc.  | 3000 | &nbsp;&nbsp;&nbsp; 69029 |
| Sac's Bar Holdings, Inc.  | 5250 | &nbsp;&nbsp;&nbsp; 27990 |
| Sagami Rubber Industries Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 11384 |
| Saibu Gas Holdings Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 72210 |
| Saizeriya Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 80763 |
| Sakai Chemical Industry Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 61534 |
| Sakai Heavy Industries Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 28013 |
| Sakai Moving Service Co. Ltd.  | 4900 | &nbsp;&nbsp;&nbsp; 99236 |
| Sakata INX Corp. (d) | 8400 | &nbsp;&nbsp;&nbsp; 132027 |
| Sala Corp.  | 9700 | &nbsp;&nbsp;&nbsp; 71956 |
| San Holdings, Inc.  | 3500 | &nbsp;&nbsp;&nbsp; 35186 |
| San ju San Financial Group, Inc. (d) | 4270 | &nbsp;&nbsp;&nbsp; 104202 |
| San-A Co. Ltd.  | 7800 | &nbsp;&nbsp;&nbsp; 146880 |
| San-Ai Obbli Co. Ltd. (d) | 10200 | &nbsp;&nbsp;&nbsp; 144184 |
| Sangetsu Corp.  | 9800 | &nbsp;&nbsp;&nbsp; 205580 |
| San-In Godo Bank Ltd. (d) | 26400 | &nbsp;&nbsp;&nbsp; 245946 |
| Sanken Electric Co. Ltd. (a) (d) | 4000 | &nbsp;&nbsp;&nbsp; 193856 |
| Sanki Engineering Co. Ltd.  | 6800 | &nbsp;&nbsp;&nbsp; 226361 |
| Sanko Metal Industrial Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 25433 |
| Sankyo Frontier Co. Ltd.  | 2000 | &nbsp;&nbsp;&nbsp; 27942 |
| Sankyo Seiko Co. Ltd.  | 10800 | &nbsp;&nbsp;&nbsp; 50377 |
| Sankyo Tateyama, Inc.  | 6500 | &nbsp;&nbsp;&nbsp; 29120 |
| Sankyu, Inc.  | 4800 | &nbsp;&nbsp;&nbsp; 262657 |
| Sanoh Industrial Co. Ltd. (d) | 6300 | &nbsp;&nbsp;&nbsp; 39573 |
| Sansei Technologies, Inc.  | 800 | &nbsp;&nbsp;&nbsp; 11556 |
| Sansha Electric Manufacturing Co. Ltd.  | 2700 | &nbsp;&nbsp;&nbsp; 16864 |
| Sanshin Electronics Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 46250 |
| Sanyo Chemical Industries Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 69565 |
| Sanyo Denki Co. Ltd. (d) | 5100 | &nbsp;&nbsp;&nbsp; 121380 |
| Sanyo Electric Railway Co. Ltd. (d) | 4000 | &nbsp;&nbsp;&nbsp; 57053 |
| Sanyo Industries Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 35742 |
| Sanyo Shokai Ltd.  | 1500 | &nbsp;&nbsp;&nbsp; 35214 |
| Sanyo Trading Co. Ltd.  | 5300 | &nbsp;&nbsp;&nbsp; 57498 |
| Sata Construction Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 20700 |
| Sato Corp.  | 5300 | &nbsp;&nbsp;&nbsp; 81213 |
| Sato Shoji Corp.  | 3100 | &nbsp;&nbsp;&nbsp; 41372 |
| Satori Electric Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 26964 |
| Sawai Group Holdings Co. Ltd. (d) | 18300 | &nbsp;&nbsp;&nbsp; 247782 |
| SAXA, Inc.  | 1000 | &nbsp;&nbsp;&nbsp; 34247 |
| SBI ARUHI Corp.  | 2000 | &nbsp;&nbsp;&nbsp; 11060 |
| SBI Insurance Group Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 14255 |
| SBS Holdings, Inc.  | 3200 | &nbsp;&nbsp;&nbsp; 79514 |

---

**BHFTII-93**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Scroll Corp.  | 6400 | &nbsp;&nbsp;&nbsp; $48742 |
| SEC Carbon Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 15297 |
| Seed Co. Ltd.  | 1700 | &nbsp;&nbsp;&nbsp; 6133 |
| Seika Corp.  | 3900 | &nbsp;&nbsp;&nbsp; 52092 |
| Seikagaku Corp.  | 9800 | &nbsp;&nbsp;&nbsp; 43975 |
| Seikitokyu Kogyo Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; 21375 |
| Seiko Group Corp.  | 5500 | &nbsp;&nbsp;&nbsp; 242270 |
| Seiren Co. Ltd. (d) | 9900 | &nbsp;&nbsp;&nbsp; 203946 |
| Sekisui Jushi Corp.  | 5300 | &nbsp;&nbsp;&nbsp; 77513 |
| Sekisui Kasei Co. Ltd. (a) | 8100 | &nbsp;&nbsp;&nbsp; 19615 |
| SEMITEC Corp.  | 1600 | &nbsp;&nbsp;&nbsp; 24471 |
| Senko Group Holdings Co. Ltd. (d) | 25500 | &nbsp;&nbsp;&nbsp; 350768 |
| Senshu Electric Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 77428 |
| Senshu Ikeda Holdings, Inc. (d) | 42200 | &nbsp;&nbsp;&nbsp; 184828 |
| Senshukai Co. Ltd. (a) | 11000 | &nbsp;&nbsp;&nbsp; 18005 |
| SERAKU Co. Ltd.  | 700 | &nbsp;&nbsp;&nbsp; 8016 |
| Seria Co. Ltd.  | 9000 | &nbsp;&nbsp;&nbsp; 188798 |
| Seven Bank Ltd. (d) | 65300 | &nbsp;&nbsp;&nbsp; 129180 |
| Shibaura Electronics Co. Ltd. (d) | 3300 | &nbsp;&nbsp;&nbsp; 158925 |
| Shibaura Machine Co. Ltd. (d) | 4000 | &nbsp;&nbsp;&nbsp; 113596 |
| Shibaura Mechatronics Corp.  | 2400 | &nbsp;&nbsp;&nbsp; 211266 |
| Shibusawa Logistics Corp.  | 7200 | &nbsp;&nbsp;&nbsp; 56315 |
| Shibuya Corp.  | 3100 | &nbsp;&nbsp;&nbsp; 71501 |
| SHIFT, Inc. (a) | 19500 | &nbsp;&nbsp;&nbsp; 165202 |
| Shiga Bank Ltd. (d) | 6900 | &nbsp;&nbsp;&nbsp; 315859 |
| Shikibo Ltd.  | 4700 | &nbsp;&nbsp;&nbsp; 31815 |
| Shikoku Bank Ltd.  | 7400 | &nbsp;&nbsp;&nbsp; 75903 |
| Shikoku Electric Power Co., Inc. (d) | 31200 | &nbsp;&nbsp;&nbsp; 277580 |
| Shikoku Kasei Holdings Corp.  | 5500 | &nbsp;&nbsp;&nbsp; 83108 |
| Shima Seiki Manufacturing Ltd.  | 7000 | &nbsp;&nbsp;&nbsp; 49889 |
| Shimadaya Corp.  | 1500 | &nbsp;&nbsp;&nbsp; 18152 |
| Shimizu Bank Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 36003 |
| Shimojima Co. Ltd.  | 4200 | &nbsp;&nbsp;&nbsp; 36486 |
| Shin Nippon Air Technologies Co. Ltd. (d) | 4200 | &nbsp;&nbsp;&nbsp; 86034 |
| Shinagawa Refractories Co. Ltd.  | 5100 | &nbsp;&nbsp;&nbsp; 64593 |
| Shindengen Electric Manufacturing Co. Ltd.  | 1900 | &nbsp;&nbsp;&nbsp; 40653 |
| Shin-Etsu Polymer Co. Ltd.  | 7700 | &nbsp;&nbsp;&nbsp; 99317 |
| Shinki Bus Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 23797 |
| Shinko Shoji Co. Ltd.  | 5100 | &nbsp;&nbsp;&nbsp; 34416 |
| Shinmaywa Industries Ltd. (d) | 11000 | &nbsp;&nbsp;&nbsp; 138191 |
| Shinnihon Corp.  | 4300 | &nbsp;&nbsp;&nbsp; 53567 |
| Shinnihonseiyaku Co. Ltd. (d) | 1100 | &nbsp;&nbsp;&nbsp; 17026 |
| Shinsho Corp. (d) | 2700 | &nbsp;&nbsp;&nbsp; 40690 |
| Shinwa Co. Ltd. (d) | 4400 | &nbsp;&nbsp;&nbsp; 62840 |
| Ship Healthcare Holdings, Inc.  | 14900 | &nbsp;&nbsp;&nbsp; 230116 |
| Shizuoka Gas Co. Ltd.  | 8800 | &nbsp;&nbsp;&nbsp; 69581 |
| SHO-BOND Holdings Co. Ltd.  | 400 | &nbsp;&nbsp;&nbsp; 13147 |
| Shoei Co. Ltd. (d) | 9000 | &nbsp;&nbsp;&nbsp; 106874 |
| Shoei Foods Corp.  | 400 | &nbsp;&nbsp;&nbsp; 11325 |
| Showa Sangyo Co. Ltd.  | 4000 | &nbsp;&nbsp;&nbsp; 82504 |
| SIGMAXYZ Holdings, Inc.  | 12900 | &nbsp;&nbsp;&nbsp; 80461 |
| Siix Corp.  | 6200 | &nbsp;&nbsp;&nbsp; 56826 |
| Simplex Holdings, Inc.  | 700 | &nbsp;&nbsp;&nbsp; 20543 |
| Sinanen Holdings Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 81329 |
| Sinfonia Technology Co. Ltd. (d) | 4200 | &nbsp;&nbsp;&nbsp; 257907 |
| Sinko Industries Ltd.  | 8300 | &nbsp;&nbsp;&nbsp; 72669 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Sintokogio Ltd.  | 8900 | &nbsp;&nbsp;&nbsp; $60703 |
| SK-Electronics Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 34762 |
| SKY Perfect JSAT Holdings, Inc. (d) | 32400 | &nbsp;&nbsp;&nbsp; 305134 |
| Smaregi, Inc.  | 1200 | &nbsp;&nbsp;&nbsp; 24238 |
| SMK Corp.  | 1700 | &nbsp;&nbsp;&nbsp; 26276 |
| SMS Co. Ltd.  | 8200 | &nbsp;&nbsp;&nbsp; 86338 |
| Soda Nikka Co. Ltd.  | 4500 | &nbsp;&nbsp;&nbsp; 32033 |
| Sodick Co. Ltd.  | 9000 | &nbsp;&nbsp;&nbsp; 55568 |
| Soft99 Corp. (d) | 4200 | &nbsp;&nbsp;&nbsp; 98611 |
| Softcreate Holdings Corp.  | 3000 | &nbsp;&nbsp;&nbsp; 47454 |
| Software Service, Inc.  | 900 | &nbsp;&nbsp;&nbsp; 90254 |
| Soken Chemical & Engineering Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 19533 |
| Solasto Corp.  | 12800 | &nbsp;&nbsp;&nbsp; 42263 |
| Soliton Systems KK | 2500 | &nbsp;&nbsp;&nbsp; 24667 |
| Solxyz Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 4245 |
| Sotetsu Holdings, Inc. (d) | 12100 | &nbsp;&nbsp;&nbsp; 218098 |
| Sotoh Co. Ltd. (d) | 3100 | &nbsp;&nbsp;&nbsp; 16417 |
| Space Co. Ltd.  | 5060 | &nbsp;&nbsp;&nbsp; 47817 |
| Sparx Group Co. Ltd.  | 3740 | &nbsp;&nbsp;&nbsp; 40360 |
| SPK Corp.  | 2600 | &nbsp;&nbsp;&nbsp; 41184 |
| Sprix, Inc.  | 1300 | &nbsp;&nbsp;&nbsp; 12369 |
| SRA Holdings | 2000 | &nbsp;&nbsp;&nbsp; 68295 |
| SRE Holdings Corp.  | 1900 | &nbsp;&nbsp;&nbsp; 41442 |
| ST Corp.  | 3100 | &nbsp;&nbsp;&nbsp; 33143 |
| St. Care Holding Corp.  | 2300 | &nbsp;&nbsp;&nbsp; 12773 |
| St. Marc Holdings Co. Ltd.  | 2300 | &nbsp;&nbsp;&nbsp; 43718 |
| Star Mica Holdings Co. Ltd.  | 3000 | &nbsp;&nbsp;&nbsp; 23984 |
| Star Micronics Co. Ltd.  | 5500 | &nbsp;&nbsp;&nbsp; 62199 |
| Starts Corp., Inc. (d) | 6500 | &nbsp;&nbsp;&nbsp; 223314 |
| Starzen Co. Ltd.  | 9500 | &nbsp;&nbsp;&nbsp; 77095 |
| Stella Chemifa Corp.  | 2000 | &nbsp;&nbsp;&nbsp; 55176 |
| Step Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 42317 |
| Strike Co. Ltd. (d) | 1300 | &nbsp;&nbsp;&nbsp; 38997 |
| Studio Alice Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 40421 |
| Subaru Enterprise Co. Ltd.  | 500 | &nbsp;&nbsp;&nbsp; 11802 |
| Sugimoto & Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 32689 |
| SUMCO Corp. (d) | 16000 | &nbsp;&nbsp;&nbsp; 169886 |
| Sumida Corp.  | 7500 | &nbsp;&nbsp;&nbsp; 55014 |
| Suminoe Co. Ltd. (d) | 2800 | &nbsp;&nbsp;&nbsp; 23211 |
| Sumitomo Densetsu Co. Ltd. (d) | 3200 | &nbsp;&nbsp;&nbsp; 138130 |
| Sumitomo Heavy Industries Ltd.  | 4700 | &nbsp;&nbsp;&nbsp; 113044 |
| Sumitomo Osaka Cement Co. Ltd. (d) | 6200 | &nbsp;&nbsp;&nbsp; 162899 |
| Sumitomo Riko Co. Ltd.  | 8000 | &nbsp;&nbsp;&nbsp; 119111 |
| Sumitomo Seika Chemicals Co. Ltd. (d) | 1800 | &nbsp;&nbsp;&nbsp; 57896 |
| Sumitomo Warehouse Co. Ltd. (d) | 9500 | &nbsp;&nbsp;&nbsp; 199986 |
| Sun Frontier Fudousan Co. Ltd. (d) | 6100 | &nbsp;&nbsp;&nbsp; 96497 |
| Suncall Corp. (d) | 6500 | &nbsp;&nbsp;&nbsp; 45020 |
| Sun-Wa Technos Corp.  | 2200 | &nbsp;&nbsp;&nbsp; 39526 |
| Suruga Bank Ltd. (d) | 25300 | &nbsp;&nbsp;&nbsp; 263639 |
| Suzuken Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 47218 |
| Suzuki Co. Ltd.  | 1700 | &nbsp;&nbsp;&nbsp; 25100 |
| SWCC Corp. (d) | 5800 | &nbsp;&nbsp;&nbsp; 303820 |
| System Research Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 34300 |
| Systems Engineering Consultants Co. Ltd. (d) | 1200 | &nbsp;&nbsp;&nbsp; 19155 |
| Systena Corp.  | 51800 | &nbsp;&nbsp;&nbsp; 185569 |
| Syuppin Co. Ltd.  | 4400 | &nbsp;&nbsp;&nbsp; 36255 |

---

**BHFTII-94**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| T Hasegawa Co. Ltd.  | 4500 | &nbsp;&nbsp;&nbsp; $88713 |
| T RAD Co. Ltd.  | 900 | &nbsp;&nbsp;&nbsp; 43584 |
| Tachibana Eletech Co. Ltd. (d) | 2940 | &nbsp;&nbsp;&nbsp; 58184 |
| Tachikawa Corp.  | 3100 | &nbsp;&nbsp;&nbsp; 40850 |
| Tachi-S Co. Ltd. (d) | 6200 | &nbsp;&nbsp;&nbsp; 82367 |
| Tadano Ltd.  | 18500 | &nbsp;&nbsp;&nbsp; 130334 |
| Taihei Dengyo Kaisha Ltd.  | 7200 | &nbsp;&nbsp;&nbsp; 101721 |
| Taiheiyo Kouhatsu, Inc.  | 2100 | &nbsp;&nbsp;&nbsp; 11055 |
| Taiho Kogyo Co. Ltd.  | 6400 | &nbsp;&nbsp;&nbsp; 31652 |
| Taikisha Ltd.  | 10200 | &nbsp;&nbsp;&nbsp; 196879 |
| Taiko Bank Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 36888 |
| Taisei Lamick Group Head Quarter & Innovation Co. Ltd.  | 2200 | &nbsp;&nbsp;&nbsp; 40266 |
| Taiyo Holdings Co. Ltd.  | 8700 | &nbsp;&nbsp;&nbsp; 474752 |
| Taiyo Yuden Co. Ltd. (d) | 13000 | &nbsp;&nbsp;&nbsp; 289658 |
| Takamatsu Construction Group Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 67625 |
| Takamiya Co. Ltd. (d) | 5200 | &nbsp;&nbsp;&nbsp; 12724 |
| Takano Co. Ltd. (d) | 4600 | &nbsp;&nbsp;&nbsp; 23868 |
| Takaoka Toko Co. Ltd.  | 1765 | &nbsp;&nbsp;&nbsp; 37547 |
| Takara & Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 36404 |
| Takara Bio, Inc.  | 11100 | &nbsp;&nbsp;&nbsp; 70047 |
| Takara Holdings, Inc.  | 32100 | &nbsp;&nbsp;&nbsp; 379122 |
| Takara Standard Co. Ltd.  | 8300 | &nbsp;&nbsp;&nbsp; 146518 |
| Takasago International Corp.  | 13500 | &nbsp;&nbsp;&nbsp; 147459 |
| Takashima & Co. Ltd. (d) | 5400 | &nbsp;&nbsp;&nbsp; 29839 |
| Takashimaya Co. Ltd.  | 4000 | &nbsp;&nbsp;&nbsp; 45658 |
| Takemoto Yohki Co. Ltd.  | 1200 | &nbsp;&nbsp;&nbsp; 6833 |
| Takeuchi Manufacturing Co. Ltd. (d) | 6400 | &nbsp;&nbsp;&nbsp; 223907 |
| Tama Home Co. Ltd. (d) | 3200 | &nbsp;&nbsp;&nbsp; 79037 |
| Tamron Co. Ltd.  | 25500 | &nbsp;&nbsp;&nbsp; 178087 |
| Tamura Corp. (d) | 15600 | &nbsp;&nbsp;&nbsp; 51686 |
| Tanseisha Co. Ltd.  | 7250 | &nbsp;&nbsp;&nbsp; 68797 |
| Tayca Corp.  | 4000 | &nbsp;&nbsp;&nbsp; 35304 |
| Tazmo Co. Ltd. (d) | 2500 | &nbsp;&nbsp;&nbsp; 41053 |
| Tbk Co. Ltd.  | 8000 | &nbsp;&nbsp;&nbsp; 17855 |
| TDC Soft, Inc. (d) | 6000 | &nbsp;&nbsp;&nbsp; 56068 |
| TechMatrix Corp.  | 7800 | &nbsp;&nbsp;&nbsp; 114439 |
| Techno Medica Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 32058 |
| Techno Ryowa Ltd. (d) | 1700 | &nbsp;&nbsp;&nbsp; 57028 |
| Teijin Ltd.  | 32500 | &nbsp;&nbsp;&nbsp; 276683 |
| Teikoku Electric Manufacturing Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 62763 |
| Teikoku Sen-I Co. Ltd. (d) | 3600 | &nbsp;&nbsp;&nbsp; 78992 |
| Teikoku Tsushin Kogyo Co. Ltd.  | 2300 | &nbsp;&nbsp;&nbsp; 37241 |
| Tekken Corp.  | 1800 | &nbsp;&nbsp;&nbsp; 42745 |
| Temairazu, Inc.  | 700 | &nbsp;&nbsp;&nbsp; 14803 |
| Tess Holdings Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 7728 |
| Tigers Polymer Corp.  | 2200 | &nbsp;&nbsp;&nbsp; 15002 |
| TKC Corp.  | 5400 | &nbsp;&nbsp;&nbsp; 154303 |
| Toa Corp.  | 15700 | &nbsp;&nbsp;&nbsp; 194708 |
| TOA ROAD Corp. (d) | 7500 | &nbsp;&nbsp;&nbsp; 78445 |
| Toagosei Co. Ltd. (d) | 16800 | &nbsp;&nbsp;&nbsp; 171364 |
| TOBISHIMA HOLDINGS, Inc.  | 4560 | &nbsp;&nbsp;&nbsp; 67060 |
| TOC Co. Ltd.  | 7900 | &nbsp;&nbsp;&nbsp; 43111 |
| Tocalo Co. Ltd.  | 10400 | &nbsp;&nbsp;&nbsp; 152657 |
| Tochigi Bank Ltd.  | 21300 | &nbsp;&nbsp;&nbsp; 73054 |
| Toda Corp.  | 36000 | &nbsp;&nbsp;&nbsp; 247906 |
| Toda Kogyo Corp. (a) | 600 | &nbsp;&nbsp;&nbsp; 5291 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Toei Co. Ltd.  | 700 | &nbsp;&nbsp;&nbsp; $25458 |
| Toell Co. Ltd. (d) | 3100 | &nbsp;&nbsp;&nbsp; 17285 |
| Toenec Corp.  | 9500 | &nbsp;&nbsp;&nbsp; 89803 |
| Toho Bank Ltd. (d) | 37200 | &nbsp;&nbsp;&nbsp; 116770 |
| Toho Co. Ltd. (d) | 1700 | &nbsp;&nbsp;&nbsp; 39264 |
| Toho Gas Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 18482 |
| Toho Holdings Co. Ltd. (d) | 7200 | &nbsp;&nbsp;&nbsp; 265875 |
| Toho Titanium Co. Ltd. (d) | 6500 | &nbsp;&nbsp;&nbsp; 78248 |
| Toho Zinc Co. Ltd. (a) | 3400 | &nbsp;&nbsp;&nbsp; 14809 |
| Tohoku Bank Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 31596 |
| Tohokushinsha Film Corp. (d) | 11800 | &nbsp;&nbsp;&nbsp; 51404 |
| Tokai Carbon Co. Ltd.  | 40400 | &nbsp;&nbsp;&nbsp; 281086 |
| Tokai Corp.  | 4100 | &nbsp;&nbsp;&nbsp; 60942 |
| TOKAI Holdings Corp. (d) | 19700 | &nbsp;&nbsp;&nbsp; 138606 |
| Tokai Rika Co. Ltd. (d) | 10200 | &nbsp;&nbsp;&nbsp; 184786 |
| Tokai Tokyo Financial Holdings, Inc. (d) | 40100 | &nbsp;&nbsp;&nbsp; 159475 |
| Token Corp.  | 1060 | &nbsp;&nbsp;&nbsp; 106744 |
| Tokushu Tokai Paper Co. Ltd.  | 6000 | &nbsp;&nbsp;&nbsp; 63113 |
| Tokuyama Corp. (d) | 12400 | &nbsp;&nbsp;&nbsp; 307458 |
| Tokyo Base Co. Ltd.  | 4100 | &nbsp;&nbsp;&nbsp; 13264 |
| Tokyo Electron Device Ltd. (d) | 3900 | &nbsp;&nbsp;&nbsp; 78385 |
| Tokyo Energy & Systems, Inc.  | 3200 | &nbsp;&nbsp;&nbsp; 36236 |
| Tokyo Individualized Educational Institute, Inc.  | 2500 | &nbsp;&nbsp;&nbsp; 5778 |
| Tokyo Kiraboshi Financial Group, Inc. (d) | 4524 | &nbsp;&nbsp;&nbsp; 220383 |
| Tokyo Rope Manufacturing Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 27829 |
| Tokyo Sangyo Co. Ltd.  | 5500 | &nbsp;&nbsp;&nbsp; 33875 |
| Tokyo Seimitsu Co. Ltd. (d) | 4800 | &nbsp;&nbsp;&nbsp; 324869 |
| Tokyo Steel Manufacturing Co. Ltd. (d) | 10800 | &nbsp;&nbsp;&nbsp; 106499 |
| Tokyo Tekko Co. Ltd.  | 1600 | &nbsp;&nbsp;&nbsp; 62673 |
| Tokyo Theatres Co., Inc.  | 2900 | &nbsp;&nbsp;&nbsp; 27284 |
| Tokyotokeiba Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 101897 |
| Tokyu Construction Co. Ltd. (d) | 14900 | &nbsp;&nbsp;&nbsp; 112551 |
| Toli Corp.  | 9300 | &nbsp;&nbsp;&nbsp; 36684 |
| Tomato Bank Ltd.  | 3000 | &nbsp;&nbsp;&nbsp; 27142 |
| Tomen Devices Corp.  | 800 | &nbsp;&nbsp;&nbsp; 36744 |
| Tomoe Corp. (d) | 3100 | &nbsp;&nbsp;&nbsp; 31908 |
| Tomoe Engineering Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 31876 |
| Tomoku Co. Ltd.  | 1900 | &nbsp;&nbsp;&nbsp; 43642 |
| TOMONY Holdings, Inc. (d) | 28700 | &nbsp;&nbsp;&nbsp; 130358 |
| Tomy Co. Ltd. (d) | 12000 | &nbsp;&nbsp;&nbsp; 259252 |
| Topre Corp.  | 7600 | &nbsp;&nbsp;&nbsp; 119177 |
| Topy Industries Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 59487 |
| Torex Semiconductor Ltd. (d) | 500 | &nbsp;&nbsp;&nbsp; 5608 |
| Toridoll Holdings Corp. (d) | 6500 | &nbsp;&nbsp;&nbsp; 210703 |
| Torigoe Co. Ltd.  | 4400 | &nbsp;&nbsp;&nbsp; 31041 |
| Torishima Pump Manufacturing Co. Ltd. (d) | 3700 | &nbsp;&nbsp;&nbsp; 51026 |
| Tosei Corp.  | 5700 | &nbsp;&nbsp;&nbsp; 133931 |
| Toshiba TEC Corp. (d) | 6000 | &nbsp;&nbsp;&nbsp; 122634 |
| Totech Corp.  | 2100 | &nbsp;&nbsp;&nbsp; 44865 |
| Totetsu Kogyo Co. Ltd. (d) | 4300 | &nbsp;&nbsp;&nbsp; 125750 |
| Tottori Bank Ltd. (d) | 3700 | &nbsp;&nbsp;&nbsp; 34676 |
| Toukei Computer Co. Ltd.  | 600 | &nbsp;&nbsp;&nbsp; 16214 |
| Towa Bank Ltd.  | 6800 | &nbsp;&nbsp;&nbsp; 45699 |
| Towa Corp. (d) | 12000 | &nbsp;&nbsp;&nbsp; 172545 |
| Towa Pharmaceutical Co. Ltd. (d) | 5600 | &nbsp;&nbsp;&nbsp; 111763 |
| Toyo Corp. (d) | 7900 | &nbsp;&nbsp;&nbsp; 85282 |

---

**BHFTII-95**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Toyo Denki Seizo KK | 2400 | &nbsp;&nbsp;&nbsp; $30609 |
| Toyo Gosei Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 34012 |
| Toyo Innovex Co. Ltd. (d) | 6000 | &nbsp;&nbsp;&nbsp; 26628 |
| Toyo Kanetsu KK | 1600 | &nbsp;&nbsp;&nbsp; 50434 |
| Toyo Securities Co. Ltd.  | 8900 | &nbsp;&nbsp;&nbsp; 33230 |
| Toyo Tanso Co. Ltd. (d) | 2800 | &nbsp;&nbsp;&nbsp; 82552 |
| Toyo Tire Corp.  | 8200 | &nbsp;&nbsp;&nbsp; 217529 |
| Toyo Wharf & Warehouse Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 26270 |
| Toyobo Co. Ltd.  | 18600 | &nbsp;&nbsp;&nbsp; 142819 |
| Toyoda Gosei Co. Ltd.  | 1400 | &nbsp;&nbsp;&nbsp; 34798 |
| Toyota Boshoku Corp.  | 4300 | &nbsp;&nbsp;&nbsp; 71242 |
| TPR Co. Ltd. (d) | 8200 | &nbsp;&nbsp;&nbsp; 67518 |
| Traders Holdings Co. Ltd. (d) | 2800 | &nbsp;&nbsp;&nbsp; 17910 |
| Transaction Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 22863 |
| Transcosmos, Inc.  | 4200 | &nbsp;&nbsp;&nbsp; 104604 |
| TRE Holdings Corp.  | 5600 | &nbsp;&nbsp;&nbsp; 58785 |
| Treasure Factory Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 23053 |
| Trusco Nakayama Corp.  | 9700 | &nbsp;&nbsp;&nbsp; 156380 |
| TS Tech Co. Ltd. (d) | 15400 | &nbsp;&nbsp;&nbsp; 193905 |
| TSI Holdings Co. Ltd.  | 9805 | &nbsp;&nbsp;&nbsp; 69898 |
| Tsubaki Nakashima Co. Ltd.  | 10100 | &nbsp;&nbsp;&nbsp; 26446 |
| Tsubakimoto Chain Co. (d) | 15200 | &nbsp;&nbsp;&nbsp; 220493 |
| Tsubakimoto Kogyo Co. Ltd. (d) | 2200 | &nbsp;&nbsp;&nbsp; 41724 |
| Tsuburaya Fields Holdings, Inc.  | 3600 | &nbsp;&nbsp;&nbsp; 55120 |
| Tsugami Corp. (d) | 7400 | &nbsp;&nbsp;&nbsp; 119084 |
| Tsukishima Holdings Co. Ltd. (d) | 5700 | &nbsp;&nbsp;&nbsp; 113081 |
| Tsukuba Bank Ltd.  | 19200 | &nbsp;&nbsp;&nbsp; 40417 |
| Tsumura & Co. (d) | 9300 | &nbsp;&nbsp;&nbsp; 227795 |
| Tsurumi Manufacturing Co. Ltd.  | 6400 | &nbsp;&nbsp;&nbsp; 87077 |
| Tsutsumi Jewelry Co. Ltd.  | 700 | &nbsp;&nbsp;&nbsp; 10562 |
| TV Asahi Holdings Corp.  | 4200 | &nbsp;&nbsp;&nbsp; 95181 |
| Tv Tokyo Holdings Corp.  | 900 | &nbsp;&nbsp;&nbsp; 30034 |
| TYK Corp. (d) | 6000 | &nbsp;&nbsp;&nbsp; 21615 |
| UACJ Corp. (d) | 29540 | &nbsp;&nbsp;&nbsp; 320461 |
| UBE Corp. (d) | 18500 | &nbsp;&nbsp;&nbsp; 286265 |
| Ubicom Holdings, Inc.  | 500 | &nbsp;&nbsp;&nbsp; 3714 |
| Uchida Yoko Co. Ltd.  | 1500 | &nbsp;&nbsp;&nbsp; 122447 |
| Ueki Corp.  | 2200 | &nbsp;&nbsp;&nbsp; 35183 |
| ULS Group, Inc. (d) | 6000 | &nbsp;&nbsp;&nbsp; 30769 |
| Ulvac, Inc.  | 1900 | &nbsp;&nbsp;&nbsp; 83224 |
| U-Next Holdings Co. Ltd.  | 8100 | &nbsp;&nbsp;&nbsp; 118217 |
| Unipres Corp.  | 7600 | &nbsp;&nbsp;&nbsp; 62910 |
| United Arrows Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 43747 |
| United Super Markets Holdings, Inc.  | 13068 | &nbsp;&nbsp;&nbsp; 85212 |
| UNITED, Inc. (d) | 6000 | &nbsp;&nbsp;&nbsp; 23171 |
| Universal Entertainment Corp. (a) | 6100 | &nbsp;&nbsp;&nbsp; 40191 |
| Urbanet Corp. Co. Ltd. (d) | 4500 | &nbsp;&nbsp;&nbsp; 17417 |
| Ushio, Inc.  | 14100 | &nbsp;&nbsp;&nbsp; 221686 |
| UT Group Co. Ltd. (d) | 4900 | &nbsp;&nbsp;&nbsp; 90451 |
| V Technology Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 42000 |
| Valor Holdings Co. Ltd.  | 7200 | &nbsp;&nbsp;&nbsp; 141616 |
| Valqua Ltd. (d) | 3200 | &nbsp;&nbsp;&nbsp; 81228 |
| Value HR Co. Ltd. (d) | 2000 | &nbsp;&nbsp;&nbsp; 21374 |
| ValueCommerce Co. Ltd.  | 4300 | &nbsp;&nbsp;&nbsp; 23118 |
| Vector, Inc. (d) | 5600 | &nbsp;&nbsp;&nbsp; 42196 |
| Vertex Corp.  | 6000 | &nbsp;&nbsp;&nbsp; 62618 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Vision, Inc.  | 4000 | &nbsp;&nbsp;&nbsp; $33625 |
| Visional, Inc. (a) | 1900 | &nbsp;&nbsp;&nbsp; 145269 |
| Vital KSK Holdings, Inc.  | 7800 | &nbsp;&nbsp;&nbsp; 69244 |
| VT Holdings Co. Ltd.  | 14700 | &nbsp;&nbsp;&nbsp; 49033 |
| Wacoal Holdings Corp. (d) | 2500 | &nbsp;&nbsp;&nbsp; 95323 |
| Wacom Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 9950 |
| Wakachiku Construction Co. Ltd.  | 1500 | &nbsp;&nbsp;&nbsp; 52606 |
| Wakita & Co. Ltd.  | 5300 | &nbsp;&nbsp;&nbsp; 66478 |
| Warabeya Nichiyo Holdings Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 55973 |
| Waseda Academy Co. Ltd. (d) | 1400 | &nbsp;&nbsp;&nbsp; 26035 |
| Watahan & Co. Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 33761 |
| Watts Co. Ltd.  | 1900 | &nbsp;&nbsp;&nbsp; 8378 |
| WDB Holdings Co. Ltd. (d) | 2700 | &nbsp;&nbsp;&nbsp; 31685 |
| Weathernews, Inc.  | 2500 | &nbsp;&nbsp;&nbsp; 79447 |
| Wellneo Sugar Co. Ltd.  | 2400 | &nbsp;&nbsp;&nbsp; 41918 |
| Wellnet Corp.  | 4400 | &nbsp;&nbsp;&nbsp; 21352 |
| West Holdings Corp. (d) | 4729 | &nbsp;&nbsp;&nbsp; 62735 |
| Will Group, Inc. (d) | 4200 | &nbsp;&nbsp;&nbsp; 29013 |
| WingArc1st, Inc.  | 1800 | &nbsp;&nbsp;&nbsp; 39808 |
| Wood One Co. Ltd.  | 2600 | &nbsp;&nbsp;&nbsp; 15472 |
| World Co. Ltd.  | 5000 | &nbsp;&nbsp;&nbsp; 96438 |
| World Holdings Co. Ltd.  | 2500 | &nbsp;&nbsp;&nbsp; 44207 |
| Wowow, Inc.  | 2200 | &nbsp;&nbsp;&nbsp; 21617 |
| Xebio Holdings Co. Ltd. (d) | 5600 | &nbsp;&nbsp;&nbsp; 43652 |
| Yahagi Construction Co. Ltd.  | 5400 | &nbsp;&nbsp;&nbsp; 81856 |
| YAKUODO Holdings Co. Ltd.  | 2900 | &nbsp;&nbsp;&nbsp; 45346 |
| YAMABIKO Corp. (d) | 6100 | &nbsp;&nbsp;&nbsp; 104810 |
| YAMADA Consulting Group Co. Ltd.  | 3100 | &nbsp;&nbsp;&nbsp; 39031 |
| Yamagata Bank Ltd.  | 5800 | &nbsp;&nbsp;&nbsp; 66421 |
| Yamaguchi Financial Group, Inc. (d) | 13700 | &nbsp;&nbsp;&nbsp; 166655 |
| Yamaichi Electronics Co. Ltd.  | 3700 | &nbsp;&nbsp;&nbsp; 87682 |
| Yamanashi Chuo Bank Ltd. (d) | 5600 | &nbsp;&nbsp;&nbsp; 121101 |
| Yamatane Corp. (d) | 3400 | &nbsp;&nbsp;&nbsp; 64935 |
| Yamato Corp.  | 3100 | &nbsp;&nbsp;&nbsp; 44137 |
| Yamaura Corp. (d) | 2800 | &nbsp;&nbsp;&nbsp; 27045 |
| Yamaya Corp.  | 1150 | &nbsp;&nbsp;&nbsp; 18604 |
| Yamazawa Co. Ltd.  | 1000 | &nbsp;&nbsp;&nbsp; 7957 |
| Yamazen Corp. (d) | 10500 | &nbsp;&nbsp;&nbsp; 99006 |
| Yaoko Co. Ltd. (a) (b) (c) | 700 | &nbsp;&nbsp;&nbsp; 45327 |
| Yashima Denki Co. Ltd.  | 3800 | &nbsp;&nbsp;&nbsp; 56877 |
| Yasuda Logistics Corp.  | 3200 | &nbsp;&nbsp;&nbsp; 45784 |
| Yellow Hat Ltd. (d) | 12000 | &nbsp;&nbsp;&nbsp; 137212 |
| Yodogawa Steel Works Ltd. (d) | 21300 | &nbsp;&nbsp;&nbsp; 186787 |
| Yokogawa Bridge Holdings Corp. (d) | 6900 | &nbsp;&nbsp;&nbsp; 131947 |
| Yokorei Co. Ltd. (d) | 8700 | &nbsp;&nbsp;&nbsp; 71429 |
| Yokowo Co. Ltd. (d) | 4300 | &nbsp;&nbsp;&nbsp; 42986 |
| Yomeishu Seizo Co. Ltd.  | 1800 | &nbsp;&nbsp;&nbsp; 47827 |
| Yondenko Corp.  | 6000 | &nbsp;&nbsp;&nbsp; 54532 |
| Yondoshi Holdings, Inc. (d) | 2800 | &nbsp;&nbsp;&nbsp; 32628 |
| Yonex Co. Ltd.  | 9500 | &nbsp;&nbsp;&nbsp; 241044 |
| Yorozu Corp.  | 5000 | &nbsp;&nbsp;&nbsp; 31828 |
| Yoshinoya Holdings Co. Ltd.  | 13200 | &nbsp;&nbsp;&nbsp; 268607 |
| Yotai Refractories Co. Ltd.  | 200 | &nbsp;&nbsp;&nbsp; 2325 |
| Yuasa Funashoku Co. Ltd. (d) | 5200 | &nbsp;&nbsp;&nbsp; 61351 |
| Yuasa Trading Co. Ltd.  | 3300 | &nbsp;&nbsp;&nbsp; 113039 |
| Yuken Kogyo Co. Ltd.  | 1300 | &nbsp;&nbsp;&nbsp; 25710 |

---

**BHFTII-96**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Yukiguni Factory Co. Ltd.  | 2100 | &nbsp;&nbsp;&nbsp; $15082 |
| Yurtec Corp.  | 6800 | &nbsp;&nbsp;&nbsp; 124104 |
| Yushin Co.  | 2900 | &nbsp;&nbsp;&nbsp; 12068 |
| Yushiro, Inc.  | 2200 | &nbsp;&nbsp;&nbsp; 33642 |
| Yutaka Giken Co. Ltd. (d) | 600 | &nbsp;&nbsp;&nbsp; 12370 |
| Zacros Corp.  | 11600 | &nbsp;&nbsp;&nbsp; 83224 |
| Zaoh Co. Ltd.  | 800 | &nbsp;&nbsp;&nbsp; 13340 |
| Zenkoku Hosho Co. Ltd. (d) | 9300 | &nbsp;&nbsp;&nbsp; 211110 |
| Zenrin Co. Ltd.  | 7150 | &nbsp;&nbsp;&nbsp; 51758 |
| Zeon Corp. (d) | 14000 | &nbsp;&nbsp;&nbsp; 155918 |
| ZERIA Pharmaceutical Co. Ltd.  | 2800 | &nbsp;&nbsp;&nbsp; 38430 |
| ZIGExN Co. Ltd.  | 8400 | &nbsp;&nbsp;&nbsp; 31485 |
| Zojirushi Corp.  | 900 | &nbsp;&nbsp;&nbsp; 9898 |
| Zuiko Corp. (d) | 4000 | &nbsp;&nbsp;&nbsp; 26874 |
|  |  | &nbsp;&nbsp;&nbsp; 110859193 |
| **Jersey, Channel Islands — 0.0%** | **Jersey, Channel Islands — 0.0%** | **Jersey, Channel Islands — 0.0%** |
| Coinshares International Ltd.  | 2621 | &nbsp;&nbsp;&nbsp; 39500 |
| **Liechtenstein — 0.1%** | **Liechtenstein — 0.1%** | **Liechtenstein — 0.1%** |
| Liechtensteinische Landesbank AG | 2289 | &nbsp;&nbsp;&nbsp; 221986 |
| VP Bank AG - Class A | 722 | &nbsp;&nbsp;&nbsp; 74989 |
|  |  | &nbsp;&nbsp;&nbsp; 296975 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| Aperam SA | 9154 | &nbsp;&nbsp;&nbsp; 298564 |
| RTL Group SA (d) | 3665 | &nbsp;&nbsp;&nbsp; 150653 |
| SES SA | 78345 | &nbsp;&nbsp;&nbsp; 597895 |
|  |  | &nbsp;&nbsp;&nbsp; 1047112 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| MECOM Power & Construction Ltd. (a) | 43500 | &nbsp;&nbsp;&nbsp; 899 |
| SJM Holdings Ltd. (a) (d) | 384249 | &nbsp;&nbsp;&nbsp; 163940 |
| Wynn Macau Ltd.  | 68800 | &nbsp;&nbsp;&nbsp; 63630 |
|  |  | &nbsp;&nbsp;&nbsp; 228469 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Frencken Group Ltd.  | 57600 | &nbsp;&nbsp;&nbsp; 63203 |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |
| Mongolian Mining Corp. (a) | 63000 | &nbsp;&nbsp;&nbsp; 100825 |
| **Netherlands — 1.8%** | **Netherlands — 1.8%** | **Netherlands — 1.8%** |
| Aalberts NV | 5427 | &nbsp;&nbsp;&nbsp; 179328 |
| Acomo NV | 2850 | &nbsp;&nbsp;&nbsp; 78345 |
| Aegon Ltd. (NY Registry Shares) | 25296 | &nbsp;&nbsp;&nbsp; 202115 |
| Akzo Nobel NV | 11191 | &nbsp;&nbsp;&nbsp; 797144 |
| Alfen NV (a) (d) | 2166 | &nbsp;&nbsp;&nbsp; 24669 |
| AMG Critical Materials NV | 1922 | &nbsp;&nbsp;&nbsp; 65267 |
| Arcadis NV | 6197 | &nbsp;&nbsp;&nbsp; 311967 |
| Argo Properties NV (a) | 626 | &nbsp;&nbsp;&nbsp; 21013 |
| Basic-Fit NV (a) (d) | 8733 | &nbsp;&nbsp;&nbsp; 265762 |
| BE Semiconductor Industries NV (d) | 5246 | &nbsp;&nbsp;&nbsp; 786795 |
| Brunel International NV (d) | 4749 | &nbsp;&nbsp;&nbsp; 45485 |
| Corbion NV (d) | 12701 | &nbsp;&nbsp;&nbsp; 245263 |
| CTP NV | 13468 | &nbsp;&nbsp;&nbsp; 299859 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Netherlands — (Continued)** | **Netherlands — (Continued)** | **Netherlands — (Continued)** |
| Flow Traders Ltd. (a) | 7758 | &nbsp;&nbsp;&nbsp; $232399 |
| ForFarmers NV | 10101 | &nbsp;&nbsp;&nbsp; 53814 |
| Fugro NV (d) | 5306 | &nbsp;&nbsp;&nbsp; 56660 |
| IMCD NV | 6208 | &nbsp;&nbsp;&nbsp; 641796 |
| Kendrion NV (d) | 4067 | &nbsp;&nbsp;&nbsp; 67411 |
| Koninklijke BAM Groep NV | 72114 | &nbsp;&nbsp;&nbsp; 684585 |
| Koninklijke Heijmans NV | 6281 | &nbsp;&nbsp;&nbsp; 439010 |
| Koninklijke Vopak NV | 13444 | &nbsp;&nbsp;&nbsp; 616243 |
| Nedap NV | 1044 | &nbsp;&nbsp;&nbsp; 116157 |
| New World Resources PLC - Class A (a) (b) (c) | 11898 | &nbsp;&nbsp;&nbsp; 0 |
| OCI NV (a) | 12506 | &nbsp;&nbsp;&nbsp; 57978 |
| Pharming Group NV (a) | 76183 | &nbsp;&nbsp;&nbsp; 111216 |
| PostNL NV (d) | 42125 | &nbsp;&nbsp;&nbsp; 51908 |
| Randstad NV (d) | 14799 | &nbsp;&nbsp;&nbsp; 633899 |
| SBM Offshore NV (d) | 29300 | &nbsp;&nbsp;&nbsp; 750317 |
| SIF Holding NV (a) (d) | 1469 | &nbsp;&nbsp;&nbsp; 13344 |
| Sligro Food Group NV (d) | 4674 | &nbsp;&nbsp;&nbsp; 58047 |
| TKH Group NV (d) | 8726 | &nbsp;&nbsp;&nbsp; 376294 |
| TomTom NV (a) | 7804 | &nbsp;&nbsp;&nbsp; 49156 |
| Van Lanschot Kempen NV | 6743 | &nbsp;&nbsp;&nbsp; 403431 |
|  |  | &nbsp;&nbsp;&nbsp; 8736677 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Air New Zealand Ltd.  | 216039 | &nbsp;&nbsp;&nbsp; 74520 |
| Briscoe Group Ltd.  | 13123 | &nbsp;&nbsp;&nbsp; 38410 |
| Channel Infrastructure NZ Ltd.  | 43701 | &nbsp;&nbsp;&nbsp; 65907 |
| Delegat Group Ltd.  | 6671 | &nbsp;&nbsp;&nbsp; 17083 |
| Eroad Ltd. (a) | 7847 | &nbsp;&nbsp;&nbsp; 12241 |
| Fletcher Building Ltd. (a) | 6120 | &nbsp;&nbsp;&nbsp; 11966 |
| Freightways Group Ltd.  | 26416 | &nbsp;&nbsp;&nbsp; 209903 |
| Genesis Energy Ltd.  | 22556 | &nbsp;&nbsp;&nbsp; 30708 |
| Gentrack Group Ltd. (a) | 7810 | &nbsp;&nbsp;&nbsp; 46625 |
| Hallenstein Glasson Holdings Ltd.  | 13182 | &nbsp;&nbsp;&nbsp; 70224 |
| Heartland Group Holdings Ltd.  | 137070 | &nbsp;&nbsp;&nbsp; 83511 |
| Investore Property Ltd. (REIT) | 50353 | &nbsp;&nbsp;&nbsp; 36267 |
| KMD Brands Ltd. (a) | 106864 | &nbsp;&nbsp;&nbsp; 16738 |
| NZME Ltd.  | 71247 | &nbsp;&nbsp;&nbsp; 43354 |
| NZX Ltd.  | 75475 | &nbsp;&nbsp;&nbsp; 60559 |
| Oceania Healthcare Ltd. (a) | 113418 | &nbsp;&nbsp;&nbsp; 45430 |
| Pacific Edge Ltd. (a) | 89677 | &nbsp;&nbsp;&nbsp; 9814 |
| PGG Wrightson Ltd.  | 5854 | &nbsp;&nbsp;&nbsp; 7809 |
| Restaurant Brands New Zealand Ltd.  | 7507 | &nbsp;&nbsp;&nbsp; 21296 |
| Ryman Healthcare Ltd. (a) | 6586 | &nbsp;&nbsp;&nbsp; 9902 |
| Sanford Ltd.  | 17782 | &nbsp;&nbsp;&nbsp; 56831 |
| Scales Corp. Ltd.  | 25709 | &nbsp;&nbsp;&nbsp; 84812 |
| Serko Ltd. (a) | 5880 | &nbsp;&nbsp;&nbsp; 9236 |
| Skellerup Holdings Ltd.  | 34311 | &nbsp;&nbsp;&nbsp; 102851 |
| SKY Network Television Ltd.  | 26052 | &nbsp;&nbsp;&nbsp; 47118 |
| SKYCITY Entertainment Group Ltd. (a) | 97557 | &nbsp;&nbsp;&nbsp; 37281 |
| Steel & Tube Holdings Ltd. (a) | 51732 | &nbsp;&nbsp;&nbsp; 19450 |
| Summerset Group Holdings Ltd.  | 22000 | &nbsp;&nbsp;&nbsp; 136070 |
| Tourism Holdings Ltd.  | 29422 | &nbsp;&nbsp;&nbsp; 45067 |
| TOWER Ltd.  | 48467 | &nbsp;&nbsp;&nbsp; 49102 |
| Turners Automotive Group Ltd.  | 9777 | &nbsp;&nbsp;&nbsp; 40500 |
| Warehouse Group Ltd. (a) | 26369 | &nbsp;&nbsp;&nbsp; 12306 |
|  |  | &nbsp;&nbsp;&nbsp; 1552891 |

---

**BHFTII-97**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| 2020 Bulkers Ltd.  | 3023 | &nbsp;&nbsp;&nbsp; $40785 |
| ABG Sundal Collier Holding ASA | 101806 | &nbsp;&nbsp;&nbsp; 70543 |
| AF Gruppen ASA | 720 | &nbsp;&nbsp;&nbsp; 12138 |
| Akastor ASA | 38221 | &nbsp;&nbsp;&nbsp; 43864 |
| Aker BioMarine ASA (a) | 1110 | &nbsp;&nbsp;&nbsp; 10359 |
| ArcticZymes Technologies ASA (a) | 4578 | &nbsp;&nbsp;&nbsp; 12373 |
| Axactor ASA (a) | 50628 | &nbsp;&nbsp;&nbsp; 38380 |
| B2 Impact ASA | 41724 | &nbsp;&nbsp;&nbsp; 72201 |
| BEWi ASA (a) | 3915 | &nbsp;&nbsp;&nbsp; 6639 |
| Bluenord ASA | 3543 | &nbsp;&nbsp;&nbsp; 160656 |
| Bonheur ASA | 3877 | &nbsp;&nbsp;&nbsp; 87508 |
| Bouvet ASA | 11240 | &nbsp;&nbsp;&nbsp; 74173 |
| BW Offshore Ltd.  | 19722 | &nbsp;&nbsp;&nbsp; 72922 |
| Cloudberry Clean Energy ASA (a) | 5774 | &nbsp;&nbsp;&nbsp; 7981 |
| DNO ASA | 94590 | &nbsp;&nbsp;&nbsp; 145983 |
| Elkem ASA | 15271 | &nbsp;&nbsp;&nbsp; 40253 |
| Elmera Group ASA | 17814 | &nbsp;&nbsp;&nbsp; 60932 |
| Elopak ASA | 11854 | &nbsp;&nbsp;&nbsp; 54784 |
| Europris ASA | 32490 | &nbsp;&nbsp;&nbsp; 329621 |
| FLEX LNG Ltd. (a) (d) | 948 | &nbsp;&nbsp;&nbsp; 23890 |
| Grieg Seafood ASA (a) | 10403 | &nbsp;&nbsp;&nbsp; 69330 |
| Hexagon Composites ASA (a) | 14558 | &nbsp;&nbsp;&nbsp; 15893 |
| Hexagon Purus ASA (a) | 12472 | &nbsp;&nbsp;&nbsp; 2130 |
| Kid ASA | 4880 | &nbsp;&nbsp;&nbsp; 72900 |
| Kitron ASA | 28832 | &nbsp;&nbsp;&nbsp; 167785 |
| Klaveness Combination Carriers ASA | 2039 | &nbsp;&nbsp;&nbsp; 14585 |
| LINK Mobility Group Holding ASA (a) | 18904 | &nbsp;&nbsp;&nbsp; 56491 |
| Medistim ASA | 1762 | &nbsp;&nbsp;&nbsp; 40349 |
| MPC Container Ships ASA | 52837 | &nbsp;&nbsp;&nbsp; 87444 |
| Multiconsult ASA | 1528 | &nbsp;&nbsp;&nbsp; 26780 |
| Nekkar ASA (a) | 8927 | &nbsp;&nbsp;&nbsp; 8931 |
| Norbit ASA | 4655 | &nbsp;&nbsp;&nbsp; 85966 |
| Nordic Mining ASA (a) | 13259 | &nbsp;&nbsp;&nbsp; 19767 |
| Norwegian Air Shuttle ASA | 68212 | &nbsp;&nbsp;&nbsp; 109463 |
| Odfjell Drilling Ltd.  | 21044 | &nbsp;&nbsp;&nbsp; 163712 |
| Odfjell SE - A Shares | 1949 | &nbsp;&nbsp;&nbsp; 23996 |
| OKEA ASA (a) | 884 | &nbsp;&nbsp;&nbsp; 1684 |
| Panoro Energy ASA | 8712 | &nbsp;&nbsp;&nbsp; 20120 |
| Pareto Bank ASA | 4052 | &nbsp;&nbsp;&nbsp; 37163 |
| Pexip Holding ASA | 4814 | &nbsp;&nbsp;&nbsp; 29807 |
| PhotoCure ASA (a) | 2065 | &nbsp;&nbsp;&nbsp; 12196 |
| Rana Gruber ASA | 1733 | &nbsp;&nbsp;&nbsp; 11523 |
| SATS ASA | 10406 | &nbsp;&nbsp;&nbsp; 39615 |
| Sea1 offshore, Inc.  | 3692 | &nbsp;&nbsp;&nbsp; 8077 |
| Selvaag Bolig ASA | 10385 | &nbsp;&nbsp;&nbsp; 36939 |
| Solstad Maritime Holding AS | 16056 | &nbsp;&nbsp;&nbsp; 36917 |
| Sparebanken More | 2450 | &nbsp;&nbsp;&nbsp; 26405 |
| Zaptec ASA (a) | 7253 | &nbsp;&nbsp;&nbsp; 22241 |
|  |  | &nbsp;&nbsp;&nbsp; 2614194 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Hochschild Mining PLC | 95965 | &nbsp;&nbsp;&nbsp; 459917 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Del Monte Pacific Ltd. (a) | 77636 | &nbsp;&nbsp;&nbsp; 5775 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost SA (a) | 16422 | &nbsp;&nbsp;&nbsp; $201664 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| Altri SGPS SA (d) | 13982 | &nbsp;&nbsp;&nbsp; 82348 |
| Banco Comercial Portugues SA - Class R | 1138861 | &nbsp;&nbsp;&nbsp; 1010235 |
| CTT-Correios de Portugal SA | 19958 | &nbsp;&nbsp;&nbsp; 170410 |
| Ibersol SGPS SA (d) | 1360 | &nbsp;&nbsp;&nbsp; 15963 |
| Mota-Engil SGPS SA | 13936 | &nbsp;&nbsp;&nbsp; 84062 |
| Navigator Co. SA | 23399 | &nbsp;&nbsp;&nbsp; 90018 |
| NOS SGPS SA | 37566 | &nbsp;&nbsp;&nbsp; 171856 |
| REN - Redes Energeticas Nacionais SGPS SA | 63085 | &nbsp;&nbsp;&nbsp; 226559 |
| Semapa-Sociedade de Investimento e Gestao | 805 | &nbsp;&nbsp;&nbsp; 17293 |
| Sonae SGPS SA | 132255 | &nbsp;&nbsp;&nbsp; 208135 |
|  |  | &nbsp;&nbsp;&nbsp; 2076879 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| Abterra Ltd. (a) (b) (c) | 51720 | &nbsp;&nbsp;&nbsp; 0 |
| AEM Holdings Ltd. (a) | 47167 | &nbsp;&nbsp;&nbsp; 66735 |
| Aztech Global Ltd.  | 28600 | &nbsp;&nbsp;&nbsp; 14879 |
| Banyan Tree Holdings Ltd.  | 77900 | &nbsp;&nbsp;&nbsp; 37435 |
| Bonvests Holdings Ltd.  | 18000 | &nbsp;&nbsp;&nbsp; 13891 |
| Boustead Singapore Ltd.  | 54899 | &nbsp;&nbsp;&nbsp; 69806 |
| Bukit Sembawang Estates Ltd.  | 33500 | &nbsp;&nbsp;&nbsp; 108622 |
| Capitaland India Trust | 183572 | &nbsp;&nbsp;&nbsp; 170826 |
| Centurion Corp. Ltd.  | 34500 | &nbsp;&nbsp;&nbsp; 40194 |
| China Aviation Oil Singapore Corp. Ltd.  | 55000 | &nbsp;&nbsp;&nbsp; 56732 |
| China Sunsine Chemical Holdings Ltd.  | 70000 | &nbsp;&nbsp;&nbsp; 42403 |
| Chuan Hup Holdings Ltd.  | 125000 | &nbsp;&nbsp;&nbsp; 20800 |
| City Developments Ltd.  | 3200 | &nbsp;&nbsp;&nbsp; 17168 |
| ComfortDelGro Corp. Ltd.  | 398200 | &nbsp;&nbsp;&nbsp; 447626 |
| COSCO Shipping International Singapore Co. Ltd. (a) | 214300 | &nbsp;&nbsp;&nbsp; 20099 |
| Creative Technology Ltd. (a) | 16300 | &nbsp;&nbsp;&nbsp; 8899 |
| CSE Global Ltd.  | 90182 | &nbsp;&nbsp;&nbsp; 50720 |
| Delfi Ltd.  | 80600 | &nbsp;&nbsp;&nbsp; 49384 |
| Ezion Holdings Ltd. (a) (b) (c) | 753729 | &nbsp;&nbsp;&nbsp; 1 |
| Ezra Holdings Ltd. (a) (b) (c) | 1000703 | &nbsp;&nbsp;&nbsp; 1 |
| Far East Orchard Ltd.  | 76120 | &nbsp;&nbsp;&nbsp; 73772 |
| Food Empire Holdings Ltd.  | 41000 | &nbsp;&nbsp;&nbsp; 78968 |
| Fraser & Neave Ltd.  | 36400 | &nbsp;&nbsp;&nbsp; 42059 |
| Fu Yu Corp. Ltd. (a) | 98800 | &nbsp;&nbsp;&nbsp; 7436 |
| Geo Energy Resources Ltd.  | 155000 | &nbsp;&nbsp;&nbsp; 57128 |
| GuocoLand Ltd.  | 47000 | &nbsp;&nbsp;&nbsp; 72899 |
| Haw Par Corp. Ltd.  | 18900 | &nbsp;&nbsp;&nbsp; 208077 |
| Hiap Hoe Ltd.  | 58000 | &nbsp;&nbsp;&nbsp; 24958 |
| Ho Bee Land Ltd.  | 36600 | &nbsp;&nbsp;&nbsp; 61886 |
| Hong Fok Corp. Ltd.  | 72940 | &nbsp;&nbsp;&nbsp; 45313 |
| Hong Leong Asia Ltd.  | 35700 | &nbsp;&nbsp;&nbsp; 68924 |
| Hong Leong Finance Ltd.  | 43900 | &nbsp;&nbsp;&nbsp; 88849 |
| Hotel Grand Central Ltd.  | 26435 | &nbsp;&nbsp;&nbsp; 14545 |
| Hour Glass Ltd.  | 44300 | &nbsp;&nbsp;&nbsp; 70147 |
| HRnetgroup Ltd.  | 67700 | &nbsp;&nbsp;&nbsp; 37816 |
| Hyflux Ltd. (a) (b) (c) | 179500 | &nbsp;&nbsp;&nbsp; 0 |
| iFAST Corp. Ltd.  | 8600 | &nbsp;&nbsp;&nbsp; 59291 |
| IGG, Inc.  | 162000 | &nbsp;&nbsp;&nbsp; 93845 |
| Indofood Agri Resources Ltd.  | 152000 | &nbsp;&nbsp;&nbsp; 42932 |
| InnoTek Ltd.  | 17400 | &nbsp;&nbsp;&nbsp; 6146 |

---

**BHFTII-98**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Singapore — (Continued)** | **Singapore — (Continued)** | **Singapore — (Continued)** |
| Keppel Infrastructure Trust | 823428 | &nbsp;&nbsp;&nbsp; $296829 |
| Low Keng Huat Singapore Ltd.  | 122600 | &nbsp;&nbsp;&nbsp; 53858 |
| Metro Holdings Ltd.  | 141600 | &nbsp;&nbsp;&nbsp; 56979 |
| Mewah International, Inc.  | 110000 | &nbsp;&nbsp;&nbsp; 25579 |
| Midas Holdings Ltd. (a) (b) (c) | 452000 | &nbsp;&nbsp;&nbsp; 0 |
| Nanofilm Technologies International Ltd.  | 29200 | &nbsp;&nbsp;&nbsp; 17482 |
| Netlink NBN Trust | 345500 | &nbsp;&nbsp;&nbsp; 254511 |
| OM Holdings Ltd.  | 21506 | &nbsp;&nbsp;&nbsp; 3833 |
| OUE Ltd.  | 42867 | &nbsp;&nbsp;&nbsp; 39207 |
| Oxley Holdings Ltd. (a) | 268718 | &nbsp;&nbsp;&nbsp; 22366 |
| Pan-United Corp. Ltd.  | 53750 | &nbsp;&nbsp;&nbsp; 46998 |
| Propnex Ltd.  | 15400 | &nbsp;&nbsp;&nbsp; 27831 |
| Q&M Dental Group Singapore Ltd.  | 50160 | &nbsp;&nbsp;&nbsp; 17496 |
| QAF Ltd.  | 74167 | &nbsp;&nbsp;&nbsp; 51163 |
| Raffles Medical Group Ltd.  | 156411 | &nbsp;&nbsp;&nbsp; 118969 |
| Rickmers Maritime (a) (b) (c) | 110000 | &nbsp;&nbsp;&nbsp; 0 |
| Riverstone Holdings Ltd.  | 11900 | &nbsp;&nbsp;&nbsp; 6603 |
| SBS Transit Ltd.  | 16600 | &nbsp;&nbsp;&nbsp; 40708 |
| Seatrium Ltd.  | 104100 | &nbsp;&nbsp;&nbsp; 191599 |
| Sheng Siong Group Ltd.  | 136600 | &nbsp;&nbsp;&nbsp; 220355 |
| SIA Engineering Co. Ltd.  | 55200 | &nbsp;&nbsp;&nbsp; 151612 |
| Sing Holdings Ltd.  | 82000 | &nbsp;&nbsp;&nbsp; 29264 |
| Singapore Land Group Ltd.  | 20800 | &nbsp;&nbsp;&nbsp; 49815 |
| Singapore Post Ltd.  | 233200 | &nbsp;&nbsp;&nbsp; 76045 |
| Stamford Land Corp. Ltd.  | 220201 | &nbsp;&nbsp;&nbsp; 73409 |
| StarHub Ltd.  | 117100 | &nbsp;&nbsp;&nbsp; 102572 |
| Straits Trading Co. Ltd.  | 15939 | &nbsp;&nbsp;&nbsp; 20265 |
| Swiber Holdings Ltd. (a) (b) (c) | 117749 | &nbsp;&nbsp;&nbsp; 0 |
| Swiber Holdings Ltd. (a) (b) (c) | 117749 | &nbsp;&nbsp;&nbsp; 0 |
| Thomson Medical Group Ltd. (a) | 328600 | &nbsp;&nbsp;&nbsp; 15285 |
| Tuan Sing Holdings Ltd.  | 155114 | &nbsp;&nbsp;&nbsp; 35556 |
| UMS Integration Ltd.  | 110512 | &nbsp;&nbsp;&nbsp; 119389 |
| United Overseas Insurance Ltd.  | 4000 | &nbsp;&nbsp;&nbsp; 23708 |
| UOB-Kay Hian Holdings Ltd.  | 82761 | &nbsp;&nbsp;&nbsp; 153307 |
| UOL Group Ltd.  | 3500 | &nbsp;&nbsp;&nbsp; 21189 |
| Venture Corp. Ltd.  | 36900 | &nbsp;&nbsp;&nbsp; 399114 |
| Vicom Ltd.  | 26000 | &nbsp;&nbsp;&nbsp; 32449 |
| Wee Hur Holdings Ltd.  | 85000 | &nbsp;&nbsp;&nbsp; 47264 |
| Wing Tai Holdings Ltd.  | 76621 | &nbsp;&nbsp;&nbsp; 83162 |
| Yeo Hiap Seng Ltd.  | 20155 | &nbsp;&nbsp;&nbsp; 9541 |
|  |  | &nbsp;&nbsp;&nbsp; 5326524 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Pan African Resources PLC | 368191 | &nbsp;&nbsp;&nbsp; 435194 |
| Scatec ASA (a) | 10806 | &nbsp;&nbsp;&nbsp; 106526 |
|  |  | &nbsp;&nbsp;&nbsp; 541720 |
| **Spain — 2.2%** | **Spain — 2.2%** | **Spain — 2.2%** |
| Acciona SA | 2171 | &nbsp;&nbsp;&nbsp; 437842 |
| Aedas Homes SA | 1081 | &nbsp;&nbsp;&nbsp; 26930 |
| Almirall SA | 15271 | &nbsp;&nbsp;&nbsp; 207086 |
| Amper SA (a) (d) | 416419 | &nbsp;&nbsp;&nbsp; 65969 |
| Atalaya Mining Copper SA | 5060 | &nbsp;&nbsp;&nbsp; 42676 |
| Atresmedia Corp. de Medios de Comunicacion SA | 17571 | &nbsp;&nbsp;&nbsp; 115843 |
| Audax Renovables SA (a) | 19316 | &nbsp;&nbsp;&nbsp; 30352 |
| Azkoyen SA | 3142 | &nbsp;&nbsp;&nbsp; 31443 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Spain — (Continued)** | **Spain — (Continued)** | **Spain — (Continued)** |
| Bankinter SA | 51932 | &nbsp;&nbsp;&nbsp; $819171 |
| Befesa SA | 6454 | &nbsp;&nbsp;&nbsp; 218296 |
| Caja de Ahorros del Mediterraneo (a) (b) (c) (d) | 14621 | &nbsp;&nbsp;&nbsp; 0 |
| CIE Automotive SA | 3745 | &nbsp;&nbsp;&nbsp; 117276 |
| Construcciones y Auxiliar de Ferrocarriles SA | 3338 | &nbsp;&nbsp;&nbsp; 207330 |
| Corp. ACCIONA Energias Renovables SA | 1088 | &nbsp;&nbsp;&nbsp; 28260 |
| Distribuidora Internacional de Alimentacion SA (a) | 2455 | &nbsp;&nbsp;&nbsp; 70348 |
| Ebro Foods SA (d) | 8288 | &nbsp;&nbsp;&nbsp; 178308 |
| eDreams ODIGEO SA (a) | 15944 | &nbsp;&nbsp;&nbsp; 153717 |
| Elecnor SA | 5975 | &nbsp;&nbsp;&nbsp; 170827 |
| Enagas SA | 43276 | &nbsp;&nbsp;&nbsp; 676896 |
| Ence Energia y Celulosa SA (d) | 14915 | &nbsp;&nbsp;&nbsp; 49550 |
| Ercros SA (a) | 20859 | &nbsp;&nbsp;&nbsp; 66321 |
| Faes Farma SA | 53133 | &nbsp;&nbsp;&nbsp; 266811 |
| Fluidra SA | 14698 | &nbsp;&nbsp;&nbsp; 400614 |
| Gestamp Automocion SA | 22065 | &nbsp;&nbsp;&nbsp; 85691 |
| Global Dominion Access SA | 14183 | &nbsp;&nbsp;&nbsp; 54715 |
| Grenergy Renovables SA (a) | 1152 | &nbsp;&nbsp;&nbsp; 86971 |
| Grifols SA (d) | 27748 | &nbsp;&nbsp;&nbsp; 403983 |
| Grupo Catalana Occidente SA | 6051 | &nbsp;&nbsp;&nbsp; 347408 |
| Grupo Empresarial San Jose SA | 3249 | &nbsp;&nbsp;&nbsp; 25467 |
| Iberpapel Gestion SA | 1150 | &nbsp;&nbsp;&nbsp; 26356 |
| Indra Sistemas SA (d) | 15284 | &nbsp;&nbsp;&nbsp; 684454 |
| Laboratorios Farmaceuticos Rovi SA | 1847 | &nbsp;&nbsp;&nbsp; 126649 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 106413 | &nbsp;&nbsp;&nbsp; 161150 |
| Logista Integral SA | 10738 | &nbsp;&nbsp;&nbsp; 364698 |
| Mapfre SA | 78325 | &nbsp;&nbsp;&nbsp; 372291 |
| Melia Hotels International SA | 12434 | &nbsp;&nbsp;&nbsp; 108767 |
| Miquel y Costas & Miquel SA | 8745 | &nbsp;&nbsp;&nbsp; 148857 |
| Neinor Homes SA | 4915 | &nbsp;&nbsp;&nbsp; 100068 |
| Obrascon Huarte Lain SA (a) | 67145 | &nbsp;&nbsp;&nbsp; 34861 |
| Pharma Mar SA (a) (d) | 2214 | &nbsp;&nbsp;&nbsp; 235900 |
| Prim SA (d) | 3013 | &nbsp;&nbsp;&nbsp; 47051 |
| Promotora de Informaciones SA - Class A (a) (d) | 83921 | &nbsp;&nbsp;&nbsp; 36222 |
| Prosegur Cash SA | 28432 | &nbsp;&nbsp;&nbsp; 25437 |
| Realia Business SA (a) | 109360 | &nbsp;&nbsp;&nbsp; 120702 |
| Redeia Corp. SA | 12461 | &nbsp;&nbsp;&nbsp; 240786 |
| Sacyr SA | 101080 | &nbsp;&nbsp;&nbsp; 424302 |
| Solaria Energia y Medio Ambiente SA (a) (d) | 3186 | &nbsp;&nbsp;&nbsp; 40858 |
| Talgo SA (a) (d) | 11664 | &nbsp;&nbsp;&nbsp; 37594 |
| Tecnicas Reunidas SA (a) | 8766 | &nbsp;&nbsp;&nbsp; 273037 |
| Tubacex SA (d) | 18010 | &nbsp;&nbsp;&nbsp; 74936 |
| Unicaja Banco SA | 184631 | &nbsp;&nbsp;&nbsp; 506429 |
| Vidrala SA | 4039 | &nbsp;&nbsp;&nbsp; 427078 |
| Viscofan SA | 6143 | &nbsp;&nbsp;&nbsp; 419662 |
| Vocento SA (a) (d) | 18128 | &nbsp;&nbsp;&nbsp; 13113 |
|  |  | &nbsp;&nbsp;&nbsp; 10437359 |
| **Sweden — 2.6%** | **Sweden — 2.6%** | **Sweden — 2.6%** |
| AcadeMedia AB | 18787 | &nbsp;&nbsp;&nbsp; 195289 |
| AddLife AB - Class B | 13922 | &nbsp;&nbsp;&nbsp; 263009 |
| Addnode Group AB (d) | 29228 | &nbsp;&nbsp;&nbsp; 326704 |
| AFRY AB (d) | 16879 | &nbsp;&nbsp;&nbsp; 291063 |
| Alimak Group AB | 13678 | &nbsp;&nbsp;&nbsp; 225349 |
| Alleima AB | 21516 | &nbsp;&nbsp;&nbsp; 163436 |
| Alligo AB - Class B | 5525 | &nbsp;&nbsp;&nbsp; 67305 |

---

**BHFTII-99**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Ambea AB | 8960 | &nbsp;&nbsp;&nbsp; $129406 |
| Annehem Fastigheter AB - Class B (a) | 11788 | &nbsp;&nbsp;&nbsp; 21827 |
| AQ Group AB | 7910 | &nbsp;&nbsp;&nbsp; 151976 |
| Arise AB | 7859 | &nbsp;&nbsp;&nbsp; 25925 |
| Arjo AB - B Shares | 45181 | &nbsp;&nbsp;&nbsp; 158212 |
| Atea ASA | 11557 | &nbsp;&nbsp;&nbsp; 166594 |
| Attendo AB | 24407 | &nbsp;&nbsp;&nbsp; 183051 |
| Beijer Alma AB (d) | 9661 | &nbsp;&nbsp;&nbsp; 254269 |
| Bergman & Beving AB (d) | 4688 | &nbsp;&nbsp;&nbsp; 162179 |
| Betsson AB - Class B | 10877 | &nbsp;&nbsp;&nbsp; 179488 |
| BHG Group AB (a) | 26427 | &nbsp;&nbsp;&nbsp; 77086 |
| Bilia AB - A Shares | 14900 | &nbsp;&nbsp;&nbsp; 182049 |
| Billerud Aktiebolag | 3168 | &nbsp;&nbsp;&nbsp; 28516 |
| BioGaia AB - B Shares | 5025 | &nbsp;&nbsp;&nbsp; 57402 |
| BioInvent International AB (a) | 5008 | &nbsp;&nbsp;&nbsp; 15034 |
| Bjorn Borg AB | 2344 | &nbsp;&nbsp;&nbsp; 15046 |
| Bonava AB - B Shares (a) | 54204 | &nbsp;&nbsp;&nbsp; 69526 |
| Boozt AB (a) | 5455 | &nbsp;&nbsp;&nbsp; 56267 |
| Bravida Holding AB (d) | 5903 | &nbsp;&nbsp;&nbsp; 57626 |
| Bufab AB | 31216 | &nbsp;&nbsp;&nbsp; 293167 |
| Bulten AB | 4294 | &nbsp;&nbsp;&nbsp; 24301 |
| Bure Equity AB | 280 | &nbsp;&nbsp;&nbsp; 8297 |
| Byggmax Group AB | 12010 | &nbsp;&nbsp;&nbsp; 72840 |
| Catella AB | 2281 | &nbsp;&nbsp;&nbsp; 7588 |
| Cellavision AB | 1841 | &nbsp;&nbsp;&nbsp; 33749 |
| Cibus Nordic Real Estate AB publ (d) | 5146 | &nbsp;&nbsp;&nbsp; 92711 |
| Clas Ohlson AB - B Shares | 10980 | &nbsp;&nbsp;&nbsp; 431075 |
| Cloetta AB - B Shares | 44507 | &nbsp;&nbsp;&nbsp; 160432 |
| Coor Service Management Holding AB (d) | 17845 | &nbsp;&nbsp;&nbsp; 91621 |
| Corem Property Group AB - Class B (d) | 81372 | &nbsp;&nbsp;&nbsp; 35705 |
| Corem Property Group AB - Class D | 1520 | &nbsp;&nbsp;&nbsp; 39497 |
| CTT Systems AB (d) | 466 | &nbsp;&nbsp;&nbsp; 10984 |
| Dios Fastigheter AB (d) | 26164 | &nbsp;&nbsp;&nbsp; 181621 |
| Dometic Group AB | 9418 | &nbsp;&nbsp;&nbsp; 49313 |
| Dustin Group AB (a) (d) | 150416 | &nbsp;&nbsp;&nbsp; 26963 |
| Dynavox Group AB (a) | 5808 | &nbsp;&nbsp;&nbsp; 70572 |
| Eastnine AB | 11487 | &nbsp;&nbsp;&nbsp; 57318 |
| Electrolux Professional AB - Class B | 46563 | &nbsp;&nbsp;&nbsp; 300932 |
| Elekta AB - B Shares | 26773 | &nbsp;&nbsp;&nbsp; 135115 |
| Eltel AB (a) | 18428 | &nbsp;&nbsp;&nbsp; 17604 |
| Enea AB (a) | 4082 | &nbsp;&nbsp;&nbsp; 31637 |
| Engcon AB | 987 | &nbsp;&nbsp;&nbsp; 7793 |
| Ependion AB | 6445 | &nbsp;&nbsp;&nbsp; 82552 |
| Ework Group AB (d) | 2864 | &nbsp;&nbsp;&nbsp; 33621 |
| Fagerhult Group AB | 9154 | &nbsp;&nbsp;&nbsp; 39862 |
| Fastighets AB Trianon (a) (d) | 3988 | &nbsp;&nbsp;&nbsp; 8255 |
| Fastighetsbolaget Emilshus AB - Class B (a) | 1066 | &nbsp;&nbsp;&nbsp; 5476 |
| FastPartner AB - Class A | 10644 | &nbsp;&nbsp;&nbsp; 57307 |
| Ferronordic AB (a) | 275 | &nbsp;&nbsp;&nbsp; 1348 |
| FormPipe Software AB | 2450 | &nbsp;&nbsp;&nbsp; 7083 |
| G5 Entertainment AB | 208 | &nbsp;&nbsp;&nbsp; 2023 |
| Granges AB | 25093 | &nbsp;&nbsp;&nbsp; 312229 |
| Hanza AB | 3508 | &nbsp;&nbsp;&nbsp; 37804 |
| Heba Fastighets AB - Class B | 15224 | &nbsp;&nbsp;&nbsp; 51384 |
| Hexatronic Group AB (a) (d) | 17361 | &nbsp;&nbsp;&nbsp; 35546 |
| HMS Networks AB (a) | 1585 | &nbsp;&nbsp;&nbsp; 70152 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Hoist Finance AB | 9270 | &nbsp;&nbsp;&nbsp; $98317 |
| Humana AB | 6890 | &nbsp;&nbsp;&nbsp; 30524 |
| Instalco AB | 17105 | &nbsp;&nbsp;&nbsp; 46499 |
| INVISIO AB | 3480 | &nbsp;&nbsp;&nbsp; 116634 |
| Inwido AB | 12282 | &nbsp;&nbsp;&nbsp; 233363 |
| ITAB Shop Concept AB (a) | 8675 | &nbsp;&nbsp;&nbsp; 15718 |
| JM AB | 14105 | &nbsp;&nbsp;&nbsp; 210846 |
| Karnov Group AB (a) | 5796 | &nbsp;&nbsp;&nbsp; 69425 |
| K-fast Holding AB (a) | 15798 | &nbsp;&nbsp;&nbsp; 24094 |
| KNOW IT AB | 6021 | &nbsp;&nbsp;&nbsp; 66229 |
| Lime Technologies AB | 1613 | &nbsp;&nbsp;&nbsp; 54610 |
| Lindab International AB (d) | 17206 | &nbsp;&nbsp;&nbsp; 364695 |
| Medcap AB (a) | 1308 | &nbsp;&nbsp;&nbsp; 79209 |
| MEKO AB | 9164 | &nbsp;&nbsp;&nbsp; 79133 |
| Modern Times Group MTG AB - Class B (a) | 20683 | &nbsp;&nbsp;&nbsp; 242395 |
| Momentum Group AB | 5588 | &nbsp;&nbsp;&nbsp; 93203 |
| NCAB Group AB (a) | 11144 | &nbsp;&nbsp;&nbsp; 58794 |
| NCC AB - B Shares | 17089 | &nbsp;&nbsp;&nbsp; 393156 |
| Nederman Holding AB | 5701 | &nbsp;&nbsp;&nbsp; 97385 |
| Net Insight AB - Class B (a) (d) | 74697 | &nbsp;&nbsp;&nbsp; 34257 |
| New Wave Group AB - B Shares | 19785 | &nbsp;&nbsp;&nbsp; 231989 |
| Nilorngruppen AB - B Shares | 1106 | &nbsp;&nbsp;&nbsp; 6126 |
| Nobia AB (a) (d) | 65115 | &nbsp;&nbsp;&nbsp; 32402 |
| Nolato AB - B Shares | 45970 | &nbsp;&nbsp;&nbsp; 288499 |
| Note AB | 2362 | &nbsp;&nbsp;&nbsp; 45053 |
| NP3 Fastigheter AB (d) | 8038 | &nbsp;&nbsp;&nbsp; 214800 |
| Nyfosa AB (d) | 37968 | &nbsp;&nbsp;&nbsp; 331792 |
| OEM International AB - B Shares (d) | 21824 | &nbsp;&nbsp;&nbsp; 331867 |
| Ovzon AB (a) | 12178 | &nbsp;&nbsp;&nbsp; 49774 |
| Peab AB - Class B | 20785 | &nbsp;&nbsp;&nbsp; 168926 |
| Platzer Fastigheter Holding AB - Class B (d) | 13164 | &nbsp;&nbsp;&nbsp; 96513 |
| Proact IT Group AB | 4257 | &nbsp;&nbsp;&nbsp; 42055 |
| Ratos AB - B Shares | 45000 | &nbsp;&nbsp;&nbsp; 176905 |
| RaySearch Laboratories AB | 7299 | &nbsp;&nbsp;&nbsp; 195272 |
| Rejlers AB | 1659 | &nbsp;&nbsp;&nbsp; 33171 |
| Rottneros AB (a) | 20202 | &nbsp;&nbsp;&nbsp; 6686 |
| Scandi Standard AB | 7722 | &nbsp;&nbsp;&nbsp; 77614 |
| Scandic Hotels Group AB | 33911 | &nbsp;&nbsp;&nbsp; 320765 |
| Sdiptech AB - Class B (a) (d) | 3511 | &nbsp;&nbsp;&nbsp; 64817 |
| Sensys Gatso Group AB (a) (d) | 2792 | &nbsp;&nbsp;&nbsp; 11631 |
| SkiStar AB | 9246 | &nbsp;&nbsp;&nbsp; 155084 |
| SmartCraft ASA (a) | 5113 | &nbsp;&nbsp;&nbsp; 13970 |
| Softronic AB - B Shares | 3875 | &nbsp;&nbsp;&nbsp; 9765 |
| Solid Forsakring AB | 2708 | &nbsp;&nbsp;&nbsp; 21613 |
| Stendorren Fastigheter AB (a) | 1576 | &nbsp;&nbsp;&nbsp; 32965 |
| Stillfront Group AB (a) | 11905 | &nbsp;&nbsp;&nbsp; 8076 |
| Storskogen Group AB - Class B | 132429 | &nbsp;&nbsp;&nbsp; 135908 |
| Swedish Logistic Property AB - Class B (a) | 6848 | &nbsp;&nbsp;&nbsp; 29926 |
| Synsam AB | 5068 | &nbsp;&nbsp;&nbsp; 31182 |
| Systemair AB | 20210 | &nbsp;&nbsp;&nbsp; 168079 |
| TF Bank AB | 2070 | &nbsp;&nbsp;&nbsp; 39890 |
| Troax Group AB | 4804 | &nbsp;&nbsp;&nbsp; 70253 |
| Truecaller AB - Class B | 13719 | &nbsp;&nbsp;&nbsp; 60561 |
| VBG Group AB - B Shares | 1388 | &nbsp;&nbsp;&nbsp; 46365 |
| Vitec Software Group AB - B Shares (d) | 5020 | &nbsp;&nbsp;&nbsp; 177262 |

---

**BHFTII-100**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Volati AB | 1043 | &nbsp;&nbsp;&nbsp; $11920 |
|  |  | &nbsp;&nbsp;&nbsp; 12597073 |
| **Switzerland — 7.8%** | **Switzerland — 7.8%** | **Switzerland — 7.8%** |
| Accelleron Industries AG | 17893 | &nbsp;&nbsp;&nbsp; 1506307 |
| Adecco Group AG | 29277 | &nbsp;&nbsp;&nbsp; 829503 |
| Allreal Holding AG | 2796 | &nbsp;&nbsp;&nbsp; 653926 |
| ALSO Holding AG | 695 | &nbsp;&nbsp;&nbsp; 210473 |
| APG SGA SA | 280 | &nbsp;&nbsp;&nbsp; 73010 |
| Arbonia AG | 10459 | &nbsp;&nbsp;&nbsp; 68919 |
| Aryzta AG (a) | 4747 | &nbsp;&nbsp;&nbsp; 388592 |
| Autoneum Holding AG | 533 | &nbsp;&nbsp;&nbsp; 105634 |
| Avolta AG | 12849 | &nbsp;&nbsp;&nbsp; 698908 |
| Baloise Holding AG | 5580 | &nbsp;&nbsp;&nbsp; 1380717 |
| Banque Cantonale de Geneve | 423 | &nbsp;&nbsp;&nbsp; 125956 |
| Banque Cantonale Vaudoise | 2373 | &nbsp;&nbsp;&nbsp; 280862 |
| Barry Callebaut AG (d) | 21 | &nbsp;&nbsp;&nbsp; 28849 |
| Belimo Holding AG (d) | 1539 | &nbsp;&nbsp;&nbsp; 1620378 |
| Bell Food Group AG | 435 | &nbsp;&nbsp;&nbsp; 132123 |
| Bellevue Group AG (d) | 2930 | &nbsp;&nbsp;&nbsp; 27244 |
| Berner Kantonalbank AG | 1195 | &nbsp;&nbsp;&nbsp; 385171 |
| BKW AG | 107 | &nbsp;&nbsp;&nbsp; 22841 |
| Bossard Holding AG - Class A (d) | 1081 | &nbsp;&nbsp;&nbsp; 229024 |
| Bucher Industries AG | 1339 | &nbsp;&nbsp;&nbsp; 637306 |
| Burckhardt Compression Holding AG | 622 | &nbsp;&nbsp;&nbsp; 482219 |
| Burkhalter Holding AG | 555 | &nbsp;&nbsp;&nbsp; 94497 |
| Bystronic AG (d) | 259 | &nbsp;&nbsp;&nbsp; 99711 |
| Carlo Gavazzi Holding AG (a) | 124 | &nbsp;&nbsp;&nbsp; 24705 |
| Cembra Money Bank AG | 5838 | &nbsp;&nbsp;&nbsp; 670671 |
| Cham Swiss Properties AG | 1388 | &nbsp;&nbsp;&nbsp; 42056 |
| Cicor Technologies Ltd. (a) | 644 | &nbsp;&nbsp;&nbsp; 147912 |
| Cie Financiere Tradition SA | 355 | &nbsp;&nbsp;&nbsp; 124913 |
| Clariant AG (d) | 29855 | &nbsp;&nbsp;&nbsp; 277497 |
| Coltene Holding AG | 480 | &nbsp;&nbsp;&nbsp; 27113 |
| CPH Group AG | 227 | &nbsp;&nbsp;&nbsp; 20537 |
| Daetwyler Holding AG | 685 | &nbsp;&nbsp;&nbsp; 120979 |
| DKSH Holding AG | 7016 | &nbsp;&nbsp;&nbsp; 476939 |
| dormakaba Holding AG | 598 | &nbsp;&nbsp;&nbsp; 550715 |
| EDAG Engineering Group AG (a) (d) | 3171 | &nbsp;&nbsp;&nbsp; 26290 |
| EFG International AG | 18152 | &nbsp;&nbsp;&nbsp; 369213 |
| Emmi AG | 437 | &nbsp;&nbsp;&nbsp; 378236 |
| Feintool International Holding AG (a) (d) | 1764 | &nbsp;&nbsp;&nbsp; 22633 |
| Fenix Outdoor International AG (d) | 1091 | &nbsp;&nbsp;&nbsp; 53524 |
| Flughafen Zurich AG | 3975 | &nbsp;&nbsp;&nbsp; 1214144 |
| Forbo Holding AG | 180 | &nbsp;&nbsp;&nbsp; 164800 |
| Fundamenta Real Estate AG | 4539 | &nbsp;&nbsp;&nbsp; 101209 |
| Galenica AG | 9937 | &nbsp;&nbsp;&nbsp; 1081278 |
| GAM Holding AG (a) (d) | 30739 | &nbsp;&nbsp;&nbsp; 5673 |
| Georg Fischer AG (d) | 14823 | &nbsp;&nbsp;&nbsp; 1160254 |
| Helvetia Holding AG (d) | 3860 | &nbsp;&nbsp;&nbsp; 946393 |
| Hiag Immobilien Holding AG | 888 | &nbsp;&nbsp;&nbsp; 124489 |
| Huber & Suhner AG | 2756 | &nbsp;&nbsp;&nbsp; 473007 |
| Hypothekarbank Lenzburg AG | 3 | &nbsp;&nbsp;&nbsp; 15223 |
| Implenia AG | 2401 | &nbsp;&nbsp;&nbsp; 202301 |
| Inficon Holding AG (d) | 3332 | &nbsp;&nbsp;&nbsp; 394801 |
| International Workplace Group PLC | 172341 | &nbsp;&nbsp;&nbsp; 517664 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Interroll Holding AG | 132 | &nbsp;&nbsp;&nbsp; $413847 |
| Intershop Holding AG | 1143 | &nbsp;&nbsp;&nbsp; 225184 |
| Investis Holding SA | 421 | &nbsp;&nbsp;&nbsp; 68207 |
| Jungfraubahn Holding AG | 919 | &nbsp;&nbsp;&nbsp; 255158 |
| Kardex Holding AG | 1157 | &nbsp;&nbsp;&nbsp; 452856 |
| Komax Holding AG (a) (d) | 584 | &nbsp;&nbsp;&nbsp; 51345 |
| Kongsberg Automotive ASA (a) | 156504 | &nbsp;&nbsp;&nbsp; 25486 |
| Kudelski SA (a) (d) | 13221 | &nbsp;&nbsp;&nbsp; 22386 |
| Landis & Gyr Group AG (d) | 2000 | &nbsp;&nbsp;&nbsp; 161677 |
| LEM Holding SA (a) | 33 | &nbsp;&nbsp;&nbsp; 19971 |
| Luzerner Kantonalbank AG (d) | 3673 | &nbsp;&nbsp;&nbsp; 369859 |
| Medacta Group SA | 1178 | &nbsp;&nbsp;&nbsp; 215885 |
| Medmix AG | 3519 | &nbsp;&nbsp;&nbsp; 39728 |
| Meier Tobler Group AG (d) | 1121 | &nbsp;&nbsp;&nbsp; 51198 |
| Metall Zug AG - B Shares | 44 | &nbsp;&nbsp;&nbsp; 44988 |
| Mikron Holding AG | 1685 | &nbsp;&nbsp;&nbsp; 39063 |
| Mobilezone Holding AG | 7943 | &nbsp;&nbsp;&nbsp; 111883 |
| Mobimo Holding AG | 1500 | &nbsp;&nbsp;&nbsp; 616186 |
| Naturenergie Holding AG | 3633 | &nbsp;&nbsp;&nbsp; 152045 |
| Novavest Real Estate AG | 468 | &nbsp;&nbsp;&nbsp; 23036 |
| OC Oerlikon Corp. AG Pfaffikon (d) | 37725 | &nbsp;&nbsp;&nbsp; 128343 |
| Orell Fuessli AG | 257 | &nbsp;&nbsp;&nbsp; 35503 |
| Orior AG (a) (d) | 1947 | &nbsp;&nbsp;&nbsp; 29510 |
| Phoenix Mecano AG | 125 | &nbsp;&nbsp;&nbsp; 69761 |
| Plazza AG - Class A | 222 | &nbsp;&nbsp;&nbsp; 110530 |
| PSP Swiss Property AG | 8712 | &nbsp;&nbsp;&nbsp; 1498069 |
| Relief Therapeutics Holding AG (a) (d) | 1520 | &nbsp;&nbsp;&nbsp; 6447 |
| Rieter Holding AG (d) | 249 | &nbsp;&nbsp;&nbsp; 2054 |
| Romande Energie Holding SA (d) | 2775 | &nbsp;&nbsp;&nbsp; 145147 |
| Schweiter Technologies AG | 192 | &nbsp;&nbsp;&nbsp; 69903 |
| Schweizerische Nationalbank (d) | 5 | &nbsp;&nbsp;&nbsp; 23568 |
| SFS Group AG | 3472 | &nbsp;&nbsp;&nbsp; 469352 |
| Siegfried Holding AG | 7765 | &nbsp;&nbsp;&nbsp; 778442 |
| SIG Group AG | 37728 | &nbsp;&nbsp;&nbsp; 391128 |
| SKAN Group AG | 495 | &nbsp;&nbsp;&nbsp; 34058 |
| St. Galler Kantonalbank AG | 588 | &nbsp;&nbsp;&nbsp; 374873 |
| Stadler Rail AG | 3453 | &nbsp;&nbsp;&nbsp; 84606 |
| Sulzer AG | 3733 | &nbsp;&nbsp;&nbsp; 633753 |
| Swatch Group AG | 1599 | &nbsp;&nbsp;&nbsp; 301028 |
| Swiss Prime Site AG | 14712 | &nbsp;&nbsp;&nbsp; 2059051 |
| Swissquote Group Holding SA | 3092 | &nbsp;&nbsp;&nbsp; 2171265 |
| Tecan Group AG | 223 | &nbsp;&nbsp;&nbsp; 40244 |
| Temenos AG | 10409 | &nbsp;&nbsp;&nbsp; 839933 |
| TX Group AG | 597 | &nbsp;&nbsp;&nbsp; 151393 |
| u-blox Holding AG (a) | 1340 | &nbsp;&nbsp;&nbsp; 227380 |
| Valiant Holding AG | 3034 | &nbsp;&nbsp;&nbsp; 489768 |
| VAT Group AG | 365 | &nbsp;&nbsp;&nbsp; 145245 |
| Vaudoise Assurances Holding SA | 171 | &nbsp;&nbsp;&nbsp; 132885 |
| Vetropack Holding AG | 2053 | &nbsp;&nbsp;&nbsp; 61255 |
| Vontobel Holding AG | 5544 | &nbsp;&nbsp;&nbsp; 417172 |
| VZ Holding AG | 3106 | &nbsp;&nbsp;&nbsp; 651717 |
| V-ZUG Holding AG (d) | 605 | &nbsp;&nbsp;&nbsp; 33415 |
| Walliser Kantonalbank | 977 | &nbsp;&nbsp;&nbsp; 157637 |
| Warteck Invest AG | 65 | &nbsp;&nbsp;&nbsp; 159273 |
| Ypsomed Holding AG | 817 | &nbsp;&nbsp;&nbsp; 321402 |
| Zehnder Group AG | 952 | &nbsp;&nbsp;&nbsp; 82742 |

---

**BHFTII-101**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Zug Estates Holding AG - B Shares | 75 | &nbsp;&nbsp;&nbsp; $199784 |
| Zuger Kantonalbank | 39 | &nbsp;&nbsp;&nbsp; 426971 |
|  |  | &nbsp;&nbsp;&nbsp; 37131934 |
| **Taiwan — 0.0%** | **Taiwan — 0.0%** | **Taiwan — 0.0%** |
| FIT Hon Teng Ltd. (a) (d) | 80000 | &nbsp;&nbsp;&nbsp; 66147 |
| **Tanzania — 0.1%** | **Tanzania — 0.1%** | **Tanzania — 0.1%** |
| Helios Towers PLC (a) | 122357 | &nbsp;&nbsp;&nbsp; 245573 |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
| Eldorado Gold Corp. (a) (d) | 51016 | &nbsp;&nbsp;&nbsp; 1473258 |
| **United Kingdom — 10.6%** | **United Kingdom — 10.6%** | **United Kingdom — 10.6%** |
| 4imprint Group PLC | 958 | &nbsp;&nbsp;&nbsp; 41657 |
| Aberdeen Group PLC | 151455 | &nbsp;&nbsp;&nbsp; 404240 |
| Accesso Technology Group PLC (a) | 2402 | &nbsp;&nbsp;&nbsp; 13625 |
| Advanced Medical Solutions Group PLC | 23347 | &nbsp;&nbsp;&nbsp; 71124 |
| AG Barr PLC | 11112 | &nbsp;&nbsp;&nbsp; 100090 |
| AJ Bell PLC | 59750 | &nbsp;&nbsp;&nbsp; 439424 |
| Alfa Financial Software Holdings PLC | 10992 | &nbsp;&nbsp;&nbsp; 34456 |
| Allfunds Group PLC | 2273 | &nbsp;&nbsp;&nbsp; 16997 |
| Anglo-Eastern Plantations PLC (d) | 5782 | &nbsp;&nbsp;&nbsp; 107281 |
| AO World PLC (a) | 30384 | &nbsp;&nbsp;&nbsp; 42416 |
| Ashmore Group PLC (d) | 97994 | &nbsp;&nbsp;&nbsp; 234674 |
| Ashtead Technology Holdings PLC (d) | 5898 | &nbsp;&nbsp;&nbsp; 27582 |
| ASOS PLC (a) (d) | 1729 | &nbsp;&nbsp;&nbsp; 6499 |
| Auction Technology Group PLC (a) | 2941 | &nbsp;&nbsp;&nbsp; 12748 |
| Babcock International Group PLC | 84242 | &nbsp;&nbsp;&nbsp; 1507329 |
| Bakkavor Group PLC | 37729 | &nbsp;&nbsp;&nbsp; 108114 |
| Balfour Beatty PLC | 103703 | &nbsp;&nbsp;&nbsp; 908622 |
| Barratt Redrow PLC | 26930 | &nbsp;&nbsp;&nbsp; 141439 |
| Beazley PLC | 6371 | &nbsp;&nbsp;&nbsp; 77941 |
| Begbies Traynor Group PLC | 1964 | &nbsp;&nbsp;&nbsp; 3066 |
| Bellway PLC | 26462 | &nbsp;&nbsp;&nbsp; 874588 |
| Berkeley Group Holdings PLC | 4674 | &nbsp;&nbsp;&nbsp; 241419 |
| Bloomsbury Publishing PLC | 18256 | &nbsp;&nbsp;&nbsp; 117116 |
| Bodycote PLC | 46962 | &nbsp;&nbsp;&nbsp; 408314 |
| Braemar PLC (d) | 7120 | &nbsp;&nbsp;&nbsp; 23037 |
| Breedon Group PLC | 29978 | &nbsp;&nbsp;&nbsp; 144536 |
| Bridgepoint Group PLC | 12790 | &nbsp;&nbsp;&nbsp; 52906 |
| Brooks Macdonald Group PLC (d) | 486 | &nbsp;&nbsp;&nbsp; 11846 |
| Burberry Group PLC (a) | 1429 | &nbsp;&nbsp;&nbsp; 22553 |
| Bytes Technology Group PLC | 32635 | &nbsp;&nbsp;&nbsp; 175331 |
| Capita PLC (a) | 18914 | &nbsp;&nbsp;&nbsp; 82051 |
| Capricorn Energy PLC (a) | 30939 | &nbsp;&nbsp;&nbsp; 84193 |
| Card Factory PLC | 88270 | &nbsp;&nbsp;&nbsp; 121018 |
| Carr's Group PLC (d) | 7612 | &nbsp;&nbsp;&nbsp; 14044 |
| Castings PLC | 2870 | &nbsp;&nbsp;&nbsp; 10108 |
| Centaur Media PLC | 92526 | &nbsp;&nbsp;&nbsp; 51737 |
| Central Asia Metals PLC | 24699 | &nbsp;&nbsp;&nbsp; 50365 |
| Chemring Group PLC | 60304 | &nbsp;&nbsp;&nbsp; 477982 |
| Chesnara PLC | 63556 | &nbsp;&nbsp;&nbsp; 236231 |
| Clarkson PLC | 7539 | &nbsp;&nbsp;&nbsp; 372196 |
| Close Brothers Group PLC (a) | 16302 | &nbsp;&nbsp;&nbsp; 108607 |
| CMC Markets PLC | 18502 | &nbsp;&nbsp;&nbsp; 59748 |
| Coats Group PLC | 319324 | &nbsp;&nbsp;&nbsp; 358664 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Computacenter PLC | 17248 | &nbsp;&nbsp;&nbsp; $623173 |
| Costain Group PLC | 37005 | &nbsp;&nbsp;&nbsp; 66894 |
| Cranswick PLC | 11961 | &nbsp;&nbsp;&nbsp; 807474 |
| Crest Nicholson Holdings PLC | 44934 | &nbsp;&nbsp;&nbsp; 98336 |
| Currys PLC | 250394 | &nbsp;&nbsp;&nbsp; 471108 |
| CVS Group PLC | 10557 | &nbsp;&nbsp;&nbsp; 177063 |
| DFS Furniture PLC (a) | 51390 | &nbsp;&nbsp;&nbsp; 105779 |
| Dialight PLC (a) | 5140 | &nbsp;&nbsp;&nbsp; 16415 |
| DiscoverIE Group PLC | 15590 | &nbsp;&nbsp;&nbsp; 125424 |
| Domino's Pizza Group PLC | 79643 | &nbsp;&nbsp;&nbsp; 213239 |
| dotdigital group PLC (d) | 41626 | &nbsp;&nbsp;&nbsp; 37470 |
| Dr. Martens PLC | 56127 | &nbsp;&nbsp;&nbsp; 74702 |
| Drax Group PLC | 90954 | &nbsp;&nbsp;&nbsp; 855055 |
| Dunelm Group PLC | 26326 | &nbsp;&nbsp;&nbsp; 398041 |
| easyJet PLC | 5538 | &nbsp;&nbsp;&nbsp; 34604 |
| Ecora Resources PLC | 51447 | &nbsp;&nbsp;&nbsp; 58693 |
| EKF Diagnostics Holdings PLC (a) | 38020 | &nbsp;&nbsp;&nbsp; 15328 |
| Elementis PLC | 166703 | &nbsp;&nbsp;&nbsp; 363989 |
| EnQuest PLC | 442032 | &nbsp;&nbsp;&nbsp; 69471 |
| Epwin Group PLC | 14369 | &nbsp;&nbsp;&nbsp; 23019 |
| Essentra PLC | 25778 | &nbsp;&nbsp;&nbsp; 37273 |
| FDM Group Holdings PLC | 14365 | &nbsp;&nbsp;&nbsp; 25395 |
| Firstgroup PLC | 147832 | &nbsp;&nbsp;&nbsp; 447878 |
| Flowtech Fluidpower PLC (a) | 6703 | &nbsp;&nbsp;&nbsp; 6454 |
| Foresight Group Holdings Ltd.  | 2157 | &nbsp;&nbsp;&nbsp; 14221 |
| Forterra PLC | 53770 | &nbsp;&nbsp;&nbsp; 135555 |
| Foxtons Group PLC | 87727 | &nbsp;&nbsp;&nbsp; 65446 |
| Frasers Group PLC (a) (d) | 17279 | &nbsp;&nbsp;&nbsp; 172597 |
| Frontier Developments PLC (a) | 3312 | &nbsp;&nbsp;&nbsp; 20449 |
| Fuller Smith & Turner PLC - Class A | 9279 | &nbsp;&nbsp;&nbsp; 71178 |
| Funding Circle Holdings PLC (a) | 10326 | &nbsp;&nbsp;&nbsp; 17312 |
| Future PLC | 3850 | &nbsp;&nbsp;&nbsp; 34078 |
| Galliford Try Holdings PLC | 28755 | &nbsp;&nbsp;&nbsp; 204515 |
| Games Workshop Group PLC | 4470 | &nbsp;&nbsp;&nbsp; 874291 |
| Gamma Communications PLC | 15986 | &nbsp;&nbsp;&nbsp; 214957 |
| GB Group PLC | 21927 | &nbsp;&nbsp;&nbsp; 66941 |
| Genuit Group PLC | 63506 | &nbsp;&nbsp;&nbsp; 315471 |
| Gooch & Housego PLC | 2212 | &nbsp;&nbsp;&nbsp; 16994 |
| Goodwin PLC | 121 | &nbsp;&nbsp;&nbsp; 22490 |
| Grafton Group PLC | 45506 | &nbsp;&nbsp;&nbsp; 560034 |
| Grainger PLC (REIT) | 194038 | &nbsp;&nbsp;&nbsp; 506791 |
| Greggs PLC (d) | 17811 | &nbsp;&nbsp;&nbsp; 385144 |
| Gym Group PLC (a) | 49004 | &nbsp;&nbsp;&nbsp; 97598 |
| Halfords Group PLC | 60301 | &nbsp;&nbsp;&nbsp; 115902 |
| Harbour Energy PLC | 21073 | &nbsp;&nbsp;&nbsp; 58892 |
| Harworth Group PLC | 10757 | &nbsp;&nbsp;&nbsp; 24593 |
| Hays PLC | 90416 | &nbsp;&nbsp;&nbsp; 68899 |
| Headlam Group PLC (a) | 29149 | &nbsp;&nbsp;&nbsp; 21183 |
| Henry Boot PLC | 14477 | &nbsp;&nbsp;&nbsp; 43235 |
| Hikma Pharmaceuticals PLC | 17728 | &nbsp;&nbsp;&nbsp; 408076 |
| Hill & Smith PLC | 21739 | &nbsp;&nbsp;&nbsp; 597575 |
| Hilton Food Group PLC | 17879 | &nbsp;&nbsp;&nbsp; 160549 |
| Hiscox Ltd.  | 63107 | &nbsp;&nbsp;&nbsp; 1163237 |
| Hollywood Bowl Group PLC | 35798 | &nbsp;&nbsp;&nbsp; 121593 |
| Howden Joinery Group PLC | 23454 | &nbsp;&nbsp;&nbsp; 268406 |
| Hunting PLC | 29402 | &nbsp;&nbsp;&nbsp; 133814 |

---

**BHFTII-102**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Ibstock PLC | 90209 | &nbsp;&nbsp;&nbsp; $169039 |
| IDOX PLC (d) | 75537 | &nbsp;&nbsp;&nbsp; 56673 |
| IG Group Holdings PLC | 57306 | &nbsp;&nbsp;&nbsp; 831005 |
| IMI PLC | 17248 | &nbsp;&nbsp;&nbsp; 534198 |
| Impax Asset Management Group PLC | 14750 | &nbsp;&nbsp;&nbsp; 38029 |
| Inchcape PLC | 81447 | &nbsp;&nbsp;&nbsp; 759956 |
| Indivior PLC (a) | 4008 | &nbsp;&nbsp;&nbsp; 96633 |
| IntegraFin Holdings PLC | 34390 | &nbsp;&nbsp;&nbsp; 160584 |
| International Personal Finance PLC | 60577 | &nbsp;&nbsp;&nbsp; 175142 |
| iomart Group PLC (d) | 16833 | &nbsp;&nbsp;&nbsp; 3920 |
| IP Group PLC (a) | 225731 | &nbsp;&nbsp;&nbsp; 163235 |
| ITV PLC | 636123 | &nbsp;&nbsp;&nbsp; 684647 |
| J D Wetherspoon PLC | 15164 | &nbsp;&nbsp;&nbsp; 139531 |
| James Fisher & Sons PLC (a) | 15436 | &nbsp;&nbsp;&nbsp; 74486 |
| James Halstead PLC (d) | 59490 | &nbsp;&nbsp;&nbsp; 119847 |
| JET2 PLC | 34034 | &nbsp;&nbsp;&nbsp; 649151 |
| John Wood Group PLC (a) (b) (c) | 61862 | &nbsp;&nbsp;&nbsp; 15342 |
| Johnson Matthey PLC | 18884 | &nbsp;&nbsp;&nbsp; 512352 |
| Johnson Service Group PLC | 61047 | &nbsp;&nbsp;&nbsp; 123180 |
| Jupiter Fund Management PLC | 116490 | &nbsp;&nbsp;&nbsp; 226097 |
| Just Eat Takeaway.com NV (a) | 15903 | &nbsp;&nbsp;&nbsp; 377066 |
| Just Group PLC | 224609 | &nbsp;&nbsp;&nbsp; 640342 |
| Kainos Group PLC | 6815 | &nbsp;&nbsp;&nbsp; 86636 |
| Keller Group PLC | 19417 | &nbsp;&nbsp;&nbsp; 394351 |
| Kier Group PLC | 94700 | &nbsp;&nbsp;&nbsp; 281113 |
| Kingfisher PLC | 102271 | &nbsp;&nbsp;&nbsp; 427097 |
| Kitwave Group PLC | 3724 | &nbsp;&nbsp;&nbsp; 11541 |
| Lancashire Holdings Ltd.  | 64007 | &nbsp;&nbsp;&nbsp; 583560 |
| Liontrust Asset Management PLC | 7615 | &nbsp;&nbsp;&nbsp; 35268 |
| LSL Property Services PLC | 14072 | &nbsp;&nbsp;&nbsp; 50029 |
| Luceco PLC | 24615 | &nbsp;&nbsp;&nbsp; 42327 |
| M&C Saatchi PLC | 3677 | &nbsp;&nbsp;&nbsp; 7216 |
| Macfarlane Group PLC | 5811 | &nbsp;&nbsp;&nbsp; 7175 |
| Man Group PLC | 230659 | &nbsp;&nbsp;&nbsp; 553357 |
| Marshalls PLC | 23296 | &nbsp;&nbsp;&nbsp; 56709 |
| Marston's PLC (a) | 189607 | &nbsp;&nbsp;&nbsp; 100129 |
| McBride PLC (a) | 53009 | &nbsp;&nbsp;&nbsp; 88993 |
| Me Group International PLC | 59170 | &nbsp;&nbsp;&nbsp; 147887 |
| Mears Group PLC | 24318 | &nbsp;&nbsp;&nbsp; 104414 |
| Metro Bank Holdings PLC (a) | 2816 | &nbsp;&nbsp;&nbsp; 4595 |
| Mitchells & Butlers PLC (a) | 73046 | &nbsp;&nbsp;&nbsp; 243001 |
| Mitie Group PLC | 320207 | &nbsp;&nbsp;&nbsp; 599652 |
| MJ Gleeson PLC | 8913 | &nbsp;&nbsp;&nbsp; 45936 |
| Mobico Group PLC (a) | 50332 | &nbsp;&nbsp;&nbsp; 19472 |
| MONY Group PLC | 130662 | &nbsp;&nbsp;&nbsp; 348451 |
| Moonpig Group PLC | 56222 | &nbsp;&nbsp;&nbsp; 172311 |
| Morgan Advanced Materials PLC | 48369 | &nbsp;&nbsp;&nbsp; 143443 |
| Morgan Sindall Group PLC | 12994 | &nbsp;&nbsp;&nbsp; 776480 |
| Mortgage Advice Bureau Holdings Ltd.  | 6665 | &nbsp;&nbsp;&nbsp; 64373 |
| MP Evans Group PLC | 2300 | &nbsp;&nbsp;&nbsp; 41918 |
| Naked Wines PLC (a) | 1427 | &nbsp;&nbsp;&nbsp; 1478 |
| NCC Group PLC (d) | 76525 | &nbsp;&nbsp;&nbsp; 152159 |
| Next 15 Group PLC | 11449 | &nbsp;&nbsp;&nbsp; 50348 |
| Nichols PLC | 950 | &nbsp;&nbsp;&nbsp; 14180 |
| Ninety One PLC | 75730 | &nbsp;&nbsp;&nbsp; 208998 |
| Norcros PLC | 11343 | &nbsp;&nbsp;&nbsp; 40361 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Ocado Group PLC (a) | 9493 | &nbsp;&nbsp;&nbsp; $28801 |
| Odfjell Technology Ltd.  | 4274 | &nbsp;&nbsp;&nbsp; 25958 |
| On the Beach Group PLC | 32313 | &nbsp;&nbsp;&nbsp; 96653 |
| OSB Group PLC | 88586 | &nbsp;&nbsp;&nbsp; 679100 |
| Oxford Instruments PLC | 3319 | &nbsp;&nbsp;&nbsp; 82543 |
| Pagegroup PLC | 35705 | &nbsp;&nbsp;&nbsp; 109866 |
| Paragon Banking Group PLC | 50813 | &nbsp;&nbsp;&nbsp; 594768 |
| PayPoint PLC | 18072 | &nbsp;&nbsp;&nbsp; 183792 |
| Pennon Group PLC | 106594 | &nbsp;&nbsp;&nbsp; 671498 |
| Persimmon PLC | 40560 | &nbsp;&nbsp;&nbsp; 634841 |
| Pets at Home Group PLC | 125925 | &nbsp;&nbsp;&nbsp; 347935 |
| Pharos Energy PLC | 50968 | &nbsp;&nbsp;&nbsp; 14394 |
| Phoenix Spree Deutschland Ltd. (a) | 665 | &nbsp;&nbsp;&nbsp; 1465 |
| Pinewood Technologies Group PLC (a) | 17259 | &nbsp;&nbsp;&nbsp; 96312 |
| Playtech PLC | 73270 | &nbsp;&nbsp;&nbsp; 363930 |
| Polar Capital Holdings PLC | 16568 | &nbsp;&nbsp;&nbsp; 107578 |
| Porvair PLC | 4985 | &nbsp;&nbsp;&nbsp; 49946 |
| PPHE Hotel Group Ltd. (d) | 928 | &nbsp;&nbsp;&nbsp; 17070 |
| Premier Foods PLC | 171283 | &nbsp;&nbsp;&nbsp; 442610 |
| PZ Cussons PLC | 63002 | &nbsp;&nbsp;&nbsp; 68647 |
| QinetiQ Group PLC | 124249 | &nbsp;&nbsp;&nbsp; 918480 |
| Quilter PLC | 363797 | &nbsp;&nbsp;&nbsp; 814149 |
| Rank Group PLC | 54017 | &nbsp;&nbsp;&nbsp; 100797 |
| Rathbones Group PLC | 10507 | &nbsp;&nbsp;&nbsp; 257647 |
| Reach PLC | 77376 | &nbsp;&nbsp;&nbsp; 69232 |
| Record PLC | 12453 | &nbsp;&nbsp;&nbsp; 9846 |
| Renew Holdings PLC | 9893 | &nbsp;&nbsp;&nbsp; 107875 |
| Renold PLC (a) | 238 | &nbsp;&nbsp;&nbsp; 258 |
| Ricardo PLC | 9732 | &nbsp;&nbsp;&nbsp; 56443 |
| Rightmove PLC | 18903 | &nbsp;&nbsp;&nbsp; 180291 |
| Robert Walters PLC | 13056 | &nbsp;&nbsp;&nbsp; 22304 |
| Rotork PLC | 160222 | &nbsp;&nbsp;&nbsp; 734828 |
| RS Group PLC | 58984 | &nbsp;&nbsp;&nbsp; 452602 |
| S&U PLC | 1188 | &nbsp;&nbsp;&nbsp; 27844 |
| Sabre Insurance Group PLC | 49439 | &nbsp;&nbsp;&nbsp; 96562 |
| Saga PLC (a) | 8514 | &nbsp;&nbsp;&nbsp; 31339 |
| Savills PLC | 26178 | &nbsp;&nbsp;&nbsp; 335844 |
| Senior PLC | 115612 | &nbsp;&nbsp;&nbsp; 311117 |
| Serco Group PLC | 261320 | &nbsp;&nbsp;&nbsp; 835245 |
| Serica Energy PLC (d) | 47039 | &nbsp;&nbsp;&nbsp; 125580 |
| Severfield PLC | 74894 | &nbsp;&nbsp;&nbsp; 30230 |
| SIG PLC (a) | 255262 | &nbsp;&nbsp;&nbsp; 32551 |
| Sigmaroc PLC (a) | 61341 | &nbsp;&nbsp;&nbsp; 99592 |
| Smiths News PLC | 20535 | &nbsp;&nbsp;&nbsp; 17174 |
| Softcat PLC | 30193 | &nbsp;&nbsp;&nbsp; 642799 |
| Spectris PLC | 7718 | &nbsp;&nbsp;&nbsp; 425764 |
| Speedy Hire PLC | 125764 | &nbsp;&nbsp;&nbsp; 40853 |
| Spirax Group PLC | 485 | &nbsp;&nbsp;&nbsp; 44742 |
| Spire Healthcare Group PLC | 62350 | &nbsp;&nbsp;&nbsp; 210542 |
| Spirent Communications PLC | 181575 | &nbsp;&nbsp;&nbsp; 484409 |
| SSP Group PLC | 175333 | &nbsp;&nbsp;&nbsp; 405687 |
| SThree PLC | 14651 | &nbsp;&nbsp;&nbsp; 32114 |
| STV Group PLC | 7194 | &nbsp;&nbsp;&nbsp; 10952 |
| Synthomer PLC (a) | 30557 | &nbsp;&nbsp;&nbsp; 31823 |
| Tate & Lyle PLC | 71773 | &nbsp;&nbsp;&nbsp; 433964 |
| Taylor Wimpey PLC | 183709 | &nbsp;&nbsp;&nbsp; 255716 |

---

**BHFTII-103**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Preferred Stocks—0.4%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Telecom Plus PLC | 16220 | &nbsp;&nbsp;&nbsp; $410216 |
| Topps Tiles PLC | 61961 | &nbsp;&nbsp;&nbsp; 29251 |
| TORM PLC - Class A | 1653 | &nbsp;&nbsp;&nbsp; 34113 |
| TP ICAP Group PLC | 193968 | &nbsp;&nbsp;&nbsp; 719191 |
| Trainline PLC (a) | 20223 | &nbsp;&nbsp;&nbsp; 76042 |
| Travis Perkins PLC | 45793 | &nbsp;&nbsp;&nbsp; 373252 |
| Trifast PLC | 20432 | &nbsp;&nbsp;&nbsp; 20933 |
| TT Electronics PLC (a) | 35042 | &nbsp;&nbsp;&nbsp; 53406 |
| Vanquis Banking Group PLC (a) | 52029 | &nbsp;&nbsp;&nbsp; 86112 |
| Vertu Motors PLC (d) | 46012 | &nbsp;&nbsp;&nbsp; 37408 |
| Vesuvius PLC | 57534 | &nbsp;&nbsp;&nbsp; 290099 |
| Victorian Plumbing Group PLC | 8019 | &nbsp;&nbsp;&nbsp; 8198 |
| Victrex PLC | 14638 | &nbsp;&nbsp;&nbsp; 141789 |
| Videndum PLC (a) (d) | 14491 | &nbsp;&nbsp;&nbsp; 9118 |
| Vistry Group PLC (a) | 21043 | &nbsp;&nbsp;&nbsp; 182905 |
| Volex PLC (d) | 24134 | &nbsp;&nbsp;&nbsp; 118154 |
| Volution Group PLC | 34155 | &nbsp;&nbsp;&nbsp; 292634 |
| Vp PLC | 4147 | &nbsp;&nbsp;&nbsp; 33440 |
| Watches of Switzerland Group PLC (a) | 47460 | &nbsp;&nbsp;&nbsp; 235499 |
| WH Smith PLC | 29003 | &nbsp;&nbsp;&nbsp; 265772 |
| Whitbread PLC | 4586 | &nbsp;&nbsp;&nbsp; 199649 |
| Wickes Group PLC | 69111 | &nbsp;&nbsp;&nbsp; 208123 |
| Xaar PLC (a) | 18088 | &nbsp;&nbsp;&nbsp; 28477 |
| XPS Pensions Group PLC | 15758 | &nbsp;&nbsp;&nbsp; 72100 |
| Young & Co.'s Brewery PLC | 3097 | &nbsp;&nbsp;&nbsp; 25094 |
| Young & Co.'s Brewery PLC - Class A | 4640 | &nbsp;&nbsp;&nbsp; 49921 |
| Zigup PLC | 52839 | &nbsp;&nbsp;&nbsp; 231484 |
| Zotefoams PLC | 7268 | &nbsp;&nbsp;&nbsp; 39917 |
|  |  | &nbsp;&nbsp;&nbsp; 50564819 |
| **United States — 1.1%** | **United States — 1.1%** | **United States — 1.1%** |
| Acerinox SA | 33305 | &nbsp;&nbsp;&nbsp; 434243 |
| ADTRAN Holdings, Inc. (a) | 6835 | &nbsp;&nbsp;&nbsp; 63952 |
| Bausch Health Cos., Inc. (a) | 38207 | &nbsp;&nbsp;&nbsp; 246435 |
| BRP, Inc.  | 519 | &nbsp;&nbsp;&nbsp; 31545 |
| Burford Capital Ltd.  | 42289 | &nbsp;&nbsp;&nbsp; 503260 |
| Buzzi SpA | 11153 | &nbsp;&nbsp;&nbsp; 613891 |
| Diversified Energy Co. PLC (d) | 9570 | &nbsp;&nbsp;&nbsp; 133801 |
| Energy Fuels, Inc. (a) (d) | 7296 | &nbsp;&nbsp;&nbsp; 112032 |
| Frontage Holdings Corp. (a) | 58000 | &nbsp;&nbsp;&nbsp; 9341 |
| MDA Space Ltd. (a) | 16664 | &nbsp;&nbsp;&nbsp; 415013 |
| Ormat Technologies, Inc.  | 1 | &nbsp;&nbsp;&nbsp; 54 |
| PureTech Health PLC (a) | 24125 | &nbsp;&nbsp;&nbsp; 43212 |
| Qiagen NV (d) | 10296 | &nbsp;&nbsp;&nbsp; 460025 |
| Reliance Worldwide Corp. Ltd.  | 176413 | &nbsp;&nbsp;&nbsp; 479106 |
| RHI Magnesita NV | 1193 | &nbsp;&nbsp;&nbsp; 33115 |
| Samsonite Group SA (d) | 225900 | &nbsp;&nbsp;&nbsp; 484322 |
| Signify NV | 28840 | &nbsp;&nbsp;&nbsp; 761569 |
| Sims Ltd.  | 38316 | &nbsp;&nbsp;&nbsp; 340041 |
| TAT Technologies Ltd. (a) | 533 | &nbsp;&nbsp;&nbsp; 21755 |
| Varia U.S. Properties AG (d) | 1203 | &nbsp;&nbsp;&nbsp; 31536 |
| Viemed Healthcare, Inc. (a) | 5284 | &nbsp;&nbsp;&nbsp; 35878 |
|  |  | &nbsp;&nbsp;&nbsp; 5254126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $375,147,280) <br>|  | &nbsp;&nbsp;&nbsp; 471945789 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| Draegerwerk AG & Co. KGaA | 2243 | &nbsp;&nbsp;&nbsp; $166287 |
| Einhell Germany AG | 246 | &nbsp;&nbsp;&nbsp; 23666 |
| FUCHS SE | 15647 | &nbsp;&nbsp;&nbsp; 700282 |
| Jungheinrich AG | 11701 | &nbsp;&nbsp;&nbsp; 406463 |
| Porsche Automobil Holding SE | 368 | &nbsp;&nbsp;&nbsp; 14458 |
| Sixt SE | 3992 | &nbsp;&nbsp;&nbsp; 269306 |
| STO SE & Co. KGaA | 504 | &nbsp;&nbsp;&nbsp; 71232 |
| Villeroy & Boch AG | 505 | &nbsp;&nbsp;&nbsp; 9517 |
|  |  | &nbsp;&nbsp;&nbsp; 1661211 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Danieli & C Officine Meccaniche SpA (Savings Shares) | 4725 | &nbsp;&nbsp;&nbsp; 170458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $1,543,597) <br>|  | &nbsp;&nbsp;&nbsp; 1831669 |
| **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;&nbsp; 0 |
| Silver Mines Ltd., Expires 06/17/26 (a) | 4037 | &nbsp;&nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp;&nbsp; 258 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Geox SpA, Expires 09/30/26 (a) | 14320 | &nbsp;&nbsp;&nbsp; 900 |
| Webuild SpA, Expires 08/02/30 (a) (d) | 6346 | &nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp; 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Warrants <br>(Cost $0) <br>|  | &nbsp;&nbsp;&nbsp; 1158 |
| **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;&nbsp; 0 |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** |
| Rieter Holding AG (a) | 249 | &nbsp;&nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Rights <br>(Cost $42,253) <br>|  | &nbsp;&nbsp;&nbsp; 1095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** |
| **Repurchase Agreement — 0.4%** | **Repurchase Agreement — 0.4%** | **Repurchase Agreement — 0.4%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25 with a maturity value of $1,984,044; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 04/30/27, with a <br> market value of $2,023,615<br>| 1983878 | &nbsp;&nbsp;&nbsp; 1983878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $1,983,878) <br>|  | &nbsp;&nbsp;&nbsp; 1983878 |

---

**BHFTII-104**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—6.3%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Short-Term Investment Funds — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class, 4.070% (f)<br>| 1000000 | &nbsp;&nbsp;&nbsp; $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.000% (f)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.050% (f)<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Institutional Government Reserves Fund, <br>Institutional Class, 4.040% (f)<br>| 1829584 | &nbsp;&nbsp;&nbsp; 1829584 |
|  |  | &nbsp;&nbsp;&nbsp; 7829584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Time Deposits — 0.4%** | **Time Deposits — 0.4%** | **Time Deposits — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA <br>4.090%, 10/01/25<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DZ Bank AG (NY) <br>4.080%, 10/01/25<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 2000000 |
| **Repurchase Agreements — 4.2%** | **Repurchase Agreements — 4.2%** | **Repurchase Agreements — 4.2%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $1,000,116; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 11/30/25 - 02/15/52, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $3,000,352; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,007<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $1,000,119; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,336<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $700,081; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $714,000<br>| 700000 | &nbsp;&nbsp;&nbsp; 700000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $3,924,495; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate market <br> value of $4,002,519<br>| 3924038 | &nbsp;&nbsp;&nbsp; 3924038 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $2,001,672; collateralized <br> by U.S. Treasury Obligations with rates ranging from 3.750% - <br> 4.125%, maturity dates ranging from 10/31/26 - 11/30/29, <br> and various Common Stock with an aggregate market value of <br> $2,224,376<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $3,000,357; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,283<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Nomura Securities International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $1,800,210; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 6.750%, maturity dates ranging from 10/31/25 - 05/15/55, <br> and an aggregate market value of $1,836,214<br>| 1800000 | &nbsp;&nbsp;&nbsp; $1800000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $700,080; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $714,000<br>| 700000 | &nbsp;&nbsp;&nbsp; 700000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $3,000,349; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,384<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp;&nbsp; 20124038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $29,953,622) <br>|  | &nbsp;&nbsp;&nbsp; 29953622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—105.6% <br>(Cost $408,670,630) <br>|  | &nbsp;&nbsp;&nbsp; 505717211 |
| Other assets and liabilities (net)—(5.6)%  |  | &nbsp;&nbsp;&nbsp; (26903332)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $478813879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

(b) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of September 30, 2025, these securities represent 0.2% of net assets. 

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

(d) All or a portion of the security was held on loan. As of September 30, 2025, the market value of securities loaned was $96,142,737 and the collateral received consisted of cash in the amount of $29,953,622 and non-cash collateral with a value of $73,257,909. 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. 

(e) Represents investment of cash collateral received from securities on loan as of September 30, 2025. 

(f) The rate shown represents the annualized seven-day yield as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**September 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Metals & Mining | 8.5 |
| Machinery | 6.8 |
| Banks | 5.0 |
| Real Estate Management & Development | 4.3 |
| Capital Markets | 4.2 |
| Chemicals | 3.7 |
| Construction & Engineering | 3.7 |
| Oil, Gas & Consumable Fuels | 3.5 |
| Food Products | 3.2 |
| Specialty Retail | 3.1 |

---

**BHFTII-105**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp; $1483034 | &nbsp;&nbsp;&nbsp; $28377290 | &nbsp;&nbsp;&nbsp; $786075 | &nbsp;&nbsp;&nbsp; $30646399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7622943 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7622943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp; 6820033 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6823953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17724 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; 59775 | &nbsp;&nbsp;&nbsp; 318254 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 378029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burkina Faso | &nbsp;&nbsp;&nbsp; 1531665 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1531665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cambodia | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 191540 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 191540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp; 53215238 | &nbsp;&nbsp;&nbsp; 461352 | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 53676831 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp; 1439615 | &nbsp;&nbsp;&nbsp; 592636 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2032251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp;&nbsp; 62578 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 62578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12660812 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12660812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Faeroe Islands | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34003 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13055300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13055300 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp; 26837 | &nbsp;&nbsp;&nbsp; 24856261 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24883098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1685978 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1685978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp;&nbsp; 118682 | &nbsp;&nbsp;&nbsp; 27306760 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27425442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ghana | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30361 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57521 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19164 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guernsey, Channel Islands | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; 168335 | &nbsp;&nbsp;&nbsp; 9048020 | &nbsp;&nbsp;&nbsp; 10724 | &nbsp;&nbsp;&nbsp; 9227079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 877051 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 877051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iraq | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 183596 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 183596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2130919 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2130919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isle of Man | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp;&nbsp; 103200 | &nbsp;&nbsp;&nbsp; 5295893 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5399093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; 163061 | &nbsp;&nbsp;&nbsp; 18271502 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18434563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast | &nbsp;&nbsp;&nbsp; 927958 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 927958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 110813866 | &nbsp;&nbsp;&nbsp; 45327 | &nbsp;&nbsp;&nbsp; 110859193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey, Channel Islands | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39500 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liechtenstein | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 296975 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 296975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1047112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1047112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 228469 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 228469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63203 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mongolia | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100825 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp; 202115 | &nbsp;&nbsp;&nbsp; 8534562 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8736677 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1552891 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1552891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp; 23890 | &nbsp;&nbsp;&nbsp; 2590304 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2614194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 459917 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 459917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5775 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201664 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2076879 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2076879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5326522 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5326524 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 541720 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 541720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10437359 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10437359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12597073 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12597073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37131934 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37131934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66147 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanzania | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 245573 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 245573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp; 1473258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1473258 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; 96633 | &nbsp;&nbsp;&nbsp; 50452844 | &nbsp;&nbsp;&nbsp; 15342 | &nbsp;&nbsp;&nbsp; 50564819 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; 1300928 | &nbsp;&nbsp;&nbsp; 3953198 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5254126 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 62400722 | &nbsp;&nbsp;&nbsp; 408687356 | &nbsp;&nbsp;&nbsp; 857711 | &nbsp;&nbsp;&nbsp; 471945789 |
| Total Preferred Stocks\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1831669 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1831669 |

---

**BHFTII-106**

------

**Brighthouse Funds Trust II**

**Brighthouse/Dimensional International Small Company Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $258 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 900 |
| Total Warrants | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1158 |
| Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1095 |
| Total Rights | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1095 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1983878 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1983878 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 7829584 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7829584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20124038 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20124038 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 7829584 | &nbsp;&nbsp;&nbsp; 22124038 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29953622 |
| Total Investments | &nbsp;&nbsp;&nbsp; $70232301 | &nbsp;&nbsp;&nbsp; $434627199 | &nbsp;&nbsp;&nbsp; $857711 | &nbsp;&nbsp;&nbsp; $505717211 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(29953622)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(29953622)<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 period ended September 30, 2025 is not presented.

During the period ended September 30, 2025, transfers into Level 3 in the amount of $645,604 were due to trading halts on the securities' respective exchanges which resulted in the lack of observable inputs.

**BHFTII-107**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—60.9% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Boeing Co. (a) | 15560 | &nbsp;&nbsp;&nbsp; $3358315 |
| L3Harris Technologies, Inc.  | 2299 | &nbsp;&nbsp;&nbsp; 702137 |
| Loar Holdings, Inc. (a) | 5346 | &nbsp;&nbsp;&nbsp; 427680 |
| Northrop Grumman Corp.  | 4934 | &nbsp;&nbsp;&nbsp; 3006385 |
| RTX Corp.  | 5730 | &nbsp;&nbsp;&nbsp; 958801 |
| StandardAero, Inc. (a) | 85493 | &nbsp;&nbsp;&nbsp; 2333104 |
|  |  | &nbsp;&nbsp;&nbsp; 10786422 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc.  | 31293 | &nbsp;&nbsp;&nbsp; 4143193 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Goodyear Tire & Rubber Co. (a) | 98401 | &nbsp;&nbsp;&nbsp; 736039 |
| Modine Manufacturing Co. (a) | 10479 | &nbsp;&nbsp;&nbsp; 1489695 |
|  |  | &nbsp;&nbsp;&nbsp; 2225734 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| Tesla, Inc. (a) | 25381 | &nbsp;&nbsp;&nbsp; 11287438 |
| **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| JPMorgan Chase & Co.  | 5732 | &nbsp;&nbsp;&nbsp; 1808045 |
| KeyCorp | 206470 | &nbsp;&nbsp;&nbsp; 3858924 |
| Wells Fargo & Co.  | 203544 | &nbsp;&nbsp;&nbsp; 17061058 |
|  |  | &nbsp;&nbsp;&nbsp; 22728027 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Celsius Holdings, Inc. (a) | 16127 | &nbsp;&nbsp;&nbsp; 927141 |
| Coca-Cola Co.  | 64462 | &nbsp;&nbsp;&nbsp; 4275120 |
| Monster Beverage Corp. (a) | 22852 | &nbsp;&nbsp;&nbsp; 1538168 |
| PepsiCo, Inc.  | 11121 | &nbsp;&nbsp;&nbsp; 1561833 |
| Vita Coco Co., Inc. (a) | 16100 | &nbsp;&nbsp;&nbsp; 683767 |
|  |  | &nbsp;&nbsp;&nbsp; 8986029 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| AbbVie, Inc.  | 14311 | &nbsp;&nbsp;&nbsp; 3313569 |
| Akero Therapeutics, Inc. (a) | 3087 | &nbsp;&nbsp;&nbsp; 146571 |
| Alnylam Pharmaceuticals, Inc. (a) | 1096 | &nbsp;&nbsp;&nbsp; 499776 |
| Argenx SE (ADR) (a) | 1088 | &nbsp;&nbsp;&nbsp; 802465 |
| Ascendis Pharma AS (ADR) (a) | 2138 | &nbsp;&nbsp;&nbsp; 425056 |
| Avidity Biosciences, Inc. (a) | 12487 | &nbsp;&nbsp;&nbsp; 544059 |
| Cytokinetics, Inc. (a) | 15392 | &nbsp;&nbsp;&nbsp; 845944 |
| Disc Medicine, Inc. (a) | 2761 | &nbsp;&nbsp;&nbsp; 182447 |
| Exact Sciences Corp. (a) | 1015 | &nbsp;&nbsp;&nbsp; 55531 |
| Gilead Sciences, Inc.  | 20284 | &nbsp;&nbsp;&nbsp; 2251524 |
| Ionis Pharmaceuticals, Inc. (a) | 3225 | &nbsp;&nbsp;&nbsp; 210979 |
| Kymera Therapeutics, Inc. (a) | 3481 | &nbsp;&nbsp;&nbsp; 197025 |
| Merus NV (a) | 1471 | &nbsp;&nbsp;&nbsp; 138495 |
| Metsera, Inc. (a) (b) | 4603 | &nbsp;&nbsp;&nbsp; 240875 |
| Monopar Therapeutics, Inc. (a) | 2326 | &nbsp;&nbsp;&nbsp; 189964 |
| Natera, Inc. (a) | 450 | &nbsp;&nbsp;&nbsp; 72436 |
| Newamsterdam Pharma Co. NV (a) (b) | 24800 | &nbsp;&nbsp;&nbsp; 705312 |
| PTC Therapeutics, Inc. (a) | 3726 | &nbsp;&nbsp;&nbsp; 228665 |
| Revolution Medicines, Inc. (a) | 10710 | &nbsp;&nbsp;&nbsp; 500157 |
| Scholar Rock Holding Corp. (a) | 4267 | &nbsp;&nbsp;&nbsp; 158903 |
| Soleno Therapeutics, Inc. (a) | 3062 | &nbsp;&nbsp;&nbsp; 206991 |
| Ultragenyx Pharmaceutical, Inc. (a) | 4503 | &nbsp;&nbsp;&nbsp; 135450 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| United Therapeutics Corp. (a) | 2680 | &nbsp;&nbsp;&nbsp; $1123483 |
| Vertex Pharmaceuticals, Inc. (a) | 6048 | &nbsp;&nbsp;&nbsp; 2368639 |
|  |  | &nbsp;&nbsp;&nbsp; 15544316 |
| **Broadline Retail — 2.8%** | **Broadline Retail — 2.8%** | **Broadline Retail — 2.8%** |
| Amazon.com, Inc. (a) | 152740 | &nbsp;&nbsp;&nbsp; 33537122 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| AAON, Inc. (b) | 29844 | &nbsp;&nbsp;&nbsp; 2788623 |
| Builders FirstSource, Inc. (a) | 5600 | &nbsp;&nbsp;&nbsp; 679000 |
| Johnson Controls International PLC | 16685 | &nbsp;&nbsp;&nbsp; 1834516 |
|  |  | &nbsp;&nbsp;&nbsp; 5302139 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| ARES Management Corp. - Class A | 17300 | &nbsp;&nbsp;&nbsp; 2766097 |
| Goldman Sachs Group, Inc.  | 17498 | &nbsp;&nbsp;&nbsp; 13934532 |
| Intercontinental Exchange, Inc.  | 34823 | &nbsp;&nbsp;&nbsp; 5866979 |
| KKR & Co., Inc.  | 92893 | &nbsp;&nbsp;&nbsp; 12071446 |
|  |  | &nbsp;&nbsp;&nbsp; 34639054 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Celanese Corp.  | 17075 | &nbsp;&nbsp;&nbsp; 718516 |
| FMC Corp.  | 28391 | &nbsp;&nbsp;&nbsp; 954789 |
| Ingevity Corp. (a) | 4501 | &nbsp;&nbsp;&nbsp; 248410 |
| Linde PLC | 11747 | &nbsp;&nbsp;&nbsp; 5579825 |
| PPG Industries, Inc.  | 26187 | &nbsp;&nbsp;&nbsp; 2752516 |
|  |  | &nbsp;&nbsp;&nbsp; 10254056 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Clean Harbors, Inc. (a) | 23310 | &nbsp;&nbsp;&nbsp; 5413048 |
| Waste Connections, Inc.  | 10413 | &nbsp;&nbsp;&nbsp; 1830606 |
|  |  | &nbsp;&nbsp;&nbsp; 7243654 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. (a) | 29271 | &nbsp;&nbsp;&nbsp; 4265077 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Fluor Corp. (a) | 23050 | &nbsp;&nbsp;&nbsp; 969714 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| James Hardie Industries PLC (a) | 207987 | &nbsp;&nbsp;&nbsp; 3995430 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| Casey's General Stores, Inc.  | 1580 | &nbsp;&nbsp;&nbsp; 893206 |
| Kroger Co.  | 18484 | &nbsp;&nbsp;&nbsp; 1246007 |
| Performance Food Group Co. (a) | 16231 | &nbsp;&nbsp;&nbsp; 1688673 |
| U.S. Foods Holding Corp. (a) | 56523 | &nbsp;&nbsp;&nbsp; 4330792 |
| Walmart, Inc.  | 81606 | &nbsp;&nbsp;&nbsp; 8410314 |
|  |  | &nbsp;&nbsp;&nbsp; 16568992 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Packaging Corp. of America | 5928 | &nbsp;&nbsp;&nbsp; 1291889 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| Pool Corp.  | 11907 | &nbsp;&nbsp;&nbsp; 3692003 |

---

**BHFTII-108**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| American Electric Power Co., Inc.  | 33787 | &nbsp;&nbsp;&nbsp; $3801038 |
| NextEra Energy, Inc.  | 21173 | &nbsp;&nbsp;&nbsp; 1598350 |
| PG&E Corp.  | 289293 | &nbsp;&nbsp;&nbsp; 4362538 |
|  |  | &nbsp;&nbsp;&nbsp; 9761926 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| Vertiv Holdings Co. - Class A | 12606 | &nbsp;&nbsp;&nbsp; 1901741 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| CDW Corp.  | 7055 | &nbsp;&nbsp;&nbsp; 1123720 |
| Coherent Corp. (a) | 19134 | &nbsp;&nbsp;&nbsp; 2061114 |
| Flex Ltd. (a) | 47546 | &nbsp;&nbsp;&nbsp; 2756242 |
|  |  | &nbsp;&nbsp;&nbsp; 5941076 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| Netflix, Inc. (a) | 5412 | &nbsp;&nbsp;&nbsp; 6488555 |
| Walt Disney Co.  | 41128 | &nbsp;&nbsp;&nbsp; 4709156 |
|  |  | &nbsp;&nbsp;&nbsp; 11197711 |
| **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
| Berkshire Hathaway, Inc. - Class B (a) | 27082 | &nbsp;&nbsp;&nbsp; 13615205 |
| Equitable Holdings, Inc.  | 59345 | &nbsp;&nbsp;&nbsp; 3013539 |
| Mastercard, Inc. - Class A | 21629 | &nbsp;&nbsp;&nbsp; 12302791 |
|  |  | &nbsp;&nbsp;&nbsp; 28931535 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Freshpet, Inc. (a) | 17092 | &nbsp;&nbsp;&nbsp; 941940 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| Atmos Energy Corp. (b) | 20445 | &nbsp;&nbsp;&nbsp; 3490984 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Knight-Swift Transportation Holdings, Inc.  | 52982 | &nbsp;&nbsp;&nbsp; 2093319 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| Abbott Laboratories | 19374 | &nbsp;&nbsp;&nbsp; 2594954 |
| Align Technology, Inc. (a) | 2939 | &nbsp;&nbsp;&nbsp; 368022 |
| Boston Scientific Corp. (a) | 15946 | &nbsp;&nbsp;&nbsp; 1556808 |
| Cooper Cos., Inc. (a) | 14852 | &nbsp;&nbsp;&nbsp; 1018253 |
| Edwards Lifesciences Corp. (a) | 26595 | &nbsp;&nbsp;&nbsp; 2068293 |
| Intuitive Surgical, Inc. (a) | 5693 | &nbsp;&nbsp;&nbsp; 2546080 |
| LivaNova PLC (a) | 6284 | &nbsp;&nbsp;&nbsp; 329156 |
| Medtronic PLC | 16917 | &nbsp;&nbsp;&nbsp; 1611175 |
| Stryker Corp.  | 499 | &nbsp;&nbsp;&nbsp; 184465 |
|  |  | &nbsp;&nbsp;&nbsp; 12277206 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| Acadia Healthcare Co., Inc. (a) (b) | 20449 | &nbsp;&nbsp;&nbsp; 506317 |
| Cencora, Inc.  | 7751 | &nbsp;&nbsp;&nbsp; 2422420 |
| CVS Health Corp.  | 21565 | &nbsp;&nbsp;&nbsp; 1625785 |
| Elevance Health, Inc.  | 3418 | &nbsp;&nbsp;&nbsp; 1104424 |
| HCA Healthcare, Inc.  | 4117 | &nbsp;&nbsp;&nbsp; 1754666 |
| Labcorp Holdings, Inc.  | 5262 | &nbsp;&nbsp;&nbsp; 1510510 |
| UnitedHealth Group, Inc.  | 16387 | &nbsp;&nbsp;&nbsp; 5658431 |
|  |  | &nbsp;&nbsp;&nbsp; 14582553 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Welltower, Inc.  | 35465 | &nbsp;&nbsp;&nbsp; $6317735 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| HeartFlow, Inc. (a) | 5100 | &nbsp;&nbsp;&nbsp; 171666 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Flutter Entertainment PLC (a) | 8754 | &nbsp;&nbsp;&nbsp; 2223516 |
| Hyatt Hotels Corp. - Class A | 34601 | &nbsp;&nbsp;&nbsp; 4910920 |
| Marriott International, Inc. - Class A | 8348 | &nbsp;&nbsp;&nbsp; 2174153 |
| Royal Caribbean Cruises Ltd.  | 8867 | &nbsp;&nbsp;&nbsp; 2869184 |
| Starbucks Corp.  | 18517 | &nbsp;&nbsp;&nbsp; 1566538 |
| Wingstop, Inc.  | 5232 | &nbsp;&nbsp;&nbsp; 1316790 |
|  |  | &nbsp;&nbsp;&nbsp; 15061101 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Champion Homes, Inc. (a) | 19247 | &nbsp;&nbsp;&nbsp; 1469893 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Church & Dwight Co., Inc.  | 3820 | &nbsp;&nbsp;&nbsp; 334747 |
| **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.  | 16071 | &nbsp;&nbsp;&nbsp; 3148630 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| American International Group, Inc.  | 34315 | &nbsp;&nbsp;&nbsp; 2695100 |
| Chubb Ltd.  | 11973 | &nbsp;&nbsp;&nbsp; 3379380 |
| Everest Group Ltd.  | 5540 | &nbsp;&nbsp;&nbsp; 1940274 |
| Hamilton Insurance Group Ltd. - Class B (a) | 44365 | &nbsp;&nbsp;&nbsp; 1100252 |
| Marsh & McLennan Cos., Inc.  | 25057 | &nbsp;&nbsp;&nbsp; 5049737 |
|  |  | &nbsp;&nbsp;&nbsp; 14164743 |
| **Interactive Media & Services — 4.3%** | **Interactive Media & Services — 4.3%** | **Interactive Media & Services — 4.3%** |
| Alphabet, Inc. - Class A | 172967 | &nbsp;&nbsp;&nbsp; 42048278 |
| Meta Platforms, Inc. - Class A | 13267 | &nbsp;&nbsp;&nbsp; 9743019 |
|  |  | &nbsp;&nbsp;&nbsp; 51791297 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Snowflake, Inc. - Class A (a) | 14743 | &nbsp;&nbsp;&nbsp; 3325284 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| 10X Genomics, Inc. - Class A (a) | 11166 | &nbsp;&nbsp;&nbsp; 130531 |
| Agilent Technologies, Inc.  | 12232 | &nbsp;&nbsp;&nbsp; 1569977 |
| Bio-Techne Corp.  | 6212 | &nbsp;&nbsp;&nbsp; 345574 |
| Danaher Corp.  | 8921 | &nbsp;&nbsp;&nbsp; 1768677 |
| ICON PLC (a) | 2633 | &nbsp;&nbsp;&nbsp; 460775 |
| Thermo Fisher Scientific, Inc.  | 6291 | &nbsp;&nbsp;&nbsp; 3051261 |
|  |  | &nbsp;&nbsp;&nbsp; 7326795 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| IDEX Corp.  | 13312 | &nbsp;&nbsp;&nbsp; 2166661 |
| Ingersoll Rand, Inc.  | 11827 | &nbsp;&nbsp;&nbsp; 977147 |
| Middleby Corp. (a) | 14827 | &nbsp;&nbsp;&nbsp; 1970953 |
| PACCAR, Inc.  | 8645 | &nbsp;&nbsp;&nbsp; 849976 |
|  |  | &nbsp;&nbsp;&nbsp; 5964737 |

---

**BHFTII-109**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| New York Times Co. - Class A | 31584 | &nbsp;&nbsp;&nbsp; $1812922 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Nucor Corp.  | 13896 | &nbsp;&nbsp;&nbsp; 1881935 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Sempra (b) | 56065 | &nbsp;&nbsp;&nbsp; 5044729 |
| **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** |
| EQT Corp.  | 34233 | &nbsp;&nbsp;&nbsp; 1863302 |
| Exxon Mobil Corp.  | 104287 | &nbsp;&nbsp;&nbsp; 11758359 |
| Marathon Petroleum Corp.  | 16753 | &nbsp;&nbsp;&nbsp; 3228973 |
| Shell PLC (ADR) | 90182 | &nbsp;&nbsp;&nbsp; 6450719 |
| Targa Resources Corp.  | 20649 | &nbsp;&nbsp;&nbsp; 3459534 |
|  |  | &nbsp;&nbsp;&nbsp; 26760887 |
| **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| BellRing Brands, Inc. (a) | 39071 | &nbsp;&nbsp;&nbsp; 1420231 |
| elf Beauty, Inc. (a) | 4109 | &nbsp;&nbsp;&nbsp; 544360 |
| Unilever PLC (ADR) | 64128 | &nbsp;&nbsp;&nbsp; 3801508 |
|  |  | &nbsp;&nbsp;&nbsp; 5766099 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| AstraZeneca PLC (ADR) | 29190 | &nbsp;&nbsp;&nbsp; 2239457 |
| Eli Lilly & Co.  | 15092 | &nbsp;&nbsp;&nbsp; 11515196 |
| GSK PLC (ADR) (b) | 54856 | &nbsp;&nbsp;&nbsp; 2367585 |
| Haleon PLC (ADR) (b) | 320103 | &nbsp;&nbsp;&nbsp; 2871324 |
| Johnson & Johnson | 16826 | &nbsp;&nbsp;&nbsp; 3119877 |
| Merck & Co., Inc.  | 67395 | &nbsp;&nbsp;&nbsp; 5656462 |
| Structure Therapeutics, Inc. (ADR) (a) (b) | 18093 | &nbsp;&nbsp;&nbsp; 506604 |
|  |  | &nbsp;&nbsp;&nbsp; 28276505 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| KBR, Inc.  | 36262 | &nbsp;&nbsp;&nbsp; 1714830 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Camden Property Trust | 19102 | &nbsp;&nbsp;&nbsp; 2039712 |
| **Semiconductors & Semiconductor Equipment — 8.2%** | **Semiconductors & Semiconductor Equipment — 8.2%** | **Semiconductors & Semiconductor Equipment — 8.2%** |
| Advanced Micro Devices, Inc. (a) | 43459 | &nbsp;&nbsp;&nbsp; 7031231 |
| Broadcom, Inc.  | 66857 | &nbsp;&nbsp;&nbsp; 22056793 |
| First Solar, Inc. (a) | 5526 | &nbsp;&nbsp;&nbsp; 1218649 |
| MKS, Inc.  | 11135 | &nbsp;&nbsp;&nbsp; 1378179 |
| NVIDIA Corp.  | 346994 | &nbsp;&nbsp;&nbsp; 64742140 |
| NXP Semiconductors NV | 10453 | &nbsp;&nbsp;&nbsp; 2380462 |
|  |  | &nbsp;&nbsp;&nbsp; 98807454 |
| **Software — 7.1%** | **Software — 7.1%** | **Software — 7.1%** |
| Autodesk, Inc. (a) | 17320 | &nbsp;&nbsp;&nbsp; 5502044 |
| Figma, Inc. - Class A (a) (b) | 26462 | &nbsp;&nbsp;&nbsp; 1372584 |
| Intuit, Inc.  | 6389 | &nbsp;&nbsp;&nbsp; 4363112 |
| Microsoft Corp.  | 101335 | &nbsp;&nbsp;&nbsp; 52486463 |
| Oracle Corp.  | 14365 | &nbsp;&nbsp;&nbsp; 4040013 |
| Palantir Technologies, Inc. - Class A (a) | 12724 | &nbsp;&nbsp;&nbsp; 2321112 |
| SAP SE (ADR) | 15766 | &nbsp;&nbsp;&nbsp; 4212833 |
| ServiceNow, Inc. (a) | 5511 | &nbsp;&nbsp;&nbsp; 5071663 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Synopsys, Inc. (a) | 13071 | &nbsp;&nbsp;&nbsp; $6449101 |
|  |  | &nbsp;&nbsp;&nbsp; 85818925 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| Burlington Stores, Inc. (a) (b) | 9464 | &nbsp;&nbsp;&nbsp; 2408588 |
| Lowe's Cos., Inc.  | 24164 | &nbsp;&nbsp;&nbsp; 6072655 |
| O'Reilly Automotive, Inc. (a) | 20638 | &nbsp;&nbsp;&nbsp; 2224983 |
| Williams-Sonoma, Inc.  | 7645 | &nbsp;&nbsp;&nbsp; 1494215 |
|  |  | &nbsp;&nbsp;&nbsp; 12200441 |
| **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** | **Technology Hardware, Storage & Peripherals — 4.0%** |
| Apple, Inc.  | 184345 | &nbsp;&nbsp;&nbsp; 46939767 |
| NetApp, Inc.  | 15495 | &nbsp;&nbsp;&nbsp; 1835538 |
|  |  | &nbsp;&nbsp;&nbsp; 48775305 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Deckers Outdoor Corp. (a) | 12927 | &nbsp;&nbsp;&nbsp; 1310410 |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| British American Tobacco PLC (ADR) | 12430 | &nbsp;&nbsp;&nbsp; 659784 |
| Philip Morris International, Inc.  | 16494 | &nbsp;&nbsp;&nbsp; 2675327 |
|  |  | &nbsp;&nbsp;&nbsp; 3335111 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| Ferguson Enterprises, Inc.  | 5098 | &nbsp;&nbsp;&nbsp; 1144909 |
| WESCO International, Inc.  | 14360 | &nbsp;&nbsp;&nbsp; 3037140 |
| WW Grainger, Inc.  | 1487 | &nbsp;&nbsp;&nbsp; 1417051 |
|  |  | &nbsp;&nbsp;&nbsp; 5599100 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| T-Mobile U.S., Inc.  | 27079 | &nbsp;&nbsp;&nbsp; 6482171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $591,646,084) <br>|  | &nbsp;&nbsp;&nbsp; 733283444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Agency Sponsored Mortgage-Backed Securities—17.3%** | **Agency Sponsored Mortgage-Backed Securities—17.3%** | **Agency Sponsored Mortgage-Backed Securities—17.3%** |
| **Agency Collateralized Mortgage Obligations — 1.7%** | **Agency Collateralized Mortgage Obligations — 1.7%** | **Agency Collateralized Mortgage Obligations — 1.7%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/36 (c) | 6113 | &nbsp;&nbsp;&nbsp; 5158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 02/25/51 | 400816 | &nbsp;&nbsp;&nbsp; 350525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.394%, -1x SOFR30A + 5.750%, 05/25/55 (d) (e) | 1322600 | &nbsp;&nbsp;&nbsp; 95437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/42 | 110716 | &nbsp;&nbsp;&nbsp; 97013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/25/50 | 113733 | &nbsp;&nbsp;&nbsp; 99889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/15/28 (d) | 17130 | &nbsp;&nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/25/50 (d) | 667455 | &nbsp;&nbsp;&nbsp; 106530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/25/52 | 375926 | &nbsp;&nbsp;&nbsp; 338457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/28 (d) | 31846 | &nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/33 (d) | 42523 | &nbsp;&nbsp;&nbsp; 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/25/40 | 500000 | &nbsp;&nbsp;&nbsp; 451582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/25/49 (d) | 669789 | &nbsp;&nbsp;&nbsp; 116590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/25/51 (d) | 598223 | &nbsp;&nbsp;&nbsp; 96935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/41 | 67417 | &nbsp;&nbsp;&nbsp; 63421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/15/26 (d) | 3135 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/41 (d) | 11677 | &nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/45 | 104875 | &nbsp;&nbsp;&nbsp; 99412 |

---

**BHFTII-110**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/46 | 224670 | &nbsp;&nbsp;&nbsp; $210197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/15/27 (d) | 3042 | &nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/28 (d) | 3332 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/28 (d) | 3086 | &nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/15/30 (d) | 35657 | &nbsp;&nbsp;&nbsp; 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/25/40 (d) | 238317 | &nbsp;&nbsp;&nbsp; 35886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/15/41 | 267661 | &nbsp;&nbsp;&nbsp; 259989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/25/45 (d) | 493442 | &nbsp;&nbsp;&nbsp; 81404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/15/39 | 143705 | &nbsp;&nbsp;&nbsp; 145450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/33 (d) | 59645 | &nbsp;&nbsp;&nbsp; 7707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/48 (d) | 92307 | &nbsp;&nbsp;&nbsp; 18118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/33 | 13760 | &nbsp;&nbsp;&nbsp; 14251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/36 | 33618 | &nbsp;&nbsp;&nbsp; 34947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/46 | 48279 | &nbsp;&nbsp;&nbsp; 50200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/25/51 | 424650 | &nbsp;&nbsp;&nbsp; 430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/36 | 31211 | &nbsp;&nbsp;&nbsp; 32392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/15/39 (d) | 203659 | &nbsp;&nbsp;&nbsp; 37489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/25/59 | 404515 | &nbsp;&nbsp;&nbsp; 332066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/25/57 | 353934 | &nbsp;&nbsp;&nbsp; 338482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/25/58 | 192921 | &nbsp;&nbsp;&nbsp; 181874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/25/58 | 727403 | &nbsp;&nbsp;&nbsp; 662188 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.256%, SOFR30A + 2.900%, 04/25/42 (144A) (e) | 969000 | &nbsp;&nbsp;&nbsp; 996859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.706%, SOFR30A + 3.350%, 05/25/42 (144A) (e) | 495000 | &nbsp;&nbsp;&nbsp; 513716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.706%, SOFR30A + 3.350%, 06/25/43 (144A) (e) | 1000000 | &nbsp;&nbsp;&nbsp; 1037646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.756%, SOFR30A + 3.400%, 10/25/41 (144A) (e) | 1115000 | &nbsp;&nbsp;&nbsp; 1140078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.856%, SOFR30A + 3.500%, 05/25/43 (144A) (e) | 945000 | &nbsp;&nbsp;&nbsp; 996397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.906%, SOFR30A + 3.550%, 08/25/42 (144A) (e) | 155000 | &nbsp;&nbsp;&nbsp; 162258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.006%, SOFR30A + 3.650%, 11/25/41 (144A) (e) | 426000 | &nbsp;&nbsp;&nbsp; 437287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.056%, SOFR30A + 3.700%, 09/25/42 (144A) (e) | 425000 | &nbsp;&nbsp;&nbsp; 446650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.356%, SOFR30A + 4.000%, 07/25/42 (144A) (e) | 380000 | &nbsp;&nbsp;&nbsp; 400044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.856%, SOFR30A + 4.500%, 06/25/42 (144A) (e) | 600000 | &nbsp;&nbsp;&nbsp; 634647 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/15/37 (d) | 1848835 | &nbsp;&nbsp;&nbsp; 96020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/15/52 (d) | 852320 | &nbsp;&nbsp;&nbsp; 112456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/15/52 (d) | 634027 | &nbsp;&nbsp;&nbsp; 97562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/25/52 (d) | 749641 | &nbsp;&nbsp;&nbsp; 117060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.156%, SOFR30A + 1.800%, 02/25/44 (144A) (e) | 190000 | &nbsp;&nbsp;&nbsp; 191563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.356%, SOFR30A + 3.000%, 01/25/42 (144A) (e) | 435000 | &nbsp;&nbsp;&nbsp; 443835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.456%, SOFR30A + 3.100%, 10/25/41 (144A) (e) | 174400 | &nbsp;&nbsp;&nbsp; 177691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.506%, SOFR30A + 3.150%, 12/25/41 (144A) (e) | 405000 | &nbsp;&nbsp;&nbsp; 414744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.856%, SOFR30A + 4.500%, 01/25/42 (144A) (e) | 860000 | &nbsp;&nbsp;&nbsp; 891717 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/25/39 | 104983 | &nbsp;&nbsp;&nbsp; 94401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/25/52 (d) | 802040 | &nbsp;&nbsp;&nbsp; 101731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/25/52 (d) | 691512 | &nbsp;&nbsp;&nbsp; 111638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/25/52 (d) | 720521 | &nbsp;&nbsp;&nbsp; 113110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/25/27 (d) | 3919 | &nbsp;&nbsp;&nbsp; 38 |
| Federal National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/25/36 (c) | 6404 | &nbsp;&nbsp;&nbsp; 5712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/25/41 (c) | 68635 | &nbsp;&nbsp;&nbsp; 52260 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.484%, -1x SOFR30A + 5.840%, 03/25/55 (d) (e) | 878880 | &nbsp;&nbsp;&nbsp; $53534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.594%, -1x SOFR30A + 5.950%, 10/25/54 (d) (e) | 1323278 | &nbsp;&nbsp;&nbsp; 70631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.653%, 05/25/46 (d) (e) | 130567 | &nbsp;&nbsp;&nbsp; 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.734%, 04/25/55 (d) (e) | 143528 | &nbsp;&nbsp;&nbsp; 6523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/25/42 | 169028 | &nbsp;&nbsp;&nbsp; 153515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.831%, 06/25/55 (d) (e) | 100547 | &nbsp;&nbsp;&nbsp; 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.877%, 08/25/44 (d) (e) | 105954 | &nbsp;&nbsp;&nbsp; 7091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/25/50 | 308858 | &nbsp;&nbsp;&nbsp; 267356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/25/28 (d) | 14306 | &nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/25/51 (d) | 678537 | &nbsp;&nbsp;&nbsp; 115258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/25/27 (d) | 8522 | &nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/25/28 (d) | 42456 | &nbsp;&nbsp;&nbsp; 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/25/49 | 218974 | &nbsp;&nbsp;&nbsp; 200260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/25/27 (d) | 18858 | &nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/25/27 (d) | 18025 | &nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/25/30 (d) | 39125 | &nbsp;&nbsp;&nbsp; 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/25/30 (d) | 9393 | &nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/25/31 (d) | 2459 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/25/34 (d) | 380495 | &nbsp;&nbsp;&nbsp; 12908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/25/35 (d) | 46548 | &nbsp;&nbsp;&nbsp; 4117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/25/39 (d) | 297837 | &nbsp;&nbsp;&nbsp; 25563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/25/42 | 416000 | &nbsp;&nbsp;&nbsp; 394141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/25/46 | 182774 | &nbsp;&nbsp;&nbsp; 153442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/25/46 (d) | 60097 | &nbsp;&nbsp;&nbsp; 10931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/25/58 | 458067 | &nbsp;&nbsp;&nbsp; 416848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/25/42 (d) | 27464 | &nbsp;&nbsp;&nbsp; 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/25/42 (d) | 13657 | &nbsp;&nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/25/50 (d) | 978754 | &nbsp;&nbsp;&nbsp; 207397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/25/50 (d) | 509749 | &nbsp;&nbsp;&nbsp; 103122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/25/50 (d) | 513777 | &nbsp;&nbsp;&nbsp; 104171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/25/43 (d) | 222616 | &nbsp;&nbsp;&nbsp; 43330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/25/48 (d) | 234160 | &nbsp;&nbsp;&nbsp; 33902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/25/51 | 401167 | &nbsp;&nbsp;&nbsp; 401641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/25/35 | 134069 | &nbsp;&nbsp;&nbsp; 138383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/25/37 | 36384 | &nbsp;&nbsp;&nbsp; 37606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/25/40 (d) | 198248 | &nbsp;&nbsp;&nbsp; 22944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/25/44 (d) | 157215 | &nbsp;&nbsp;&nbsp; 27254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/25/48 (d) | 174145 | &nbsp;&nbsp;&nbsp; 32135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/25/52 | 359021 | &nbsp;&nbsp;&nbsp; 363479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/25/52 | 418018 | &nbsp;&nbsp;&nbsp; 423209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/25/52 | 394820 | &nbsp;&nbsp;&nbsp; 399046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%, 05/25/42 (d) (e) | 2355 | &nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/25/42 (d) | 84972 | &nbsp;&nbsp;&nbsp; 4434 |
| Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/16/39 | 66870 | &nbsp;&nbsp;&nbsp; 63723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/20/41 | 154883 | &nbsp;&nbsp;&nbsp; 141217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/49 | 557889 | &nbsp;&nbsp;&nbsp; 500178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/28 (d) | 10852 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/35 (d) | 306445 | &nbsp;&nbsp;&nbsp; 14084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/16/43 (d) | 45926 | &nbsp;&nbsp;&nbsp; 6078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/20/52 | 308704 | &nbsp;&nbsp;&nbsp; 286174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/16/27 (d) | 1843 | &nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/27 (d) | 9253 | &nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/29 (d) | 144282 | &nbsp;&nbsp;&nbsp; 6940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/40 (d) | 7687 | &nbsp;&nbsp;&nbsp; 69 |

---

**BHFTII-111**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/42 (d) | 48342 | &nbsp;&nbsp;&nbsp; $1406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/42 (d) | 252394 | &nbsp;&nbsp;&nbsp; 35449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/43 (d) | 78075 | &nbsp;&nbsp;&nbsp; 12293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/20/29 (d) | 15521 | &nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/16/42 (d) | 18420 | &nbsp;&nbsp;&nbsp; 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/16/42 (d) | 468409 | &nbsp;&nbsp;&nbsp; 98475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/44 (d) | 21650 | &nbsp;&nbsp;&nbsp; 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/44 (d) | 297244 | &nbsp;&nbsp;&nbsp; 42149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/47 (d) | 142387 | &nbsp;&nbsp;&nbsp; 23078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/45 (d) | 280705 | &nbsp;&nbsp;&nbsp; 52977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/48 (d) | 237995 | &nbsp;&nbsp;&nbsp; 36194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/16/40 (d) | 174912 | &nbsp;&nbsp;&nbsp; 34679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/16/41 (d) | 70574 | &nbsp;&nbsp;&nbsp; 11963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/43 (d) | 207392 | &nbsp;&nbsp;&nbsp; 42945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/16/47 (d) | 38582 | &nbsp;&nbsp;&nbsp; 7728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/20/39 (d) | 95375 | &nbsp;&nbsp;&nbsp; 7396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/16/47 (d) | 100595 | &nbsp;&nbsp;&nbsp; 13620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/20/47 (d) | 68279 | &nbsp;&nbsp;&nbsp; 10044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/40 (d) | 129373 | &nbsp;&nbsp;&nbsp; 20714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/20/46 (d) | 115397 | &nbsp;&nbsp;&nbsp; 13507 |
|  |  | &nbsp;&nbsp;&nbsp; 20330196 |
| **Agency Mortgage-Backed Securities — 15.6%** | **Agency Mortgage-Backed Securities — 15.6%** | **Agency Mortgage-Backed Securities — 15.6%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/36 | 96369 | &nbsp;&nbsp;&nbsp; 89171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/40 | 60625 | &nbsp;&nbsp;&nbsp; 52146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/41 | 408258 | &nbsp;&nbsp;&nbsp; 353576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/41 | 438842 | &nbsp;&nbsp;&nbsp; 379550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/50 | 194991 | &nbsp;&nbsp;&nbsp; 159155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/50 | 378443 | &nbsp;&nbsp;&nbsp; 308048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 570574 | &nbsp;&nbsp;&nbsp; 465235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 1820099 | &nbsp;&nbsp;&nbsp; 1480938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 658776 | &nbsp;&nbsp;&nbsp; 535131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/51 | 352008 | &nbsp;&nbsp;&nbsp; 288756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51 | 147503 | &nbsp;&nbsp;&nbsp; 119939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51 | 149772 | &nbsp;&nbsp;&nbsp; 122302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/52 | 587505 | &nbsp;&nbsp;&nbsp; 480732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/50 | 195202 | &nbsp;&nbsp;&nbsp; 167594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/50 | 240848 | &nbsp;&nbsp;&nbsp; 205840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 1385924 | &nbsp;&nbsp;&nbsp; 1185219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/50 | 384452 | &nbsp;&nbsp;&nbsp; 328886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 419350 | &nbsp;&nbsp;&nbsp; 356960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51 | 128344 | &nbsp;&nbsp;&nbsp; 110471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/51 | 328055 | &nbsp;&nbsp;&nbsp; 277584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 163362 | &nbsp;&nbsp;&nbsp; 139018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 162094 | &nbsp;&nbsp;&nbsp; 137969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51 | 126012 | &nbsp;&nbsp;&nbsp; 107207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 246455 | &nbsp;&nbsp;&nbsp; 209459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 807572 | &nbsp;&nbsp;&nbsp; 684466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/28 | 78185 | &nbsp;&nbsp;&nbsp; 77207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/29 | 45257 | &nbsp;&nbsp;&nbsp; 44567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/32 | 129507 | &nbsp;&nbsp;&nbsp; 126126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/33 | 135136 | &nbsp;&nbsp;&nbsp; 131720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/36 | 292662 | &nbsp;&nbsp;&nbsp; 277669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/37 | 196552 | &nbsp;&nbsp;&nbsp; 186396 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/44 | 4050 | &nbsp;&nbsp;&nbsp; $3704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/46 | 356614 | &nbsp;&nbsp;&nbsp; 322742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/46 | 363914 | &nbsp;&nbsp;&nbsp; 329273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/46 | 800042 | &nbsp;&nbsp;&nbsp; 724072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/46 | 237869 | &nbsp;&nbsp;&nbsp; 215606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/47 | 224414 | &nbsp;&nbsp;&nbsp; 203052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 247976 | &nbsp;&nbsp;&nbsp; 220535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/34 | 146865 | &nbsp;&nbsp;&nbsp; 143183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/42 | 40566 | &nbsp;&nbsp;&nbsp; 38536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/42 | 55599 | &nbsp;&nbsp;&nbsp; 52645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/46 | 40109 | &nbsp;&nbsp;&nbsp; 37703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/47 | 213763 | &nbsp;&nbsp;&nbsp; 198874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 | 88901 | &nbsp;&nbsp;&nbsp; 82787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/48 | 199688 | &nbsp;&nbsp;&nbsp; 186656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/48 | 129689 | &nbsp;&nbsp;&nbsp; 120426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/42 | 177527 | &nbsp;&nbsp;&nbsp; 173235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/42 | 50988 | &nbsp;&nbsp;&nbsp; 49649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/42 | 63787 | &nbsp;&nbsp;&nbsp; 62112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/44 | 2855 | &nbsp;&nbsp;&nbsp; 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/46 | 47298 | &nbsp;&nbsp;&nbsp; 45568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/47 | 29284 | &nbsp;&nbsp;&nbsp; 28390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/48 | 27167 | &nbsp;&nbsp;&nbsp; 26136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/49 | 549354 | &nbsp;&nbsp;&nbsp; 526559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/49 | 106898 | &nbsp;&nbsp;&nbsp; 102950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/49 | 410992 | &nbsp;&nbsp;&nbsp; 396371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/43 | 28366 | &nbsp;&nbsp;&nbsp; 28130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/43 | 235430 | &nbsp;&nbsp;&nbsp; 235118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/39 | 1874 | &nbsp;&nbsp;&nbsp; 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/40 | 245277 | &nbsp;&nbsp;&nbsp; 247914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/41 | 141313 | &nbsp;&nbsp;&nbsp; 144893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/52 | 269588 | &nbsp;&nbsp;&nbsp; 269369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/52 | 306029 | &nbsp;&nbsp;&nbsp; 304961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/53 | 217726 | &nbsp;&nbsp;&nbsp; 217737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/33 | 27645 | &nbsp;&nbsp;&nbsp; 28199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/37 | 828860 | &nbsp;&nbsp;&nbsp; 847885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/39 | 13167 | &nbsp;&nbsp;&nbsp; 13673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/41 | 49842 | &nbsp;&nbsp;&nbsp; 51821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/53 | 473716 | &nbsp;&nbsp;&nbsp; 480454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/54 | 1139151 | &nbsp;&nbsp;&nbsp; 1149572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/54 | 93150 | &nbsp;&nbsp;&nbsp; 93984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/55 | 2126503 | &nbsp;&nbsp;&nbsp; 2144826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/52 | 260917 | &nbsp;&nbsp;&nbsp; 267935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/52 | 285071 | &nbsp;&nbsp;&nbsp; 294105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/53 | 144826 | &nbsp;&nbsp;&nbsp; 150085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/54 | 1043231 | &nbsp;&nbsp;&nbsp; 1070671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/54 | 1026352 | &nbsp;&nbsp;&nbsp; 1051885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.775%, 1Y RFUCCT + 1.900%, 02/01/41 (e) | 2960 | &nbsp;&nbsp;&nbsp; 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.570%, 12/25/33 (d) (e) | 1465683 | &nbsp;&nbsp;&nbsp; 42129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.723%, 10/25/26 (d) (e) | 991046 | &nbsp;&nbsp;&nbsp; 4794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.723%, 03/25/27 (d) (e) | 3806042 | &nbsp;&nbsp;&nbsp; 26085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.866%, 06/25/27 (d) (e) | 2250904 | &nbsp;&nbsp;&nbsp; 21496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.961%, 11/25/30 (d) (e) | 944521 | &nbsp;&nbsp;&nbsp; 34749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.111%, 10/25/30 (d) (e) | 1624642 | &nbsp;&nbsp;&nbsp; 66560 |

---

**BHFTII-112**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.206%, 06/25/30 (d) (e) | 3009845 | &nbsp;&nbsp;&nbsp; $133214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.229%, 01/25/30 (d) (e) | 2390125 | &nbsp;&nbsp;&nbsp; 95575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.532%, 05/25/30 (d) (e) | 2325869 | &nbsp;&nbsp;&nbsp; 127807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.674%, 05/25/30 (d) (e) | 1461879 | &nbsp;&nbsp;&nbsp; 88705 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 09/01/51 | 1765899 | &nbsp;&nbsp;&nbsp; 1356823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/36 | 148168 | &nbsp;&nbsp;&nbsp; 136171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/36 | 307437 | &nbsp;&nbsp;&nbsp; 282539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/40 | 232489 | &nbsp;&nbsp;&nbsp; 203682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/40 | 885927 | &nbsp;&nbsp;&nbsp; 768502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/41 | 267727 | &nbsp;&nbsp;&nbsp; 233071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/41 | 83978 | &nbsp;&nbsp;&nbsp; 73104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/41 | 323928 | &nbsp;&nbsp;&nbsp; 280566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42 | 205697 | &nbsp;&nbsp;&nbsp; 177798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/50 | 193404 | &nbsp;&nbsp;&nbsp; 157336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/50 | 528274 | &nbsp;&nbsp;&nbsp; 430009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/51 | 288686 | &nbsp;&nbsp;&nbsp; 238491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 1756125 | &nbsp;&nbsp;&nbsp; 1428563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 2925901 | &nbsp;&nbsp;&nbsp; 2376310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 3148465 | &nbsp;&nbsp;&nbsp; 2549109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/51 | 1096353 | &nbsp;&nbsp;&nbsp; 889614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/51 | 479189 | &nbsp;&nbsp;&nbsp; 390697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 04/01/33 | 200057 | &nbsp;&nbsp;&nbsp; 175347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/40 | 524405 | &nbsp;&nbsp;&nbsp; 476866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/50 | 211034 | &nbsp;&nbsp;&nbsp; 179771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/50 | 236754 | &nbsp;&nbsp;&nbsp; 201731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 39859 | &nbsp;&nbsp;&nbsp; 33879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/50 | 382858 | &nbsp;&nbsp;&nbsp; 325531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50 | 638442 | &nbsp;&nbsp;&nbsp; 548489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/51 | 276737 | &nbsp;&nbsp;&nbsp; 237273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 4550695 | &nbsp;&nbsp;&nbsp; 3882659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/51 | 545236 | &nbsp;&nbsp;&nbsp; 463090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 315878 | &nbsp;&nbsp;&nbsp; 268807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51 | 164729 | &nbsp;&nbsp;&nbsp; 141627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 198148 | &nbsp;&nbsp;&nbsp; 168663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 1473425 | &nbsp;&nbsp;&nbsp; 1252268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 2904351 | &nbsp;&nbsp;&nbsp; 2487232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 359612 | &nbsp;&nbsp;&nbsp; 307695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 358839 | &nbsp;&nbsp;&nbsp; 306914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 534073 | &nbsp;&nbsp;&nbsp; 452846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 370607 | &nbsp;&nbsp;&nbsp; 316640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/57 | 481653 | &nbsp;&nbsp;&nbsp; 408527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/28 | 132914 | &nbsp;&nbsp;&nbsp; 131156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/31 | 28712 | &nbsp;&nbsp;&nbsp; 28110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/33 | 91506 | &nbsp;&nbsp;&nbsp; 89137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/37 | 229584 | &nbsp;&nbsp;&nbsp; 217823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/43 | 270093 | &nbsp;&nbsp;&nbsp; 248476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/43 | 335922 | &nbsp;&nbsp;&nbsp; 308935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/43 | 323664 | &nbsp;&nbsp;&nbsp; 297673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/43 | 847357 | &nbsp;&nbsp;&nbsp; 779252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/43 | 482714 | &nbsp;&nbsp;&nbsp; 443510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/50 | 165211 | &nbsp;&nbsp;&nbsp; 148219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 | 567366 | &nbsp;&nbsp;&nbsp; 502250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/50 | 232688 | &nbsp;&nbsp;&nbsp; 205231 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/50 | 327770 | &nbsp;&nbsp;&nbsp; $289144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/51 | 122614 | &nbsp;&nbsp;&nbsp; 108398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/51 | 295538 | &nbsp;&nbsp;&nbsp; 266037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/51 | 152510 | &nbsp;&nbsp;&nbsp; 136199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/51 | 100571 | &nbsp;&nbsp;&nbsp; 89424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/51 | 825020 | &nbsp;&nbsp;&nbsp; 728661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/51 | 448447 | &nbsp;&nbsp;&nbsp; 397710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/52 | 217653 | &nbsp;&nbsp;&nbsp; 192835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 212647 | &nbsp;&nbsp;&nbsp; 188842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 317009 | &nbsp;&nbsp;&nbsp; 281589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/43 | 10802 | &nbsp;&nbsp;&nbsp; 10249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/43 | 26224 | &nbsp;&nbsp;&nbsp; 24727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/43 | 56785 | &nbsp;&nbsp;&nbsp; 53588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/43 | 548116 | &nbsp;&nbsp;&nbsp; 516222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/44 | 102519 | &nbsp;&nbsp;&nbsp; 96465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/45 | 102035 | &nbsp;&nbsp;&nbsp; 95925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/46 | 120643 | &nbsp;&nbsp;&nbsp; 113435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/46 | 88354 | &nbsp;&nbsp;&nbsp; 83065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/46 | 173892 | &nbsp;&nbsp;&nbsp; 162404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/46 | 78214 | &nbsp;&nbsp;&nbsp; 73118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/46 | 74156 | &nbsp;&nbsp;&nbsp; 69568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/46 | 434900 | &nbsp;&nbsp;&nbsp; 410498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/47 | 152888 | &nbsp;&nbsp;&nbsp; 143419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/47 | 331099 | &nbsp;&nbsp;&nbsp; 308796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/47 | 47139 | &nbsp;&nbsp;&nbsp; 44163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/48 | 192252 | &nbsp;&nbsp;&nbsp; 178255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/48 | 794989 | &nbsp;&nbsp;&nbsp; 743653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/48 | 237269 | &nbsp;&nbsp;&nbsp; 222378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/48 | 50006 | &nbsp;&nbsp;&nbsp; 46568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52 | 511442 | &nbsp;&nbsp;&nbsp; 472472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/57 | 816216 | &nbsp;&nbsp;&nbsp; 739970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/58 | 463441 | &nbsp;&nbsp;&nbsp; 420148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.955%, 11/01/30 (f) (g) | 357000 | &nbsp;&nbsp;&nbsp; 355313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 10/01/30 | 360000 | &nbsp;&nbsp;&nbsp; 356513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/26 | 396 | &nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/29 | 3815 | &nbsp;&nbsp;&nbsp; 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/40 | 223701 | &nbsp;&nbsp;&nbsp; 218031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/40 | 83993 | &nbsp;&nbsp;&nbsp; 81890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/40 | 61527 | &nbsp;&nbsp;&nbsp; 59981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/41 | 28887 | &nbsp;&nbsp;&nbsp; 28155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/41 | 74020 | &nbsp;&nbsp;&nbsp; 72083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/41 | 236871 | &nbsp;&nbsp;&nbsp; 233309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/42 | 42566 | &nbsp;&nbsp;&nbsp; 41386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/42 | 76981 | &nbsp;&nbsp;&nbsp; 74870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/45 | 9274 | &nbsp;&nbsp;&nbsp; 8933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/45 | 63955 | &nbsp;&nbsp;&nbsp; 61707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/46 | 62979 | &nbsp;&nbsp;&nbsp; 60862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/46 | 19027 | &nbsp;&nbsp;&nbsp; 18293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/46 | 77585 | &nbsp;&nbsp;&nbsp; 74594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/47 | 81352 | &nbsp;&nbsp;&nbsp; 78289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/47 | 326651 | &nbsp;&nbsp;&nbsp; 314049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/48 | 612122 | &nbsp;&nbsp;&nbsp; 587008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/48 | 101464 | &nbsp;&nbsp;&nbsp; 97486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/49 | 364715 | &nbsp;&nbsp;&nbsp; 350969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/49 | 709087 | &nbsp;&nbsp;&nbsp; 675792 |

---

**BHFTII-113**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/49 | 26731 | &nbsp;&nbsp;&nbsp; $25832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/50 | 481825 | &nbsp;&nbsp;&nbsp; 463645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/51 | 78134 | &nbsp;&nbsp;&nbsp; 75846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/52 | 313967 | &nbsp;&nbsp;&nbsp; 298162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 04/01/29 | 649470 | &nbsp;&nbsp;&nbsp; 657108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 11/01/30 | 524000 | &nbsp;&nbsp;&nbsp; 528585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 10/01/30 | 286000 | &nbsp;&nbsp;&nbsp; 291524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/26 | 1666 | &nbsp;&nbsp;&nbsp; 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/37 | 208206 | &nbsp;&nbsp;&nbsp; 209109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/40 | 162205 | &nbsp;&nbsp;&nbsp; 162747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/41 | 19415 | &nbsp;&nbsp;&nbsp; 19428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/41 | 84586 | &nbsp;&nbsp;&nbsp; 84676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/42 | 28192 | &nbsp;&nbsp;&nbsp; 28211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/43 | 374566 | &nbsp;&nbsp;&nbsp; 371321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/43 | 66966 | &nbsp;&nbsp;&nbsp; 65912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/43 | 56365 | &nbsp;&nbsp;&nbsp; 56222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/44 | 114567 | &nbsp;&nbsp;&nbsp; 113678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/49 | 108077 | &nbsp;&nbsp;&nbsp; 106512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/51 | 508165 | &nbsp;&nbsp;&nbsp; 493697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/01/28 | 95000 | &nbsp;&nbsp;&nbsp; 96400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/41 | 13281 | &nbsp;&nbsp;&nbsp; 13601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/41 | 5422 | &nbsp;&nbsp;&nbsp; 5553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/52 | 521794 | &nbsp;&nbsp;&nbsp; 520054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/52 | 899236 | &nbsp;&nbsp;&nbsp; 896791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/52 | 1238377 | &nbsp;&nbsp;&nbsp; 1234518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/53 | 986740 | &nbsp;&nbsp;&nbsp; 981109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.065%, 12/01/28 | 490000 | &nbsp;&nbsp;&nbsp; 504665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/28 | 7175 | &nbsp;&nbsp;&nbsp; 7307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/33 | 11006 | &nbsp;&nbsp;&nbsp; 11262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/37 | 67318 | &nbsp;&nbsp;&nbsp; 69076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/40 | 831665 | &nbsp;&nbsp;&nbsp; 850782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/41 | 6639 | &nbsp;&nbsp;&nbsp; 6853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/52 | 285102 | &nbsp;&nbsp;&nbsp; 289497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/52 | 838297 | &nbsp;&nbsp;&nbsp; 850916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/52 | 974839 | &nbsp;&nbsp;&nbsp; 988857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/53 | 488497 | &nbsp;&nbsp;&nbsp; 495401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/53 | 258303 | &nbsp;&nbsp;&nbsp; 261097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/55 | 2122651 | &nbsp;&nbsp;&nbsp; 2140942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/34 | 45516 | &nbsp;&nbsp;&nbsp; 47396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/34 | 24375 | &nbsp;&nbsp;&nbsp; 25349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 202832 | &nbsp;&nbsp;&nbsp; 210334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/38 | 15675 | &nbsp;&nbsp;&nbsp; 16518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/38 | 6919 | &nbsp;&nbsp;&nbsp; 7291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/38 | 18093 | &nbsp;&nbsp;&nbsp; 19067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/38 | 5096 | &nbsp;&nbsp;&nbsp; 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/38 | 7188 | &nbsp;&nbsp;&nbsp; 7575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/53 | 303123 | &nbsp;&nbsp;&nbsp; 314272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/54 | 516312 | &nbsp;&nbsp;&nbsp; 528653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/54 | 828231 | &nbsp;&nbsp;&nbsp; 848110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/54 | 332052 | &nbsp;&nbsp;&nbsp; 340329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/40 | 123697 | &nbsp;&nbsp;&nbsp; 130987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.599%, 1Y RFUCCT + 1.774%, 06/01/41 (e) | 15866 | &nbsp;&nbsp;&nbsp; 16349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1Y RFUCCT + 1.750%, 03/01/41 (e) | 2618 | &nbsp;&nbsp;&nbsp; 2692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.755%, 1Y RFUCCT + 1.755%, 12/01/40 (e) | 13 | &nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.899%, 1Y RFUCCT + 1.821%, 09/01/41 (e) | 15722 | &nbsp;&nbsp;&nbsp; 16347 |

---

---

| | | |
|:---|:---|:---|
| **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-ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.393%, 01/25/30 (d) (e) | 1634014 | &nbsp;&nbsp;&nbsp; $14572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 06/25/34 (d) (e) | 3620585 | &nbsp;&nbsp;&nbsp; 206844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.577%, 05/25/29 (d) (e) | 1773415 | &nbsp;&nbsp;&nbsp; 62133 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/20/50 | 566444 | &nbsp;&nbsp;&nbsp; 468483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/50 | 941470 | &nbsp;&nbsp;&nbsp; 778358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/20/52 | 2181586 | &nbsp;&nbsp;&nbsp; 1803536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/20/52 | 737530 | &nbsp;&nbsp;&nbsp; 609716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/20/54 | 421937 | &nbsp;&nbsp;&nbsp; 349295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/49 | 425693 | &nbsp;&nbsp;&nbsp; 369126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/20/51 | 339175 | &nbsp;&nbsp;&nbsp; 292250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/20/51 | 453049 | &nbsp;&nbsp;&nbsp; 390222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 1518377 | &nbsp;&nbsp;&nbsp; 1308279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/44 | 15519 | &nbsp;&nbsp;&nbsp; 13966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/15/45 | 148092 | &nbsp;&nbsp;&nbsp; 133279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/45 | 6292 | &nbsp;&nbsp;&nbsp; 5663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/51 | 1569554 | &nbsp;&nbsp;&nbsp; 1403745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/51 | 159735 | &nbsp;&nbsp;&nbsp; 142734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/51 | 1447447 | &nbsp;&nbsp;&nbsp; 1294514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/20/52 | 355431 | &nbsp;&nbsp;&nbsp; 317786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/44 | 226006 | &nbsp;&nbsp;&nbsp; 212645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/46 | 260195 | &nbsp;&nbsp;&nbsp; 242131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/46 | 61780 | &nbsp;&nbsp;&nbsp; 57103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/46 | 66697 | &nbsp;&nbsp;&nbsp; 62011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/47 | 300181 | &nbsp;&nbsp;&nbsp; 278902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/20/47 | 54017 | &nbsp;&nbsp;&nbsp; 50143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/47 | 60858 | &nbsp;&nbsp;&nbsp; 56493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/48 | 77369 | &nbsp;&nbsp;&nbsp; 71820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/49 | 234111 | &nbsp;&nbsp;&nbsp; 216674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/49 | 222262 | &nbsp;&nbsp;&nbsp; 204626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/51 | 62539 | &nbsp;&nbsp;&nbsp; 57516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/52 | 179623 | &nbsp;&nbsp;&nbsp; 164734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/52 | 521965 | &nbsp;&nbsp;&nbsp; 478056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/52 | 1426509 | &nbsp;&nbsp;&nbsp; 1303299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/53 | 637364 | &nbsp;&nbsp;&nbsp; 585502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/42 | 167724 | &nbsp;&nbsp;&nbsp; 160861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/15/42 | 223344 | &nbsp;&nbsp;&nbsp; 215610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/45 | 223101 | &nbsp;&nbsp;&nbsp; 213727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/47 | 74030 | &nbsp;&nbsp;&nbsp; 69894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/48 | 176188 | &nbsp;&nbsp;&nbsp; 166731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/48 | 599300 | &nbsp;&nbsp;&nbsp; 572868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/52 | 611977 | &nbsp;&nbsp;&nbsp; 581211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/41 | 150838 | &nbsp;&nbsp;&nbsp; 150205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/42 | 306431 | &nbsp;&nbsp;&nbsp; 303829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/46 | 28570 | &nbsp;&nbsp;&nbsp; 28316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/52 | 47782 | &nbsp;&nbsp;&nbsp; 46707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/52 | 212489 | &nbsp;&nbsp;&nbsp; 207643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/52 | 195111 | &nbsp;&nbsp;&nbsp; 190631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/52 | 874992 | &nbsp;&nbsp;&nbsp; 854765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/20/54 | 1202601 | &nbsp;&nbsp;&nbsp; 1166976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/54 | 1177557 | &nbsp;&nbsp;&nbsp; 1142674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/38 | 11593 | &nbsp;&nbsp;&nbsp; 11878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/39 | 230250 | &nbsp;&nbsp;&nbsp; 236139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/39 | 15299 | &nbsp;&nbsp;&nbsp; 15689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/39 | 4970 | &nbsp;&nbsp;&nbsp; 5117 |

---

**BHFTII-114**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/20/40 | 190454 | &nbsp;&nbsp;&nbsp; $195271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/20/40 | 151478 | &nbsp;&nbsp;&nbsp; 155772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/40 | 59657 | &nbsp;&nbsp;&nbsp; 61201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/20/49 | 215110 | &nbsp;&nbsp;&nbsp; 217509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/40 | 119837 | &nbsp;&nbsp;&nbsp; 125129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/20/55 | 249149 | &nbsp;&nbsp;&nbsp; 253572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/55 | 1067394 | &nbsp;&nbsp;&nbsp; 1088020 |
| Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.645%, 02/16/53 (d) (e) | 611851 | &nbsp;&nbsp;&nbsp; 9162 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (h) | 9636000 | &nbsp;&nbsp;&nbsp; 8294448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (h) | 1200000 | &nbsp;&nbsp;&nbsp; 1193543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, TBA (h) | 3145000 | &nbsp;&nbsp;&nbsp; 3168406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, TBA (h) | 3043000 | &nbsp;&nbsp;&nbsp; 3094772 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (h) | 1355000 | &nbsp;&nbsp;&nbsp; 1141370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (h) | 325000 | &nbsp;&nbsp;&nbsp; 296894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, TBA (h) | 49134000 | &nbsp;&nbsp;&nbsp; 49586701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, TBA (h) | 17282000 | &nbsp;&nbsp;&nbsp; 17653391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, TBA (h) | 850000 | &nbsp;&nbsp;&nbsp; 888992 |
|  |  | &nbsp;&nbsp;&nbsp; 187778527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $215,299,763) <br>|  | &nbsp;&nbsp;&nbsp; 208108723 |
| **U.S. Treasury & Government Agencies—10.4%** | **U.S. Treasury & Government Agencies—10.4%** | **U.S. Treasury & Government Agencies—10.4%** |
| **U.S. Treasury — 10.4%** | **U.S. Treasury — 10.4%** | **U.S. Treasury — 10.4%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 9605000 | &nbsp;&nbsp;&nbsp; 4711327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 3460000 | &nbsp;&nbsp;&nbsp; 1856506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 910000 | &nbsp;&nbsp;&nbsp; 607141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 | 1385000 | &nbsp;&nbsp;&nbsp; 906201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 2555000 | &nbsp;&nbsp;&nbsp; 1830119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/45 (i) (j) | 19040000 | &nbsp;&nbsp;&nbsp; 14468169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 (b) | 1200000 | &nbsp;&nbsp;&nbsp; 898500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/47 | 6040000 | &nbsp;&nbsp;&nbsp; 4612106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/52 | 2540000 | &nbsp;&nbsp;&nbsp; 1857772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 6365000 | &nbsp;&nbsp;&nbsp; 4908012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/42 | 2385000 | &nbsp;&nbsp;&nbsp; 2032095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 | 3805000 | &nbsp;&nbsp;&nbsp; 3056634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/43 | 3785000 | &nbsp;&nbsp;&nbsp; 3302412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/53 | 1650000 | &nbsp;&nbsp;&nbsp; 1362797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/53 | 1595000 | &nbsp;&nbsp;&nbsp; 1441668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 6295000 | &nbsp;&nbsp;&nbsp; 6061151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/55 | 2365000 | &nbsp;&nbsp;&nbsp; 2324721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 08/15/45 | 2050000 | &nbsp;&nbsp;&nbsp; 2095805 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 02/15/50 (k) | 2977834 | &nbsp;&nbsp;&nbsp; 1759669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 02/15/43 (k) | 653339 | &nbsp;&nbsp;&nbsp; 495849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 02/15/42 (k) | 4753387 | &nbsp;&nbsp;&nbsp; 3766890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 02/15/45 (k) | 1899929 | &nbsp;&nbsp;&nbsp; 1415681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 02/15/46 (k) | 872525 | &nbsp;&nbsp;&nbsp; 672347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 02/15/44 (k) | 3673032 | &nbsp;&nbsp;&nbsp; 3139114 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/15/34 (k) | 6100358 | &nbsp;&nbsp;&nbsp; $6128762 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 | 1410000 | &nbsp;&nbsp;&nbsp; 1323252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/31/29 | 1510000 | &nbsp;&nbsp;&nbsp; 1446887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/30/30 | 11045000 | &nbsp;&nbsp;&nbsp; 11049746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/31/32 | 5320000 | &nbsp;&nbsp;&nbsp; 5304206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/34 | 9150000 | &nbsp;&nbsp;&nbsp; 9126053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/30/31 | 3960000 | &nbsp;&nbsp;&nbsp; 4016306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 9190000 | &nbsp;&nbsp;&nbsp; 9293746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 3825000 | &nbsp;&nbsp;&nbsp; 3954691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/31/31 | 4045000 | &nbsp;&nbsp;&nbsp; 4210592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury & Government Agencies <br>(Cost $145,523,482) <br>|  | &nbsp;&nbsp;&nbsp; 125436927 |
| **Corporate Bonds & Notes—10.4%** | **Corporate Bonds & Notes—10.4%** | **Corporate Bonds & Notes—10.4%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 01/15/31 (b) | 475000 | &nbsp;&nbsp;&nbsp; 441954 |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| BAE Systems PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/26/29 (144A) | 275000 | &nbsp;&nbsp;&nbsp; 283202 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 02/01/30 | 125000 | &nbsp;&nbsp;&nbsp; 117686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/01/29 | 80000 | &nbsp;&nbsp;&nbsp; 77193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/01/50 | 30000 | &nbsp;&nbsp;&nbsp; 22165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/30 | 345000 | &nbsp;&nbsp;&nbsp; 354024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%, 05/01/40 | 655000 | &nbsp;&nbsp;&nbsp; 668350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388%, 05/01/31 | 80000 | &nbsp;&nbsp;&nbsp; 87129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528%, 05/01/34 | 160000 | &nbsp;&nbsp;&nbsp; 176875 |
| L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 06/01/29 | 270000 | &nbsp;&nbsp;&nbsp; 277588 |
|  |  | &nbsp;&nbsp;&nbsp; 2064212 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/35 | 320000 | &nbsp;&nbsp;&nbsp; 332481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834%, 02/20/31 | 115000 | &nbsp;&nbsp;&nbsp; 121631 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/01/27 | 185000 | &nbsp;&nbsp;&nbsp; 186370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/01/31 | 185000 | &nbsp;&nbsp;&nbsp; 188171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/15/30 | 385000 | &nbsp;&nbsp;&nbsp; 397873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/13/31 | 410000 | &nbsp;&nbsp;&nbsp; 424307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/33 (b) | 115000 | &nbsp;&nbsp;&nbsp; 120096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/29 | 90000 | &nbsp;&nbsp;&nbsp; 94700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/07/33 | 130000 | &nbsp;&nbsp;&nbsp; 137876 |
|  |  | &nbsp;&nbsp;&nbsp; 2003505 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Gildan Activewear, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/07/35 (144A) | 285000 | &nbsp;&nbsp;&nbsp; 285039 |
| Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 03/11/30 (b) | 175000 | &nbsp;&nbsp;&nbsp; 178981 |

---

**BHFTII-115**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Apparel—(Continued)** | **Apparel—(Continued)** | **Apparel—(Continued)** |
| Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/11/35 | 105000 | &nbsp;&nbsp;&nbsp; $107256 |
|  |  | &nbsp;&nbsp;&nbsp; 571276 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Daimler Truck Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/12/32 (144A) | 670000 | &nbsp;&nbsp;&nbsp; 673232 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/12/32 | 825000 | &nbsp;&nbsp;&nbsp; 721854 |
|  |  | &nbsp;&nbsp;&nbsp; 1395086 |
| **Banks — 1.5%** | **Banks — 1.5%** | **Banks — 1.5%** |
| Banca Comerciala Romana SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3M EURIBOR + 4.539%, 05/19/27 (EUR) (e) | 200000 | &nbsp;&nbsp;&nbsp; 241351 |
| Banca Transilvania SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 1Y EUR Swap + 5.580%, 04/27/27 (EUR) (e) | 305000 | &nbsp;&nbsp;&nbsp; 368676 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%, SOFR + 1.530%, 07/23/31 (e) | 295000 | &nbsp;&nbsp;&nbsp; 263497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%, SOFR + 1.370%, 10/24/31 (e) | 190000 | &nbsp;&nbsp;&nbsp; 168752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482%, 5Y H15 + 1.200%, 09/21/36 (e) | 285000 | &nbsp;&nbsp;&nbsp; 247430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592%, SOFR + 2.150%, 04/29/31 (e) | 290000 | &nbsp;&nbsp;&nbsp; 268739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%, SOFR + 1.330%, 02/04/33 (e) | 570000 | &nbsp;&nbsp;&nbsp; 519063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, SOFR + 1.580%, 04/27/28 (e) | 475000 | &nbsp;&nbsp;&nbsp; 476712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%, SOFR + 1.738%, 10/25/35 (e) | 330000 | &nbsp;&nbsp;&nbsp; 338019 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060%, SOFR + 1.230%, 07/22/32 (e) | 155000 | &nbsp;&nbsp;&nbsp; 160150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.188%, SOFR + 1.418%, 03/14/35 (e) | 55000 | &nbsp;&nbsp;&nbsp; 56694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.317%, SOFR + 1.598%, 10/25/29 (e) | 85000 | &nbsp;&nbsp;&nbsp; 90455 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.906%, SOFR + 1.920%, 11/19/35 (144A) (b) (e) | 330000 | &nbsp;&nbsp;&nbsp; 341948 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, SOFR + 1.581%, 05/28/31 (144A) (e) | 565000 | &nbsp;&nbsp;&nbsp; 579659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%, SOFR + 1.680%, 01/14/31 (144A) (e) | 315000 | &nbsp;&nbsp;&nbsp; 328979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.508%, SOFR + 2.791%, 01/18/35 (144A) (e) | 380000 | &nbsp;&nbsp;&nbsp; 403771 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%, SOFR + 1.171%, 09/11/31 (e) | 880000 | &nbsp;&nbsp;&nbsp; 880476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.952%, SOFR + 1.463%, 05/07/31 (e) | 435000 | &nbsp;&nbsp;&nbsp; 443266 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%, SOFR + 1.259%, 03/05/31 (e) | 260000 | &nbsp;&nbsp;&nbsp; 266467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.645%, SOFR + 2.325%, 04/25/35 (e) | 85000 | &nbsp;&nbsp;&nbsp; 93526 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.818%, SOFR + 1.360%, 09/25/33 (144A) (e) | 505000 | &nbsp;&nbsp;&nbsp; 501896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.222%, SOFR + 1.460%, 05/27/31 (144A) (e) | 590000 | &nbsp;&nbsp;&nbsp; 605240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.251%, SOFR + 2.670%, 01/10/35 (144A) (e) | 455000 | &nbsp;&nbsp;&nbsp; 480112 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%, SOFR + 1.281%, 04/22/32 (e) | 260000 | &nbsp;&nbsp;&nbsp; 235877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, SOFR + 1.135%, 10/23/30 (e) | 365000 | &nbsp;&nbsp;&nbsp; 369652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%, SOFR + 1.210%, 07/23/30 (e) | 460000 | &nbsp;&nbsp;&nbsp; 471529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, SOFR + 1.580%, 04/23/31 (e) | 145000 | &nbsp;&nbsp;&nbsp; 149945 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848%, SOFR + 2.387%, 06/04/31 (e) | 200000 | &nbsp;&nbsp;&nbsp; 185960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%, SOFR + 1.290%, 03/03/31 (e) | 340000 | &nbsp;&nbsp;&nbsp; 348208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240%, SOFR + 1.570%, 05/13/31 (e) | 600000 | &nbsp;&nbsp;&nbsp; 617430 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%, SOFR + 1.180%, 11/08/32 (e) | 180000 | &nbsp;&nbsp;&nbsp; 161446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%, 3M TSFR + 1.250%, 04/22/32 (e) | 110000 | &nbsp;&nbsp;&nbsp; 99970 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.509%, 3M TSFR + 1.207%, 01/23/29 (e) | 305000 | &nbsp;&nbsp;&nbsp; $300982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%, 3M TSFR + 1.382%, 04/23/29 (e) | 90000 | &nbsp;&nbsp;&nbsp; 89775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.505%, SOFR + 0.860%, 10/22/28 (e) | 385000 | &nbsp;&nbsp;&nbsp; 388290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%, SOFR + 1.340%, 10/22/35 (e) | 65000 | &nbsp;&nbsp;&nbsp; 65552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%, SOFR + 1.125%, 07/22/30 (e) | 395000 | &nbsp;&nbsp;&nbsp; 405169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, SOFR + 1.435%, 04/22/31 (b) (e) | 425000 | &nbsp;&nbsp;&nbsp; 439076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, SOFR + 1.010%, 01/24/31 (e) | 125000 | &nbsp;&nbsp;&nbsp; 129091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299%, SOFR + 1.450%, 07/24/29 (b) (e) | 375000 | &nbsp;&nbsp;&nbsp; 386374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.336%, SOFR + 1.620%, 01/23/35 (e) | 345000 | &nbsp;&nbsp;&nbsp; 358585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, SOFR + 1.635%, 07/23/36 (e) | 415000 | &nbsp;&nbsp;&nbsp; 430223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%, SOFR + 1.160%, 04/22/30 (e) | 245000 | &nbsp;&nbsp;&nbsp; 255899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%, SOFR + 1.570%, 10/23/29 (e) | 95000 | &nbsp;&nbsp;&nbsp; 100251 |
| mBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.966%, 3M EURIBOR + 1.250%, 09/21/27 (EUR) (e) | 400000 | &nbsp;&nbsp;&nbsp; 460519 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%, SOFR + 1.034%, 02/13/32 (e) | 465000 | &nbsp;&nbsp;&nbsp; 405563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%, SOFR + 1.020%, 04/28/32 (e) | 280000 | &nbsp;&nbsp;&nbsp; 244364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%, 3M TSFR + 1.890%, 01/23/30 (e) | 50000 | &nbsp;&nbsp;&nbsp; 50239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%, SOFR + 1.100%, 10/18/30 (b) (e) | 125000 | &nbsp;&nbsp;&nbsp; 126366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164%, SOFR + 1.590%, 04/20/29 (e) | 60000 | &nbsp;&nbsp;&nbsp; 61418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%, SOFR + 1.108%, 01/15/31 (e) | 90000 | &nbsp;&nbsp;&nbsp; 92894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%, SOFR + 1.630%, 07/20/29 (e) | 115000 | &nbsp;&nbsp;&nbsp; 118831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, SOFR + 1.260%, 04/18/30 (b) (e) | 235000 | &nbsp;&nbsp;&nbsp; 245390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%, SOFR + 1.830%, 11/01/29 (e) | 75000 | &nbsp;&nbsp;&nbsp; 79715 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153%, SOFR + 1.030%, 02/04/31 (e) | 315000 | &nbsp;&nbsp;&nbsp; 324525 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.767%, 1Y H15 + 3.450%, 11/16/28 (144A) (e) | 215000 | &nbsp;&nbsp;&nbsp; 230218 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.442%, SOFR + 3.700%, 08/11/28 (144A) (e) | 380000 | &nbsp;&nbsp;&nbsp; 394834 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/23/26 | 120000 | &nbsp;&nbsp;&nbsp; 118780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, SOFR + 1.500%, 03/02/33 (e) | 325000 | &nbsp;&nbsp;&nbsp; 302534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%, SOFR + 2.100%, 07/25/33 (e) | 530000 | &nbsp;&nbsp;&nbsp; 538442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, SOFR + 1.500%, 04/23/31 (e) | 200000 | &nbsp;&nbsp;&nbsp; 206260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%, SOFR + 1.110%, 01/24/31 (e) | 85000 | &nbsp;&nbsp;&nbsp; 87942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%, SOFR + 1.740%, 07/25/29 (e) | 170000 | &nbsp;&nbsp;&nbsp; 176180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%, SOFR + 2.060%, 10/23/34 (e) | 130000 | &nbsp;&nbsp;&nbsp; 144442 |
|  |  | &nbsp;&nbsp;&nbsp; 18523618 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Bacardi Ltd./Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 06/15/33 (144A) | 167000 | &nbsp;&nbsp;&nbsp; 168715 |
| Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/35 (144A) | 170000 | &nbsp;&nbsp;&nbsp; 176779 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 08/01/29 | 195000 | &nbsp;&nbsp;&nbsp; 187532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 05/01/30 | 175000 | &nbsp;&nbsp;&nbsp; 177483 |
| Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/15/31 | 65000 | &nbsp;&nbsp;&nbsp; 57315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/52 | 340000 | &nbsp;&nbsp;&nbsp; 274669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/15/35 | 195000 | &nbsp;&nbsp;&nbsp; 193145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/15/31 | 110000 | &nbsp;&nbsp;&nbsp; 112431 |
|  |  | &nbsp;&nbsp;&nbsp; 1348069 |

---

**BHFTII-116**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/25/35 | 900000 | &nbsp;&nbsp;&nbsp; $899236 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/30 (144A) | 785000 | &nbsp;&nbsp;&nbsp; 777019 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 01/15/31 (144A) | 60000 | &nbsp;&nbsp;&nbsp; 54334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/15/30 (144A) | 720000 | &nbsp;&nbsp;&nbsp; 690321 |
|  |  | &nbsp;&nbsp;&nbsp; 1521674 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 08/15/35 | 655000 | &nbsp;&nbsp;&nbsp; 666465 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 08/12/31 (144A) | 400000 | &nbsp;&nbsp;&nbsp; 354782 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/31 (b) | 275000 | &nbsp;&nbsp;&nbsp; 255921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/30 (144A) | 150000 | &nbsp;&nbsp;&nbsp; 151977 |
| Howard University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.291%, 10/01/26 | 100000 | &nbsp;&nbsp;&nbsp; 97665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.701%, 10/01/29 | 260000 | &nbsp;&nbsp;&nbsp; 240727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.801%, 10/01/30 | 100000 | &nbsp;&nbsp;&nbsp; 90992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.901%, 10/01/31 | 100000 | &nbsp;&nbsp;&nbsp; 89115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.476%, 10/01/41 | 115000 | &nbsp;&nbsp;&nbsp; 87206 |
| Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/30 | 570000 | &nbsp;&nbsp;&nbsp; 528143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/01/29 (b) | 438000 | &nbsp;&nbsp;&nbsp; 437970 |
|  |  | &nbsp;&nbsp;&nbsp; 2334498 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/28 (144A) | 386000 | &nbsp;&nbsp;&nbsp; 382848 |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/34 | 105000 | &nbsp;&nbsp;&nbsp; 104184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/54 | 430000 | &nbsp;&nbsp;&nbsp; 411236 |
| Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/15/32 (144A) | 768000 | &nbsp;&nbsp;&nbsp; 787430 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 02/10/30 | 375000 | &nbsp;&nbsp;&nbsp; 383749 |
|  |  | &nbsp;&nbsp;&nbsp; 2069447 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, SOFR + 1.440%, 04/25/31 (e) | 435000 | &nbsp;&nbsp;&nbsp; 447297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%, SOFR + 1.020%, 01/30/31 (e) | 350000 | &nbsp;&nbsp;&nbsp; 360845 |
| Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 04/15/35 | 245000 | &nbsp;&nbsp;&nbsp; 249572 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.493%, SOFR + 1.250%, 09/11/31 (e) | 310000 | &nbsp;&nbsp;&nbsp; 307493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051%, SOFR + 2.260%, 02/01/35 (e) | 25000 | &nbsp;&nbsp;&nbsp; 26538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183%, SOFR + 2.036%, 01/30/36 (b) (e) | 235000 | &nbsp;&nbsp;&nbsp; 243778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%, SOFR + 3.070%, 10/30/31 (e) | 410000 | &nbsp;&nbsp;&nbsp; 463707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964%, SOFR + 3.370%, 11/02/34 (e) | 255000 | &nbsp;&nbsp;&nbsp; 301494 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/01/31 (144A) (b) | 565000 | &nbsp;&nbsp;&nbsp; $527622 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, SOFR + 1.680%, 03/06/31 (e) | 325000 | &nbsp;&nbsp;&nbsp; 331164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, SOFR + 2.070%, 07/29/36 (e) | 295000 | &nbsp;&nbsp;&nbsp; 301738 |
|  |  | &nbsp;&nbsp;&nbsp; 3561248 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/14/32 (144A) | 205000 | &nbsp;&nbsp;&nbsp; 214619 |
| Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 10/01/49 | 245000 | &nbsp;&nbsp;&nbsp; 179522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/15/44 | 225000 | &nbsp;&nbsp;&nbsp; 190957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 04/02/35 | 50000 | &nbsp;&nbsp;&nbsp; 51096 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 08/15/34 | 235000 | &nbsp;&nbsp;&nbsp; 246221 |
| Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 06/01/35 (b) | 240000 | &nbsp;&nbsp;&nbsp; 249295 |
| Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 09/15/29 | 275000 | &nbsp;&nbsp;&nbsp; 256957 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 12/01/51 | 250000 | &nbsp;&nbsp;&nbsp; 169299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/15/55 | 235000 | &nbsp;&nbsp;&nbsp; 232355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 05/15/54 | 35000 | &nbsp;&nbsp;&nbsp; 35872 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/30 | 305000 | &nbsp;&nbsp;&nbsp; 312688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5Y H15 + 2.262%, 02/15/56 (b) (e) | 1070000 | &nbsp;&nbsp;&nbsp; 1077655 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/41 | 205000 | &nbsp;&nbsp;&nbsp; 181072 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 06/15/31 | 485000 | &nbsp;&nbsp;&nbsp; 438463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 06/15/41 | 90000 | &nbsp;&nbsp;&nbsp; 69274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/32 (b) | 40000 | &nbsp;&nbsp;&nbsp; 39748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/35 | 540000 | &nbsp;&nbsp;&nbsp; 536456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/52 | 255000 | &nbsp;&nbsp;&nbsp; 229565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 06/15/34 (b) | 50000 | &nbsp;&nbsp;&nbsp; 52007 |
| Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/15/30 | 245000 | &nbsp;&nbsp;&nbsp; 219307 |
| Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/01/50 | 145000 | &nbsp;&nbsp;&nbsp; 92102 |
| Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/15/54 | 135000 | &nbsp;&nbsp;&nbsp; 134856 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/30/44 | 320000 | &nbsp;&nbsp;&nbsp; 278484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/15/35 | 85000 | &nbsp;&nbsp;&nbsp; 86370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/15/55 | 140000 | &nbsp;&nbsp;&nbsp; 140560 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/15/32 | 139000 | &nbsp;&nbsp;&nbsp; 137682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/30 (b) | 325000 | &nbsp;&nbsp;&nbsp; 337946 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/33 (b) | 400000 | &nbsp;&nbsp;&nbsp; 405571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/34 | 298000 | &nbsp;&nbsp;&nbsp; 307719 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/15/42 (b) | 70000 | &nbsp;&nbsp;&nbsp; 61789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/15/30 | 195000 | &nbsp;&nbsp;&nbsp; 198017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/15/31 | 635000 | &nbsp;&nbsp;&nbsp; 652009 |

---

**BHFTII-117**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/15/35 | 265000 | &nbsp;&nbsp;&nbsp; $271555 |
| Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/29/35 | 345000 | &nbsp;&nbsp;&nbsp; 358433 |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 01/15/35 | 75000 | &nbsp;&nbsp;&nbsp; 76011 |
| Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 02/15/34 (144A) | 35000 | &nbsp;&nbsp;&nbsp; 36992 |
| NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 06/01/34 | 180000 | &nbsp;&nbsp;&nbsp; 187376 |
| Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/33 (144A) | 95000 | &nbsp;&nbsp;&nbsp; 98712 |
| Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 04/01/35 (144A) | 230000 | &nbsp;&nbsp;&nbsp; 237889 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/31 | 685000 | &nbsp;&nbsp;&nbsp; 610268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 08/01/40 | 85000 | &nbsp;&nbsp;&nbsp; 64401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/50 | 90000 | &nbsp;&nbsp;&nbsp; 61399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 07/01/30 (b) | 225000 | &nbsp;&nbsp;&nbsp; 223437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/44 | 85000 | &nbsp;&nbsp;&nbsp; 72719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/01/50 | 53000 | &nbsp;&nbsp;&nbsp; 45489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 10/15/32 | 195000 | &nbsp;&nbsp;&nbsp; 194630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 05/15/34 (b) | 350000 | &nbsp;&nbsp;&nbsp; 362657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 06/15/32 (b) | 180000 | &nbsp;&nbsp;&nbsp; 188184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/01/54 | 337000 | &nbsp;&nbsp;&nbsp; 328273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 01/15/29 | 305000 | &nbsp;&nbsp;&nbsp; 319063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 01/15/33 | 236000 | &nbsp;&nbsp;&nbsp; 249781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 03/01/55 | 50000 | &nbsp;&nbsp;&nbsp; 50284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 04/01/53 | 50000 | &nbsp;&nbsp;&nbsp; 53466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/53 | 480000 | &nbsp;&nbsp;&nbsp; 517175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 03/15/34 | 309000 | &nbsp;&nbsp;&nbsp; 342740 |
| Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 05/15/28 | 293000 | &nbsp;&nbsp;&nbsp; 297660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/15/30 | 257000 | &nbsp;&nbsp;&nbsp; 264296 |
| Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 01/15/35 | 295000 | &nbsp;&nbsp;&nbsp; 298642 |
| Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 03/15/30 | 425000 | &nbsp;&nbsp;&nbsp; 434417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 04/01/34 (b) | 35000 | &nbsp;&nbsp;&nbsp; 36227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/15/33 | 110000 | &nbsp;&nbsp;&nbsp; 118748 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 06/15/30 | 78000 | &nbsp;&nbsp;&nbsp; 76175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%, 03/15/32 | 42000 | &nbsp;&nbsp;&nbsp; 40223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725%, 03/15/35 | 1025000 | &nbsp;&nbsp;&nbsp; 1057720 |
| San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 04/15/35 | 330000 | &nbsp;&nbsp;&nbsp; 340796 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 06/01/30 | 110000 | &nbsp;&nbsp;&nbsp; 98621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 02/01/50 | 50000 | &nbsp;&nbsp;&nbsp; 34944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 03/15/43 | 40000 | &nbsp;&nbsp;&nbsp; 31298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/47 | 222000 | &nbsp;&nbsp;&nbsp; 167948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/01/48 | 309000 | &nbsp;&nbsp;&nbsp; 236094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 06/01/34 | 34000 | &nbsp;&nbsp;&nbsp; 33797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/01/35 | 195000 | &nbsp;&nbsp;&nbsp; 197353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 06/01/52 | 30000 | &nbsp;&nbsp;&nbsp; 27235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/01/53 | 120000 | &nbsp;&nbsp;&nbsp; 112683 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/01/53 | 240000 | &nbsp;&nbsp;&nbsp; $231787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 03/01/55 | 146000 | &nbsp;&nbsp;&nbsp; 141686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 11/01/32 | 370000 | &nbsp;&nbsp;&nbsp; 389937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 09/15/55 | 65000 | &nbsp;&nbsp;&nbsp; 65528 |
| Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/01/35 | 265000 | &nbsp;&nbsp;&nbsp; 261343 |
| Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 04/01/33 | 25000 | &nbsp;&nbsp;&nbsp; 25553 |
| Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/31 (144A) | 280000 | &nbsp;&nbsp;&nbsp; 287084 |
| Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/15/50 | 91000 | &nbsp;&nbsp;&nbsp; 52977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 05/15/45 | 20000 | &nbsp;&nbsp;&nbsp; 16717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 09/15/35 | 245000 | &nbsp;&nbsp;&nbsp; 243718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/33 | 285000 | &nbsp;&nbsp;&nbsp; 290043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/34 | 285000 | &nbsp;&nbsp;&nbsp; 288204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 08/15/34 | 100000 | &nbsp;&nbsp;&nbsp; 101363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/15/35 | 255000 | &nbsp;&nbsp;&nbsp; 259661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 01/15/54 | 65000 | &nbsp;&nbsp;&nbsp; 62463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 03/15/55 | 80000 | &nbsp;&nbsp;&nbsp; 80466 |
| Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/30/34 | 210000 | &nbsp;&nbsp;&nbsp; 218064 |
| Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 06/01/32 | 185000 | &nbsp;&nbsp;&nbsp; 183545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/21/28 | 245000 | &nbsp;&nbsp;&nbsp; 248022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 04/15/35 | 180000 | &nbsp;&nbsp;&nbsp; 186595 |
|  |  | &nbsp;&nbsp;&nbsp; 20306100 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/29/28 (144A) | 390000 | &nbsp;&nbsp;&nbsp; 390540 |
| International Airport Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 03/15/33 (144A) | 608007 | &nbsp;&nbsp;&nbsp; 647862 |
|  |  | &nbsp;&nbsp;&nbsp; 1038402 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/31 (144A) | 160000 | &nbsp;&nbsp;&nbsp; 148183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/01/29 (144A) | 285000 | &nbsp;&nbsp;&nbsp; 271816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/15/30 (144A) | 855000 | &nbsp;&nbsp;&nbsp; 810842 |
|  |  | &nbsp;&nbsp;&nbsp; 1230841 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/27 (144A) | 351000 | &nbsp;&nbsp;&nbsp; 350706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/01/31 (144A) | 203000 | &nbsp;&nbsp;&nbsp; 207879 |
|  |  | &nbsp;&nbsp;&nbsp; 558585 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/01/33 | 130000 | &nbsp;&nbsp;&nbsp; 135763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/34 | 270000 | &nbsp;&nbsp;&nbsp; 298486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/15/53 | 120000 | &nbsp;&nbsp;&nbsp; 137606 |

---

**BHFTII-118**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food—(Continued)** | **Food—(Continued)** | **Food—(Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/36 (144A) | 430000 | &nbsp;&nbsp;&nbsp; $439120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/15/66 (144A) (b) | 625000 | &nbsp;&nbsp;&nbsp; 642525 |
| JBS USA Lux SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/20/35 (144A) | 120000 | &nbsp;&nbsp;&nbsp; 126060 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/15/32 (b) | 290000 | &nbsp;&nbsp;&nbsp; 297155 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 03/01/28 (144A) | 155000 | &nbsp;&nbsp;&nbsp; 156896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/32 (144A) (b) | 860000 | &nbsp;&nbsp;&nbsp; 879838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/35 (144A) (b) | 305000 | &nbsp;&nbsp;&nbsp; 311752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 05/01/45 (144A) | 925000 | &nbsp;&nbsp;&nbsp; 938344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 05/01/65 (144A) | 120000 | &nbsp;&nbsp;&nbsp; 122360 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/15/31 (b) | 245000 | &nbsp;&nbsp;&nbsp; 236803 |
| Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 09/23/30 | 525000 | &nbsp;&nbsp;&nbsp; 541275 |
|  |  | &nbsp;&nbsp;&nbsp; 5263983 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.757%, 03/16/32 (144A) | 171000 | &nbsp;&nbsp;&nbsp; 161068 |
| East Ohio Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/50 (144A) | 30000 | &nbsp;&nbsp;&nbsp; 19431 |
| KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.994%, 03/06/33 (144A) (b) | 50000 | &nbsp;&nbsp;&nbsp; 52948 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 07/15/35 | 425000 | &nbsp;&nbsp;&nbsp; 433936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 06/30/33 | 150000 | &nbsp;&nbsp;&nbsp; 155503 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 04/01/54 | 105000 | &nbsp;&nbsp;&nbsp; 105365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/55 | 435000 | &nbsp;&nbsp;&nbsp; 455473 |
| Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 09/15/35 | 335000 | &nbsp;&nbsp;&nbsp; 335876 |
|  |  | &nbsp;&nbsp;&nbsp; 1719600 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Alcon Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 05/27/30 (144A) | 275000 | &nbsp;&nbsp;&nbsp; 254399 |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/29 (144A) | 295000 | &nbsp;&nbsp;&nbsp; 280535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/28 (144A) | 780000 | &nbsp;&nbsp;&nbsp; 767253 |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/35 | 325000 | &nbsp;&nbsp;&nbsp; 336890 |
| Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/15/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 193118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/01/28 (144A) | 278000 | &nbsp;&nbsp;&nbsp; 275929 |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/01/29 | 154000 | &nbsp;&nbsp;&nbsp; 158926 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.473%, 10/07/32 | 385000 | &nbsp;&nbsp;&nbsp; 385059 |
|  |  | &nbsp;&nbsp;&nbsp; 2652109 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/31 | 370000 | &nbsp;&nbsp;&nbsp; $318723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 08/01/31 | 300000 | &nbsp;&nbsp;&nbsp; 257708 |
| Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/32 | 815000 | &nbsp;&nbsp;&nbsp; 823218 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/15/31 | 235000 | &nbsp;&nbsp;&nbsp; 241723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 05/01/35 | 360000 | &nbsp;&nbsp;&nbsp; 366753 |
| Icon Investments Six DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.809%, 05/08/27 | 200000 | &nbsp;&nbsp;&nbsp; 204053 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/15/40 | 345000 | &nbsp;&nbsp;&nbsp; 257069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/15/39 | 60000 | &nbsp;&nbsp;&nbsp; 50046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/62 | 60000 | &nbsp;&nbsp;&nbsp; 52758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 02/15/30 | 35000 | &nbsp;&nbsp;&nbsp; 36435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/15/35 | 120000 | &nbsp;&nbsp;&nbsp; 124047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/15/54 | 270000 | &nbsp;&nbsp;&nbsp; 259300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/15/64 | 85000 | &nbsp;&nbsp;&nbsp; 84627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 02/15/63 | 65000 | &nbsp;&nbsp;&nbsp; 67895 |
|  |  | &nbsp;&nbsp;&nbsp; 3144355 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 08/01/30 (144A) | 368000 | &nbsp;&nbsp;&nbsp; 366822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/28 (144A) | 555000 | &nbsp;&nbsp;&nbsp; 562743 |
|  |  | &nbsp;&nbsp;&nbsp; 929565 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 02/15/35 | 765000 | &nbsp;&nbsp;&nbsp; 774045 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646%, 10/04/31 (144A) | 510000 | &nbsp;&nbsp;&nbsp; 454218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.717%, 01/07/29 (144A) | 45000 | &nbsp;&nbsp;&nbsp; 42568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.721%, 10/08/29 (144A) | 315000 | &nbsp;&nbsp;&nbsp; 317535 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/21/32 (144A) | 120000 | &nbsp;&nbsp;&nbsp; 120534 |
| Equitable America Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 09/15/32 (144A) | 380000 | &nbsp;&nbsp;&nbsp; 377994 |
| Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 03/08/28 (144A) | 160000 | &nbsp;&nbsp;&nbsp; 151057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/27/30 (144A) | 175000 | &nbsp;&nbsp;&nbsp; 179310 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 04/20/28 | 24000 | &nbsp;&nbsp;&nbsp; 24082 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/18/30 (144A) | 655000 | &nbsp;&nbsp;&nbsp; 649731 |
| Lincoln Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/28/28 (144A) | 280000 | &nbsp;&nbsp;&nbsp; 282876 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/15/55 | 180000 | &nbsp;&nbsp;&nbsp; 176476 |
|  |  | &nbsp;&nbsp;&nbsp; 3550426 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/15/65 | 840000 | &nbsp;&nbsp;&nbsp; 835827 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/30/27 (144A) | 339000 | &nbsp;&nbsp;&nbsp; 344196 |

---

**BHFTII-119**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet—(Continued)** | **Internet—(Continued)** | **Internet—(Continued)** |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 08/15/54 (b) | 205000 | &nbsp;&nbsp;&nbsp; $202536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/15/64 | 440000 | &nbsp;&nbsp;&nbsp; 436767 |
|  |  | &nbsp;&nbsp;&nbsp; 1819326 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| ARES Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 01/15/31 (144A) | 430000 | &nbsp;&nbsp;&nbsp; 424879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/09/30 (144A) | 625000 | &nbsp;&nbsp;&nbsp; 635133 |
| HPS Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 06/05/30 (144A) | 475000 | &nbsp;&nbsp;&nbsp; 483449 |
| Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/15/30 (144A) | 570000 | &nbsp;&nbsp;&nbsp; 589309 |
|  |  | &nbsp;&nbsp;&nbsp; 2132770 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/28 | 200000 | &nbsp;&nbsp;&nbsp; 204470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/14/30 | 305000 | &nbsp;&nbsp;&nbsp; 317610 |
|  |  | &nbsp;&nbsp;&nbsp; 522080 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 04/15/28 | 310000 | &nbsp;&nbsp;&nbsp; 320674 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 05/29/30 | 290000 | &nbsp;&nbsp;&nbsp; 296369 |
|  |  | &nbsp;&nbsp;&nbsp; 617043 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/15/29 | 75000 | &nbsp;&nbsp;&nbsp; 69753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 02/01/32 (b) | 95000 | &nbsp;&nbsp;&nbsp; 81282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 04/01/31 (b) | 385000 | &nbsp;&nbsp;&nbsp; 347367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/51 | 100000 | &nbsp;&nbsp;&nbsp; 65971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/53 | 225000 | &nbsp;&nbsp;&nbsp; 188010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 12/01/35 (b) | 185000 | &nbsp;&nbsp;&nbsp; 186767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/35 | 490000 | &nbsp;&nbsp;&nbsp; 513338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/45 (b) | 395000 | &nbsp;&nbsp;&nbsp; 390224 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/01/51 | 240000 | &nbsp;&nbsp;&nbsp; 147833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/01/63 | 157000 | &nbsp;&nbsp;&nbsp; 89650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/01/40 (b) | 135000 | &nbsp;&nbsp;&nbsp; 113523 |
| Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 06/15/31 (144A) | 190000 | &nbsp;&nbsp;&nbsp; 169321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/01/34 (144A) (b) | 130000 | &nbsp;&nbsp;&nbsp; 129529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/01/54 (144A) | 285000 | &nbsp;&nbsp;&nbsp; 264837 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/44 (b) | 250000 | &nbsp;&nbsp;&nbsp; 205439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/43 | 90000 | &nbsp;&nbsp;&nbsp; 82201 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/42 | 200000 | &nbsp;&nbsp;&nbsp; 160695 |
|  |  | &nbsp;&nbsp;&nbsp; 3205740 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/28 (144A) (b) | 385000 | &nbsp;&nbsp;&nbsp; $387160 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371%, 04/04/29 (144A) (b) | 260000 | &nbsp;&nbsp;&nbsp; 267903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634%, 04/04/34 (144A) | 110000 | &nbsp;&nbsp;&nbsp; 114483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/06/30 (144A) | 355000 | &nbsp;&nbsp;&nbsp; 383176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/06/33 (144A) | 160000 | &nbsp;&nbsp;&nbsp; 176319 |
| Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/33 | 250000 | &nbsp;&nbsp;&nbsp; 274442 |
| Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/14/32 | 70000 | &nbsp;&nbsp;&nbsp; 71958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/14/65 | 220000 | &nbsp;&nbsp;&nbsp; 229186 |
|  |  | &nbsp;&nbsp;&nbsp; 1904627 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Siemens Funding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 05/28/30 (144A) | 455000 | &nbsp;&nbsp;&nbsp; 463187 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/31 (144A) | 390000 | &nbsp;&nbsp;&nbsp; 375854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 10/01/54 (144A) | 485000 | &nbsp;&nbsp;&nbsp; 449649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/13/33 (144A) | 150000 | &nbsp;&nbsp;&nbsp; 157393 |
| APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 02/15/35 (b) | 200000 | &nbsp;&nbsp;&nbsp; 204400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/55 | 355000 | &nbsp;&nbsp;&nbsp; 357856 |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/15/52 | 274000 | &nbsp;&nbsp;&nbsp; 205870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025%, 03/15/62 (b) | 30000 | &nbsp;&nbsp;&nbsp; 22396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/15/53 | 90000 | &nbsp;&nbsp;&nbsp; 85794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/15/54 (b) | 65000 | &nbsp;&nbsp;&nbsp; 64028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 01/15/65 | 150000 | &nbsp;&nbsp;&nbsp; 147135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 09/15/63 | 265000 | &nbsp;&nbsp;&nbsp; 262757 |
| Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 02/15/35 | 253000 | &nbsp;&nbsp;&nbsp; 255019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 03/15/34 (b) | 312000 | &nbsp;&nbsp;&nbsp; 320727 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 04/01/35 | 65000 | &nbsp;&nbsp;&nbsp; 66729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/18/54 | 70000 | &nbsp;&nbsp;&nbsp; 67381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 04/18/64 | 85000 | &nbsp;&nbsp;&nbsp; 81828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/53 | 80000 | &nbsp;&nbsp;&nbsp; 81930 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/01/32 | 465000 | &nbsp;&nbsp;&nbsp; 481188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/19/36 | 320000 | &nbsp;&nbsp;&nbsp; 330491 |
| Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/30/31 (144A) | 520000 | &nbsp;&nbsp;&nbsp; 497606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 09/30/33 (144A) | 295000 | &nbsp;&nbsp;&nbsp; 311406 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/15/34 (144A) | 455000 | &nbsp;&nbsp;&nbsp; 468068 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/32 | 175000 | &nbsp;&nbsp;&nbsp; 179059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 01/15/36 | 265000 | &nbsp;&nbsp;&nbsp; 272090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 12/01/54 | 85000 | &nbsp;&nbsp;&nbsp; 85094 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/29 (b) | 275000 | &nbsp;&nbsp;&nbsp; 275040 |

---

**BHFTII-120**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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)** |
| Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 03/15/33 | 465000 | &nbsp;&nbsp;&nbsp; $539623 |
| Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/30/27 (144A) | 480000 | &nbsp;&nbsp;&nbsp; 481080 |
| TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425%, 09/10/64 | 105000 | &nbsp;&nbsp;&nbsp; 101100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638%, 04/05/64 | 350000 | &nbsp;&nbsp;&nbsp; 348706 |
| Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 05/22/30 (144A) | 400000 | &nbsp;&nbsp;&nbsp; 415918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/22/35 (144A) (b) | 260000 | &nbsp;&nbsp;&nbsp; 276460 |
| Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 08/01/35 | 580000 | &nbsp;&nbsp;&nbsp; 589698 |
|  |  | &nbsp;&nbsp;&nbsp; 8859373 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/29 | 1340000 | &nbsp;&nbsp;&nbsp; 1371684 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/30 | 640000 | &nbsp;&nbsp;&nbsp; 641951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/29 (b) | 565000 | &nbsp;&nbsp;&nbsp; 579346 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 12/15/29 | 345000 | &nbsp;&nbsp;&nbsp; 352018 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/21/30 | 110000 | &nbsp;&nbsp;&nbsp; 96554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/28/31 | 110000 | &nbsp;&nbsp;&nbsp; 95603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 09/15/31 | 140000 | &nbsp;&nbsp;&nbsp; 121522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/15/35 | 245000 | &nbsp;&nbsp;&nbsp; 249312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5Y H15 + 2.516%, 12/10/54 (e) | 230000 | &nbsp;&nbsp;&nbsp; 237414 |
| Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 06/22/40 | 315000 | &nbsp;&nbsp;&nbsp; 240214 |
|  |  | &nbsp;&nbsp;&nbsp; 2613934 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 10/30/35 (144A) | 470000 | &nbsp;&nbsp;&nbsp; 480158 |
| Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097%, 10/01/31 (144A) | 127000 | &nbsp;&nbsp;&nbsp; 128960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681%, 01/15/34 (144A) | 215000 | &nbsp;&nbsp;&nbsp; 221490 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036%, 11/15/33 (144A) | 35000 | &nbsp;&nbsp;&nbsp; 37346 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 12/15/34 (144A) | 270000 | &nbsp;&nbsp;&nbsp; 278367 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/20/35 | 110000 | &nbsp;&nbsp;&nbsp; 113439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 5Y H15 + 2.970%, 06/27/54 (e) | 189000 | &nbsp;&nbsp;&nbsp; 200421 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/35 | 490000 | &nbsp;&nbsp;&nbsp; 505964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 12/01/30 | 120000 | &nbsp;&nbsp;&nbsp; 130058 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 02/15/53 | 85000 | &nbsp;&nbsp;&nbsp; 57863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 01/15/31 | 270000 | &nbsp;&nbsp;&nbsp; 272801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 01/15/36 | 60000 | &nbsp;&nbsp;&nbsp; 60983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 02/16/55 (b) | 180000 | &nbsp;&nbsp;&nbsp; 177910 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940%, 09/30/40 (144A) | 316229 | &nbsp;&nbsp;&nbsp; $268531 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/30 (144A) | 560000 | &nbsp;&nbsp;&nbsp; 542773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/29 (144A) | 290000 | &nbsp;&nbsp;&nbsp; 299087 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 02/15/31 | 300000 | &nbsp;&nbsp;&nbsp; 301811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/33 | 465000 | &nbsp;&nbsp;&nbsp; 463867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 09/15/35 | 175000 | &nbsp;&nbsp;&nbsp; 175380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/34 | 495000 | &nbsp;&nbsp;&nbsp; 504450 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/31 | 75000 | &nbsp;&nbsp;&nbsp; 75024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 11/01/34 | 480000 | &nbsp;&nbsp;&nbsp; 473366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/35 (b) | 360000 | &nbsp;&nbsp;&nbsp; 361354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 09/01/33 | 160000 | &nbsp;&nbsp;&nbsp; 169662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/32 | 105000 | &nbsp;&nbsp;&nbsp; 112514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/53 | 30000 | &nbsp;&nbsp;&nbsp; 31914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150%, 01/15/51 | 15000 | &nbsp;&nbsp;&nbsp; 16806 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 09/15/30 | 115000 | &nbsp;&nbsp;&nbsp; 116809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/15/35 | 385000 | &nbsp;&nbsp;&nbsp; 392669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 02/15/36 | 215000 | &nbsp;&nbsp;&nbsp; 220141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/33 | 10000 | &nbsp;&nbsp;&nbsp; 10635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/30/34 | 45000 | &nbsp;&nbsp;&nbsp; 48999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/32 | 310000 | &nbsp;&nbsp;&nbsp; 293987 |
| Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 09/30/29 (144A) | 15000 | &nbsp;&nbsp;&nbsp; 15427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 09/30/31 (144A) | 205000 | &nbsp;&nbsp;&nbsp; 213115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/30/34 (144A) | 115000 | &nbsp;&nbsp;&nbsp; 118530 |
|  |  | &nbsp;&nbsp;&nbsp; 7892611 |
| **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** | **Real Estate Investment Trusts — 0.2%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 04/15/31 | 370000 | &nbsp;&nbsp;&nbsp; 337566 |
| Cousins Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/32 | 320000 | &nbsp;&nbsp;&nbsp; 328087 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 04/01/31 | 65000 | &nbsp;&nbsp;&nbsp; 56909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/15/31 | 530000 | &nbsp;&nbsp;&nbsp; 471692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/15/29 | 340000 | &nbsp;&nbsp;&nbsp; 323428 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/33 (144A) | 460000 | &nbsp;&nbsp;&nbsp; 469207 |
|  |  | &nbsp;&nbsp;&nbsp; 1986889 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/01/32 | 40000 | &nbsp;&nbsp;&nbsp; 40336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/33 | 60000 | &nbsp;&nbsp;&nbsp; 60092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 07/15/34 (b) | 65000 | &nbsp;&nbsp;&nbsp; 67413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 11/01/33 | 85000 | &nbsp;&nbsp;&nbsp; 94888 |
| FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/01/28 (144A) | 758000 | &nbsp;&nbsp;&nbsp; 743184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/01/30 (144A) (b) | 370000 | &nbsp;&nbsp;&nbsp; 369463 |
|  |  | &nbsp;&nbsp;&nbsp; 1375376 |

---

**BHFTII-121**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 01/15/36 | 375000 | &nbsp;&nbsp;&nbsp; $371118 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 02/15/28 (b) | 270000 | &nbsp;&nbsp;&nbsp; 270704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/15/30 | 330000 | &nbsp;&nbsp;&nbsp; 329437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 07/12/29 | 140000 | &nbsp;&nbsp;&nbsp; 144212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 07/15/35 (b) | 520000 | &nbsp;&nbsp;&nbsp; 535913 |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/25/31 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 207534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 01/25/33 (144A) | 225000 | &nbsp;&nbsp;&nbsp; 237259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 01/25/32 (144A) | 700000 | &nbsp;&nbsp;&nbsp; 748184 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 02/15/60 | 95000 | &nbsp;&nbsp;&nbsp; 56296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/49 | 377000 | &nbsp;&nbsp;&nbsp; 250512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 12/08/47 | 565000 | &nbsp;&nbsp;&nbsp; 417317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 05/11/47 | 165000 | &nbsp;&nbsp;&nbsp; 128839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 08/05/32 | 125000 | &nbsp;&nbsp;&nbsp; 120578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/25/50 (b) | 35000 | &nbsp;&nbsp;&nbsp; 29649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 02/10/33 | 215000 | &nbsp;&nbsp;&nbsp; 219808 |
| Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 04/15/28 | 170000 | &nbsp;&nbsp;&nbsp; 162840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/15/31 | 265000 | &nbsp;&nbsp;&nbsp; 244740 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 11/01/32 | 345000 | &nbsp;&nbsp;&nbsp; 362054 |
| Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/01/31 (144A) | 425000 | &nbsp;&nbsp;&nbsp; 390482 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/20/32 | 325000 | &nbsp;&nbsp;&nbsp; 331022 |
|  |  | &nbsp;&nbsp;&nbsp; 5558498 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/28 (144A) | 240000 | &nbsp;&nbsp;&nbsp; 233410 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 11/01/31 (144A) (b) | 355000 | &nbsp;&nbsp;&nbsp; 333435 |
| Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/01/29 (144A) | 1260000 | &nbsp;&nbsp;&nbsp; 1191016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 12/01/27 (144A) | 220000 | &nbsp;&nbsp;&nbsp; 228892 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/25/31 | 300000 | &nbsp;&nbsp;&nbsp; 275471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/30 | 100000 | &nbsp;&nbsp;&nbsp; 94223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/60 | 395000 | &nbsp;&nbsp;&nbsp; 271629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/25/51 | 65000 | &nbsp;&nbsp;&nbsp; 48328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 03/25/61 | 35000 | &nbsp;&nbsp;&nbsp; 25200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 09/27/34 | 385000 | &nbsp;&nbsp;&nbsp; 375984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 09/26/32 | 1055000 | &nbsp;&nbsp;&nbsp; 1056269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/03/32 | 65000 | &nbsp;&nbsp;&nbsp; 67012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/27/64 | 115000 | &nbsp;&nbsp;&nbsp; 105321 |
|  |  | &nbsp;&nbsp;&nbsp; 4306190 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876%, 07/16/30 (144A) | 275000 | &nbsp;&nbsp;&nbsp; 279420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.171%, 07/16/32 (144A) (b) | 1355000 | &nbsp;&nbsp;&nbsp; 1387747 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 02/15/31 | 405000 | &nbsp;&nbsp;&nbsp; 367991 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/31 | 380000 | &nbsp;&nbsp;&nbsp; $361470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 01/15/35 | 90000 | &nbsp;&nbsp;&nbsp; 88389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 07/15/33 | 105000 | &nbsp;&nbsp;&nbsp; 107254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/32 | 115000 | &nbsp;&nbsp;&nbsp; 118353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/34 | 115000 | &nbsp;&nbsp;&nbsp; 121856 |
|  |  | &nbsp;&nbsp;&nbsp; 2832480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $124,507,158) <br>|  | &nbsp;&nbsp;&nbsp; 125256062 |
| **Non-Agency Mortgage-Backed Securities—3.9%** | **Non-Agency Mortgage-Backed Securities—3.9%** | **Non-Agency Mortgage-Backed Securities—3.9%** |
| **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.951%, 07/25/66 (144A) (e) | 469739 | &nbsp;&nbsp;&nbsp; 410464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.985%, 04/25/66 (144A) (e) | 205565 | &nbsp;&nbsp;&nbsp; 178441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.990%, 04/25/53 (144A) (e) | 110615 | &nbsp;&nbsp;&nbsp; 105081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.068%, 05/25/66 (144A) (e) | 389555 | &nbsp;&nbsp;&nbsp; 338239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.820%, 11/25/66 (144A) (e) | 352488 | &nbsp;&nbsp;&nbsp; 315854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.881%, 12/25/66 (144A) (l) | 221282 | &nbsp;&nbsp;&nbsp; 207775 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.495%, 12/25/56 (144A) (l) | 495144 | &nbsp;&nbsp;&nbsp; 477614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.347%, 04/25/49 (144A) (e) | 185101 | &nbsp;&nbsp;&nbsp; 180146 |
| BINOM Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.034%, 06/25/56 (144A) (e) | 224661 | &nbsp;&nbsp;&nbsp; 204278 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.941%, 02/25/49 (144A) (e) | 106726 | &nbsp;&nbsp;&nbsp; 100132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.970%, 03/25/60 (144A) (e) | 58022 | &nbsp;&nbsp;&nbsp; 56672 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.910%, 06/25/66 (144A) (e) | 315640 | &nbsp;&nbsp;&nbsp; 273970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.956%, 09/27/66 (144A) (e) | 598238 | &nbsp;&nbsp;&nbsp; 502479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.301%, 03/25/67 (144A) (e) | 134027 | &nbsp;&nbsp;&nbsp; 133554 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.938%, 05/25/66 (144A) (e) | 322172 | &nbsp;&nbsp;&nbsp; 268780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.179%, 02/25/66 (144A) (e) | 413229 | &nbsp;&nbsp;&nbsp; 370826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841%, 10/25/66 (144A) (e) | 397484 | &nbsp;&nbsp;&nbsp; 362960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.265%, 11/25/66 (144A) (e) | 1011366 | &nbsp;&nbsp;&nbsp; 925832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/25/47 (144A) (e) | 213977 | &nbsp;&nbsp;&nbsp; 196923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.136%, 12/27/60 (144A) (e) | 224231 | &nbsp;&nbsp;&nbsp; 223322 |
| Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.899%, 04/25/66 (144A) (e) | 134807 | &nbsp;&nbsp;&nbsp; 119774 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.931%, 06/25/66 (144A) (e) | 147995 | &nbsp;&nbsp;&nbsp; 124463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%, 01/25/67 (144A) (e) | 459132 | &nbsp;&nbsp;&nbsp; 405840 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.036%, 05/25/66 (144A) (e) | 291471 | &nbsp;&nbsp;&nbsp; 251090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.091%, 05/25/66 (144A) (e) | 372732 | &nbsp;&nbsp;&nbsp; 323748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.262%, 07/25/66 (144A) (e) | 794245 | &nbsp;&nbsp;&nbsp; 673331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 08/25/66 (144A) (e) | 251690 | &nbsp;&nbsp;&nbsp; 234448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.885%, 12/27/66 (144A) (e) | 762651 | &nbsp;&nbsp;&nbsp; 718695 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.091%, 01/25/57 (144A) (e) | 327715 | &nbsp;&nbsp;&nbsp; 291195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493%, 02/25/67 (144A) (e) | 1213226 | &nbsp;&nbsp;&nbsp; 1112632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.638%, 03/25/67 (144A) (l) | 970361 | &nbsp;&nbsp;&nbsp; 925909 |

---

**BHFTII-122**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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)** |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 11/25/60 (144A) (l) | 142126 | &nbsp;&nbsp;&nbsp; $142207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/25/61 (144A) (l) | 214564 | &nbsp;&nbsp;&nbsp; 214397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/25/61 (144A) (l) | 291690 | &nbsp;&nbsp;&nbsp; 291665 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/25/57 (144A) (e) | 226759 | &nbsp;&nbsp;&nbsp; 221319 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.029%, 11/25/64 (144A) (e) | 203559 | &nbsp;&nbsp;&nbsp; 180082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.153%, 04/25/65 (144A) (e) | 119704 | &nbsp;&nbsp;&nbsp; 112757 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/25/65 (144A) (e) | 915000 | &nbsp;&nbsp;&nbsp; 893249 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.941%, 10/25/58 (144A) (e) | 89377 | &nbsp;&nbsp;&nbsp; 85482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.492%, 09/25/59 (144A) (e) | 48277 | &nbsp;&nbsp;&nbsp; 46388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/25/59 (144A) (e) | 199420 | &nbsp;&nbsp;&nbsp; 189938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/26/35 (144A) (e) | 188952 | &nbsp;&nbsp;&nbsp; 183513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.784%, 09/25/57 (144A) (e) | 287875 | &nbsp;&nbsp;&nbsp; 273670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/25/57 (144A) (e) | 369488 | &nbsp;&nbsp;&nbsp; 359012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/25/57 (144A) (e) | 211152 | &nbsp;&nbsp;&nbsp; 203456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022%, 1M TSFR + 0.864%, 01/25/48 (144A) (e) | 212195 | &nbsp;&nbsp;&nbsp; 208446 |
| NMLT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.185%, 05/25/56 (144A) (e) | 581673 | &nbsp;&nbsp;&nbsp; 513204 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.054%, 07/25/61 (144A) (e) | 377069 | &nbsp;&nbsp;&nbsp; 310562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.072%, 02/25/66 (144A) (e) | 396118 | &nbsp;&nbsp;&nbsp; 345882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.957%, 10/25/61 (144A) (e) | 230923 | &nbsp;&nbsp;&nbsp; 198003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.305%, 11/25/61 (144A) (e) | 779815 | &nbsp;&nbsp;&nbsp; 706552 |
| PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.925%, 10/25/54 (144A) (l) | 149692 | &nbsp;&nbsp;&nbsp; 149847 |
| PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/25/65 (144A) (l) | 640243 | &nbsp;&nbsp;&nbsp; 620792 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/25/55 (144A) (l) | 921727 | &nbsp;&nbsp;&nbsp; 897180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%, 08/25/30 (144A) (l) | 431466 | &nbsp;&nbsp;&nbsp; 432092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.699%, 11/25/29 (144A) (l) | 137818 | &nbsp;&nbsp;&nbsp; 137893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.729%, 07/25/30 (144A) (l) | 241213 | &nbsp;&nbsp;&nbsp; 241439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.774%, 08/25/28 (144A) (l) | 600054 | &nbsp;&nbsp;&nbsp; 600677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.870%, 11/25/29 (144A) (l) | 434579 | &nbsp;&nbsp;&nbsp; 434719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.255%, 05/25/30 (144A) (l) | 121117 | &nbsp;&nbsp;&nbsp; 121392 |
| RCO VIII Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.435%, 05/25/30 (144A) (l) | 86372 | &nbsp;&nbsp;&nbsp; 86568 |
| SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.166%, 03/27/62 (144A) (e) | 477981 | &nbsp;&nbsp;&nbsp; 449326 |
| STAR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.219%, 05/25/65 (144A) (e) | 228357 | &nbsp;&nbsp;&nbsp; 214483 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.943%, 05/25/65 (144A) (e) | 73573 | &nbsp;&nbsp;&nbsp; 69410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.920%, 11/25/66 (144A) (e) | 594142 | &nbsp;&nbsp;&nbsp; 524523 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.918%, 11/30/60 (144A) (e) | 1100575 | &nbsp;&nbsp;&nbsp; 988266 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.918%, 02/25/64 (144A) (e) | 152612 | &nbsp;&nbsp;&nbsp; 142392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.938%, 07/25/66 (144A) (e) | 267611 | &nbsp;&nbsp;&nbsp; 227490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.031%, 02/25/66 (144A) (e) | 140060 | &nbsp;&nbsp;&nbsp; 125199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.046%, 06/25/66 (144A) (e) | 1154514 | &nbsp;&nbsp;&nbsp; 1015471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.824%, 11/25/66 (144A) (e) | 391469 | &nbsp;&nbsp;&nbsp; 362331 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.829%, 10/25/66 (144A) (l) | 976017 | &nbsp;&nbsp;&nbsp; $891812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 02/25/67 (144A) (l) | 142376 | &nbsp;&nbsp;&nbsp; 137056 |
|  |  | &nbsp;&nbsp;&nbsp; 25564609 |
| **Commercial Mortgage-Backed Securities — 1.8%** | **Commercial Mortgage-Backed Securities — 1.8%** | **Commercial Mortgage-Backed Securities — 1.8%** |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.637%, 1M TSFR + 2.419%, 09/15/34 (144A) (e) | 460000 | &nbsp;&nbsp;&nbsp; 445625 |
| Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.694%, 11/15/62 (d) (e) | 4458505 | &nbsp;&nbsp;&nbsp; 93711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/15/62 (d) (e) | 2209573 | &nbsp;&nbsp;&nbsp; 52182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.799%, 12/15/52 (d) (e) | 3584682 | &nbsp;&nbsp;&nbsp; 85385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.841%, 11/15/50 (d) (e) | 6625093 | &nbsp;&nbsp;&nbsp; 72367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.893%, 11/15/54 (d) (e) | 757333 | &nbsp;&nbsp;&nbsp; 10308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.924%, 09/15/62 (d) (e) | 3938925 | &nbsp;&nbsp;&nbsp; 107794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.026%, 05/15/62 (d) (e) | 2816889 | &nbsp;&nbsp;&nbsp; 73921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.206%, 02/15/56 (d) (e) | 1353497 | &nbsp;&nbsp;&nbsp; 72169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 10/15/57 (d) (e) | 3214045 | &nbsp;&nbsp;&nbsp; 261416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 03/15/63 (d) (e) | 4817972 | &nbsp;&nbsp;&nbsp; 334434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.688%, 02/15/61 | 1700000 | &nbsp;&nbsp;&nbsp; 1677945 |
| Bank5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.258%, 12/15/56 (d) (e) | 880923 | &nbsp;&nbsp;&nbsp; 23525 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.083%, 04/15/53 (d) (e) | 1280000 | &nbsp;&nbsp;&nbsp; 51870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.356%, 02/15/62 (d) (e) | 1788348 | &nbsp;&nbsp;&nbsp; 150277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.610%, 02/15/50 (d) (e) | 4221505 | &nbsp;&nbsp;&nbsp; 53908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.864%, 02/15/57 (d) (e) | 2025802 | &nbsp;&nbsp;&nbsp; 193658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662%, 04/15/55 (e) | 230000 | &nbsp;&nbsp;&nbsp; 213729 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.613%, 07/15/51 (d) (e) | 3689841 | &nbsp;&nbsp;&nbsp; 35336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.666%, 01/15/51 (d) (e) | 1562329 | &nbsp;&nbsp;&nbsp; 14775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.201%, 08/15/52 (d) (e) | 1834372 | &nbsp;&nbsp;&nbsp; 48415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 03/15/62 (d) (e) | 5004269 | &nbsp;&nbsp;&nbsp; 176939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.613%, 01/15/54 (d) (e) | 2336030 | &nbsp;&nbsp;&nbsp; 146242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.853%, 07/15/53 (d) (e) | 1077247 | &nbsp;&nbsp;&nbsp; 56280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%, 02/15/51 (e) | 795000 | &nbsp;&nbsp;&nbsp; 785012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 03/15/52 | 630000 | &nbsp;&nbsp;&nbsp; 617868 |
| BOCA Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.490%, 1M TSFR + 2.340%, 08/15/41 (144A) (e) | 455000 | &nbsp;&nbsp;&nbsp; 457275 |
| BPR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/05/41 (144A) (e) | 220000 | &nbsp;&nbsp;&nbsp; 224904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.382%, 1M TSFR + 3.232%, 08/15/39 (144A) (e) | 575000 | &nbsp;&nbsp;&nbsp; 574931 |
| BSTN Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.062%, 04/13/41 (144A) (e) | 225000 | &nbsp;&nbsp;&nbsp; 225000 |
| BWAY Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.710%, 05/05/42 (144A) (e) | 635000 | &nbsp;&nbsp;&nbsp; 664449 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.189%, 1M TSFR + 3.039%, 03/15/41 (144A) (e) | 86000 | &nbsp;&nbsp;&nbsp; 86000 |
| CENT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.091%, 07/10/40 (144A) (e) | 165000 | &nbsp;&nbsp;&nbsp; 166866 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.289%, 10/15/45 (d) (e) | 68890 | &nbsp;&nbsp;&nbsp; 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.819%, 01/10/39 (144A) | 205000 | &nbsp;&nbsp;&nbsp; 196378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.084%, 01/10/39 (144A) (e) | 210000 | &nbsp;&nbsp;&nbsp; 196195 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.891%, 11/15/48 (d) (e) | 236351 | &nbsp;&nbsp;&nbsp; 4 |

---

**BHFTII-123**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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)** |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.008%, 01/15/49 (d) (e) | 1243772 | &nbsp;&nbsp;&nbsp; $1092 |
| DBJPM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.699%, 09/15/53 (d) (e) | 799531 | &nbsp;&nbsp;&nbsp; 36318 |
| DC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.934%, 04/13/40 (144A) (e) | 200000 | &nbsp;&nbsp;&nbsp; 202186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.286%, 04/13/40 (144A) (e) | 100000 | &nbsp;&nbsp;&nbsp; 99986 |
| Durst Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.317%, 08/10/42 (144A) (e) | 190000 | &nbsp;&nbsp;&nbsp; 193518 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1M TSFR + 1.600%, 10/15/42 (144A) (e) | 105000 | &nbsp;&nbsp;&nbsp; 105197 |
| FS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.241%, 1M TSFR + 2.091%, 08/15/39 (144A) (e) | 100000 | &nbsp;&nbsp;&nbsp; 100156 |
| GS Mortgage Securities Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.887%, 03/10/41 (144A) (e) | 615000 | &nbsp;&nbsp;&nbsp; 616943 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954%, 11/05/34 (144A) | 1144876 | &nbsp;&nbsp;&nbsp; 981607 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/10/46 (d) (e) | 322687 | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.105%, 08/10/44 (144A) (d) (e) | 54531 | &nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099%, 04/10/47 (144A) (e) | 421315 | &nbsp;&nbsp;&nbsp; 331154 |
| HIH Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%, 1M TSFR + 2.341%, 10/15/41 (144A) (e) | 192125 | &nbsp;&nbsp;&nbsp; 192845 |
| HTL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%, 05/10/39 (144A) (e) | 280000 | &nbsp;&nbsp;&nbsp; 284830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.324%, 05/10/39 (144A) (e) | 150000 | &nbsp;&nbsp;&nbsp; 152899 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.812%, 01/16/37 (144A) | 305000 | &nbsp;&nbsp;&nbsp; 272975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.689%, 12/15/47 (144A) (e) | 130000 | &nbsp;&nbsp;&nbsp; 105256 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.486%, 09/15/47 (d) (e) | 186923 | &nbsp;&nbsp;&nbsp; 2 |
| MAD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.095%, 10/15/42 (144A) (e) | 630000 | &nbsp;&nbsp;&nbsp; 629642 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.824%, 10/15/48 (d) (e) | 82609 | &nbsp;&nbsp;&nbsp; 1 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.447%, 06/15/50 (d) (e) | 1333055 | &nbsp;&nbsp;&nbsp; 19843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.912%, 09/09/32 (144A) | 1140000 | &nbsp;&nbsp;&nbsp; 1034216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.105%, 07/15/49 (144A) (e) | 265000 | &nbsp;&nbsp;&nbsp; 247935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.221%, 10/12/52 (144A) (e) | 13985 | &nbsp;&nbsp;&nbsp; 4174 |
| Natixis Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, 06/17/38 (144A) (e) | 165000 | &nbsp;&nbsp;&nbsp; 160450 |
| NRTH Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.793%, 1M TSFR + 1.643%, 10/15/40 (144A) (e) | 75000 | &nbsp;&nbsp;&nbsp; 74812 |
| NYC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.843%, 1M TSFR + 1.692%, 02/15/42 (144A) (e) | 840000 | &nbsp;&nbsp;&nbsp; 839288 |
| RFR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.562%, 03/11/41 (144A) (e) | 220875 | &nbsp;&nbsp;&nbsp; 225841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.863%, 03/11/41 (144A) (e) | 730000 | &nbsp;&nbsp;&nbsp; 746976 |
| SG Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632%, 03/15/37 (144A) | 1230000 | &nbsp;&nbsp;&nbsp; 1148491 |
| SHR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 1M TSFR + 2.450%, 10/15/41 (144A) (e) | 1445000 | &nbsp;&nbsp;&nbsp; 1446806 |
| TEXAS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.743%, 1M TSFR + 1.593%, 04/15/42 (144A) (e) | 145000 | &nbsp;&nbsp;&nbsp; 144276 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.202%, 08/15/50 (d) (e) | 651859 | &nbsp;&nbsp;&nbsp; $9143 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.942%, 10/15/49 | 890000 | &nbsp;&nbsp;&nbsp; 879381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.988%, 05/15/48 (e) | 80000 | &nbsp;&nbsp;&nbsp; 74480 |
| WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/44 (144A) (e) | 105000 | &nbsp;&nbsp;&nbsp; 91220 |
| Willowbrook Mall |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%, 03/05/35 (144A) (e) | 335000 | &nbsp;&nbsp;&nbsp; 347747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.278%, 03/05/35 (144A) (e) | 590000 | &nbsp;&nbsp;&nbsp; 606235 |
|  |  | &nbsp;&nbsp;&nbsp; 21056328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Non-Agency Mortgage-Backed Securities <br>(Cost $52,128,543) <br>|  | &nbsp;&nbsp;&nbsp; 46620937 |
| **Asset-Backed Securities—2.8%** | **Asset-Backed Securities—2.8%** | **Asset-Backed Securities—2.8%** |
| **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** | **Asset-Backed - Automobile — 0.3%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580%, 12/20/30 (144A) | 170000 | &nbsp;&nbsp;&nbsp; 175252 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, 09/15/34 (144A) | 640000 | &nbsp;&nbsp;&nbsp; 643562 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 05/15/30 | 245000 | &nbsp;&nbsp;&nbsp; 245927 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890%, 04/16/29 (144A) | 380000 | &nbsp;&nbsp;&nbsp; 382878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, 07/16/29 (144A) | 620000 | &nbsp;&nbsp;&nbsp; 626692 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 09/15/31 (144A) | 981000 | &nbsp;&nbsp;&nbsp; 985983 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%, 09/25/31 (144A) | 310000 | &nbsp;&nbsp;&nbsp; 314216 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980%, 02/15/28 | 15388 | &nbsp;&nbsp;&nbsp; 15391 |
| Securitized Term Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.925%, 12/29/32 (144A) | 420841 | &nbsp;&nbsp;&nbsp; 424410 |
| SFS Auto Receivables Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710%, 01/22/30 (144A) | 245000 | &nbsp;&nbsp;&nbsp; 251288 |
|  |  | &nbsp;&nbsp;&nbsp; 4065599 |
| **Asset-Backed - Other — 2.4%** | **Asset-Backed - Other — 2.4%** | **Asset-Backed - Other — 2.4%** |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.351%, 01/16/40 (144A) | 46557 | &nbsp;&nbsp;&nbsp; 45810 |
| Affirm Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 07/15/33 (144A) | 590000 | &nbsp;&nbsp;&nbsp; 593399 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/17/48 (144A) | 545000 | &nbsp;&nbsp;&nbsp; 550667 |
| Benefit Street Partners CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.069%, 3M TSFR + 1.750%, 04/25/38 (144A) (e) | 575000 | &nbsp;&nbsp;&nbsp; 578287 |
| Blue Owl Asset Leasing Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410%, 03/15/30 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101238 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530%, 03/15/61 (144A) | 93809 | &nbsp;&nbsp;&nbsp; 78098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690%, 07/15/60 (144A) | 223071 | &nbsp;&nbsp;&nbsp; 191605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.990%, 07/15/60 (144A) | 239444 | &nbsp;&nbsp;&nbsp; 201527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970%, 08/15/62 (144A) | 142001 | &nbsp;&nbsp;&nbsp; 137256 |

---

**BHFTII-124**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 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)** |
| Commercial Equipment Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970%, 07/16/29 (144A) | 221075 | &nbsp;&nbsp;&nbsp; $223530 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.662%, 04/25/51 (144A) | 505700 | &nbsp;&nbsp;&nbsp; 478067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%, 10/25/49 (144A) | 316800 | &nbsp;&nbsp;&nbsp; 304730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.328%, 07/25/48 (144A) | 473750 | &nbsp;&nbsp;&nbsp; 472505 |
| Elmwood CLO 23 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.068%, 3M TSFR + 1.750%, 04/16/36 (144A) (e) | 530000 | &nbsp;&nbsp;&nbsp; 531077 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.145%, 05/19/39 (144A) | 281149 | &nbsp;&nbsp;&nbsp; 280034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/17/39 (144A) | 1148550 | &nbsp;&nbsp;&nbsp; 1145837 |
| Generate CLO 12 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.613%, 3M TSFR + 1.330%, 07/20/38 (144A) (e) | 935000 | &nbsp;&nbsp;&nbsp; 937863 |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.020%, 06/25/60 (144A) | 100000 | &nbsp;&nbsp;&nbsp; 101359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.070%, 06/25/60 (144A) | 180000 | &nbsp;&nbsp;&nbsp; 181611 |
| Knollwood CDO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.700%, PRIME + 3.200%, 01/10/39 (144A) (e) | 1051122 | &nbsp;&nbsp;&nbsp; 105 |
| MF1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884%, 1M TSFR + 1.750%, 02/19/37 (144A) (e) | 685000 | &nbsp;&nbsp;&nbsp; 682678 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640%, 01/18/33 (144A) | 102000 | &nbsp;&nbsp;&nbsp; 102401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%, 01/18/33 (144A) | 370000 | &nbsp;&nbsp;&nbsp; 370960 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.844%, 12/25/25 (144A) | 44079 | &nbsp;&nbsp;&nbsp; 43921 |
| Post Road Equipment Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 05/15/31 (144A) | 165000 | &nbsp;&nbsp;&nbsp; 166292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 05/15/31 (144A) | 140000 | &nbsp;&nbsp;&nbsp; 141922 |
| PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.391%, 08/25/55 (144A) (l) | 908987 | &nbsp;&nbsp;&nbsp; 909675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.657%, 07/25/55 (144A) (l) | 718907 | &nbsp;&nbsp;&nbsp; 721041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.732%, 08/25/55 (144A) (l) | 658637 | &nbsp;&nbsp;&nbsp; 660282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%, 06/25/55 (144A) (l) | 1104881 | &nbsp;&nbsp;&nbsp; 1110341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.963%, 09/25/54 (144A) (l) | 108353 | &nbsp;&nbsp;&nbsp; 108421 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.510%, 10/17/38 (144A) | 793241 | &nbsp;&nbsp;&nbsp; 776486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 04/17/39 (144A) | 266872 | &nbsp;&nbsp;&nbsp; 261986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/17/42 (144A) | 644204 | &nbsp;&nbsp;&nbsp; 615390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.438%, 05/17/41 (144A) | 753344 | &nbsp;&nbsp;&nbsp; 752423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.451%, 06/17/39 (144A) | 204698 | &nbsp;&nbsp;&nbsp; 204709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/27/39 (144A) | 343032 | &nbsp;&nbsp;&nbsp; 344672 |
| Rad CLO 12 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.630%, 3M TSFR + 1.320%, 07/30/40 (144A) (e) | 875000 | &nbsp;&nbsp;&nbsp; 877065 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/48 (144A) | 845000 | &nbsp;&nbsp;&nbsp; 845823 |
| RR 23 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.968%, 3M TSFR + 1.650%, 07/15/37 (144A) (e) | 1110000 | &nbsp;&nbsp;&nbsp; 1114763 |
| RR 26 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.818%, 3M TSFR + 1.500%, 04/15/38 (144A) (e) | 520000 | &nbsp;&nbsp;&nbsp; 520461 |
| Sabey Data Center Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/20/49 (144A) | 135000 | &nbsp;&nbsp;&nbsp; 137281 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.228%, 03/15/40 (144A) | 123046 | &nbsp;&nbsp;&nbsp; 117541 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 11/21/33 (144A) | 365000 | &nbsp;&nbsp;&nbsp; 373566 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Sound Point CLO XXIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 3M TSFR + 1.332%, 04/25/34 (144A) (e) | 1300000 | &nbsp;&nbsp;&nbsp; $1301599 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 07/25/48 (144A) | 480000 | &nbsp;&nbsp;&nbsp; 483975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 03/25/49 (144A) | 265000 | &nbsp;&nbsp;&nbsp; 269352 |
| Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 09/15/45 (144A) | 312107 | &nbsp;&nbsp;&nbsp; 315009 |
| Summit Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290%, 12/20/50 (144A) | 320000 | &nbsp;&nbsp;&nbsp; 318199 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294%, 08/25/51 (144A) | 1889347 | &nbsp;&nbsp;&nbsp; 1746194 |
| Texas Debt Capital CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.965%, 3M TSFR + 1.650%, 07/20/38 (144A) (e) | 635000 | &nbsp;&nbsp;&nbsp; 637519 |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1M TSFR + 1.100%, 03/17/42 (144A) (e) | 477532 | &nbsp;&nbsp;&nbsp; 478446 |
| VB-S1 Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590%, 05/15/54 (144A) | 550000 | &nbsp;&nbsp;&nbsp; 553246 |
| Venture 42 CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, 3M TSFR + 1.392%, 04/15/34 (144A) (e) | 1300000 | &nbsp;&nbsp;&nbsp; 1300827 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.775%, 06/15/51 (144A) | 1354853 | &nbsp;&nbsp;&nbsp; 1214209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.884%, 03/15/48 (144A) | 401181 | &nbsp;&nbsp;&nbsp; 395278 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.841%, 12/05/50 (144A) | 315200 | &nbsp;&nbsp;&nbsp; 304295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.858%, 12/05/54 (144A) | 235000 | &nbsp;&nbsp;&nbsp; 243191 |
| Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648%, 03/20/55 (144A) | 630000 | &nbsp;&nbsp;&nbsp; 641615 |
|  |  | &nbsp;&nbsp;&nbsp; 29297659 |
| **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.110%, 02/18/70 (144A) | 333737 | &nbsp;&nbsp;&nbsp; 297633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.510%, 10/15/71 (144A) | 415906 | &nbsp;&nbsp;&nbsp; 426041 |
|  |  | &nbsp;&nbsp;&nbsp; 723674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $34,511,405) <br>|  | &nbsp;&nbsp;&nbsp; 34086932 |
| **Foreign Government—0.8%** | **Foreign Government—0.8%** | **Foreign Government—0.8%** |
| **Sovereign — 0.8%** | **Sovereign — 0.8%** | **Sovereign — 0.8%** |
| Bermuda Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 08/20/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 182200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/32 (144A) | 405000 | &nbsp;&nbsp;&nbsp; 414590 |
| Bulgaria Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 09/23/50 (EUR) | 225000 | &nbsp;&nbsp;&nbsp; 150815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/13/36 (EUR) | 315000 | &nbsp;&nbsp;&nbsp; 407271 |
| Hungary Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 04/28/32 (EUR) | 445000 | &nbsp;&nbsp;&nbsp; 462355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/26/30 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 205744 |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 03/12/33 (EUR) | 800000 | &nbsp;&nbsp;&nbsp; 782193 |
| Israel Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/03/30 | 200000 | &nbsp;&nbsp;&nbsp; 184287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/19/30 | 440000 | &nbsp;&nbsp;&nbsp; 453846 |

---

**BHFTII-125**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

**Short-Term Investments—0.8%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Ivory Coast Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/30/32 (EUR) | 460000 | &nbsp;&nbsp;&nbsp; $514467 |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/12/34 | 200000 | &nbsp;&nbsp;&nbsp; 173700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/22/33 | 1060000 | &nbsp;&nbsp;&nbsp; 1056820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/29/38 | 450000 | &nbsp;&nbsp;&nbsp; 472955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/13/37 | 505000 | &nbsp;&nbsp;&nbsp; 544643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/13/55 | 465000 | &nbsp;&nbsp;&nbsp; 510342 |
| North Macedonia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.675%, 06/03/26 (144A) (EUR) | 515000 | &nbsp;&nbsp;&nbsp; 604885 |
| Panama Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252%, 09/29/32 | 240000 | &nbsp;&nbsp;&nbsp; 193968 |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/08/54 | 235000 | &nbsp;&nbsp;&nbsp; 235705 |
| Philippines Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 04/28/33 (EUR) | 255000 | &nbsp;&nbsp;&nbsp; 252694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 04/28/41 (EUR) | 300000 | &nbsp;&nbsp;&nbsp; 257889 |
| Romania Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/02/40 (144A) (EUR) | 635000 | &nbsp;&nbsp;&nbsp; 476999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/14/41 (EUR) | 1310000 | &nbsp;&nbsp;&nbsp; 990904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/24/35 (144A) | 410000 | &nbsp;&nbsp;&nbsp; 394800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/10/37 (144A) (b) | 110000 | &nbsp;&nbsp;&nbsp; 118056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government <br>(Cost $10,529,968) <br>|  | &nbsp;&nbsp;&nbsp; 10042128 |
| **Municipals—0.3%** | **Municipals—0.3%** | **Municipals—0.3%** |
| Chicago Board of Education, General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 12/01/39 | 325000 | &nbsp;&nbsp;&nbsp; 308965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.319%, 11/01/29 | 315000 | &nbsp;&nbsp;&nbsp; 312113 |
| Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/45 | 505000 | &nbsp;&nbsp;&nbsp; 502111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.175%, 11/15/49 | 55000 | &nbsp;&nbsp;&nbsp; 50756 |
| New York Transportation Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248%, 09/01/35 | 720000 | &nbsp;&nbsp;&nbsp; 707626 |
| Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 10/15/28 | 1235000 | &nbsp;&nbsp;&nbsp; 1311451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipals <br>(Cost $3,291,305) <br>|  | &nbsp;&nbsp;&nbsp; 3193022 |
| **Floating Rate Loan (m)—0.0%** | **Floating Rate Loan (m)—0.0%** | **Floating Rate Loan (m)—0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Paragon Offshore Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 07/18/26 (f) (g) (n) <br>(Cost $587)<br>| 587 | &nbsp;&nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $9,637,471; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $9,829,564<br>| 9636668 | &nbsp;&nbsp;&nbsp; $9636668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $9,636,668) <br>|  | &nbsp;&nbsp;&nbsp; 9636668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (o)—1.0%** | **Securities Lending Reinvestments (o)—1.0%** | **Securities Lending Reinvestments (o)—1.0%** |
| **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** | **Short-Term Investment Funds—0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (p)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (p)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (p)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (p)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (p)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (p)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
|  |  | &nbsp;&nbsp;&nbsp; 8500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $1,023,918; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,000<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $76,370; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 10/28/25 - <br> 05/15/35, and an aggregate market value of $77,888<br>| 76361 | &nbsp;&nbsp;&nbsp; 76361 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $2,031,404; <br> collateralized by U.S. Treasury Obligations with zero coupon, <br> maturity dates ranging from 11/15/35 - 08/15/55, and an <br> aggregate market value of $2,071,791<br>| 2031168 | &nbsp;&nbsp;&nbsp; 2031168 |

---

**BHFTII-126**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $81,170; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% <br> - 2.375%, maturity dates ranging from 05/31/26 - <br> 07/15/30, and an aggregate market value of $82,784<br>| 81161 | &nbsp;&nbsp;&nbsp; $81161 |
|  |  | &nbsp;&nbsp;&nbsp; 3188690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $11,688,690) <br>|  | &nbsp;&nbsp;&nbsp; 11688690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options—0.0% (q) <br>(Cost $110,932) <br>|  | &nbsp;&nbsp;&nbsp; 100618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—108.6% <br>(Cost $1,198,874,585) <br>|  | &nbsp;&nbsp;&nbsp; 1307454151 |
| Other assets and liabilities (net)—(8.6)%  |  | &nbsp;&nbsp;&nbsp; (103026612)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1204427539 |

---

&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 September 30, 2025, the market value of securities loaned was $26,909,783 and the collateral received consisted of cash in the amount of $11,688,690 and non-cash collateral with a value of $16,039,348. 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. 

(c) Principal only security.

(d) Interest only security.

(e) Variable or floating rate security. The stated rate represents the rate at September 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and 

---

| | |
|:---|:---|
|  | mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of September 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) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (i) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of September 30, 2025, the market value of securities pledged was <br> $1,907,306.<br>|
| (j) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> September 30, 2025, the market value of securities pledged was $2,103,356.<br>|
| (k) | Principal amount of security is adjusted for inflation. |
| (l) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (m) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (n) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (o) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (p) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |
| (q) | 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 September 30, 2025, the market value of 144A securities was <br> $124,997,330, which is 10.4% 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 | 3.500<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; $(1455000)<br>| &nbsp;&nbsp;&nbsp; $(1350536)<br>| &nbsp;&nbsp;&nbsp; $(1326401)<br>|
| Government National Mortgage Association, TBA | 4.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (175000)<br>| &nbsp;&nbsp;&nbsp; (166473)<br>| &nbsp;&nbsp;&nbsp; (164517)<br>|
| Government National Mortgage Association, TBA | 4.500<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (845000)<br>| &nbsp;&nbsp;&nbsp; (830190)<br>| &nbsp;&nbsp;&nbsp; (819313)<br>|
| Uniform Mortgage-Backed Security, TBA | 2.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (2069000)<br>| &nbsp;&nbsp;&nbsp; (1694001)<br>| &nbsp;&nbsp;&nbsp; (1701052)<br>|
| Uniform Mortgage-Backed Security, TBA | 3.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (1679000)<br>| &nbsp;&nbsp;&nbsp; (1503540)<br>| &nbsp;&nbsp;&nbsp; (1498379)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (9900000)<br>| &nbsp;&nbsp;&nbsp; (9363470)<br>| &nbsp;&nbsp;&nbsp; (9328755)<br>|
| Uniform Mortgage-Backed Security, TBA | 4.500<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (201000)<br>| &nbsp;&nbsp;&nbsp; (76643)<br>| &nbsp;&nbsp;&nbsp; (83986)<br>|
| Uniform Mortgage-Backed Security, TBA | 5.000<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (5490000)<br>| &nbsp;&nbsp;&nbsp; (5396327)<br>| &nbsp;&nbsp;&nbsp; (5359161)<br>|
| Uniform Mortgage-Backed Security, TBA | 6.500<br> %<br>| &nbsp;&nbsp;&nbsp; TBA | &nbsp;&nbsp;&nbsp; (2085000)<br>| &nbsp;&nbsp;&nbsp; (2160179)<br>| &nbsp;&nbsp;&nbsp; (2155677)<br>|
| Totals | Totals | Totals | Totals | &nbsp;&nbsp;&nbsp; $(22541359)<br>| &nbsp;&nbsp;&nbsp; $(22437241)<br>|

---

**BHFTII-127**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 5095000<br> DBAG | 12/17/25 | USD | 6001278 | &nbsp;&nbsp; $(6740)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(6740)<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;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp; 161 | AUD | 18249616 | &nbsp;&nbsp;&nbsp; $(18703)<br>|
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp; 150 | CAD | 18369000 | &nbsp;&nbsp;&nbsp; 292866 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp; 39 | GBP | 3542760 | &nbsp;&nbsp;&nbsp; 6976 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; 78 | USD | 8517234 | &nbsp;&nbsp;&nbsp; (51482)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 133 | USD | 15305391 | &nbsp;&nbsp;&nbsp; 61045 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 89 | USD | 10685563 | &nbsp;&nbsp;&nbsp; 275204 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro-BTP Bond Futures | &nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp; (23)<br>| EUR | (2756320)<br>| &nbsp;&nbsp;&nbsp; (33777)<br>|
| Euro-Bund Futures | &nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp; (82)<br>| EUR | (10542740)<br>| &nbsp;&nbsp;&nbsp; 8925 |
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp; (23)<br>| EUR | (2633040)<br>| &nbsp;&nbsp;&nbsp; (65275)<br>|
| Euro-OAT Futures | &nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp; (42)<br>| EUR | (5096700)<br>| &nbsp;&nbsp;&nbsp; (64244)<br>|
| Euro-Schatz Futures | &nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp; (108)<br>| EUR | (11553840)<br>| &nbsp;&nbsp;&nbsp; 10667 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; (73)<br>| USD | (8511344)<br>| &nbsp;&nbsp;&nbsp; (105921)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; (45)<br>| USD | (9377930)<br>| &nbsp;&nbsp;&nbsp; 5568 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; (288)<br>| USD | (32400000)<br>| &nbsp;&nbsp;&nbsp; (4550)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp; $317299 |

---

**Purchased Options** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 10 Yr. IRS | 4.125<br> %<br>| SOFR | Pay | 07/31/28 | BNP | 1050000 | USD | 1050000 | $55466 | $56963 | $1497 |
| Put - OTC - 10 Yr. IRS | 4.125<br> %<br>| SOFR | Receive | 07/31/28 | BNP | 1050000 | USD | 1050000 | 55466 | 43655 | (11811)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $110932 | $100618 | $(10314)<br>|

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Receive | 12M SOFR | Annually | 2.880<br> %<br>| Annually | 03/17/53 | USD | 1610000 | &nbsp;&nbsp; $290382 | &nbsp;&nbsp; $17150 | &nbsp;&nbsp; $273232 |
| Receive | 12M SOFR | Annually | 2.970<br> %<br>| Annually | 03/17/53 | USD | 2325000 | &nbsp;&nbsp; 384128 | &nbsp;&nbsp; 4379 | &nbsp;&nbsp; 379749 |
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/23/53 | USD | 860000 | &nbsp;&nbsp; 101781 | &nbsp;&nbsp; (8183)<br>| &nbsp;&nbsp; 109964 |
| Receive | 12M SOFR | Annually | 3.590<br> %<br>| Annually | 09/22/53 | USD | 2955000 | &nbsp;&nbsp; 179269 | &nbsp;&nbsp; 12312 | &nbsp;&nbsp; 166957 |
| Receive | 12M SOFR | Annually | 3.704<br> %<br>| Annually | 05/31/29 | USD | 3275000 | &nbsp;&nbsp; (39812)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (39812)<br>|
| Receive | 12M SOFR | Annually | 4.160<br> %<br>| Annually | 03/20/45 | USD | 8460000 | &nbsp;&nbsp; (233088)<br>| &nbsp;&nbsp; (16113)<br>| &nbsp;&nbsp; (216975)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $682660 | &nbsp;&nbsp; $9546 | &nbsp;&nbsp; $673115 |

---

**BHFTII-128**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Balanced Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp;&nbsp; $733283444 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $733283444 |
| Agency Sponsored Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20330196 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20330196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 187423214 | &nbsp;&nbsp;&nbsp; 355313 | &nbsp;&nbsp;&nbsp; 187778527 |
| Total Agency Sponsored Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 207753410 | &nbsp;&nbsp;&nbsp; 355313 | &nbsp;&nbsp;&nbsp; 208108723 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125436927 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125436927 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125256062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125256062 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46620937 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46620937 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34086932 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34086932 |
| Total Foreign Government\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10042128 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10042128 |
| Total Municipals\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3193022 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3193022 |
| Total Floating Rate Loans\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; — |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9636668 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9636668 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3188690 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3188690 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; 3188690 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11688690 |
| Total Purchased Options at Value\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100618 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100618 |
| Total Investments | &nbsp;&nbsp;&nbsp; $741783444 | &nbsp;&nbsp;&nbsp; $565315394 | &nbsp;&nbsp;&nbsp; $355313 | &nbsp;&nbsp;&nbsp; $1307454151 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(11688690)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(11688690)<br>|
| TBA Forward Sales Commitments (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(22437241)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(22437241)<br>|
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6740)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6740)<br>|
| Total Forward Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6740)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6740)<br>|
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $661251 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $661251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; (343952)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (343952)<br>|
| Total Futures Contracts | &nbsp;&nbsp;&nbsp; $317299 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $317299 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $929902 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $929902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (256787)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (256787)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $673115 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $673115 |

---

&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 period ended September 30, 2025 is not presented.

**BHFTII-129**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—98.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| Lockheed Martin Corp.  | 61058 | &nbsp;&nbsp;&nbsp; $30480764 |
| Northrop Grumman Corp.  | 114623 | &nbsp;&nbsp;&nbsp; 69842086 |
|  |  | &nbsp;&nbsp;&nbsp; 100322850 |
| **Banks — 2.1%** | **Banks — 2.1%** | **Banks — 2.1%** |
| Wells Fargo & Co.  | 698998 | &nbsp;&nbsp;&nbsp; 58590012 |
| **Beverages — 3.9%** | **Beverages — 3.9%** | **Beverages — 3.9%** |
| Coca-Cola Co.  | 728888 | &nbsp;&nbsp;&nbsp; 48339852 |
| Diageo PLC | 946326 | &nbsp;&nbsp;&nbsp; 22528058 |
| PepsiCo, Inc.  | 286086 | &nbsp;&nbsp;&nbsp; 40177918 |
|  |  | &nbsp;&nbsp;&nbsp; 111045828 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Trane Technologies PLC | 79706 | &nbsp;&nbsp;&nbsp; 33632744 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| S&P Global, Inc.  | 123971 | &nbsp;&nbsp;&nbsp; 60337925 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| Ecolab, Inc.  | 75609 | &nbsp;&nbsp;&nbsp; 20706281 |
| Linde PLC | 172856 | &nbsp;&nbsp;&nbsp; 82106600 |
|  |  | &nbsp;&nbsp;&nbsp; 102812881 |
| **Consumer Finance — 3.2%** | **Consumer Finance — 3.2%** | **Consumer Finance — 3.2%** |
| American Express Co.  | 273509 | &nbsp;&nbsp;&nbsp; 90848749 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Kroger Co.  | 410662 | &nbsp;&nbsp;&nbsp; 27682725 |
| **Financial Services — 6.8%** | **Financial Services — 6.8%** | **Financial Services — 6.8%** |
| Mastercard, Inc. - Class A | 183262 | &nbsp;&nbsp;&nbsp; 104241258 |
| Visa, Inc. - Class A | 262030 | &nbsp;&nbsp;&nbsp; 89451802 |
|  |  | &nbsp;&nbsp;&nbsp; 193693060 |
| **Ground Transportation — 2.3%** | **Ground Transportation — 2.3%** | **Ground Transportation — 2.3%** |
| Canadian National Railway Co.  | 550614 | &nbsp;&nbsp;&nbsp; 51923965 |
| Union Pacific Corp.  | 52457 | &nbsp;&nbsp;&nbsp; 12399261 |
|  |  | &nbsp;&nbsp;&nbsp; 64323226 |
| **Health Care Equipment & Supplies — 4.6%** | **Health Care Equipment & Supplies — 4.6%** | **Health Care Equipment & Supplies — 4.6%** |
| Abbott Laboratories | 453809 | &nbsp;&nbsp;&nbsp; 60783177 |
| Stryker Corp.  | 187412 | &nbsp;&nbsp;&nbsp; 69280594 |
|  |  | &nbsp;&nbsp;&nbsp; 130063771 |
| **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** | **Hotels, Restaurants & Leisure — 3.8%** |
| Marriott International, Inc. - Class A | 131390 | &nbsp;&nbsp;&nbsp; 34219212 |
| McDonald's Corp.  | 241123 | &nbsp;&nbsp;&nbsp; 73274868 |
|  |  | &nbsp;&nbsp;&nbsp; 107494080 |
| **Household Products — 3.5%** | **Household Products — 3.5%** | **Household Products — 3.5%** |
| Colgate-Palmolive Co.  | 505029 | &nbsp;&nbsp;&nbsp; 40372018 |
| Procter & Gamble Co.  | 382835 | &nbsp;&nbsp;&nbsp; 58822598 |
|  |  | &nbsp;&nbsp;&nbsp; 99194616 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial Conglomerates — 2.5%** | **Industrial Conglomerates — 2.5%** | **Industrial Conglomerates — 2.5%** |
| Honeywell International, Inc.  | 338074 | &nbsp;&nbsp;&nbsp; $71164577 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| Chubb Ltd.  | 241502 | &nbsp;&nbsp;&nbsp; 68163940 |
| Marsh & McLennan Cos., Inc.  | 309638 | &nbsp;&nbsp;&nbsp; 62401346 |
|  |  | &nbsp;&nbsp;&nbsp; 130565286 |
| **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** |
| Alphabet, Inc. - Class A | 401699 | &nbsp;&nbsp;&nbsp; 97653027 |
| **IT Services — 1.9%** | **IT Services — 1.9%** | **IT Services — 1.9%** |
| Accenture PLC - Class A | 217306 | &nbsp;&nbsp;&nbsp; 53587660 |
| **Life Sciences Tools & Services — 2.2%** | **Life Sciences Tools & Services — 2.2%** | **Life Sciences Tools & Services — 2.2%** |
| Danaher Corp.  | 311933 | &nbsp;&nbsp;&nbsp; 61843837 |
| **Machinery — 2.6%** | **Machinery — 2.6%** | **Machinery — 2.6%** |
| Caterpillar, Inc.  | 100050 | &nbsp;&nbsp;&nbsp; 47738857 |
| Deere & Co.  | 59410 | &nbsp;&nbsp;&nbsp; 27165817 |
|  |  | &nbsp;&nbsp;&nbsp; 74904674 |
| **Pharmaceuticals — 8.1%** | **Pharmaceuticals — 8.1%** | **Pharmaceuticals — 8.1%** |
| Eli Lilly & Co.  | 126208 | &nbsp;&nbsp;&nbsp; 96296704 |
| Johnson & Johnson | 271675 | &nbsp;&nbsp;&nbsp; 50373979 |
| Merck & Co., Inc.  | 309454 | &nbsp;&nbsp;&nbsp; 25972474 |
| Zoetis, Inc.  | 402987 | &nbsp;&nbsp;&nbsp; 58965058 |
|  |  | &nbsp;&nbsp;&nbsp; 231608215 |
| **Professional Services — 2.2%** | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
| Automatic Data Processing, Inc.  | 213296 | &nbsp;&nbsp;&nbsp; 62602376 |
| **Semiconductors & Semiconductor Equipment — 9.0%** | **Semiconductors & Semiconductor Equipment — 9.0%** | **Semiconductors & Semiconductor Equipment — 9.0%** |
| Broadcom, Inc.  | 343880 | &nbsp;&nbsp;&nbsp; 113449451 |
| QUALCOMM, Inc.  | 336331 | &nbsp;&nbsp;&nbsp; 55952025 |
| Texas Instruments, Inc.  | 470726 | &nbsp;&nbsp;&nbsp; 86486488 |
|  |  | &nbsp;&nbsp;&nbsp; 255887964 |
| **Software — 7.1%** | **Software — 7.1%** | **Software — 7.1%** |
| Intuit, Inc.  | 85258 | &nbsp;&nbsp;&nbsp; 58223541 |
| Microsoft Corp.  | 278210 | &nbsp;&nbsp;&nbsp; 144098869 |
|  |  | &nbsp;&nbsp;&nbsp; 202322410 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| Public Storage | 86496 | &nbsp;&nbsp;&nbsp; 24984370 |
| **Specialty Retail — 6.2%** | **Specialty Retail — 6.2%** | **Specialty Retail — 6.2%** |
| Home Depot, Inc.  | 222096 | &nbsp;&nbsp;&nbsp; 89991078 |
| TJX Cos., Inc.  | 593255 | &nbsp;&nbsp;&nbsp; 85749078 |
|  |  | &nbsp;&nbsp;&nbsp; 175740156 |
| **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** | **Technology Hardware, Storage & Peripherals — 3.8%** |
| Apple, Inc.  | 428822 | &nbsp;&nbsp;&nbsp; 109190946 |

---

**BHFTII-130**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods — 1.9%** | **Textiles, Apparel & Luxury Goods — 1.9%** | **Textiles, Apparel & Luxury Goods — 1.9%** |
| NIKE, Inc. - Class B | 772540 | &nbsp;&nbsp;&nbsp; $53869214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,155,918,546) <br>|  | &nbsp;&nbsp;&nbsp; 2785967179 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Forest Corp. (a) (b) (c) <br>(Cost $0)<br>| 5844000 | &nbsp;&nbsp;&nbsp; 0 |

---

&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—2.0%** | **Repurchase Agreement—2.0%** | **Repurchase Agreement—2.0%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $55,874,526; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $56,987,271<br>| 55869870 | &nbsp;&nbsp;&nbsp; 55869870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $55,869,870) <br>|  | &nbsp;&nbsp;&nbsp; 55869870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.0% <br>(Cost $2,211,788,416) <br>|  | &nbsp;&nbsp;&nbsp; 2841837049 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp;&nbsp; (75506)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $2841761543 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. 

---

| | |
|:---|:---|
|  | As of September 30, 2025, these securities represent 0.0% of net assets. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (c) | Non-income producing security. |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $100322850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $100322850 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 58590012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58590012 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; 88517770 | &nbsp;&nbsp; 22528058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 111045828 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp; 33632744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33632744 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 60337925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60337925 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; 102812881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102812881 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp; 90848749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90848749 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 27682725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27682725 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; 193693060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 193693060 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; 64323226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64323226 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 130063771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130063771 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 107494080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 107494080 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp; 99194616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99194616 |
| &nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp; 71164577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71164577 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 130565286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130565286 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 97653027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97653027 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 53587660 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53587660 |
| &nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 61843837 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61843837 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 74904674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74904674 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 231608215 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 231608215 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp; 62602376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62602376 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 255887964 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 255887964 |

---

**BHFTII-131**

------

**Brighthouse Funds Trust II**

**Brighthouse/Wellington Core Equity Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; $202322410 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $202322410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp; 24984370 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24984370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp; 175740156 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 175740156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp; 109190946 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 109190946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp; 53869214 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53869214 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 2763439121 | &nbsp;&nbsp;&nbsp; 22528058 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2785967179 |
| Total Escrow Shares\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55869870 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55869870 |
| Total Investments | &nbsp;&nbsp;&nbsp; $2763439121 | &nbsp;&nbsp;&nbsp; $78397928 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2841837049 |

---

&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 period ended September 30, 2025 is not presented.

**BHFTII-132**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—98.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** |
| ATI, Inc. (a) | 159293 | &nbsp;&nbsp;&nbsp; $12956893 |
| BWX Technologies, Inc.  | 21842 | &nbsp;&nbsp;&nbsp; 4027009 |
| L3Harris Technologies, Inc.  | 36313 | &nbsp;&nbsp;&nbsp; 11090353 |
| Rocket Lab Corp. (a) (b) | 181481 | &nbsp;&nbsp;&nbsp; 8694755 |
|  |  | &nbsp;&nbsp;&nbsp; 36769010 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Celsius Holdings, Inc. (a) | 317988 | &nbsp;&nbsp;&nbsp; 18281130 |
| **Biotechnology — 4.3%** | **Biotechnology — 4.3%** | **Biotechnology — 4.3%** |
| Alnylam Pharmaceuticals, Inc. (a) | 30710 | &nbsp;&nbsp;&nbsp; 14003760 |
| Insmed, Inc. (a) | 46622 | &nbsp;&nbsp;&nbsp; 6714034 |
| Natera, Inc. (a) | 58769 | &nbsp;&nbsp;&nbsp; 9460046 |
| United Therapeutics Corp. (a) | 32412 | &nbsp;&nbsp;&nbsp; 13587435 |
|  |  | &nbsp;&nbsp;&nbsp; 43765275 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| Builders FirstSource, Inc. (a) | 161039 | &nbsp;&nbsp;&nbsp; 19525979 |
| Trex Co., Inc. (a) | 103130 | &nbsp;&nbsp;&nbsp; 5328727 |
|  |  | &nbsp;&nbsp;&nbsp; 24854706 |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Carlyle Group, Inc.  | 243572 | &nbsp;&nbsp;&nbsp; 15271964 |
| KKR & Co., Inc.  | 41024 | &nbsp;&nbsp;&nbsp; 5331069 |
| MSCI, Inc.  | 7270 | &nbsp;&nbsp;&nbsp; 4125071 |
| Nasdaq, Inc.  | 89723 | &nbsp;&nbsp;&nbsp; 7935999 |
|  |  | &nbsp;&nbsp;&nbsp; 32664103 |
| **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** |
| Cintas Corp.  | 35928 | &nbsp;&nbsp;&nbsp; 7374581 |
| Rollins, Inc.  | 225007 | &nbsp;&nbsp;&nbsp; 13216911 |
| Waste Connections, Inc.  | 40012 | &nbsp;&nbsp;&nbsp; 7034110 |
|  |  | &nbsp;&nbsp;&nbsp; 27625602 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Arista Networks, Inc. (a) | 54654 | &nbsp;&nbsp;&nbsp; 7963634 |
| **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** |
| API Group Corp. (a) | 280640 | &nbsp;&nbsp;&nbsp; 9645597 |
| Quanta Services, Inc.  | 33286 | &nbsp;&nbsp;&nbsp; 13794384 |
|  |  | &nbsp;&nbsp;&nbsp; 23439981 |
| **Construction Materials — 1.3%** | **Construction Materials — 1.3%** | **Construction Materials — 1.3%** |
| Eagle Materials, Inc.  | 58494 | &nbsp;&nbsp;&nbsp; 13631442 |
| **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** |
| Vertiv Holdings Co. - Class A | 144499 | &nbsp;&nbsp;&nbsp; 21799119 |
| **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** |
| Amphenol Corp. - Class A | 126603 | &nbsp;&nbsp;&nbsp; 15667121 |
| CDW Corp.  | 39755 | &nbsp;&nbsp;&nbsp; 6332177 |
|  |  | &nbsp;&nbsp;&nbsp; 21999298 |
| **Entertainment — 2.2%** | **Entertainment — 2.2%** | **Entertainment — 2.2%** |
| ROBLOX Corp. - Class A (a) | 164001 | &nbsp;&nbsp;&nbsp; 22717419 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services — 1.7%** | **Financial Services — 1.7%** | **Financial Services — 1.7%** |
| Apollo Global Management, Inc.  | 31247 | &nbsp;&nbsp;&nbsp; $4164288 |
| Block, Inc. (a) | 176137 | &nbsp;&nbsp;&nbsp; 12729421 |
|  |  | &nbsp;&nbsp;&nbsp; 16893709 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Lamb Weston Holdings, Inc. (b) | 147119 | &nbsp;&nbsp;&nbsp; 8544672 |
| **Ground Transportation — 3.0%** | **Ground Transportation — 3.0%** | **Ground Transportation — 3.0%** |
| Knight-Swift Transportation Holdings, Inc. (b) | 63512 | &nbsp;&nbsp;&nbsp; 2509359 |
| XPO, Inc. (a) (b) | 218266 | &nbsp;&nbsp;&nbsp; 28215246 |
|  |  | &nbsp;&nbsp;&nbsp; 30724605 |
| **Health Care Equipment & Supplies — 7.0%** | **Health Care Equipment & Supplies — 7.0%** | **Health Care Equipment & Supplies — 7.0%** |
| Alcon AG | 74470 | &nbsp;&nbsp;&nbsp; 5548759 |
| Align Technology, Inc. (a) | 69948 | &nbsp;&nbsp;&nbsp; 8758888 |
| Dexcom, Inc. (a) | 161606 | &nbsp;&nbsp;&nbsp; 10874468 |
| GE HealthCare Technologies, Inc.  | 98498 | &nbsp;&nbsp;&nbsp; 7397200 |
| IDEXX Laboratories, Inc. (a) | 27736 | &nbsp;&nbsp;&nbsp; 17720253 |
| ResMed, Inc. (b) | 40645 | &nbsp;&nbsp;&nbsp; 11125756 |
| STERIS PLC | 41195 | &nbsp;&nbsp;&nbsp; 10193291 |
|  |  | &nbsp;&nbsp;&nbsp; 71618615 |
| **Health Care Technology — 2.0%** | **Health Care Technology — 2.0%** | **Health Care Technology — 2.0%** |
| Veeva Systems, Inc. - Class A (a) | 67907 | &nbsp;&nbsp;&nbsp; 20230174 |
| **Hotels, Restaurants & Leisure — 6.2%** | **Hotels, Restaurants & Leisure — 6.2%** | **Hotels, Restaurants & Leisure — 6.2%** |
| Chipotle Mexican Grill, Inc. (a) | 219063 | &nbsp;&nbsp;&nbsp; 8585079 |
| Domino's Pizza, Inc.  | 14622 | &nbsp;&nbsp;&nbsp; 6312464 |
| DraftKings, Inc. - Class A (a) | 319769 | &nbsp;&nbsp;&nbsp; 11959361 |
| Royal Caribbean Cruises Ltd. (b) | 90533 | &nbsp;&nbsp;&nbsp; 29294668 |
| Wingstop, Inc.  | 30821 | &nbsp;&nbsp;&nbsp; 7757029 |
|  |  | &nbsp;&nbsp;&nbsp; 63908601 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Church & Dwight Co., Inc.  | 78413 | &nbsp;&nbsp;&nbsp; 6871331 |
| **Independent Power and Renewable Electricity Producers — 2.6%** | **Independent Power and Renewable Electricity Producers — 2.6%** | **Independent Power and Renewable Electricity Producers — 2.6%** |
| Vistra Corp.  | 137923 | &nbsp;&nbsp;&nbsp; 27021874 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| First Industrial Realty Trust, Inc.  | 143647 | &nbsp;&nbsp;&nbsp; 7393511 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| Aon PLC - Class A | 36221 | &nbsp;&nbsp;&nbsp; 12915684 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| Cloudflare, Inc. - Class A (a) | 79331 | &nbsp;&nbsp;&nbsp; 17023639 |
| EPAM Systems, Inc. (a) | 19713 | &nbsp;&nbsp;&nbsp; 2972523 |
| MongoDB, Inc. (a) | 27355 | &nbsp;&nbsp;&nbsp; 8490445 |
| Snowflake, Inc. - Class A (a) | 44631 | &nbsp;&nbsp;&nbsp; 10066522 |
| Twilio, Inc. - Class A (a) | 49395 | &nbsp;&nbsp;&nbsp; 4943946 |
|  |  | &nbsp;&nbsp;&nbsp; 43497075 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Mattel, Inc. (a) (b) | 289096 | &nbsp;&nbsp;&nbsp; 4865486 |

---

**BHFTII-133**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| Agilent Technologies, Inc.  | 39612 | &nbsp;&nbsp;&nbsp; $5084200 |
| Mettler-Toledo International, Inc. (a) | 7671 | &nbsp;&nbsp;&nbsp; 9416996 |
|  |  | &nbsp;&nbsp;&nbsp; 14501196 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| AGCO Corp.  | 62639 | &nbsp;&nbsp;&nbsp; 6706758 |
| RBC Bearings, Inc. (a) | 25919 | &nbsp;&nbsp;&nbsp; 10115926 |
|  |  | &nbsp;&nbsp;&nbsp; 16822684 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Trade Desk, Inc. - Class A (a) | 146201 | &nbsp;&nbsp;&nbsp; 7165311 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| Cheniere Energy, Inc.  | 98801 | &nbsp;&nbsp;&nbsp; 23216259 |
| Permian Resources Corp.  | 586406 | &nbsp;&nbsp;&nbsp; 7505997 |
|  |  | &nbsp;&nbsp;&nbsp; 30722256 |
| **Professional Services — 2.6%** | **Professional Services — 2.6%** | **Professional Services — 2.6%** |
| CACI International, Inc. - Class A (a) (b) | 14335 | &nbsp;&nbsp;&nbsp; 7150011 |
| Equifax, Inc.  | 30755 | &nbsp;&nbsp;&nbsp; 7889580 |
| TransUnion (b) | 140343 | &nbsp;&nbsp;&nbsp; 11757937 |
|  |  | &nbsp;&nbsp;&nbsp; 26797528 |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| CoStar Group, Inc. (a) | 103031 | &nbsp;&nbsp;&nbsp; 8692725 |
| **Semiconductors & Semiconductor Equipment — 9.2%** | **Semiconductors & Semiconductor Equipment — 9.2%** | **Semiconductors & Semiconductor Equipment — 9.2%** |
| Allegro MicroSystems, Inc. (a) | 232555 | &nbsp;&nbsp;&nbsp; 6790606 |
| KLA Corp.  | 6699 | &nbsp;&nbsp;&nbsp; 7225541 |
| Lattice Semiconductor Corp. (a) (b) | 89847 | &nbsp;&nbsp;&nbsp; 6587582 |
| Marvell Technology, Inc. (b) | 206966 | &nbsp;&nbsp;&nbsp; 17399632 |
| Monolithic Power Systems, Inc.  | 27216 | &nbsp;&nbsp;&nbsp; 25056138 |
| Teradyne, Inc.  | 223585 | &nbsp;&nbsp;&nbsp; 30774240 |
|  |  | &nbsp;&nbsp;&nbsp; 93833739 |
| **Software — 9.7%** | **Software — 9.7%** | **Software — 9.7%** |
| AppLovin Corp. - Class A (a) | 36964 | &nbsp;&nbsp;&nbsp; 26560113 |
| Datadog, Inc. - Class A (a) | 49803 | &nbsp;&nbsp;&nbsp; 7091947 |
| Dolby Laboratories, Inc. - Class A (b) | 92452 | &nbsp;&nbsp;&nbsp; 6690751 |
| Fair Isaac Corp. (a) | 4918 | &nbsp;&nbsp;&nbsp; 7359935 |
| Fortinet, Inc. (a) | 80019 | &nbsp;&nbsp;&nbsp; 6727998 |
| Guidewire Software, Inc. (a) (b) | 60032 | &nbsp;&nbsp;&nbsp; 13798955 |
| HubSpot, Inc. (a) | 16313 | &nbsp;&nbsp;&nbsp; 7631221 |
| Unity Software, Inc. (a) (b) | 208752 | &nbsp;&nbsp;&nbsp; 8358430 |
| Zscaler, Inc. (a) (b) | 48354 | &nbsp;&nbsp;&nbsp; 14489760 |
|  |  | &nbsp;&nbsp;&nbsp; 98709110 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| Burlington Stores, Inc. (a) | 55530 | &nbsp;&nbsp;&nbsp; 14132385 |
| Floor & Decor Holdings, Inc. - Class A (a) | 92046 | &nbsp;&nbsp;&nbsp; 6783790 |
| Lithia Motors, Inc.  | 14636 | &nbsp;&nbsp;&nbsp; 4624976 |
| Ross Stores, Inc.  | 32970 | &nbsp;&nbsp;&nbsp; 5024298 |
| Tractor Supply Co.  | 250258 | &nbsp;&nbsp;&nbsp; 14232173 |
|  |  | &nbsp;&nbsp;&nbsp; 44797622 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
| Pure Storage, Inc. - Class A (a) | 105859 | &nbsp;&nbsp;&nbsp; $8872043 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| On Holding AG - Class A (a) | 151688 | &nbsp;&nbsp;&nbsp; 6423987 |
| **Trading Companies & Distributors — 3.4%** | **Trading Companies & Distributors — 3.4%** | **Trading Companies & Distributors — 3.4%** |
| FTAI Aviation Ltd.  | 164521 | &nbsp;&nbsp;&nbsp; 27451974 |
| QXO, Inc. (a) (b) | 377431 | &nbsp;&nbsp;&nbsp; 7193835 |
|  |  | &nbsp;&nbsp;&nbsp; 34645809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $848,230,066) <br>|  | &nbsp;&nbsp;&nbsp; 1001980066 |

---

&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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $12,895,478; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $13,152,388<br>| 12894403 | &nbsp;&nbsp;&nbsp; 12894403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $12,894,403) <br>|  | &nbsp;&nbsp;&nbsp; 12894403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—2.6%** | **Securities Lending Reinvestments (c)—2.6%** | **Securities Lending Reinvestments (c)—2.6%** |
| **Short-Term Investment Funds—1.3%** | **Short-Term Investment Funds—1.3%** | **Short-Term Investment Funds—1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (d)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (d)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (d)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (d)<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (d)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.060% (d)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 13000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—1.3%** | **Repurchase Agreements—1.3%** | **Repurchase Agreements—1.3%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $1,000,117; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,336<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $2,000,237; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,672<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $200,023; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |

---

**BHFTII-134**

------

**Brighthouse Funds Trust II**

**Frontier Mid Cap Growth Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $3,797,368; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $3,872,864<br>| 3796926 | &nbsp;&nbsp;&nbsp; $3796926 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $3,000,357; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,283<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $1,000,836; collateralized <br> by U.S. Treasury Obligations with rates ranging from 3.750% - <br> 4.125%, maturity dates ranging from 10/31/26 - 11/30/29, <br> and various Common Stock with an aggregate market value of <br> $1,112,188<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $300,034; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $306,000<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.260%, due on <br> 10/01/25 with a maturity value of $2,000,237; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,884<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp;&nbsp; 13296926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $26,296,926) <br>|  | &nbsp;&nbsp;&nbsp; 26296926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—101.8% <br>(Cost $887,421,395) <br>|  | &nbsp;&nbsp;&nbsp; 1041171395 |
| Other assets and liabilities (net)—(1.8)%  |  | &nbsp;&nbsp;&nbsp; (18424414)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1022746981 |

---

&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 September 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $95,980,222 and the collateral received consisted of cash in the amount of <br> $26,296,926 and non-cash collateral with a value of $72,298,744. 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.<br>|
| (c) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (d) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1001980066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1001980066 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 12894403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12894403 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 13296926 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13296926 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; 13296926 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26296926 |
| Total Investments | &nbsp;&nbsp; $1014980066 | &nbsp;&nbsp; $26191329 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1041171395 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(26296926)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(26296926)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-135**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—99.8% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** |
| Axon Enterprise, Inc. (a) | 26574 | &nbsp;&nbsp;&nbsp; $19070565 |
| Boeing Co. (a) | 269432 | &nbsp;&nbsp;&nbsp; 58151509 |
| General Electric Co.  | 183522 | &nbsp;&nbsp;&nbsp; 55207088 |
|  |  | &nbsp;&nbsp;&nbsp; 132429162 |
| **Automobiles — 3.8%** | **Automobiles — 3.8%** | **Automobiles — 3.8%** |
| Tesla, Inc. (a) | 253459 | &nbsp;&nbsp;&nbsp; 112718286 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| Vertex Pharmaceuticals, Inc. (a) | 76542 | &nbsp;&nbsp;&nbsp; 29976909 |
| **Broadline Retail — 7.7%** | **Broadline Retail — 7.7%** | **Broadline Retail — 7.7%** |
| Amazon.com, Inc. (a) | 934716 | &nbsp;&nbsp;&nbsp; 205235592 |
| MercadoLibre, Inc. (a) | 10788 | &nbsp;&nbsp;&nbsp; 25210909 |
|  |  | &nbsp;&nbsp;&nbsp; 230446501 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| Goldman Sachs Group, Inc.  | 23618 | &nbsp;&nbsp;&nbsp; 18808194 |
| KKR & Co., Inc.  | 69532 | &nbsp;&nbsp;&nbsp; 9035684 |
| LPL Financial Holdings, Inc.  | 22794 | &nbsp;&nbsp;&nbsp; 7583336 |
|  |  | &nbsp;&nbsp;&nbsp; 35427214 |
| **Consumer Staples Distribution & Retail — 3.0%** | **Consumer Staples Distribution & Retail — 3.0%** | **Consumer Staples Distribution & Retail — 3.0%** |
| Costco Wholesale Corp.  | 57034 | &nbsp;&nbsp;&nbsp; 52792382 |
| Walmart, Inc.  | 339202 | &nbsp;&nbsp;&nbsp; 34958158 |
|  |  | &nbsp;&nbsp;&nbsp; 87750540 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Constellation Energy Corp.  | 134109 | &nbsp;&nbsp;&nbsp; 44131249 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Amphenol Corp. - Class A | 47499 | &nbsp;&nbsp;&nbsp; 5878001 |
| **Entertainment — 6.7%** | **Entertainment — 6.7%** | **Entertainment — 6.7%** |
| Netflix, Inc. (a) | 94790 | &nbsp;&nbsp;&nbsp; 113645627 |
| Spotify Technology SA (a) | 45746 | &nbsp;&nbsp;&nbsp; 31930708 |
| Walt Disney Co.  | 468457 | &nbsp;&nbsp;&nbsp; 53638326 |
|  |  | &nbsp;&nbsp;&nbsp; 199214661 |
| **Financial Services — 4.6%** | **Financial Services — 4.6%** | **Financial Services — 4.6%** |
| Mastercard, Inc. - Class A | 115424 | &nbsp;&nbsp;&nbsp; 65654326 |
| Toast, Inc. - Class A (a) | 306979 | &nbsp;&nbsp;&nbsp; 11207803 |
| Visa, Inc. - Class A | 171732 | &nbsp;&nbsp;&nbsp; 58625870 |
|  |  | &nbsp;&nbsp;&nbsp; 135487999 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| Uber Technologies, Inc. (a) | 318202 | &nbsp;&nbsp;&nbsp; 31174250 |
| **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** |
| Boston Scientific Corp. (a) | 137006 | &nbsp;&nbsp;&nbsp; 13375896 |
| Dexcom, Inc. (a) | 267890 | &nbsp;&nbsp;&nbsp; 18026318 |
| Edwards Lifesciences Corp. (a) | 356733 | &nbsp;&nbsp;&nbsp; 27743125 |
| Intuitive Surgical, Inc. (a) | 57899 | &nbsp;&nbsp;&nbsp; 25894170 |
|  |  | &nbsp;&nbsp;&nbsp; 85039509 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| Hilton Worldwide Holdings, Inc.  | 124720 | &nbsp;&nbsp;&nbsp; 32357357 |
| **Interactive Media & Services — 10.8%** | **Interactive Media & Services — 10.8%** | **Interactive Media & Services — 10.8%** |
| Alphabet, Inc. - Class A | 318146 | &nbsp;&nbsp;&nbsp; 77341293 |
| Alphabet, Inc. - Class C | 316766 | &nbsp;&nbsp;&nbsp; 77148359 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** |
| Meta Platforms, Inc. - Class A | 228012 | &nbsp;&nbsp;&nbsp; $167447452 |
|  |  | &nbsp;&nbsp;&nbsp; 321937104 |
| **IT Services — 2.5%** | **IT Services — 2.5%** | **IT Services — 2.5%** |
| Shopify, Inc. - Class A (a) | 264775 | &nbsp;&nbsp;&nbsp; 39348213 |
| Snowflake, Inc. - Class A (a) | 159152 | &nbsp;&nbsp;&nbsp; 35896733 |
|  |  | &nbsp;&nbsp;&nbsp; 75244946 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| Eli Lilly & Co.  | 89859 | &nbsp;&nbsp;&nbsp; 68562417 |
| **Semiconductors & Semiconductor Equipment — 20.0%** | **Semiconductors & Semiconductor Equipment — 20.0%** | **Semiconductors & Semiconductor Equipment — 20.0%** |
| Advanced Micro Devices, Inc. (a) | 91986 | &nbsp;&nbsp;&nbsp; 14882415 |
| Broadcom, Inc.  | 538048 | &nbsp;&nbsp;&nbsp; 177507415 |
| NVIDIA Corp.  | 1931465 | &nbsp;&nbsp;&nbsp; 360372740 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 147561 | &nbsp;&nbsp;&nbsp; 41212312 |
|  |  | &nbsp;&nbsp;&nbsp; 593974882 |
| **Software — 16.0%** | **Software — 16.0%** | **Software — 16.0%** |
| AppLovin Corp. - Class A (a) (b) | 50062 | &nbsp;&nbsp;&nbsp; 35971549 |
| Cadence Design Systems, Inc. (a) | 184969 | &nbsp;&nbsp;&nbsp; 64972211 |
| Crowdstrike Holdings, Inc. - Class A (a) | 102879 | &nbsp;&nbsp;&nbsp; 50449804 |
| Datadog, Inc. - Class A (a) (b) | 122141 | &nbsp;&nbsp;&nbsp; 17392878 |
| Microsoft Corp.  | 414341 | &nbsp;&nbsp;&nbsp; 214607921 |
| Oracle Corp.  | 168340 | &nbsp;&nbsp;&nbsp; 47343942 |
| ServiceNow, Inc. (a) | 50014 | &nbsp;&nbsp;&nbsp; 46026884 |
|  |  | &nbsp;&nbsp;&nbsp; 476765189 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Industria de Diseno Textil SA | 278892 | &nbsp;&nbsp;&nbsp; 15407719 |
| O'Reilly Automotive, Inc. (a) | 274053 | &nbsp;&nbsp;&nbsp; 29545654 |
| TJX Cos., Inc.  | 85596 | &nbsp;&nbsp;&nbsp; 12372046 |
|  |  | &nbsp;&nbsp;&nbsp; 57325419 |
| **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** |
| Apple, Inc.  | 692496 | &nbsp;&nbsp;&nbsp; 176330257 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| adidas AG | 60039 | &nbsp;&nbsp;&nbsp; 12663513 |
| NIKE, Inc. - Class B | 346227 | &nbsp;&nbsp;&nbsp; 24142409 |
|  |  | &nbsp;&nbsp;&nbsp; 36805922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,498,450,807) <br>|  | &nbsp;&nbsp;&nbsp; 2968977774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** |
| **Repurchase Agreement—0.7%** | **Repurchase Agreement—0.7%** | **Repurchase Agreement—0.7%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $21,556,202; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $21,985,575<br>| 21554406 | &nbsp;&nbsp;&nbsp; 21554406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $21,554,406) <br>|  | &nbsp;&nbsp;&nbsp; 21554406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—0.1%** | **Securities Lending Reinvestments (c)—0.1%** | **Securities Lending Reinvestments (c)—0.1%** |
| **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (d)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |

---

**BHFTII-136**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (d)<br>| 400000 | &nbsp;&nbsp;&nbsp; $400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (d)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (d)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (d)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (d)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
|  |  | &nbsp;&nbsp;&nbsp; 2400000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $26,302; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% <br> - 4.625%, maturity dates ranging from 10/28/25 - <br> 05/15/35, and an aggregate market value of $26,825<br>| 26299 | &nbsp;&nbsp;&nbsp; 26299 |
| ING Financial Markets LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $497,139; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.125% <br> - 6.125%, maturity dates ranging from 11/15/27 - <br> 08/15/53, and an aggregate market value of $507,023<br>| 497081 | &nbsp;&nbsp;&nbsp; 497081 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $27,955; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% <br> - 2.375%, maturity dates ranging from 05/31/26 - <br> 07/15/30, and an aggregate market value of $28,511<br>| 27952 | &nbsp;&nbsp;&nbsp; 27952 |
|  |  | &nbsp;&nbsp;&nbsp; 551332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $2,951,332) <br>|  | &nbsp;&nbsp;&nbsp; 2951332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.6% <br>(Cost $1,522,956,545) <br>|  | &nbsp;&nbsp;&nbsp; 2993483512 |
| Other assets and liabilities (net)—(0.6)%  |  | &nbsp;&nbsp;&nbsp; (16504770)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $2976978742 |

---

&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 September 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $19,089,362 and the collateral received consisted of cash in the amount of <br> $2,951,332 and non-cash collateral with a value of $16,853,798. 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.<br>|
| (c) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (d) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $132429162 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132429162 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 112718286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112718286 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 29976909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29976909 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 230446501 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 230446501 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 35427214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35427214 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 87750540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87750540 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp; 44131249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44131249 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 5878001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5878001 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 199214661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 199214661 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; 135487999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 135487999 |

---

**BHFTII-137**

------

**Brighthouse Funds Trust II**

**Jennison Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp; $31174250 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $31174250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp; 85039509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 85039509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp; 32357357 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32357357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp; 321937104 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 321937104 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; 75244946 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75244946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; 68562417 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 68562417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp; 593974882 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 593974882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; 476765189 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 476765189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp; 41917700 | &nbsp;&nbsp;&nbsp; 15407719 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57325419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp; 176330257 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 176330257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp; 24142409 | &nbsp;&nbsp;&nbsp; 12663513 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36805922 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 2940906542 | &nbsp;&nbsp;&nbsp; 28071232 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2968977774 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21554406 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21554406 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 551332 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 551332 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 551332 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2951332 |
| Total Investments | &nbsp;&nbsp;&nbsp; $2943306542 | &nbsp;&nbsp;&nbsp; $50176970 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2993483512 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2951332)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2951332)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-138**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—98.3% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 5.8%** | **Aerospace & Defense — 5.8%** | **Aerospace & Defense — 5.8%** |
| AAR Corp. (a) | 14532 | &nbsp;&nbsp;&nbsp; $1303085 |
| ATI, Inc. (a) | 14832 | &nbsp;&nbsp;&nbsp; 1206435 |
| Cadre Holdings, Inc.  | 12961 | &nbsp;&nbsp;&nbsp; 473206 |
| Firefly Aerospace, Inc. (a) | 9667 | &nbsp;&nbsp;&nbsp; 283436 |
| Hexcel Corp.  | 13712 | &nbsp;&nbsp;&nbsp; 859742 |
| Kratos Defense & Security Solutions, Inc. (a) | 18186 | &nbsp;&nbsp;&nbsp; 1661655 |
| Mercury Systems, Inc. (a) | 43723 | &nbsp;&nbsp;&nbsp; 3384160 |
| Moog, Inc. - Class A | 25237 | &nbsp;&nbsp;&nbsp; 5240968 |
| V2X, Inc. (a) | 48488 | &nbsp;&nbsp;&nbsp; 2816668 |
| VSE Corp.  | 23214 | &nbsp;&nbsp;&nbsp; 3859095 |
|  |  | &nbsp;&nbsp;&nbsp; 21088450 |
| **Automobile Components — 1.9%** | **Automobile Components — 1.9%** | **Automobile Components — 1.9%** |
| Dorman Products, Inc. (a) | 6088 | &nbsp;&nbsp;&nbsp; 948997 |
| Garrett Motion, Inc.  | 290219 | &nbsp;&nbsp;&nbsp; 3952783 |
| Modine Manufacturing Co. (a) | 4671 | &nbsp;&nbsp;&nbsp; 664029 |
| Patrick Industries, Inc. (b) | 11325 | &nbsp;&nbsp;&nbsp; 1171345 |
|  |  | &nbsp;&nbsp;&nbsp; 6737154 |
| **Banks — 10.7%** | **Banks — 10.7%** | **Banks — 10.7%** |
| Ameris Bancorp | 58426 | &nbsp;&nbsp;&nbsp; 4283210 |
| Bancorp, Inc. (a) (b) | 39328 | &nbsp;&nbsp;&nbsp; 2945274 |
| Cadence Bank | 81023 | &nbsp;&nbsp;&nbsp; 3041603 |
| Coastal Financial Corp. (a) | 5070 | &nbsp;&nbsp;&nbsp; 548422 |
| FB Financial Corp.  | 52740 | &nbsp;&nbsp;&nbsp; 2939728 |
| First Busey Corp.  | 66360 | &nbsp;&nbsp;&nbsp; 1536234 |
| Hanmi Financial Corp.  | 34144 | &nbsp;&nbsp;&nbsp; 843015 |
| Home BancShares, Inc.  | 129203 | &nbsp;&nbsp;&nbsp; 3656445 |
| Popular, Inc.  | 37872 | &nbsp;&nbsp;&nbsp; 4810123 |
| Prosperity Bancshares, Inc.  | 44960 | &nbsp;&nbsp;&nbsp; 2983096 |
| Southstate Bank Corp.  | 41465 | &nbsp;&nbsp;&nbsp; 4099645 |
| Western Alliance Bancorp | 37985 | &nbsp;&nbsp;&nbsp; 3294059 |
| Wintrust Financial Corp.  | 28446 | &nbsp;&nbsp;&nbsp; 3767388 |
|  |  | &nbsp;&nbsp;&nbsp; 38748242 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Vita Coco Co., Inc. (a) | 26853 | &nbsp;&nbsp;&nbsp; 1140447 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| Akero Therapeutics, Inc. (a) | 11680 | &nbsp;&nbsp;&nbsp; 554566 |
| Alkermes PLC (a) | 30591 | &nbsp;&nbsp;&nbsp; 917730 |
| Insmed, Inc. (a) | 5316 | &nbsp;&nbsp;&nbsp; 765557 |
| Mirum Pharmaceuticals, Inc. (a) | 11960 | &nbsp;&nbsp;&nbsp; 876788 |
| Rhythm Pharmaceuticals, Inc. (a) | 11704 | &nbsp;&nbsp;&nbsp; 1181987 |
| Scholar Rock Holding Corp. (a) | 16068 | &nbsp;&nbsp;&nbsp; 598372 |
| Vericel Corp. (a) | 22316 | &nbsp;&nbsp;&nbsp; 702285 |
| Viridian Therapeutics, Inc. (a) (b) | 34375 | &nbsp;&nbsp;&nbsp; 741812 |
| Xenon Pharmaceuticals, Inc. (a) | 14213 | &nbsp;&nbsp;&nbsp; 570652 |
|  |  | &nbsp;&nbsp;&nbsp; 6909749 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Pattern Group, Inc. - Class A (a) | 36642 | &nbsp;&nbsp;&nbsp; 501995 |
| **Building Products — 2.8%** | **Building Products — 2.8%** | **Building Products — 2.8%** |
| CSW Industrials, Inc.  | 2600 | &nbsp;&nbsp;&nbsp; 631150 |
| Griffon Corp.  | 42673 | &nbsp;&nbsp;&nbsp; 3249549 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Building Products—(Continued)** | **Building Products—(Continued)** | **Building Products—(Continued)** |
| Quanex Building Products Corp. (b) | 99177 | &nbsp;&nbsp;&nbsp; $1410297 |
| Resideo Technologies, Inc. (a) | 56555 | &nbsp;&nbsp;&nbsp; 2442045 |
| UFP Industries, Inc.  | 25572 | &nbsp;&nbsp;&nbsp; 2390726 |
|  |  | &nbsp;&nbsp;&nbsp; 10123767 |
| **Capital Markets — 4.4%** | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| Donnelley Financial Solutions, Inc. (a) | 46801 | &nbsp;&nbsp;&nbsp; 2406975 |
| Hamilton Lane, Inc. - Class A | 7686 | &nbsp;&nbsp;&nbsp; 1035996 |
| Marex Group PLC | 100734 | &nbsp;&nbsp;&nbsp; 3386677 |
| P10, Inc. - Class A | 44093 | &nbsp;&nbsp;&nbsp; 479732 |
| Perella Weinberg Partners | 94715 | &nbsp;&nbsp;&nbsp; 2019324 |
| Piper Sandler Cos.  | 3374 | &nbsp;&nbsp;&nbsp; 1170744 |
| PJT Partners, Inc. - Class A | 7446 | &nbsp;&nbsp;&nbsp; 1323377 |
| Stifel Financial Corp.  | 32172 | &nbsp;&nbsp;&nbsp; 3650557 |
| WisdomTree, Inc. (b) | 30954 | &nbsp;&nbsp;&nbsp; 430261 |
|  |  | &nbsp;&nbsp;&nbsp; 15903643 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Cabot Corp.  | 29782 | &nbsp;&nbsp;&nbsp; 2264921 |
| Ecovyst, Inc. (a) | 220038 | &nbsp;&nbsp;&nbsp; 1927533 |
| Hawkins, Inc.  | 12646 | &nbsp;&nbsp;&nbsp; 2310677 |
|  |  | &nbsp;&nbsp;&nbsp; 6503131 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| ACV Auctions, Inc. - Class A (a) | 43112 | &nbsp;&nbsp;&nbsp; 427240 |
| Casella Waste Systems, Inc. - Class A (a) | 11755 | &nbsp;&nbsp;&nbsp; 1115314 |
| CECO Environmental Corp. (a) | 56962 | &nbsp;&nbsp;&nbsp; 2916454 |
| Clean Harbors, Inc. (a) | 9321 | &nbsp;&nbsp;&nbsp; 2164523 |
|  |  | &nbsp;&nbsp;&nbsp; 6623531 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Calix, Inc. (a) | 13624 | &nbsp;&nbsp;&nbsp; 836105 |
| Extreme Networks, Inc. (a) | 49045 | &nbsp;&nbsp;&nbsp; 1012779 |
|  |  | &nbsp;&nbsp;&nbsp; 1848884 |
| **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** | **Construction & Engineering — 3.0%** |
| Arcosa, Inc.  | 45841 | &nbsp;&nbsp;&nbsp; 4295760 |
| Construction Partners, Inc. - Class A (a) | 13639 | &nbsp;&nbsp;&nbsp; 1732153 |
| Everus Construction Group, Inc. (a) | 10781 | &nbsp;&nbsp;&nbsp; 924471 |
| Limbach Holdings, Inc. (a) (b) | 13611 | &nbsp;&nbsp;&nbsp; 1321900 |
| MYR Group, Inc. (a) | 3767 | &nbsp;&nbsp;&nbsp; 783649 |
| Sterling Infrastructure, Inc. (a) (b) | 5017 | &nbsp;&nbsp;&nbsp; 1704175 |
|  |  | &nbsp;&nbsp;&nbsp; 10762108 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| Knife River Corp. (a) | 42934 | &nbsp;&nbsp;&nbsp; 3300337 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| TriMas Corp.  | 72008 | &nbsp;&nbsp;&nbsp; 2782389 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Grand Canyon Education, Inc. (a) | 5749 | &nbsp;&nbsp;&nbsp; 1262021 |
| OneSpaWorld Holdings Ltd.  | 48638 | &nbsp;&nbsp;&nbsp; 1028207 |
| Stride, Inc. (a) | 6811 | &nbsp;&nbsp;&nbsp; 1014430 |
|  |  | &nbsp;&nbsp;&nbsp; 3304658 |

---

**BHFTII-139**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| Powell Industries, Inc. (b) | 9391 | &nbsp;&nbsp;&nbsp; $2862471 |
| **Electronic Equipment, Instruments & Components — 7.3%** | **Electronic Equipment, Instruments & Components — 7.3%** | **Electronic Equipment, Instruments & Components — 7.3%** |
| Advanced Energy Industries, Inc.  | 7820 | &nbsp;&nbsp;&nbsp; 1330495 |
| Bel Fuse, Inc. - Class B | 36007 | &nbsp;&nbsp;&nbsp; 5077707 |
| Crane NXT Co. (b) | 47033 | &nbsp;&nbsp;&nbsp; 3154503 |
| Itron, Inc. (a) | 9743 | &nbsp;&nbsp;&nbsp; 1213588 |
| Mirion Technologies, Inc. (a) | 39880 | &nbsp;&nbsp;&nbsp; 927609 |
| OSI Systems, Inc. (a) | 4793 | &nbsp;&nbsp;&nbsp; 1194608 |
| TD SYNNEX Corp.  | 26111 | &nbsp;&nbsp;&nbsp; 4275676 |
| TTM Technologies, Inc. (a) | 91445 | &nbsp;&nbsp;&nbsp; 5267232 |
| Vontier Corp.  | 97598 | &nbsp;&nbsp;&nbsp; 4096188 |
|  |  | &nbsp;&nbsp;&nbsp; 26537606 |
| **Energy Equipment & Services — 2.6%** | **Energy Equipment & Services — 2.6%** | **Energy Equipment & Services — 2.6%** |
| Cactus, Inc. - Class A | 21219 | &nbsp;&nbsp;&nbsp; 837514 |
| Kodiak Gas Services, Inc.  | 79209 | &nbsp;&nbsp;&nbsp; 2928357 |
| Oceaneering International, Inc. (a) | 78820 | &nbsp;&nbsp;&nbsp; 1953159 |
| Tidewater, Inc. (a) (b) | 28378 | &nbsp;&nbsp;&nbsp; 1513399 |
| Weatherford International PLC | 29201 | &nbsp;&nbsp;&nbsp; 1998224 |
|  |  | &nbsp;&nbsp;&nbsp; 9230653 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Atlanta Braves Holdings, Inc. - Class C (a) | 57972 | &nbsp;&nbsp;&nbsp; 2411055 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| EVERTEC, Inc.  | 25773 | &nbsp;&nbsp;&nbsp; 870612 |
| Federal Agricultural Mortgage Corp. - Class C | 19603 | &nbsp;&nbsp;&nbsp; 3292912 |
| Paymentus Holdings, Inc. - Class A (a) | 15158 | &nbsp;&nbsp;&nbsp; 463835 |
| WEX, Inc. (a) (b) | 13029 | &nbsp;&nbsp;&nbsp; 2052458 |
|  |  | &nbsp;&nbsp;&nbsp; 6679817 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| Nomad Foods Ltd.  | 164095 | &nbsp;&nbsp;&nbsp; 2157849 |
| Post Holdings, Inc. (a) (b) | 22952 | &nbsp;&nbsp;&nbsp; 2466881 |
|  |  | &nbsp;&nbsp;&nbsp; 4624730 |
| **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** |
| MDU Resources Group, Inc. (b) | 120632 | &nbsp;&nbsp;&nbsp; 2148456 |
| UGI Corp.  | 93173 | &nbsp;&nbsp;&nbsp; 3098934 |
|  |  | &nbsp;&nbsp;&nbsp; 5247390 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Artivion, Inc. (a) | 13742 | &nbsp;&nbsp;&nbsp; 581836 |
| Establishment Labs Holdings, Inc. (a) (b) | 21093 | &nbsp;&nbsp;&nbsp; 864602 |
| Glaukos Corp. (a) | 6856 | &nbsp;&nbsp;&nbsp; 559107 |
| Haemonetics Corp. (a) | 40165 | &nbsp;&nbsp;&nbsp; 1957642 |
| Integer Holdings Corp. (a) | 7169 | &nbsp;&nbsp;&nbsp; 740773 |
| iRhythm Technologies, Inc. (a) | 6390 | &nbsp;&nbsp;&nbsp; 1099016 |
| Lantheus Holdings, Inc. (a) | 26288 | &nbsp;&nbsp;&nbsp; 1348312 |
| Merit Medical Systems, Inc. (a) | 5082 | &nbsp;&nbsp;&nbsp; 422975 |
| PROCEPT BioRobotics Corp. (a) (b) | 14748 | &nbsp;&nbsp;&nbsp; 526356 |
|  |  | &nbsp;&nbsp;&nbsp; 8100619 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services — 3.3%** | **Health Care Providers & Services — 3.3%** | **Health Care Providers & Services — 3.3%** |
| Addus HomeCare Corp. (a) | 18802 | &nbsp;&nbsp;&nbsp; $2218448 |
| Concentra Group Holdings Parent, Inc.  | 152072 | &nbsp;&nbsp;&nbsp; 3182867 |
| Ensign Group, Inc.  | 5193 | &nbsp;&nbsp;&nbsp; 897195 |
| HealthEquity, Inc. (a) | 11707 | &nbsp;&nbsp;&nbsp; 1109472 |
| Omada Health, Inc. (a) (b) | 33322 | &nbsp;&nbsp;&nbsp; 736749 |
| Option Care Health, Inc. (a) | 92822 | &nbsp;&nbsp;&nbsp; 2576739 |
| RadNet, Inc. (a) | 17265 | &nbsp;&nbsp;&nbsp; 1315766 |
|  |  | &nbsp;&nbsp;&nbsp; 12037236 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Phreesia, Inc. (a) | 25843 | &nbsp;&nbsp;&nbsp; 607827 |
| **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |
| Churchill Downs, Inc.  | 31465 | &nbsp;&nbsp;&nbsp; 3052420 |
| First Watch Restaurant Group, Inc. (a) | 38104 | &nbsp;&nbsp;&nbsp; 595947 |
| Life Time Group Holdings, Inc. (a) | 41902 | &nbsp;&nbsp;&nbsp; 1156495 |
| Pursuit Attractions & Hospitality, Inc. (a) (b) | 54874 | &nbsp;&nbsp;&nbsp; 1985341 |
| Super Group SGHC Ltd.  | 46764 | &nbsp;&nbsp;&nbsp; 617285 |
| Texas Roadhouse, Inc.  | 2588 | &nbsp;&nbsp;&nbsp; 429996 |
|  |  | &nbsp;&nbsp;&nbsp; 7837484 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| KB Home | 33101 | &nbsp;&nbsp;&nbsp; 2106548 |
| **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** |
| Talen Energy Corp. (a) | 9095 | &nbsp;&nbsp;&nbsp; 3868831 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| STAG Industrial, Inc. (b) | 64885 | &nbsp;&nbsp;&nbsp; 2289792 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| Aspen Insurance Holdings Ltd. - Class A (a) | 37753 | &nbsp;&nbsp;&nbsp; 1385913 |
| Fidelis Insurance Holdings Ltd.  | 107747 | &nbsp;&nbsp;&nbsp; 1955608 |
| Kemper Corp.  | 33206 | &nbsp;&nbsp;&nbsp; 1711769 |
| Skyward Specialty Insurance Group, Inc. (a) | 54175 | &nbsp;&nbsp;&nbsp; 2576563 |
|  |  | &nbsp;&nbsp;&nbsp; 7629853 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Cargurus, Inc. (a) | 16150 | &nbsp;&nbsp;&nbsp; 601265 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Grid Dynamics Holdings, Inc. (a) | 42986 | &nbsp;&nbsp;&nbsp; 331422 |
| Kyndryl Holdings, Inc. (a) | 70757 | &nbsp;&nbsp;&nbsp; 2124833 |
|  |  | &nbsp;&nbsp;&nbsp; 2456255 |
| **Leisure Products — 0.8%** | **Leisure Products — 0.8%** | **Leisure Products — 0.8%** |
| YETI Holdings, Inc. (a) | 83811 | &nbsp;&nbsp;&nbsp; 2780849 |
| **Machinery — 3.8%** | **Machinery — 3.8%** | **Machinery — 3.8%** |
| Aebi Schmidt Holding AG | 97307 | &nbsp;&nbsp;&nbsp; 1213418 |
| Allison Transmission Holdings, Inc.  | 15923 | &nbsp;&nbsp;&nbsp; 1351544 |
| Atmus Filtration Technologies, Inc.  | 67537 | &nbsp;&nbsp;&nbsp; 3045244 |
| Blue Bird Corp. (a) | 54249 | &nbsp;&nbsp;&nbsp; 3122030 |
| ESCO Technologies, Inc.  | 7574 | &nbsp;&nbsp;&nbsp; 1598947 |
| Kadant, Inc.  | 6858 | &nbsp;&nbsp;&nbsp; 2040804 |

---

**BHFTII-140**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| RBC Bearings, Inc. (a) | 3586 | &nbsp;&nbsp;&nbsp; $1399580 |
|  |  | &nbsp;&nbsp;&nbsp; 13771567 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| John Wiley & Sons, Inc. - Class A | 47788 | &nbsp;&nbsp;&nbsp; 1933980 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| Avista Corp.  | 51971 | &nbsp;&nbsp;&nbsp; 1965024 |
| **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** |
| Antero Resources Corp. (a) | 99052 | &nbsp;&nbsp;&nbsp; 3324185 |
| California Resources Corp.  | 54105 | &nbsp;&nbsp;&nbsp; 2877304 |
| International Seaways, Inc. (b) | 42309 | &nbsp;&nbsp;&nbsp; 1949599 |
| Magnolia Oil & Gas Corp. - Class A (b) | 35758 | &nbsp;&nbsp;&nbsp; 853543 |
| Viper Energy, Inc. - Class A | 63464 | &nbsp;&nbsp;&nbsp; 2425594 |
|  |  | &nbsp;&nbsp;&nbsp; 11430225 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| BellRing Brands, Inc. (a) | 37353 | &nbsp;&nbsp;&nbsp; 1357782 |
| **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
| ANI Pharmaceuticals, Inc. (a) | 31063 | &nbsp;&nbsp;&nbsp; 2845371 |
| Axsome Therapeutics, Inc. (a) | 7316 | &nbsp;&nbsp;&nbsp; 888528 |
| Collegium Pharmaceutical, Inc. (a) | 56492 | &nbsp;&nbsp;&nbsp; 1976655 |
| Ligand Pharmaceuticals, Inc. (a) | 8883 | &nbsp;&nbsp;&nbsp; 1573535 |
| Supernus Pharmaceuticals, Inc. (a) | 91248 | &nbsp;&nbsp;&nbsp; 4360742 |
| Tarsus Pharmaceuticals, Inc. (a) | 8611 | &nbsp;&nbsp;&nbsp; 511752 |
| Verona Pharma PLC (ADR) (a) | 4016 | &nbsp;&nbsp;&nbsp; 428547 |
| WaVe Life Sciences Ltd. (a) | 64339 | &nbsp;&nbsp;&nbsp; 470961 |
|  |  | &nbsp;&nbsp;&nbsp; 13056091 |
| **Professional Services — 2.6%** | **Professional Services — 2.6%** | **Professional Services — 2.6%** |
| Alight, Inc. - Class A | 406191 | &nbsp;&nbsp;&nbsp; 1324183 |
| Amentum Holdings, Inc. (a) | 108441 | &nbsp;&nbsp;&nbsp; 2597162 |
| Concentrix Corp.  | 50547 | &nbsp;&nbsp;&nbsp; 2332744 |
| Huron Consulting Group, Inc. (a) | 6547 | &nbsp;&nbsp;&nbsp; 960903 |
| Korn Ferry | 33293 | &nbsp;&nbsp;&nbsp; 2329844 |
|  |  | &nbsp;&nbsp;&nbsp; 9544836 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| Colliers International Group, Inc.  | 21787 | &nbsp;&nbsp;&nbsp; 3403347 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Agree Realty Corp. (b) | 30345 | &nbsp;&nbsp;&nbsp; 2155709 |
| Curbline Properties Corp.  | 58449 | &nbsp;&nbsp;&nbsp; 1303412 |
|  |  | &nbsp;&nbsp;&nbsp; 3459121 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| MACOM Technology Solutions Holdings, Inc. (a) | 11249 | &nbsp;&nbsp;&nbsp; 1400388 |
| Rambus, Inc. (a) | 7633 | &nbsp;&nbsp;&nbsp; 795359 |
| Silicon Laboratories, Inc. (a) | 7789 | &nbsp;&nbsp;&nbsp; 1021371 |
|  |  | &nbsp;&nbsp;&nbsp; 3217118 |
| **Software — 4.7%** | **Software — 4.7%** | **Software — 4.7%** |
| Agilysys, Inc. (a) | 8182 | &nbsp;&nbsp;&nbsp; 861155 |
| Bill Holdings, Inc. (a) | 51764 | &nbsp;&nbsp;&nbsp; 2741939 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Commvault Systems, Inc. (a) | 6663 | &nbsp;&nbsp;&nbsp; $1257841 |
| Five9, Inc. (a) | 87904 | &nbsp;&nbsp;&nbsp; 2127277 |
| I3 Verticals, Inc. - Class A (a) (b) | 47006 | &nbsp;&nbsp;&nbsp; 1525815 |
| Intapp, Inc. (a) | 8132 | &nbsp;&nbsp;&nbsp; 332599 |
| JFrog Ltd. (a) | 13368 | &nbsp;&nbsp;&nbsp; 632707 |
| Life360, Inc. (a) (b) | 6472 | &nbsp;&nbsp;&nbsp; 687974 |
| NCR Voyix Corp. (a) (b) | 172429 | &nbsp;&nbsp;&nbsp; 2163984 |
| PagerDuty, Inc. (a) | 106182 | &nbsp;&nbsp;&nbsp; 1754127 |
| Procore Technologies, Inc. (a) | 13281 | &nbsp;&nbsp;&nbsp; 968450 |
| Varonis Systems, Inc. (a) | 25273 | &nbsp;&nbsp;&nbsp; 1452439 |
| Workiva, Inc. (a) | 6799 | &nbsp;&nbsp;&nbsp; 585258 |
|  |  | &nbsp;&nbsp;&nbsp; 17091565 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| PotlatchDeltic Corp.  | 40987 | &nbsp;&nbsp;&nbsp; 1670220 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Academy Sports & Outdoors, Inc.  | 17948 | &nbsp;&nbsp;&nbsp; 897759 |
| Bath & Body Works, Inc.  | 85760 | &nbsp;&nbsp;&nbsp; 2209178 |
| Boot Barn Holdings, Inc. (a) | 15929 | &nbsp;&nbsp;&nbsp; 2639754 |
| Warby Parker, Inc. - Class A (a) | 35814 | &nbsp;&nbsp;&nbsp; 987750 |
|  |  | &nbsp;&nbsp;&nbsp; 6734441 |
| **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** |
| Crocs, Inc. (a) (b) | 21785 | &nbsp;&nbsp;&nbsp; 1820137 |
| Kontoor Brands, Inc.  | 20562 | &nbsp;&nbsp;&nbsp; 1640231 |
| Levi Strauss & Co. - Class A | 82122 | &nbsp;&nbsp;&nbsp; 1913442 |
|  |  | &nbsp;&nbsp;&nbsp; 5373810 |
| **Trading Companies & Distributors — 3.3%** | **Trading Companies & Distributors — 3.3%** | **Trading Companies & Distributors — 3.3%** |
| Applied Industrial Technologies, Inc.  | 4897 | &nbsp;&nbsp;&nbsp; 1278362 |
| Herc Holdings, Inc.  | 15552 | &nbsp;&nbsp;&nbsp; 1814297 |
| McGrath RentCorp | 26427 | &nbsp;&nbsp;&nbsp; 3099887 |
| MRC Global, Inc. (a) | 171565 | &nbsp;&nbsp;&nbsp; 2473967 |
| NPK International, Inc. (a) | 241007 | &nbsp;&nbsp;&nbsp; 2725789 |
| SiteOne Landscape Supply, Inc. (a) | 5099 | &nbsp;&nbsp;&nbsp; 656751 |
|  |  | &nbsp;&nbsp;&nbsp; 12049053 |
| **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** |
| Array Digital Infrastructure, Inc.  | 93369 | &nbsp;&nbsp;&nbsp; 4669384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $255,380,263) <br>|  | &nbsp;&nbsp;&nbsp; 354916330 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (a) (c) (d) <br>(Cost $0)<br>| 39365 | &nbsp;&nbsp;&nbsp; 0 |

---

**BHFTII-141**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Short-Term Investments—1.9%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Repurchase Agreement—1.9%** | **Repurchase Agreement—1.9%** | **Repurchase Agreement—1.9%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $6,844,598; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 04/30/27, with a <br> market value of $6,980,947<br>| 6844028 | &nbsp;&nbsp;&nbsp; $6844028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $6,844,028) <br>|  | &nbsp;&nbsp;&nbsp; 6844028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—1.2%** | **Securities Lending Reinvestments (e)—1.2%** | **Securities Lending Reinvestments (e)—1.2%** |
| **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Government Money Market Portfolio, <br>Institutional Class 3.960% (f)<br>| 169010 | &nbsp;&nbsp;&nbsp; 169010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (f)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (f)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (f)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (f)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (f)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (f)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (f)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.060% (f)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.090% (f)<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
|  |  | &nbsp;&nbsp;&nbsp; 3169010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** | **Repurchase Agreements—0.3%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $200,023; collateralized by <br> various Common Stock with an aggregate market value of <br> $222,467<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $75,365; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $76,863<br>| 75356 | &nbsp;&nbsp;&nbsp; 75356 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $684,077; collateralized by <br> U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate market <br> value of $697,677<br>| 683997 | &nbsp;&nbsp;&nbsp; $683997 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $80,101; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $81,694<br>| 80092 | &nbsp;&nbsp;&nbsp; 80092 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $100,012; collateralized by <br> various Common Stock with an aggregate market value of <br> $110,013<br>| 100000 | &nbsp;&nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp;&nbsp; 1139445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $4,308,455) <br>|  | &nbsp;&nbsp;&nbsp; 4308455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—101.4% <br>(Cost $266,532,746) <br>|  | &nbsp;&nbsp;&nbsp; 366068813 |
| Other assets and liabilities (net)—(1.4)%  |  | &nbsp;&nbsp;&nbsp; (4962799)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $361106014 |

---

&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 September 30, 2025, the market value of securities loaned was $10,611,825 and the collateral received consisted of cash in the amount of $4,308,455 and non-cash collateral with a value of $6,673,612. 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. 

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of September 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 September 30, 2025. 

(f) The rate shown represents the annualized seven-day yield as of September 30, 2025.

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $354916330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $354916330 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6844028 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6844028 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp; 3169010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3169010 |

---

**BHFTII-142**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Core Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1139445 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1139445 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 3169010 | &nbsp;&nbsp;&nbsp; 1139445 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4308455 |
| Total Investments | &nbsp;&nbsp;&nbsp; $358085340 | &nbsp;&nbsp;&nbsp; $7983473 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $366068813 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4308455)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4308455)<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 period ended September 30, 2025 is not presented.

**BHFTII-143**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—97.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 8.1%** | **Aerospace & Defense — 8.1%** | **Aerospace & Defense — 8.1%** |
| AAR Corp. (a) | 56340 | &nbsp;&nbsp;&nbsp; $5052008 |
| ATI, Inc. (a) | 57456 | &nbsp;&nbsp;&nbsp; 4673471 |
| Cadre Holdings, Inc.  | 50031 | &nbsp;&nbsp;&nbsp; 1826632 |
| Firefly Aerospace, Inc. (a) | 37641 | &nbsp;&nbsp;&nbsp; 1103634 |
| Hexcel Corp.  | 53137 | &nbsp;&nbsp;&nbsp; 3331690 |
| Kratos Defense & Security Solutions, Inc. (a) | 69798 | &nbsp;&nbsp;&nbsp; 6377443 |
| Mercury Systems, Inc. (a) | 62972 | &nbsp;&nbsp;&nbsp; 4874033 |
|  |  | &nbsp;&nbsp;&nbsp; 27238911 |
| **Automobile Components — 3.2%** | **Automobile Components — 3.2%** | **Automobile Components — 3.2%** |
| Dorman Products, Inc. (a) | 23584 | &nbsp;&nbsp;&nbsp; 3676274 |
| Modine Manufacturing Co. (a) | 18020 | &nbsp;&nbsp;&nbsp; 2561723 |
| Patrick Industries, Inc. (b) | 43885 | &nbsp;&nbsp;&nbsp; 4539026 |
|  |  | &nbsp;&nbsp;&nbsp; 10777023 |
| **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| Bancorp, Inc. (a) (b) | 57375 | &nbsp;&nbsp;&nbsp; 4296813 |
| Coastal Financial Corp. (a) | 19734 | &nbsp;&nbsp;&nbsp; 2134627 |
|  |  | &nbsp;&nbsp;&nbsp; 6431440 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Vita Coco Co., Inc. (a) | 104576 | &nbsp;&nbsp;&nbsp; 4441343 |
| **Biotechnology — 7.9%** | **Biotechnology — 7.9%** | **Biotechnology — 7.9%** |
| Akero Therapeutics, Inc. (a) | 45308 | &nbsp;&nbsp;&nbsp; 2151224 |
| Alkermes PLC (a) | 118584 | &nbsp;&nbsp;&nbsp; 3557520 |
| Insmed, Inc. (a) | 20689 | &nbsp;&nbsp;&nbsp; 2979423 |
| Mirum Pharmaceuticals, Inc. (a) | 46327 | &nbsp;&nbsp;&nbsp; 3396232 |
| Rhythm Pharmaceuticals, Inc. (a) | 45324 | &nbsp;&nbsp;&nbsp; 4577271 |
| Scholar Rock Holding Corp. (a) | 62244 | &nbsp;&nbsp;&nbsp; 2317967 |
| Vericel Corp. (a) (b) | 86443 | &nbsp;&nbsp;&nbsp; 2720361 |
| Viridian Therapeutics, Inc. (a) (b) | 133239 | &nbsp;&nbsp;&nbsp; 2875298 |
| Xenon Pharmaceuticals, Inc. (a) | 55062 | &nbsp;&nbsp;&nbsp; 2210739 |
|  |  | &nbsp;&nbsp;&nbsp; 26786035 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Pattern Group, Inc. - Class A (a) | 142622 | &nbsp;&nbsp;&nbsp; 1953921 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| CSW Industrials, Inc.  | 10061 | &nbsp;&nbsp;&nbsp; 2442308 |
| **Capital Markets — 5.9%** | **Capital Markets — 5.9%** | **Capital Markets — 5.9%** |
| Hamilton Lane, Inc. - Class A | 29779 | &nbsp;&nbsp;&nbsp; 4013911 |
| Marex Group PLC | 84178 | &nbsp;&nbsp;&nbsp; 2830064 |
| P10, Inc. - Class A | 171009 | &nbsp;&nbsp;&nbsp; 1860578 |
| Piper Sandler Cos.  | 13070 | &nbsp;&nbsp;&nbsp; 4535159 |
| PJT Partners, Inc. - Class A | 28809 | &nbsp;&nbsp;&nbsp; 5120224 |
| WisdomTree, Inc. (b) | 120493 | &nbsp;&nbsp;&nbsp; 1674853 |
|  |  | &nbsp;&nbsp;&nbsp; 20034789 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| ACV Auctions, Inc. - Class A (a) | 166785 | &nbsp;&nbsp;&nbsp; 1652839 |
| Casella Waste Systems, Inc. - Class A (a) | 45486 | &nbsp;&nbsp;&nbsp; 4315712 |
|  |  | &nbsp;&nbsp;&nbsp; 5968551 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Communications Equipment — 2.1%** | **Communications Equipment — 2.1%** | **Communications Equipment — 2.1%** |
| Calix, Inc. (a) | 53040 | &nbsp;&nbsp;&nbsp; $3255065 |
| Extreme Networks, Inc. (a) | 190932 | &nbsp;&nbsp;&nbsp; 3942746 |
|  |  | &nbsp;&nbsp;&nbsp; 7197811 |
| **Construction & Engineering — 7.1%** | **Construction & Engineering — 7.1%** | **Construction & Engineering — 7.1%** |
| Arcosa, Inc.  | 40698 | &nbsp;&nbsp;&nbsp; 3813809 |
| Construction Partners, Inc. - Class A (a) | 52814 | &nbsp;&nbsp;&nbsp; 6707378 |
| Everus Construction Group, Inc. (a) | 41965 | &nbsp;&nbsp;&nbsp; 3598499 |
| MYR Group, Inc. (a) | 14662 | &nbsp;&nbsp;&nbsp; 3050136 |
| Sterling Infrastructure, Inc. (a) (b) | 19378 | &nbsp;&nbsp;&nbsp; 6582319 |
|  |  | &nbsp;&nbsp;&nbsp; 23752141 |
| **Diversified Consumer Services — 3.8%** | **Diversified Consumer Services — 3.8%** | **Diversified Consumer Services — 3.8%** |
| Grand Canyon Education, Inc. (a) | 22274 | &nbsp;&nbsp;&nbsp; 4889588 |
| OneSpaWorld Holdings Ltd.  | 188576 | &nbsp;&nbsp;&nbsp; 3986497 |
| Stride, Inc. (a) | 26383 | &nbsp;&nbsp;&nbsp; 3929484 |
|  |  | &nbsp;&nbsp;&nbsp; 12805569 |
| **Electronic Equipment, Instruments & Components — 5.4%** | **Electronic Equipment, Instruments & Components — 5.4%** | **Electronic Equipment, Instruments & Components — 5.4%** |
| Advanced Energy Industries, Inc.  | 30297 | &nbsp;&nbsp;&nbsp; 5154732 |
| Itron, Inc. (a) | 37738 | &nbsp;&nbsp;&nbsp; 4700645 |
| Mirion Technologies, Inc. (a) | 155247 | &nbsp;&nbsp;&nbsp; 3611045 |
| OSI Systems, Inc. (a) | 18674 | &nbsp;&nbsp;&nbsp; 4654308 |
|  |  | &nbsp;&nbsp;&nbsp; 18120730 |
| **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| Cactus, Inc. - Class A | 82237 | &nbsp;&nbsp;&nbsp; 3245894 |
| Oceaneering International, Inc. (a) | 143139 | &nbsp;&nbsp;&nbsp; 3546985 |
|  |  | &nbsp;&nbsp;&nbsp; 6792879 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| EVERTEC, Inc.  | 99836 | &nbsp;&nbsp;&nbsp; 3372460 |
| Paymentus Holdings, Inc. - Class A (a) | 59008 | &nbsp;&nbsp;&nbsp; 1805645 |
|  |  | &nbsp;&nbsp;&nbsp; 5178105 |
| **Health Care Equipment & Supplies — 5.5%** | **Health Care Equipment & Supplies — 5.5%** | **Health Care Equipment & Supplies — 5.5%** |
| Artivion, Inc. (a) | 53490 | &nbsp;&nbsp;&nbsp; 2264767 |
| Establishment Labs Holdings, Inc. (a) (b) | 81946 | &nbsp;&nbsp;&nbsp; 3358966 |
| Glaukos Corp. (a) | 26536 | &nbsp;&nbsp;&nbsp; 2164011 |
| Integer Holdings Corp. (a) | 27790 | &nbsp;&nbsp;&nbsp; 2871541 |
| iRhythm Technologies, Inc. (a) (b) | 24894 | &nbsp;&nbsp;&nbsp; 4281519 |
| Merit Medical Systems, Inc. (a) | 19831 | &nbsp;&nbsp;&nbsp; 1650534 |
| PROCEPT BioRobotics Corp. (a) (b) | 57133 | &nbsp;&nbsp;&nbsp; 2039077 |
|  |  | &nbsp;&nbsp;&nbsp; 18630415 |
| **Health Care Providers & Services — 4.7%** | **Health Care Providers & Services — 4.7%** | **Health Care Providers & Services — 4.7%** |
| Ensign Group, Inc.  | 20090 | &nbsp;&nbsp;&nbsp; 3470950 |
| HealthEquity, Inc. (a) | 45357 | &nbsp;&nbsp;&nbsp; 4298483 |
| Omada Health, Inc. (a) (b) | 129739 | &nbsp;&nbsp;&nbsp; 2868529 |
| RadNet, Inc. (a) | 66887 | &nbsp;&nbsp;&nbsp; 5097458 |
|  |  | &nbsp;&nbsp;&nbsp; 15735420 |
| **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
| Phreesia, Inc. (a) | 100629 | &nbsp;&nbsp;&nbsp; 2366794 |

---

**BHFTII-144**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| First Watch Restaurant Group, Inc. (a) | 148412 | &nbsp;&nbsp;&nbsp; $2321164 |
| Life Time Group Holdings, Inc. (a) | 162242 | &nbsp;&nbsp;&nbsp; 4477879 |
| Super Group SGHC Ltd.  | 182074 | &nbsp;&nbsp;&nbsp; 2403377 |
| Texas Roadhouse, Inc.  | 9980 | &nbsp;&nbsp;&nbsp; 1658177 |
|  |  | &nbsp;&nbsp;&nbsp; 10860597 |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Cargurus, Inc. (a) | 62914 | &nbsp;&nbsp;&nbsp; 2342288 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Grid Dynamics Holdings, Inc. (a) | 166268 | &nbsp;&nbsp;&nbsp; 1281926 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| YETI Holdings, Inc. (a) | 74845 | &nbsp;&nbsp;&nbsp; 2483357 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| ESCO Technologies, Inc.  | 29310 | &nbsp;&nbsp;&nbsp; 6187634 |
| RBC Bearings, Inc. (a) | 13895 | &nbsp;&nbsp;&nbsp; 5423080 |
|  |  | &nbsp;&nbsp;&nbsp; 11610714 |
| **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) | 138513 | &nbsp;&nbsp;&nbsp; 3306305 |
| **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** |
| Axsome Therapeutics, Inc. (a) | 28372 | &nbsp;&nbsp;&nbsp; 3445779 |
| Ligand Pharmaceuticals, Inc. (a) | 34422 | &nbsp;&nbsp;&nbsp; 6097513 |
| Supernus Pharmaceuticals, Inc. (a) | 79407 | &nbsp;&nbsp;&nbsp; 3794861 |
| Tarsus Pharmaceuticals, Inc. (a) | 33516 | &nbsp;&nbsp;&nbsp; 1991856 |
| Verona Pharma PLC (ADR) (a) | 15254 | &nbsp;&nbsp;&nbsp; 1627754 |
| WaVe Life Sciences Ltd. (a) | 249714 | &nbsp;&nbsp;&nbsp; 1827907 |
|  |  | &nbsp;&nbsp;&nbsp; 18785670 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| Huron Consulting Group, Inc. (a) | 25363 | &nbsp;&nbsp;&nbsp; 3722527 |
| **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** |
| MACOM Technology Solutions Holdings, Inc. (a) | 43577 | &nbsp;&nbsp;&nbsp; 5424901 |
| Rambus, Inc. (a) | 29717 | &nbsp;&nbsp;&nbsp; 3096511 |
| Silicon Laboratories, Inc. (a) | 30184 | &nbsp;&nbsp;&nbsp; 3958028 |
|  |  | &nbsp;&nbsp;&nbsp; 12479440 |
| **Software — 7.8%** | **Software — 7.8%** | **Software — 7.8%** |
| Agilysys, Inc. (a) | 31656 | &nbsp;&nbsp;&nbsp; 3331794 |
| Commvault Systems, Inc. (a) | 25959 | &nbsp;&nbsp;&nbsp; 4900540 |
| Intapp, Inc. (a) | 31658 | &nbsp;&nbsp;&nbsp; 1294812 |
| JFrog Ltd. (a) | 52053 | &nbsp;&nbsp;&nbsp; 2463668 |
| Life360, Inc. (a) | 25202 | &nbsp;&nbsp;&nbsp; 2678973 |
| Procore Technologies, Inc. (a) | 51455 | &nbsp;&nbsp;&nbsp; 3752098 |
| Varonis Systems, Inc. (a) | 97912 | &nbsp;&nbsp;&nbsp; 5627003 |
| Workiva, Inc. (a) | 26286 | &nbsp;&nbsp;&nbsp; 2262699 |
|  |  | &nbsp;&nbsp;&nbsp; 26311587 |
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| Boot Barn Holdings, Inc. (a) | 22486 | &nbsp;&nbsp;&nbsp; 3726380 |
| Warby Parker, Inc. - Class A (a) | 138739 | &nbsp;&nbsp;&nbsp; 3826421 |
|  |  | &nbsp;&nbsp;&nbsp; 7552801 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trading Companies & Distributors — 3.0%** | **Trading Companies & Distributors — 3.0%** | **Trading Companies & Distributors — 3.0%** |
| Applied Industrial Technologies, Inc.  | 18974 | &nbsp;&nbsp;&nbsp; $4953162 |
| McGrath RentCorp | 21433 | &nbsp;&nbsp;&nbsp; 2514091 |
| SiteOne Landscape Supply, Inc. (a) | 19751 | &nbsp;&nbsp;&nbsp; 2543929 |
|  |  | &nbsp;&nbsp;&nbsp; 10011182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $238,665,207) <br>|  | &nbsp;&nbsp;&nbsp; 327402579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.0%** | **Short-Term Investments—3.0%** | **Short-Term Investments—3.0%** |
| **Repurchase Agreement—3.0%** | **Repurchase Agreement—3.0%** | **Repurchase Agreement—3.0%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $10,349,556; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 04/30/27, with a <br> market value of $10,555,790<br>| 10348694 | &nbsp;&nbsp;&nbsp; 10348694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $10,348,694) <br>|  | &nbsp;&nbsp;&nbsp; 10348694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—1.0%** | **Securities Lending Reinvestments (c)—1.0%** | **Securities Lending Reinvestments (c)—1.0%** |
| **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Government Money Market Portfolio, <br>Institutional Class 3.960% (d)<br>| 5000 | &nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (d)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (d)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (d)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (d)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (d)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.090% (d)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp;&nbsp; 3005000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $7,023; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $7,162<br>| 7022 | &nbsp;&nbsp;&nbsp; 7022 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $250,477; collateralized by <br> U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate market <br> value of $255,456<br>| 250448 | &nbsp;&nbsp;&nbsp; 250448 |

---

**BHFTII-145**

------

**Brighthouse Funds Trust II**

**Loomis Sayles Small Cap Growth Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $7,464; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $7,612<br>| 7463 | &nbsp;&nbsp;&nbsp; $7463 |
|  |  | &nbsp;&nbsp;&nbsp; 264933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $3,269,933) <br>|  | &nbsp;&nbsp;&nbsp; 3269933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—101.1% <br>(Cost $252,283,834) <br>|  | &nbsp;&nbsp;&nbsp; 341021206 |
| Other assets and liabilities (net)—(1.1)%  |  | &nbsp;&nbsp;&nbsp; (3730902)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $337290304 |

---

&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 September 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $8,857,519 and the collateral received consisted of cash in the amount of <br> $3,269,933 and non-cash collateral with a value of $6,017,974. 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.<br>|
| (c) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (d) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $327402579 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327402579 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10348694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10348694 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp; 3005000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3005000 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 264933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264933 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 3005000 | &nbsp;&nbsp; 264933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3269933 |
| Total Investments | &nbsp;&nbsp; $330407579 | &nbsp;&nbsp; $10613627 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $341021206 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3269933)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3269933)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-146**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—45.5% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Federal Agencies — 0.6%** | **Federal Agencies — 0.6%** | **Federal Agencies — 0.6%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680%, 01/13/27 | 725000 | &nbsp;&nbsp;&nbsp; $695932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.580%, 04/02/29 | 2100000 | &nbsp;&nbsp;&nbsp; 2098049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%, 12/02/27 | 1000000 | &nbsp;&nbsp;&nbsp; 1000745 |
| Federal Home Loan Banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/09/26 | 2500000 | &nbsp;&nbsp;&nbsp; 2505902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/10/27 | 500000 | &nbsp;&nbsp;&nbsp; 501972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/36 | 2000000 | &nbsp;&nbsp;&nbsp; 2186930 |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/23/30 | 4000000 | &nbsp;&nbsp;&nbsp; 4023257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/15/32 | 1100000 | &nbsp;&nbsp;&nbsp; 1249030 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/08/27 | 750000 | &nbsp;&nbsp;&nbsp; 708374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 (a) | 1450000 | &nbsp;&nbsp;&nbsp; 1639363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 05/15/30 (a) | 1300000 | &nbsp;&nbsp;&nbsp; 1491689 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/42 | 1600000 | &nbsp;&nbsp;&nbsp; 1336441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/01/34 | 500000 | &nbsp;&nbsp;&nbsp; 505468 |
|  |  | &nbsp;&nbsp;&nbsp; 19943152 |
| **U.S. Treasury — 44.9%** | **U.S. Treasury — 44.9%** | **U.S. Treasury — 44.9%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 05/15/40 | 4100000 | &nbsp;&nbsp;&nbsp; 2611188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 08/15/40 | 3200000 | &nbsp;&nbsp;&nbsp; 2016500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 6400000 | &nbsp;&nbsp;&nbsp; 3140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 6000000 | &nbsp;&nbsp;&nbsp; 3912188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 08/15/50 | 7100000 | &nbsp;&nbsp;&nbsp; 3569969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 5200000 | &nbsp;&nbsp;&nbsp; 2790125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/41 (a) | 7000000 | &nbsp;&nbsp;&nbsp; 4749063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/41 | 7000000 | &nbsp;&nbsp;&nbsp; 4918594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 | 11000000 | &nbsp;&nbsp;&nbsp; 6282031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 9500000 | &nbsp;&nbsp;&nbsp; 5374922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 9100000 | &nbsp;&nbsp;&nbsp; 6389906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/50 | 6400000 | &nbsp;&nbsp;&nbsp; 3827000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/51 | 9600000 | &nbsp;&nbsp;&nbsp; 5623500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 3700000 | &nbsp;&nbsp;&nbsp; 2740891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 3000000 | &nbsp;&nbsp;&nbsp; 2000156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/49 | 6000000 | &nbsp;&nbsp;&nbsp; 3829688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/52 | 5400000 | &nbsp;&nbsp;&nbsp; 3348844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 02/15/42 | 6700000 | &nbsp;&nbsp;&nbsp; 4963234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 | 3000000 | &nbsp;&nbsp;&nbsp; 1962656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/51 | 5300000 | &nbsp;&nbsp;&nbsp; 3409391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 4000000 | &nbsp;&nbsp;&nbsp; 2865000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/15/46 | 4800000 | &nbsp;&nbsp;&nbsp; 3373500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/42 | 4820000 | &nbsp;&nbsp;&nbsp; 3750563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/42 | 1200000 | &nbsp;&nbsp;&nbsp; 928875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/47 | 3000000 | &nbsp;&nbsp;&nbsp; 2174063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/47 | 9000000 | &nbsp;&nbsp;&nbsp; 6503906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 3260000 | &nbsp;&nbsp;&nbsp; 2552988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/45 | 2200000 | &nbsp;&nbsp;&nbsp; 1671313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1496875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/49 | 16100000 | &nbsp;&nbsp;&nbsp; 11742937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/52 | 10900000 | &nbsp;&nbsp;&nbsp; 7776469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 (a) | 2600000 | &nbsp;&nbsp;&nbsp; 2034094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/45 | 3100000 | &nbsp;&nbsp;&nbsp; 2412672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/47 | 3000000 | &nbsp;&nbsp;&nbsp; 2289844 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/47 | 2800000 | &nbsp;&nbsp;&nbsp; $2131500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/48 | 1300000 | &nbsp;&nbsp;&nbsp; 981500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/48 | 7700000 | &nbsp;&nbsp;&nbsp; 5788234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/49 | 6300000 | &nbsp;&nbsp;&nbsp; 4717125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/52 | 9200000 | &nbsp;&nbsp;&nbsp; 6728937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/41 | 1500000 | &nbsp;&nbsp;&nbsp; 1248984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 02/15/43 | 3270000 | &nbsp;&nbsp;&nbsp; 2668116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/15/44 | 2700000 | &nbsp;&nbsp;&nbsp; 2161688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 2500000 | &nbsp;&nbsp;&nbsp; 1927344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/15/42 | 3100000 | &nbsp;&nbsp;&nbsp; 2604484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/42 | 2200000 | &nbsp;&nbsp;&nbsp; 1874125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/44 | 3000000 | &nbsp;&nbsp;&nbsp; 2502656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 | 6000000 | &nbsp;&nbsp;&nbsp; 4818750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/39 | 1872000 | &nbsp;&nbsp;&nbsp; 1712003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/43 | 2600000 | &nbsp;&nbsp;&nbsp; 2268500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/44 | 2420000 | &nbsp;&nbsp;&nbsp; 2100106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/53 | 4300000 | &nbsp;&nbsp;&nbsp; 3554891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/53 | 7600000 | &nbsp;&nbsp;&nbsp; 6277125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/41 | 1300000 | &nbsp;&nbsp;&nbsp; 1180969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 | 3400000 | &nbsp;&nbsp;&nbsp; 3010063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/43 | 9000000 | &nbsp;&nbsp;&nbsp; 8167500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/43 | 7600000 | &nbsp;&nbsp;&nbsp; 6883937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 | 3100000 | &nbsp;&nbsp;&nbsp; 2866047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 (a) | 10000000 | &nbsp;&nbsp;&nbsp; 8848437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/44 | 3000000 | &nbsp;&nbsp;&nbsp; 2784844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/53 | 7700000 | &nbsp;&nbsp;&nbsp; 6960078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/40 (a) | 1780000 | &nbsp;&nbsp;&nbsp; 1729659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/54 | 4100000 | &nbsp;&nbsp;&nbsp; 3784813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/54 | 7200000 | &nbsp;&nbsp;&nbsp; 6647625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 | 1900000 | &nbsp;&nbsp;&nbsp; 1884266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/40 | 1220000 | &nbsp;&nbsp;&nbsp; 1207038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/41 | 1350000 | &nbsp;&nbsp;&nbsp; 1325742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/43 | 2200000 | &nbsp;&nbsp;&nbsp; 2123344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/36 | 600000 | &nbsp;&nbsp;&nbsp; 619313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/38 | 1500000 | &nbsp;&nbsp;&nbsp; 1531641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/39 | 2000000 | &nbsp;&nbsp;&nbsp; 2014375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/44 | 4200000 | &nbsp;&nbsp;&nbsp; 4107469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 8200000 | &nbsp;&nbsp;&nbsp; 7896344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/40 | 1300000 | &nbsp;&nbsp;&nbsp; 1322547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/44 | 8000000 | &nbsp;&nbsp;&nbsp; 7941250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/44 (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2080969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/54 | 5700000 | &nbsp;&nbsp;&nbsp; 5600250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/55 (a) | 6300000 | &nbsp;&nbsp;&nbsp; 6193687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/41 | 1900000 | &nbsp;&nbsp;&nbsp; 1948984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 | 9800000 | &nbsp;&nbsp;&nbsp; 9904125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/45 | 8200000 | &nbsp;&nbsp;&nbsp; 8252531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 | 9800000 | &nbsp;&nbsp;&nbsp; 9816844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/15/29 | 750000 | &nbsp;&nbsp;&nbsp; 788145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 05/15/30 | 2500000 | &nbsp;&nbsp;&nbsp; 2761914 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/31/27 (a) | 3100000 | &nbsp;&nbsp;&nbsp; 2922598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 09/30/27 | 6300000 | &nbsp;&nbsp;&nbsp; 5909941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 04/30/27 | 4000000 | &nbsp;&nbsp;&nbsp; 3808438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/31/27 | 3800000 | &nbsp;&nbsp;&nbsp; 3564578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 | 7000000 | &nbsp;&nbsp;&nbsp; 6569062 |

---

**BHFTII-147**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 7200000 | &nbsp;&nbsp;&nbsp; $6739875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 05/15/30 (a) | 8000000 | &nbsp;&nbsp;&nbsp; 6954375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 08/15/30 | 13800000 | &nbsp;&nbsp;&nbsp; 11898187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 01/31/28 | 6100000 | &nbsp;&nbsp;&nbsp; 5712078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 7700000 | &nbsp;&nbsp;&nbsp; 6676742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 07/31/28 | 4000000 | &nbsp;&nbsp;&nbsp; 3719063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/31/26 (a) | 14100000 | &nbsp;&nbsp;&nbsp; 13715004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 02/29/28 | 1200000 | &nbsp;&nbsp;&nbsp; 1131563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 08/31/28 | 6000000 | &nbsp;&nbsp;&nbsp; 5587500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 02/15/31 | 7500000 | &nbsp;&nbsp;&nbsp; 6554297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/30/26 | 2100000 | &nbsp;&nbsp;&nbsp; 2041348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 3800000 | &nbsp;&nbsp;&nbsp; 3687039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 03/31/28 | 5100000 | &nbsp;&nbsp;&nbsp; 4813523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 04/30/28 | 6000000 | &nbsp;&nbsp;&nbsp; 5652187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/31/28 | 3400000 | &nbsp;&nbsp;&nbsp; 3196266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 06/30/28 | 5900000 | &nbsp;&nbsp;&nbsp; 5535859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 09/30/28 | 6000000 | &nbsp;&nbsp;&nbsp; 5596406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 08/15/31 | 21800000 | &nbsp;&nbsp;&nbsp; 18857000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/31/28 | 3300000 | &nbsp;&nbsp;&nbsp; 3083695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 19900000 | &nbsp;&nbsp;&nbsp; 17225937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/31/27 | 19900000 | &nbsp;&nbsp;&nbsp; 19337980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/28 | 14200000 | &nbsp;&nbsp;&nbsp; 13295859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/30 (a) | 8300000 | &nbsp;&nbsp;&nbsp; 7568562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 08/15/29 | 7900000 | &nbsp;&nbsp;&nbsp; 7329719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/31 | 13200000 | &nbsp;&nbsp;&nbsp; 11754187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/31/29 | 5000000 | &nbsp;&nbsp;&nbsp; 4704297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/28/27 | 8700000 | &nbsp;&nbsp;&nbsp; 8485559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/28/29 | 2100000 | &nbsp;&nbsp;&nbsp; 1980891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/32 | 9200000 | &nbsp;&nbsp;&nbsp; 8162844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 7300000 | &nbsp;&nbsp;&nbsp; 7162555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/27 | 4300000 | &nbsp;&nbsp;&nbsp; 4218031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/27 | 6100000 | &nbsp;&nbsp;&nbsp; 5948691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 2600000 | &nbsp;&nbsp;&nbsp; 2527891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/27 | 10000000 | &nbsp;&nbsp;&nbsp; 9799219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/31/29 | 4200000 | &nbsp;&nbsp;&nbsp; 4023797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/29 | 6800000 | &nbsp;&nbsp;&nbsp; 6504094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/31/27 (a) | 5100000 | &nbsp;&nbsp;&nbsp; 5014336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/31/27 | 4000000 | &nbsp;&nbsp;&nbsp; 3933750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/29 | 8300000 | &nbsp;&nbsp;&nbsp; 8031547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/30/27 | 7200000 | &nbsp;&nbsp;&nbsp; 7100719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/31/27 | 15600000 | &nbsp;&nbsp;&nbsp; 15356250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/15/28 | 6000000 | &nbsp;&nbsp;&nbsp; 5881406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/31/29 | 13800000 | &nbsp;&nbsp;&nbsp; 13366594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 08/15/32 | 8700000 | &nbsp;&nbsp;&nbsp; 8088281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/28 | 5900000 | &nbsp;&nbsp;&nbsp; 5789836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/28 | 6000000 | &nbsp;&nbsp;&nbsp; 5879062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/32 | 10500000 | &nbsp;&nbsp;&nbsp; 9871641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 8000000 | &nbsp;&nbsp;&nbsp; 7878125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/29 | 5300000 | &nbsp;&nbsp;&nbsp; 5191516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 06/30/27 (a) | 4200000 | &nbsp;&nbsp;&nbsp; 4172766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 09/15/27 | 15400000 | &nbsp;&nbsp;&nbsp; 15330219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/33 | 7300000 | &nbsp;&nbsp;&nbsp; 7012562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/31/28 | 4000000 | &nbsp;&nbsp;&nbsp; 3989375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/30/28 | 12300000 | &nbsp;&nbsp;&nbsp; 12265406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/30/29 | 8500000 | &nbsp;&nbsp;&nbsp; 8440898 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/31/30 | 11300000 | &nbsp;&nbsp;&nbsp; $11204656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/30/30 | 8300000 | &nbsp;&nbsp;&nbsp; 8220891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/33 | 10700000 | &nbsp;&nbsp;&nbsp; 10389031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/31/28 (a) | 6200000 | &nbsp;&nbsp;&nbsp; 6201937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/31/29 | 12000000 | &nbsp;&nbsp;&nbsp; 11971875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/31/30 | 5200000 | &nbsp;&nbsp;&nbsp; 5178875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/15/27 | 15200000 | &nbsp;&nbsp;&nbsp; 15231469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 04/15/28 | 15100000 | &nbsp;&nbsp;&nbsp; 15147187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/15/28 (a) | 7000000 | &nbsp;&nbsp;&nbsp; 7022969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/28 (a) | 15300000 | &nbsp;&nbsp;&nbsp; 15349008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/31/30 | 11400000 | &nbsp;&nbsp;&nbsp; 11389312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 08/31/31 | 10000000 | &nbsp;&nbsp;&nbsp; 9954687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/27 | 15200000 | &nbsp;&nbsp;&nbsp; 15276000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 4000000 | &nbsp;&nbsp;&nbsp; 4021250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 500000 | &nbsp;&nbsp;&nbsp; 502734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 06/15/28 | 4000000 | &nbsp;&nbsp;&nbsp; 4026250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/30/29 | 4900000 | &nbsp;&nbsp;&nbsp; 4933688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 | 8200000 | &nbsp;&nbsp;&nbsp; 8253172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/30/30 | 7900000 | &nbsp;&nbsp;&nbsp; 7950610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 06/30/30 | 8000000 | &nbsp;&nbsp;&nbsp; 8049375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/33 | 19900000 | &nbsp;&nbsp;&nbsp; 19738312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/34 | 14000000 | &nbsp;&nbsp;&nbsp; 13787812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/27 | 6000000 | &nbsp;&nbsp;&nbsp; 6022734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/27 | 8100000 | &nbsp;&nbsp;&nbsp; 8167078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/29/28 | 12100000 | &nbsp;&nbsp;&nbsp; 12206820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/30/28 | 3000000 | &nbsp;&nbsp;&nbsp; 3029531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/31/29 | 8200000 | &nbsp;&nbsp;&nbsp; 8289047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/31/29 | 5900000 | &nbsp;&nbsp;&nbsp; 5965914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 5000000 | &nbsp;&nbsp;&nbsp; 5056641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/28/30 | 2000000 | &nbsp;&nbsp;&nbsp; 2023438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/31/30 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4045938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/31/30 | 14900000 | &nbsp;&nbsp;&nbsp; 15068789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/31/31 | 11200000 | &nbsp;&nbsp;&nbsp; 11318125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/30/32 | 2000000 | &nbsp;&nbsp;&nbsp; 2011875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/34 | 8300000 | &nbsp;&nbsp;&nbsp; 8279250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/26 | 15100000 | &nbsp;&nbsp;&nbsp; 15166062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/27 | 17000000 | &nbsp;&nbsp;&nbsp; 17092305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/15/27 | 5900000 | &nbsp;&nbsp;&nbsp; 5934340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/30/27 | 4000000 | &nbsp;&nbsp;&nbsp; 4038438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 5900000 | &nbsp;&nbsp;&nbsp; 5959922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 15100000 | &nbsp;&nbsp;&nbsp; 15255719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/31/28 | 12100000 | &nbsp;&nbsp;&nbsp; 12260703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/29 | 13100000 | &nbsp;&nbsp;&nbsp; 13299570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/29 (a) | 15100000 | &nbsp;&nbsp;&nbsp; 15341836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/31/30 | 4100000 | &nbsp;&nbsp;&nbsp; 4168867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/31/31 | 3100000 | &nbsp;&nbsp;&nbsp; 3147469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/31 | 11200000 | &nbsp;&nbsp;&nbsp; 11365375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/29/32 | 16100000 | &nbsp;&nbsp;&nbsp; 16318859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 18200000 | &nbsp;&nbsp;&nbsp; 18410437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/30/26 | 9000000 | &nbsp;&nbsp;&nbsp; 9053789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/26 | 15000000 | &nbsp;&nbsp;&nbsp; 15097266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/28 | 4900000 | &nbsp;&nbsp;&nbsp; 4969672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/28/29 | 15000000 | &nbsp;&nbsp;&nbsp; 15285937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/30/29 | 2000000 | &nbsp;&nbsp;&nbsp; 2039844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/31/30 | 3100000 | &nbsp;&nbsp;&nbsp; 3165875 |

---

**BHFTII-148**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/28/31 | 6000000 | &nbsp;&nbsp;&nbsp; $6135469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/30/31 | 11100000 | &nbsp;&nbsp;&nbsp; 11342812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 14300000 | &nbsp;&nbsp;&nbsp; 14465344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/35 | 12100000 | &nbsp;&nbsp;&nbsp; 12213437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 08/15/35 | 11500000 | &nbsp;&nbsp;&nbsp; 11593437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/26 | 10000000 | &nbsp;&nbsp;&nbsp; 10078125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/15/27 (a) | 5900000 | &nbsp;&nbsp;&nbsp; 5974441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/31/28 | 7100000 | &nbsp;&nbsp;&nbsp; 7244773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/28 | 2000000 | &nbsp;&nbsp;&nbsp; 2043438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/29 | 8000000 | &nbsp;&nbsp;&nbsp; 8208125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 3000000 | &nbsp;&nbsp;&nbsp; 3085078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/34 | 21000000 | &nbsp;&nbsp;&nbsp; 21488906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/27 | 9000000 | &nbsp;&nbsp;&nbsp; 9111445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/27 | 14900000 | &nbsp;&nbsp;&nbsp; 15094981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/31/31 | 3900000 | &nbsp;&nbsp;&nbsp; 4035586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/33 | 13700000 | &nbsp;&nbsp;&nbsp; 14166656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/26 | 8000000 | &nbsp;&nbsp;&nbsp; 8078438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/27 | 14900000 | &nbsp;&nbsp;&nbsp; 15137469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/28 | 5800000 | &nbsp;&nbsp;&nbsp; 5963125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/29 | 14800000 | &nbsp;&nbsp;&nbsp; 15272906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/30 | 4000000 | &nbsp;&nbsp;&nbsp; 4157813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/31 | 10800000 | &nbsp;&nbsp;&nbsp; 11243812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/31/31 | 10800000 | &nbsp;&nbsp;&nbsp; 11242969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/35 | 10300000 | &nbsp;&nbsp;&nbsp; 10705562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/28 | 11800000 | &nbsp;&nbsp;&nbsp; 12221297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 4800000 | &nbsp;&nbsp;&nbsp; 5046000 |
|  |  | &nbsp;&nbsp;&nbsp; 1521844798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury & Government Agencies <br>(Cost $1,582,172,919) <br>|  | &nbsp;&nbsp;&nbsp; 1541787950 |
| **Corporate Bonds & Notes—25.3%** | **Corporate Bonds & Notes—25.3%** | **Corporate Bonds & Notes—25.3%** |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 05/01/30 (a) | 2300000 | &nbsp;&nbsp;&nbsp; 2360398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/50 | 3200000 | &nbsp;&nbsp;&nbsp; 3197248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/01/60 | 1100000 | &nbsp;&nbsp;&nbsp; 1101386 |
| GE Capital International Funding Co. Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.418%, 11/15/35 | 459000 | &nbsp;&nbsp;&nbsp; 449453 |
| General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 08/15/35 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1018410 |
| General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 08/21/35 | 100000 | &nbsp;&nbsp;&nbsp; 120258 |
| L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 01/15/27 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1524540 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 09/15/52 (a) | 954000 | &nbsp;&nbsp;&nbsp; 770746 |
| Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/28 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1081619 |
| Northrop Grumman Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 02/15/31 (a) | 515000 | &nbsp;&nbsp;&nbsp; 596658 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/04/27 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 985640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/42 | 1645000 | &nbsp;&nbsp;&nbsp; 1487212 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 03/15/34 (a) | 1800000 | &nbsp;&nbsp;&nbsp; $1970064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 09/15/29 (a) | 200000 | &nbsp;&nbsp;&nbsp; 223568 |
|  |  | &nbsp;&nbsp;&nbsp; 16887200 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/14/49 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1227432 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 08/15/37 | 1300000 | &nbsp;&nbsp;&nbsp; 1190696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 08/15/32 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1034440 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/43 | 1100000 | &nbsp;&nbsp;&nbsp; 1024661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/13/34 (a) | 5000000 | &nbsp;&nbsp;&nbsp; 5161600 |
|  |  | &nbsp;&nbsp;&nbsp; 9638829 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/27 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1012350 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/15/38 | 965522 | &nbsp;&nbsp;&nbsp; 984281 |
|  |  | &nbsp;&nbsp;&nbsp; 1996631 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| NIKE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/27/27 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 984830 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/12/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 940150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 09/09/26 (a) | 300000 | &nbsp;&nbsp;&nbsp; 295326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/05/35 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1014850 |
| Cummins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/09/35 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1032060 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/05/27 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 3031500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 05/12/28 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2595850 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 04/01/45 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2248875 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 01/17/27 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2002100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/04/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1039350 |
| Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 01/18/31 | 550000 | &nbsp;&nbsp;&nbsp; 654990 |
| PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 03/03/28 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1015220 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/01/30 (a) | 2600000 | &nbsp;&nbsp;&nbsp; 2517502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 01/05/29 | 1000000 | &nbsp;&nbsp;&nbsp; 1018040 |
|  |  | &nbsp;&nbsp;&nbsp; 19405813 |
| **Banks — 5.3%** | **Banks — 5.3%** | **Banks — 5.3%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 04/12/28 | 2200000 | &nbsp;&nbsp;&nbsp; 2207150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%, 07/15/31 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2099700 |

---

**BHFTII-149**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%, SOFR + 1.320%, 04/22/32 (b) | 2000000 | &nbsp;&nbsp;&nbsp; $1821780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.593%, 3M TSFR + 1.632%, 07/21/28 (a) (b) | 3200000 | &nbsp;&nbsp;&nbsp; 3171136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%, 3M TSFR + 3.412%, 03/20/51 (b) | 8500000 | &nbsp;&nbsp;&nbsp; 6918235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%, SOFR + 2.160%, 07/22/33 (a) (b) | 3100000 | &nbsp;&nbsp;&nbsp; 3168882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%, SOFR + 1.910%, 04/25/34 (a) (b) | 2400000 | &nbsp;&nbsp;&nbsp; 2482824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/07/42 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1606440 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442%, 3M TSFR + 1.331%, 02/07/28 (a) (b) | 1800000 | &nbsp;&nbsp;&nbsp; 1787814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%, SOFR + 0.887%, 02/11/31 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2054780 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 02/01/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1023000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%, SOFR + 0.890%, 02/14/29 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1016570 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.501%, 1Y H15 + 2.650%, 08/09/28 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2042880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%, SOFR + 2.980%, 05/09/34 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2150560 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%, SOFR + 1.105%, 01/13/31 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2063760 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, SOFR + 2.107%, 06/03/31 (a) (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2299625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/21/26 | 1700000 | &nbsp;&nbsp;&nbsp; 1685465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%, SOFR + 3.914%, 03/31/31 (b) | 2900000 | &nbsp;&nbsp;&nbsp; 2894403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%, SOFR + 1.364%, 02/13/30 (a) (b) | 7000000 | &nbsp;&nbsp;&nbsp; 7183330 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/01/43 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1224468 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297%, SOFR + 1.720%, 05/09/31 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1023720 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 01/26/27 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 1895079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%, 3M TSFR + 1.563%, 05/01/29 (a) (b) | 1900000 | &nbsp;&nbsp;&nbsp; 1902090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, SOFR + 1.420%, 10/23/35 (a) (b) | 5400000 | &nbsp;&nbsp;&nbsp; 5436612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/15/33 (a) | 2075000 | &nbsp;&nbsp;&nbsp; 2285488 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.973%, 3M TSFR + 1.872%, 05/22/30 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1970120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%, SOFR + 1.040%, 11/19/28 (a) (b) | 6000000 | &nbsp;&nbsp;&nbsp; 6105780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/15/37 | 1205000 | &nbsp;&nbsp;&nbsp; 1313076 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%, SOFR + 1.870%, 02/02/35 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1041650 |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, SOFR + 1.770%, 03/19/35 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2078120 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%, SOFR + 1.065%, 02/04/32 (a) (b) | 2100000 | &nbsp;&nbsp;&nbsp; 1856400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%, SOFR + 2.040%, 04/22/31 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1855020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/01/26 | 2000000 | &nbsp;&nbsp;&nbsp; 1980780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.157%, 3M TSFR + 1.460%, 04/22/42 (a) (b) | 4900000 | &nbsp;&nbsp;&nbsp; 3815679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%, 3M TSFR + 1.622%, 07/24/38 (b) | 1000000 | &nbsp;&nbsp;&nbsp; 900450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964%, 3M TSFR + 1.642%, 11/15/48 (b) | 2400000 | &nbsp;&nbsp;&nbsp; 1961352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, SOFR + 1.845%, 06/01/34 (a) (b) | 2900000 | &nbsp;&nbsp;&nbsp; 3020669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.534%, SOFR + 1.550%, 11/29/45 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2055420 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/14/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1857240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/28 | 2000000 | &nbsp;&nbsp;&nbsp; 2003800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/15/30 | 2000000 | &nbsp;&nbsp;&nbsp; 1998440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/01/27 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1513200 |
| Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 09/28/27 | 1000000 | &nbsp;&nbsp;&nbsp; 1003340 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%, 11/07/28 | 1800000 | &nbsp;&nbsp;&nbsp; $1776348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590%, 1Y H15 + 1.200%, 11/26/35 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2076840 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 03/01/26 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 998440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.133%, 1Y H15 + 2.125%, 07/20/33 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2054640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%, 1Y H15 + 0.950%, 01/16/36 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2092560 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%, 03/05/28 (a) | 1800000 | &nbsp;&nbsp;&nbsp; 1800594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%, 1Y H15 + 0.820%, 05/13/31 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2053180 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 01/27/45 | 1900000 | &nbsp;&nbsp;&nbsp; 1666604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 09/08/26 (a) | 3800000 | &nbsp;&nbsp;&nbsp; 3806916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/32 (a) | 1850000 | &nbsp;&nbsp;&nbsp; 2140617 |
| Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%, SOFR + 0.865%, 05/26/28 (b) | 10000000 | &nbsp;&nbsp;&nbsp; 10220200 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.901%, 01/14/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1030930 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%, 1Y H15 + 1.220%, 08/15/30 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2037220 |
| Oesterreichische Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/18/29 (a) | 500000 | &nbsp;&nbsp;&nbsp; 505890 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.492%, SOFR + 1.198%, 05/14/30 (a) (b) | 1900000 | &nbsp;&nbsp;&nbsp; 1977311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%, SOFR + 1.841%, 06/12/29 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2071580 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.522%, SOFR + 0.860%, 10/18/28 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1008590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.969%, SOFR + 1.100%, 08/02/30 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2046820 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, SOFR + 1.878%, 03/20/31 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1032730 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.146%, SOFR + 1.217%, 02/28/36 (a) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1531980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.684%, SOFR + 1.484%, 11/21/29 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1047850 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632%, 07/14/26 (a) | 4700000 | &nbsp;&nbsp;&nbsp; 4647877 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.994%, 04/05/29 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4104240 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.267%, SOFR + 0.609%, 03/02/27 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1974980 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%, SOFR + 1.860%, 01/23/35 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2106240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.775%, SOFR + 2.020%, 06/12/29 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2081760 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/17/26 (a) | 1700000 | &nbsp;&nbsp;&nbsp; 1703638 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%, 3M TSFR + 1.432%, 10/30/30 (a) (b) | 2400000 | &nbsp;&nbsp;&nbsp; 2271288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/23/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1979480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%, SOFR + 1.780%, 01/23/35 (a) (b) | 8000000 | &nbsp;&nbsp;&nbsp; 8342400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%, SOFR + 1.990%, 07/25/34 (a) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1575555 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.668%, 5Y H15 + 1.750%, 11/15/35 (b) | 1700000 | &nbsp;&nbsp;&nbsp; 1526226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%, 1Y H15 + 1.200%, 11/20/35 (a) (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2061560 |
|  |  | &nbsp;&nbsp;&nbsp; 181129411 |

---

**BHFTII-150**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/01/46 | 3400000 | &nbsp;&nbsp;&nbsp; $3182298 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.439%, 10/06/48 | 1165000 | &nbsp;&nbsp;&nbsp; 1012874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 01/23/49 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 1921888 |
| Coca-Cola Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 06/01/30 (a) | 2400000 | &nbsp;&nbsp;&nbsp; 2157432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/13/54 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 995700 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 01/15/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2029500 |
| Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 (a) | 1400000 | &nbsp;&nbsp;&nbsp; 1309798 |
| Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.597%, 05/25/28 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1206828 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/19/30 (a) | 800000 | &nbsp;&nbsp;&nbsp; 755920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/14/46 | 1300000 | &nbsp;&nbsp;&nbsp; 1162109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/17/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2036280 |
|  |  | &nbsp;&nbsp;&nbsp; 17770627 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/15/32 (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1387840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663%, 06/15/51 | 1000000 | &nbsp;&nbsp;&nbsp; 873460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 03/02/53 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 998120 |
| Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 11/15/64 | 2000000 | &nbsp;&nbsp;&nbsp; 2024080 |
|  |  | &nbsp;&nbsp;&nbsp; 5283500 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493%, 02/15/27 | 2000000 | &nbsp;&nbsp;&nbsp; 1957980 |
| CRH SMW Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/09/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1029460 |
| Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 06/15/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1053130 |
| Trane Technologies Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/21/29 | 1000000 | &nbsp;&nbsp;&nbsp; 989320 |
|  |  | &nbsp;&nbsp;&nbsp; 5029890 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/42 | 1000000 | &nbsp;&nbsp;&nbsp; 815480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 02/15/34 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2005140 |
| DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419%, 11/15/48 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 989110 |
| LyondellBasell Industries NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/26/55 (a) | 1400000 | &nbsp;&nbsp;&nbsp; 1100232 |
| Nutrien Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 04/01/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 998110 |
| Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 06/01/27 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 990810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/47 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1296780 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/15/51 | 500000 | &nbsp;&nbsp;&nbsp; $310670 |
|  |  | &nbsp;&nbsp;&nbsp; 8506332 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 05/15/30 (a) | 900000 | &nbsp;&nbsp;&nbsp; 833058 |
| Massachusetts Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294%, 07/01/51 | 1200000 | &nbsp;&nbsp;&nbsp; 699432 |
| PayPal Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/01/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1906920 |
| President & Fellows of Harvard College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.609%, 02/15/35 | 1000000 | &nbsp;&nbsp;&nbsp; 1005310 |
| Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/09/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1023830 |
| S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 08/15/60 | 800000 | &nbsp;&nbsp;&nbsp; 417264 |
| Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.402%, 04/15/50 | 2000000 | &nbsp;&nbsp;&nbsp; 1216400 |
|  |  | &nbsp;&nbsp;&nbsp; 7102214 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 02/08/31 | 3900000 | &nbsp;&nbsp;&nbsp; 3455868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 08/20/60 | 1000000 | &nbsp;&nbsp;&nbsp; 584860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 02/08/51 | 1500000 | &nbsp;&nbsp;&nbsp; 952425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 08/08/32 (a) | 2300000 | &nbsp;&nbsp;&nbsp; 2196178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 02/23/46 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 934590 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/01/29 (a) | 1800000 | &nbsp;&nbsp;&nbsp; 1858770 |
| HP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 987960 |
| IBM International Capital Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/05/34 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2023220 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 05/15/26 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 1890462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/20/42 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1019340 |
|  |  | &nbsp;&nbsp;&nbsp; 15903673 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| Estee Lauder Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 03/15/31 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 971080 |
| Haleon U.S. Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/24/32 (a) | 1300000 | &nbsp;&nbsp;&nbsp; 1231698 |
| Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/22/53 (a) | 400000 | &nbsp;&nbsp;&nbsp; 371868 |
| Procter & Gamble Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/25/40 (a) | 900000 | &nbsp;&nbsp;&nbsp; 784350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 01/29/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1015740 |
| Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 05/05/27 | 1500000 | &nbsp;&nbsp;&nbsp; 1478970 |
|  |  | &nbsp;&nbsp;&nbsp; 5853706 |

---

**BHFTII-151**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 01/30/32 (a) | 1000000 | &nbsp;&nbsp;&nbsp; $921640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 07/21/27 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 1883508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/15/31 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1034630 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 05/03/27 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 2970660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.442%, SOFR + 1.320%, 01/30/36 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1038690 |
| Blackrock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/25/33 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1022090 |
| Brookfield Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%, 06/14/33 (a) | 500000 | &nbsp;&nbsp;&nbsp; 538500 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 01/25/28 (a) | 2600000 | &nbsp;&nbsp;&nbsp; 2581072 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 01/31/28 (a) | 1800000 | &nbsp;&nbsp;&nbsp; 1785744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.463%, SOFR + 1.560%, 07/26/30 (a) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1552935 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/22/30 | 900000 | &nbsp;&nbsp;&nbsp; 918306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.643%, SOFR + 2.210%, 05/19/29 (a) (b) | 500000 | &nbsp;&nbsp;&nbsp; 519255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853%, SOFR + 2.500%, 05/19/34 (b) | 2400000 | &nbsp;&nbsp;&nbsp; 2568384 |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/50 | 1000000 | &nbsp;&nbsp;&nbsp; 669330 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/21/28 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1041000 |
| Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 03/26/30 (a) | 1700000 | &nbsp;&nbsp;&nbsp; 1655290 |
| Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/07/52 (a) | 700000 | &nbsp;&nbsp;&nbsp; 540617 |
| Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.679%, 07/16/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 918610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070%, 07/12/28 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1046400 |
| ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 02/25/35 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1030940 |
| Private Export Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 07/15/28 | 500000 | &nbsp;&nbsp;&nbsp; 465820 |
| Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 02/15/31 (a) | 3100000 | &nbsp;&nbsp;&nbsp; 2670216 |
| Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 01/23/48 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 964920 |
|  |  | &nbsp;&nbsp;&nbsp; 30338557 |
| **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 05/01/50 (a) | 900000 | &nbsp;&nbsp;&nbsp; 656001 |
| CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/44 | 1300000 | &nbsp;&nbsp;&nbsp; 1151644 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5Y H15 + 4.116%, 06/01/50 (a) (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1462455 |
| Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 900000 | &nbsp;&nbsp;&nbsp; 598401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 06/01/55 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1065110 |
| Connecticut Light & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/48 | 1000000 | &nbsp;&nbsp;&nbsp; 807640 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/01/43 | 2070000 | &nbsp;&nbsp;&nbsp; 1719176 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 03/01/28 (a) | 1000000 | &nbsp;&nbsp;&nbsp; $1033310 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 03/15/49 | 800000 | &nbsp;&nbsp;&nbsp; 676032 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/15/45 | 1000000 | &nbsp;&nbsp;&nbsp; 789410 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/52 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 735740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 02/15/40 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2030960 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 09/01/26 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 987870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 5Y H15 + 2.588%, 09/01/54 (a) (b) | 3900000 | &nbsp;&nbsp;&nbsp; 4121442 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/33 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 960040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/15/55 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1025770 |
| Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 09/15/29 | 500000 | &nbsp;&nbsp;&nbsp; 473975 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 04/15/26 | 1000000 | &nbsp;&nbsp;&nbsp; 995740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 03/15/53 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 979040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/35 (a) | 500000 | &nbsp;&nbsp;&nbsp; 521225 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/01/38 (a) | 1700000 | &nbsp;&nbsp;&nbsp; 1847169 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/15/42 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1765660 |
| Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/53 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2506250 |
| Louisville Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/49 (a) | 800000 | &nbsp;&nbsp;&nbsp; 654744 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/15/29 (a) | 1700000 | &nbsp;&nbsp;&nbsp; 1675775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/15/49 | 1500000 | &nbsp;&nbsp;&nbsp; 1254240 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 03/15/30 (a) | 1800000 | &nbsp;&nbsp;&nbsp; 1672686 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 03/15/29 (a) | 7500000 | &nbsp;&nbsp;&nbsp; 7672050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/15/54 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 980670 |
| Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 06/01/51 | 1700000 | &nbsp;&nbsp;&nbsp; 1059440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/36 | 1200000 | &nbsp;&nbsp;&nbsp; 1328256 |
| NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/35 | 1500000 | &nbsp;&nbsp;&nbsp; 1529115 |
| Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 09/15/49 | 900000 | &nbsp;&nbsp;&nbsp; 609354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 04/01/35 (144A) (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1034690 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/31 | 3000000 | &nbsp;&nbsp;&nbsp; 2673540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/01/54 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2443850 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.722%, 06/01/39 | 160000 | &nbsp;&nbsp;&nbsp; 158240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.212%, 12/01/49 | 500000 | &nbsp;&nbsp;&nbsp; 484705 |
| Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 08/15/31 (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1403664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/15/35 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1007710 |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 02/01/28 | 1100000 | &nbsp;&nbsp;&nbsp; 1079034 |

---

**BHFTII-152**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 5Y H15 + 2.632%, 10/01/54 (a) (b) | 1600000 | &nbsp;&nbsp;&nbsp; $1635888 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 03/01/28 | 900000 | &nbsp;&nbsp;&nbsp; 883908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/47 | 1000000 | &nbsp;&nbsp;&nbsp; 754890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/01/35 | 1000000 | &nbsp;&nbsp;&nbsp; 1011490 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 06/15/28 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2037260 |
| Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 09/15/28 | 1800000 | &nbsp;&nbsp;&nbsp; 1796184 |
| Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/15/29 | 1800000 | &nbsp;&nbsp;&nbsp; 1764612 |
| Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/15/54 (a) | 5600000 | &nbsp;&nbsp;&nbsp; 5546016 |
|  |  | &nbsp;&nbsp;&nbsp; 73062071 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Emerson Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/21/31 (a) | 500000 | &nbsp;&nbsp;&nbsp; 443515 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/35 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2031200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/01/54 (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1539184 |
|  |  | &nbsp;&nbsp;&nbsp; 3570384 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 11/15/34 | 1000000 | &nbsp;&nbsp;&nbsp; 1035740 |
| Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 01/15/32 (a) | 500000 | &nbsp;&nbsp;&nbsp; 439665 |
| Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/27 (a) | 1800000 | &nbsp;&nbsp;&nbsp; 1770426 |
|  |  | &nbsp;&nbsp;&nbsp; 3245831 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/01/28 | 1300000 | &nbsp;&nbsp;&nbsp; 1314092 |
| General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 04/17/28 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1502385 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/52 | 2400000 | &nbsp;&nbsp;&nbsp; 2529672 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/35 (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1589600 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 05/01/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 914620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/15/54 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1071411 |
| Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 04/01/50 (a) | 900000 | &nbsp;&nbsp;&nbsp; 1000080 |
| Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 06/02/27 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1188204 |
|  |  | &nbsp;&nbsp;&nbsp; 11110064 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 08/15/47 | 800000 | &nbsp;&nbsp;&nbsp; 667672 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/15/31 (a) | 1100000 | &nbsp;&nbsp;&nbsp; $955999 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 02/15/44 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1364550 |
| Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 09/15/34 | 1000000 | &nbsp;&nbsp;&nbsp; 1003440 |
|  |  | &nbsp;&nbsp;&nbsp; 3323989 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| Stanley Black & Decker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/32 | 1800000 | &nbsp;&nbsp;&nbsp; 1620306 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/30/36 (a) | 1300000 | &nbsp;&nbsp;&nbsp; 1312103 |
| DH Europe Finance II SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/39 | 900000 | &nbsp;&nbsp;&nbsp; 736335 |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905%, 11/22/32 (a) | 1400000 | &nbsp;&nbsp;&nbsp; 1505910 |
| Medtronic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/45 (a) | 933000 | &nbsp;&nbsp;&nbsp; 857194 |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 04/30/54 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1027990 |
| Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 02/10/35 | 1000000 | &nbsp;&nbsp;&nbsp; 1030890 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.086%, 08/10/33 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2072960 |
|  |  | &nbsp;&nbsp;&nbsp; 8543382 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/31 (a) | 300000 | &nbsp;&nbsp;&nbsp; 258567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/30 | 2000000 | &nbsp;&nbsp;&nbsp; 1841360 |
| Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 03/15/31 | 1500000 | &nbsp;&nbsp;&nbsp; 1349760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 02/15/34 | 2000000 | &nbsp;&nbsp;&nbsp; 2059420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/41 | 313000 | &nbsp;&nbsp;&nbsp; 331195 |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.910%, 10/01/50 (a) | 500000 | &nbsp;&nbsp;&nbsp; 376360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.205%, 12/01/31 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2067820 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 01/15/36 | 1800000 | &nbsp;&nbsp;&nbsp; 1909458 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/29 | 1800000 | &nbsp;&nbsp;&nbsp; 1784304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/15/34 (a) | 5000000 | &nbsp;&nbsp;&nbsp; 5126250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 06/01/53 | 1000000 | &nbsp;&nbsp;&nbsp; 987480 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/01/30 | 800000 | &nbsp;&nbsp;&nbsp; 810040 |
| Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.002%, 06/01/51 | 1000000 | &nbsp;&nbsp;&nbsp; 663220 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/15/39 (a) | 900000 | &nbsp;&nbsp;&nbsp; 750033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/15/48 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 827280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/62 (a) | 1300000 | &nbsp;&nbsp;&nbsp; 1141348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/34 (a) | 5000000 | &nbsp;&nbsp;&nbsp; 5077900 |
|  |  | &nbsp;&nbsp;&nbsp; 27361795 |

---

**BHFTII-153**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/29/27 (a) | 1300000 | &nbsp;&nbsp;&nbsp; $1312246 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 03/26/30 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1055681 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Allstate Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 12/15/30 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 949663 |
| American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 06/30/30 | 800000 | &nbsp;&nbsp;&nbsp; 766040 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 02/28/33 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1044090 |
| Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/01/54 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1007650 |
| Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 07/15/34 | 1000000 | &nbsp;&nbsp;&nbsp; 1034980 |
| Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/54 (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2139921 |
| AXA SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.600%, 12/15/30 (a) | 365000 | &nbsp;&nbsp;&nbsp; 434171 |
| Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 08/15/48 (a) | 1700000 | &nbsp;&nbsp;&nbsp; 1454282 |
| Berkshire Hathaway, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 03/15/26 (a) | 750000 | &nbsp;&nbsp;&nbsp; 747097 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/23/35 | 1000000 | &nbsp;&nbsp;&nbsp; 1028280 |
| Chubb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/11/37 | 865000 | &nbsp;&nbsp;&nbsp; 946985 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5Y H15 + 2.646%, 09/15/54 (a) (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1026280 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/20/48 | 1100000 | &nbsp;&nbsp;&nbsp; 1009668 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/29/30 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2006960 |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 10/01/41 | 780000 | &nbsp;&nbsp;&nbsp; 828376 |
| Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 03/01/48 (a) | 600000 | &nbsp;&nbsp;&nbsp; 495324 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 03/14/26 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 997760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/15/54 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 988770 |
| Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/15/26 | 1000000 | &nbsp;&nbsp;&nbsp; 988900 |
| Progressive Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 06/15/33 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1028570 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 03/10/30 | 1000000 | &nbsp;&nbsp;&nbsp; 921720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 12/14/36 (a) | 1525000 | &nbsp;&nbsp;&nbsp; 1622386 |
| Travelers Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 06/08/51 | 800000 | &nbsp;&nbsp;&nbsp; 541200 |
|  |  | &nbsp;&nbsp;&nbsp; 24009073 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 12/06/47 (a) | 1400000 | &nbsp;&nbsp;&nbsp; $1195572 |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 08/15/50 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 624844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/55 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1002740 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 05/12/51 (a) | 2200000 | &nbsp;&nbsp;&nbsp; 1527416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 04/13/29 (a) | 3100000 | &nbsp;&nbsp;&nbsp; 3055205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/22/37 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 1749976 |
| Booking Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 06/01/26 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1992280 |
| eBay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 06/05/27 | 500000 | &nbsp;&nbsp;&nbsp; 496325 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/15/34 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2024880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 05/15/33 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1551795 |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/15/34 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2062080 |
|  |  | &nbsp;&nbsp;&nbsp; 17283113 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| ARES Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/29 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2573250 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/25/31 | 1000000 | &nbsp;&nbsp;&nbsp; 1044960 |
| Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 07/15/26 (a) | 400000 | &nbsp;&nbsp;&nbsp; 396248 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 03/15/31 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1576185 |
|  |  | &nbsp;&nbsp;&nbsp; 5590643 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/08/30 | 2200000 | &nbsp;&nbsp;&nbsp; 2116444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/21/36 (a) | 528000 | &nbsp;&nbsp;&nbsp; 593958 |
|  |  | &nbsp;&nbsp;&nbsp; 2710402 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/15/31 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1022910 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 04/15/31 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1012198 |
| Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 08/08/28 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1021750 |
|  |  | &nbsp;&nbsp;&nbsp; 3056858 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| Caterpillar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803%, 08/15/42 | 3100000 | &nbsp;&nbsp;&nbsp; 2619004 |
| Eaton Capital ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/09/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1010520 |
|  |  | &nbsp;&nbsp;&nbsp; 3629524 |

---

**BHFTII-154**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/17/31 | 1000000 | &nbsp;&nbsp;&nbsp; $888690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 06/11/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2054380 |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 04/15/33 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 2039061 |
|  |  | &nbsp;&nbsp;&nbsp; 4982131 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/61 | 2300000 | &nbsp;&nbsp;&nbsp; 1431796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 06/01/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2098780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/45 | 900000 | &nbsp;&nbsp;&nbsp; 889011 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 03/01/26 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 995830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969%, 11/01/47 | 900000 | &nbsp;&nbsp;&nbsp; 702477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 07/15/42 (a) | 1670000 | &nbsp;&nbsp;&nbsp; 1516410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 06/15/35 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1583175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 06/01/54 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 2936490 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 01/25/49 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 973570 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/43 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1157295 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/41 | 1200000 | &nbsp;&nbsp;&nbsp; 1098852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 05/01/37 | 100000 | &nbsp;&nbsp;&nbsp; 103893 |
| TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 06/15/27 | 1000000 | &nbsp;&nbsp;&nbsp; 986590 |
| Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 01/13/51 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 756540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 03/15/33 (a) | 950000 | &nbsp;&nbsp;&nbsp; 1079305 |
|  |  | &nbsp;&nbsp;&nbsp; 18310014 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/08/33 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1249908 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/15/43 (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2019192 |
| Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/39 (a) | 1800000 | &nbsp;&nbsp;&nbsp; 2011086 |
| Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/33 (a) | 751000 | &nbsp;&nbsp;&nbsp; 824658 |
|  |  | &nbsp;&nbsp;&nbsp; 6104844 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| 3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/27 | 1700000 | &nbsp;&nbsp;&nbsp; 1665422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/14/48 | 900000 | &nbsp;&nbsp;&nbsp; 727911 |
| Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 06/14/29 (a) | 900000 | &nbsp;&nbsp;&nbsp; 873630 |
|  |  | &nbsp;&nbsp;&nbsp; 3266963 |
| **Multi-National — 1.3%** | **Multi-National — 1.3%** | **Multi-National — 1.3%** |
| African Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/18/29 | 2000000 | &nbsp;&nbsp;&nbsp; 1981780 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Multi-National—(Continued)** | **Multi-National—(Continued)** | **Multi-National—(Continued)** |
| Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/04/31 | 2000000 | &nbsp;&nbsp;&nbsp; $1771680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/19/29 | 900000 | &nbsp;&nbsp;&nbsp; 834795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/12/27 | 2000000 | &nbsp;&nbsp;&nbsp; 2008700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/12/34 | 3100000 | &nbsp;&nbsp;&nbsp; 3107626 |
| Asian Infrastructure Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 01/27/26 | 50000 | &nbsp;&nbsp;&nbsp; 49431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/16/30 (a) | 500000 | &nbsp;&nbsp;&nbsp; 514525 |
| Corp. Andina de Fomento |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/22/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1035640 |
| Council of Europe Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/08/28 | 1000000 | &nbsp;&nbsp;&nbsp; 998760 |
| European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/25/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1013430 |
| European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 07/15/30 | 1000000 | &nbsp;&nbsp;&nbsp; 993730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/29 | 5100000 | &nbsp;&nbsp;&nbsp; 5150898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/10/31 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1027220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/14/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1030600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/36 | 1100000 | &nbsp;&nbsp;&nbsp; 1161523 |
| Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 06/18/29 | 1400000 | &nbsp;&nbsp;&nbsp; 1329608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 07/07/27 | 500000 | &nbsp;&nbsp;&nbsp; 488965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/14/30 | 1000000 | &nbsp;&nbsp;&nbsp; 998980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/15/29 | 2500000 | &nbsp;&nbsp;&nbsp; 2534125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/30 | 400000 | &nbsp;&nbsp;&nbsp; 411976 |
| Inter-American Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/14/29 | 500000 | &nbsp;&nbsp;&nbsp; 506730 |
| International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/03/31 | 2800000 | &nbsp;&nbsp;&nbsp; 2454340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/14/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1004800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/20/30 | 2500000 | &nbsp;&nbsp;&nbsp; 2537100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/28 | 5900000 | &nbsp;&nbsp;&nbsp; 6050568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/15/32 | 1000000 | &nbsp;&nbsp;&nbsp; 1038060 |
| International Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/21/28 | 2000000 | &nbsp;&nbsp;&nbsp; 2036200 |
| Nordic Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/09/30 (a) | 500000 | &nbsp;&nbsp;&nbsp; 499745 |
|  |  | &nbsp;&nbsp;&nbsp; 44571535 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/28 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1093653 |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.721%, 01/12/32 | 1000000 | &nbsp;&nbsp;&nbsp; 907470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/24/50 | 1000000 | &nbsp;&nbsp;&nbsp; 663060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.699%, 04/10/29 | 3000000 | &nbsp;&nbsp;&nbsp; 3055170 |
| Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/38 | 800000 | &nbsp;&nbsp;&nbsp; 854120 |
| Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954%, 05/16/26 | 1500000 | &nbsp;&nbsp;&nbsp; 1489920 |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 05/15/53 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 952680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/55 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1076251 |

---

**BHFTII-155**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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)** |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 04/15/29 (a) | 700000 | &nbsp;&nbsp;&nbsp; $765142 |
| Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 09/15/54 (a) | 1400000 | &nbsp;&nbsp;&nbsp; 1298038 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/18/54 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 961680 |
| Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/06/40 | 600000 | &nbsp;&nbsp;&nbsp; 510990 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114%, 03/01/46 (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1357824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%, 03/19/40 | 2000000 | &nbsp;&nbsp;&nbsp; 1832080 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 08/01/29 | 3500000 | &nbsp;&nbsp;&nbsp; 3555790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 09/15/36 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1060890 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/44 | 1000000 | &nbsp;&nbsp;&nbsp; 894170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 03/15/35 (a) | 2600000 | &nbsp;&nbsp;&nbsp; 2574546 |
| Shell Finance U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/07/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1876620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/06/50 (a) | 900000 | &nbsp;&nbsp;&nbsp; 637839 |
| TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 05/29/50 | 900000 | &nbsp;&nbsp;&nbsp; 614817 |
| Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 09/15/26 (a) | 200000 | &nbsp;&nbsp;&nbsp; 198574 |
|  |  | &nbsp;&nbsp;&nbsp; 27137671 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%, 05/01/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1009160 |
| Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/45 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1092072 |
|  |  | &nbsp;&nbsp;&nbsp; 2101232 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 09/01/29 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1106193 |
| WRKCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/33 (a) | 600000 | &nbsp;&nbsp;&nbsp; 533040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 06/01/32 (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2039478 |
|  |  | &nbsp;&nbsp;&nbsp; 3678711 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/21/39 (a) | 6900000 | &nbsp;&nbsp;&nbsp; 6174051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 03/15/54 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1492665 |
| AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/18/42 | 1200000 | &nbsp;&nbsp;&nbsp; 1042644 |
| Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669%, 06/06/47 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1768060 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 07/26/29 | 1000000 | &nbsp;&nbsp;&nbsp; 975080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 02/22/34 (a) | 2900000 | &nbsp;&nbsp;&nbsp; 3006430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 02/22/54 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1494975 |
| Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 06/15/27 | 800000 | &nbsp;&nbsp;&nbsp; 791344 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 02/15/35 (a) | 2000000 | &nbsp;&nbsp;&nbsp; $2040020 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 03/25/28 (a) | 544000 | &nbsp;&nbsp;&nbsp; 544332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780%, 03/25/38 | 1500000 | &nbsp;&nbsp;&nbsp; 1406415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 03/25/48 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1335435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/20/45 | 900000 | &nbsp;&nbsp;&nbsp; 816561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/44 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2026580 |
| Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 08/14/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1003560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/12/55 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1021450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 10/15/55 | 2000000 | &nbsp;&nbsp;&nbsp; 2058740 |
| GlaxoSmithKline Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/28 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 998870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/15/35 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1008390 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 03/01/46 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 823090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 08/15/37 (a) | 910000 | &nbsp;&nbsp;&nbsp; 1017262 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/07/29 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 3919040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 09/15/37 | 1000000 | &nbsp;&nbsp;&nbsp; 1153000 |
| Merck Sharp & Dohme Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 12/01/28 | 300000 | &nbsp;&nbsp;&nbsp; 318300 |
| Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 08/14/30 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 1746043 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110%, 05/19/43 (a) | 4800000 | &nbsp;&nbsp;&nbsp; 4652832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340%, 05/19/63 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1897080 |
| Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 09/15/28 (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2088891 |
| Shire Acquisitions Investments Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 09/23/26 (a) | 800000 | &nbsp;&nbsp;&nbsp; 793720 |
|  |  | &nbsp;&nbsp;&nbsp; 49414860 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| El Paso Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/32 | 220000 | &nbsp;&nbsp;&nbsp; 263179 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/05/54 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1539960 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/15/45 | 2600000 | &nbsp;&nbsp;&nbsp; 2336230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 09/01/54 (a) | 3500000 | &nbsp;&nbsp;&nbsp; 3445330 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 02/15/52 | 1100000 | &nbsp;&nbsp;&nbsp; 745503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 02/15/27 (a) | 1300000 | &nbsp;&nbsp;&nbsp; 1299337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 01/15/36 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1016550 |
| Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/37 | 2000000 | &nbsp;&nbsp;&nbsp; 2170340 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/28 (a) | 3600000 | &nbsp;&nbsp;&nbsp; 3581676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/47 | 1000000 | &nbsp;&nbsp;&nbsp; 899080 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 03/15/30 | 1100000 | &nbsp;&nbsp;&nbsp; 1038950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 11/01/54 (a) | 3600000 | &nbsp;&nbsp;&nbsp; 3402576 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 03/01/29 | 2400000 | &nbsp;&nbsp;&nbsp; 2528016 |

---

**BHFTII-156**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 10/15/37 (a) | 1800000 | &nbsp;&nbsp;&nbsp; $1927080 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 02/01/30 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1072753 |
| Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 06/15/27 | 1500000 | &nbsp;&nbsp;&nbsp; 1490235 |
|  |  | &nbsp;&nbsp;&nbsp; 28756795 |
| **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** | **Real Estate Investment Trusts — 0.9%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/15/52 | 1100000 | &nbsp;&nbsp;&nbsp; 765809 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 08/15/29 (a) | 2700000 | &nbsp;&nbsp;&nbsp; 2647755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/33 (a) | 900000 | &nbsp;&nbsp;&nbsp; 964242 |
| AvalonBay Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 03/01/30 | 200000 | &nbsp;&nbsp;&nbsp; 184454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 06/01/34 | 2000000 | &nbsp;&nbsp;&nbsp; 2079240 |
| Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/35 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2045800 |
| Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 07/01/30 (a) | 900000 | &nbsp;&nbsp;&nbsp; 882828 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/15/28 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1482915 |
| Digital Realty Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 08/15/27 (a) | 500000 | &nbsp;&nbsp;&nbsp; 496560 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 | 700000 | &nbsp;&nbsp;&nbsp; 669963 |
| ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 960280 |
| Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/15/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 947060 |
| Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 02/01/34 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2061280 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/15/34 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2023340 |
| Healthpeak OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/15/29 | 900000 | &nbsp;&nbsp;&nbsp; 872703 |
| Kimco Realty OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 03/01/35 | 1000000 | &nbsp;&nbsp;&nbsp; 993880 |
| NNN REIT, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/15/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 923290 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/27 (a) | 500000 | &nbsp;&nbsp;&nbsp; 493960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/31 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1020890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1016440 |
| Public Storage Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.094%, 09/15/27 (a) | 500000 | &nbsp;&nbsp;&nbsp; 492105 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/15/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1024880 |
| Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/26/34 (a) | 3100000 | &nbsp;&nbsp;&nbsp; 3079478 |
| Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/34 | 2000000 | &nbsp;&nbsp;&nbsp; 2083280 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 06/15/32 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1056528 |
|  |  | &nbsp;&nbsp;&nbsp; 31268960 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/26 (a) | 1800000 | &nbsp;&nbsp;&nbsp; $1790676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/46 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1717880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/25/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2049000 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 05/03/47 | 2000000 | &nbsp;&nbsp;&nbsp; 1610000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/01/52 | 1100000 | &nbsp;&nbsp;&nbsp; 887689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/53 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 993410 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/09/45 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1387665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 05/17/34 | 1900000 | &nbsp;&nbsp;&nbsp; 1980389 |
| Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 08/15/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 979650 |
| Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 09/15/30 (a) | 1400000 | &nbsp;&nbsp;&nbsp; 1305878 |
| Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 09/22/31 (a) | 3600000 | &nbsp;&nbsp;&nbsp; 3175524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 06/29/48 (a) | 900000 | &nbsp;&nbsp;&nbsp; 758574 |
|  |  | &nbsp;&nbsp;&nbsp; 18636335 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35 (144A) (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1385168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 (a) | 1700000 | &nbsp;&nbsp;&nbsp; 1678155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/15/34 (a) | 5000000 | &nbsp;&nbsp;&nbsp; 5029350 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/25/50 (a) | 1800000 | &nbsp;&nbsp;&nbsp; 1522728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/05/52 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 860610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 02/21/34 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4060800 |
| KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 07/15/52 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1027851 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 01/15/35 | 1000000 | &nbsp;&nbsp;&nbsp; 1050930 |
| NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 04/01/30 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1051358 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 05/01/30 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1054636 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 05/20/32 (a) | 2333000 | &nbsp;&nbsp;&nbsp; 1974348 |
| Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 09/04/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 936970 |
| TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 04/22/32 | 1500000 | &nbsp;&nbsp;&nbsp; 1506090 |
|  |  | &nbsp;&nbsp;&nbsp; 23138994 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 03/01/26 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 987270 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/21/33 (a) | 1500000 | &nbsp;&nbsp;&nbsp; 1574895 |
| Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/15/33 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1045170 |
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 02/06/27 | 4000000 | &nbsp;&nbsp;&nbsp; 3976360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/06/47 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 1819400 |

---

**BHFTII-157**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/25/31 (a) | 3000000 | &nbsp;&nbsp;&nbsp; $2756580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/30 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1130604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 04/01/40 | 7600000 | &nbsp;&nbsp;&nbsp; 6101584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 04/01/60 | 2100000 | &nbsp;&nbsp;&nbsp; 1442196 |
| Salesforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 07/15/51 | 1000000 | &nbsp;&nbsp;&nbsp; 656560 |
| Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/01/35 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1016440 |
|  |  | &nbsp;&nbsp;&nbsp; 22507059 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/07/30 | 1000000 | &nbsp;&nbsp;&nbsp; 934220 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/41 (a) | 5700000 | &nbsp;&nbsp;&nbsp; 4556295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/15/53 (a) | 1221000 | &nbsp;&nbsp;&nbsp; 843699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/15/59 | 2686000 | &nbsp;&nbsp;&nbsp; 1836579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 02/15/28 (a) | 1687000 | &nbsp;&nbsp;&nbsp; 1685684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/15/31 | 100000 | &nbsp;&nbsp;&nbsp; 112338 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 02/15/34 | 1000000 | &nbsp;&nbsp;&nbsp; 1011890 |
| Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 02/26/29 (a) | 3000000 | &nbsp;&nbsp;&nbsp; 3078720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/40 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1044320 |
| Deutsche Telekom International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 06/15/30 | 300000 | &nbsp;&nbsp;&nbsp; 353637 |
| Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/06/44 | 500000 | &nbsp;&nbsp;&nbsp; 499405 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/26 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1083060 |
| Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.103%, 03/08/27 (a) | 900000 | &nbsp;&nbsp;&nbsp; 898389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.213%, 03/08/47 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1079136 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 02/15/31 | 2200000 | &nbsp;&nbsp;&nbsp; 1997622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 02/15/51 | 1500000 | &nbsp;&nbsp;&nbsp; 1019115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/30 | 3800000 | &nbsp;&nbsp;&nbsp; 3724988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/28 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1001740 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 03/22/41 | 2800000 | &nbsp;&nbsp;&nbsp; 2211944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 03/22/51 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 731610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 03/15/39 (a) | 1927000 | &nbsp;&nbsp;&nbsp; 1835121 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 02/27/37 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1089070 |
|  |  | &nbsp;&nbsp;&nbsp; 32628582 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 04/01/45 | 1900000 | &nbsp;&nbsp;&nbsp; 1619370 |
| Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 01/20/49 (a) | 400000 | &nbsp;&nbsp;&nbsp; 350212 |
| Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/02/31 | 1100000 | &nbsp;&nbsp;&nbsp; 979704 |
| CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 03/15/44 | 1600000 | &nbsp;&nbsp;&nbsp; 1356448 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Transportation—(Continued)** | **Transportation—(Continued)** | **Transportation—(Continued)** |
| CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 05/01/37 (a) | 800000 | &nbsp;&nbsp;&nbsp; $883360 |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 04/01/46 (144A) | 1000000 | &nbsp;&nbsp;&nbsp; 842030 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/01/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 941000 |
| Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/15/29 (a) | 2000000 | &nbsp;&nbsp;&nbsp; 2071980 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.891%, 04/06/36 | 1200000 | &nbsp;&nbsp;&nbsp; 1010316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 05/20/41 (a) | 3400000 | &nbsp;&nbsp;&nbsp; 2663900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/05/50 | 1300000 | &nbsp;&nbsp;&nbsp; 915824 |
| United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/30 (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1627824 |
|  |  | &nbsp;&nbsp;&nbsp; 15261968 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 09/15/33 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2577500 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 09/01/28 (a) | 900000 | &nbsp;&nbsp;&nbsp; 894960 |
| Essential Utilities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 01/15/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1024640 |
|  |  | &nbsp;&nbsp;&nbsp; 1919600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $881,825,770) <br>|  | &nbsp;&nbsp;&nbsp; 854785169 |
| **Agency Sponsored Mortgage-Backed Securities—25.0%** | **Agency Sponsored Mortgage-Backed Securities—25.0%** | **Agency Sponsored Mortgage-Backed Securities—25.0%** |
| **Agency Mortgage-Backed Securities — 25.0%** | **Agency Mortgage-Backed Securities — 25.0%** | **Agency Mortgage-Backed Securities — 25.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/01/36 | 1121562 | &nbsp;&nbsp;&nbsp; 1007376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/01/37 | 10760830 | &nbsp;&nbsp;&nbsp; 9640384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 01/01/42 | 2304546 | &nbsp;&nbsp;&nbsp; 1932212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/01/51 | 744415 | &nbsp;&nbsp;&nbsp; 572752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 04/01/51 | 2251482 | &nbsp;&nbsp;&nbsp; 1732202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/35 | 1678111 | &nbsp;&nbsp;&nbsp; 1556008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/35 | 1337175 | &nbsp;&nbsp;&nbsp; 1239467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/36 | 6430844 | &nbsp;&nbsp;&nbsp; 5933065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/36 | 572225 | &nbsp;&nbsp;&nbsp; 527667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/41 | 1614026 | &nbsp;&nbsp;&nbsp; 1410302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/41 | 1092083 | &nbsp;&nbsp;&nbsp; 948108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/50 | 3153690 | &nbsp;&nbsp;&nbsp; 2569710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/50 | 3257344 | &nbsp;&nbsp;&nbsp; 2653034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/50 | 5326294 | &nbsp;&nbsp;&nbsp; 4336290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/51 | 8070042 | &nbsp;&nbsp;&nbsp; 6567242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 3416248 | &nbsp;&nbsp;&nbsp; 2778885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 51702005 | &nbsp;&nbsp;&nbsp; 42038572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/51 | 4700435 | &nbsp;&nbsp;&nbsp; 3818601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/51 | 4536001 | &nbsp;&nbsp;&nbsp; 3681851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51 | 3732710 | &nbsp;&nbsp;&nbsp; 3028522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/51 | 3979257 | &nbsp;&nbsp;&nbsp; 3223006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52 | 2040088 | &nbsp;&nbsp;&nbsp; 1652133 |

---

**BHFTII-158**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/52 | 1102086 | &nbsp;&nbsp;&nbsp; $892507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/27 | 78080 | &nbsp;&nbsp;&nbsp; 76860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/28 | 187528 | &nbsp;&nbsp;&nbsp; 184361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/29 | 322728 | &nbsp;&nbsp;&nbsp; 314523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/32 | 1019274 | &nbsp;&nbsp;&nbsp; 982192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/35 | 843847 | &nbsp;&nbsp;&nbsp; 799522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/41 | 1185435 | &nbsp;&nbsp;&nbsp; 1073538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/50 | 1326166 | &nbsp;&nbsp;&nbsp; 1131820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 3474949 | &nbsp;&nbsp;&nbsp; 2963635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/50 | 2395653 | &nbsp;&nbsp;&nbsp; 2040126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50 | 1956781 | &nbsp;&nbsp;&nbsp; 1665779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/50 | 2684493 | &nbsp;&nbsp;&nbsp; 2283606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/51 | 2303779 | &nbsp;&nbsp;&nbsp; 1956795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 2092597 | &nbsp;&nbsp;&nbsp; 1775476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51 | 3424904 | &nbsp;&nbsp;&nbsp; 2904818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 15706766 | &nbsp;&nbsp;&nbsp; 13475784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/52 | 1325143 | &nbsp;&nbsp;&nbsp; 1120028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/27 | 42415 | &nbsp;&nbsp;&nbsp; 42039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/27 | 70075 | &nbsp;&nbsp;&nbsp; 69369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/28 | 159917 | &nbsp;&nbsp;&nbsp; 157743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/32 | 260148 | &nbsp;&nbsp;&nbsp; 252651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/33 | 510628 | &nbsp;&nbsp;&nbsp; 493910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/35 | 469536 | &nbsp;&nbsp;&nbsp; 451826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/42 | 653943 | &nbsp;&nbsp;&nbsp; 601858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/43 | 485296 | &nbsp;&nbsp;&nbsp; 446411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/43 | 487227 | &nbsp;&nbsp;&nbsp; 448188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/43 | 1102595 | &nbsp;&nbsp;&nbsp; 1017007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/43 | 819988 | &nbsp;&nbsp;&nbsp; 756304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/45 | 796623 | &nbsp;&nbsp;&nbsp; 722891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/46 | 787588 | &nbsp;&nbsp;&nbsp; 713194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/46 | 891914 | &nbsp;&nbsp;&nbsp; 807666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/47 | 1577354 | &nbsp;&nbsp;&nbsp; 1428360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/48 | 339262 | &nbsp;&nbsp;&nbsp; 305317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/49 | 756267 | &nbsp;&nbsp;&nbsp; 674049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/49 | 983553 | &nbsp;&nbsp;&nbsp; 876625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/50 | 502771 | &nbsp;&nbsp;&nbsp; 448111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/50 | 892060 | &nbsp;&nbsp;&nbsp; 794411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/50 | 846165 | &nbsp;&nbsp;&nbsp; 753277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/50 | 748325 | &nbsp;&nbsp;&nbsp; 665714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 | 10819210 | &nbsp;&nbsp;&nbsp; 9674777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/50 | 9933194 | &nbsp;&nbsp;&nbsp; 8867696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/50 | 807958 | &nbsp;&nbsp;&nbsp; 717765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/52 | 3390179 | &nbsp;&nbsp;&nbsp; 2986633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/52 | 1268180 | &nbsp;&nbsp;&nbsp; 1116929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/53 | 3096851 | &nbsp;&nbsp;&nbsp; 2727860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/25 | 5302 | &nbsp;&nbsp;&nbsp; 5286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/26 | 4103 | &nbsp;&nbsp;&nbsp; 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/30 | 343269 | &nbsp;&nbsp;&nbsp; 339497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/32 | 297650 | &nbsp;&nbsp;&nbsp; 292658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/42 | 237116 | &nbsp;&nbsp;&nbsp; 224187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/42 | 221297 | &nbsp;&nbsp;&nbsp; 209258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/43 | 397326 | &nbsp;&nbsp;&nbsp; 375711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/43 | 581466 | &nbsp;&nbsp;&nbsp; 552627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/43 | 310095 | &nbsp;&nbsp;&nbsp; 294722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/44 | 273413 | &nbsp;&nbsp;&nbsp; 257162 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/44 | 357785 | &nbsp;&nbsp;&nbsp; $336519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/44 | 422598 | &nbsp;&nbsp;&nbsp; 397479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/45 | 559180 | &nbsp;&nbsp;&nbsp; 523414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/45 | 543595 | &nbsp;&nbsp;&nbsp; 508826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/45 | 332898 | &nbsp;&nbsp;&nbsp; 311606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/46 | 956245 | &nbsp;&nbsp;&nbsp; 894793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/47 | 432073 | &nbsp;&nbsp;&nbsp; 402768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/47 | 281747 | &nbsp;&nbsp;&nbsp; 262637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/47 | 394269 | &nbsp;&nbsp;&nbsp; 367080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/47 | 382683 | &nbsp;&nbsp;&nbsp; 356728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/49 | 260331 | &nbsp;&nbsp;&nbsp; 240664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/49 | 360687 | &nbsp;&nbsp;&nbsp; 333439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/50 | 478251 | &nbsp;&nbsp;&nbsp; 442122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/50 | 1357481 | &nbsp;&nbsp;&nbsp; 1253744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/54 | 1036090 | &nbsp;&nbsp;&nbsp; 948552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/31 | 101183 | &nbsp;&nbsp;&nbsp; 100796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/31 | 117714 | &nbsp;&nbsp;&nbsp; 117193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/39 | 138481 | &nbsp;&nbsp;&nbsp; 135127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/39 | 262156 | &nbsp;&nbsp;&nbsp; 255803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/40 | 188829 | &nbsp;&nbsp;&nbsp; 184201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/41 | 228022 | &nbsp;&nbsp;&nbsp; 222637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/41 | 206091 | &nbsp;&nbsp;&nbsp; 201223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/41 | 521352 | &nbsp;&nbsp;&nbsp; 508982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/41 | 145353 | &nbsp;&nbsp;&nbsp; 141920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/44 | 452894 | &nbsp;&nbsp;&nbsp; 437699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/44 | 356228 | &nbsp;&nbsp;&nbsp; 344276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/45 | 551576 | &nbsp;&nbsp;&nbsp; 532912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/46 | 508035 | &nbsp;&nbsp;&nbsp; 490844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/46 | 285226 | &nbsp;&nbsp;&nbsp; 275575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/47 | 458434 | &nbsp;&nbsp;&nbsp; 440131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/47 | 246359 | &nbsp;&nbsp;&nbsp; 236523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/47 | 232418 | &nbsp;&nbsp;&nbsp; 223139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/48 | 368311 | &nbsp;&nbsp;&nbsp; 353606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/48 | 166416 | &nbsp;&nbsp;&nbsp; 159437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/48 | 187639 | &nbsp;&nbsp;&nbsp; 179770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/48 | 225453 | &nbsp;&nbsp;&nbsp; 215998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/49 | 135455 | &nbsp;&nbsp;&nbsp; 129774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/49 | 127608 | &nbsp;&nbsp;&nbsp; 122112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/49 | 253078 | &nbsp;&nbsp;&nbsp; 241854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/54 | 945810 | &nbsp;&nbsp;&nbsp; 892423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/29 | 18525 | &nbsp;&nbsp;&nbsp; 18583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/35 | 69446 | &nbsp;&nbsp;&nbsp; 69719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/38 | 98644 | &nbsp;&nbsp;&nbsp; 99032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/39 | 54205 | &nbsp;&nbsp;&nbsp; 54300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/39 | 106449 | &nbsp;&nbsp;&nbsp; 106625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/39 | 99072 | &nbsp;&nbsp;&nbsp; 99233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/39 | 119477 | &nbsp;&nbsp;&nbsp; 119672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/39 | 274939 | &nbsp;&nbsp;&nbsp; 275388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/39 | 73752 | &nbsp;&nbsp;&nbsp; 73873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/40 | 78119 | &nbsp;&nbsp;&nbsp; 78247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/40 | 116889 | &nbsp;&nbsp;&nbsp; 117475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/40 | 156271 | &nbsp;&nbsp;&nbsp; 157053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/41 | 43764 | &nbsp;&nbsp;&nbsp; 43715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/41 | 114198 | &nbsp;&nbsp;&nbsp; 114069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/41 | 73295 | &nbsp;&nbsp;&nbsp; 73212 |

---

**BHFTII-159**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/43 | 144386 | &nbsp;&nbsp;&nbsp; $143784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/45 | 215153 | &nbsp;&nbsp;&nbsp; 213359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/47 | 322805 | &nbsp;&nbsp;&nbsp; 318659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/48 | 132389 | &nbsp;&nbsp;&nbsp; 130624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/48 | 232959 | &nbsp;&nbsp;&nbsp; 229854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/48 | 144107 | &nbsp;&nbsp;&nbsp; 142186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/49 | 124058 | &nbsp;&nbsp;&nbsp; 122260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/53 | 5316496 | &nbsp;&nbsp;&nbsp; 5181987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/53 | 906519 | &nbsp;&nbsp;&nbsp; 882388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/27 | 3136 | &nbsp;&nbsp;&nbsp; 3141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/33 | 85401 | &nbsp;&nbsp;&nbsp; 86818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/34 | 14498 | &nbsp;&nbsp;&nbsp; 14764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 93617 | &nbsp;&nbsp;&nbsp; 95473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/35 | 31865 | &nbsp;&nbsp;&nbsp; 32497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/35 | 5108 | &nbsp;&nbsp;&nbsp; 5209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/36 | 57545 | &nbsp;&nbsp;&nbsp; 58686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/38 | 55053 | &nbsp;&nbsp;&nbsp; 56200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 258223 | &nbsp;&nbsp;&nbsp; 263621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/40 | 278772 | &nbsp;&nbsp;&nbsp; 284714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/53 | 5414347 | &nbsp;&nbsp;&nbsp; 5384131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/54 | 5686020 | &nbsp;&nbsp;&nbsp; 5696922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/55 | 1903887 | &nbsp;&nbsp;&nbsp; 1888576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/55 | 1911511 | &nbsp;&nbsp;&nbsp; 1896139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/34 | 15671 | &nbsp;&nbsp;&nbsp; 16264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/35 | 40081 | &nbsp;&nbsp;&nbsp; 41665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/36 | 51503 | &nbsp;&nbsp;&nbsp; 53538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/37 | 65650 | &nbsp;&nbsp;&nbsp; 68301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/38 | 20149 | &nbsp;&nbsp;&nbsp; 20955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/38 | 38072 | &nbsp;&nbsp;&nbsp; 39594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/39 | 1577632 | &nbsp;&nbsp;&nbsp; 1612065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/54 | 1850764 | &nbsp;&nbsp;&nbsp; 1867176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/55 | 1865088 | &nbsp;&nbsp;&nbsp; 1881482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/55 | 3000000 | &nbsp;&nbsp;&nbsp; 3026109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/28 | 391 | &nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/28 | 467 | &nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/29 | 403 | &nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/31 | 657 | &nbsp;&nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/31 | 114 | &nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/31 | 18508 | &nbsp;&nbsp;&nbsp; 19123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/32 | 4536 | &nbsp;&nbsp;&nbsp; 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/35 | 11224 | &nbsp;&nbsp;&nbsp; 11785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/36 | 32088 | &nbsp;&nbsp;&nbsp; 33663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/36 | 13988 | &nbsp;&nbsp;&nbsp; 14733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/37 | 18447 | &nbsp;&nbsp;&nbsp; 19430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/39 | 1479819 | &nbsp;&nbsp;&nbsp; 1528639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/54 | 1799475 | &nbsp;&nbsp;&nbsp; 1865326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/54 | 12680370 | &nbsp;&nbsp;&nbsp; 12965910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/30 | 1201 | &nbsp;&nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/31 | 1486 | &nbsp;&nbsp;&nbsp; 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/31 | 2919 | &nbsp;&nbsp;&nbsp; 3063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/32 | 28604 | &nbsp;&nbsp;&nbsp; 30119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/32 | 33212 | &nbsp;&nbsp;&nbsp; 34979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/37 | 21576 | &nbsp;&nbsp;&nbsp; 23214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/53 | 674417 | &nbsp;&nbsp;&nbsp; 697280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/54 | 14400255 | &nbsp;&nbsp;&nbsp; 14884823 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/55 | 2639839 | &nbsp;&nbsp;&nbsp; $2730026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/27 | 87 | &nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/28 | 186 | &nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/01/29 | 409 | &nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/01/29 | 111 | &nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/01/29 | 37 | &nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/01/31 | 21981 | &nbsp;&nbsp;&nbsp; 23223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/01/27 | 680 | &nbsp;&nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/01/29 | 1491 | &nbsp;&nbsp;&nbsp; 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/30 | 2910 | &nbsp;&nbsp;&nbsp; 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 02/01/27 | 105 | &nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/01/28 | 285 | &nbsp;&nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 01/25/32 | 3500000 | &nbsp;&nbsp;&nbsp; 3124678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.519%, 07/25/29 | 2250000 | &nbsp;&nbsp;&nbsp; 2139622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.785%, 06/25/29 | 1800000 | &nbsp;&nbsp;&nbsp; 1729771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.243%, 04/25/27 | 1500000 | &nbsp;&nbsp;&nbsp; 1484629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.444%, 12/25/27 | 3500000 | &nbsp;&nbsp;&nbsp; 3465050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.780%, 10/25/28 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1991282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920%, 09/25/28 (b) | 2900000 | &nbsp;&nbsp;&nbsp; 2899231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.926%, 07/25/28 (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2499585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/25/34 | 3500000 | &nbsp;&nbsp;&nbsp; 3643721 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 04/01/36 | 1165733 | &nbsp;&nbsp;&nbsp; 1046780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 09/01/36 | 1285006 | &nbsp;&nbsp;&nbsp; 1152397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/01/36 | 2000317 | &nbsp;&nbsp;&nbsp; 1792964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/01/51 | 3003043 | &nbsp;&nbsp;&nbsp; 2310539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 04/01/51 | 3796688 | &nbsp;&nbsp;&nbsp; 2921022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/51 | 9718059 | &nbsp;&nbsp;&nbsp; 7474432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/35 | 1158657 | &nbsp;&nbsp;&nbsp; 1073994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/35 | 939072 | &nbsp;&nbsp;&nbsp; 870165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/36 | 3007232 | &nbsp;&nbsp;&nbsp; 2775841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/36 | 1912596 | &nbsp;&nbsp;&nbsp; 1761900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/37 | 652257 | &nbsp;&nbsp;&nbsp; 600060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/37 | 3757231 | &nbsp;&nbsp;&nbsp; 3455202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/37 | 1430954 | &nbsp;&nbsp;&nbsp; 1315925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/41 | 1880472 | &nbsp;&nbsp;&nbsp; 1644421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/41 | 1720053 | &nbsp;&nbsp;&nbsp; 1499727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/42 | 5529429 | &nbsp;&nbsp;&nbsp; 4797007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/50 | 8220478 | &nbsp;&nbsp;&nbsp; 6698262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/50 | 6474532 | &nbsp;&nbsp;&nbsp; 5273362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/50 | 3301712 | &nbsp;&nbsp;&nbsp; 2688020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/51 | 4052699 | &nbsp;&nbsp;&nbsp; 3298007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 2883937 | &nbsp;&nbsp;&nbsp; 2343896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/51 | 3672695 | &nbsp;&nbsp;&nbsp; 2983672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51 | 3120135 | &nbsp;&nbsp;&nbsp; 2529335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51 | 1582736 | &nbsp;&nbsp;&nbsp; 1282492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/51 | 3985464 | &nbsp;&nbsp;&nbsp; 3232034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52 | 13798853 | &nbsp;&nbsp;&nbsp; 11285848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/27 | 212310 | &nbsp;&nbsp;&nbsp; 208818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/28 | 228921 | &nbsp;&nbsp;&nbsp; 224846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/28 | 165526 | &nbsp;&nbsp;&nbsp; 162392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/28 | 265189 | &nbsp;&nbsp;&nbsp; 260131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/30 | 364916 | &nbsp;&nbsp;&nbsp; 355080 |

---

**BHFTII-160**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/31 | 733276 | &nbsp;&nbsp;&nbsp; $706826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/32 | 237297 | &nbsp;&nbsp;&nbsp; 228570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/32 | 574302 | &nbsp;&nbsp;&nbsp; 552000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/32 | 135694 | &nbsp;&nbsp;&nbsp; 130118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/34 | 496254 | &nbsp;&nbsp;&nbsp; 468066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/35 | 498110 | &nbsp;&nbsp;&nbsp; 471755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/36 | 3899181 | &nbsp;&nbsp;&nbsp; 3670388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/41 | 1353351 | &nbsp;&nbsp;&nbsp; 1225081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/50 | 802169 | &nbsp;&nbsp;&nbsp; 684157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/50 | 746640 | &nbsp;&nbsp;&nbsp; 637222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/50 | 1790474 | &nbsp;&nbsp;&nbsp; 1526976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 2908663 | &nbsp;&nbsp;&nbsp; 2478804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/50 | 2143475 | &nbsp;&nbsp;&nbsp; 1826036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/50 | 4231782 | &nbsp;&nbsp;&nbsp; 3603763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 1033494 | &nbsp;&nbsp;&nbsp; 879478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/50 | 1609026 | &nbsp;&nbsp;&nbsp; 1368744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/51 | 1669746 | &nbsp;&nbsp;&nbsp; 1419879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51 | 833679 | &nbsp;&nbsp;&nbsp; 708666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 2626989 | &nbsp;&nbsp;&nbsp; 2230511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/51 | 25647924 | &nbsp;&nbsp;&nbsp; 21769069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 3454928 | &nbsp;&nbsp;&nbsp; 2931353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51 | 1757235 | &nbsp;&nbsp;&nbsp; 1490391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 4308467 | &nbsp;&nbsp;&nbsp; 3652874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 2921000 | &nbsp;&nbsp;&nbsp; 2475625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 3031294 | &nbsp;&nbsp;&nbsp; 2567224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 1564874 | &nbsp;&nbsp;&nbsp; 1324333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 3579447 | &nbsp;&nbsp;&nbsp; 3058841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/53 | 5169519 | &nbsp;&nbsp;&nbsp; 4377194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/27 | 38470 | &nbsp;&nbsp;&nbsp; 38104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/27 | 72724 | &nbsp;&nbsp;&nbsp; 72006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/27 | 40327 | &nbsp;&nbsp;&nbsp; 39915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/29 | 428512 | &nbsp;&nbsp;&nbsp; 422229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/29 | 216678 | &nbsp;&nbsp;&nbsp; 212869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/30 | 322982 | &nbsp;&nbsp;&nbsp; 316502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/33 | 321375 | &nbsp;&nbsp;&nbsp; 311039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/35 | 425801 | &nbsp;&nbsp;&nbsp; 406549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/36 | 510188 | &nbsp;&nbsp;&nbsp; 492779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/36 | 496895 | &nbsp;&nbsp;&nbsp; 473057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/42 | 585350 | &nbsp;&nbsp;&nbsp; 537693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/42 | 487755 | &nbsp;&nbsp;&nbsp; 448158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/42 | 686525 | &nbsp;&nbsp;&nbsp; 630790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/42 | 463210 | &nbsp;&nbsp;&nbsp; 425559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/43 | 352759 | &nbsp;&nbsp;&nbsp; 324098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/43 | 701304 | &nbsp;&nbsp;&nbsp; 646159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/43 | 714505 | &nbsp;&nbsp;&nbsp; 658225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/43 | 428118 | &nbsp;&nbsp;&nbsp; 394396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/45 | 1050047 | &nbsp;&nbsp;&nbsp; 952954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/46 | 557305 | &nbsp;&nbsp;&nbsp; 504059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/46 | 778549 | &nbsp;&nbsp;&nbsp; 704164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/46 | 828849 | &nbsp;&nbsp;&nbsp; 749658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/47 | 1185558 | &nbsp;&nbsp;&nbsp; 1072286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/49 | 523144 | &nbsp;&nbsp;&nbsp; 466270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/49 | 952715 | &nbsp;&nbsp;&nbsp; 849139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/50 | 990233 | &nbsp;&nbsp;&nbsp; 882579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/50 | 487531 | &nbsp;&nbsp;&nbsp; 434529 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/50 | 739095 | &nbsp;&nbsp;&nbsp; $657503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/51 | 2014642 | &nbsp;&nbsp;&nbsp; 1784373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/52 | 1665740 | &nbsp;&nbsp;&nbsp; 1467847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/52 | 1075742 | &nbsp;&nbsp;&nbsp; 947442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/26 | 11154 | &nbsp;&nbsp;&nbsp; 11104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/26 | 10313 | &nbsp;&nbsp;&nbsp; 10260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/29 | 223397 | &nbsp;&nbsp;&nbsp; 221202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/32 | 236609 | &nbsp;&nbsp;&nbsp; 232510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/32 | 102107 | &nbsp;&nbsp;&nbsp; 100483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/34 | 156680 | &nbsp;&nbsp;&nbsp; 153354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/35 | 385389 | &nbsp;&nbsp;&nbsp; 374270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/37 | 1605146 | &nbsp;&nbsp;&nbsp; 1567245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/38 | 287300 | &nbsp;&nbsp;&nbsp; 276482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/40 | 327854 | &nbsp;&nbsp;&nbsp; 311110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/42 | 279716 | &nbsp;&nbsp;&nbsp; 266290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/42 | 566025 | &nbsp;&nbsp;&nbsp; 534596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/42 | 396279 | &nbsp;&nbsp;&nbsp; 374276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/42 | 244072 | &nbsp;&nbsp;&nbsp; 230519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/42 | 1060694 | &nbsp;&nbsp;&nbsp; 1001750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/43 | 410553 | &nbsp;&nbsp;&nbsp; 387757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/43 | 519111 | &nbsp;&nbsp;&nbsp; 493100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/44 | 511745 | &nbsp;&nbsp;&nbsp; 480766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/45 | 559752 | &nbsp;&nbsp;&nbsp; 525866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/45 | 634008 | &nbsp;&nbsp;&nbsp; 592741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/45 | 368729 | &nbsp;&nbsp;&nbsp; 344729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/45 | 503305 | &nbsp;&nbsp;&nbsp; 470545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/45 | 503050 | &nbsp;&nbsp;&nbsp; 470307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/46 | 616719 | &nbsp;&nbsp;&nbsp; 576577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/46 | 563111 | &nbsp;&nbsp;&nbsp; 526101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/46 | 410156 | &nbsp;&nbsp;&nbsp; 383200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/47 | 959101 | &nbsp;&nbsp;&nbsp; 892960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/49 | 187633 | &nbsp;&nbsp;&nbsp; 174390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/49 | 219256 | &nbsp;&nbsp;&nbsp; 202693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/49 | 459423 | &nbsp;&nbsp;&nbsp; 424716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/50 | 299547 | &nbsp;&nbsp;&nbsp; 276918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/50 | 150955 | &nbsp;&nbsp;&nbsp; 139551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/50 | 687181 | &nbsp;&nbsp;&nbsp; 635066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/51 | 11854355 | &nbsp;&nbsp;&nbsp; 10958814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52 | 2357128 | &nbsp;&nbsp;&nbsp; 2160781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/52 | 807564 | &nbsp;&nbsp;&nbsp; 740232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/52 | 5210318 | &nbsp;&nbsp;&nbsp; 4826529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/53 | 1557672 | &nbsp;&nbsp;&nbsp; 1425341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/54 | 958458 | &nbsp;&nbsp;&nbsp; 875996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/31 | 92624 | &nbsp;&nbsp;&nbsp; 92163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/38 | 1915039 | &nbsp;&nbsp;&nbsp; 1898567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/39 | 195272 | &nbsp;&nbsp;&nbsp; 190324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/39 | 162215 | &nbsp;&nbsp;&nbsp; 158104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/39 | 209664 | &nbsp;&nbsp;&nbsp; 204351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/40 | 103098 | &nbsp;&nbsp;&nbsp; 100453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/40 | 135302 | &nbsp;&nbsp;&nbsp; 131831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/40 | 1011593 | &nbsp;&nbsp;&nbsp; 985644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/41 | 498652 | &nbsp;&nbsp;&nbsp; 485858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/41 | 234972 | &nbsp;&nbsp;&nbsp; 229149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/42 | 305938 | &nbsp;&nbsp;&nbsp; 298357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/43 | 383375 | &nbsp;&nbsp;&nbsp; 373670 |

---

**BHFTII-161**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/44 | 431292 | &nbsp;&nbsp;&nbsp; $416323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/44 | 240498 | &nbsp;&nbsp;&nbsp; 232151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/44 | 559179 | &nbsp;&nbsp;&nbsp; 542294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/45 | 487869 | &nbsp;&nbsp;&nbsp; 470958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/45 | 353431 | &nbsp;&nbsp;&nbsp; 341058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/45 | 485589 | &nbsp;&nbsp;&nbsp; 468591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/47 | 140836 | &nbsp;&nbsp;&nbsp; 135053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/47 | 154968 | &nbsp;&nbsp;&nbsp; 148606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/47 | 230648 | &nbsp;&nbsp;&nbsp; 221178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/47 | 248334 | &nbsp;&nbsp;&nbsp; 236606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/47 | 368377 | &nbsp;&nbsp;&nbsp; 353252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/48 | 419671 | &nbsp;&nbsp;&nbsp; 401598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/48 | 353275 | &nbsp;&nbsp;&nbsp; 338061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/48 | 262169 | &nbsp;&nbsp;&nbsp; 250879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/48 | 126100 | &nbsp;&nbsp;&nbsp; 120670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/48 | 194934 | &nbsp;&nbsp;&nbsp; 186540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/48 | 245738 | &nbsp;&nbsp;&nbsp; 235156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/49 | 406139 | &nbsp;&nbsp;&nbsp; 388127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/50 | 432346 | &nbsp;&nbsp;&nbsp; 413171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/50 | 474053 | &nbsp;&nbsp;&nbsp; 453029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/50 | 326095 | &nbsp;&nbsp;&nbsp; 310704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/51 | 4073452 | &nbsp;&nbsp;&nbsp; 3892794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 6204484 | &nbsp;&nbsp;&nbsp; 5899951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/52 | 1631899 | &nbsp;&nbsp;&nbsp; 1544246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/52 | 1275276 | &nbsp;&nbsp;&nbsp; 1206383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/54 | 2902950 | &nbsp;&nbsp;&nbsp; 2736240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/55 | 2124353 | &nbsp;&nbsp;&nbsp; 2002356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/30 | 51685 | &nbsp;&nbsp;&nbsp; 51872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/33 | 27096 | &nbsp;&nbsp;&nbsp; 27179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/33 | 36676 | &nbsp;&nbsp;&nbsp; 36789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/34 | 24143 | &nbsp;&nbsp;&nbsp; 24216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/39 | 7422 | &nbsp;&nbsp;&nbsp; 7426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/39 | 307951 | &nbsp;&nbsp;&nbsp; 308088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/39 | 371571 | &nbsp;&nbsp;&nbsp; 371739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/39 | 204026 | &nbsp;&nbsp;&nbsp; 204118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/39 | 1743955 | &nbsp;&nbsp;&nbsp; 1742256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/40 | 305461 | &nbsp;&nbsp;&nbsp; 306622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/40 | 348848 | &nbsp;&nbsp;&nbsp; 350177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/40 | 191919 | &nbsp;&nbsp;&nbsp; 192650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/40 | 453104 | &nbsp;&nbsp;&nbsp; 454834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/41 | 1135386 | &nbsp;&nbsp;&nbsp; 1135383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/41 | 243331 | &nbsp;&nbsp;&nbsp; 242768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/44 | 157724 | &nbsp;&nbsp;&nbsp; 156226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/47 | 348500 | &nbsp;&nbsp;&nbsp; 343606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/48 | 168866 | &nbsp;&nbsp;&nbsp; 166418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/48 | 224650 | &nbsp;&nbsp;&nbsp; 221394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/50 | 2193283 | &nbsp;&nbsp;&nbsp; 2161494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/52 | 1195794 | &nbsp;&nbsp;&nbsp; 1165544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/52 | 1584501 | &nbsp;&nbsp;&nbsp; 1544172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/52 | 1234609 | &nbsp;&nbsp;&nbsp; 1202996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/53 | 1348924 | &nbsp;&nbsp;&nbsp; 1313016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/54 | 1427572 | &nbsp;&nbsp;&nbsp; 1384998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/55 | 2044933 | &nbsp;&nbsp;&nbsp; 1983984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/55 | 1009632 | &nbsp;&nbsp;&nbsp; 979540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 28881 | &nbsp;&nbsp;&nbsp; 29325 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/33 | 114318 | &nbsp;&nbsp;&nbsp; $116070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/33 | 33263 | &nbsp;&nbsp;&nbsp; 33775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/33 | 324342 | &nbsp;&nbsp;&nbsp; 329317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/34 | 41897 | &nbsp;&nbsp;&nbsp; 42541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34 | 87176 | &nbsp;&nbsp;&nbsp; 88594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/34 | 16176 | &nbsp;&nbsp;&nbsp; 16453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/34 | 66313 | &nbsp;&nbsp;&nbsp; 67447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/35 | 27322 | &nbsp;&nbsp;&nbsp; 27789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/35 | 10282 | &nbsp;&nbsp;&nbsp; 10474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/35 | 5565 | &nbsp;&nbsp;&nbsp; 5668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/35 | 29636 | &nbsp;&nbsp;&nbsp; 30188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/36 | 101645 | &nbsp;&nbsp;&nbsp; 103538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/37 | 90557 | &nbsp;&nbsp;&nbsp; 92360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/39 | 82500 | &nbsp;&nbsp;&nbsp; 84143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 1693962 | &nbsp;&nbsp;&nbsp; 1711871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/40 | 261447 | &nbsp;&nbsp;&nbsp; 266719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/41 | 156821 | &nbsp;&nbsp;&nbsp; 160007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/49 | 276990 | &nbsp;&nbsp;&nbsp; 279832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/52 | 1503622 | &nbsp;&nbsp;&nbsp; 1497454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/52 | 1188268 | &nbsp;&nbsp;&nbsp; 1186543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/52 | 3205447 | &nbsp;&nbsp;&nbsp; 3195157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/53 | 2988149 | &nbsp;&nbsp;&nbsp; 2973428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/53 | 1714047 | &nbsp;&nbsp;&nbsp; 1706909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/53 | 1320963 | &nbsp;&nbsp;&nbsp; 1313647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/54 | 1358924 | &nbsp;&nbsp;&nbsp; 1347995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/54 | 2689489 | &nbsp;&nbsp;&nbsp; 2669501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/55 | 2979066 | &nbsp;&nbsp;&nbsp; 2954602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/32 | 7774 | &nbsp;&nbsp;&nbsp; 7986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/33 | 17368 | &nbsp;&nbsp;&nbsp; 17842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/33 | 43909 | &nbsp;&nbsp;&nbsp; 45205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/33 | 18560 | &nbsp;&nbsp;&nbsp; 19109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/33 | 127946 | &nbsp;&nbsp;&nbsp; 131725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/34 | 24076 | &nbsp;&nbsp;&nbsp; 24968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/34 | 10274 | &nbsp;&nbsp;&nbsp; 10653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/34 | 7729 | &nbsp;&nbsp;&nbsp; 8014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/34 | 36979 | &nbsp;&nbsp;&nbsp; 38341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/34 | 25434 | &nbsp;&nbsp;&nbsp; 26371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/35 | 22368 | &nbsp;&nbsp;&nbsp; 23192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/35 | 6059 | &nbsp;&nbsp;&nbsp; 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/35 | 28654 | &nbsp;&nbsp;&nbsp; 29750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/37 | 38666 | &nbsp;&nbsp;&nbsp; 40183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/37 | 29330 | &nbsp;&nbsp;&nbsp; 30482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/38 | 21256 | &nbsp;&nbsp;&nbsp; 22080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/38 | 17980 | &nbsp;&nbsp;&nbsp; 18677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/52 | 1542072 | &nbsp;&nbsp;&nbsp; 1565209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/53 | 1526094 | &nbsp;&nbsp;&nbsp; 1545010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/53 | 768032 | &nbsp;&nbsp;&nbsp; 777670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/53 | 775484 | &nbsp;&nbsp;&nbsp; 783442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/53 | 1578435 | &nbsp;&nbsp;&nbsp; 1597993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 3248210 | &nbsp;&nbsp;&nbsp; 3286437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/53 | 1476707 | &nbsp;&nbsp;&nbsp; 1490758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/53 | 1489027 | &nbsp;&nbsp;&nbsp; 1503134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/54 | 1732562 | &nbsp;&nbsp;&nbsp; 1749486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/54 | 1282890 | &nbsp;&nbsp;&nbsp; 1296629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/54 | 1292634 | &nbsp;&nbsp;&nbsp; 1305623 |

---

**BHFTII-162**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/54 | 1317672 | &nbsp;&nbsp;&nbsp; $1329969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/54 | 4728265 | &nbsp;&nbsp;&nbsp; 4816278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/54 | 13933443 | &nbsp;&nbsp;&nbsp; 14056996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/55 | 5684095 | &nbsp;&nbsp;&nbsp; 5733563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/55 | 1926409 | &nbsp;&nbsp;&nbsp; 1943175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/55 | 989500 | &nbsp;&nbsp;&nbsp; 997967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/28 | 81 | &nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/28 | 91 | &nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/31 | 15317 | &nbsp;&nbsp;&nbsp; 15809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/32 | 15420 | &nbsp;&nbsp;&nbsp; 15984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/33 | 1967 | &nbsp;&nbsp;&nbsp; 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/33 | 23975 | &nbsp;&nbsp;&nbsp; 24856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/33 | 43336 | &nbsp;&nbsp;&nbsp; 45114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/33 | 51225 | &nbsp;&nbsp;&nbsp; 53322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/34 | 41876 | &nbsp;&nbsp;&nbsp; 43734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/34 | 44520 | &nbsp;&nbsp;&nbsp; 46481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/01/35 | 15980 | &nbsp;&nbsp;&nbsp; 16689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/36 | 7180 | &nbsp;&nbsp;&nbsp; 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/36 | 26733 | &nbsp;&nbsp;&nbsp; 28124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/37 | 48697 | &nbsp;&nbsp;&nbsp; 51364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/37 | 30139 | &nbsp;&nbsp;&nbsp; 31790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/38 | 27379 | &nbsp;&nbsp;&nbsp; 28880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/53 | 2121112 | &nbsp;&nbsp;&nbsp; 2171063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/53 | 730606 | &nbsp;&nbsp;&nbsp; 747771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/53 | 1506448 | &nbsp;&nbsp;&nbsp; 1542580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/53 | 1339264 | &nbsp;&nbsp;&nbsp; 1372053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/53 | 1481012 | &nbsp;&nbsp;&nbsp; 1516076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/54 | 1118737 | &nbsp;&nbsp;&nbsp; 1144965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/54 | 768300 | &nbsp;&nbsp;&nbsp; 786029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/54 | 2372746 | &nbsp;&nbsp;&nbsp; 2427056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/54 | 6160067 | &nbsp;&nbsp;&nbsp; 6298781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/54 | 1736251 | &nbsp;&nbsp;&nbsp; 1775027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/55 | 2715696 | &nbsp;&nbsp;&nbsp; 2775590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/55 | 2763796 | &nbsp;&nbsp;&nbsp; 2824549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/55 | 1444855 | &nbsp;&nbsp;&nbsp; 1476615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/55 | 3884686 | &nbsp;&nbsp;&nbsp; 3970079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/55 | 1862352 | &nbsp;&nbsp;&nbsp; 1903290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/55 | 3000000 | &nbsp;&nbsp;&nbsp; 3065896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/28 | 2893 | &nbsp;&nbsp;&nbsp; 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/28 | 22315 | &nbsp;&nbsp;&nbsp; 22502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/29 | 579 | &nbsp;&nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/29 | 3413 | &nbsp;&nbsp;&nbsp; 3478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/29 | 112 | &nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/29 | 214 | &nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/31 | 2134 | &nbsp;&nbsp;&nbsp; 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/32 | 3379 | &nbsp;&nbsp;&nbsp; 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/33 | 3426 | &nbsp;&nbsp;&nbsp; 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/34 | 52758 | &nbsp;&nbsp;&nbsp; 55842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/37 | 11002 | &nbsp;&nbsp;&nbsp; 11826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/53 | 1016117 | &nbsp;&nbsp;&nbsp; 1050563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/01/54 | 1689907 | &nbsp;&nbsp;&nbsp; 1747194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/54 | 2656648 | &nbsp;&nbsp;&nbsp; 2746707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/54 | 669330 | &nbsp;&nbsp;&nbsp; 691853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/54 | 1015018 | &nbsp;&nbsp;&nbsp; 1049173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/54 | 1518347 | &nbsp;&nbsp;&nbsp; 1569439 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/55 | 3000000 | &nbsp;&nbsp;&nbsp; $3101720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/01/26 | 15 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/01/28 | 2090 | &nbsp;&nbsp;&nbsp; 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/01/29 | 829 | &nbsp;&nbsp;&nbsp; 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/01/32 | 9311 | &nbsp;&nbsp;&nbsp; 9804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/01/37 | 40016 | &nbsp;&nbsp;&nbsp; 43727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/53 | 489238 | &nbsp;&nbsp;&nbsp; 511990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/26 | 52 | &nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/01/29 | 726 | &nbsp;&nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 10/01/29 | 816 | &nbsp;&nbsp;&nbsp; 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/01/29 | 7 | &nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 05/01/30 | 7953 | &nbsp;&nbsp;&nbsp; 8170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/01/30 | 241 | &nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 01/01/31 | 225 | &nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 02/01/31 | 719 | &nbsp;&nbsp;&nbsp; 754 |
| Federal National Mortgage Association-ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.610%, 03/25/31 | 456575 | &nbsp;&nbsp;&nbsp; 439700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.190%, 01/25/30 | 1435000 | &nbsp;&nbsp;&nbsp; 1331142 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/20/50 | 3482199 | &nbsp;&nbsp;&nbsp; 2883551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/20/51 | 1804795 | &nbsp;&nbsp;&nbsp; 1494242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/20/51 | 1244946 | &nbsp;&nbsp;&nbsp; 1030713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/20/51 | 3193469 | &nbsp;&nbsp;&nbsp; 2643869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/20/51 | 9151985 | &nbsp;&nbsp;&nbsp; 7576734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/20/51 | 991903 | &nbsp;&nbsp;&nbsp; 821156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/20/51 | 6893631 | &nbsp;&nbsp;&nbsp; 5706682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/20/51 | 2166500 | &nbsp;&nbsp;&nbsp; 1793385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/20/51 | 1852061 | &nbsp;&nbsp;&nbsp; 1533025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/20/52 | 3351242 | &nbsp;&nbsp;&nbsp; 2773440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/20/50 | 710369 | &nbsp;&nbsp;&nbsp; 613134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/20/50 | 2587067 | &nbsp;&nbsp;&nbsp; 2232151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/20/50 | 1862799 | &nbsp;&nbsp;&nbsp; 1607100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/20/50 | 3108316 | &nbsp;&nbsp;&nbsp; 2681170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/50 | 1396103 | &nbsp;&nbsp;&nbsp; 1204035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/51 | 1782190 | &nbsp;&nbsp;&nbsp; 1535195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/20/51 | 7975297 | &nbsp;&nbsp;&nbsp; 6868885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/20/51 | 8137827 | &nbsp;&nbsp;&nbsp; 7008490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/20/51 | 3453450 | &nbsp;&nbsp;&nbsp; 2974033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/51 | 1814659 | &nbsp;&nbsp;&nbsp; 1562574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/20/52 | 1777127 | &nbsp;&nbsp;&nbsp; 1530175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/20/52 | 1828820 | &nbsp;&nbsp;&nbsp; 1574798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/28 | 151158 | &nbsp;&nbsp;&nbsp; 148871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/42 | 485516 | &nbsp;&nbsp;&nbsp; 444596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/42 | 472947 | &nbsp;&nbsp;&nbsp; 433065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/42 | 508629 | &nbsp;&nbsp;&nbsp; 466933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/43 | 378060 | &nbsp;&nbsp;&nbsp; 346179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/15/43 | 423119 | &nbsp;&nbsp;&nbsp; 386144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/20/43 | 443497 | &nbsp;&nbsp;&nbsp; 407171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/43 | 371070 | &nbsp;&nbsp;&nbsp; 338644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/44 | 428682 | &nbsp;&nbsp;&nbsp; 390217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/45 | 386266 | &nbsp;&nbsp;&nbsp; 351867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/20/45 | 703028 | &nbsp;&nbsp;&nbsp; 638187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/45 | 379807 | &nbsp;&nbsp;&nbsp; 344777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/46 | 617632 | &nbsp;&nbsp;&nbsp; 560667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/46 | 670753 | &nbsp;&nbsp;&nbsp; 608390 |

---

**BHFTII-163**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/20/46 | 689543 | &nbsp;&nbsp;&nbsp; $624116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/46 | 727403 | &nbsp;&nbsp;&nbsp; 658384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/47 | 752249 | &nbsp;&nbsp;&nbsp; 680872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/47 | 331672 | &nbsp;&nbsp;&nbsp; 299969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/20/48 | 475420 | &nbsp;&nbsp;&nbsp; 429977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/20/49 | 523662 | &nbsp;&nbsp;&nbsp; 470378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/50 | 4994911 | &nbsp;&nbsp;&nbsp; 4479850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/50 | 1089492 | &nbsp;&nbsp;&nbsp; 976088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/20/50 | 699517 | &nbsp;&nbsp;&nbsp; 626905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/20/50 | 6673263 | &nbsp;&nbsp;&nbsp; 5988830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/50 | 1496853 | &nbsp;&nbsp;&nbsp; 1341374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/52 | 602463 | &nbsp;&nbsp;&nbsp; 538272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/52 | 2752512 | &nbsp;&nbsp;&nbsp; 2459242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/41 | 291896 | &nbsp;&nbsp;&nbsp; 274652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/42 | 118804 | &nbsp;&nbsp;&nbsp; 111593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/20/42 | 272972 | &nbsp;&nbsp;&nbsp; 257117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/43 | 384616 | &nbsp;&nbsp;&nbsp; 362276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/43 | 592980 | &nbsp;&nbsp;&nbsp; 556560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/44 | 558615 | &nbsp;&nbsp;&nbsp; 521758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/45 | 582641 | &nbsp;&nbsp;&nbsp; 544199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/45 | 361817 | &nbsp;&nbsp;&nbsp; 336203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/20/45 | 860604 | &nbsp;&nbsp;&nbsp; 799680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/45 | 569000 | &nbsp;&nbsp;&nbsp; 528719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/45 | 525953 | &nbsp;&nbsp;&nbsp; 488720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/46 | 502292 | &nbsp;&nbsp;&nbsp; 466734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/46 | 406304 | &nbsp;&nbsp;&nbsp; 377541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/46 | 447429 | &nbsp;&nbsp;&nbsp; 415271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/47 | 710022 | &nbsp;&nbsp;&nbsp; 658990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/47 | 603763 | &nbsp;&nbsp;&nbsp; 560728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/20/47 | 246520 | &nbsp;&nbsp;&nbsp; 228948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/48 | 116818 | &nbsp;&nbsp;&nbsp; 108039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/49 | 211339 | &nbsp;&nbsp;&nbsp; 195103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/49 | 233960 | &nbsp;&nbsp;&nbsp; 215987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/20/49 | 632267 | &nbsp;&nbsp;&nbsp; 583695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/49 | 389763 | &nbsp;&nbsp;&nbsp; 359820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/49 | 541550 | &nbsp;&nbsp;&nbsp; 499947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/49 | 351952 | &nbsp;&nbsp;&nbsp; 324914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/50 | 498403 | &nbsp;&nbsp;&nbsp; 460395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/51 | 831279 | &nbsp;&nbsp;&nbsp; 767418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/53 | 4864899 | &nbsp;&nbsp;&nbsp; 4493905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/55 | 991097 | &nbsp;&nbsp;&nbsp; 903679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/15/39 | 295232 | &nbsp;&nbsp;&nbsp; 287541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/15/40 | 175785 | &nbsp;&nbsp;&nbsp; 169899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/40 | 250687 | &nbsp;&nbsp;&nbsp; 242352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/40 | 332774 | &nbsp;&nbsp;&nbsp; 321710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/43 | 167110 | &nbsp;&nbsp;&nbsp; 161512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/44 | 238057 | &nbsp;&nbsp;&nbsp; 229180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/20/44 | 285302 | &nbsp;&nbsp;&nbsp; 274664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/44 | 475400 | &nbsp;&nbsp;&nbsp; 457674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/44 | 125057 | &nbsp;&nbsp;&nbsp; 120394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/45 | 438293 | &nbsp;&nbsp;&nbsp; 421831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/45 | 235928 | &nbsp;&nbsp;&nbsp; 227066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/47 | 90285 | &nbsp;&nbsp;&nbsp; 86684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/47 | 359058 | &nbsp;&nbsp;&nbsp; 343347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/47 | 331329 | &nbsp;&nbsp;&nbsp; 316831 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/48 | 228305 | &nbsp;&nbsp;&nbsp; $218142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/48 | 164533 | &nbsp;&nbsp;&nbsp; 157209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/48 | 296149 | &nbsp;&nbsp;&nbsp; 282966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/49 | 299326 | &nbsp;&nbsp;&nbsp; 285136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/20/50 | 430926 | &nbsp;&nbsp;&nbsp; 410498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/52 | 1960755 | &nbsp;&nbsp;&nbsp; 1862321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/53 | 6571173 | &nbsp;&nbsp;&nbsp; 6252466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/55 | 1082654 | &nbsp;&nbsp;&nbsp; 1018173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/39 | 66232 | &nbsp;&nbsp;&nbsp; 66339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/39 | 151419 | &nbsp;&nbsp;&nbsp; 151376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/39 | 347404 | &nbsp;&nbsp;&nbsp; 347358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/39 | 122869 | &nbsp;&nbsp;&nbsp; 122769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/40 | 141858 | &nbsp;&nbsp;&nbsp; 141634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/40 | 50215 | &nbsp;&nbsp;&nbsp; 50112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/40 | 201669 | &nbsp;&nbsp;&nbsp; 201277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/40 | 156576 | &nbsp;&nbsp;&nbsp; 156272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/41 | 46018 | &nbsp;&nbsp;&nbsp; 45923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/41 | 53036 | &nbsp;&nbsp;&nbsp; 52929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/41 | 114043 | &nbsp;&nbsp;&nbsp; 113821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/42 | 124015 | &nbsp;&nbsp;&nbsp; 123774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/43 | 146767 | &nbsp;&nbsp;&nbsp; 145762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/47 | 223470 | &nbsp;&nbsp;&nbsp; 221809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/49 | 152953 | &nbsp;&nbsp;&nbsp; 150858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/52 | 1931717 | &nbsp;&nbsp;&nbsp; 1886986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/52 | 7954468 | &nbsp;&nbsp;&nbsp; 7767817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/55 | 2940007 | &nbsp;&nbsp;&nbsp; 2851639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/55 | 2083698 | &nbsp;&nbsp;&nbsp; 2021065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/35 | 55502 | &nbsp;&nbsp;&nbsp; 56641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/36 | 13731 | &nbsp;&nbsp;&nbsp; 13843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/39 | 164851 | &nbsp;&nbsp;&nbsp; 168496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/39 | 29818 | &nbsp;&nbsp;&nbsp; 30477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/39 | 178090 | &nbsp;&nbsp;&nbsp; 182054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/39 | 31231 | &nbsp;&nbsp;&nbsp; 31923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/39 | 140326 | &nbsp;&nbsp;&nbsp; 143405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/40 | 113565 | &nbsp;&nbsp;&nbsp; 116001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/20/40 | 108719 | &nbsp;&nbsp;&nbsp; 111052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/40 | 113349 | &nbsp;&nbsp;&nbsp; 115781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/20/44 | 243025 | &nbsp;&nbsp;&nbsp; 248240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/48 | 171681 | &nbsp;&nbsp;&nbsp; 173126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/20/49 | 118594 | &nbsp;&nbsp;&nbsp; 119591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/20/53 | 1619851 | &nbsp;&nbsp;&nbsp; 1620119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/53 | 2649925 | &nbsp;&nbsp;&nbsp; 2651927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/54 | 956062 | &nbsp;&nbsp;&nbsp; 951796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/20/54 | 7702587 | &nbsp;&nbsp;&nbsp; 7665832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/20/55 | 988096 | &nbsp;&nbsp;&nbsp; 983349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/20/55 | 1987896 | &nbsp;&nbsp;&nbsp; 1978345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/15/36 | 35354 | &nbsp;&nbsp;&nbsp; 36055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/15/38 | 15600 | &nbsp;&nbsp;&nbsp; 15955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/39 | 35498 | &nbsp;&nbsp;&nbsp; 36770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/53 | 2206900 | &nbsp;&nbsp;&nbsp; 2237418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/20/53 | 3157522 | &nbsp;&nbsp;&nbsp; 3196556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/20/54 | 1810288 | &nbsp;&nbsp;&nbsp; 1826957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/20/54 | 8545792 | &nbsp;&nbsp;&nbsp; 8627724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/20/55 | 1939663 | &nbsp;&nbsp;&nbsp; 1955721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/20/55 | 3956198 | &nbsp;&nbsp;&nbsp; 3987720 |

---

**BHFTII-164**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/20/55 | 1995461 | &nbsp;&nbsp;&nbsp; $2011360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/29 | 421 | &nbsp;&nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/33 | 38108 | &nbsp;&nbsp;&nbsp; 39777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/15/35 | 31731 | &nbsp;&nbsp;&nbsp; 33454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/15/36 | 29737 | &nbsp;&nbsp;&nbsp; 31132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/38 | 63475 | &nbsp;&nbsp;&nbsp; 66973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/20/53 | 568696 | &nbsp;&nbsp;&nbsp; 582132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/53 | 2454310 | &nbsp;&nbsp;&nbsp; 2510137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/54 | 4938315 | &nbsp;&nbsp;&nbsp; 5031442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/54 | 1277065 | &nbsp;&nbsp;&nbsp; 1301148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/20/55 | 1419318 | &nbsp;&nbsp;&nbsp; 1444682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/20/55 | 1971579 | &nbsp;&nbsp;&nbsp; 2007704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/15/27 | 275 | &nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/28 | 1187 | &nbsp;&nbsp;&nbsp; 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/15/28 | 653 | &nbsp;&nbsp;&nbsp; 670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/15/28 | 2227 | &nbsp;&nbsp;&nbsp; 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/29 | 803 | &nbsp;&nbsp;&nbsp; 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/20/31 | 3932 | &nbsp;&nbsp;&nbsp; 4078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/15/36 | 63211 | &nbsp;&nbsp;&nbsp; 67359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/20/53 | 1024177 | &nbsp;&nbsp;&nbsp; 1055743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/20/54 | 1760119 | &nbsp;&nbsp;&nbsp; 1810497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/20/54 | 1455170 | &nbsp;&nbsp;&nbsp; 1496820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/20/55 | 1885536 | &nbsp;&nbsp;&nbsp; 1944647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/28 | 191 | &nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/15/28 | 1418 | &nbsp;&nbsp;&nbsp; 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/15/28 | 751 | &nbsp;&nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/28 | 1187 | &nbsp;&nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/15/31 | 98 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 08/15/31 | 15269 | &nbsp;&nbsp;&nbsp; 16188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/15/32 | 5991 | &nbsp;&nbsp;&nbsp; 6361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/20/28 | 140 | &nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 08/15/26 | 98 | &nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 09/15/26 | 36 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $888,226,531) <br>|  | &nbsp;&nbsp;&nbsp; 846112862 |
| **Foreign Government—1.5%** | **Foreign Government—1.5%** | **Foreign Government—1.5%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Korea Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/03/30 | 2000000 | &nbsp;&nbsp;&nbsp; 2069406 |
| **Regional Government — 0.2%** | **Regional Government — 0.2%** | **Regional Government — 0.2%** |
| Province of Alberta |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/24/34 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 1010542 |
| Province of British Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 01/29/31 | 1000000 | &nbsp;&nbsp;&nbsp; 872885 |
| Province of Ontario |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 01/18/29 (a) | 2500000 | &nbsp;&nbsp;&nbsp; 2532710 |
| Province of Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/26 | 1000000 | &nbsp;&nbsp;&nbsp; 991841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/05/34 | 2000000 | &nbsp;&nbsp;&nbsp; 1978135 |
|  |  | &nbsp;&nbsp;&nbsp; 7386113 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign — 1.2%** | **Sovereign — 1.2%** | **Sovereign — 1.2%** |
| Canada Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/29 (a) | 1000000 | &nbsp;&nbsp;&nbsp; $1030564 |
| Chile Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 07/27/33 (a) | 1300000 | &nbsp;&nbsp;&nbsp; 1117732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 01/22/61 | 1200000 | &nbsp;&nbsp;&nbsp; 746017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/25/50 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 730711 |
| Export Development Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/13/29 | 1500000 | &nbsp;&nbsp;&nbsp; 1520163 |
| Export-Import Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/11/29 (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2099557 |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 03/12/51 | 1100000 | &nbsp;&nbsp;&nbsp; 737806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 10/15/30 | 700000 | &nbsp;&nbsp;&nbsp; 685865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 01/11/48 (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1037286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 01/11/28 | 1000000 | &nbsp;&nbsp;&nbsp; 1007928 |
| Israel Government AID Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/18/33 | 200000 | &nbsp;&nbsp;&nbsp; 214920 |
| Israel Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/17/48 | 1000000 | &nbsp;&nbsp;&nbsp; 775536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/12/34 | 2000000 | &nbsp;&nbsp;&nbsp; 2051942 |
| Japan Bank for International Cooperation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/16/27 | 1000000 | &nbsp;&nbsp;&nbsp; 978012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/19/28 | 1600000 | &nbsp;&nbsp;&nbsp; 1633738 |
| Japan International Cooperation Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/22/30 | 500000 | &nbsp;&nbsp;&nbsp; 506221 |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%, 05/24/31 | 1200000 | &nbsp;&nbsp;&nbsp; 1070169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 01/23/46 | 1100000 | &nbsp;&nbsp;&nbsp; 883766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/08/44 | 900000 | &nbsp;&nbsp;&nbsp; 750962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/12/2110 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 857030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 02/09/35 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4226533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/27/34 (a) | 1050000 | &nbsp;&nbsp;&nbsp; 1148614 |
| Oriental Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 09/10/60 | 1000000 | &nbsp;&nbsp;&nbsp; 938549 |
| Panama Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/17/28 | 900000 | &nbsp;&nbsp;&nbsp; 886538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 03/01/57 (a) | 1900000 | &nbsp;&nbsp;&nbsp; 2143169 |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/08/54 | 1000000 | &nbsp;&nbsp;&nbsp; 1004779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 11/21/33 (a) | 1450000 | &nbsp;&nbsp;&nbsp; 1823927 |
| Philippines Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 01/20/40 | 1100000 | &nbsp;&nbsp;&nbsp; 984991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/05/30 | 2000000 | &nbsp;&nbsp;&nbsp; 2024509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/13/37 | 1740000 | &nbsp;&nbsp;&nbsp; 1764319 |
| Republic of Italy Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/17/29 | 1000000 | &nbsp;&nbsp;&nbsp; 956245 |
| Republic of Poland Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/06/26 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 995523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/18/54 (a) | 1100000 | &nbsp;&nbsp;&nbsp; 1061103 |
| Svensk Exportkredit AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/04/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1045241 |

---

**BHFTII-165**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 | 900000 | &nbsp;&nbsp;&nbsp; $904920 |
|  |  | &nbsp;&nbsp;&nbsp; 42344885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government <br>(Cost $52,794,016) <br>|  | &nbsp;&nbsp;&nbsp; 51800404 |
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.556%, 05/15/64 | 500000 | &nbsp;&nbsp;&nbsp; 449971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758%, 09/15/62 | 161892 | &nbsp;&nbsp;&nbsp; 152109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.538%, 11/15/54 | 1000000 | &nbsp;&nbsp;&nbsp; 983054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.407%, 11/15/61 (b) | 881000 | &nbsp;&nbsp;&nbsp; 884091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.355%, 10/15/57 (b) | 300000 | &nbsp;&nbsp;&nbsp; 303653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.106%, 06/15/57 (b) | 500000 | &nbsp;&nbsp;&nbsp; 532813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.356%, 06/15/57 (b) | 400000 | &nbsp;&nbsp;&nbsp; 421238 |
| Bank5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.769%, 06/15/57 | 1400000 | &nbsp;&nbsp;&nbsp; 1460641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.255%, 09/15/56 | 1558544 | &nbsp;&nbsp;&nbsp; 1626754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.260%, 04/15/56 (b) | 1000000 | &nbsp;&nbsp;&nbsp; 1039939 |
| Bank5 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.753%, 01/15/58 | 1000000 | &nbsp;&nbsp;&nbsp; 1048070 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662%, 04/15/55 (b) | 730000 | &nbsp;&nbsp;&nbsp; 685027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 06/15/55 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1899999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.720%, 02/15/62 | 275000 | &nbsp;&nbsp;&nbsp; 292942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.829%, 05/15/57 | 350000 | &nbsp;&nbsp;&nbsp; 375224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.943%, 05/15/57 (b) | 560000 | &nbsp;&nbsp;&nbsp; 573970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.094%, 05/15/57 (b) | 200000 | &nbsp;&nbsp;&nbsp; 211312 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.388%, 09/15/54 | 1150000 | &nbsp;&nbsp;&nbsp; 1019258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666%, 01/15/51 (b) | 915000 | &nbsp;&nbsp;&nbsp; 900920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.228%, 05/15/56 (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1584192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.363%, 07/15/56 (b) | 2500000 | &nbsp;&nbsp;&nbsp; 2620022 |
| CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585%, 12/10/54 | 787393 | &nbsp;&nbsp;&nbsp; 778639 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658%, 02/13/53 | 1000000 | &nbsp;&nbsp;&nbsp; 933241 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.092%, 07/15/53 | 450000 | &nbsp;&nbsp;&nbsp; 400705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.645%, 02/15/58 | 2050000 | &nbsp;&nbsp;&nbsp; 2168958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.044%, 02/15/58 (b) | 850000 | &nbsp;&nbsp;&nbsp; 869760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Non-Agency Mortgage-Backed Securities <br>(Cost $24,023,937) <br>|  | &nbsp;&nbsp;&nbsp; 24216502 |
| **Municipals—0.5%** | **Municipals—0.5%** | **Municipals—0.5%** |
| California State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.897%, 11/01/51 | 1310000 | &nbsp;&nbsp;&nbsp; 930145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.183%, 11/01/53 | 190000 | &nbsp;&nbsp;&nbsp; 183263 |
| Chicago O'Hare International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.572%, 01/01/54 | 395000 | &nbsp;&nbsp;&nbsp; 346877 |
| City of New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.828%, 10/01/53 | 1000000 | &nbsp;&nbsp;&nbsp; 1046924 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.507%, 11/01/51 | 2500000 | &nbsp;&nbsp;&nbsp; $2195985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & <br> Community Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%, 12/01/39 | 1000000 | &nbsp;&nbsp;&nbsp; 1033027 |
| Municipal Electric Authority of Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.637%, 04/01/57 | 853000 | &nbsp;&nbsp;&nbsp; 934818 |
| New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 01/01/40 | 1000000 | &nbsp;&nbsp;&nbsp; 1207658 |
| New York City Municipal Water Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440%, 06/15/43 | 300000 | &nbsp;&nbsp;&nbsp; 299873 |
| Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458%, 10/01/62 | 1500000 | &nbsp;&nbsp;&nbsp; 1280196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled <br> Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.006%, 05/15/50 | 1000000 | &nbsp;&nbsp;&nbsp; 661565 |
| State of California, General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/29 | 3000000 | &nbsp;&nbsp;&nbsp; 3078346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 10/01/39 | 1200000 | &nbsp;&nbsp;&nbsp; 1403910 |
| State of Illinois, General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 06/01/33 | 1073235 | &nbsp;&nbsp;&nbsp; 1091785 |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.169%, 04/01/41 | 450000 | &nbsp;&nbsp;&nbsp; 458409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipals <br>(Cost $17,321,146) <br>|  | &nbsp;&nbsp;&nbsp; 16152781 |
| **Asset-Backed Securities—0.4%** | **Asset-Backed Securities—0.4%** | **Asset-Backed Securities—0.4%** |
| **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** |
| CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 03/15/30 | 1500000 | &nbsp;&nbsp;&nbsp; 1514067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.260%, 02/15/29 | 1510000 | &nbsp;&nbsp;&nbsp; 1537747 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210%, 06/10/30 | 2000000 | &nbsp;&nbsp;&nbsp; 2039260 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610%, 08/15/29 | 550000 | &nbsp;&nbsp;&nbsp; 555631 |
| Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320%, 10/15/29 | 500000 | &nbsp;&nbsp;&nbsp; 503757 |
| Nissan Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 09/15/31 | 1000000 | &nbsp;&nbsp;&nbsp; 1008122 |
| World Omni Automobile Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 04/17/28 | 500000 | &nbsp;&nbsp;&nbsp; 503228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680%, 05/15/30 | 500000 | &nbsp;&nbsp;&nbsp; 502543 |
|  |  | &nbsp;&nbsp;&nbsp; 8164355 |
| **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** |
| American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 04/15/30 | 1100000 | &nbsp;&nbsp;&nbsp; 1110278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 09/16/30 | 2000000 | &nbsp;&nbsp;&nbsp; 2067852 |
| WF Card Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.290%, 10/15/29 | 675000 | &nbsp;&nbsp;&nbsp; 680556 |
|  |  | &nbsp;&nbsp;&nbsp; 3858686 |
| **Asset-Backed - Other — 0.1%** | **Asset-Backed - Other — 0.1%** | **Asset-Backed - Other — 0.1%** |
| John Deere Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.230%, 09/17/29 | 500000 | &nbsp;&nbsp;&nbsp; 502539 |

---

**BHFTII-166**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420%, 08/20/30 | 2000000 | &nbsp;&nbsp;&nbsp; $2005393 |
|  |  | &nbsp;&nbsp;&nbsp; 2507932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $14,406,897) <br>|  | &nbsp;&nbsp;&nbsp; 14530973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** |
| **U.S. Treasury—0.4%** | **U.S. Treasury—0.4%** | **U.S. Treasury—0.4%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.956%, 10/28/25 (c) | 13200000 | &nbsp;&nbsp;&nbsp; 13159978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $13,160,058) <br>|  | &nbsp;&nbsp;&nbsp; 13159978 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—10.4%** | **Securities Lending Reinvestments (d)—10.4%** | **Securities Lending Reinvestments (d)—10.4%** |
| **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 2000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.3%** | **Certificates of Deposit—1.3%** | **Certificates of Deposit—1.3%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%, SOFR + 0.330%, 07/22/26 (b) | 1000000 | &nbsp;&nbsp;&nbsp; 999989 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 10/01/25 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 1999998 |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 04/13/26 (b) | 4000000 | &nbsp;&nbsp;&nbsp; 4003868 |
| Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, SOFR + 0.240%, 01/13/26 (b) | 1500000 | &nbsp;&nbsp;&nbsp; 1500128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 11/13/25 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2000266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.350%, 10/10/25 (b) | 2000000 | &nbsp;&nbsp;&nbsp; 2000100 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 02/11/26 (b) | 3000000 | &nbsp;&nbsp;&nbsp; 2999417 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 11/21/25 (b) | 3000000 | &nbsp;&nbsp;&nbsp; 3000255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 12/15/25 (b) | 5000000 | &nbsp;&nbsp;&nbsp; 5000655 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/06/25 | 2000000 | &nbsp;&nbsp;&nbsp; 1999994 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 10/15/25 (b) | 4000000 | &nbsp;&nbsp;&nbsp; 4000220 |
| Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 10/14/25 (b) | 3000000 | &nbsp;&nbsp;&nbsp; 3000201 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/16/25 | 5000000 | &nbsp;&nbsp;&nbsp; 4990900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/10/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000240 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 03/20/26 (b) | 5000000 | &nbsp;&nbsp;&nbsp; 5001385 |
|  |  | &nbsp;&nbsp;&nbsp; 44497616 |
| **Commercial Paper—0.5%** | **Commercial Paper—0.5%** | **Commercial Paper—0.5%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/03/25 | 6000000 | &nbsp;&nbsp;&nbsp; 5997918 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Ionic Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 10/02/25 | 3000000 | &nbsp;&nbsp;&nbsp; $2999277 |
| Old Line Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.310%, SOFR + 0.150%, 10/06/25 (b) | 4000000 | &nbsp;&nbsp;&nbsp; 3999996 |
| Salisbury Receivables Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/11/25 | 1000000 | &nbsp;&nbsp;&nbsp; 991606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 12/08/25 | 1000000 | &nbsp;&nbsp;&nbsp; 991950 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%, SOFR + 0.400%, 04/10/26 (b) | 3000000 | &nbsp;&nbsp;&nbsp; 3002526 |
|  |  | &nbsp;&nbsp;&nbsp; 17983273 |
| **Repurchase Agreements—7.8%** | **Repurchase Agreements—7.8%** | **Repurchase Agreements—7.8%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $10,001,167; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,123,358<br>| 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $30,003,517; <br> collateralized by various Common Stock with an aggregate <br> market value of $33,370,073<br>| 30000000 | &nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $25,102,977; <br> collateralized by various Common Stock with an aggregate <br> market value of $27,919,628<br>| 25100000 | &nbsp;&nbsp;&nbsp; 25100000 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.420%, due on <br> 01/02/26 with a maturity value of $4,046,164; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 07/15/26 - 10/15/28, <br> and various Common Stock with an aggregate market value of <br> $4,456,058<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $5,000,581; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.375% - <br> 4.625%, maturity dates ranging from 06/15/27 - 10/31/28, <br> and an aggregate market value of $5,100,002<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $6,143,507; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,600,002<br>| 6000000 | &nbsp;&nbsp;&nbsp; 6000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $3,800,438; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $3,876,001<br>| 3800000 | &nbsp;&nbsp;&nbsp; 3800000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $4,214,842; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $4,298,639<br>| 4214352 | &nbsp;&nbsp;&nbsp; 4214352 |

---

**BHFTII-167**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 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)** |
| National Bank Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $7,125,847; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,945,046<br>| 7125000 | &nbsp;&nbsp;&nbsp; $7125000 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $25,102,984; <br> collateralized by various Common Stock with an aggregate <br> market value of $27,988,864<br>| 25100000 | &nbsp;&nbsp;&nbsp; 25100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $45,037,625; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 3.750% - 4.125%, maturity dates ranging from <br> 10/31/26 - 11/30/29, and various Common Stock with an <br> aggregate market value of $50,048,454<br>| 45000000 | &nbsp;&nbsp;&nbsp; 45000000 |
| NBC Global Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.330%, due on <br> 10/07/25 with a maturity value of $55,046,307; <br> collateralized by various Common Stock with an aggregate <br> market value of $61,332,655<br>| 55000000 | &nbsp;&nbsp;&nbsp; 55000000 |
| Royal Bank of Canada Toronto |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.360%, due on <br> 11/04/25 with a maturity value of $8,033,911; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,889,966<br>| 8000000 | &nbsp;&nbsp;&nbsp; 8000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $4,100,466; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $4,182,001<br>| 4100000 | &nbsp;&nbsp;&nbsp; 4100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.260%, due on <br> 10/01/25 with a maturity value of $21,372,944; <br> collateralized by various Common Stock with an aggregate <br> market value of $23,773,348<br>| 21370415 | &nbsp;&nbsp;&nbsp; 21370415 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $10,001,164; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,001,280<br>| 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp;&nbsp; 263809767 |
| **Time Deposits—0.7%** | **Time Deposits—0.7%** | **Time Deposits—0.7%** |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.040%, 10/01/25 | 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160%, OBFR + 0.070% 10/07/25 (b) | 2000000 | &nbsp;&nbsp;&nbsp; $2000000 |
| Skandinaviska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Svenska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp;&nbsp; 23000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $351,282,769) <br>|  | &nbsp;&nbsp;&nbsp; 351290656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—109.7% <br>(Cost $3,825,214,043) <br>|  | &nbsp;&nbsp;&nbsp; 3713837275 |
| Other assets and liabilities (net)—(9.7)%  |  | &nbsp;&nbsp;&nbsp; (328375173)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $3385462102 |

---

&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 September 30, 2025, the market value of securities loaned was $402,169,297 and the collateral received consisted of cash in the amount of $351,227,929 and non-cash collateral with a value of $70,216,962. 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. 

(b) Variable or floating rate security. The stated rate represents the rate at September 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 September 30, 2025. 

(e) The rate shown represents the annualized seven-day yield as of September 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 September 30, 2025, the market value of 144A securities was $3,261,888, which is 0.1% of net assets. 

**BHFTII-168**

------

**Brighthouse Funds Trust II**

**MetLife Aggregate Bond Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1541787950 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1541787950 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 854785169 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 854785169 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 846112862 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 846112862 |
| Total Foreign Government\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51800404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51800404 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24216502 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24216502 |
| Total Municipals\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16152781 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16152781 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14530973 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14530973 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13159978 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13159978 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44497616 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44497616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17983273 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17983273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 263809767 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 263809767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 349290656 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 351290656 |
| Total Investments | &nbsp;&nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $3711837275 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3713837275 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(351227929)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(351227929)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-169**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—97.5% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| AeroVironment, Inc. (a) | 11643 | &nbsp;&nbsp;&nbsp; $3666264 |
| ATI, Inc. (a) | 50440 | &nbsp;&nbsp;&nbsp; 4102790 |
| BWX Technologies, Inc.  | 33448 | &nbsp;&nbsp;&nbsp; 6166808 |
| Curtiss-Wright Corp.  | 13789 | &nbsp;&nbsp;&nbsp; 7486600 |
| Hexcel Corp.  | 29116 | &nbsp;&nbsp;&nbsp; 1825573 |
| Kratos Defense & Security Solutions, Inc. (a) | 61771 | &nbsp;&nbsp;&nbsp; 5644016 |
| Woodward, Inc.  | 21945 | &nbsp;&nbsp;&nbsp; 5545721 |
|  |  | &nbsp;&nbsp;&nbsp; 34437772 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc. (a) | 41892 | &nbsp;&nbsp;&nbsp; 2215668 |
| **Automobile Components — 0.8%** | **Automobile Components — 0.8%** | **Automobile Components — 0.8%** |
| Autoliv, Inc.  | 25859 | &nbsp;&nbsp;&nbsp; 3193587 |
| Gentex Corp.  | 80323 | &nbsp;&nbsp;&nbsp; 2273141 |
| Goodyear Tire & Rubber Co. (a) | 104680 | &nbsp;&nbsp;&nbsp; 783006 |
| Lear Corp.  | 19471 | &nbsp;&nbsp;&nbsp; 1958977 |
| Visteon Corp.  | 9982 | &nbsp;&nbsp;&nbsp; 1196443 |
|  |  | &nbsp;&nbsp;&nbsp; 9405154 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| Harley-Davidson, Inc.  | 44483 | &nbsp;&nbsp;&nbsp; 1241076 |
| Thor Industries, Inc.  | 19470 | &nbsp;&nbsp;&nbsp; 2018844 |
|  |  | &nbsp;&nbsp;&nbsp; 3259920 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| Associated Banc-Corp.  | 59789 | &nbsp;&nbsp;&nbsp; 1537175 |
| Bank OZK | 38740 | &nbsp;&nbsp;&nbsp; 1974965 |
| Cadence Bank | 68180 | &nbsp;&nbsp;&nbsp; 2559477 |
| Columbia Banking System, Inc.  | 109438 | &nbsp;&nbsp;&nbsp; 2816934 |
| Comerica, Inc.  | 47034 | &nbsp;&nbsp;&nbsp; 3222770 |
| Commerce Bancshares, Inc.  | 45414 | &nbsp;&nbsp;&nbsp; 2713941 |
| Cullen/Frost Bankers, Inc. (b) | 23540 | &nbsp;&nbsp;&nbsp; 2984166 |
| East West Bancorp, Inc.  | 50437 | &nbsp;&nbsp;&nbsp; 5369019 |
| First Financial Bankshares, Inc.  | 47656 | &nbsp;&nbsp;&nbsp; 1603624 |
| First Horizon Corp.  | 185813 | &nbsp;&nbsp;&nbsp; 4201232 |
| Flagstar Financial, Inc. (b) | 109498 | &nbsp;&nbsp;&nbsp; 1264702 |
| FNB Corp.  | 131431 | &nbsp;&nbsp;&nbsp; 2117353 |
| Glacier Bancorp, Inc. (b) | 43384 | &nbsp;&nbsp;&nbsp; 2111499 |
| Hancock Whitney Corp.  | 31016 | &nbsp;&nbsp;&nbsp; 1941912 |
| Home BancShares, Inc.  | 67073 | &nbsp;&nbsp;&nbsp; 1898166 |
| International Bancshares Corp.  | 19789 | &nbsp;&nbsp;&nbsp; 1360494 |
| Old National Bancorp (b) | 127627 | &nbsp;&nbsp;&nbsp; 2801413 |
| Pinnacle Financial Partners, Inc.  | 28142 | &nbsp;&nbsp;&nbsp; 2639438 |
| Prosperity Bancshares, Inc.  | 34765 | &nbsp;&nbsp;&nbsp; 2306658 |
| Southstate Bank Corp.  | 37038 | &nbsp;&nbsp;&nbsp; 3661947 |
| Synovus Financial Corp.  | 50796 | &nbsp;&nbsp;&nbsp; 2493068 |
| Texas Capital Bancshares, Inc. (a) | 16744 | &nbsp;&nbsp;&nbsp; 1415370 |
| UMB Financial Corp.  | 26119 | &nbsp;&nbsp;&nbsp; 3091184 |
| United Bankshares, Inc.  | 51714 | &nbsp;&nbsp;&nbsp; 1924278 |
| Valley National Bancorp | 176156 | &nbsp;&nbsp;&nbsp; 1867254 |
| Webster Financial Corp.  | 60817 | &nbsp;&nbsp;&nbsp; 3614962 |
| Western Alliance Bancorp | 37884 | &nbsp;&nbsp;&nbsp; 3285300 |
| Wintrust Financial Corp.  | 24502 | &nbsp;&nbsp;&nbsp; 3245045 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Zions Bancorp NA | 54023 | &nbsp;&nbsp;&nbsp; $3056621 |
|  |  | &nbsp;&nbsp;&nbsp; 75079967 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Boston Beer Co., Inc. - Class A (a) | 2894 | &nbsp;&nbsp;&nbsp; 611850 |
| Celsius Holdings, Inc. (a) | 58526 | &nbsp;&nbsp;&nbsp; 3364660 |
| Coca-Cola Consolidated, Inc.  | 21933 | &nbsp;&nbsp;&nbsp; 2569670 |
|  |  | &nbsp;&nbsp;&nbsp; 6546180 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| BioMarin Pharmaceutical, Inc. (a) | 70269 | &nbsp;&nbsp;&nbsp; 3805769 |
| Cytokinetics, Inc. (a) (b) | 43789 | &nbsp;&nbsp;&nbsp; 2406643 |
| Exelixis, Inc. (a) | 98516 | &nbsp;&nbsp;&nbsp; 4068711 |
| Halozyme Therapeutics, Inc. (a) | 42804 | &nbsp;&nbsp;&nbsp; 3139245 |
| Neurocrine Biosciences, Inc. (a) | 36296 | &nbsp;&nbsp;&nbsp; 5095233 |
| Roivant Sciences Ltd. (a) (b) | 157440 | &nbsp;&nbsp;&nbsp; 2382067 |
| United Therapeutics Corp. (a) | 16551 | &nbsp;&nbsp;&nbsp; 6938345 |
|  |  | &nbsp;&nbsp;&nbsp; 27836013 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Macy's, Inc.  | 99371 | &nbsp;&nbsp;&nbsp; 1781722 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 22448 | &nbsp;&nbsp;&nbsp; 2882323 |
|  |  | &nbsp;&nbsp;&nbsp; 4664045 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| AAON, Inc. (b) | 24764 | &nbsp;&nbsp;&nbsp; 2313948 |
| Advanced Drainage Systems, Inc.  | 26178 | &nbsp;&nbsp;&nbsp; 3630888 |
| Carlisle Cos., Inc. (b) | 15609 | &nbsp;&nbsp;&nbsp; 5134737 |
| Fortune Brands Innovations, Inc.  | 43929 | &nbsp;&nbsp;&nbsp; 2345369 |
| Owens Corning | 30604 | &nbsp;&nbsp;&nbsp; 4329242 |
| Simpson Manufacturing Co., Inc.  | 15230 | &nbsp;&nbsp;&nbsp; 2550416 |
| Trex Co., Inc. (a) | 39242 | &nbsp;&nbsp;&nbsp; 2027634 |
| UFP Industries, Inc.  | 21432 | &nbsp;&nbsp;&nbsp; 2003678 |
|  |  | &nbsp;&nbsp;&nbsp; 24335912 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| Affiliated Managers Group, Inc.  | 10398 | &nbsp;&nbsp;&nbsp; 2479195 |
| Carlyle Group, Inc.  | 95305 | &nbsp;&nbsp;&nbsp; 5975623 |
| Evercore, Inc. - Class A | 14126 | &nbsp;&nbsp;&nbsp; 4764982 |
| Federated Hermes, Inc.  | 27049 | &nbsp;&nbsp;&nbsp; 1404655 |
| Hamilton Lane, Inc. - Class A | 14805 | &nbsp;&nbsp;&nbsp; 1995566 |
| Houlihan Lokey, Inc.  | 19897 | &nbsp;&nbsp;&nbsp; 4085252 |
| Janus Henderson Group PLC | 45665 | &nbsp;&nbsp;&nbsp; 2032549 |
| Jefferies Financial Group, Inc.  | 60391 | &nbsp;&nbsp;&nbsp; 3950779 |
| Morningstar, Inc.  | 8953 | &nbsp;&nbsp;&nbsp; 2077186 |
| SEI Investments Co.  | 34383 | &nbsp;&nbsp;&nbsp; 2917398 |
| Stifel Financial Corp.  | 37391 | &nbsp;&nbsp;&nbsp; 4242757 |
|  |  | &nbsp;&nbsp;&nbsp; 35925942 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ashland, Inc.  | 16726 | &nbsp;&nbsp;&nbsp; 801343 |
| Avient Corp.  | 33500 | &nbsp;&nbsp;&nbsp; 1103825 |
| Axalta Coating Systems Ltd. (a) | 79256 | &nbsp;&nbsp;&nbsp; 2268307 |
| Cabot Corp.  | 19470 | &nbsp;&nbsp;&nbsp; 1480693 |
| NewMarket Corp.  | 2855 | &nbsp;&nbsp;&nbsp; 2364540 |

---

**BHFTII-170**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Olin Corp.  | 41953 | &nbsp;&nbsp;&nbsp; $1048405 |
| RPM International, Inc.  | 46980 | &nbsp;&nbsp;&nbsp; 5538002 |
| Scotts Miracle-Gro Co.  | 16270 | &nbsp;&nbsp;&nbsp; 926577 |
| Westlake Corp.  | 12202 | &nbsp;&nbsp;&nbsp; 940286 |
|  |  | &nbsp;&nbsp;&nbsp; 16471978 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| Brink's Co.  | 15246 | &nbsp;&nbsp;&nbsp; 1781648 |
| Clean Harbors, Inc. (a) | 18450 | &nbsp;&nbsp;&nbsp; 4284459 |
| MSA Safety, Inc.  | 13465 | &nbsp;&nbsp;&nbsp; 2316922 |
| RB Global, Inc.  | 67921 | &nbsp;&nbsp;&nbsp; 7359920 |
| Tetra Tech, Inc.  | 96163 | &nbsp;&nbsp;&nbsp; 3209921 |
|  |  | &nbsp;&nbsp;&nbsp; 18952870 |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| Ciena Corp. (a) | 51734 | &nbsp;&nbsp;&nbsp; 7536092 |
| Lumentum Holdings, Inc. (a) | 25544 | &nbsp;&nbsp;&nbsp; 4156264 |
|  |  | &nbsp;&nbsp;&nbsp; 11692356 |
| **Construction & Engineering — 2.7%** | **Construction & Engineering — 2.7%** | **Construction & Engineering — 2.7%** |
| AECOM | 48469 | &nbsp;&nbsp;&nbsp; 6323751 |
| API Group Corp. (a) | 135455 | &nbsp;&nbsp;&nbsp; 4655588 |
| Comfort Systems USA, Inc.  | 12883 | &nbsp;&nbsp;&nbsp; 10630794 |
| Fluor Corp. (a) | 59161 | &nbsp;&nbsp;&nbsp; 2488903 |
| MasTec, Inc. (a) | 22436 | &nbsp;&nbsp;&nbsp; 4774605 |
| Valmont Industries, Inc.  | 7224 | &nbsp;&nbsp;&nbsp; 2800962 |
|  |  | &nbsp;&nbsp;&nbsp; 31674603 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Eagle Materials, Inc.  | 11875 | &nbsp;&nbsp;&nbsp; 2767350 |
| Knife River Corp. (a) | 20736 | &nbsp;&nbsp;&nbsp; 1593976 |
|  |  | &nbsp;&nbsp;&nbsp; 4361326 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| Ally Financial, Inc.  | 102506 | &nbsp;&nbsp;&nbsp; 4018235 |
| FirstCash Holdings, Inc.  | 14287 | &nbsp;&nbsp;&nbsp; 2263347 |
| SLM Corp.  | 76294 | &nbsp;&nbsp;&nbsp; 2111818 |
|  |  | &nbsp;&nbsp;&nbsp; 8393400 |
| **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** |
| Albertsons Cos., Inc. - Class A | 147513 | &nbsp;&nbsp;&nbsp; 2582953 |
| BJ's Wholesale Club Holdings, Inc. (a) | 48325 | &nbsp;&nbsp;&nbsp; 4506306 |
| Casey's General Stores, Inc.  | 13607 | &nbsp;&nbsp;&nbsp; 7692309 |
| Maplebear, Inc. (a) (b) | 67484 | &nbsp;&nbsp;&nbsp; 2480712 |
| Performance Food Group Co. (a) | 57279 | &nbsp;&nbsp;&nbsp; 5959307 |
| Sprouts Farmers Market, Inc. (a) | 35763 | &nbsp;&nbsp;&nbsp; 3891014 |
| U.S. Foods Holding Corp. (a) | 82403 | &nbsp;&nbsp;&nbsp; 6313718 |
|  |  | &nbsp;&nbsp;&nbsp; 33426319 |
| **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** |
| AptarGroup, Inc.  | 24110 | &nbsp;&nbsp;&nbsp; 3222543 |
| Crown Holdings, Inc.  | 42101 | &nbsp;&nbsp;&nbsp; 4066536 |
| Graphic Packaging Holding Co. (b) | 108414 | &nbsp;&nbsp;&nbsp; 2121662 |
| Greif, Inc. - Class A | 9562 | &nbsp;&nbsp;&nbsp; 571425 |
| Silgan Holdings, Inc.  | 32498 | &nbsp;&nbsp;&nbsp; 1397739 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** |
| Sonoco Products Co.  | 36094 | &nbsp;&nbsp;&nbsp; $1555290 |
|  |  | &nbsp;&nbsp;&nbsp; 12935195 |
| **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
| Duolingo, Inc. (a) | 14527 | &nbsp;&nbsp;&nbsp; 4675370 |
| Graham Holdings Co. - Class B | 1243 | &nbsp;&nbsp;&nbsp; 1463396 |
| Grand Canyon Education, Inc. (a) | 10152 | &nbsp;&nbsp;&nbsp; 2228567 |
| H&R Block, Inc. (b) | 48994 | &nbsp;&nbsp;&nbsp; 2477626 |
| Service Corp. International | 51321 | &nbsp;&nbsp;&nbsp; 4270934 |
|  |  | &nbsp;&nbsp;&nbsp; 15115893 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| WP Carey, Inc.  | 80141 | &nbsp;&nbsp;&nbsp; 5415127 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Frontier Communications Parent, Inc. (a) | 91604 | &nbsp;&nbsp;&nbsp; 3421410 |
| Iridium Communications, Inc. (b) | 38833 | &nbsp;&nbsp;&nbsp; 678024 |
|  |  | &nbsp;&nbsp;&nbsp; 4099434 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| ALLETE, Inc.  | 21189 | &nbsp;&nbsp;&nbsp; 1406950 |
| IDACORP, Inc.  | 19774 | &nbsp;&nbsp;&nbsp; 2613134 |
| OGE Energy Corp.  | 73701 | &nbsp;&nbsp;&nbsp; 3410145 |
| Portland General Electric Co.  | 40094 | &nbsp;&nbsp;&nbsp; 1764136 |
| TXNM Energy, Inc.  | 34707 | &nbsp;&nbsp;&nbsp; 1962681 |
|  |  | &nbsp;&nbsp;&nbsp; 11157046 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
| Acuity, Inc.  | 11105 | &nbsp;&nbsp;&nbsp; 3824451 |
| EnerSys | 13711 | &nbsp;&nbsp;&nbsp; 1548795 |
| NEXTracker, Inc. - Class A (a) | 54148 | &nbsp;&nbsp;&nbsp; 4006410 |
| nVent Electric PLC | 58899 | &nbsp;&nbsp;&nbsp; 5809797 |
| Regal Rexnord Corp. (b) | 24290 | &nbsp;&nbsp;&nbsp; 3484158 |
| Sensata Technologies Holding PLC | 53297 | &nbsp;&nbsp;&nbsp; 1628223 |
|  |  | &nbsp;&nbsp;&nbsp; 20301834 |
| **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** |
| Arrow Electronics, Inc. (a) | 18847 | &nbsp;&nbsp;&nbsp; 2280487 |
| Avnet, Inc.  | 30688 | &nbsp;&nbsp;&nbsp; 1604369 |
| Belden, Inc.  | 14499 | &nbsp;&nbsp;&nbsp; 1743795 |
| Cognex Corp.  | 61443 | &nbsp;&nbsp;&nbsp; 2783368 |
| Coherent Corp. (a) | 56885 | &nbsp;&nbsp;&nbsp; 6127652 |
| Crane NXT Co. (b) | 18070 | &nbsp;&nbsp;&nbsp; 1211955 |
| Fabrinet (a) (b) | 13113 | &nbsp;&nbsp;&nbsp; 4781262 |
| Flex Ltd. (a) | 137352 | &nbsp;&nbsp;&nbsp; 7962295 |
| IPG Photonics Corp. (a) | 9270 | &nbsp;&nbsp;&nbsp; 734091 |
| Littelfuse, Inc.  | 9069 | &nbsp;&nbsp;&nbsp; 2348962 |
| Novanta, Inc. (a) | 13165 | &nbsp;&nbsp;&nbsp; 1318475 |
| TD SYNNEX Corp.  | 28067 | &nbsp;&nbsp;&nbsp; 4595971 |
| Vontier Corp.  | 53685 | &nbsp;&nbsp;&nbsp; 2253159 |
|  |  | &nbsp;&nbsp;&nbsp; 39745841 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| NOV, Inc. (b) | 135903 | &nbsp;&nbsp;&nbsp; 1800715 |
| TechnipFMC PLC | 150413 | &nbsp;&nbsp;&nbsp; 5933793 |

---

**BHFTII-171**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 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) | 24236 | &nbsp;&nbsp;&nbsp; $1181989 |
| Weatherford International PLC | 26288 | &nbsp;&nbsp;&nbsp; 1798888 |
|  |  | &nbsp;&nbsp;&nbsp; 10715385 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Warner Music Group Corp. - Class A (b) | 53388 | &nbsp;&nbsp;&nbsp; 1818395 |
| **Financial Services — 1.6%** | **Financial Services — 1.6%** | **Financial Services — 1.6%** |
| Equitable Holdings, Inc.  | 109617 | &nbsp;&nbsp;&nbsp; 5566351 |
| Essent Group Ltd.  | 36059 | &nbsp;&nbsp;&nbsp; 2291910 |
| Euronet Worldwide, Inc. (a) (b) | 14102 | &nbsp;&nbsp;&nbsp; 1238297 |
| MGIC Investment Corp.  | 84361 | &nbsp;&nbsp;&nbsp; 2393321 |
| Shift4 Payments, Inc. - Class A (a) (b) | 24625 | &nbsp;&nbsp;&nbsp; 1905975 |
| Voya Financial, Inc.  | 35284 | &nbsp;&nbsp;&nbsp; 2639243 |
| Western Union Co. (b) | 118191 | &nbsp;&nbsp;&nbsp; 944346 |
| WEX, Inc. (a) | 12539 | &nbsp;&nbsp;&nbsp; 1975269 |
|  |  | &nbsp;&nbsp;&nbsp; 18954712 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Darling Ingredients, Inc. (a) | 57889 | &nbsp;&nbsp;&nbsp; 1787033 |
| Flowers Foods, Inc.  | 77267 | &nbsp;&nbsp;&nbsp; 1008334 |
| Ingredion, Inc.  | 23487 | &nbsp;&nbsp;&nbsp; 2867998 |
| Marzetti Co.  | 7466 | &nbsp;&nbsp;&nbsp; 1290050 |
| Pilgrim's Pride Corp. (b) | 15647 | &nbsp;&nbsp;&nbsp; 637146 |
| Post Holdings, Inc. (a) | 17493 | &nbsp;&nbsp;&nbsp; 1880148 |
|  |  | &nbsp;&nbsp;&nbsp; 9470709 |
| **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** |
| National Fuel Gas Co.  | 33069 | &nbsp;&nbsp;&nbsp; 3054583 |
| New Jersey Resources Corp.  | 36760 | &nbsp;&nbsp;&nbsp; 1769994 |
| ONE Gas, Inc. (b) | 21956 | &nbsp;&nbsp;&nbsp; 1777119 |
| Southwest Gas Holdings, Inc.  | 23443 | &nbsp;&nbsp;&nbsp; 1836525 |
| Spire, Inc.  | 21600 | &nbsp;&nbsp;&nbsp; 1760832 |
| UGI Corp.  | 78652 | &nbsp;&nbsp;&nbsp; 2615965 |
|  |  | &nbsp;&nbsp;&nbsp; 12815018 |
| **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| Avis Budget Group, Inc. (a) (b) | 6182 | &nbsp;&nbsp;&nbsp; 992675 |
| Knight-Swift Transportation Holdings, Inc.  | 59395 | &nbsp;&nbsp;&nbsp; 2346696 |
| Landstar System, Inc.  | 12682 | &nbsp;&nbsp;&nbsp; 1554306 |
| Ryder System, Inc.  | 14928 | &nbsp;&nbsp;&nbsp; 2816018 |
| Saia, Inc. (a) (c) | 9748 | &nbsp;&nbsp;&nbsp; 2918161 |
| XPO, Inc. (a) (b) | 43096 | &nbsp;&nbsp;&nbsp; 5571020 |
|  |  | &nbsp;&nbsp;&nbsp; 16198876 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| Dentsply Sirona, Inc.  | 73002 | &nbsp;&nbsp;&nbsp; 926395 |
| Envista Holdings Corp. (a) | 60815 | &nbsp;&nbsp;&nbsp; 1238802 |
| Globus Medical, Inc. - Class A (a) | 41216 | &nbsp;&nbsp;&nbsp; 2360440 |
| Haemonetics Corp. (a) | 17630 | &nbsp;&nbsp;&nbsp; 859286 |
| Lantheus Holdings, Inc. (a) | 24882 | &nbsp;&nbsp;&nbsp; 1276198 |
| LivaNova PLC (a) | 19981 | &nbsp;&nbsp;&nbsp; 1046605 |
| Masimo Corp. (a) (b) | 16899 | &nbsp;&nbsp;&nbsp; 2493447 |
| Penumbra, Inc. (a) | 14272 | &nbsp;&nbsp;&nbsp; 3615383 |
|  |  | &nbsp;&nbsp;&nbsp; 13816556 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
| Chemed Corp.  | 5333 | &nbsp;&nbsp;&nbsp; $2387797 |
| Encompass Health Corp.  | 36861 | &nbsp;&nbsp;&nbsp; 4682084 |
| Ensign Group, Inc.  | 20965 | &nbsp;&nbsp;&nbsp; 3622123 |
| HealthEquity, Inc. (a) | 31646 | &nbsp;&nbsp;&nbsp; 2999092 |
| Hims & Hers Health, Inc. (a) (b) | 75665 | &nbsp;&nbsp;&nbsp; 4291719 |
| Option Care Health, Inc. (a) | 59392 | &nbsp;&nbsp;&nbsp; 1648722 |
| Tenet Healthcare Corp. (a) | 32333 | &nbsp;&nbsp;&nbsp; 6564892 |
|  |  | &nbsp;&nbsp;&nbsp; 26196429 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Healthcare Realty Trust, Inc.  | 128672 | &nbsp;&nbsp;&nbsp; 2319956 |
| Omega Healthcare Investors, Inc.  | 107957 | &nbsp;&nbsp;&nbsp; 4557945 |
| Sabra Health Care REIT, Inc. (b) | 87753 | &nbsp;&nbsp;&nbsp; 1635716 |
|  |  | &nbsp;&nbsp;&nbsp; 8513617 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| Doximity, Inc. - Class A (a) | 49916 | &nbsp;&nbsp;&nbsp; 3651355 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Park Hotels & Resorts, Inc.  | 73159 | &nbsp;&nbsp;&nbsp; 810602 |
| **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| Aramark | 96192 | &nbsp;&nbsp;&nbsp; 3693773 |
| Boyd Gaming Corp.  | 21714 | &nbsp;&nbsp;&nbsp; 1877175 |
| Cava Group, Inc. (a) | 36493 | &nbsp;&nbsp;&nbsp; 2204542 |
| Choice Hotels International, Inc. (b) | 7563 | &nbsp;&nbsp;&nbsp; 808560 |
| Churchill Downs, Inc.  | 24379 | &nbsp;&nbsp;&nbsp; 2365007 |
| Hilton Grand Vacations, Inc. (a) | 22572 | &nbsp;&nbsp;&nbsp; 943735 |
| Hyatt Hotels Corp. - Class A (b) | 15494 | &nbsp;&nbsp;&nbsp; 2199063 |
| Light & Wonder, Inc. (a) (b) | 30721 | &nbsp;&nbsp;&nbsp; 2578721 |
| Marriott Vacations Worldwide Corp.  | 10130 | &nbsp;&nbsp;&nbsp; 674253 |
| Planet Fitness, Inc. - Class A (a) | 30710 | &nbsp;&nbsp;&nbsp; 3187698 |
| Texas Roadhouse, Inc.  | 24318 | &nbsp;&nbsp;&nbsp; 4040436 |
| Travel & Leisure Co.  | 23757 | &nbsp;&nbsp;&nbsp; 1413304 |
| Vail Resorts, Inc. (b) | 13596 | &nbsp;&nbsp;&nbsp; 2033554 |
| Wingstop, Inc.  | 10219 | &nbsp;&nbsp;&nbsp; 2571918 |
| Wyndham Hotels & Resorts, Inc.  | 27943 | &nbsp;&nbsp;&nbsp; 2232646 |
|  |  | &nbsp;&nbsp;&nbsp; 32824385 |
| **Household Durables — 1.8%** | **Household Durables — 1.8%** | **Household Durables — 1.8%** |
| KB Home | 24903 | &nbsp;&nbsp;&nbsp; 1584827 |
| Somnigroup International, Inc. (b) | 76810 | &nbsp;&nbsp;&nbsp; 6477387 |
| Taylor Morrison Home Corp. (a) | 36172 | &nbsp;&nbsp;&nbsp; 2387714 |
| Toll Brothers, Inc.  | 35930 | &nbsp;&nbsp;&nbsp; 4963370 |
| TopBuild Corp. (a) | 10239 | &nbsp;&nbsp;&nbsp; 4002016 |
| Whirlpool Corp. (b) | 20455 | &nbsp;&nbsp;&nbsp; 1607763 |
|  |  | &nbsp;&nbsp;&nbsp; 21023077 |
| **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** |
| Ormat Technologies, Inc.  | 22222 | &nbsp;&nbsp;&nbsp; 2138868 |
| Talen Energy Corp. (a) | 16719 | &nbsp;&nbsp;&nbsp; 7111928 |
|  |  | &nbsp;&nbsp;&nbsp; 9250796 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| EastGroup Properties, Inc.  | 19491 | &nbsp;&nbsp;&nbsp; 3299047 |
| First Industrial Realty Trust, Inc.  | 48454 | &nbsp;&nbsp;&nbsp; 2493928 |

---

**BHFTII-172**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** |
| Rexford Industrial Realty, Inc.  | 86412 | &nbsp;&nbsp;&nbsp; $3552397 |
| STAG Industrial, Inc. (b) | 68322 | &nbsp;&nbsp;&nbsp; 2411083 |
|  |  | &nbsp;&nbsp;&nbsp; 11756455 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| American Financial Group, Inc.  | 25330 | &nbsp;&nbsp;&nbsp; 3691088 |
| Brighthouse Financial, Inc. (a) (d) | 20915 | &nbsp;&nbsp;&nbsp; 1110168 |
| CNO Financial Group, Inc.  | 35472 | &nbsp;&nbsp;&nbsp; 1402918 |
| Fidelity National Financial, Inc.  | 93472 | &nbsp;&nbsp;&nbsp; 5654121 |
| First American Financial Corp.  | 37254 | &nbsp;&nbsp;&nbsp; 2393197 |
| Hanover Insurance Group, Inc.  | 13091 | &nbsp;&nbsp;&nbsp; 2377718 |
| Kemper Corp.  | 22961 | &nbsp;&nbsp;&nbsp; 1183640 |
| Kinsale Capital Group, Inc.  | 8101 | &nbsp;&nbsp;&nbsp; 3445031 |
| Old Republic International Corp.  | 83654 | &nbsp;&nbsp;&nbsp; 3552785 |
| Primerica, Inc.  | 11854 | &nbsp;&nbsp;&nbsp; 3290552 |
| Reinsurance Group of America, Inc.  | 24188 | &nbsp;&nbsp;&nbsp; 4647241 |
| RenaissanceRe Holdings Ltd.  | 17224 | &nbsp;&nbsp;&nbsp; 4373690 |
| RLI Corp. (b) | 33605 | &nbsp;&nbsp;&nbsp; 2191718 |
| Ryan Specialty Holdings, Inc. (b) | 41234 | &nbsp;&nbsp;&nbsp; 2323948 |
| Selective Insurance Group, Inc.  | 22268 | &nbsp;&nbsp;&nbsp; 1805267 |
| Unum Group | 57341 | &nbsp;&nbsp;&nbsp; 4459983 |
|  |  | &nbsp;&nbsp;&nbsp; 47903065 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| ZoomInfo Technologies, Inc. (a) | 102612 | &nbsp;&nbsp;&nbsp; 1119497 |
| **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
| ASGN, Inc. (a) | 16028 | &nbsp;&nbsp;&nbsp; 758926 |
| Kyndryl Holdings, Inc. (a) | 84588 | &nbsp;&nbsp;&nbsp; 2540178 |
| Okta, Inc. (a) | 61174 | &nbsp;&nbsp;&nbsp; 5609656 |
| Twilio, Inc. - Class A (a) | 56150 | &nbsp;&nbsp;&nbsp; 5620053 |
|  |  | &nbsp;&nbsp;&nbsp; 14528813 |
| **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
| Brunswick Corp.  | 23908 | &nbsp;&nbsp;&nbsp; 1511942 |
| Mattel, Inc. (a) (b) | 117911 | &nbsp;&nbsp;&nbsp; 1984442 |
| Polaris, Inc.  | 19547 | &nbsp;&nbsp;&nbsp; 1136267 |
| YETI Holdings, Inc. (a) | 29724 | &nbsp;&nbsp;&nbsp; 986242 |
|  |  | &nbsp;&nbsp;&nbsp; 5618893 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| Avantor, Inc. (a) (b) | 249486 | &nbsp;&nbsp;&nbsp; 3113585 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 6680 | &nbsp;&nbsp;&nbsp; 1873005 |
| Bruker Corp.  | 40531 | &nbsp;&nbsp;&nbsp; 1316852 |
| Illumina, Inc. (a) (b) | 56247 | &nbsp;&nbsp;&nbsp; 5341778 |
| Medpace Holdings, Inc. (a) | 8122 | &nbsp;&nbsp;&nbsp; 4176008 |
| Repligen Corp. (a) | 19353 | &nbsp;&nbsp;&nbsp; 2586915 |
| Sotera Health Co. (a) (b) | 64448 | &nbsp;&nbsp;&nbsp; 1013767 |
|  |  | &nbsp;&nbsp;&nbsp; 19421910 |
| **Machinery — 5.0%** | **Machinery — 5.0%** | **Machinery — 5.0%** |
| AGCO Corp. (b) | 22665 | &nbsp;&nbsp;&nbsp; 2426742 |
| Chart Industries, Inc. (a) | 16170 | &nbsp;&nbsp;&nbsp; 3236425 |
| CNH Industrial NV | 324999 | &nbsp;&nbsp;&nbsp; 3526239 |
| Crane Co.  | 17901 | &nbsp;&nbsp;&nbsp; 3296290 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Donaldson Co., Inc.  | 42641 | &nbsp;&nbsp;&nbsp; $3490166 |
| Esab Corp.  | 20880 | &nbsp;&nbsp;&nbsp; 2333131 |
| Flowserve Corp.  | 47860 | &nbsp;&nbsp;&nbsp; 2543280 |
| Graco, Inc.  | 60637 | &nbsp;&nbsp;&nbsp; 5151719 |
| ITT, Inc.  | 28545 | &nbsp;&nbsp;&nbsp; 5102704 |
| Lincoln Electric Holdings, Inc.  | 20196 | &nbsp;&nbsp;&nbsp; 4762823 |
| Middleby Corp. (a) | 17064 | &nbsp;&nbsp;&nbsp; 2268318 |
| Mueller Industries, Inc.  | 40512 | &nbsp;&nbsp;&nbsp; 4096168 |
| Oshkosh Corp.  | 23421 | &nbsp;&nbsp;&nbsp; 3037704 |
| RBC Bearings, Inc. (a) | 11502 | &nbsp;&nbsp;&nbsp; 4489116 |
| Terex Corp.  | 24006 | &nbsp;&nbsp;&nbsp; 1231508 |
| Timken Co.  | 23192 | &nbsp;&nbsp;&nbsp; 1743575 |
| Toro Co.  | 36114 | &nbsp;&nbsp;&nbsp; 2751887 |
| Watts Water Technologies, Inc. - Class A | 10033 | &nbsp;&nbsp;&nbsp; 2802016 |
|  |  | &nbsp;&nbsp;&nbsp; 58289811 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Kirby Corp. (a) | 20420 | &nbsp;&nbsp;&nbsp; 1704049 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| EchoStar Corp. - Class A (a) | 49212 | &nbsp;&nbsp;&nbsp; 3757828 |
| New York Times Co. - Class A | 59298 | &nbsp;&nbsp;&nbsp; 3403705 |
| Nexstar Media Group, Inc. (b) | 10429 | &nbsp;&nbsp;&nbsp; 2062231 |
|  |  | &nbsp;&nbsp;&nbsp; 9223764 |
| **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** | **Metals & Mining — 2.2%** |
| Alcoa Corp.  | 94751 | &nbsp;&nbsp;&nbsp; 3116361 |
| Carpenter Technology Corp.  | 18243 | &nbsp;&nbsp;&nbsp; 4479386 |
| Cleveland-Cliffs, Inc. (a) | 181036 | &nbsp;&nbsp;&nbsp; 2208639 |
| Commercial Metals Co.  | 40961 | &nbsp;&nbsp;&nbsp; 2346246 |
| MP Materials Corp. (a) | 49255 | &nbsp;&nbsp;&nbsp; 3303533 |
| Reliance, Inc.  | 19247 | &nbsp;&nbsp;&nbsp; 5405135 |
| Royal Gold, Inc. (b) | 24091 | &nbsp;&nbsp;&nbsp; 4832173 |
|  |  | &nbsp;&nbsp;&nbsp; 25691473 |
| **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.  | 234971 | &nbsp;&nbsp;&nbsp; 4748764 |
| Starwood Property Trust, Inc. (b) | 126295 | &nbsp;&nbsp;&nbsp; 2446334 |
|  |  | &nbsp;&nbsp;&nbsp; 7195098 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Black Hills Corp.  | 26660 | &nbsp;&nbsp;&nbsp; 1641989 |
| Northwestern Energy Group, Inc.  | 22467 | &nbsp;&nbsp;&nbsp; 1316791 |
|  |  | &nbsp;&nbsp;&nbsp; 2958780 |
| **Office REITs — 0.6%** | **Office REITs — 0.6%** | **Office REITs — 0.6%** |
| COPT Defense Properties | 41238 | &nbsp;&nbsp;&nbsp; 1198376 |
| Cousins Properties, Inc.  | 61468 | &nbsp;&nbsp;&nbsp; 1778884 |
| Kilroy Realty Corp. (b) | 39827 | &nbsp;&nbsp;&nbsp; 1682691 |
| Vornado Realty Trust | 59034 | &nbsp;&nbsp;&nbsp; 2392648 |
|  |  | &nbsp;&nbsp;&nbsp; 7052599 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| Antero Midstream Corp.  | 122577 | &nbsp;&nbsp;&nbsp; 2382897 |
| Antero Resources Corp. (a) | 107402 | &nbsp;&nbsp;&nbsp; 3604411 |

---

**BHFTII-173**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 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)** |
| Chord Energy Corp.  | 20954 | &nbsp;&nbsp;&nbsp; $2082199 |
| Civitas Resources, Inc.  | 30518 | &nbsp;&nbsp;&nbsp; 991835 |
| CNX Resources Corp. (a) (b) | 51753 | &nbsp;&nbsp;&nbsp; 1662306 |
| DT Midstream, Inc.  | 37179 | &nbsp;&nbsp;&nbsp; 4203458 |
| HF Sinclair Corp.  | 58193 | &nbsp;&nbsp;&nbsp; 3045822 |
| Matador Resources Co.  | 42825 | &nbsp;&nbsp;&nbsp; 1924127 |
| Murphy Oil Corp.  | 49099 | &nbsp;&nbsp;&nbsp; 1394903 |
| Ovintiv, Inc.  | 94064 | &nbsp;&nbsp;&nbsp; 3798304 |
| PBF Energy, Inc. - Class A | 30061 | &nbsp;&nbsp;&nbsp; 906940 |
| Permian Resources Corp.  | 255891 | &nbsp;&nbsp;&nbsp; 3275405 |
| Range Resources Corp.  | 87167 | &nbsp;&nbsp;&nbsp; 3280966 |
| Viper Energy, Inc. - Class A (b) | 61743 | &nbsp;&nbsp;&nbsp; 2359817 |
|  |  | &nbsp;&nbsp;&nbsp; 34913390 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Louisiana-Pacific Corp.  | 23192 | &nbsp;&nbsp;&nbsp; 2060377 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Alaska Air Group, Inc. (a) (b) | 42198 | &nbsp;&nbsp;&nbsp; 2100617 |
| American Airlines Group, Inc. (a) | 241468 | &nbsp;&nbsp;&nbsp; 2714100 |
|  |  | &nbsp;&nbsp;&nbsp; 4814717 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| BellRing Brands, Inc. (a) | 46102 | &nbsp;&nbsp;&nbsp; 1675808 |
| Coty, Inc. - Class A (a) (b) | 134072 | &nbsp;&nbsp;&nbsp; 541651 |
| elf Beauty, Inc. (a) (b) | 21707 | &nbsp;&nbsp;&nbsp; 2875743 |
|  |  | &nbsp;&nbsp;&nbsp; 5093202 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Elanco Animal Health, Inc. (a) | 181812 | &nbsp;&nbsp;&nbsp; 3661694 |
| Jazz Pharmaceuticals PLC (a) | 22199 | &nbsp;&nbsp;&nbsp; 2925828 |
| Perrigo Co. PLC (b) | 50349 | &nbsp;&nbsp;&nbsp; 1121272 |
|  |  | &nbsp;&nbsp;&nbsp; 7708794 |
| **Professional Services — 2.5%** | **Professional Services — 2.5%** | **Professional Services — 2.5%** |
| CACI International, Inc. - Class A (a) (c) | 8049 | &nbsp;&nbsp;&nbsp; 4014680 |
| Concentrix Corp.  | 16375 | &nbsp;&nbsp;&nbsp; 755706 |
| ExlService Holdings, Inc. (a) | 59106 | &nbsp;&nbsp;&nbsp; 2602437 |
| Exponent, Inc.  | 18481 | &nbsp;&nbsp;&nbsp; 1284060 |
| FTI Consulting, Inc. (a) (b) | 11618 | &nbsp;&nbsp;&nbsp; 1878050 |
| Genpact Ltd.  | 59310 | &nbsp;&nbsp;&nbsp; 2484496 |
| Insperity, Inc.  | 13097 | &nbsp;&nbsp;&nbsp; 644372 |
| KBR, Inc.  | 47150 | &nbsp;&nbsp;&nbsp; 2229723 |
| Maximus, Inc.  | 20621 | &nbsp;&nbsp;&nbsp; 1884141 |
| Parsons Corp. (a) | 19541 | &nbsp;&nbsp;&nbsp; 1620340 |
| Paylocity Holding Corp. (a) | 16351 | &nbsp;&nbsp;&nbsp; 2604224 |
| Science Applications International Corp.  | 17153 | &nbsp;&nbsp;&nbsp; 1704494 |
| TransUnion | 71288 | &nbsp;&nbsp;&nbsp; 5972509 |
|  |  | &nbsp;&nbsp;&nbsp; 29679232 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Jones Lang LaSalle, Inc. (a) | 17340 | &nbsp;&nbsp;&nbsp; 5172175 |
| **Residential REITs — 0.8%** | **Residential REITs — 0.8%** | **Residential REITs — 0.8%** |
| American Homes 4 Rent - Class A | 119243 | &nbsp;&nbsp;&nbsp; 3964830 |
| Equity LifeStyle Properties, Inc.  | 70918 | &nbsp;&nbsp;&nbsp; 4304722 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Residential REITs—(Continued)** | **Residential REITs—(Continued)** | **Residential REITs—(Continued)** |
| Independence Realty Trust, Inc. (b) | 85423 | &nbsp;&nbsp;&nbsp; $1400083 |
|  |  | &nbsp;&nbsp;&nbsp; 9669635 |
| **Retail REITs — 0.9%** | **Retail REITs — 0.9%** | **Retail REITs — 0.9%** |
| Agree Realty Corp. (b) | 40427 | &nbsp;&nbsp;&nbsp; 2871934 |
| Brixmor Property Group, Inc.  | 112019 | &nbsp;&nbsp;&nbsp; 3100686 |
| Kite Realty Group Trust (b) | 80458 | &nbsp;&nbsp;&nbsp; 1794213 |
| NNN REIT, Inc.  | 69085 | &nbsp;&nbsp;&nbsp; 2940949 |
|  |  | &nbsp;&nbsp;&nbsp; 10707782 |
| **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** |
| Allegro MicroSystems, Inc. (a) | 45370 | &nbsp;&nbsp;&nbsp; 1324804 |
| Amkor Technology, Inc.  | 41604 | &nbsp;&nbsp;&nbsp; 1181554 |
| Cirrus Logic, Inc. (a) | 18785 | &nbsp;&nbsp;&nbsp; 2353573 |
| Entegris, Inc. (b) | 55479 | &nbsp;&nbsp;&nbsp; 5129588 |
| Lattice Semiconductor Corp. (a) (b) | 50097 | &nbsp;&nbsp;&nbsp; 3673112 |
| MACOM Technology Solutions Holdings, Inc. (a) | 23438 | &nbsp;&nbsp;&nbsp; 2917797 |
| MKS, Inc.  | 24577 | &nbsp;&nbsp;&nbsp; 3041895 |
| Onto Innovation, Inc. (a) | 17933 | &nbsp;&nbsp;&nbsp; 2317302 |
| Power Integrations, Inc.  | 20528 | &nbsp;&nbsp;&nbsp; 825431 |
| Rambus, Inc. (a) | 39375 | &nbsp;&nbsp;&nbsp; 4102875 |
| Silicon Laboratories, Inc. (a) | 12009 | &nbsp;&nbsp;&nbsp; 1574740 |
| Synaptics, Inc. (a) | 14105 | &nbsp;&nbsp;&nbsp; 963936 |
| Universal Display Corp. (b) | 16178 | &nbsp;&nbsp;&nbsp; 2323646 |
|  |  | &nbsp;&nbsp;&nbsp; 31730253 |
| **Software — 3.8%** | **Software — 3.8%** | **Software — 3.8%** |
| Appfolio, Inc. - Class A (a) | 8370 | &nbsp;&nbsp;&nbsp; 2307274 |
| Bill Holdings, Inc. (a) | 33556 | &nbsp;&nbsp;&nbsp; 1777461 |
| Blackbaud, Inc. (a) | 13614 | &nbsp;&nbsp;&nbsp; 875516 |
| Commvault Systems, Inc. (a) | 16271 | &nbsp;&nbsp;&nbsp; 3071640 |
| Docusign, Inc. (a) | 73946 | &nbsp;&nbsp;&nbsp; 5330767 |
| Dolby Laboratories, Inc. - Class A | 22390 | &nbsp;&nbsp;&nbsp; 1620364 |
| Dropbox, Inc. - Class A (a) (b) | 67731 | &nbsp;&nbsp;&nbsp; 2046154 |
| Dynatrace, Inc. (a) | 110338 | &nbsp;&nbsp;&nbsp; 5345876 |
| Guidewire Software, Inc. (a) | 30812 | &nbsp;&nbsp;&nbsp; 7082446 |
| Manhattan Associates, Inc. (a) | 22129 | &nbsp;&nbsp;&nbsp; 4536003 |
| Nutanix, Inc. - Class A (a) | 98104 | &nbsp;&nbsp;&nbsp; 7297957 |
| Pegasystems, Inc.  | 33808 | &nbsp;&nbsp;&nbsp; 1943960 |
| Qualys, Inc. (a) | 13210 | &nbsp;&nbsp;&nbsp; 1748079 |
|  |  | &nbsp;&nbsp;&nbsp; 44983497 |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
| CubeSmart | 83450 | &nbsp;&nbsp;&nbsp; 3393077 |
| EPR Properties | 27855 | &nbsp;&nbsp;&nbsp; 1615869 |
| Gaming & Leisure Properties, Inc.  | 103568 | &nbsp;&nbsp;&nbsp; 4827304 |
| Lamar Advertising Co. - Class A (b) | 31765 | &nbsp;&nbsp;&nbsp; 3888671 |
| National Storage Affiliates Trust (b) | 25836 | &nbsp;&nbsp;&nbsp; 780764 |
| PotlatchDeltic Corp.  | 26020 | &nbsp;&nbsp;&nbsp; 1060315 |
| Rayonier, Inc.  | 51902 | &nbsp;&nbsp;&nbsp; 1377479 |
|  |  | &nbsp;&nbsp;&nbsp; 16943479 |
| **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
| Abercrombie & Fitch Co. - Class A (a) | 17435 | &nbsp;&nbsp;&nbsp; 1491564 |
| AutoNation, Inc. (a) | 10349 | &nbsp;&nbsp;&nbsp; 2264051 |

---

**BHFTII-174**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 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)** |
| Bath & Body Works, Inc.  | 77440 | &nbsp;&nbsp;&nbsp; $1994854 |
| Burlington Stores, Inc. (a) (b) | 22803 | &nbsp;&nbsp;&nbsp; 5803364 |
| Chewy, Inc. - Class A (a) | 81572 | &nbsp;&nbsp;&nbsp; 3299587 |
| Dick's Sporting Goods, Inc.  | 24467 | &nbsp;&nbsp;&nbsp; 5437057 |
| Five Below, Inc. (a) | 20149 | &nbsp;&nbsp;&nbsp; 3117050 |
| Floor & Decor Holdings, Inc. - Class A (a) | 39410 | &nbsp;&nbsp;&nbsp; 2904517 |
| GameStop Corp. - Class A (a) (b) | 150609 | &nbsp;&nbsp;&nbsp; 4108614 |
| Gap, Inc.  | 83280 | &nbsp;&nbsp;&nbsp; 1781359 |
| Lithia Motors, Inc.  | 9382 | &nbsp;&nbsp;&nbsp; 2964712 |
| Murphy USA, Inc.  | 6425 | &nbsp;&nbsp;&nbsp; 2494571 |
| Penske Automotive Group, Inc.  | 6768 | &nbsp;&nbsp;&nbsp; 1177023 |
| RH (a) | 5621 | &nbsp;&nbsp;&nbsp; 1141962 |
| Valvoline, Inc. (a) (b) | 46518 | &nbsp;&nbsp;&nbsp; 1670461 |
|  |  | &nbsp;&nbsp;&nbsp; 41650746 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
| Pure Storage, Inc. - Class A (a) | 113626 | &nbsp;&nbsp;&nbsp; 9522995 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Capri Holdings Ltd. (a) | 43566 | &nbsp;&nbsp;&nbsp; 867834 |
| Columbia Sportswear Co.  | 9420 | &nbsp;&nbsp;&nbsp; 492666 |
| Crocs, Inc. (a) | 19987 | &nbsp;&nbsp;&nbsp; 1669914 |
| PVH Corp. (b) | 17592 | &nbsp;&nbsp;&nbsp; 1473682 |
| Under Armour, Inc. - Class A (a) | 69105 | &nbsp;&nbsp;&nbsp; 344834 |
| Under Armour, Inc. - Class C (a) (b) | 44378 | &nbsp;&nbsp;&nbsp; 214346 |
| VF Corp. (b) | 120077 | &nbsp;&nbsp;&nbsp; 1732711 |
|  |  | &nbsp;&nbsp;&nbsp; 6795987 |
| **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** | **Trading Companies & Distributors — 1.7%** |
| Applied Industrial Technologies, Inc.  | 13938 | &nbsp;&nbsp;&nbsp; 3638515 |
| Core & Main, Inc. - Class A (a) | 69405 | &nbsp;&nbsp;&nbsp; 3736071 |
| GATX Corp. (b) | 13028 | &nbsp;&nbsp;&nbsp; 2277294 |
| MSC Industrial Direct Co., Inc. - Class A | 16707 | &nbsp;&nbsp;&nbsp; 1539383 |
| Watsco, Inc. (b) | 12773 | &nbsp;&nbsp;&nbsp; 5164124 |
| WESCO International, Inc.  | 17809 | &nbsp;&nbsp;&nbsp; 3766604 |
|  |  | &nbsp;&nbsp;&nbsp; 20121991 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| Essential Utilities, Inc.  | 102639 | &nbsp;&nbsp;&nbsp; 4095296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $873,928,667) <br>|  | &nbsp;&nbsp;&nbsp; 1141637462 |
| **Investment Companies—0.7%** | **Investment Companies—0.7%** | **Investment Companies—0.7%** |
| **Exchange-Traded Funds — 0.7%** | **Exchange-Traded Funds — 0.7%** | **Exchange-Traded Funds — 0.7%** |
| SPDR S&P MidCap 400 ETF Trust (b) | 14400 | &nbsp;&nbsp;&nbsp; 8582832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $8,451,467) <br>|  | &nbsp;&nbsp;&nbsp; 8582832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.7%** | **Short-Term Investments—1.7%** | **Short-Term Investments—1.7%** |
| **Discount Note—0.0%** | **Discount Note—0.0%** | **Discount Note—0.0%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (e) | 325000 | &nbsp;&nbsp;&nbsp; 324964 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **U.S. Treasury—1.7%** | **U.S. Treasury—1.7%** | **U.S. Treasury—1.7%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%, 10/16/25 (e) | 2300000 | &nbsp;&nbsp;&nbsp; $2296115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 10/16/25 (e) | 2000000 | &nbsp;&nbsp;&nbsp; 1996621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.962%, 10/16/25 (e) | 15770000 | &nbsp;&nbsp;&nbsp; 15743362 |
|  |  | &nbsp;&nbsp;&nbsp; 20036098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $20,360,445) <br>|  | &nbsp;&nbsp;&nbsp; 20361062 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—5.0%** | **Securities Lending Reinvestments (f)—5.0%** | **Securities Lending Reinvestments (f)—5.0%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (g)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (g)<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp;&nbsp; 5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.6%** | **Certificates of Deposit—0.6%** | **Certificates of Deposit—0.6%** |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/24/25 | 1000000 | &nbsp;&nbsp;&nbsp; 997280 |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 08/11/26 (h) | 1300000 | &nbsp;&nbsp;&nbsp; 1301007 |
| Credit Agricole Corp. and Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370%, SOFR + 0.240%, 12/03/25 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 999978 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 11/21/25 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2000170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 12/15/25 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000131 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.260%, 02/06/26 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000174 |
|  |  | &nbsp;&nbsp;&nbsp; 7298740 |
| **Repurchase Agreements—3.9%** | **Repurchase Agreements—3.9%** | **Repurchase Agreements—3.9%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $5,000,582; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 11/30/25 - 02/15/52, <br> and an aggregate market value of $5,100,000<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $4,000,469; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,449,343<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $5,100,605; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,672,912<br>| 5100000 | &nbsp;&nbsp;&nbsp; 5100000 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.420%, due on <br> 01/02/26 with a maturity value of $1,011,541; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 07/15/26 - 10/15/28, <br> and various Common Stock with an aggregate market value of <br> $1,114,015<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |

---

**BHFTII-175**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 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)** |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $1,000,116; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.375% - <br> 4.625%, maturity dates ranging from 06/15/27 - 10/31/28, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp;&nbsp; $1000000 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $3,071,753; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,001<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $1,200,138; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $1,224,000<br>| 1200000 | &nbsp;&nbsp;&nbsp; 1200000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $2,737,027; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $2,791,443<br>| 2736709 | &nbsp;&nbsp;&nbsp; 2736709 |
| National Bank Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $5,000,594; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,575,471<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $2,100,250; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,341,697<br>| 2100000 | &nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $9,007,525; collateralized <br> by U.S. Treasury Obligations with rates ranging from 3.750% - <br> 4.125%, maturity dates ranging from 10/31/26 - 11/30/29, <br> and various Common Stock with an aggregate market value of <br> $10,009,691<br>| 9000000 | &nbsp;&nbsp;&nbsp; 9000000 |
| Nomura Securities International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $1,000,117; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 6.750%, maturity dates ranging from 10/31/25 - 05/15/55, <br> and an aggregate market value of $1,020,119<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Royal Bank of Canada Toronto |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.360%, due on <br> 11/04/25 with a maturity value of $1,004,239; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,111,246<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $1,200,136; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $1,224,000<br>| 1200000 | &nbsp;&nbsp;&nbsp; 1200000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.260%, due on <br> 10/01/25 with a maturity value of $75,009; collateralized by <br> various Common Stock with an aggregate market value of <br> $83,433<br>| 75000 | &nbsp;&nbsp;&nbsp; $75000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $2,500,291; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,750,320<br>| 2500000 | &nbsp;&nbsp;&nbsp; 2500000 |
|  |  | &nbsp;&nbsp;&nbsp; 44911709 |
| **Time Deposit—0.1%** | **Time Deposit—0.1%** | **Time Deposit—0.1%** |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160%, OBFR + 0.070% 10/07/25 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $58,208,920) <br>|  | &nbsp;&nbsp;&nbsp; 58210449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—104.9% <br>(Cost $960,949,499) <br>|  | &nbsp;&nbsp;&nbsp; 1228791805 |
| Other assets and liabilities (net)—(4.9)%  |  | &nbsp;&nbsp;&nbsp; (57729911)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1171061894 |

---

&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 September 30, 2025, the market value of securities loaned was $83,478,954 and the collateral received consisted of cash in the amount of $58,201,523 and non-cash collateral with a value of $27,198,191. 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. 

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2025, the market value of securities pledged was $3,491,920. 

(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 September 30, 2025. 

(g) The rate shown represents the annualized seven-day yield as of September 30, 2025.

(h) Variable or floating rate security. The stated rate represents the rate at September 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. 

**BHFTII-176**

------

**Brighthouse Funds Trust II**

**MetLife Mid Cap Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the period ended September 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>**September 30, 2025**<br>|
| Brighthouse Financial, Inc. | &nbsp;&nbsp; $1171167 | &nbsp;&nbsp; $(189097)<br>| &nbsp;&nbsp; $60686 | &nbsp;&nbsp; $67412 | &nbsp;&nbsp; $1110168 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Security Description** | **Number of** <br>**shares held at** <br>**September 30, 2025**<br>|
| Brighthouse Financial, Inc. | &nbsp;&nbsp; 20,915 |

---

**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;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 60 | USD | 19717200 | &nbsp;&nbsp;&nbsp; $(36993)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp;&nbsp; $1141637462 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1141637462 |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; 8582832 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8582832 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20361062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20361062 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7298740 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7298740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44911709 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44911709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 53210449 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58210449 |
| Total Investments | &nbsp;&nbsp;&nbsp; $1155220294 | &nbsp;&nbsp;&nbsp; $73571511 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1228791805 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(58201523)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(58201523)<br>|
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; $(36993)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(36993)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-177**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—95.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Australia — 6.7%** | **Australia — 6.7%** | **Australia — 6.7%** |
| ANZ Group Holdings Ltd.  | 214127 | &nbsp;&nbsp;&nbsp; $4702658 |
| APA Group | 93494 | &nbsp;&nbsp;&nbsp; 550399 |
| Aristocrat Leisure Ltd.  | 41701 | &nbsp;&nbsp;&nbsp; 1939820 |
| ASX Ltd.  | 14220 | &nbsp;&nbsp;&nbsp; 551550 |
| BHP Group Ltd.  | 362697 | &nbsp;&nbsp;&nbsp; 10150337 |
| BlueScope Steel Ltd.  | 37152 | &nbsp;&nbsp;&nbsp; 559944 |
| Brambles Ltd.  | 98570 | &nbsp;&nbsp;&nbsp; 1627944 |
| CAR Group Ltd.  | 30249 | &nbsp;&nbsp;&nbsp; 738842 |
| Cochlear Ltd.  | 5081 | &nbsp;&nbsp;&nbsp; 941422 |
| Coles Group Ltd.  | 92253 | &nbsp;&nbsp;&nbsp; 1426827 |
| Commonwealth Bank of Australia | 119938 | &nbsp;&nbsp;&nbsp; 13282536 |
| Computershare Ltd.  | 33865 | &nbsp;&nbsp;&nbsp; 814967 |
| Evolution Mining Ltd.  | 152348 | &nbsp;&nbsp;&nbsp; 1099284 |
| Fortescue Ltd.  | 119449 | &nbsp;&nbsp;&nbsp; 1484096 |
| Glencore PLC (a) | 724718 | &nbsp;&nbsp;&nbsp; 3352466 |
| Goodman Group (REIT) | 147029 | &nbsp;&nbsp;&nbsp; 3206328 |
| Insurance Australia Group Ltd.  | 183571 | &nbsp;&nbsp;&nbsp; 995712 |
| Lottery Corp. Ltd.  | 166590 | &nbsp;&nbsp;&nbsp; 650620 |
| Macquarie Group Ltd.  | 26357 | &nbsp;&nbsp;&nbsp; 3839511 |
| Medibank Pvt Ltd.  | 205958 | &nbsp;&nbsp;&nbsp; 656881 |
| National Australia Bank Ltd.  | 220050 | &nbsp;&nbsp;&nbsp; 6450721 |
| Northern Star Resources Ltd.  | 90151 | &nbsp;&nbsp;&nbsp; 1424038 |
| Origin Energy Ltd.  | 118137 | &nbsp;&nbsp;&nbsp; 979323 |
| Pro Medicus Ltd.  | 3760 | &nbsp;&nbsp;&nbsp; 770781 |
| Qantas Airways Ltd.  | 55657 | &nbsp;&nbsp;&nbsp; 404210 |
| QBE Insurance Group Ltd.  | 108968 | &nbsp;&nbsp;&nbsp; 1488804 |
| REA Group Ltd.  | 3315 | &nbsp;&nbsp;&nbsp; 509024 |
| Rio Tinto Ltd.  | 25081 | &nbsp;&nbsp;&nbsp; 2031003 |
| Rio Tinto PLC | 82213 | &nbsp;&nbsp;&nbsp; 5423292 |
| Santos Ltd.  | 213556 | &nbsp;&nbsp;&nbsp; 957960 |
| Scentre Group (REIT) | 304703 | &nbsp;&nbsp;&nbsp; 825749 |
| SGH Ltd.  | 17180 | &nbsp;&nbsp;&nbsp; 571590 |
| Sigma Healthcare Ltd.  | 330939 | &nbsp;&nbsp;&nbsp; 652404 |
| Sonic Healthcare Ltd.  | 38529 | &nbsp;&nbsp;&nbsp; 547605 |
| South32 Ltd.  | 224009 | &nbsp;&nbsp;&nbsp; 407349 |
| Stockland (REIT) | 179520 | &nbsp;&nbsp;&nbsp; 730422 |
| Suncorp Group Ltd.  | 84009 | &nbsp;&nbsp;&nbsp; 1132169 |
| Telstra Group Ltd.  | 294228 | &nbsp;&nbsp;&nbsp; 940547 |
| Transurban Group | 218557 | &nbsp;&nbsp;&nbsp; 2004680 |
| Vicinity Ltd. (REIT) | 277971 | &nbsp;&nbsp;&nbsp; 465155 |
| Washington H Soul Pattinson & Co. Ltd.  | 27248 | &nbsp;&nbsp;&nbsp; 696278 |
| Wesfarmers Ltd.  | 80785 | &nbsp;&nbsp;&nbsp; 4936307 |
| Westpac Banking Corp.  | 245261 | &nbsp;&nbsp;&nbsp; 6320065 |
| WiseTech Global Ltd.  | 15261 | &nbsp;&nbsp;&nbsp; 914087 |
| Woodside Energy Group Ltd.  | 134961 | &nbsp;&nbsp;&nbsp; 2030425 |
| Woolworths Group Ltd.  | 89639 | &nbsp;&nbsp;&nbsp; 1585946 |
|  |  | &nbsp;&nbsp;&nbsp; 97772078 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | 21484 | &nbsp;&nbsp;&nbsp; 2101878 |
| Mondi PLC | 37265 | &nbsp;&nbsp;&nbsp; 516603 |
| OMV AG | 10960 | &nbsp;&nbsp;&nbsp; 584939 |
| Verbund AG | 5416 | &nbsp;&nbsp;&nbsp; 394031 |
|  |  | &nbsp;&nbsp;&nbsp; 3597451 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Ageas SA | 10694 | &nbsp;&nbsp;&nbsp; $743062 |
| Anheuser-Busch InBev SA | 72048 | &nbsp;&nbsp;&nbsp; 4311648 |
| D'ieteren Group | 1814 | &nbsp;&nbsp;&nbsp; 341098 |
| Elia Group SA | 3719 | &nbsp;&nbsp;&nbsp; 429492 |
| Groupe Bruxelles Lambert NV | 6180 | &nbsp;&nbsp;&nbsp; 554894 |
| KBC Group NV | 15695 | &nbsp;&nbsp;&nbsp; 1882702 |
| Lotus Bakeries NV | 34 | &nbsp;&nbsp;&nbsp; 320862 |
| Sofina SA | 887 | &nbsp;&nbsp;&nbsp; 261751 |
| Syensqo SA | 4121 | &nbsp;&nbsp;&nbsp; 334800 |
| UCB SA | 8748 | &nbsp;&nbsp;&nbsp; 2422259 |
|  |  | &nbsp;&nbsp;&nbsp; 11602568 |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Yara International ASA | 11867 | &nbsp;&nbsp;&nbsp; 433245 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Antofagasta PLC | 26108 | &nbsp;&nbsp;&nbsp; 973511 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| BOC Hong Kong Holdings Ltd.  | 251465 | &nbsp;&nbsp;&nbsp; 1182375 |
| Prosus NV | 92505 | &nbsp;&nbsp;&nbsp; 6565643 |
| SITC International Holdings Co. Ltd.  | 98000 | &nbsp;&nbsp;&nbsp; 377605 |
| Wharf Holdings Ltd.  | 18000 | &nbsp;&nbsp;&nbsp; 51461 |
| Wilmar International Ltd.  | 76000 | &nbsp;&nbsp;&nbsp; 168260 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 188000 | &nbsp;&nbsp;&nbsp; 492906 |
|  |  | &nbsp;&nbsp;&nbsp; 8838250 |
| **Denmark — 1.8%** | **Denmark — 1.8%** | **Denmark — 1.8%** |
| AP Moller - Maersk AS - Class A (b) | 247 | &nbsp;&nbsp;&nbsp; 483948 |
| AP Moller - Maersk AS - Class B | 278 | &nbsp;&nbsp;&nbsp; 545625 |
| Carlsberg AS - Class B (b) | 7386 | &nbsp;&nbsp;&nbsp; 859380 |
| Coloplast AS - Class B | 9893 | &nbsp;&nbsp;&nbsp; 847481 |
| Danske Bank AS | 46045 | &nbsp;&nbsp;&nbsp; 1969199 |
| Demant AS (a) | 5755 | &nbsp;&nbsp;&nbsp; 199671 |
| DSV AS | 14587 | &nbsp;&nbsp;&nbsp; 2914571 |
| Genmab AS (a) | 4399 | &nbsp;&nbsp;&nbsp; 1357111 |
| Novo Nordisk AS - Class B | 230825 | &nbsp;&nbsp;&nbsp; 12751079 |
| Novonesis (Novozymes) - B Shares | 25326 | &nbsp;&nbsp;&nbsp; 1553657 |
| Orsted AS (a) (b) | 13763 | &nbsp;&nbsp;&nbsp; 247535 |
| Pandora AS | 6213 | &nbsp;&nbsp;&nbsp; 812946 |
| Rockwool AS - B Shares | 5710 | &nbsp;&nbsp;&nbsp; 213398 |
| Tryg AS | 21267 | &nbsp;&nbsp;&nbsp; 540887 |
| Vestas Wind Systems AS | 69290 | &nbsp;&nbsp;&nbsp; 1345874 |
|  |  | &nbsp;&nbsp;&nbsp; 26642362 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| Elisa OYJ | 10776 | &nbsp;&nbsp;&nbsp; 565880 |
| Fortum OYJ | 33990 | &nbsp;&nbsp;&nbsp; 643004 |
| Kesko OYJ - B Shares | 23058 | &nbsp;&nbsp;&nbsp; 491232 |
| Kone OYJ - Class B | 23227 | &nbsp;&nbsp;&nbsp; 1586000 |
| Metso OYJ | 45300 | &nbsp;&nbsp;&nbsp; 624701 |
| Neste OYJ | 35716 | &nbsp;&nbsp;&nbsp; 654898 |
| Nokia OYJ | 350944 | &nbsp;&nbsp;&nbsp; 1682953 |
| Nordea Bank Abp | 229600 | &nbsp;&nbsp;&nbsp; 3782620 |
| Orion OYJ - Class B | 8065 | &nbsp;&nbsp;&nbsp; 618265 |
| Sampo OYJ - A Shares | 169825 | &nbsp;&nbsp;&nbsp; 1956311 |

---

**BHFTII-178**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Finland — (Continued)** | **Finland — (Continued)** | **Finland — (Continued)** |
| Stora Enso OYJ - R Shares (b) | 41742 | &nbsp;&nbsp;&nbsp; $459704 |
| UPM-Kymmene OYJ | 38881 | &nbsp;&nbsp;&nbsp; 1065565 |
| Wartsila OYJ Abp | 32621 | &nbsp;&nbsp;&nbsp; 977689 |
|  |  | &nbsp;&nbsp;&nbsp; 15108822 |
| **France — 9.0%** | **France — 9.0%** | **France — 9.0%** |
| Accor SA | 12658 | &nbsp;&nbsp;&nbsp; 600157 |
| Aeroports de Paris SA | 2924 | &nbsp;&nbsp;&nbsp; 388037 |
| Air Liquide SA | 41867 | &nbsp;&nbsp;&nbsp; 8720046 |
| Airbus SE | 42908 | &nbsp;&nbsp;&nbsp; 10038511 |
| Alstom SA (a) | 21673 | &nbsp;&nbsp;&nbsp; 569957 |
| Amundi SA | 5183 | &nbsp;&nbsp;&nbsp; 413113 |
| Arkema SA | 3712 | &nbsp;&nbsp;&nbsp; 235777 |
| AXA SA | 126678 | &nbsp;&nbsp;&nbsp; 6070359 |
| BioMerieux | 3497 | &nbsp;&nbsp;&nbsp; 469399 |
| BNP Paribas SA | 72169 | &nbsp;&nbsp;&nbsp; 6584115 |
| Bollore SE | 27418 | &nbsp;&nbsp;&nbsp; 155311 |
| Bouygues SA | 11689 | &nbsp;&nbsp;&nbsp; 528399 |
| Bureau Veritas SA | 21102 | &nbsp;&nbsp;&nbsp; 663108 |
| Capgemini SE | 11893 | &nbsp;&nbsp;&nbsp; 1732034 |
| Carrefour SA | 45789 | &nbsp;&nbsp;&nbsp; 693873 |
| Cie de Saint-Gobain SA | 32901 | &nbsp;&nbsp;&nbsp; 3587155 |
| Cie Generale des Etablissements Michelin SCA | 46503 | &nbsp;&nbsp;&nbsp; 1671707 |
| Covivio SA (REIT) | 3163 | &nbsp;&nbsp;&nbsp; 213502 |
| Credit Agricole SA | 79036 | &nbsp;&nbsp;&nbsp; 1557584 |
| Danone SA | 47044 | &nbsp;&nbsp;&nbsp; 4101992 |
| Dassault Aviation SA | 1308 | &nbsp;&nbsp;&nbsp; 436952 |
| Dassault Systemes SE | 45481 | &nbsp;&nbsp;&nbsp; 1531173 |
| Edenred SE | 14790 | &nbsp;&nbsp;&nbsp; 352699 |
| Eiffage SA | 4800 | &nbsp;&nbsp;&nbsp; 617856 |
| Engie SA | 133596 | &nbsp;&nbsp;&nbsp; 2868028 |
| EssilorLuxottica SA | 21675 | &nbsp;&nbsp;&nbsp; 7075580 |
| FDJ UNITED | 6401 | &nbsp;&nbsp;&nbsp; 214661 |
| Gecina SA (REIT) | 3884 | &nbsp;&nbsp;&nbsp; 389634 |
| Getlink SE | 25538 | &nbsp;&nbsp;&nbsp; 470260 |
| Hermes International SCA | 2308 | &nbsp;&nbsp;&nbsp; 5664777 |
| Ipsen SA | 3184 | &nbsp;&nbsp;&nbsp; 428976 |
| Kering SA | 5313 | &nbsp;&nbsp;&nbsp; 1771969 |
| Klepierre SA (REIT) | 13438 | &nbsp;&nbsp;&nbsp; 523862 |
| Legrand SA | 18886 | &nbsp;&nbsp;&nbsp; 3152946 |
| L'Oreal SA | 17233 | &nbsp;&nbsp;&nbsp; 7473141 |
| LVMH Moet Hennessy Louis Vuitton SE | 17923 | &nbsp;&nbsp;&nbsp; 10975665 |
| Orange SA | 130078 | &nbsp;&nbsp;&nbsp; 2111940 |
| Pernod Ricard SA | 15194 | &nbsp;&nbsp;&nbsp; 1495162 |
| Publicis Groupe SA | 17290 | &nbsp;&nbsp;&nbsp; 1660957 |
| Renault SA | 12566 | &nbsp;&nbsp;&nbsp; 517933 |
| Rexel SA | 13179 | &nbsp;&nbsp;&nbsp; 435532 |
| Safran SA | 25666 | &nbsp;&nbsp;&nbsp; 9096725 |
| Sartorius Stedim Biotech | 2465 | &nbsp;&nbsp;&nbsp; 499454 |
| Societe Generale SA | 52621 | &nbsp;&nbsp;&nbsp; 3502934 |
| Sodexo SA | 7469 | &nbsp;&nbsp;&nbsp; 470595 |
| Teleperformance SE | 4592 | &nbsp;&nbsp;&nbsp; 342613 |
| Thales SA | 6577 | &nbsp;&nbsp;&nbsp; 2062754 |
| TotalEnergies SE | 148375 | &nbsp;&nbsp;&nbsp; 9061306 |
| Unibail-Rodamco-Westfield (REIT) (a) | 7981 | &nbsp;&nbsp;&nbsp; 842317 |
| Veolia Environnement SA | 47155 | &nbsp;&nbsp;&nbsp; 1612335 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **France — (Continued)** | **France — (Continued)** | **France — (Continued)** |
| Vinci SA | 34977 | &nbsp;&nbsp;&nbsp; $4874089 |
|  |  | &nbsp;&nbsp;&nbsp; 131528961 |
| **Germany — 9.1%** | **Germany — 9.1%** | **Germany — 9.1%** |
| adidas AG | 12369 | &nbsp;&nbsp;&nbsp; 2610997 |
| Allianz SE | 27677 | &nbsp;&nbsp;&nbsp; 11643225 |
| Aumovio SE (a) | 4093 | &nbsp;&nbsp;&nbsp; 168902 |
| BASF SE | 63866 | &nbsp;&nbsp;&nbsp; 3185904 |
| Bayer AG | 69177 | &nbsp;&nbsp;&nbsp; 2295515 |
| Bayerische Motoren Werke AG | 20015 | &nbsp;&nbsp;&nbsp; 2010005 |
| Beiersdorf AG | 6955 | &nbsp;&nbsp;&nbsp; 728238 |
| Brenntag SE | 9903 | &nbsp;&nbsp;&nbsp; 593941 |
| Commerzbank AG | 55189 | &nbsp;&nbsp;&nbsp; 2080422 |
| Continental AG | 8186 | &nbsp;&nbsp;&nbsp; 540131 |
| Covestro AG (a) | 15956 | &nbsp;&nbsp;&nbsp; 1092724 |
| CTS Eventim AG & Co. KGaA | 3650 | &nbsp;&nbsp;&nbsp; 358096 |
| Daimler Truck Holding AG | 33079 | &nbsp;&nbsp;&nbsp; 1364117 |
| Deutsche Bank AG | 131274 | &nbsp;&nbsp;&nbsp; 4620827 |
| Deutsche Boerse AG | 13379 | &nbsp;&nbsp;&nbsp; 3588358 |
| Deutsche Lufthansa AG | 30302 | &nbsp;&nbsp;&nbsp; 257011 |
| Deutsche Post AG | 69944 | &nbsp;&nbsp;&nbsp; 3122028 |
| Deutsche Telekom AG | 248953 | &nbsp;&nbsp;&nbsp; 8488823 |
| E.ON SE | 159652 | &nbsp;&nbsp;&nbsp; 3004238 |
| Evonik Industries AG | 21638 | &nbsp;&nbsp;&nbsp; 376135 |
| Fresenius Medical Care AG | 17340 | &nbsp;&nbsp;&nbsp; 910595 |
| Fresenius SE & Co. KGaA | 31193 | &nbsp;&nbsp;&nbsp; 1738572 |
| GEA Group AG | 10150 | &nbsp;&nbsp;&nbsp; 750454 |
| Hannover Rueck SE | 4458 | &nbsp;&nbsp;&nbsp; 1345594 |
| Heidelberg Materials AG | 9655 | &nbsp;&nbsp;&nbsp; 2175381 |
| Henkel AG & Co. KGaA | 7448 | &nbsp;&nbsp;&nbsp; 552911 |
| Hensoldt AG | 4553 | &nbsp;&nbsp;&nbsp; 590164 |
| Infineon Technologies AG | 94679 | &nbsp;&nbsp;&nbsp; 3698472 |
| Knorr-Bremse AG | 5199 | &nbsp;&nbsp;&nbsp; 488624 |
| LEG Immobilien SE | 6287 | &nbsp;&nbsp;&nbsp; 500221 |
| Mercedes-Benz Group AG | 50642 | &nbsp;&nbsp;&nbsp; 3184551 |
| Merck KGaA | 9517 | &nbsp;&nbsp;&nbsp; 1225159 |
| MTU Aero Engines AG | 3792 | &nbsp;&nbsp;&nbsp; 1741830 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 9363 | &nbsp;&nbsp;&nbsp; 5987380 |
| Nemetschek SE (b) | 4207 | &nbsp;&nbsp;&nbsp; 547910 |
| Rational AG | 432 | &nbsp;&nbsp;&nbsp; 329506 |
| Rheinmetall AG | 3279 | &nbsp;&nbsp;&nbsp; 7639224 |
| RWE AG | 43121 | &nbsp;&nbsp;&nbsp; 1916604 |
| SAP SE | 74841 | &nbsp;&nbsp;&nbsp; 20080467 |
| Scout24 SE | 4878 | &nbsp;&nbsp;&nbsp; 611245 |
| Siemens AG | 54470 | &nbsp;&nbsp;&nbsp; 14708876 |
| Siemens Energy AG (a) | 47927 | &nbsp;&nbsp;&nbsp; 5608534 |
| Siemens Healthineers AG | 25639 | &nbsp;&nbsp;&nbsp; 1388177 |
| Symrise AG | 9551 | &nbsp;&nbsp;&nbsp; 832993 |
| Talanx AG | 4700 | &nbsp;&nbsp;&nbsp; 625436 |
| Vonovia SE | 53072 | &nbsp;&nbsp;&nbsp; 1657735 |
| Zalando SE (a) | 12812 | &nbsp;&nbsp;&nbsp; 393098 |
|  |  | &nbsp;&nbsp;&nbsp; 133359350 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group Ltd.  | 761800 | &nbsp;&nbsp;&nbsp; 7303489 |
| CK Asset Holdings Ltd.  | 145940 | &nbsp;&nbsp;&nbsp; 708388 |

---

**BHFTII-179**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| CK Infrastructure Holdings Ltd.  | 53000 | &nbsp;&nbsp;&nbsp; $348351 |
| CLP Holdings Ltd.  | 124377 | &nbsp;&nbsp;&nbsp; 1031088 |
| Futu Holdings Ltd. (ADR) | 4700 | &nbsp;&nbsp;&nbsp; 817377 |
| Hang Seng Bank Ltd.  | 45500 | &nbsp;&nbsp;&nbsp; 693422 |
| Henderson Land Development Co. Ltd.  | 105311 | &nbsp;&nbsp;&nbsp; 371812 |
| HKT Trust & HKT Ltd.  | 154980 | &nbsp;&nbsp;&nbsp; 229470 |
| Hong Kong & China Gas Co. Ltd. (b) | 802531 | &nbsp;&nbsp;&nbsp; 697745 |
| Hong Kong Exchanges & Clearing Ltd.  | 85800 | &nbsp;&nbsp;&nbsp; 4877631 |
| Hongkong Land Holdings Ltd.  | 93100 | &nbsp;&nbsp;&nbsp; 589137 |
| Jardine Matheson Holdings Ltd.  | 12400 | &nbsp;&nbsp;&nbsp; 784306 |
| Link REIT (REIT) (b) | 200949 | &nbsp;&nbsp;&nbsp; 1033840 |
| MTR Corp. Ltd.  | 113500 | &nbsp;&nbsp;&nbsp; 385050 |
| Power Assets Holdings Ltd.  | 107049 | &nbsp;&nbsp;&nbsp; 678544 |
| Prudential PLC | 192843 | &nbsp;&nbsp;&nbsp; 2717288 |
| Sino Land Co. Ltd.  | 261600 | &nbsp;&nbsp;&nbsp; 331253 |
| Sun Hung Kai Properties Ltd.  | 98750 | &nbsp;&nbsp;&nbsp; 1184647 |
| Swire Pacific Ltd. - Class A | 34817 | &nbsp;&nbsp;&nbsp; 295519 |
| Techtronic Industries Co. Ltd.  | 111000 | &nbsp;&nbsp;&nbsp; 1424337 |
| WH Group Ltd.  | 597500 | &nbsp;&nbsp;&nbsp; 649566 |
| Wharf Real Estate Investment Co. Ltd.  | 55976 | &nbsp;&nbsp;&nbsp; 165561 |
|  |  | &nbsp;&nbsp;&nbsp; 27317821 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AerCap Holdings NV | 12800 | &nbsp;&nbsp;&nbsp; 1548800 |
| AIB Group PLC | 149400 | &nbsp;&nbsp;&nbsp; 1356935 |
| Bank of Ireland Group PLC | 65400 | &nbsp;&nbsp;&nbsp; 1083477 |
| Kerry Group PLC - Class A | 12505 | &nbsp;&nbsp;&nbsp; 1127026 |
| Kingspan Group PLC | 10806 | &nbsp;&nbsp;&nbsp; 910532 |
|  |  | &nbsp;&nbsp;&nbsp; 6026770 |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
| Azrieli Group Ltd.  | 2906 | &nbsp;&nbsp;&nbsp; 289576 |
| Bank Hapoalim BM | 89575 | &nbsp;&nbsp;&nbsp; 1826040 |
| Bank Leumi Le-Israel BM | 108993 | &nbsp;&nbsp;&nbsp; 2154903 |
| Check Point Software Technologies Ltd. (a) | 5900 | &nbsp;&nbsp;&nbsp; 1220769 |
| Elbit Systems Ltd.  | 1793 | &nbsp;&nbsp;&nbsp; 910860 |
| ICL Group Ltd.  | 54671 | &nbsp;&nbsp;&nbsp; 342646 |
| Israel Discount Bank Ltd. - Class A | 93151 | &nbsp;&nbsp;&nbsp; 923565 |
| Mizrahi Tefahot Bank Ltd.  | 10046 | &nbsp;&nbsp;&nbsp; 662944 |
| Nice Ltd. (a) | 4931 | &nbsp;&nbsp;&nbsp; 718800 |
| Nova Ltd. (a) | 2100 | &nbsp;&nbsp;&nbsp; 670354 |
| Phoenix Financial Ltd.  | 16194 | &nbsp;&nbsp;&nbsp; 608274 |
| Teva Pharmaceutical Industries Ltd. (ADR) (a) | 82053 | &nbsp;&nbsp;&nbsp; 1657470 |
| Wix.com Ltd. (a) | 4500 | &nbsp;&nbsp;&nbsp; 799335 |
|  |  | &nbsp;&nbsp;&nbsp; 12785536 |
| **Italy — 3.1%** | **Italy — 3.1%** | **Italy — 3.1%** |
| Banca Mediolanum SpA | 17400 | &nbsp;&nbsp;&nbsp; 349395 |
| Banca Monte dei Paschi di Siena SpA (b) | 98328 | &nbsp;&nbsp;&nbsp; 873781 |
| Banco BPM SpA | 75100 | &nbsp;&nbsp;&nbsp; 1125530 |
| BPER Banca SpA | 100388 | &nbsp;&nbsp;&nbsp; 1116365 |
| Coca-Cola HBC AG | 16517 | &nbsp;&nbsp;&nbsp; 779950 |
| Davide Campari-Milano NV (b) | 51973 | &nbsp;&nbsp;&nbsp; 327713 |
| Enel SpA | 590636 | &nbsp;&nbsp;&nbsp; 5606379 |
| Eni SpA (b) | 146595 | &nbsp;&nbsp;&nbsp; 2561876 |
| Ferrari NV | 8929 | &nbsp;&nbsp;&nbsp; 4326634 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — (Continued)** | **Italy — (Continued)** | **Italy — (Continued)** |
| FinecoBank Banca Fineco SpA | 42420 | &nbsp;&nbsp;&nbsp; $919668 |
| Generali | 60400 | &nbsp;&nbsp;&nbsp; 2375261 |
| Infrastrutture Wireless Italiane SpA | 28372 | &nbsp;&nbsp;&nbsp; 333685 |
| Intesa Sanpaolo SpA | 1020803 | &nbsp;&nbsp;&nbsp; 6756144 |
| Leonardo SpA | 30400 | &nbsp;&nbsp;&nbsp; 1932685 |
| Moncler SpA | 18560 | &nbsp;&nbsp;&nbsp; 1089694 |
| Nexi SpA | 41057 | &nbsp;&nbsp;&nbsp; 232562 |
| Poste Italiane SpA | 29702 | &nbsp;&nbsp;&nbsp; 705006 |
| Prysmian SpA | 20086 | &nbsp;&nbsp;&nbsp; 2007895 |
| Recordati Industria Chimica e Farmaceutica SpA | 8827 | &nbsp;&nbsp;&nbsp; 536599 |
| Ryanair Holdings PLC | 64400 | &nbsp;&nbsp;&nbsp; 1885526 |
| Snam SpA | 137329 | &nbsp;&nbsp;&nbsp; 825844 |
| Telecom Italia SpA (a) | 433731 | &nbsp;&nbsp;&nbsp; 227198 |
| Terna - Rete Elettrica Nazionale | 98873 | &nbsp;&nbsp;&nbsp; 1005207 |
| UniCredit SpA | 99734 | &nbsp;&nbsp;&nbsp; 7578298 |
| Unipol Assicurazioni SpA | 28100 | &nbsp;&nbsp;&nbsp; 604108 |
|  |  | &nbsp;&nbsp;&nbsp; 46083003 |
| **Japan — 21.2%** | **Japan — 21.2%** | **Japan — 21.2%** |
| Advantest Corp.  | 54800 | &nbsp;&nbsp;&nbsp; 5486345 |
| Aeon Co. Ltd.  | 156300 | &nbsp;&nbsp;&nbsp; 1900417 |
| AGC, Inc.  | 16600 | &nbsp;&nbsp;&nbsp; 542492 |
| Aisin Corp.  | 32799 | &nbsp;&nbsp;&nbsp; 567359 |
| Ajinomoto Co., Inc.  | 65400 | &nbsp;&nbsp;&nbsp; 1878727 |
| ANA Holdings, Inc.  | 8100 | &nbsp;&nbsp;&nbsp; 156974 |
| Asahi Group Holdings Ltd.  | 107400 | &nbsp;&nbsp;&nbsp; 1290362 |
| Asahi Kasei Corp.  | 78100 | &nbsp;&nbsp;&nbsp; 614912 |
| Asics Corp.  | 49000 | &nbsp;&nbsp;&nbsp; 1281146 |
| Astellas Pharma, Inc.  | 133500 | &nbsp;&nbsp;&nbsp; 1457940 |
| Bandai Namco Holdings, Inc.  | 39200 | &nbsp;&nbsp;&nbsp; 1304776 |
| Bridgestone Corp.  | 39200 | &nbsp;&nbsp;&nbsp; 1815031 |
| Canon, Inc. (b) | 59600 | &nbsp;&nbsp;&nbsp; 1747060 |
| Capcom Co. Ltd.  | 25800 | &nbsp;&nbsp;&nbsp; 703244 |
| Central Japan Railway Co.  | 56600 | &nbsp;&nbsp;&nbsp; 1627060 |
| Chiba Bank Ltd.  | 46700 | &nbsp;&nbsp;&nbsp; 490372 |
| Chubu Electric Power Co., Inc.  | 48900 | &nbsp;&nbsp;&nbsp; 681917 |
| Chugai Pharmaceutical Co. Ltd.  | 49200 | &nbsp;&nbsp;&nbsp; 2179321 |
| Concordia Financial Group Ltd.  | 75000 | &nbsp;&nbsp;&nbsp; 576095 |
| Dai Nippon Printing Co. Ltd.  | 32900 | &nbsp;&nbsp;&nbsp; 559497 |
| Daifuku Co. Ltd.  | 23100 | &nbsp;&nbsp;&nbsp; 739919 |
| Dai-ichi Life Holdings, Inc.  | 248400 | &nbsp;&nbsp;&nbsp; 1956774 |
| Daiichi Sankyo Co. Ltd.  | 123799 | &nbsp;&nbsp;&nbsp; 2774665 |
| Daikin Industries Ltd.  | 18900 | &nbsp;&nbsp;&nbsp; 2177427 |
| Daito Trust Construction Co. Ltd.  | 25000 | &nbsp;&nbsp;&nbsp; 549082 |
| Daiwa House Industry Co. Ltd.  | 41700 | &nbsp;&nbsp;&nbsp; 1501110 |
| Daiwa Securities Group, Inc.  | 99300 | &nbsp;&nbsp;&nbsp; 806873 |
| Denso Corp.  | 131700 | &nbsp;&nbsp;&nbsp; 1899126 |
| Disco Corp.  | 6300 | &nbsp;&nbsp;&nbsp; 1981747 |
| East Japan Railway Co.  | 67100 | &nbsp;&nbsp;&nbsp; 1646484 |
| Eisai Co. Ltd.  | 21300 | &nbsp;&nbsp;&nbsp; 716617 |
| ENEOS Holdings, Inc.  | 174000 | &nbsp;&nbsp;&nbsp; 1106143 |
| FANUC Corp.  | 66600 | &nbsp;&nbsp;&nbsp; 1900334 |
| Fast Retailing Co. Ltd.  | 13700 | &nbsp;&nbsp;&nbsp; 4165881 |
| Fuji Electric Co. Ltd.  | 8400 | &nbsp;&nbsp;&nbsp; 574943 |
| FUJIFILM Holdings Corp.  | 76800 | &nbsp;&nbsp;&nbsp; 1916336 |
| Fujikura Ltd.  | 17000 | &nbsp;&nbsp;&nbsp; 1655026 |

---

**BHFTII-180**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Fujitsu Ltd.  | 123500 | &nbsp;&nbsp;&nbsp; $2907707 |
| Hankyu Hanshin Holdings, Inc.  | 19400 | &nbsp;&nbsp;&nbsp; 573058 |
| Hikari Tsushin, Inc.  | 1500 | &nbsp;&nbsp;&nbsp; 418774 |
| Hitachi Ltd.  | 326700 | &nbsp;&nbsp;&nbsp; 8590762 |
| Honda Motor Co. Ltd. (b) | 283800 | &nbsp;&nbsp;&nbsp; 2919569 |
| Hoya Corp.  | 24900 | &nbsp;&nbsp;&nbsp; 3444354 |
| Hulic Co. Ltd.  | 38200 | &nbsp;&nbsp;&nbsp; 419238 |
| Idemitsu Kosan Co. Ltd.  | 49440 | &nbsp;&nbsp;&nbsp; 340096 |
| IHI Corp.  | 77000 | &nbsp;&nbsp;&nbsp; 1434119 |
| Inpex Corp.  | 58300 | &nbsp;&nbsp;&nbsp; 1050000 |
| Isuzu Motors Ltd.  | 44200 | &nbsp;&nbsp;&nbsp; 558626 |
| ITOCHU Corp.  | 84300 | &nbsp;&nbsp;&nbsp; 4854303 |
| Japan Airlines Co. Ltd.  | 11900 | &nbsp;&nbsp;&nbsp; 240671 |
| Japan Exchange Group, Inc.  | 65600 | &nbsp;&nbsp;&nbsp; 742215 |
| Japan Post Bank Co. Ltd.  | 133400 | &nbsp;&nbsp;&nbsp; 1636968 |
| Japan Post Holdings Co. Ltd.  | 122900 | &nbsp;&nbsp;&nbsp; 1221781 |
| Japan Post Insurance Co. Ltd.  | 16300 | &nbsp;&nbsp;&nbsp; 462113 |
| Japan Tobacco, Inc.  | 86800 | &nbsp;&nbsp;&nbsp; 2856765 |
| JFE Holdings, Inc.  | 48700 | &nbsp;&nbsp;&nbsp; 599897 |
| Kajima Corp.  | 33600 | &nbsp;&nbsp;&nbsp; 980578 |
| Kansai Electric Power Co., Inc.  | 62500 | &nbsp;&nbsp;&nbsp; 896430 |
| Kao Corp.  | 34900 | &nbsp;&nbsp;&nbsp; 1523126 |
| Kawasaki Heavy Industries Ltd.  | 10800 | &nbsp;&nbsp;&nbsp; 711779 |
| Kawasaki Kisen Kaisha Ltd. (b) | 20000 | &nbsp;&nbsp;&nbsp; 284855 |
| KDDI Corp.  | 224200 | &nbsp;&nbsp;&nbsp; 3597341 |
| Keyence Corp.  | 14000 | &nbsp;&nbsp;&nbsp; 5219700 |
| Kikkoman Corp. (b) | 48600 | &nbsp;&nbsp;&nbsp; 412545 |
| Kirin Holdings Co. Ltd.  | 52800 | &nbsp;&nbsp;&nbsp; 775262 |
| Kobe Bussan Co. Ltd.  | 9200 | &nbsp;&nbsp;&nbsp; 253390 |
| Komatsu Ltd.  | 68200 | &nbsp;&nbsp;&nbsp; 2376329 |
| Konami Group Corp.  | 7100 | &nbsp;&nbsp;&nbsp; 1025875 |
| Kubota Corp.  | 63600 | &nbsp;&nbsp;&nbsp; 800213 |
| Kyocera Corp.  | 92000 | &nbsp;&nbsp;&nbsp; 1251656 |
| Kyowa Kirin Co. Ltd.  | 15300 | &nbsp;&nbsp;&nbsp; 238154 |
| Lasertec Corp.  | 5300 | &nbsp;&nbsp;&nbsp; 733281 |
| LY Corp.  | 146700 | &nbsp;&nbsp;&nbsp; 473728 |
| M3, Inc.  | 37500 | &nbsp;&nbsp;&nbsp; 617378 |
| Makita Corp.  | 14100 | &nbsp;&nbsp;&nbsp; 457808 |
| Marubeni Corp.  | 103500 | &nbsp;&nbsp;&nbsp; 2586113 |
| MatsukiyoCocokara & Co.  | 24000 | &nbsp;&nbsp;&nbsp; 487959 |
| MEIJI Holdings Co. Ltd.  | 19900 | &nbsp;&nbsp;&nbsp; 413169 |
| Minebea Mitsumi, Inc.  | 30800 | &nbsp;&nbsp;&nbsp; 579927 |
| Mitsubishi Chemical Group Corp.  | 98800 | &nbsp;&nbsp;&nbsp; 570379 |
| Mitsubishi Corp.  | 230599 | &nbsp;&nbsp;&nbsp; 5504426 |
| Mitsubishi Electric Corp.  | 134800 | &nbsp;&nbsp;&nbsp; 3514060 |
| Mitsubishi Estate Co. Ltd.  | 72600 | &nbsp;&nbsp;&nbsp; 1674141 |
| Mitsubishi HC Capital, Inc.  | 68400 | &nbsp;&nbsp;&nbsp; 565680 |
| Mitsubishi Heavy Industries Ltd.  | 230500 | &nbsp;&nbsp;&nbsp; 6031124 |
| Mitsubishi UFJ Financial Group, Inc.  | 821688 | &nbsp;&nbsp;&nbsp; 13034293 |
| Mitsui & Co. Ltd.  | 177434 | &nbsp;&nbsp;&nbsp; 4412042 |
| Mitsui Fudosan Co. Ltd.  | 181400 | &nbsp;&nbsp;&nbsp; 1984334 |
| Mitsui OSK Lines Ltd. (b) | 23600 | &nbsp;&nbsp;&nbsp; 718581 |
| Mizuho Financial Group, Inc.  | 180150 | &nbsp;&nbsp;&nbsp; 6037775 |
| MonotaRO Co. Ltd.  | 21300 | &nbsp;&nbsp;&nbsp; 309756 |
| MS&AD Insurance Group Holdings, Inc.  | 91300 | &nbsp;&nbsp;&nbsp; 2074099 |
| Murata Manufacturing Co. Ltd.  | 118700 | &nbsp;&nbsp;&nbsp; 2255669 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| NEC Corp.  | 92900 | &nbsp;&nbsp;&nbsp; $2973951 |
| Nexon Co. Ltd.  | 20000 | &nbsp;&nbsp;&nbsp; 440261 |
| NIDEC Corp.  | 59800 | &nbsp;&nbsp;&nbsp; 1063528 |
| Nintendo Co. Ltd.  | 79000 | &nbsp;&nbsp;&nbsp; 6776806 |
| Nippon Building Fund, Inc. (REIT) | 648 | &nbsp;&nbsp;&nbsp; 612250 |
| Nippon Paint Holdings Co. Ltd.  | 69100 | &nbsp;&nbsp;&nbsp; 473045 |
| Nippon Sanso Holdings Corp.  | 14700 | &nbsp;&nbsp;&nbsp; 521600 |
| Nippon Steel Corp.  | 349500 | &nbsp;&nbsp;&nbsp; 1439853 |
| Nippon Yusen KK | 33100 | &nbsp;&nbsp;&nbsp; 1130843 |
| Nissan Motor Co. Ltd. (a) (b) | 84100 | &nbsp;&nbsp;&nbsp; 206578 |
| Nissin Foods Holdings Co. Ltd. (b) | 17000 | &nbsp;&nbsp;&nbsp; 320698 |
| Nitori Holdings Co. Ltd. (b) | 23500 | &nbsp;&nbsp;&nbsp; 453615 |
| Nitto Denko Corp.  | 48900 | &nbsp;&nbsp;&nbsp; 1160673 |
| Nomura Holdings, Inc.  | 222800 | &nbsp;&nbsp;&nbsp; 1633702 |
| Nomura Research Institute Ltd.  | 26900 | &nbsp;&nbsp;&nbsp; 1033165 |
| NTT, Inc.  | 2141600 | &nbsp;&nbsp;&nbsp; 2242473 |
| Obayashi Corp.  | 42100 | &nbsp;&nbsp;&nbsp; 691736 |
| Obic Co. Ltd.  | 22000 | &nbsp;&nbsp;&nbsp; 769033 |
| Olympus Corp.  | 85200 | &nbsp;&nbsp;&nbsp; 1080919 |
| Oracle Corp. Japan | 3300 | &nbsp;&nbsp;&nbsp; 337654 |
| Oriental Land Co. Ltd.  | 74700 | &nbsp;&nbsp;&nbsp; 1797945 |
| ORIX Corp.  | 80800 | &nbsp;&nbsp;&nbsp; 2112824 |
| Osaka Gas Co. Ltd.  | 23500 | &nbsp;&nbsp;&nbsp; 682101 |
| Otsuka Corp.  | 19300 | &nbsp;&nbsp;&nbsp; 403708 |
| Otsuka Holdings Co. Ltd.  | 30300 | &nbsp;&nbsp;&nbsp; 1620939 |
| Pan Pacific International Holdings Corp.  | 130000 | &nbsp;&nbsp;&nbsp; 858723 |
| Panasonic Holdings Corp.  | 162800 | &nbsp;&nbsp;&nbsp; 1770646 |
| Rakuten Group, Inc. (a) | 112300 | &nbsp;&nbsp;&nbsp; 728676 |
| Recruit Holdings Co. Ltd.  | 95300 | &nbsp;&nbsp;&nbsp; 5120160 |
| Renesas Electronics Corp.  | 115500 | &nbsp;&nbsp;&nbsp; 1328746 |
| Resona Holdings, Inc.  | 154200 | &nbsp;&nbsp;&nbsp; 1571876 |
| Ryohin Keikaku Co. Ltd.  | 36200 | &nbsp;&nbsp;&nbsp; 721764 |
| Sanrio Co. Ltd.  | 14000 | &nbsp;&nbsp;&nbsp; 656539 |
| SBI Holdings, Inc.  | 20411 | &nbsp;&nbsp;&nbsp; 887350 |
| SCREEN Holdings Co. Ltd.  | 5000 | &nbsp;&nbsp;&nbsp; 453331 |
| SCSK Corp.  | 11700 | &nbsp;&nbsp;&nbsp; 351126 |
| Secom Co. Ltd. (b) | 30200 | &nbsp;&nbsp;&nbsp; 1108724 |
| Sekisui Chemical Co. Ltd.  | 32000 | &nbsp;&nbsp;&nbsp; 595849 |
| Sekisui House Ltd.  | 46100 | &nbsp;&nbsp;&nbsp; 1049221 |
| Seven & i Holdings Co. Ltd.  | 147200 | &nbsp;&nbsp;&nbsp; 1982416 |
| SG Holdings Co. Ltd. (b) | 19500 | &nbsp;&nbsp;&nbsp; 201573 |
| Shimadzu Corp. (b) | 20100 | &nbsp;&nbsp;&nbsp; 507562 |
| Shimano, Inc.  | 5900 | &nbsp;&nbsp;&nbsp; 671277 |
| Shin-Etsu Chemical Co. Ltd.  | 120900 | &nbsp;&nbsp;&nbsp; 3961525 |
| Shionogi & Co. Ltd.  | 52200 | &nbsp;&nbsp;&nbsp; 924462 |
| Shiseido Co. Ltd.  | 33900 | &nbsp;&nbsp;&nbsp; 580681 |
| SMC Corp.  | 4300 | &nbsp;&nbsp;&nbsp; 1317619 |
| SoftBank Corp.  | 1966200 | &nbsp;&nbsp;&nbsp; 2895856 |
| SoftBank Group Corp.  | 68500 | &nbsp;&nbsp;&nbsp; 8711975 |
| Sompo Holdings, Inc.  | 65997 | &nbsp;&nbsp;&nbsp; 2041059 |
| Sony Financial Group, Inc. (a) | 440800 | &nbsp;&nbsp;&nbsp; 489496 |
| Sony Group Corp.  | 440800 | &nbsp;&nbsp;&nbsp; 12665978 |
| Subaru Corp. (b) | 40300 | &nbsp;&nbsp;&nbsp; 827045 |
| Sumitomo Corp.  | 80200 | &nbsp;&nbsp;&nbsp; 2324122 |
| Sumitomo Electric Industries Ltd.  | 54134 | &nbsp;&nbsp;&nbsp; 1540077 |
| Sumitomo Metal Mining Co. Ltd. (b) | 20900 | &nbsp;&nbsp;&nbsp; 675122 |

---

**BHFTII-181**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Sumitomo Mitsui Financial Group, Inc.  | 261800 | &nbsp;&nbsp;&nbsp; $7338609 |
| Sumitomo Mitsui Trust Group, Inc.  | 47152 | &nbsp;&nbsp;&nbsp; 1369974 |
| Sumitomo Realty & Development Co. Ltd.  | 24200 | &nbsp;&nbsp;&nbsp; 1069070 |
| Suntory Beverage & Food Ltd.  | 11800 | &nbsp;&nbsp;&nbsp; 369654 |
| Suzuki Motor Corp.  | 117300 | &nbsp;&nbsp;&nbsp; 1712166 |
| Sysmex Corp.  | 31300 | &nbsp;&nbsp;&nbsp; 388665 |
| T&D Holdings, Inc.  | 33000 | &nbsp;&nbsp;&nbsp; 807590 |
| Taisei Corp.  | 10600 | &nbsp;&nbsp;&nbsp; 729006 |
| Takeda Pharmaceutical Co. Ltd.  | 114448 | &nbsp;&nbsp;&nbsp; 3345691 |
| TDK Corp.  | 146200 | &nbsp;&nbsp;&nbsp; 2117806 |
| Terumo Corp.  | 91800 | &nbsp;&nbsp;&nbsp; 1517099 |
| TIS, Inc.  | 12300 | &nbsp;&nbsp;&nbsp; 406331 |
| Toho Co. Ltd. (b) | 6500 | &nbsp;&nbsp;&nbsp; 418843 |
| Tokio Marine Holdings, Inc. (b) | 130100 | &nbsp;&nbsp;&nbsp; 5511410 |
| Tokyo Electron Ltd.  | 31600 | &nbsp;&nbsp;&nbsp; 5705196 |
| Tokyo Gas Co. Ltd.  | 22700 | &nbsp;&nbsp;&nbsp; 808851 |
| Tokyo Metro Co. Ltd. (b) | 24000 | &nbsp;&nbsp;&nbsp; 275607 |
| Tokyu Corp.  | 42400 | &nbsp;&nbsp;&nbsp; 518118 |
| TOPPAN Holdings, Inc.  | 20300 | &nbsp;&nbsp;&nbsp; 522569 |
| Toray Industries, Inc.  | 89200 | &nbsp;&nbsp;&nbsp; 569889 |
| Toyota Industries Corp.  | 12100 | &nbsp;&nbsp;&nbsp; 1363566 |
| Toyota Motor Corp.  | 679200 | &nbsp;&nbsp;&nbsp; 13015897 |
| Toyota Tsusho Corp.  | 49300 | &nbsp;&nbsp;&nbsp; 1365603 |
| Trend Micro, Inc.  | 8200 | &nbsp;&nbsp;&nbsp; 448522 |
| Unicharm Corp. (b) | 80100 | &nbsp;&nbsp;&nbsp; 522978 |
| West Japan Railway Co.  | 28500 | &nbsp;&nbsp;&nbsp; 625620 |
| Yakult Honsha Co. Ltd. (b) | 21800 | &nbsp;&nbsp;&nbsp; 355892 |
| Yamaha Motor Co. Ltd.  | 71200 | &nbsp;&nbsp;&nbsp; 535775 |
| Yokogawa Electric Corp.  | 19400 | &nbsp;&nbsp;&nbsp; 557579 |
| Zensho Holdings Co. Ltd.  | 8000 | &nbsp;&nbsp;&nbsp; 524413 |
| ZOZO, Inc. (b) | 30100 | &nbsp;&nbsp;&nbsp; 276879 |
|  |  | &nbsp;&nbsp;&nbsp; 312178849 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| ArcelorMittal SA | 33175 | &nbsp;&nbsp;&nbsp; 1199832 |
| CVC Capital Partners PLC | 17917 | &nbsp;&nbsp;&nbsp; 312334 |
| Eurofins Scientific SE | 8354 | &nbsp;&nbsp;&nbsp; 608675 |
|  |  | &nbsp;&nbsp;&nbsp; 2120841 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Galaxy Entertainment Group Ltd.  | 166000 | &nbsp;&nbsp;&nbsp; 916057 |
| Sands China Ltd.  | 204800 | &nbsp;&nbsp;&nbsp; 572232 |
|  |  | &nbsp;&nbsp;&nbsp; 1488289 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
| Fresnillo PLC | 15844 | &nbsp;&nbsp;&nbsp; 503506 |
| **Netherlands — 4.2%** | **Netherlands — 4.2%** | **Netherlands — 4.2%** |
| ABN AMRO Bank NV | 41794 | &nbsp;&nbsp;&nbsp; 1339507 |
| Adyen NV (a) | 1801 | &nbsp;&nbsp;&nbsp; 2892672 |
| Aegon Ltd.  | 100179 | &nbsp;&nbsp;&nbsp; 809529 |
| Akzo Nobel NV | 11505 | &nbsp;&nbsp;&nbsp; 820174 |
| Argenx SE (a) | 4333 | &nbsp;&nbsp;&nbsp; 3185516 |
| ASM International NV | 3245 | &nbsp;&nbsp;&nbsp; 1952185 |
| ASML Holding NV | 28226 | &nbsp;&nbsp;&nbsp; 27541534 |
| ASR Nederland NV | 10316 | &nbsp;&nbsp;&nbsp; 702632 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Netherlands — (Continued)** | **Netherlands — (Continued)** | **Netherlands — (Continued)** |
| BE Semiconductor Industries NV | 5103 | &nbsp;&nbsp;&nbsp; $765966 |
| Euronext NV | 5623 | &nbsp;&nbsp;&nbsp; 841095 |
| EXOR NV | 6328 | &nbsp;&nbsp;&nbsp; 621816 |
| Heineken Holding NV | 8298 | &nbsp;&nbsp;&nbsp; 570718 |
| Heineken NV | 21067 | &nbsp;&nbsp;&nbsp; 1646681 |
| IMCD NV | 4811 | &nbsp;&nbsp;&nbsp; 497773 |
| ING Groep NV | 216556 | &nbsp;&nbsp;&nbsp; 5648236 |
| JDE Peet's NV | 13985 | &nbsp;&nbsp;&nbsp; 512610 |
| Koninklijke Ahold Delhaize NV | 63942 | &nbsp;&nbsp;&nbsp; 2588936 |
| Koninklijke KPN NV | 268759 | &nbsp;&nbsp;&nbsp; 1291485 |
| Koninklijke Philips NV | 55211 | &nbsp;&nbsp;&nbsp; 1512653 |
| NN Group NV | 19683 | &nbsp;&nbsp;&nbsp; 1390806 |
| Randstad NV | 9162 | &nbsp;&nbsp;&nbsp; 392761 |
| Universal Music Group NV (b) | 77432 | &nbsp;&nbsp;&nbsp; 2249211 |
| Wolters Kluwer NV | 17372 | &nbsp;&nbsp;&nbsp; 2373328 |
|  |  | &nbsp;&nbsp;&nbsp; 62147824 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Auckland International Airport Ltd.  | 125588 | &nbsp;&nbsp;&nbsp; 574726 |
| Contact Energy Ltd.  | 65300 | &nbsp;&nbsp;&nbsp; 344486 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 36448 | &nbsp;&nbsp;&nbsp; 783623 |
| Infratil Ltd.  | 68400 | &nbsp;&nbsp;&nbsp; 489751 |
| Meridian Energy Ltd.  | 95264 | &nbsp;&nbsp;&nbsp; 308231 |
| Xero Ltd. (a) | 11150 | &nbsp;&nbsp;&nbsp; 1167251 |
|  |  | &nbsp;&nbsp;&nbsp; 3668068 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| Aker BP ASA | 23020 | &nbsp;&nbsp;&nbsp; 585841 |
| DNB Bank ASA | 64702 | &nbsp;&nbsp;&nbsp; 1767242 |
| Equinor ASA | 54975 | &nbsp;&nbsp;&nbsp; 1344922 |
| Gjensidige Forsikring ASA | 10068 | &nbsp;&nbsp;&nbsp; 295937 |
| Kongsberg Gruppen ASA | 31521 | &nbsp;&nbsp;&nbsp; 1007250 |
| Mowi ASA | 35261 | &nbsp;&nbsp;&nbsp; 747713 |
| Norsk Hydro ASA | 104653 | &nbsp;&nbsp;&nbsp; 709323 |
| Orkla ASA | 51065 | &nbsp;&nbsp;&nbsp; 534429 |
| Salmar ASA | 4072 | &nbsp;&nbsp;&nbsp; 218036 |
| Telenor ASA | 47605 | &nbsp;&nbsp;&nbsp; 790116 |
|  |  | &nbsp;&nbsp;&nbsp; 8000809 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| InPost SA (a) | 16885 | &nbsp;&nbsp;&nbsp; 207517 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Banco Comercial Portugues SA - Class R | 595778 | &nbsp;&nbsp;&nbsp; 528917 |
| EDP SA | 220044 | &nbsp;&nbsp;&nbsp; 1046022 |
| Galp Energia SGPS SA | 28401 | &nbsp;&nbsp;&nbsp; 538959 |
| Jeronimo Martins SGPS SA | 23907 | &nbsp;&nbsp;&nbsp; 582868 |
|  |  | &nbsp;&nbsp;&nbsp; 2696766 |
| **Singapore — 1.8%** | **Singapore — 1.8%** | **Singapore — 1.8%** |
| CapitaLand Ascendas (REIT) | 280644 | &nbsp;&nbsp;&nbsp; 608797 |
| CapitaLand Integrated Commercial Trust (REIT) | 419585 | &nbsp;&nbsp;&nbsp; 745360 |
| CapitaLand Investment Ltd.  | 170600 | &nbsp;&nbsp;&nbsp; 356539 |
| DBS Group Holdings Ltd.  | 150853 | &nbsp;&nbsp;&nbsp; 5977996 |
| Genting Singapore Ltd.  | 433400 | &nbsp;&nbsp;&nbsp; 246959 |
| Grab Holdings Ltd. - Class A (a) | 178300 | &nbsp;&nbsp;&nbsp; 1073366 |

---

**BHFTII-182**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Singapore — (Continued)** | **Singapore — (Continued)** | **Singapore — (Continued)** |
| Keppel Ltd.  | 93000 | &nbsp;&nbsp;&nbsp; $643423 |
| Oversea-Chinese Banking Corp. Ltd.  | 240264 | &nbsp;&nbsp;&nbsp; 3065778 |
| Sea Ltd. (ADR) (a) | 27300 | &nbsp;&nbsp;&nbsp; 4879329 |
| Sembcorp Industries Ltd.  | 52000 | &nbsp;&nbsp;&nbsp; 243391 |
| Singapore Airlines Ltd.  | 125640 | &nbsp;&nbsp;&nbsp; 637012 |
| Singapore Exchange Ltd.  | 65000 | &nbsp;&nbsp;&nbsp; 834356 |
| Singapore Technologies Engineering Ltd.  | 131800 | &nbsp;&nbsp;&nbsp; 881495 |
| Singapore Telecommunications Ltd.  | 530520 | &nbsp;&nbsp;&nbsp; 1698219 |
| STMicroelectronics NV | 48850 | &nbsp;&nbsp;&nbsp; 1381976 |
| United Overseas Bank Ltd.  | 92692 | &nbsp;&nbsp;&nbsp; 2488090 |
|  |  | &nbsp;&nbsp;&nbsp; 25762086 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Anglo American PLC | 83060 | &nbsp;&nbsp;&nbsp; 3130343 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Delivery Hero SE (a) | 15606 | &nbsp;&nbsp;&nbsp; 448705 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| Acciona SA | 1647 | &nbsp;&nbsp;&nbsp; 332431 |
| ACS Actividades de Construccion y Servicios SA | 13111 | &nbsp;&nbsp;&nbsp; 1049519 |
| Aena SME SA | 55770 | &nbsp;&nbsp;&nbsp; 1529273 |
| Amadeus IT Group SA | 33220 | &nbsp;&nbsp;&nbsp; 2631383 |
| Banco Bilbao Vizcaya Argentaria SA | 408187 | &nbsp;&nbsp;&nbsp; 7859257 |
| Banco de Sabadell SA | 345943 | &nbsp;&nbsp;&nbsp; 1345022 |
| Banco Santander SA | 1066844 | &nbsp;&nbsp;&nbsp; 11158911 |
| Bankinter SA | 51077 | &nbsp;&nbsp;&nbsp; 806335 |
| CaixaBank SA | 285903 | &nbsp;&nbsp;&nbsp; 3012646 |
| Cellnex Telecom SA (a) | 34446 | &nbsp;&nbsp;&nbsp; 1195297 |
| EDP Renovaveis SA | 17922 | &nbsp;&nbsp;&nbsp; 236910 |
| Endesa SA | 20290 | &nbsp;&nbsp;&nbsp; 648870 |
| Grifols SA (b) | 21632 | &nbsp;&nbsp;&nbsp; 315195 |
| Iberdrola SA | 458301 | &nbsp;&nbsp;&nbsp; 8691029 |
| Industria de Diseno Textil SA | 77301 | &nbsp;&nbsp;&nbsp; 4274038 |
| Redeia Corp. SA | 24256 | &nbsp;&nbsp;&nbsp; 469082 |
| Repsol SA | 87481 | &nbsp;&nbsp;&nbsp; 1553887 |
| Telefonica SA (b) | 257913 | &nbsp;&nbsp;&nbsp; 1334103 |
|  |  | &nbsp;&nbsp;&nbsp; 48443188 |
| **Sweden — 2.9%** | **Sweden — 2.9%** | **Sweden — 2.9%** |
| AddTech AB - B Shares | 19700 | &nbsp;&nbsp;&nbsp; 644616 |
| Alfa Laval AB | 18509 | &nbsp;&nbsp;&nbsp; 849897 |
| Assa Abloy AB - Class B | 69902 | &nbsp;&nbsp;&nbsp; 2455090 |
| Atlas Copco AB - A Shares | 191052 | &nbsp;&nbsp;&nbsp; 3256481 |
| Atlas Copco AB - B Shares | 105670 | &nbsp;&nbsp;&nbsp; 1596033 |
| Beijer Ref AB | 30900 | &nbsp;&nbsp;&nbsp; 482054 |
| Boliden AB (a) | 21534 | &nbsp;&nbsp;&nbsp; 879742 |
| Epiroc AB - A Shares | 51693 | &nbsp;&nbsp;&nbsp; 1092740 |
| Epiroc AB - B Shares | 29020 | &nbsp;&nbsp;&nbsp; 549760 |
| EQT AB | 23844 | &nbsp;&nbsp;&nbsp; 833815 |
| Essity AB - Class B | 41914 | &nbsp;&nbsp;&nbsp; 1097272 |
| Evolution AB | 10265 | &nbsp;&nbsp;&nbsp; 843330 |
| Fastighets AB Balder - B Shares (a) | 56909 | &nbsp;&nbsp;&nbsp; 409230 |
| H & M Hennes & Mauritz AB - B Shares (b) | 41264 | &nbsp;&nbsp;&nbsp; 770337 |
| Hexagon AB - B Shares | 141287 | &nbsp;&nbsp;&nbsp; 1696486 |
| Holmen AB - B Shares | 6621 | &nbsp;&nbsp;&nbsp; 251697 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Industrivarden AB - A Shares | 10476 | &nbsp;&nbsp;&nbsp; $417861 |
| Industrivarden AB - C Shares | 11521 | &nbsp;&nbsp;&nbsp; 459405 |
| Indutrade AB | 20334 | &nbsp;&nbsp;&nbsp; 468646 |
| Investment AB Latour - B Shares | 12782 | &nbsp;&nbsp;&nbsp; 304643 |
| Investor AB - B Shares | 126800 | &nbsp;&nbsp;&nbsp; 3986981 |
| L E Lundbergforetagen AB - B Shares | 4748 | &nbsp;&nbsp;&nbsp; 247669 |
| Lifco AB - B Shares | 18022 | &nbsp;&nbsp;&nbsp; 613330 |
| Nibe Industrier AB - B Shares | 112778 | &nbsp;&nbsp;&nbsp; 447893 |
| Saab AB - Class B | 21900 | &nbsp;&nbsp;&nbsp; 1335332 |
| Sagax AB - Class B | 18874 | &nbsp;&nbsp;&nbsp; 395126 |
| Sandvik AB | 76940 | &nbsp;&nbsp;&nbsp; 2156761 |
| Securitas AB - B Shares | 35826 | &nbsp;&nbsp;&nbsp; 540201 |
| Skandinaviska Enskilda Banken AB - Class A | 111446 | &nbsp;&nbsp;&nbsp; 2182462 |
| Skanska AB - B Shares | 25783 | &nbsp;&nbsp;&nbsp; 672499 |
| SKF AB - B Shares | 24851 | &nbsp;&nbsp;&nbsp; 620735 |
| Svenska Cellulosa AB SCA - Class B | 36771 | &nbsp;&nbsp;&nbsp; 487660 |
| Svenska Handelsbanken AB - A Shares | 108813 | &nbsp;&nbsp;&nbsp; 1423593 |
| Swedbank AB - A Shares | 57557 | &nbsp;&nbsp;&nbsp; 1742336 |
| Swedish Orphan Biovitrum AB (a) | 16716 | &nbsp;&nbsp;&nbsp; 511721 |
| Tele2 AB - B Shares | 33741 | &nbsp;&nbsp;&nbsp; 576180 |
| Telefonaktiebolaget LM Ericsson - B Shares | 201129 | &nbsp;&nbsp;&nbsp; 1670011 |
| Telia Co. AB | 130492 | &nbsp;&nbsp;&nbsp; 498721 |
| Trelleborg AB - B Shares | 12900 | &nbsp;&nbsp;&nbsp; 484044 |
| Volvo AB - B Shares | 114261 | &nbsp;&nbsp;&nbsp; 3298388 |
|  |  | &nbsp;&nbsp;&nbsp; 43250778 |
| **Switzerland — 4.7%** | **Switzerland — 4.7%** | **Switzerland — 4.7%** |
| ABB Ltd.  | 112331 | &nbsp;&nbsp;&nbsp; 8100183 |
| Avolta AG | 5960 | &nbsp;&nbsp;&nbsp; 324351 |
| Baloise Holding AG | 3233 | &nbsp;&nbsp;&nbsp; 800377 |
| Banque Cantonale Vaudoise | 1980 | &nbsp;&nbsp;&nbsp; 234466 |
| Barry Callebaut AG (b) | 304 | &nbsp;&nbsp;&nbsp; 417830 |
| Belimo Holding AG | 705 | &nbsp;&nbsp;&nbsp; 742652 |
| BKW AG | 1390 | &nbsp;&nbsp;&nbsp; 296874 |
| Chocoladefabriken Lindt & Spruengli AG | 8 | &nbsp;&nbsp;&nbsp; 1205888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Participation <br> Certificate)<br>| 68 | &nbsp;&nbsp;&nbsp; 1042849 |
| Cie Financiere Richemont SA - Class A | 39111 | &nbsp;&nbsp;&nbsp; 7508348 |
| DSM-Firmenich AG | 13785 | &nbsp;&nbsp;&nbsp; 1179668 |
| EMS-Chemie Holding AG | 597 | &nbsp;&nbsp;&nbsp; 424006 |
| Galderma Group AG | 9735 | &nbsp;&nbsp;&nbsp; 1700590 |
| Geberit AG | 2519 | &nbsp;&nbsp;&nbsp; 1904800 |
| Givaudan SA | 653 | &nbsp;&nbsp;&nbsp; 2663193 |
| Helvetia Holding AG | 2360 | &nbsp;&nbsp;&nbsp; 578914 |
| Julius Baer Group Ltd.  | 14467 | &nbsp;&nbsp;&nbsp; 1006729 |
| Kuehne & Nagel International AG | 3237 | &nbsp;&nbsp;&nbsp; 605971 |
| Logitech International SA | 11035 | &nbsp;&nbsp;&nbsp; 1215969 |
| Lonza Group AG | 4968 | &nbsp;&nbsp;&nbsp; 3335885 |
| Partners Group Holding AG | 1634 | &nbsp;&nbsp;&nbsp; 2135915 |
| Sandoz Group AG | 30378 | &nbsp;&nbsp;&nbsp; 1807414 |
| Schindler Holding AG | 1453 | &nbsp;&nbsp;&nbsp; 525587 |
| Schindler Holding AG (Participation Certificate) | 2905 | &nbsp;&nbsp;&nbsp; 1104960 |
| SGS SA | 12204 | &nbsp;&nbsp;&nbsp; 1270043 |
| SIG Group AG | 26000 | &nbsp;&nbsp;&nbsp; 269678 |
| Sika AG | 10564 | &nbsp;&nbsp;&nbsp; 2368662 |
| Sonova Holding AG | 3661 | &nbsp;&nbsp;&nbsp; 1003630 |

---

**BHFTII-183**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Switzerland — (Continued)** | **Switzerland — (Continued)** | **Switzerland — (Continued)** |
| Straumann Holding AG | 7974 | &nbsp;&nbsp;&nbsp; $855023 |
| Swatch Group AG | 2462 | &nbsp;&nbsp;&nbsp; 463729 |
| Swiss Life Holding AG | 2032 | &nbsp;&nbsp;&nbsp; 2191340 |
| Swiss Prime Site AG | 5184 | &nbsp;&nbsp;&nbsp; 725903 |
| Swisscom AG | 1897 | &nbsp;&nbsp;&nbsp; 1377849 |
| UBS Group AG | 227519 | &nbsp;&nbsp;&nbsp; 9357689 |
| VAT Group AG | 1830 | &nbsp;&nbsp;&nbsp; 728582 |
| Zurich Insurance Group AG | 10612 | &nbsp;&nbsp;&nbsp; 7578366 |
|  |  | &nbsp;&nbsp;&nbsp; 69053913 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| NMC Health PLC (a) (c) (d) | 7569 | &nbsp;&nbsp;&nbsp; 0 |
| **United Kingdom — 10.8%** | **United Kingdom — 10.8%** | **United Kingdom — 10.8%** |
| 3i Group PLC | 71448 | &nbsp;&nbsp;&nbsp; 3943351 |
| Admiral Group PLC | 17639 | &nbsp;&nbsp;&nbsp; 798302 |
| Ashtead Group PLC | 30790 | &nbsp;&nbsp;&nbsp; 2071177 |
| Associated British Foods PLC | 21481 | &nbsp;&nbsp;&nbsp; 593079 |
| AstraZeneca PLC | 111138 | &nbsp;&nbsp;&nbsp; 16993745 |
| Auto Trader Group PLC | 59486 | &nbsp;&nbsp;&nbsp; 631804 |
| Aviva PLC | 227263 | &nbsp;&nbsp;&nbsp; 2106594 |
| BAE Systems PLC | 219026 | &nbsp;&nbsp;&nbsp; 6075271 |
| Barclays PLC | 1011148 | &nbsp;&nbsp;&nbsp; 5190170 |
| Barratt Redrow PLC | 98034 | &nbsp;&nbsp;&nbsp; 515403 |
| British American Tobacco PLC | 149405 | &nbsp;&nbsp;&nbsp; 7936317 |
| BT Group PLC | 428599 | &nbsp;&nbsp;&nbsp; 1104382 |
| Bunzl PLC | 26370 | &nbsp;&nbsp;&nbsp; 833322 |
| Centrica PLC | 278415 | &nbsp;&nbsp;&nbsp; 624373 |
| CK Hutchison Holdings Ltd.  | 183940 | &nbsp;&nbsp;&nbsp; 1214176 |
| Coca-Cola Europacific Partners PLC | 17500 | &nbsp;&nbsp;&nbsp; 1582175 |
| Compass Group PLC | 121251 | &nbsp;&nbsp;&nbsp; 4135115 |
| DCC PLC | 8347 | &nbsp;&nbsp;&nbsp; 539150 |
| Diageo PLC | 159247 | &nbsp;&nbsp;&nbsp; 3794811 |
| Entain PLC | 38151 | &nbsp;&nbsp;&nbsp; 447682 |
| Halma PLC | 26843 | &nbsp;&nbsp;&nbsp; 1247186 |
| Hikma Pharmaceuticals PLC | 11270 | &nbsp;&nbsp;&nbsp; 259682 |
| HSBC Holdings PLC | 1250145 | &nbsp;&nbsp;&nbsp; 17663217 |
| Imperial Brands PLC | 57791 | &nbsp;&nbsp;&nbsp; 2457410 |
| Informa PLC | 102843 | &nbsp;&nbsp;&nbsp; 1272217 |
| InterContinental Hotels Group PLC | 10316 | &nbsp;&nbsp;&nbsp; 1251551 |
| International Consolidated Airlines Group SA | 94165 | &nbsp;&nbsp;&nbsp; 494285 |
| Intertek Group PLC | 10602 | &nbsp;&nbsp;&nbsp; 678418 |
| J Sainsbury PLC | 92025 | &nbsp;&nbsp;&nbsp; 414604 |
| JD Sports Fashion PLC | 33411 | &nbsp;&nbsp;&nbsp; 42905 |
| Kingfisher PLC | 132696 | &nbsp;&nbsp;&nbsp; 554713 |
| Land Securities Group PLC (REIT) | 59742 | &nbsp;&nbsp;&nbsp; 469486 |
| Legal & General Group PLC | 383673 | &nbsp;&nbsp;&nbsp; 1234356 |
| Lloyds Banking Group PLC | 4225391 | &nbsp;&nbsp;&nbsp; 4764467 |
| London Stock Exchange Group PLC | 33591 | &nbsp;&nbsp;&nbsp; 3861197 |
| M&G PLC | 166397 | &nbsp;&nbsp;&nbsp; 569549 |
| Marks & Spencer Group PLC | 135168 | &nbsp;&nbsp;&nbsp; 664291 |
| Melrose Industries PLC | 94902 | &nbsp;&nbsp;&nbsp; 782709 |
| National Grid PLC | 349489 | &nbsp;&nbsp;&nbsp; 5043502 |
| NatWest Group PLC | 583174 | &nbsp;&nbsp;&nbsp; 4097458 |
| Next PLC | 8218 | &nbsp;&nbsp;&nbsp; 1370296 |
| Pearson PLC | 37617 | &nbsp;&nbsp;&nbsp; 535165 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| Phoenix Group Holdings PLC | 59189 | &nbsp;&nbsp;&nbsp; $514211 |
| Reckitt Benckiser Group PLC | 47611 | &nbsp;&nbsp;&nbsp; 3680725 |
| RELX PLC | 130529 | &nbsp;&nbsp;&nbsp; 6240614 |
| Rentokil Initial PLC | 171854 | &nbsp;&nbsp;&nbsp; 869291 |
| Rolls-Royce Holdings PLC | 603692 | &nbsp;&nbsp;&nbsp; 9674690 |
| Sage Group PLC | 73116 | &nbsp;&nbsp;&nbsp; 1086684 |
| Schroders PLC | 46238 | &nbsp;&nbsp;&nbsp; 234460 |
| Segro PLC (REIT) | 87696 | &nbsp;&nbsp;&nbsp; 776769 |
| Severn Trent PLC | 17589 | &nbsp;&nbsp;&nbsp; 613591 |
| Smith & Nephew PLC | 56746 | &nbsp;&nbsp;&nbsp; 1023473 |
| Smiths Group PLC | 22454 | &nbsp;&nbsp;&nbsp; 717010 |
| Spirax Group PLC | 6215 | &nbsp;&nbsp;&nbsp; 573916 |
| SSE PLC | 82975 | &nbsp;&nbsp;&nbsp; 1946463 |
| Standard Chartered PLC | 143109 | &nbsp;&nbsp;&nbsp; 2776168 |
| Tesco PLC | 470525 | &nbsp;&nbsp;&nbsp; 2823279 |
| Unilever PLC | 175721 | &nbsp;&nbsp;&nbsp; 10397676 |
| United Utilities Group PLC | 45069 | &nbsp;&nbsp;&nbsp; 695498 |
| Vodafone Group PLC | 1316075 | &nbsp;&nbsp;&nbsp; 1527647 |
| Whitbread PLC | 10686 | &nbsp;&nbsp;&nbsp; 465677 |
| Wise PLC - Class A (a) | 56234 | &nbsp;&nbsp;&nbsp; 786036 |
| WPP PLC | 91054 | &nbsp;&nbsp;&nbsp; 455455 |
|  |  | &nbsp;&nbsp;&nbsp; 158738396 |
| **United States — 9.2%** | **United States — 9.2%** | **United States — 9.2%** |
| Alcon AG | 35998 | &nbsp;&nbsp;&nbsp; 2697796 |
| Amrize Ltd. (a) | 34900 | &nbsp;&nbsp;&nbsp; 1692122 |
| BP PLC | 1132591 | &nbsp;&nbsp;&nbsp; 6503570 |
| CSL Ltd.  | 34423 | &nbsp;&nbsp;&nbsp; 4529407 |
| CyberArk Software Ltd. (a) | 3600 | &nbsp;&nbsp;&nbsp; 1739340 |
| Experian PLC | 66150 | &nbsp;&nbsp;&nbsp; 3334809 |
| Ferrovial SE | 35427 | &nbsp;&nbsp;&nbsp; 2040789 |
| GSK PLC | 297395 | &nbsp;&nbsp;&nbsp; 6400514 |
| Haleon PLC | 652655 | &nbsp;&nbsp;&nbsp; 2950965 |
| Holcim AG | 36398 | &nbsp;&nbsp;&nbsp; 3099288 |
| James Hardie Industries PLC (a) | 43993 | &nbsp;&nbsp;&nbsp; 819888 |
| Monday.com Ltd. (a) | 3152 | &nbsp;&nbsp;&nbsp; 610511 |
| Nestle SA | 184661 | &nbsp;&nbsp;&nbsp; 16971152 |
| Novartis AG | 136259 | &nbsp;&nbsp;&nbsp; 17530426 |
| Qiagen NV | 16083 | &nbsp;&nbsp;&nbsp; 714887 |
| Roche Holding AG | 50353 | &nbsp;&nbsp;&nbsp; 16581077 |
| Roche Holding AG (Bearer Shares) | 2151 | &nbsp;&nbsp;&nbsp; 742005 |
| Sanofi SA | 78221 | &nbsp;&nbsp;&nbsp; 7399760 |
| Schneider Electric SE | 39072 | &nbsp;&nbsp;&nbsp; 11039158 |
| Shell PLC | 422333 | &nbsp;&nbsp;&nbsp; 15051670 |
| Spotify Technology SA (a) | 11000 | &nbsp;&nbsp;&nbsp; 7678000 |
| Stellantis NV | 145038 | &nbsp;&nbsp;&nbsp; 1343585 |
| Swiss Re AG | 20928 | &nbsp;&nbsp;&nbsp; 3880295 |
| Tenaris SA | 29519 | &nbsp;&nbsp;&nbsp; 528781 |
|  |  | &nbsp;&nbsp;&nbsp; 135879795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $952,893,221) <br>|  | &nbsp;&nbsp;&nbsp; 1399789401 |

---

**BHFTII-184**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investment Companies—2.3%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 2.3%** |  |  |
| iShares MSCI EAFE ETF (b) (e) | 360000 | &nbsp;&nbsp;&nbsp; $33613200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $32,918,325) <br>|  | &nbsp;&nbsp;&nbsp; 33613200 |
| **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;&nbsp; 330774 |
| Dr. Ing hc F Porsche AG (b) | 9593 | &nbsp;&nbsp;&nbsp; 466088 |
| Henkel AG & Co. KGaA | 11795 | &nbsp;&nbsp;&nbsp; 952825 |
| Porsche Automobil Holding SE | 8501 | &nbsp;&nbsp;&nbsp; 334266 |
| Sartorius AG (b) | 2213 | &nbsp;&nbsp;&nbsp; 515121 |
| Volkswagen AG (b) | 13957 | &nbsp;&nbsp;&nbsp; 1510753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $4,440,523) <br>|  | &nbsp;&nbsp;&nbsp; 4109827 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| Sofina SA (a) | 887 | &nbsp;&nbsp;&nbsp; 1980 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| Orsted AS (a) (b) | 206445 | &nbsp;&nbsp;&nbsp; 205704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Rights <br>(Cost $372,284) <br>|  | &nbsp;&nbsp;&nbsp; 207684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.8%** | **Short-Term Investments—1.8%** | **Short-Term Investments—1.8%** |
| **U.S. Treasury — 1.8%** | **U.S. Treasury — 1.8%** | **U.S. Treasury — 1.8%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%, 10/16/25 (f) | 1575000 | &nbsp;&nbsp;&nbsp; 1572339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 10/16/25 (f) | 25650000 | &nbsp;&nbsp;&nbsp; 25606673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $27,179,206) <br>|  | &nbsp;&nbsp;&nbsp; 27179012 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—1.8%** | **Securities Lending Reinvestments (g)—1.8%** | **Securities Lending Reinvestments (g)—1.8%** |
| **Short-Term Investment Funds — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Government Money Market Portfolio, <br>Institutional Class, 3.960% (h)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.000% (h)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class , 4.040% (h)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 3.990% (h)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares, 4.060% (h)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 4.090% (h)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 6300000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Time Deposits — 0.3%** | **Time Deposits — 0.3%** | **Time Deposits — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA <br>4.090%, 10/01/25<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits — (Continued)** | **Time Deposits — (Continued)** | **Time Deposits — (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA <br>4.040%, 10/01/25<br>| 1000000 | &nbsp;&nbsp;&nbsp; $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DZ Bank AG (NY) <br>4.080%, 10/01/25<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska (NY) <br>4.060%, 10/01/25<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 4000000 |
| **Repurchase Agreements — 1.1%** | **Repurchase Agreements — 1.1%** | **Repurchase Agreements — 1.1%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $2,000,233; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,672<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $3,000,348; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.375% - <br> 4.625%, maturity dates ranging from 06/15/27 - 10/31/28, <br> and an aggregate market value of $3,060,001<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $1,600,184; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $1,632,000<br>| 1600000 | &nbsp;&nbsp;&nbsp; 1600000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $3,799,126; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $3,874,658<br>| 3798684 | &nbsp;&nbsp;&nbsp; 3798684 |
| Nomura Securities International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $2,000,233; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 6.750%, maturity dates ranging from 10/31/25 - 05/15/55, <br> and an aggregate market value of $2,040,238<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $1,700,193; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $1,734,000<br>| 1700000 | &nbsp;&nbsp;&nbsp; 1700000 |

---

**BHFTII-185**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 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)** |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $2,000,233; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,256<br>| 2000000 | &nbsp;&nbsp;&nbsp; $2000000 |
|  |  | &nbsp;&nbsp;&nbsp; 16098684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $26,398,684) <br>|  | &nbsp;&nbsp;&nbsp; 26398684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—101.4% <br>(Cost $1,044,202,243) <br>|  | &nbsp;&nbsp;&nbsp; 1491297808 |
| Other assets and liabilities (net)—(1.4)%  |  | &nbsp;&nbsp;&nbsp; (21273850)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1470023958 |

---

&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 September 30, 2025, the market value of securities loaned was $47,266,850 and the collateral received consisted of cash in the amount of $26,398,684 and non-cash collateral with a value of $22,034,016. 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 <br> repledged by the Portfolio.<br>|
| (c) <br>| Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of September 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>| All or a portion of the security was pledged as collateral against open futures contracts. As of <br> September 30, 2025, the market value of securities pledged was $4,677,515.<br>|
| (f) <br>| The rate shown represents current yield to maturity. |
| (g) <br>| Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (h) <br>| The rate shown represents the annualized seven-day yield as of September 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**September 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Banks | 13.6 |
| Pharmaceuticals | 7.3 |
| Insurance | 5.8 |
| Aerospace & Defense | 3.7 |
| Semiconductors & Semiconductor Equipment | 3.5 |
| Capital Markets | 3.1 |
| Oil, Gas & Consumable Fuels | 3.0 |
| Machinery | 3.0 |
| Electrical Equipment | 2.6 |
| Metals & Mining | 2.5 |

---

**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; 12/19/25 | &nbsp;&nbsp; 200 | USD | 27853000 | &nbsp;&nbsp; $6584 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $97772078 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $97772078 |
| &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 3597451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3597451 |
| &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 11602568 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11602568 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp; 433245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 433245 |
| &nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 973511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 973511 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; — | &nbsp;&nbsp; 8838250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8838250 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 26642362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26642362 |
| &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 15108822 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15108822 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp; 131528961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131528961 |
| &nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; 168902 | &nbsp;&nbsp; 133190448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133359350 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; 817377 | &nbsp;&nbsp; 26500444 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27317821 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; 1548800 | &nbsp;&nbsp; 4477970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6026770 |
| &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 3677574 | &nbsp;&nbsp; 9107962 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12785536 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 46083003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46083003 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; 489496 | &nbsp;&nbsp; 311689353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 312178849 |

---

**BHFTII-186**

------

**Brighthouse Funds Trust II**

**MetLife MSCI EAFE Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2120841 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2120841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1488289 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1488289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 503506 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 503506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 62147824 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 62147824 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3668068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3668068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8000809 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8000809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 207517 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 207517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2696766 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2696766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp;&nbsp; 5952695 | &nbsp;&nbsp;&nbsp; 19809391 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25762086 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3130343 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3130343 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 448705 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 448705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48443188 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48443188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43250778 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43250778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69053913 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69053913 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; 1582175 | &nbsp;&nbsp;&nbsp; 157156221 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158738396 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; 10027851 | &nbsp;&nbsp;&nbsp; 125851944 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 135879795 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 24264870 | &nbsp;&nbsp;&nbsp; 1375524531 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1399789401 |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; 33613200 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33613200 |
| Total Preferred Stocks\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4109827 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4109827 |
| Total Rights\* | &nbsp;&nbsp;&nbsp; 207684 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 207684 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27179012 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27179012 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16098684 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16098684 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 20098684 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26398684 |
| Total Investments | &nbsp;&nbsp;&nbsp; $64385754 | &nbsp;&nbsp;&nbsp; $1426912054 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $1491297808 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26398684)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26398684)<br>|
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $6584 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6584 |

---

&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 period ended September 30, 2025 is not presented.

**BHFTII-187**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—97.8% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| AAR Corp. (a) | 12857 | &nbsp;&nbsp;&nbsp; $1152887 |
| AeroVironment, Inc. (a) | 11148 | &nbsp;&nbsp;&nbsp; 3510394 |
| AerSale Corp. (a) | 11637 | &nbsp;&nbsp;&nbsp; 95307 |
| Archer Aviation, Inc. - Class A (a) (b) | 196532 | &nbsp;&nbsp;&nbsp; 1882776 |
| Astronics Corp. (a) | 10429 | &nbsp;&nbsp;&nbsp; 475667 |
| Byrna Technologies, Inc. (a) (b) | 6061 | &nbsp;&nbsp;&nbsp; 134312 |
| Cadre Holdings, Inc.  | 10429 | &nbsp;&nbsp;&nbsp; 380763 |
| Ducommun, Inc. (a) | 4899 | &nbsp;&nbsp;&nbsp; 470941 |
| Eve Holding, Inc. (a) (b) | 19499 | &nbsp;&nbsp;&nbsp; 74291 |
| Intuitive Machines, Inc. (a) (b) | 39938 | &nbsp;&nbsp;&nbsp; 420148 |
| Kratos Defense & Security Solutions, Inc. (a) | 57760 | &nbsp;&nbsp;&nbsp; 5277531 |
| Mercury Systems, Inc. (a) | 18447 | &nbsp;&nbsp;&nbsp; 1427798 |
| Moog, Inc. - Class A | 9873 | &nbsp;&nbsp;&nbsp; 2050326 |
| National Presto Industries, Inc.  | 1752 | &nbsp;&nbsp;&nbsp; 196487 |
| Park Aerospace Corp.  | 6034 | &nbsp;&nbsp;&nbsp; 122731 |
| Redwire Corp. (a) (b) | 18011 | &nbsp;&nbsp;&nbsp; 161919 |
| Satellogic, Inc. - Class A (a) (b) | 25775 | &nbsp;&nbsp;&nbsp; 84542 |
| V2X, Inc. (a) | 6755 | &nbsp;&nbsp;&nbsp; 392398 |
| Voyager Technologies, Inc. - Class A (a) | 4994 | &nbsp;&nbsp;&nbsp; 148721 |
| VSE Corp.  | 7017 | &nbsp;&nbsp;&nbsp; 1166506 |
|  |  | &nbsp;&nbsp;&nbsp; 19626445 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Forward Air Corp. (a) | 6761 | &nbsp;&nbsp;&nbsp; 173352 |
| Hub Group, Inc. - Class A | 21521 | &nbsp;&nbsp;&nbsp; 741183 |
| Radiant Logistics, Inc. (a) | 11786 | &nbsp;&nbsp;&nbsp; 69538 |
|  |  | &nbsp;&nbsp;&nbsp; 984073 |
| **Automobile Components — 1.3%** | **Automobile Components — 1.3%** | **Automobile Components — 1.3%** |
| Adient PLC (a) | 30359 | &nbsp;&nbsp;&nbsp; 731045 |
| American Axle & Manufacturing Holdings, Inc. (a) | 40756 | &nbsp;&nbsp;&nbsp; 244944 |
| Cooper-Standard Holdings, Inc. (a) | 5724 | &nbsp;&nbsp;&nbsp; 211387 |
| Dana, Inc.  | 47056 | &nbsp;&nbsp;&nbsp; 943002 |
| Dorman Products, Inc. (a) | 9638 | &nbsp;&nbsp;&nbsp; 1502371 |
| Fox Factory Holding Corp. (a) | 15216 | &nbsp;&nbsp;&nbsp; 369597 |
| Garrett Motion, Inc.  | 45828 | &nbsp;&nbsp;&nbsp; 624177 |
| Gentherm, Inc. (a) | 11309 | &nbsp;&nbsp;&nbsp; 385185 |
| Goodyear Tire & Rubber Co. (a) | 88621 | &nbsp;&nbsp;&nbsp; 662885 |
| Holley, Inc. (a) | 7684 | &nbsp;&nbsp;&nbsp; 24128 |
| LCI Industries | 8405 | &nbsp;&nbsp;&nbsp; 782926 |
| Modine Manufacturing Co. (a) | 18389 | &nbsp;&nbsp;&nbsp; 2614180 |
| Motorcar Parts of America, Inc. (a) | 3715 | &nbsp;&nbsp;&nbsp; 61446 |
| Patrick Industries, Inc. (b) | 11630 | &nbsp;&nbsp;&nbsp; 1202891 |
| Phinia, Inc.  | 13838 | &nbsp;&nbsp;&nbsp; 795408 |
| Solid Power, Inc. (a) | 48635 | &nbsp;&nbsp;&nbsp; 168763 |
| Standard Motor Products, Inc.  | 6963 | &nbsp;&nbsp;&nbsp; 284230 |
| Strattec Security Corp. (a) | 1428 | &nbsp;&nbsp;&nbsp; 97190 |
| Visteon Corp.  | 9405 | &nbsp;&nbsp;&nbsp; 1127283 |
| XPEL, Inc. (a) (b) | 9098 | &nbsp;&nbsp;&nbsp; 300871 |
|  |  | &nbsp;&nbsp;&nbsp; 13133909 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| Faraday Future Intelligent Electric, Inc. (a) (b) | 35595 | &nbsp;&nbsp;&nbsp; 46274 |
| Livewire Group, Inc. (a) (b) | 13966 | &nbsp;&nbsp;&nbsp; 66338 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Automobiles—(Continued)** | **Automobiles—(Continued)** | **Automobiles—(Continued)** |
| Winnebago Industries, Inc.  | 10168 | &nbsp;&nbsp;&nbsp; $340018 |
|  |  | &nbsp;&nbsp;&nbsp; 452630 |
| **Banks — 9.8%** | **Banks — 9.8%** | **Banks — 9.8%** |
| 1st Source Corp.  | 6580 | &nbsp;&nbsp;&nbsp; 405065 |
| ACNB Corp.  | 3760 | &nbsp;&nbsp;&nbsp; 165590 |
| Amalgamated Financial Corp.  | 8501 | &nbsp;&nbsp;&nbsp; 230802 |
| Amerant Bancorp, Inc.  | 13198 | &nbsp;&nbsp;&nbsp; 254325 |
| Ameris Bancorp | 23165 | &nbsp;&nbsp;&nbsp; 1698226 |
| Ames National Corp.  | 2972 | &nbsp;&nbsp;&nbsp; 60094 |
| Arrow Financial Corp.  | 5919 | &nbsp;&nbsp;&nbsp; 167508 |
| Associated Banc-Corp.  | 57952 | &nbsp;&nbsp;&nbsp; 1489946 |
| Atlantic Union Bankshares Corp. (b) | 49969 | &nbsp;&nbsp;&nbsp; 1763406 |
| Axos Financial, Inc. (a) | 18944 | &nbsp;&nbsp;&nbsp; 1603610 |
| Banc of California, Inc.  | 44801 | &nbsp;&nbsp;&nbsp; 741457 |
| BancFirst Corp.  | 7154 | &nbsp;&nbsp;&nbsp; 904623 |
| Bancorp, Inc. (a) | 15799 | &nbsp;&nbsp;&nbsp; 1183187 |
| Bank First Corp.  | 3141 | &nbsp;&nbsp;&nbsp; 381035 |
| Bank of Hawaii Corp.  | 14002 | &nbsp;&nbsp;&nbsp; 919091 |
| Bank of Marin Bancorp | 5192 | &nbsp;&nbsp;&nbsp; 126062 |
| Bank of NT Butterfield & Son Ltd.  | 14277 | &nbsp;&nbsp;&nbsp; 612769 |
| Bank7 Corp.  | 1297 | &nbsp;&nbsp;&nbsp; 60012 |
| BankUnited, Inc.  | 26716 | &nbsp;&nbsp;&nbsp; 1019483 |
| Bankwell Financial Group, Inc.  | 2613 | &nbsp;&nbsp;&nbsp; 115625 |
| Banner Corp. (b) | 12300 | &nbsp;&nbsp;&nbsp; 805650 |
| Bar Harbor Bankshares | 5292 | &nbsp;&nbsp;&nbsp; 161194 |
| BayCom Corp.  | 4420 | &nbsp;&nbsp;&nbsp; 127075 |
| Beacon Financial Corp.  | 28280 | &nbsp;&nbsp;&nbsp; 670519 |
| Blue Foundry Bancorp (a) | 7608 | &nbsp;&nbsp;&nbsp; 69157 |
| Blue Ridge Bankshares, Inc. (a) | 24991 | &nbsp;&nbsp;&nbsp; 105712 |
| Bridgewater Bancshares, Inc. (a) | 7665 | &nbsp;&nbsp;&nbsp; 134904 |
| Burke & Herbert Financial Services Corp.  | 4933 | &nbsp;&nbsp;&nbsp; 304317 |
| Business First Bancshares, Inc.  | 10341 | &nbsp;&nbsp;&nbsp; 244151 |
| Byline Bancorp, Inc.  | 11001 | &nbsp;&nbsp;&nbsp; 305058 |
| C&F Financial Corp.  | 1140 | &nbsp;&nbsp;&nbsp; 76608 |
| Cadence Bank | 64984 | &nbsp;&nbsp;&nbsp; 2439499 |
| California BanCorp (a) | 8293 | &nbsp;&nbsp;&nbsp; 138327 |
| Camden National Corp.  | 5866 | &nbsp;&nbsp;&nbsp; 226369 |
| Capital Bancorp, Inc.  | 4286 | &nbsp;&nbsp;&nbsp; 136723 |
| Capital City Bank Group, Inc.  | 5719 | &nbsp;&nbsp;&nbsp; 238997 |
| Capitol Federal Financial, Inc.  | 43291 | &nbsp;&nbsp;&nbsp; 274898 |
| Carter Bankshares, Inc. (a) | 8394 | &nbsp;&nbsp;&nbsp; 162928 |
| Cathay General Bancorp | 23273 | &nbsp;&nbsp;&nbsp; 1117337 |
| CB Financial Services, Inc. (b) | 1770 | &nbsp;&nbsp;&nbsp; 58782 |
| Central Pacific Financial Corp.  | 9591 | &nbsp;&nbsp;&nbsp; 290991 |
| Chemung Financial Corp.  | 1214 | &nbsp;&nbsp;&nbsp; 63759 |
| ChoiceOne Financial Services, Inc.  | 5231 | &nbsp;&nbsp;&nbsp; 151490 |
| Citizens & Northern Corp.  | 4248 | &nbsp;&nbsp;&nbsp; 84153 |
| Citizens Community Bancorp, Inc.  | 3647 | &nbsp;&nbsp;&nbsp; 58607 |
| Citizens Financial Services, Inc.  | 1533 | &nbsp;&nbsp;&nbsp; 92409 |
| City Holding Co. (b) | 4862 | &nbsp;&nbsp;&nbsp; 602256 |
| Civista Bancshares, Inc.  | 6752 | &nbsp;&nbsp;&nbsp; 137133 |
| CNB Financial Corp.  | 9355 | &nbsp;&nbsp;&nbsp; 226391 |
| Coastal Financial Corp. (a) (b) | 4663 | &nbsp;&nbsp;&nbsp; 504397 |
| Colony Bankcorp, Inc.  | 5248 | &nbsp;&nbsp;&nbsp; 89269 |
| Columbia Financial, Inc. (a) | 8867 | &nbsp;&nbsp;&nbsp; 133094 |

---

**BHFTII-188**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Community Financial System, Inc.  | 18262 | &nbsp;&nbsp;&nbsp; $1070884 |
| Community Trust Bancorp, Inc.  | 5520 | &nbsp;&nbsp;&nbsp; 308844 |
| Community West Bancshares | 5299 | &nbsp;&nbsp;&nbsp; 110431 |
| ConnectOne Bancorp, Inc.  | 16661 | &nbsp;&nbsp;&nbsp; 413359 |
| Customers Bancorp, Inc. (a) | 10621 | &nbsp;&nbsp;&nbsp; 694295 |
| CVB Financial Corp.  | 47463 | &nbsp;&nbsp;&nbsp; 897525 |
| Dime Community Bancshares, Inc.  | 13898 | &nbsp;&nbsp;&nbsp; 414577 |
| Eagle Bancorp, Inc.  | 9954 | &nbsp;&nbsp;&nbsp; 201270 |
| Eagle Financial Services, Inc.  | 1861 | &nbsp;&nbsp;&nbsp; 70402 |
| Eastern Bankshares, Inc.  | 71102 | &nbsp;&nbsp;&nbsp; 1290501 |
| Enterprise Financial Services Corp.  | 13232 | &nbsp;&nbsp;&nbsp; 767191 |
| Equity Bancshares, Inc. - Class A | 5691 | &nbsp;&nbsp;&nbsp; 231624 |
| Esquire Financial Holdings, Inc. (b) | 2403 | &nbsp;&nbsp;&nbsp; 245238 |
| Farmers & Merchants Bancorp, Inc.  | 4130 | &nbsp;&nbsp;&nbsp; 103291 |
| Farmers National Banc Corp. (b) | 9803 | &nbsp;&nbsp;&nbsp; 141261 |
| FB Bancorp, Inc. (a) | 6972 | &nbsp;&nbsp;&nbsp; 83803 |
| FB Financial Corp.  | 14897 | &nbsp;&nbsp;&nbsp; 830359 |
| Fidelity D&D Bancorp, Inc.  | 1594 | &nbsp;&nbsp;&nbsp; 69865 |
| Financial Institutions, Inc.  | 6714 | &nbsp;&nbsp;&nbsp; 182621 |
| Finwise Bancorp (a) | 3706 | &nbsp;&nbsp;&nbsp; 71859 |
| First BanCorp | 57980 | &nbsp;&nbsp;&nbsp; 1278459 |
| First Bancorp, Inc.  | 3758 | &nbsp;&nbsp;&nbsp; 98685 |
| First Bancorp/Southern Pines NC | 14356 | &nbsp;&nbsp;&nbsp; 759289 |
| First Bank | 7642 | &nbsp;&nbsp;&nbsp; 124488 |
| First Busey Corp.  | 29976 | &nbsp;&nbsp;&nbsp; 693944 |
| First Business Financial Services, Inc.  | 2763 | &nbsp;&nbsp;&nbsp; 141631 |
| First Capital, Inc.  | 1202 | &nbsp;&nbsp;&nbsp; 55052 |
| First Commonwealth Financial Corp.  | 36567 | &nbsp;&nbsp;&nbsp; 623467 |
| First Community Bankshares, Inc.  | 5615 | &nbsp;&nbsp;&nbsp; 195402 |
| First Community Corp.  | 2769 | &nbsp;&nbsp;&nbsp; 78141 |
| First Financial Bancorp | 33832 | &nbsp;&nbsp;&nbsp; 854258 |
| First Financial Bankshares, Inc.  | 47137 | &nbsp;&nbsp;&nbsp; 1586160 |
| First Financial Corp.  | 3977 | &nbsp;&nbsp;&nbsp; 224462 |
| First Foundation, Inc. (a) (b) | 22584 | &nbsp;&nbsp;&nbsp; 125793 |
| First Internet Bancorp | 2669 | &nbsp;&nbsp;&nbsp; 59866 |
| First Interstate BancSystem, Inc. - Class A | 31738 | &nbsp;&nbsp;&nbsp; 1011490 |
| First Merchants Corp.  | 20897 | &nbsp;&nbsp;&nbsp; 787817 |
| First Mid Bancshares, Inc.  | 8214 | &nbsp;&nbsp;&nbsp; 311146 |
| First National Corp.  | 2941 | &nbsp;&nbsp;&nbsp; 66702 |
| First Savings Financial Group, Inc.  | 2102 | &nbsp;&nbsp;&nbsp; 66066 |
| First United Corp.  | 2254 | &nbsp;&nbsp;&nbsp; 82880 |
| First Western Financial, Inc. (a) | 2572 | &nbsp;&nbsp;&nbsp; 59220 |
| Firstsun Capital Bancorp (a) | 4714 | &nbsp;&nbsp;&nbsp; 182856 |
| Five Star Bancorp (b) | 6153 | &nbsp;&nbsp;&nbsp; 198127 |
| Flagstar Financial, Inc.  | 101593 | &nbsp;&nbsp;&nbsp; 1173399 |
| Flushing Financial Corp.  | 10238 | &nbsp;&nbsp;&nbsp; 141387 |
| Franklin Financial Services Corp.  | 1582 | &nbsp;&nbsp;&nbsp; 72772 |
| FS Bancorp, Inc.  | 2273 | &nbsp;&nbsp;&nbsp; 90738 |
| Fulton Financial Corp.  | 65032 | &nbsp;&nbsp;&nbsp; 1211546 |
| FVCBankcorp, Inc.  | 5163 | &nbsp;&nbsp;&nbsp; 66964 |
| GBank Financial Holdings, Inc. (a) | 3416 | &nbsp;&nbsp;&nbsp; 134146 |
| German American Bancorp, Inc.  | 13100 | &nbsp;&nbsp;&nbsp; 514437 |
| Glacier Bancorp, Inc. (b) | 41570 | &nbsp;&nbsp;&nbsp; 2023212 |
| Great Southern Bancorp, Inc.  | 3525 | &nbsp;&nbsp;&nbsp; 215906 |
| Greene County Bancorp, Inc.  | 2424 | &nbsp;&nbsp;&nbsp; 54782 |
| Guaranty Bancshares, Inc.  | 2906 | &nbsp;&nbsp;&nbsp; 141668 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Hancock Whitney Corp.  | 30242 | &nbsp;&nbsp;&nbsp; $1893452 |
| Hanmi Financial Corp.  | 10815 | &nbsp;&nbsp;&nbsp; 267022 |
| HarborOne Bancorp, Inc.  | 12594 | &nbsp;&nbsp;&nbsp; 171278 |
| Hawthorn Bancshares, Inc. (b) | 2185 | &nbsp;&nbsp;&nbsp; 67822 |
| HBT Financial, Inc.  | 4583 | &nbsp;&nbsp;&nbsp; 115492 |
| Heritage Commerce Corp.  | 19622 | &nbsp;&nbsp;&nbsp; 194846 |
| Heritage Financial Corp.  | 12318 | &nbsp;&nbsp;&nbsp; 297972 |
| Hilltop Holdings, Inc.  | 16711 | &nbsp;&nbsp;&nbsp; 558482 |
| Hingham Institution For Savings | 565 | &nbsp;&nbsp;&nbsp; 149036 |
| Home Bancorp, Inc.  | 2776 | &nbsp;&nbsp;&nbsp; 150806 |
| Home BancShares, Inc.  | 66167 | &nbsp;&nbsp;&nbsp; 1872526 |
| HomeTrust Bancshares, Inc.  | 5432 | &nbsp;&nbsp;&nbsp; 222386 |
| Hope Bancorp, Inc.  | 43276 | &nbsp;&nbsp;&nbsp; 466083 |
| Horizon Bancorp, Inc.  | 14606 | &nbsp;&nbsp;&nbsp; 233842 |
| Independent Bank Corp.  | 24392 | &nbsp;&nbsp;&nbsp; 1413260 |
| International Bancshares Corp.  | 18964 | &nbsp;&nbsp;&nbsp; 1303775 |
| Investar Holding Corp.  | 3059 | &nbsp;&nbsp;&nbsp; 70999 |
| John Marshall Bancorp, Inc.  | 4296 | &nbsp;&nbsp;&nbsp; 85147 |
| Kearny Financial Corp.  | 20365 | &nbsp;&nbsp;&nbsp; 133798 |
| Lakeland Financial Corp.  | 8940 | &nbsp;&nbsp;&nbsp; 573948 |
| LCNB Corp.  | 3768 | &nbsp;&nbsp;&nbsp; 56482 |
| LINKBANCORP, Inc.  | 7910 | &nbsp;&nbsp;&nbsp; 56398 |
| Live Oak Bancshares, Inc.  | 12435 | &nbsp;&nbsp;&nbsp; 437961 |
| MainStreet Bancshares, Inc.  | 2669 | &nbsp;&nbsp;&nbsp; 55595 |
| Mechanics Bancorp - Class A (a) | 6024 | &nbsp;&nbsp;&nbsp; 80179 |
| Mercantile Bank Corp.  | 5361 | &nbsp;&nbsp;&nbsp; 241245 |
| Meridian Corp.  | 3388 | &nbsp;&nbsp;&nbsp; 53497 |
| Metrocity Bankshares, Inc.  | 6644 | &nbsp;&nbsp;&nbsp; 183972 |
| Metropolitan Bank Holding Corp.  | 3182 | &nbsp;&nbsp;&nbsp; 238077 |
| Mid Penn Bancorp, Inc.  | 7267 | &nbsp;&nbsp;&nbsp; 208127 |
| Middlefield Banc Corp.  | 2691 | &nbsp;&nbsp;&nbsp; 80757 |
| Midland States Bancorp, Inc.  | 6845 | &nbsp;&nbsp;&nbsp; 117323 |
| MidWestOne Financial Group, Inc.  | 5766 | &nbsp;&nbsp;&nbsp; 163120 |
| MVB Financial Corp.  | 3791 | &nbsp;&nbsp;&nbsp; 95002 |
| National Bank Holdings Corp. - Class A | 13232 | &nbsp;&nbsp;&nbsp; 511285 |
| National Bankshares, Inc.  | 1983 | &nbsp;&nbsp;&nbsp; 58380 |
| NB Bancorp, Inc.  | 14229 | &nbsp;&nbsp;&nbsp; 251142 |
| NBT Bancorp, Inc.  | 18178 | &nbsp;&nbsp;&nbsp; 759113 |
| Nicolet Bankshares, Inc. (b) | 4772 | &nbsp;&nbsp;&nbsp; 641834 |
| Northeast Bank | 2685 | &nbsp;&nbsp;&nbsp; 268930 |
| Northeast Community Bancorp, Inc.  | 4595 | &nbsp;&nbsp;&nbsp; 94519 |
| Northfield Bancorp, Inc.  | 8589 | &nbsp;&nbsp;&nbsp; 101350 |
| Northpointe Bancshares, Inc. (b) | 4255 | &nbsp;&nbsp;&nbsp; 72675 |
| Northrim BanCorp, Inc.  | 7532 | &nbsp;&nbsp;&nbsp; 163143 |
| Northwest Bancshares, Inc.  | 48760 | &nbsp;&nbsp;&nbsp; 604136 |
| Norwood Financial Corp.  | 2522 | &nbsp;&nbsp;&nbsp; 64109 |
| Oak Valley Bancorp | 2317 | &nbsp;&nbsp;&nbsp; 65270 |
| OceanFirst Financial Corp.  | 20652 | &nbsp;&nbsp;&nbsp; 362856 |
| OFG Bancorp | 16345 | &nbsp;&nbsp;&nbsp; 710844 |
| Ohio Valley Banc Corp.  | 1419 | &nbsp;&nbsp;&nbsp; 52475 |
| Old National Bancorp | 121887 | &nbsp;&nbsp;&nbsp; 2675420 |
| Old Second Bancorp, Inc.  | 17689 | &nbsp;&nbsp;&nbsp; 305754 |
| OP Bancorp | 4450 | &nbsp;&nbsp;&nbsp; 61944 |
| Orange County Bancorp, Inc.  | 3668 | &nbsp;&nbsp;&nbsp; 92470 |
| Origin Bancorp, Inc.  | 10764 | &nbsp;&nbsp;&nbsp; 371573 |
| Orrstown Financial Services, Inc.  | 7249 | &nbsp;&nbsp;&nbsp; 246321 |

---

**BHFTII-189**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Park National Corp.  | 5052 | &nbsp;&nbsp;&nbsp; $821102 |
| Parke Bancorp, Inc.  | 3496 | &nbsp;&nbsp;&nbsp; 75339 |
| Pathward Financial, Inc. (b) | 8422 | &nbsp;&nbsp;&nbsp; 623312 |
| PCB Bancorp | 4027 | &nbsp;&nbsp;&nbsp; 84567 |
| Peapack-Gladstone Financial Corp.  | 6072 | &nbsp;&nbsp;&nbsp; 167587 |
| Peoples Bancorp, Inc.  | 12413 | &nbsp;&nbsp;&nbsp; 372266 |
| Peoples Financial Services Corp.  | 3009 | &nbsp;&nbsp;&nbsp; 146268 |
| Pioneer Bancorp, Inc. (a) | 4144 | &nbsp;&nbsp;&nbsp; 54121 |
| Plumas Bancorp | 1875 | &nbsp;&nbsp;&nbsp; 80888 |
| Ponce Financial Group, Inc. (a) | 6376 | &nbsp;&nbsp;&nbsp; 93727 |
| Preferred Bank (b) | 3977 | &nbsp;&nbsp;&nbsp; 359481 |
| Primis Financial Corp.  | 3052 | &nbsp;&nbsp;&nbsp; 32077 |
| Princeton Bancorp, Inc.  | 1758 | &nbsp;&nbsp;&nbsp; 55975 |
| Provident Bancorp, Inc. (a) | 5177 | &nbsp;&nbsp;&nbsp; 64868 |
| Provident Financial Services, Inc.  | 46450 | &nbsp;&nbsp;&nbsp; 895556 |
| QCR Holdings, Inc.  | 5877 | &nbsp;&nbsp;&nbsp; 444536 |
| RBB Bancorp | 6012 | &nbsp;&nbsp;&nbsp; 112785 |
| Red River Bancshares, Inc.  | 1618 | &nbsp;&nbsp;&nbsp; 104879 |
| Renasant Corp.  | 32675 | &nbsp;&nbsp;&nbsp; 1205381 |
| Republic Bancorp, Inc. - Class A | 2983 | &nbsp;&nbsp;&nbsp; 215522 |
| S&T Bancorp, Inc.  | 13668 | &nbsp;&nbsp;&nbsp; 513780 |
| Seacoast Banking Corp. of Florida | 30270 | &nbsp;&nbsp;&nbsp; 921116 |
| ServisFirst Bancshares, Inc.  | 18019 | &nbsp;&nbsp;&nbsp; 1451070 |
| Shore Bancshares, Inc.  | 10137 | &nbsp;&nbsp;&nbsp; 166348 |
| Sierra Bancorp | 4701 | &nbsp;&nbsp;&nbsp; 135906 |
| Simmons First National Corp. - Class A | 50277 | &nbsp;&nbsp;&nbsp; 963810 |
| SmartFinancial, Inc.  | 5462 | &nbsp;&nbsp;&nbsp; 195157 |
| South Plains Financial, Inc.  | 4696 | &nbsp;&nbsp;&nbsp; 181500 |
| Southern First Bancshares, Inc. (a) | 2574 | &nbsp;&nbsp;&nbsp; 113565 |
| Southern Missouri Bancorp, Inc.  | 3422 | &nbsp;&nbsp;&nbsp; 179860 |
| Southside Bancshares, Inc.  | 10316 | &nbsp;&nbsp;&nbsp; 291427 |
| Stellar Bancorp, Inc. (b) | 17624 | &nbsp;&nbsp;&nbsp; 534712 |
| Stock Yards Bancorp, Inc.  | 9488 | &nbsp;&nbsp;&nbsp; 664065 |
| Texas Capital Bancshares, Inc. (a) | 15836 | &nbsp;&nbsp;&nbsp; 1338617 |
| Third Coast Bancshares, Inc. (a) | 4809 | &nbsp;&nbsp;&nbsp; 182598 |
| Timberland Bancorp, Inc.  | 2592 | &nbsp;&nbsp;&nbsp; 86262 |
| Tompkins Financial Corp.  | 4603 | &nbsp;&nbsp;&nbsp; 304765 |
| Towne Bank | 25499 | &nbsp;&nbsp;&nbsp; 881500 |
| TriCo Bancshares | 10396 | &nbsp;&nbsp;&nbsp; 461686 |
| Triumph Financial, Inc. (a) | 7921 | &nbsp;&nbsp;&nbsp; 396367 |
| TrustCo Bank Corp.  | 6683 | &nbsp;&nbsp;&nbsp; 242593 |
| Trustmark Corp.  | 20488 | &nbsp;&nbsp;&nbsp; 811325 |
| UMB Financial Corp.  | 25510 | &nbsp;&nbsp;&nbsp; 3019109 |
| United Bankshares, Inc.  | 49714 | &nbsp;&nbsp;&nbsp; 1849858 |
| United Community Banks, Inc.  | 42837 | &nbsp;&nbsp;&nbsp; 1342940 |
| Unity Bancorp, Inc.  | 2408 | &nbsp;&nbsp;&nbsp; 117679 |
| Univest Financial Corp.  | 10397 | &nbsp;&nbsp;&nbsp; 312118 |
| USCB Financial Holdings, Inc.  | 3750 | &nbsp;&nbsp;&nbsp; 65438 |
| Valley National Bancorp | 165372 | &nbsp;&nbsp;&nbsp; 1752943 |
| Veritex Holdings, Inc.  | 18838 | &nbsp;&nbsp;&nbsp; 631638 |
| Virginia National Bankshares Corp.  | 1715 | &nbsp;&nbsp;&nbsp; 66559 |
| WaFd, Inc. (b) | 28299 | &nbsp;&nbsp;&nbsp; 857177 |
| Washington Trust Bancorp, Inc.  | 6711 | &nbsp;&nbsp;&nbsp; 193948 |
| WesBanco, Inc.  | 34114 | &nbsp;&nbsp;&nbsp; 1089260 |
| West BanCorp, Inc. (b) | 5288 | &nbsp;&nbsp;&nbsp; 107452 |
| Westamerica BanCorp | 9214 | &nbsp;&nbsp;&nbsp; 460608 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Western New England Bancorp, Inc.  | 2875 | &nbsp;&nbsp;&nbsp; $34529 |
| WSFS Financial Corp.  | 19510 | &nbsp;&nbsp;&nbsp; 1052174 |
|  |  | &nbsp;&nbsp;&nbsp; 98666574 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| MGP Ingredients, Inc.  | 4728 | &nbsp;&nbsp;&nbsp; 114370 |
| National Beverage Corp. (a) | 8501 | &nbsp;&nbsp;&nbsp; 313857 |
| Vita Coco Co., Inc. (a) | 15448 | &nbsp;&nbsp;&nbsp; 656077 |
|  |  | &nbsp;&nbsp;&nbsp; 1084304 |
| **Biotechnology — 7.2%** | **Biotechnology — 7.2%** | **Biotechnology — 7.2%** |
| 4D Molecular Therapeutics, Inc. (a) (b) | 7648 | &nbsp;&nbsp;&nbsp; 66461 |
| 89bio, Inc. (a) | 45070 | &nbsp;&nbsp;&nbsp; 662529 |
| Abeona Therapeutics, Inc. (a) | 16073 | &nbsp;&nbsp;&nbsp; 84865 |
| Absci Corp. (a) (b) | 48222 | &nbsp;&nbsp;&nbsp; 146595 |
| ACADIA Pharmaceuticals, Inc. (a) | 44812 | &nbsp;&nbsp;&nbsp; 956288 |
| ADC Therapeutics SA (a) | 9301 | &nbsp;&nbsp;&nbsp; 37204 |
| ADMA Biologics, Inc. (a) | 83417 | &nbsp;&nbsp;&nbsp; 1222893 |
| Agios Pharmaceuticals, Inc. (a) | 20320 | &nbsp;&nbsp;&nbsp; 815645 |
| Akebia Therapeutics, Inc. (a) | 87453 | &nbsp;&nbsp;&nbsp; 238747 |
| Akero Therapeutics, Inc. (a) | 25151 | &nbsp;&nbsp;&nbsp; 1194169 |
| Aldeyra Therapeutics, Inc. (a) | 6927 | &nbsp;&nbsp;&nbsp; 36159 |
| Alector, Inc. (a) | 12307 | &nbsp;&nbsp;&nbsp; 36429 |
| Alkermes PLC (a) | 56425 | &nbsp;&nbsp;&nbsp; 1692750 |
| Allogene Therapeutics, Inc. (a) | 54172 | &nbsp;&nbsp;&nbsp; 67173 |
| Altimmune, Inc. (a) | 28789 | &nbsp;&nbsp;&nbsp; 108535 |
| Amicus Therapeutics, Inc. (a) | 97839 | &nbsp;&nbsp;&nbsp; 770971 |
| AnaptysBio, Inc. (a) (b) | 7034 | &nbsp;&nbsp;&nbsp; 215381 |
| Anavex Life Sciences Corp. (a) (b) | 24729 | &nbsp;&nbsp;&nbsp; 220088 |
| Annexon, Inc. (a) (b) | 33937 | &nbsp;&nbsp;&nbsp; 103508 |
| Apogee Therapeutics, Inc. (a) (b) | 11613 | &nbsp;&nbsp;&nbsp; 461384 |
| Arbutus Biopharma Corp. (a) | 52972 | &nbsp;&nbsp;&nbsp; 240493 |
| Arcellx, Inc. (a) | 11980 | &nbsp;&nbsp;&nbsp; 983558 |
| Arcturus Therapeutics Holdings, Inc. (a) (b) | 10367 | &nbsp;&nbsp;&nbsp; 191064 |
| Arcus Biosciences, Inc. (a) | 25029 | &nbsp;&nbsp;&nbsp; 340394 |
| Arcutis Biotherapeutics, Inc. (a) (b) | 38555 | &nbsp;&nbsp;&nbsp; 726762 |
| Ardelyx, Inc. (a) | 82248 | &nbsp;&nbsp;&nbsp; 453186 |
| ArriVent Biopharma, Inc. (a) | 10307 | &nbsp;&nbsp;&nbsp; 190164 |
| Arrowhead Pharmaceuticals, Inc. (a) | 43016 | &nbsp;&nbsp;&nbsp; 1483622 |
| ARS Pharmaceuticals, Inc. (a) (b) | 20288 | &nbsp;&nbsp;&nbsp; 203894 |
| Astria Therapeutics, Inc. (a) | 8289 | &nbsp;&nbsp;&nbsp; 60344 |
| Aura Biosciences, Inc. (a) (b) | 7676 | &nbsp;&nbsp;&nbsp; 47438 |
| Aurinia Pharmaceuticals, Inc. (a) | 43092 | &nbsp;&nbsp;&nbsp; 476167 |
| Avidity Biosciences, Inc. (a) | 35467 | &nbsp;&nbsp;&nbsp; 1545297 |
| Beam Therapeutics, Inc. (a) (b) | 34484 | &nbsp;&nbsp;&nbsp; 836927 |
| Benitec Biopharma, Inc. (a) | 5673 | &nbsp;&nbsp;&nbsp; 79592 |
| Bicara Therapeutics, Inc. (a) | 12990 | &nbsp;&nbsp;&nbsp; 205112 |
| BioCryst Pharmaceuticals, Inc. (a) | 68351 | &nbsp;&nbsp;&nbsp; 518784 |
| Biohaven Ltd. (a) | 32936 | &nbsp;&nbsp;&nbsp; 494369 |
| Bridgebio Pharma, Inc. (a) | 54840 | &nbsp;&nbsp;&nbsp; 2848390 |
| Bright Minds Biosciences, Inc. (a) | 1748 | &nbsp;&nbsp;&nbsp; 106034 |
| Candel Therapeutics, Inc. (a) (b) | 5363 | &nbsp;&nbsp;&nbsp; 27351 |
| Capricor Therapeutics, Inc. (a) (b) | 5432 | &nbsp;&nbsp;&nbsp; 39165 |
| CareDx, Inc. (a) | 19701 | &nbsp;&nbsp;&nbsp; 286453 |
| Catalyst Pharmaceuticals, Inc. (a) | 41696 | &nbsp;&nbsp;&nbsp; 821411 |
| Celcuity, Inc. (a) | 10095 | &nbsp;&nbsp;&nbsp; 498693 |

---

**BHFTII-190**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Celldex Therapeutics, Inc. (a) | 23323 | &nbsp;&nbsp;&nbsp; $603366 |
| CG oncology, Inc. (a) | 20314 | &nbsp;&nbsp;&nbsp; 818248 |
| Cidara Therapeutics, Inc. (a) | 5337 | &nbsp;&nbsp;&nbsp; 511071 |
| Cogent Biosciences, Inc. (a) | 45293 | &nbsp;&nbsp;&nbsp; 650407 |
| Coherus Oncology, Inc. (a) (b) | 38100 | &nbsp;&nbsp;&nbsp; 62484 |
| Compass Therapeutics, Inc. (a) (b) | 36382 | &nbsp;&nbsp;&nbsp; 127337 |
| Corvus Pharmaceuticals, Inc. (a) (b) | 20875 | &nbsp;&nbsp;&nbsp; 153849 |
| CRISPR Therapeutics AG (a) (b) | 28783 | &nbsp;&nbsp;&nbsp; 1865426 |
| Cullinan Therapeutics, Inc. (a) | 10793 | &nbsp;&nbsp;&nbsp; 64002 |
| Cytokinetics, Inc. (a) (b) | 40617 | &nbsp;&nbsp;&nbsp; 2232310 |
| Day One Biopharmaceuticals, Inc. (a) | 19864 | &nbsp;&nbsp;&nbsp; 140041 |
| Denali Therapeutics, Inc. (a) | 47735 | &nbsp;&nbsp;&nbsp; 693112 |
| Design Therapeutics, Inc. (a) (b) | 4021 | &nbsp;&nbsp;&nbsp; 30278 |
| DiaMedica Therapeutics, Inc. (a) | 2499 | &nbsp;&nbsp;&nbsp; 17168 |
| Dianthus Therapeutics, Inc. (a) | 5752 | &nbsp;&nbsp;&nbsp; 226341 |
| Disc Medicine, Inc. (a) | 8134 | &nbsp;&nbsp;&nbsp; 537495 |
| Dynavax Technologies Corp. (a) | 32941 | &nbsp;&nbsp;&nbsp; 327104 |
| Dyne Therapeutics, Inc. (a) | 38425 | &nbsp;&nbsp;&nbsp; 486076 |
| Editas Medicine, Inc. (a) | 29940 | &nbsp;&nbsp;&nbsp; 103892 |
| Emergent BioSolutions, Inc. (a) | 13480 | &nbsp;&nbsp;&nbsp; 118894 |
| Enanta Pharmaceuticals, Inc. (a) | 1408 | &nbsp;&nbsp;&nbsp; 16854 |
| Erasca, Inc. (a) | 64163 | &nbsp;&nbsp;&nbsp; 139875 |
| Fennec Pharmaceuticals, Inc. (a) | 3671 | &nbsp;&nbsp;&nbsp; 34361 |
| Foghorn Therapeutics, Inc. (a) | 12720 | &nbsp;&nbsp;&nbsp; 62201 |
| Geron Corp. (a) | 148933 | &nbsp;&nbsp;&nbsp; 204038 |
| Gossamer Bio, Inc. (a) | 66543 | &nbsp;&nbsp;&nbsp; 175008 |
| GRAIL, Inc. (a) | 11093 | &nbsp;&nbsp;&nbsp; 655929 |
| Heron Therapeutics, Inc. (a) | 56019 | &nbsp;&nbsp;&nbsp; 70584 |
| Humacyte, Inc. (a) (b) | 47754 | &nbsp;&nbsp;&nbsp; 83092 |
| Ideaya Biosciences, Inc. (a) | 29941 | &nbsp;&nbsp;&nbsp; 814695 |
| ImmunityBio, Inc. (a) (b) | 80522 | &nbsp;&nbsp;&nbsp; 198084 |
| Immunome, Inc. (a) | 25480 | &nbsp;&nbsp;&nbsp; 298371 |
| Immunovant, Inc. (a) (b) | 24690 | &nbsp;&nbsp;&nbsp; 398003 |
| Inhibrx Biosciences, Inc. (a) | 4582 | &nbsp;&nbsp;&nbsp; 154322 |
| Intellia Therapeutics, Inc. (a) | 37293 | &nbsp;&nbsp;&nbsp; 644050 |
| Iovance Biotherapeutics, Inc. (a) (b) | 91467 | &nbsp;&nbsp;&nbsp; 198483 |
| Ironwood Pharmaceuticals, Inc. (a) (b) | 19805 | &nbsp;&nbsp;&nbsp; 25945 |
| Jade Biosciences, Inc.  | 5243 | &nbsp;&nbsp;&nbsp; 45247 |
| Janux Therapeutics, Inc. (a) | 14413 | &nbsp;&nbsp;&nbsp; 352254 |
| KalVista Pharmaceuticals, Inc. (a) (b) | 12559 | &nbsp;&nbsp;&nbsp; 152969 |
| Keros Therapeutics, Inc. (a) (b) | 12297 | &nbsp;&nbsp;&nbsp; 194539 |
| Kodiak Sciences, Inc. (a) | 11670 | &nbsp;&nbsp;&nbsp; 191038 |
| Korro Bio, Inc. (a) | 2360 | &nbsp;&nbsp;&nbsp; 113020 |
| Krystal Biotech, Inc. (a) (b) | 8607 | &nbsp;&nbsp;&nbsp; 1519394 |
| Kura Oncology, Inc. (a) | 26499 | &nbsp;&nbsp;&nbsp; 234516 |
| Kymera Therapeutics, Inc. (a) | 17650 | &nbsp;&nbsp;&nbsp; 998990 |
| Larimar Therapeutics, Inc. (a) (b) | 16746 | &nbsp;&nbsp;&nbsp; 54090 |
| Madrigal Pharmaceuticals, Inc. (a) | 6466 | &nbsp;&nbsp;&nbsp; 2965696 |
| MannKind Corp. (a) | 100332 | &nbsp;&nbsp;&nbsp; 538783 |
| MeiraGTx Holdings PLC (a) | 12730 | &nbsp;&nbsp;&nbsp; 104768 |
| Metsera, Inc. (a) (b) | 18742 | &nbsp;&nbsp;&nbsp; 980769 |
| MiMedx Group, Inc. (a) | 43028 | &nbsp;&nbsp;&nbsp; 300335 |
| Mineralys Therapeutics, Inc. (a) | 13191 | &nbsp;&nbsp;&nbsp; 500203 |
| Mirum Pharmaceuticals, Inc. (a) | 14045 | &nbsp;&nbsp;&nbsp; 1029639 |
| Monopar Therapeutics, Inc. (a) | 1532 | &nbsp;&nbsp;&nbsp; 125118 |
| Monte Rosa Therapeutics, Inc. (a) (b) | 13981 | &nbsp;&nbsp;&nbsp; 103599 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Myriad Genetics, Inc. (a) | 31857 | &nbsp;&nbsp;&nbsp; $230326 |
| Neurogene, Inc. (a) (b) | 3411 | &nbsp;&nbsp;&nbsp; 59113 |
| Novavax, Inc. (a) (b) | 55355 | &nbsp;&nbsp;&nbsp; 479928 |
| Nurix Therapeutics, Inc. (a) | 27278 | &nbsp;&nbsp;&nbsp; 252049 |
| Nuvalent, Inc. - Class A (a) | 14899 | &nbsp;&nbsp;&nbsp; 1288465 |
| Olema Pharmaceuticals, Inc. (a) | 22710 | &nbsp;&nbsp;&nbsp; 222331 |
| Organogenesis Holdings, Inc. (a) | 24093 | &nbsp;&nbsp;&nbsp; 101672 |
| ORIC Pharmaceuticals, Inc. (a) | 20325 | &nbsp;&nbsp;&nbsp; 243900 |
| Oruka Therapeutics, Inc. (a) | 9968 | &nbsp;&nbsp;&nbsp; 191685 |
| Palvella Therapeutics, Inc. (a) | 2572 | &nbsp;&nbsp;&nbsp; 161239 |
| Perspective Therapeutics, Inc. (a) | 17530 | &nbsp;&nbsp;&nbsp; 60128 |
| Praxis Precision Medicines, Inc. (a) | 6252 | &nbsp;&nbsp;&nbsp; 331356 |
| Precigen, Inc. (a) (b) | 52556 | &nbsp;&nbsp;&nbsp; 172909 |
| Prime Medicine, Inc. (a) (b) | 27534 | &nbsp;&nbsp;&nbsp; 152538 |
| Protagonist Therapeutics, Inc. (a) (b) | 20219 | &nbsp;&nbsp;&nbsp; 1343148 |
| Prothena Corp. PLC (a) | 8395 | &nbsp;&nbsp;&nbsp; 81935 |
| PTC Therapeutics, Inc. (a) | 27028 | &nbsp;&nbsp;&nbsp; 1658708 |
| Puma Biotechnology, Inc. (a) | 5083 | &nbsp;&nbsp;&nbsp; 26991 |
| Recursion Pharmaceuticals, Inc. - Class A (a) (b) | 128782 | &nbsp;&nbsp;&nbsp; 628456 |
| REGENXBIO, Inc. (a) (b) | 15149 | &nbsp;&nbsp;&nbsp; 146188 |
| Relay Therapeutics, Inc. (a) | 31634 | &nbsp;&nbsp;&nbsp; 165129 |
| Replimune Group, Inc. (a) | 24331 | &nbsp;&nbsp;&nbsp; 101947 |
| Rezolute, Inc. (a) | 25492 | &nbsp;&nbsp;&nbsp; 239625 |
| Rhythm Pharmaceuticals, Inc. (a) | 18166 | &nbsp;&nbsp;&nbsp; 1834584 |
| Rigel Pharmaceuticals, Inc. (a) | 6223 | &nbsp;&nbsp;&nbsp; 176298 |
| Rocket Pharmaceuticals, Inc. (a) | 29998 | &nbsp;&nbsp;&nbsp; 97793 |
| Sana Biotechnology, Inc. (a) (b) | 48469 | &nbsp;&nbsp;&nbsp; 172065 |
| Savara, Inc. (a) (b) | 40249 | &nbsp;&nbsp;&nbsp; 143689 |
| Scholar Rock Holding Corp. (a) (b) | 29229 | &nbsp;&nbsp;&nbsp; 1088488 |
| SELLAS Life Sciences Group, Inc. (a) (b) | 35989 | &nbsp;&nbsp;&nbsp; 57942 |
| Sionna Therapeutics, Inc. (a) (b) | 4849 | &nbsp;&nbsp;&nbsp; 142609 |
| Soleno Therapeutics, Inc. (a) | 14462 | &nbsp;&nbsp;&nbsp; 977631 |
| Solid Biosciences, Inc. (a) | 15299 | &nbsp;&nbsp;&nbsp; 94395 |
| Spyre Therapeutics, Inc. (a) (b) | 18060 | &nbsp;&nbsp;&nbsp; 302686 |
| Stoke Therapeutics, Inc. (a) (b) | 14916 | &nbsp;&nbsp;&nbsp; 350526 |
| Syndax Pharmaceuticals, Inc. (a) | 29756 | &nbsp;&nbsp;&nbsp; 457796 |
| Tango Therapeutics, Inc. (a) (b) | 28810 | &nbsp;&nbsp;&nbsp; 242004 |
| Taysha Gene Therapies, Inc. (a) (b) | 76012 | &nbsp;&nbsp;&nbsp; 248559 |
| Tectonic Therapeutic, Inc. (a) (b) | 4059 | &nbsp;&nbsp;&nbsp; 63686 |
| TG Therapeutics, Inc. (a) | 50508 | &nbsp;&nbsp;&nbsp; 1824601 |
| Tonix Pharmaceuticals Holding Corp. (a) | 2786 | &nbsp;&nbsp;&nbsp; 67310 |
| Tourmaline Bio, Inc. (a) | 6219 | &nbsp;&nbsp;&nbsp; 297455 |
| Travere Therapeutics, Inc. (a) | 31824 | &nbsp;&nbsp;&nbsp; 760594 |
| Twist Bioscience Corp. (a) (b) | 20714 | &nbsp;&nbsp;&nbsp; 582892 |
| Tyra Biosciences, Inc. (a) (b) | 9302 | &nbsp;&nbsp;&nbsp; 130135 |
| Upstream Bio, Inc. (a) (b) | 13094 | &nbsp;&nbsp;&nbsp; 246298 |
| UroGen Pharma Ltd. (a) (b) | 14018 | &nbsp;&nbsp;&nbsp; 279659 |
| Vanda Pharmaceuticals, Inc. (a) | 19740 | &nbsp;&nbsp;&nbsp; 98503 |
| Vaxcyte, Inc. (a) (b) | 39828 | &nbsp;&nbsp;&nbsp; 1434605 |
| Vera Therapeutics, Inc. (a) | 18756 | &nbsp;&nbsp;&nbsp; 545049 |
| Veracyte, Inc. (a) | 27635 | &nbsp;&nbsp;&nbsp; 948710 |
| Verastem, Inc. (a) | 15307 | &nbsp;&nbsp;&nbsp; 135161 |
| Vericel Corp. (a) (b) | 18158 | &nbsp;&nbsp;&nbsp; 571432 |
| Vir Biotechnology, Inc. (a) | 31292 | &nbsp;&nbsp;&nbsp; 178677 |
| Viridian Therapeutics, Inc. (a) (b) | 26239 | &nbsp;&nbsp;&nbsp; 566238 |
| Voyager Therapeutics, Inc. (a) | 16578 | &nbsp;&nbsp;&nbsp; 77419 |

---

**BHFTII-191**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Xencor, Inc. (a) | 18870 | &nbsp;&nbsp;&nbsp; $221345 |
| Xenon Pharmaceuticals, Inc. (a) | 26169 | &nbsp;&nbsp;&nbsp; 1050685 |
| XOMA Royalty Corp. (a) | 3457 | &nbsp;&nbsp;&nbsp; 133233 |
| Zenas Biopharma, Inc. (a) (b) | 6057 | &nbsp;&nbsp;&nbsp; 134465 |
| Zymeworks, Inc. (a) | 20433 | &nbsp;&nbsp;&nbsp; 348996 |
|  |  | &nbsp;&nbsp;&nbsp; 72714180 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Groupon, Inc. (a) (b) | 9058 | &nbsp;&nbsp;&nbsp; 211504 |
| Kohl's Corp. (b) | 36625 | &nbsp;&nbsp;&nbsp; 562926 |
| Savers Value Village, Inc. (a) (b) | 13838 | &nbsp;&nbsp;&nbsp; 183354 |
|  |  | &nbsp;&nbsp;&nbsp; 957784 |
| **Building Products — 1.4%** | **Building Products — 1.4%** | **Building Products — 1.4%** |
| American Woodmark Corp. (a) | 4886 | &nbsp;&nbsp;&nbsp; 326189 |
| Apogee Enterprises, Inc.  | 7864 | &nbsp;&nbsp;&nbsp; 342634 |
| AZZ, Inc.  | 10532 | &nbsp;&nbsp;&nbsp; 1149357 |
| CSW Industrials, Inc.  | 5719 | &nbsp;&nbsp;&nbsp; 1388287 |
| Gibraltar Industries, Inc. (a) | 10166 | &nbsp;&nbsp;&nbsp; 638425 |
| Griffon Corp.  | 13376 | &nbsp;&nbsp;&nbsp; 1018582 |
| Insteel Industries, Inc.  | 6808 | &nbsp;&nbsp;&nbsp; 261019 |
| Janus International Group, Inc. (a) | 51598 | &nbsp;&nbsp;&nbsp; 509272 |
| JELD-WEN Holding, Inc. (a) | 30049 | &nbsp;&nbsp;&nbsp; 147541 |
| Masterbrand, Inc. (a) | 45688 | &nbsp;&nbsp;&nbsp; 601711 |
| Quanex Building Products Corp. (b) | 17203 | &nbsp;&nbsp;&nbsp; 244627 |
| Resideo Technologies, Inc. (a) | 47999 | &nbsp;&nbsp;&nbsp; 2072597 |
| Tecnoglass, Inc.  | 8829 | &nbsp;&nbsp;&nbsp; 590748 |
| UFP Industries, Inc.  | 21214 | &nbsp;&nbsp;&nbsp; 1983297 |
| Zurn Elkay Water Solutions Corp.  | 52789 | &nbsp;&nbsp;&nbsp; 2482667 |
|  |  | &nbsp;&nbsp;&nbsp; 13756953 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Acadian Asset Management, Inc.  | 9935 | &nbsp;&nbsp;&nbsp; 478470 |
| AlTi Global, Inc. (a) | 16538 | &nbsp;&nbsp;&nbsp; 58875 |
| Artisan Partners Asset Management, Inc. - Class A | 22569 | &nbsp;&nbsp;&nbsp; 979495 |
| BGC Group, Inc. - Class A | 124333 | &nbsp;&nbsp;&nbsp; 1176190 |
| Cohen & Steers, Inc.  | 9853 | &nbsp;&nbsp;&nbsp; 646455 |
| Diamond Hill Investment Group, Inc.  | 997 | &nbsp;&nbsp;&nbsp; 139590 |
| DigitalBridge Group, Inc.  | 57701 | &nbsp;&nbsp;&nbsp; 675102 |
| Donnelley Financial Solutions, Inc. (a) | 9814 | &nbsp;&nbsp;&nbsp; 504734 |
| Forge Global Holdings, Inc. (a) | 4009 | &nbsp;&nbsp;&nbsp; 67752 |
| GCM Grosvenor, Inc. - Class A (b) | 15754 | &nbsp;&nbsp;&nbsp; 190151 |
| Marex Group PLC | 18896 | &nbsp;&nbsp;&nbsp; 635283 |
| Moelis & Co. - Class A | 26104 | &nbsp;&nbsp;&nbsp; 1861737 |
| Open Lending Corp. (a) | 38641 | &nbsp;&nbsp;&nbsp; 81532 |
| P10, Inc. - Class A | 20181 | &nbsp;&nbsp;&nbsp; 219569 |
| Patria Investments Ltd. - Class A (b) | 22588 | &nbsp;&nbsp;&nbsp; 329785 |
| Perella Weinberg Partners | 22223 | &nbsp;&nbsp;&nbsp; 473794 |
| Piper Sandler Cos.  | 6142 | &nbsp;&nbsp;&nbsp; 2131213 |
| PJT Partners, Inc. - Class A | 8075 | &nbsp;&nbsp;&nbsp; 1435170 |
| StepStone Group, Inc. - Class A | 24354 | &nbsp;&nbsp;&nbsp; 1590560 |
| StoneX Group, Inc. (a) | 15794 | &nbsp;&nbsp;&nbsp; 1593930 |
| Victory Capital Holdings, Inc. - Class A (b) | 15284 | &nbsp;&nbsp;&nbsp; 989792 |
| Virtus Investment Partners, Inc.  | 2425 | &nbsp;&nbsp;&nbsp; 460823 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| WisdomTree, Inc. (b) | 41674 | &nbsp;&nbsp;&nbsp; $579269 |
|  |  | &nbsp;&nbsp;&nbsp; 17299271 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| AdvanSix, Inc.  | 9088 | &nbsp;&nbsp;&nbsp; 176125 |
| American Vanguard Corp. (a) | 1130 | &nbsp;&nbsp;&nbsp; 6486 |
| Arq, Inc. (a) | 11213 | &nbsp;&nbsp;&nbsp; 80285 |
| ASP Isotopes, Inc. (a) (b) | 27353 | &nbsp;&nbsp;&nbsp; 263136 |
| Aspen Aerogels, Inc. (a) (b) | 14787 | &nbsp;&nbsp;&nbsp; 102918 |
| Avient Corp.  | 31793 | &nbsp;&nbsp;&nbsp; 1047579 |
| Balchem Corp.  | 11535 | &nbsp;&nbsp;&nbsp; 1730942 |
| Cabot Corp.  | 18959 | &nbsp;&nbsp;&nbsp; 1441832 |
| Chemours Co.  | 54445 | &nbsp;&nbsp;&nbsp; 862409 |
| Core Molding Technologies, Inc. (a) | 3260 | &nbsp;&nbsp;&nbsp; 66993 |
| Ecovyst, Inc. (a) | 39222 | &nbsp;&nbsp;&nbsp; 343585 |
| Flotek Industries, Inc. (a) | 5204 | &nbsp;&nbsp;&nbsp; 75978 |
| Hawkins, Inc.  | 6945 | &nbsp;&nbsp;&nbsp; 1268990 |
| HB Fuller Co.  | 18835 | &nbsp;&nbsp;&nbsp; 1116539 |
| Ingevity Corp. (a) | 13100 | &nbsp;&nbsp;&nbsp; 722989 |
| Innospec, Inc.  | 8947 | &nbsp;&nbsp;&nbsp; 690351 |
| Intrepid Potash, Inc. (a) | 4857 | &nbsp;&nbsp;&nbsp; 148527 |
| Koppers Holdings, Inc.  | 6695 | &nbsp;&nbsp;&nbsp; 187460 |
| LSB Industries, Inc. (a) | 19075 | &nbsp;&nbsp;&nbsp; 150311 |
| Mativ Holdings, Inc.  | 16014 | &nbsp;&nbsp;&nbsp; 181118 |
| Minerals Technologies, Inc.  | 10766 | &nbsp;&nbsp;&nbsp; 668784 |
| Orion SA | 15151 | &nbsp;&nbsp;&nbsp; 114845 |
| Perimeter Solutions, Inc. (a) | 48220 | &nbsp;&nbsp;&nbsp; 1079646 |
| PureCycle Technologies, Inc. (a) (b) | 47118 | &nbsp;&nbsp;&nbsp; 619602 |
| Quaker Chemical Corp.  | 5024 | &nbsp;&nbsp;&nbsp; 661912 |
| Rayonier Advanced Materials, Inc. (a) | 14260 | &nbsp;&nbsp;&nbsp; 102957 |
| Sensient Technologies Corp.  | 14712 | &nbsp;&nbsp;&nbsp; 1380721 |
| Stepan Co.  | 7686 | &nbsp;&nbsp;&nbsp; 366622 |
| Tronox Holdings PLC | 42132 | &nbsp;&nbsp;&nbsp; 169371 |
|  |  | &nbsp;&nbsp;&nbsp; 15829013 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| ABM Industries, Inc.  | 22286 | &nbsp;&nbsp;&nbsp; 1027830 |
| ACCO Brands Corp.  | 30748 | &nbsp;&nbsp;&nbsp; 122684 |
| ACV Auctions, Inc. - Class A (a) | 60746 | &nbsp;&nbsp;&nbsp; 601993 |
| BrightView Holdings, Inc. (a) | 25089 | &nbsp;&nbsp;&nbsp; 336193 |
| Brink's Co.  | 14647 | &nbsp;&nbsp;&nbsp; 1711648 |
| Casella Waste Systems, Inc. - Class A (a) | 22062 | &nbsp;&nbsp;&nbsp; 2093243 |
| CECO Environmental Corp. (a) | 10050 | &nbsp;&nbsp;&nbsp; 514560 |
| Cimpress PLC (a) (b) | 5289 | &nbsp;&nbsp;&nbsp; 333419 |
| CoreCivic, Inc. (a) | 39531 | &nbsp;&nbsp;&nbsp; 804456 |
| Deluxe Corp.  | 13456 | &nbsp;&nbsp;&nbsp; 260508 |
| Driven Brands Holdings, Inc. (a) | 21813 | &nbsp;&nbsp;&nbsp; 351407 |
| Ennis, Inc. (b) | 6542 | &nbsp;&nbsp;&nbsp; 119588 |
| Enviri Corp. (a) (b) | 26552 | &nbsp;&nbsp;&nbsp; 336945 |
| GEO Group, Inc. (a) | 49256 | &nbsp;&nbsp;&nbsp; 1009255 |
| Healthcare Services Group, Inc. (a) | 26817 | &nbsp;&nbsp;&nbsp; 451330 |
| HNI Corp. (b) | 15767 | &nbsp;&nbsp;&nbsp; 738684 |
| Interface, Inc.  | 20639 | &nbsp;&nbsp;&nbsp; 597293 |
| Liquidity Services, Inc. (a) | 7856 | &nbsp;&nbsp;&nbsp; 215490 |
| MillerKnoll, Inc.  | 22640 | &nbsp;&nbsp;&nbsp; 401634 |
| Montrose Environmental Group, Inc. (a) | 11341 | &nbsp;&nbsp;&nbsp; 311424 |

---

**BHFTII-192**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** |
| OPENLANE, Inc. (a) | 36852 | &nbsp;&nbsp;&nbsp; $1060601 |
| Pitney Bowes, Inc.  | 57750 | &nbsp;&nbsp;&nbsp; 658927 |
| Quad/Graphics, Inc.  | 10288 | &nbsp;&nbsp;&nbsp; 64403 |
| Steelcase, Inc. - Class A | 29486 | &nbsp;&nbsp;&nbsp; 507159 |
| UniFirst Corp.  | 5143 | &nbsp;&nbsp;&nbsp; 859858 |
| Vestis Corp.  | 30498 | &nbsp;&nbsp;&nbsp; 138156 |
|  |  | &nbsp;&nbsp;&nbsp; 15628688 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| ADTRAN Holdings, Inc. (a) | 26106 | &nbsp;&nbsp;&nbsp; 244874 |
| Applied Optoelectronics, Inc. (a) (b) | 19405 | &nbsp;&nbsp;&nbsp; 503172 |
| Aviat Networks, Inc. (a) | 3369 | &nbsp;&nbsp;&nbsp; 77251 |
| BK Technologies Corp. (a) | 1022 | &nbsp;&nbsp;&nbsp; 86338 |
| Calix, Inc. (a) | 20298 | &nbsp;&nbsp;&nbsp; 1245688 |
| Clearfield, Inc. (a) | 4399 | &nbsp;&nbsp;&nbsp; 151238 |
| CommScope Holding Co., Inc. (a) | 74011 | &nbsp;&nbsp;&nbsp; 1145690 |
| Digi International, Inc. (a) | 12841 | &nbsp;&nbsp;&nbsp; 468183 |
| Extreme Networks, Inc. (a) | 45384 | &nbsp;&nbsp;&nbsp; 937180 |
| Harmonic, Inc. (a) | 34823 | &nbsp;&nbsp;&nbsp; 354498 |
| Inseego Corp. (a) | 4499 | &nbsp;&nbsp;&nbsp; 67350 |
| NETGEAR, Inc. (a) | 9591 | &nbsp;&nbsp;&nbsp; 310652 |
| NetScout Systems, Inc. (a) | 24843 | &nbsp;&nbsp;&nbsp; 641695 |
| Ribbon Communications, Inc. (a) | 33199 | &nbsp;&nbsp;&nbsp; 126156 |
| Viasat, Inc. (a) | 41033 | &nbsp;&nbsp;&nbsp; 1202267 |
| Viavi Solutions, Inc. (a) | 75488 | &nbsp;&nbsp;&nbsp; 957943 |
|  |  | &nbsp;&nbsp;&nbsp; 8520175 |
| **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** | **Construction & Engineering — 2.3%** |
| Ameresco, Inc. - Class A (a) | 10964 | &nbsp;&nbsp;&nbsp; 368171 |
| Arcosa, Inc.  | 16993 | &nbsp;&nbsp;&nbsp; 1592414 |
| Argan, Inc.  | 4570 | &nbsp;&nbsp;&nbsp; 1234128 |
| Bowman Consulting Group Ltd. (a) | 5271 | &nbsp;&nbsp;&nbsp; 223280 |
| Centuri Holdings, Inc. (a) | 24712 | &nbsp;&nbsp;&nbsp; 523153 |
| Concrete Pumping Holdings, Inc.  | 8138 | &nbsp;&nbsp;&nbsp; 57373 |
| Construction Partners, Inc. - Class A (a) | 16468 | &nbsp;&nbsp;&nbsp; 2091436 |
| Dycom Industries, Inc. (a) | 9836 | &nbsp;&nbsp;&nbsp; 2869751 |
| Fluor Corp. (a) | 57055 | &nbsp;&nbsp;&nbsp; 2400304 |
| Granite Construction, Inc. (b) | 15330 | &nbsp;&nbsp;&nbsp; 1680934 |
| Great Lakes Dredge & Dock Corp. (a) | 19747 | &nbsp;&nbsp;&nbsp; 236767 |
| IES Holdings, Inc. (a) | 3117 | &nbsp;&nbsp;&nbsp; 1239475 |
| Limbach Holdings, Inc. (a) | 3683 | &nbsp;&nbsp;&nbsp; 357693 |
| Matrix Service Co. (a) | 8744 | &nbsp;&nbsp;&nbsp; 114372 |
| MYR Group, Inc. (a) | 5300 | &nbsp;&nbsp;&nbsp; 1102559 |
| NWPX Infrastructure, Inc. (a) | 3497 | &nbsp;&nbsp;&nbsp; 185096 |
| Orion Group Holdings, Inc. (a) | 13304 | &nbsp;&nbsp;&nbsp; 110689 |
| Primoris Services Corp.  | 18989 | &nbsp;&nbsp;&nbsp; 2607759 |
| Sterling Infrastructure, Inc. (a) | 10467 | &nbsp;&nbsp;&nbsp; 3555431 |
| Tutor Perini Corp. (a) | 16039 | &nbsp;&nbsp;&nbsp; 1051998 |
|  |  | &nbsp;&nbsp;&nbsp; 23602783 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Knife River Corp. (a) | 20117 | &nbsp;&nbsp;&nbsp; 1546394 |
| Titan America SA (a) (b) | 9226 | &nbsp;&nbsp;&nbsp; 137837 |
| U.S. Lime & Minerals, Inc.  | 3788 | &nbsp;&nbsp;&nbsp; 498311 |
|  |  | &nbsp;&nbsp;&nbsp; 2182542 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Atlanticus Holdings Corp. (a) | 1823 | &nbsp;&nbsp;&nbsp; $106791 |
| Bread Financial Holdings, Inc.  | 16822 | &nbsp;&nbsp;&nbsp; 938163 |
| Dave, Inc. (a) | 3137 | &nbsp;&nbsp;&nbsp; 625361 |
| Encore Capital Group, Inc. (a) | 8413 | &nbsp;&nbsp;&nbsp; 351159 |
| Enova International, Inc. (a) | 8606 | &nbsp;&nbsp;&nbsp; 990465 |
| FirstCash Holdings, Inc.  | 13915 | &nbsp;&nbsp;&nbsp; 2204414 |
| Green Dot Corp. - Class A (a) | 17843 | &nbsp;&nbsp;&nbsp; 239631 |
| Jefferson Capital, Inc.  | 4395 | &nbsp;&nbsp;&nbsp; 75858 |
| LendingClub Corp. (a) | 39902 | &nbsp;&nbsp;&nbsp; 606111 |
| LendingTree, Inc. (a) | 3966 | &nbsp;&nbsp;&nbsp; 256719 |
| Medallion Financial Corp.  | 5947 | &nbsp;&nbsp;&nbsp; 60065 |
| Navient Corp. (b) | 24331 | &nbsp;&nbsp;&nbsp; 319953 |
| Nelnet, Inc. - Class A (b) | 4507 | &nbsp;&nbsp;&nbsp; 565088 |
| NerdWallet, Inc. - Class A (a) | 14569 | &nbsp;&nbsp;&nbsp; 156762 |
| Oportun Financial Corp. (a) | 14057 | &nbsp;&nbsp;&nbsp; 86732 |
| OppFi, Inc.  | 9147 | &nbsp;&nbsp;&nbsp; 103636 |
| PRA Group, Inc. (a) | 16043 | &nbsp;&nbsp;&nbsp; 247704 |
| PROG Holdings, Inc.  | 13551 | &nbsp;&nbsp;&nbsp; 438510 |
| Regional Management Corp.  | 3196 | &nbsp;&nbsp;&nbsp; 124516 |
| Upstart Holdings, Inc. (a) (b) | 29608 | &nbsp;&nbsp;&nbsp; 1504086 |
| World Acceptance Corp. (a) | 925 | &nbsp;&nbsp;&nbsp; 156454 |
|  |  | &nbsp;&nbsp;&nbsp; 10158178 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Andersons, Inc.  | 11772 | &nbsp;&nbsp;&nbsp; 468643 |
| Chefs' Warehouse, Inc. (a) (b) | 12418 | &nbsp;&nbsp;&nbsp; 724342 |
| Grocery Outlet Holding Corp. (a) | 34209 | &nbsp;&nbsp;&nbsp; 549055 |
| Guardian Pharmacy Services, Inc. - Class A (a) | 7026 | &nbsp;&nbsp;&nbsp; 184292 |
| Ingles Markets, Inc. - Class A (b) | 5247 | &nbsp;&nbsp;&nbsp; 364981 |
| Natural Grocers by Vitamin Cottage, Inc.  | 4643 | &nbsp;&nbsp;&nbsp; 185720 |
| PriceSmart, Inc.  | 8828 | &nbsp;&nbsp;&nbsp; 1069865 |
| United Natural Foods, Inc. (a) | 21211 | &nbsp;&nbsp;&nbsp; 797958 |
| Village Super Market, Inc. - Class A | 2798 | &nbsp;&nbsp;&nbsp; 104533 |
| Weis Markets, Inc.  | 5951 | &nbsp;&nbsp;&nbsp; 427699 |
|  |  | &nbsp;&nbsp;&nbsp; 4877088 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Metal Packaging SA | 34110 | &nbsp;&nbsp;&nbsp; 136099 |
| Greif, Inc. - Class A | 8967 | &nbsp;&nbsp;&nbsp; 535868 |
| Greif, Inc. - Class B | 1893 | &nbsp;&nbsp;&nbsp; 116628 |
| Myers Industries, Inc.  | 13578 | &nbsp;&nbsp;&nbsp; 230011 |
| O-I Glass, Inc. (a) | 52124 | &nbsp;&nbsp;&nbsp; 676048 |
| Ranpak Holdings Corp. (a) (b) | 16954 | &nbsp;&nbsp;&nbsp; 95282 |
| TriMas Corp.  | 11991 | &nbsp;&nbsp;&nbsp; 463332 |
|  |  | &nbsp;&nbsp;&nbsp; 2253268 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| A-Mark Precious Metals, Inc.  | 7323 | &nbsp;&nbsp;&nbsp; 189446 |
| GigaCloud Technology, Inc. - Class A (a) | 9858 | &nbsp;&nbsp;&nbsp; 279967 |
| Weyco Group, Inc.  | 2058 | &nbsp;&nbsp;&nbsp; 61925 |
|  |  | &nbsp;&nbsp;&nbsp; 531338 |
| **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
| Adtalem Global Education, Inc. (a) | 12362 | &nbsp;&nbsp;&nbsp; 1909311 |
| American Public Education, Inc. (a) | 6321 | &nbsp;&nbsp;&nbsp; 249490 |

---

**BHFTII-193**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Consumer Services—(Continued)** | **Diversified Consumer Services—(Continued)** | **Diversified Consumer Services—(Continued)** |
| Carriage Services, Inc.  | 4959 | &nbsp;&nbsp;&nbsp; $220874 |
| Coursera, Inc. (a) | 50087 | &nbsp;&nbsp;&nbsp; 586519 |
| Frontdoor, Inc. (a) | 26145 | &nbsp;&nbsp;&nbsp; 1759297 |
| Graham Holdings Co. - Class B | 1113 | &nbsp;&nbsp;&nbsp; 1310346 |
| KinderCare Learning Cos., Inc. (a) | 10226 | &nbsp;&nbsp;&nbsp; 67901 |
| Laureate Education, Inc. (a) | 45530 | &nbsp;&nbsp;&nbsp; 1436016 |
| Lincoln Educational Services Corp. (a) | 10735 | &nbsp;&nbsp;&nbsp; 252273 |
| Matthews International Corp. - Class A (b) | 10243 | &nbsp;&nbsp;&nbsp; 248700 |
| McGraw Hill, Inc. (a) | 8613 | &nbsp;&nbsp;&nbsp; 108093 |
| Mister Car Wash, Inc. (a) | 25337 | &nbsp;&nbsp;&nbsp; 135046 |
| OneSpaWorld Holdings Ltd. (b) | 33803 | &nbsp;&nbsp;&nbsp; 714595 |
| Perdoceo Education Corp.  | 22145 | &nbsp;&nbsp;&nbsp; 833981 |
| Strategic Education, Inc.  | 8086 | &nbsp;&nbsp;&nbsp; 695477 |
| Stride, Inc. (a) | 15001 | &nbsp;&nbsp;&nbsp; 2234249 |
| Udemy, Inc. (a) | 28232 | &nbsp;&nbsp;&nbsp; 197906 |
| Universal Technical Institute, Inc. (a) | 16362 | &nbsp;&nbsp;&nbsp; 532583 |
|  |  | &nbsp;&nbsp;&nbsp; 13492657 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Alexander & Baldwin, Inc.  | 26116 | &nbsp;&nbsp;&nbsp; 475050 |
| Alpine Income Property Trust, Inc.  | 4463 | &nbsp;&nbsp;&nbsp; 63241 |
| American Assets Trust, Inc.  | 18823 | &nbsp;&nbsp;&nbsp; 382483 |
| Armada Hoffler Properties, Inc.  | 19783 | &nbsp;&nbsp;&nbsp; 138679 |
| Broadstone Net Lease, Inc.  | 67841 | &nbsp;&nbsp;&nbsp; 1212319 |
| CTO Realty Growth, Inc.  | 10901 | &nbsp;&nbsp;&nbsp; 177686 |
| Essential Properties Realty Trust, Inc. (b) | 69777 | &nbsp;&nbsp;&nbsp; 2076563 |
| Gladstone Commercial Corp.  | 12447 | &nbsp;&nbsp;&nbsp; 153347 |
| Global Net Lease, Inc.  | 69966 | &nbsp;&nbsp;&nbsp; 568824 |
| NexPoint Diversified Real Estate Trust | 484 | &nbsp;&nbsp;&nbsp; 1786 |
| One Liberty Properties, Inc.  | 6703 | &nbsp;&nbsp;&nbsp; 148270 |
|  |  | &nbsp;&nbsp;&nbsp; 5398248 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Anterix, Inc. (a) (b) | 4647 | &nbsp;&nbsp;&nbsp; 99771 |
| ATN International, Inc.  | 3399 | &nbsp;&nbsp;&nbsp; 50883 |
| Bandwidth, Inc. - Class A (a) (b) | 9824 | &nbsp;&nbsp;&nbsp; 163766 |
| Cogent Communications Holdings, Inc. (b) | 15478 | &nbsp;&nbsp;&nbsp; 593581 |
| Globalstar, Inc. (a) (b) | 17442 | &nbsp;&nbsp;&nbsp; 634714 |
| IDT Corp. - Class B (b) | 5484 | &nbsp;&nbsp;&nbsp; 286868 |
| Liberty Latin America Ltd. - Class A (a) | 10595 | &nbsp;&nbsp;&nbsp; 87833 |
| Liberty Latin America Ltd. - Class C (a) | 44514 | &nbsp;&nbsp;&nbsp; 375698 |
| Lumen Technologies, Inc. (a) | 326007 | &nbsp;&nbsp;&nbsp; 1995163 |
| Shenandoah Telecommunications Co. (b) | 17519 | &nbsp;&nbsp;&nbsp; 235105 |
| Uniti Group, Inc.  | 50182 | &nbsp;&nbsp;&nbsp; 307114 |
|  |  | &nbsp;&nbsp;&nbsp; 4830496 |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| ALLETE, Inc.  | 20273 | &nbsp;&nbsp;&nbsp; 1346127 |
| Genie Energy Ltd. - Class B | 7639 | &nbsp;&nbsp;&nbsp; 114203 |
| Hawaiian Electric Industries, Inc. (a) | 62680 | &nbsp;&nbsp;&nbsp; 691987 |
| MGE Energy, Inc.  | 12955 | &nbsp;&nbsp;&nbsp; 1090552 |
| Oklo, Inc. (a) (b) | 37848 | &nbsp;&nbsp;&nbsp; 4224973 |
| Otter Tail Corp.  | 13532 | &nbsp;&nbsp;&nbsp; 1109218 |
| Portland General Electric Co.  | 38550 | &nbsp;&nbsp;&nbsp; 1696200 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** | **Electric Utilities—(Continued)** |
| TXNM Energy, Inc.  | 33900 | &nbsp;&nbsp;&nbsp; $1917045 |
|  |  | &nbsp;&nbsp;&nbsp; 12190305 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Allient, Inc.  | 4654 | &nbsp;&nbsp;&nbsp; 208266 |
| American Superconductor Corp. (a) | 15200 | &nbsp;&nbsp;&nbsp; 902728 |
| Amprius Technologies, Inc. (a) (b) | 35137 | &nbsp;&nbsp;&nbsp; 369641 |
| Array Technologies, Inc. (a) (b) | 55593 | &nbsp;&nbsp;&nbsp; 453083 |
| Atkore, Inc.  | 11574 | &nbsp;&nbsp;&nbsp; 726153 |
| Bloom Energy Corp. - Class A (a) (b) | 74631 | &nbsp;&nbsp;&nbsp; 6311544 |
| EnerSys | 13224 | &nbsp;&nbsp;&nbsp; 1493783 |
| Enovix Corp. (a) (b) | 59102 | &nbsp;&nbsp;&nbsp; 589247 |
| Eos Energy Enterprises, Inc. (a) (b) | 89238 | &nbsp;&nbsp;&nbsp; 1016421 |
| Fluence Energy, Inc. (a) (b) | 21748 | &nbsp;&nbsp;&nbsp; 234878 |
| Hyliion Holdings Corp. (a) (b) | 46708 | &nbsp;&nbsp;&nbsp; 92015 |
| KULR Technology Group, Inc. (a) | 13047 | &nbsp;&nbsp;&nbsp; 54276 |
| LSI Industries, Inc.  | 8050 | &nbsp;&nbsp;&nbsp; 190061 |
| NANO Nuclear Energy, Inc. (a) (b) | 10992 | &nbsp;&nbsp;&nbsp; 423852 |
| NEXTracker, Inc. - Class A (a) | 50811 | &nbsp;&nbsp;&nbsp; 3759506 |
| NuScale Power Corp. (a) (b) | 44298 | &nbsp;&nbsp;&nbsp; 1594728 |
| Plug Power, Inc. (a) (b) | 379946 | &nbsp;&nbsp;&nbsp; 885274 |
| Powell Industries, Inc.  | 3353 | &nbsp;&nbsp;&nbsp; 1022028 |
| Power Solutions International, Inc. (a) | 2379 | &nbsp;&nbsp;&nbsp; 233665 |
| Preformed Line Products Co.  | 876 | &nbsp;&nbsp;&nbsp; 171827 |
| Shoals Technologies Group, Inc. - Class A (a) | 54969 | &nbsp;&nbsp;&nbsp; 407320 |
| Sunrun, Inc. (a) | 73639 | &nbsp;&nbsp;&nbsp; 1273218 |
| T1 Energy, Inc. (a) (b) | 42387 | &nbsp;&nbsp;&nbsp; 92404 |
| Thermon Group Holdings, Inc. (a) | 12017 | &nbsp;&nbsp;&nbsp; 321094 |
| Vicor Corp. (a) | 8203 | &nbsp;&nbsp;&nbsp; 407853 |
|  |  | &nbsp;&nbsp;&nbsp; 23234865 |
| **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
| 908 Devices, Inc. (a) (b) | 3303 | &nbsp;&nbsp;&nbsp; 28934 |
| Advanced Energy Industries, Inc.  | 13238 | &nbsp;&nbsp;&nbsp; 2252313 |
| Aeva Technologies, Inc. (a) | 11223 | &nbsp;&nbsp;&nbsp; 162734 |
| Arlo Technologies, Inc. (a) (b) | 35880 | &nbsp;&nbsp;&nbsp; 608166 |
| Badger Meter, Inc.  | 10412 | &nbsp;&nbsp;&nbsp; 1859375 |
| Bel Fuse, Inc. - Class A | 619 | &nbsp;&nbsp;&nbsp; 72021 |
| Bel Fuse, Inc. - Class B | 3763 | &nbsp;&nbsp;&nbsp; 530658 |
| Belden, Inc.  | 13722 | &nbsp;&nbsp;&nbsp; 1650345 |
| Benchmark Electronics, Inc.  | 12810 | &nbsp;&nbsp;&nbsp; 493826 |
| Climb Global Solutions, Inc. (b) | 1406 | &nbsp;&nbsp;&nbsp; 189585 |
| CTS Corp.  | 10806 | &nbsp;&nbsp;&nbsp; 431592 |
| Daktronics, Inc. (a) | 12816 | &nbsp;&nbsp;&nbsp; 268111 |
| ePlus, Inc.  | 9438 | &nbsp;&nbsp;&nbsp; 670192 |
| Evolv Technologies Holdings, Inc. (a) | 42572 | &nbsp;&nbsp;&nbsp; 321419 |
| Fabrinet (a) | 12542 | &nbsp;&nbsp;&nbsp; 4573064 |
| Frequency Electronics, Inc. (a) | 2433 | &nbsp;&nbsp;&nbsp; 82503 |
| Insight Enterprises, Inc. (a) (c) | 10069 | &nbsp;&nbsp;&nbsp; 1141925 |
| Itron, Inc. (a) | 15942 | &nbsp;&nbsp;&nbsp; 1985736 |
| Kimball Electronics, Inc. (a) | 8628 | &nbsp;&nbsp;&nbsp; 257632 |
| Knowles Corp. (a) | 31227 | &nbsp;&nbsp;&nbsp; 727901 |
| Methode Electronics, Inc.  | 11899 | &nbsp;&nbsp;&nbsp; 89837 |
| MicroVision, Inc. (a) (b) | 32261 | &nbsp;&nbsp;&nbsp; 40004 |
| Mirion Technologies, Inc. (a) | 81600 | &nbsp;&nbsp;&nbsp; 1898016 |
| Napco Security Technologies, Inc.  | 12668 | &nbsp;&nbsp;&nbsp; 544091 |

---

**BHFTII-194**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 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)** |
| nLight, Inc. (a) | 17416 | &nbsp;&nbsp;&nbsp; $516036 |
| Novanta, Inc. (a) | 12610 | &nbsp;&nbsp;&nbsp; 1262891 |
| OSI Systems, Inc. (a) (b) | 5567 | &nbsp;&nbsp;&nbsp; 1387519 |
| Ouster, Inc. (a) | 18523 | &nbsp;&nbsp;&nbsp; 501047 |
| PAR Technology Corp. (a) (b) | 14444 | &nbsp;&nbsp;&nbsp; 571694 |
| PC Connection, Inc.  | 4171 | &nbsp;&nbsp;&nbsp; 258560 |
| Plexus Corp. (a) (c) | 9325 | &nbsp;&nbsp;&nbsp; 1349234 |
| Powerfleet, Inc. NJ (a) (b) | 43631 | &nbsp;&nbsp;&nbsp; 228626 |
| Red Cat Holdings, Inc. (a) (b) | 30245 | &nbsp;&nbsp;&nbsp; 313036 |
| Rogers Corp. (a) | 6739 | &nbsp;&nbsp;&nbsp; 542220 |
| Sanmina Corp. (a) | 18279 | &nbsp;&nbsp;&nbsp; 2104096 |
| ScanSource, Inc. (a) | 7703 | &nbsp;&nbsp;&nbsp; 338855 |
| TTM Technologies, Inc. (a) | 35062 | &nbsp;&nbsp;&nbsp; 2019571 |
| Vishay Intertechnology, Inc.  | 39601 | &nbsp;&nbsp;&nbsp; 605895 |
| Vishay Precision Group, Inc. (a) | 4194 | &nbsp;&nbsp;&nbsp; 134418 |
| Vuzix Corp. (a) (b) | 23815 | &nbsp;&nbsp;&nbsp; 74541 |
|  |  | &nbsp;&nbsp;&nbsp; 33088219 |
| **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** |
| Archrock, Inc.  | 57447 | &nbsp;&nbsp;&nbsp; 1511431 |
| Aris Water Solutions, Inc. - Class A | 10439 | &nbsp;&nbsp;&nbsp; 257426 |
| Atlas Energy Solutions, Inc. (b) | 28370 | &nbsp;&nbsp;&nbsp; 322567 |
| Borr Drilling Ltd. (a) (b) | 86344 | &nbsp;&nbsp;&nbsp; 232265 |
| Bristow Group, Inc. (a) | 10261 | &nbsp;&nbsp;&nbsp; 370217 |
| Cactus, Inc. - Class A | 24665 | &nbsp;&nbsp;&nbsp; 973527 |
| Core Laboratories, Inc. (b) | 14231 | &nbsp;&nbsp;&nbsp; 175895 |
| DMC Global, Inc. (a) | 6868 | &nbsp;&nbsp;&nbsp; 58035 |
| Expro Group Holdings NV (a) | 33217 | &nbsp;&nbsp;&nbsp; 394618 |
| Flowco Holdings, Inc. - Class A | 7113 | &nbsp;&nbsp;&nbsp; 105628 |
| Forum Energy Technologies, Inc. (a) | 3314 | &nbsp;&nbsp;&nbsp; 88517 |
| Helix Energy Solutions Group, Inc. (a) | 48498 | &nbsp;&nbsp;&nbsp; 318147 |
| Helmerich & Payne, Inc.  | 34642 | &nbsp;&nbsp;&nbsp; 765242 |
| Innovex International, Inc. (a) (b) | 14010 | &nbsp;&nbsp;&nbsp; 259745 |
| Kodiak Gas Services, Inc. (b) | 23126 | &nbsp;&nbsp;&nbsp; 854968 |
| Liberty Energy, Inc.  | 53400 | &nbsp;&nbsp;&nbsp; 658956 |
| Nabors Industries Ltd. (a) (b) | 5124 | &nbsp;&nbsp;&nbsp; 209418 |
| National Energy Services Reunited Corp. (a) | 17502 | &nbsp;&nbsp;&nbsp; 179570 |
| Natural Gas Services Group, Inc.  | 3564 | &nbsp;&nbsp;&nbsp; 99756 |
| Noble Corp. PLC | 44501 | &nbsp;&nbsp;&nbsp; 1258488 |
| Oceaneering International, Inc. (a) | 33836 | &nbsp;&nbsp;&nbsp; 838456 |
| Oil States International, Inc. (a) | 20521 | &nbsp;&nbsp;&nbsp; 124357 |
| Patterson-UTI Energy, Inc. (b) | 122942 | &nbsp;&nbsp;&nbsp; 636840 |
| ProPetro Holding Corp. (a) | 28048 | &nbsp;&nbsp;&nbsp; 146971 |
| Ranger Energy Services, Inc. - Class A | 7052 | &nbsp;&nbsp;&nbsp; 99010 |
| RPC, Inc. (b) | 31284 | &nbsp;&nbsp;&nbsp; 148912 |
| SEACOR Marine Holdings, Inc. (a) | 7283 | &nbsp;&nbsp;&nbsp; 47267 |
| Seadrill Ltd. (a) (b) | 22951 | &nbsp;&nbsp;&nbsp; 693350 |
| Select Water Solutions, Inc.  | 27685 | &nbsp;&nbsp;&nbsp; 295953 |
| Solaris Energy Infrastructure, Inc. (b) | 13149 | &nbsp;&nbsp;&nbsp; 525565 |
| TETRA Technologies, Inc. (a) | 36429 | &nbsp;&nbsp;&nbsp; 209467 |
| Tidewater, Inc. (a) (b) | 17117 | &nbsp;&nbsp;&nbsp; 912850 |
| Transocean Ltd. (a) (b) | 295876 | &nbsp;&nbsp;&nbsp; 923133 |
| Valaris Ltd. (a) | 22583 | &nbsp;&nbsp;&nbsp; 1101373 |
|  |  | &nbsp;&nbsp;&nbsp; 15797920 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| AMC Entertainment Holdings, Inc. - Class A (a) (b) | 152491 | &nbsp;&nbsp;&nbsp; $442224 |
| Atlanta Braves Holdings, Inc. - Class A (a) (b) | 2470 | &nbsp;&nbsp;&nbsp; 112311 |
| Atlanta Braves Holdings, Inc. - Class C (a) | 16633 | &nbsp;&nbsp;&nbsp; 691766 |
| Cinemark Holdings, Inc. (b) | 36254 | &nbsp;&nbsp;&nbsp; 1015837 |
| CuriosityStream, Inc.  | 12645 | &nbsp;&nbsp;&nbsp; 67018 |
| Eventbrite, Inc. - Class A (a) | 27087 | &nbsp;&nbsp;&nbsp; 68259 |
| IMAX Corp. (a) | 15451 | &nbsp;&nbsp;&nbsp; 506020 |
| Lionsgate Studios Corp. (a) | 72093 | &nbsp;&nbsp;&nbsp; 497442 |
| Madison Square Garden Entertainment Corp. (a) | 14161 | &nbsp;&nbsp;&nbsp; 640644 |
| Marcus Corp.  | 7922 | &nbsp;&nbsp;&nbsp; 122870 |
| Playtika Holding Corp.  | 21404 | &nbsp;&nbsp;&nbsp; 83262 |
| Reservoir Media, Inc. (a) (b) | 7562 | &nbsp;&nbsp;&nbsp; 61555 |
| Sphere Entertainment Co. (a) | 9535 | &nbsp;&nbsp;&nbsp; 592314 |
| Starz Entertainment Corp. (a) | 4275 | &nbsp;&nbsp;&nbsp; 62971 |
|  |  | &nbsp;&nbsp;&nbsp; 4964493 |
| **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
| Alerus Financial Corp.  | 7660 | &nbsp;&nbsp;&nbsp; 169592 |
| AvidXchange Holdings, Inc. (a) | 62734 | &nbsp;&nbsp;&nbsp; 624203 |
| Banco Latinoamericano de Comercio Exterior SA | 10522 | &nbsp;&nbsp;&nbsp; 483696 |
| Better Home & Finance Holding Co. (a) (b) | 2022 | &nbsp;&nbsp;&nbsp; 113515 |
| Burford Capital Ltd.  | 70415 | &nbsp;&nbsp;&nbsp; 842163 |
| Cannae Holdings, Inc.  | 20223 | &nbsp;&nbsp;&nbsp; 370283 |
| Cantaloupe, Inc. (a) | 19324 | &nbsp;&nbsp;&nbsp; 204255 |
| Cass Information Systems, Inc.  | 4551 | &nbsp;&nbsp;&nbsp; 178991 |
| Compass Diversified Holdings | 24104 | &nbsp;&nbsp;&nbsp; 159569 |
| Enact Holdings, Inc.  | 10641 | &nbsp;&nbsp;&nbsp; 407976 |
| Essent Group Ltd.  | 33944 | &nbsp;&nbsp;&nbsp; 2157481 |
| EVERTEC, Inc.  | 23195 | &nbsp;&nbsp;&nbsp; 783527 |
| Federal Agricultural Mortgage Corp. - Class C (b) | 3279 | &nbsp;&nbsp;&nbsp; 550807 |
| Flywire Corp. (a) | 43468 | &nbsp;&nbsp;&nbsp; 588557 |
| HA Sustainable Infrastructure Capital, Inc. (b) | 41788 | &nbsp;&nbsp;&nbsp; 1282892 |
| International Money Express, Inc. (a) | 11455 | &nbsp;&nbsp;&nbsp; 160026 |
| Jackson Financial, Inc. - Class A | 25112 | &nbsp;&nbsp;&nbsp; 2542088 |
| loanDepot, Inc. - Class A (a) | 31775 | &nbsp;&nbsp;&nbsp; 97549 |
| Marqeta, Inc. - Class A (a) | 130901 | &nbsp;&nbsp;&nbsp; 691157 |
| Merchants Bancorp | 9401 | &nbsp;&nbsp;&nbsp; 298952 |
| NCR Atleos Corp. (a) (b) | 26007 | &nbsp;&nbsp;&nbsp; 1022335 |
| NewtekOne, Inc.  | 8049 | &nbsp;&nbsp;&nbsp; 92161 |
| NMI Holdings, Inc. (a) | 28107 | &nbsp;&nbsp;&nbsp; 1077622 |
| Onity Group, Inc. (a) | 2204 | &nbsp;&nbsp;&nbsp; 88072 |
| Pagseguro Digital Ltd. - Class A | 62869 | &nbsp;&nbsp;&nbsp; 628690 |
| Payoneer Global, Inc. (a) | 93826 | &nbsp;&nbsp;&nbsp; 567647 |
| Paysafe Ltd. (a) (b) | 11871 | &nbsp;&nbsp;&nbsp; 153373 |
| Paysign, Inc. (a) | 12466 | &nbsp;&nbsp;&nbsp; 78411 |
| PennyMac Financial Services, Inc.  | 10150 | &nbsp;&nbsp;&nbsp; 1257382 |
| Radian Group, Inc.  | 47211 | &nbsp;&nbsp;&nbsp; 1709983 |
| Remitly Global, Inc. (a) | 58400 | &nbsp;&nbsp;&nbsp; 951920 |
| Repay Holdings Corp. (a) | 27586 | &nbsp;&nbsp;&nbsp; 144275 |
| Sezzle, Inc. (a) (b) | 5346 | &nbsp;&nbsp;&nbsp; 425167 |
| StoneCo Ltd. - Class A (a) | 87301 | &nbsp;&nbsp;&nbsp; 1650862 |
| Triller Group, Inc. (a) | 40155 | &nbsp;&nbsp;&nbsp; 33333 |
| Velocity Financial, Inc. (a) | 5353 | &nbsp;&nbsp;&nbsp; 97104 |
| Walker & Dunlop, Inc.  | 11316 | &nbsp;&nbsp;&nbsp; 946244 |
| Waterstone Financial, Inc.  | 5854 | &nbsp;&nbsp;&nbsp; 91322 |
|  |  | &nbsp;&nbsp;&nbsp; 23723182 |

---

**BHFTII-195**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Alico, Inc.  | 2158 | &nbsp;&nbsp;&nbsp; $74796 |
| B&G Foods, Inc. (b) | 17496 | &nbsp;&nbsp;&nbsp; 77507 |
| Beyond Meat, Inc. (a) (b) | 26750 | &nbsp;&nbsp;&nbsp; 50558 |
| BRC, Inc. - Class A (a) | 37344 | &nbsp;&nbsp;&nbsp; 58257 |
| Calavo Growers, Inc.  | 5820 | &nbsp;&nbsp;&nbsp; 149807 |
| Cal-Maine Foods, Inc. (b) | 16105 | &nbsp;&nbsp;&nbsp; 1515480 |
| Dole PLC | 23663 | &nbsp;&nbsp;&nbsp; 318031 |
| Fresh Del Monte Produce, Inc.  | 12227 | &nbsp;&nbsp;&nbsp; 424521 |
| J&J Snack Foods Corp. (b) | 5485 | &nbsp;&nbsp;&nbsp; 527054 |
| John B Sanfilippo & Son, Inc.  | 3070 | &nbsp;&nbsp;&nbsp; 197340 |
| Lifeway Foods, Inc. (a) | 1800 | &nbsp;&nbsp;&nbsp; 49968 |
| Limoneira Co.  | 2671 | &nbsp;&nbsp;&nbsp; 39664 |
| Mama's Creations, Inc. (a) (b) | 11318 | &nbsp;&nbsp;&nbsp; 118952 |
| Marzetti Co.  | 6978 | &nbsp;&nbsp;&nbsp; 1205729 |
| Mission Produce, Inc. (a) | 17847 | &nbsp;&nbsp;&nbsp; 214521 |
| Seneca Foods Corp. - Class A (a) | 1733 | &nbsp;&nbsp;&nbsp; 187060 |
| Simply Good Foods Co. (a) | 33776 | &nbsp;&nbsp;&nbsp; 838320 |
| SunOpta, Inc. (a) | 34321 | &nbsp;&nbsp;&nbsp; 201121 |
| Tootsie Roll Industries, Inc. (b) | 6383 | &nbsp;&nbsp;&nbsp; 267575 |
| TreeHouse Foods, Inc. (a) | 17037 | &nbsp;&nbsp;&nbsp; 344318 |
| Utz Brands, Inc.  | 26510 | &nbsp;&nbsp;&nbsp; 322097 |
| Vital Farms, Inc. (a) (b) | 12501 | &nbsp;&nbsp;&nbsp; 514416 |
| Westrock Coffee Co. (a) (b) | 9415 | &nbsp;&nbsp;&nbsp; 45757 |
|  |  | &nbsp;&nbsp;&nbsp; 7742849 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| Brookfield Infrastructure Corp. - Class A | 42114 | &nbsp;&nbsp;&nbsp; 1731728 |
| Chesapeake Utilities Corp.  | 7828 | &nbsp;&nbsp;&nbsp; 1054353 |
| New Jersey Resources Corp.  | 35332 | &nbsp;&nbsp;&nbsp; 1701236 |
| Northwest Natural Holding Co.  | 14545 | &nbsp;&nbsp;&nbsp; 653507 |
| ONE Gas, Inc. (b) | 20913 | &nbsp;&nbsp;&nbsp; 1692698 |
| RGC Resources, Inc. (b) | 2683 | &nbsp;&nbsp;&nbsp; 60207 |
| Southwest Gas Holdings, Inc.  | 22671 | &nbsp;&nbsp;&nbsp; 1776046 |
| Spire, Inc.  | 20126 | &nbsp;&nbsp;&nbsp; 1640671 |
|  |  | &nbsp;&nbsp;&nbsp; 10310446 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| ArcBest Corp.  | 7753 | &nbsp;&nbsp;&nbsp; 541702 |
| Covenant Logistics Group, Inc.  | 6288 | &nbsp;&nbsp;&nbsp; 136198 |
| FTAI Infrastructure, Inc. (b) | 38927 | &nbsp;&nbsp;&nbsp; 169722 |
| Heartland Express, Inc.  | 11108 | &nbsp;&nbsp;&nbsp; 93085 |
| Hertz Global Holdings, Inc. (a) (b) | 35428 | &nbsp;&nbsp;&nbsp; 240910 |
| Marten Transport Ltd.  | 16605 | &nbsp;&nbsp;&nbsp; 177009 |
| Proficient Auto Logistics, Inc. (a) (b) | 8032 | &nbsp;&nbsp;&nbsp; 55341 |
| RXO, Inc. (a) | 58825 | &nbsp;&nbsp;&nbsp; 904729 |
| Universal Logistics Holdings, Inc. (b) | 2513 | &nbsp;&nbsp;&nbsp; 58905 |
| Werner Enterprises, Inc.  | 20207 | &nbsp;&nbsp;&nbsp; 531848 |
|  |  | &nbsp;&nbsp;&nbsp; 2909449 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Accuray, Inc. (a) | 36299 | &nbsp;&nbsp;&nbsp; 60619 |
| Alphatec Holdings, Inc. (a) | 41879 | &nbsp;&nbsp;&nbsp; 608921 |
| AngioDynamics, Inc. (a) | 12461 | &nbsp;&nbsp;&nbsp; 139189 |
| Anteris Technologies Global Corp. (a) | 12950 | &nbsp;&nbsp;&nbsp; 58275 |
| Artivion, Inc. (a) | 13182 | &nbsp;&nbsp;&nbsp; 558126 |
| AtriCure, Inc. (a) | 17092 | &nbsp;&nbsp;&nbsp; 602493 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Avanos Medical, Inc. (a) | 15903 | &nbsp;&nbsp;&nbsp; $183839 |
| Axogen, Inc. (a) | 15599 | &nbsp;&nbsp;&nbsp; 278286 |
| Beta Bionics, Inc. (a) (b) | 13594 | &nbsp;&nbsp;&nbsp; 270113 |
| Bioventus, Inc. - Class A (a) (b) | 17502 | &nbsp;&nbsp;&nbsp; 117088 |
| Butterfly Network, Inc. (a) | 70682 | &nbsp;&nbsp;&nbsp; 136416 |
| Ceribell, Inc. (a) | 9275 | &nbsp;&nbsp;&nbsp; 106570 |
| Cerus Corp. (a) | 65539 | &nbsp;&nbsp;&nbsp; 104207 |
| ClearPoint Neuro, Inc. (a) | 4986 | &nbsp;&nbsp;&nbsp; 108645 |
| CONMED Corp. (b) | 11116 | &nbsp;&nbsp;&nbsp; 522785 |
| Delcath Systems, Inc. (a) | 11270 | &nbsp;&nbsp;&nbsp; 121153 |
| Electromed, Inc. (a) | 2583 | &nbsp;&nbsp;&nbsp; 63413 |
| Embecta Corp.  | 20868 | &nbsp;&nbsp;&nbsp; 294447 |
| Enovis Corp. (a) | 20589 | &nbsp;&nbsp;&nbsp; 624670 |
| Glaukos Corp. (a) | 19604 | &nbsp;&nbsp;&nbsp; 1598706 |
| Haemonetics Corp. (a) | 16783 | &nbsp;&nbsp;&nbsp; 818003 |
| ICU Medical, Inc. (a) | 8704 | &nbsp;&nbsp;&nbsp; 1044132 |
| Inogen, Inc. (a) | 1827 | &nbsp;&nbsp;&nbsp; 14927 |
| Integer Holdings Corp. (a) | 11933 | &nbsp;&nbsp;&nbsp; 1233037 |
| Integra LifeSciences Holdings Corp. (a) (b) | 24445 | &nbsp;&nbsp;&nbsp; 350297 |
| iRadimed Corp.  | 2985 | &nbsp;&nbsp;&nbsp; 212413 |
| iRhythm Technologies, Inc. (a) (b) | 11181 | &nbsp;&nbsp;&nbsp; 1923020 |
| Kestra Medical Technologies Ltd. (a) (b) | 5078 | &nbsp;&nbsp;&nbsp; 120653 |
| KORU Medical Systems, Inc. (a) | 15438 | &nbsp;&nbsp;&nbsp; 59128 |
| Lantheus Holdings, Inc. (a) | 24080 | &nbsp;&nbsp;&nbsp; 1235063 |
| LeMaitre Vascular, Inc.  | 7309 | &nbsp;&nbsp;&nbsp; 639611 |
| LivaNova PLC (a) | 19622 | &nbsp;&nbsp;&nbsp; 1027800 |
| Merit Medical Systems, Inc. (a) (b) | 20510 | &nbsp;&nbsp;&nbsp; 1707047 |
| Neogen Corp. (a) (b) | 76291 | &nbsp;&nbsp;&nbsp; 435622 |
| NeuroPace, Inc. (a) | 9229 | &nbsp;&nbsp;&nbsp; 95151 |
| Novocure Ltd. (a) | 38427 | &nbsp;&nbsp;&nbsp; 496477 |
| Omnicell, Inc. (a) | 16453 | &nbsp;&nbsp;&nbsp; 500994 |
| OraSure Technologies, Inc. (a) | 26636 | &nbsp;&nbsp;&nbsp; 85502 |
| Orthofix Medical, Inc. (a) | 14150 | &nbsp;&nbsp;&nbsp; 207156 |
| OrthoPediatrics Corp. (a) (b) | 5617 | &nbsp;&nbsp;&nbsp; 104083 |
| Outset Medical, Inc. (a) (b) | 6685 | &nbsp;&nbsp;&nbsp; 94392 |
| PROCEPT BioRobotics Corp. (a) (b) | 18982 | &nbsp;&nbsp;&nbsp; 677468 |
| Pulse Biosciences, Inc. (a) (b) | 5792 | &nbsp;&nbsp;&nbsp; 102518 |
| QuidelOrtho Corp. (a) | 24441 | &nbsp;&nbsp;&nbsp; 719787 |
| RxSight, Inc. (a) | 12974 | &nbsp;&nbsp;&nbsp; 116636 |
| SANUWAVE Health, Inc. (a) | 2710 | &nbsp;&nbsp;&nbsp; 101571 |
| Semler Scientific, Inc. (a) (b) | 4410 | &nbsp;&nbsp;&nbsp; 132300 |
| SI-BONE, Inc. (a) (b) | 14641 | &nbsp;&nbsp;&nbsp; 215516 |
| Sight Sciences, Inc. (a) | 16235 | &nbsp;&nbsp;&nbsp; 55848 |
| STAAR Surgical Co. (a) | 17911 | &nbsp;&nbsp;&nbsp; 481269 |
| Stereotaxis, Inc. (a) | 21958 | &nbsp;&nbsp;&nbsp; 68289 |
| Surmodics, Inc. (a) | 4747 | &nbsp;&nbsp;&nbsp; 141888 |
| Tactile Systems Technology, Inc. (a) | 7825 | &nbsp;&nbsp;&nbsp; 108298 |
| Tandem Diabetes Care, Inc. (a) (b) | 23352 | &nbsp;&nbsp;&nbsp; 283493 |
| TransMedics Group, Inc. (a) (b) | 11555 | &nbsp;&nbsp;&nbsp; 1296471 |
| Treace Medical Concepts, Inc. (a) | 16496 | &nbsp;&nbsp;&nbsp; 110688 |
| UFP Technologies, Inc. (a) | 2717 | &nbsp;&nbsp;&nbsp; 542313 |
| Utah Medical Products, Inc.  | 1293 | &nbsp;&nbsp;&nbsp; 81420 |
| Varex Imaging Corp. (a) | 14212 | &nbsp;&nbsp;&nbsp; 176229 |
| Zimvie, Inc. (a) | 9020 | &nbsp;&nbsp;&nbsp; 170839 |
|  |  | &nbsp;&nbsp;&nbsp; 24545310 |

---

**BHFTII-196**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
| AdaptHealth Corp. (a) (b) | 31524 | &nbsp;&nbsp;&nbsp; $282140 |
| Addus HomeCare Corp. (a) (b) | 6545 | &nbsp;&nbsp;&nbsp; 772245 |
| agilon health, Inc. (a) | 112880 | &nbsp;&nbsp;&nbsp; 116266 |
| Alignment Healthcare, Inc. (a) | 51171 | &nbsp;&nbsp;&nbsp; 892934 |
| AMN Healthcare Services, Inc. (a) | 13777 | &nbsp;&nbsp;&nbsp; 266723 |
| Ardent Health, Inc. (a) | 8785 | &nbsp;&nbsp;&nbsp; 116401 |
| Astrana Health, Inc. (a) | 15551 | &nbsp;&nbsp;&nbsp; 440871 |
| Aveanna Healthcare Holdings, Inc. (a) | 18054 | &nbsp;&nbsp;&nbsp; 160139 |
| BrightSpring Health Services, Inc. (a) | 32846 | &nbsp;&nbsp;&nbsp; 970928 |
| Brookdale Senior Living, Inc. (a) | 76343 | &nbsp;&nbsp;&nbsp; 646625 |
| Castle Biosciences, Inc. (a) | 9449 | &nbsp;&nbsp;&nbsp; 215154 |
| Clover Health Investments Corp. (a) (b) | 142362 | &nbsp;&nbsp;&nbsp; 435628 |
| Community Health Systems, Inc. (a) | 30832 | &nbsp;&nbsp;&nbsp; 98971 |
| Concentra Group Holdings Parent, Inc.  | 42289 | &nbsp;&nbsp;&nbsp; 885109 |
| CorVel Corp. (a) (b) | 10484 | &nbsp;&nbsp;&nbsp; 811671 |
| Cross Country Healthcare, Inc. (a) | 7275 | &nbsp;&nbsp;&nbsp; 103305 |
| Enhabit, Inc. (a) | 17210 | &nbsp;&nbsp;&nbsp; 137852 |
| Ensign Group, Inc.  | 19708 | &nbsp;&nbsp;&nbsp; 3404951 |
| Fulgent Genetics, Inc. (a) | 7417 | &nbsp;&nbsp;&nbsp; 167624 |
| GeneDx Holdings Corp. (a) | 6434 | &nbsp;&nbsp;&nbsp; 693199 |
| Guardant Health, Inc. (a) | 41895 | &nbsp;&nbsp;&nbsp; 2617600 |
| HealthEquity, Inc. (a) | 29939 | &nbsp;&nbsp;&nbsp; 2837319 |
| Hims & Hers Health, Inc. (a) (b) | 66955 | &nbsp;&nbsp;&nbsp; 3797688 |
| Joint Corp. (a) | 4230 | &nbsp;&nbsp;&nbsp; 40354 |
| LifeStance Health Group, Inc. (a) | 47282 | &nbsp;&nbsp;&nbsp; 260051 |
| Nano-X Imaging Ltd. (a) (b) | 23970 | &nbsp;&nbsp;&nbsp; 88689 |
| National HealthCare Corp.  | 4513 | &nbsp;&nbsp;&nbsp; 548375 |
| National Research Corp.  | 7192 | &nbsp;&nbsp;&nbsp; 91914 |
| NeoGenomics, Inc. (a) | 39979 | &nbsp;&nbsp;&nbsp; 308638 |
| Nutex Health, Inc. (a) | 1285 | &nbsp;&nbsp;&nbsp; 132766 |
| Omada Health, Inc. (a) (b) | 3483 | &nbsp;&nbsp;&nbsp; 77009 |
| Oncology Institute, Inc. (a) | 7832 | &nbsp;&nbsp;&nbsp; 27334 |
| OPKO Health, Inc. (a) (b) | 144177 | &nbsp;&nbsp;&nbsp; 223474 |
| Option Care Health, Inc. (a) | 57832 | &nbsp;&nbsp;&nbsp; 1605416 |
| Owens & Minor, Inc. (a) | 27444 | &nbsp;&nbsp;&nbsp; 131731 |
| PACS Group, Inc. (a) | 16317 | &nbsp;&nbsp;&nbsp; 224032 |
| Pediatrix Medical Group, Inc. (a) | 32360 | &nbsp;&nbsp;&nbsp; 542030 |
| Pennant Group, Inc. (a) | 11790 | &nbsp;&nbsp;&nbsp; 297344 |
| Performant Healthcare, Inc. (a) | 24570 | &nbsp;&nbsp;&nbsp; 189926 |
| Premier, Inc. - Class A (b) | 28720 | &nbsp;&nbsp;&nbsp; 798416 |
| Privia Health Group, Inc. (a) | 41615 | &nbsp;&nbsp;&nbsp; 1036213 |
| Progyny, Inc. (a) | 26173 | &nbsp;&nbsp;&nbsp; 563243 |
| RadNet, Inc. (a) | 23714 | &nbsp;&nbsp;&nbsp; 1807244 |
| Select Medical Holdings Corp.  | 38874 | &nbsp;&nbsp;&nbsp; 499142 |
| Sonida Senior Living, Inc. (a) (b) | 2068 | &nbsp;&nbsp;&nbsp; 57325 |
| Surgery Partners, Inc. (a) (b) | 27716 | &nbsp;&nbsp;&nbsp; 599774 |
| Talkspace, Inc. (a) | 52636 | &nbsp;&nbsp;&nbsp; 145275 |
| U.S. Physical Therapy, Inc.  | 5410 | &nbsp;&nbsp;&nbsp; 459579 |
| Viemed Healthcare, Inc. (a) | 4030 | &nbsp;&nbsp;&nbsp; 27364 |
|  |  | &nbsp;&nbsp;&nbsp; 31654001 |
| **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** | **Health Care REITs — 1.0%** |
| American Healthcare REIT, Inc.  | 55969 | &nbsp;&nbsp;&nbsp; 2351258 |
| CareTrust REIT, Inc.  | 74167 | &nbsp;&nbsp;&nbsp; 2572111 |
| Community Healthcare Trust, Inc.  | 8914 | &nbsp;&nbsp;&nbsp; 136384 |
| Diversified Healthcare Trust (b) | 76981 | &nbsp;&nbsp;&nbsp; 339486 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** |
| Global Medical REIT, Inc.  | 4521 | &nbsp;&nbsp;&nbsp; $152403 |
| LTC Properties, Inc. (b) | 16431 | &nbsp;&nbsp;&nbsp; 605647 |
| National Health Investors, Inc.  | 16030 | &nbsp;&nbsp;&nbsp; 1274385 |
| Sabra Health Care REIT, Inc. (b) | 82809 | &nbsp;&nbsp;&nbsp; 1543560 |
| Sila Realty Trust, Inc.  | 20260 | &nbsp;&nbsp;&nbsp; 508526 |
| Universal Health Realty Income Trust | 4263 | &nbsp;&nbsp;&nbsp; 166982 |
|  |  | &nbsp;&nbsp;&nbsp; 9650742 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Claritev Corp. (a) | 2919 | &nbsp;&nbsp;&nbsp; 154940 |
| Definitive Healthcare Corp. (a) | 13892 | &nbsp;&nbsp;&nbsp; 56402 |
| Evolent Health, Inc. - Class A (a) | 36085 | &nbsp;&nbsp;&nbsp; 305279 |
| Health Catalyst, Inc. (a) | 24097 | &nbsp;&nbsp;&nbsp; 68676 |
| HealthStream, Inc. (b) | 8897 | &nbsp;&nbsp;&nbsp; 251251 |
| LifeMD, Inc. (a) | 13716 | &nbsp;&nbsp;&nbsp; 93132 |
| OptimizeRx Corp. (a) | 6836 | &nbsp;&nbsp;&nbsp; 140138 |
| Phreesia, Inc. (a) | 20093 | &nbsp;&nbsp;&nbsp; 472587 |
| Schrodinger, Inc. (a) | 19989 | &nbsp;&nbsp;&nbsp; 400979 |
| Simulations Plus, Inc. (a) | 5451 | &nbsp;&nbsp;&nbsp; 82147 |
| Teladoc Health, Inc. (a) (b) | 55278 | &nbsp;&nbsp;&nbsp; 427299 |
| TruBridge, Inc. (a) | 3689 | &nbsp;&nbsp;&nbsp; 74407 |
| Waystar Holding Corp. (a) | 38179 | &nbsp;&nbsp;&nbsp; 1447748 |
|  |  | &nbsp;&nbsp;&nbsp; 3974985 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Apple Hospitality REIT, Inc. (b) | 77743 | &nbsp;&nbsp;&nbsp; 933694 |
| Braemar Hotels & Resorts, Inc.  | 21509 | &nbsp;&nbsp;&nbsp; 58720 |
| Chatham Lodging Trust | 8731 | &nbsp;&nbsp;&nbsp; 58585 |
| DiamondRock Hospitality Co.  | 63636 | &nbsp;&nbsp;&nbsp; 506543 |
| Pebblebrook Hotel Trust (b) | 41119 | &nbsp;&nbsp;&nbsp; 468345 |
| RLJ Lodging Trust | 51996 | &nbsp;&nbsp;&nbsp; 374371 |
| Ryman Hospitality Properties, Inc.  | 21502 | &nbsp;&nbsp;&nbsp; 1926364 |
| Service Properties Trust | 54813 | &nbsp;&nbsp;&nbsp; 148543 |
| Summit Hotel Properties, Inc. (b) | 38678 | &nbsp;&nbsp;&nbsp; 212342 |
| Sunstone Hotel Investors, Inc.  | 63511 | &nbsp;&nbsp;&nbsp; 595098 |
| Xenia Hotels & Resorts, Inc.  | 36574 | &nbsp;&nbsp;&nbsp; 501795 |
|  |  | &nbsp;&nbsp;&nbsp; 5784400 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| Accel Entertainment, Inc. (a) | 14299 | &nbsp;&nbsp;&nbsp; 158290 |
| Biglari Holdings, Inc. - Class B (a) | 274 | &nbsp;&nbsp;&nbsp; 88680 |
| BJ's Restaurants, Inc. (a) | 7749 | &nbsp;&nbsp;&nbsp; 236577 |
| Bloomin' Brands, Inc.  | 29715 | &nbsp;&nbsp;&nbsp; 213057 |
| Brightstar Lottery PLC (b) | 40851 | &nbsp;&nbsp;&nbsp; 704680 |
| Brinker International, Inc. (a) | 15548 | &nbsp;&nbsp;&nbsp; 1969621 |
| Cheesecake Factory, Inc. (b) | 16582 | &nbsp;&nbsp;&nbsp; 906041 |
| Cracker Barrel Old Country Store, Inc. (b) | 7974 | &nbsp;&nbsp;&nbsp; 351334 |
| Dave & Buster's Entertainment, Inc. (a) (b) | 9837 | &nbsp;&nbsp;&nbsp; 178640 |
| Denny's Corp. (a) (b) | 18208 | &nbsp;&nbsp;&nbsp; 95228 |
| Dine Brands Global, Inc.  | 5258 | &nbsp;&nbsp;&nbsp; 129978 |
| El Pollo Loco Holdings, Inc. (a) | 4050 | &nbsp;&nbsp;&nbsp; 39285 |
| First Watch Restaurant Group, Inc. (a) (b) | 15086 | &nbsp;&nbsp;&nbsp; 235945 |
| Genius Sports Ltd. (a) | 80211 | &nbsp;&nbsp;&nbsp; 993012 |
| Global Business Travel Group I (a) (b) | 34958 | &nbsp;&nbsp;&nbsp; 282461 |
| Golden Entertainment, Inc.  | 7102 | &nbsp;&nbsp;&nbsp; 167465 |
| Hilton Grand Vacations, Inc. (a) | 20130 | &nbsp;&nbsp;&nbsp; 841635 |

---

**BHFTII-197**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Inspired Entertainment, Inc. (a) | 7099 | &nbsp;&nbsp;&nbsp; $66589 |
| Jack in the Box, Inc. (b) | 6468 | &nbsp;&nbsp;&nbsp; 127872 |
| Krispy Kreme, Inc. (b) | 28845 | &nbsp;&nbsp;&nbsp; 111630 |
| Kura Sushi USA, Inc. - Class A (a) | 2410 | &nbsp;&nbsp;&nbsp; 143178 |
| Life Time Group Holdings, Inc. (a) | 47380 | &nbsp;&nbsp;&nbsp; 1307688 |
| Lindblad Expeditions Holdings, Inc. (a) | 11124 | &nbsp;&nbsp;&nbsp; 142387 |
| Marriott Vacations Worldwide Corp.  | 9731 | &nbsp;&nbsp;&nbsp; 647695 |
| Monarch Casino & Resort, Inc.  | 4658 | &nbsp;&nbsp;&nbsp; 493003 |
| Nathan's Famous, Inc.  | 956 | &nbsp;&nbsp;&nbsp; 105867 |
| Papa John's International, Inc. (b) | 11956 | &nbsp;&nbsp;&nbsp; 575681 |
| Portillo's, Inc. - Class A (a) | 14824 | &nbsp;&nbsp;&nbsp; 95615 |
| Potbelly Corp. (a) | 9106 | &nbsp;&nbsp;&nbsp; 155166 |
| Pursuit Attractions & Hospitality, Inc. (a) | 7380 | &nbsp;&nbsp;&nbsp; 267008 |
| RCI Hospitality Holdings, Inc.  | 2918 | &nbsp;&nbsp;&nbsp; 89028 |
| Red Rock Resorts, Inc. - Class A (b) | 16851 | &nbsp;&nbsp;&nbsp; 1028922 |
| Rush Street Interactive, Inc. (a) (b) | 32322 | &nbsp;&nbsp;&nbsp; 661955 |
| Sabre Corp. (a) | 127311 | &nbsp;&nbsp;&nbsp; 232979 |
| Serve Robotics, Inc. (a) (b) | 17449 | &nbsp;&nbsp;&nbsp; 202932 |
| Shake Shack, Inc. - Class A (a) | 13547 | &nbsp;&nbsp;&nbsp; 1268135 |
| Six Flags Entertainment Corp. (a) (b) | 34692 | &nbsp;&nbsp;&nbsp; 788202 |
| Super Group SGHC Ltd. (b) | 57861 | &nbsp;&nbsp;&nbsp; 763765 |
| Sweetgreen, Inc. - Class A (a) (b) | 37696 | &nbsp;&nbsp;&nbsp; 300814 |
| Target Hospitality Corp. (a) | 10651 | &nbsp;&nbsp;&nbsp; 90321 |
| United Parks & Resorts, Inc. (a) (b) | 9762 | &nbsp;&nbsp;&nbsp; 504695 |
| Xponential Fitness, Inc. - Class A (a) (b) | 8434 | &nbsp;&nbsp;&nbsp; 65701 |
|  |  | &nbsp;&nbsp;&nbsp; 17828757 |
| **Household Durables — 1.8%** | **Household Durables — 1.8%** | **Household Durables — 1.8%** |
| Beazer Homes USA, Inc. (a) | 8776 | &nbsp;&nbsp;&nbsp; 215451 |
| Cavco Industries, Inc. (a) | 2683 | &nbsp;&nbsp;&nbsp; 1558099 |
| Century Communities, Inc. (b) | 9331 | &nbsp;&nbsp;&nbsp; 591306 |
| Champion Homes, Inc. (a) | 19968 | &nbsp;&nbsp;&nbsp; 1524956 |
| Cricut, Inc. - Class A | 15768 | &nbsp;&nbsp;&nbsp; 99181 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 10204 | &nbsp;&nbsp;&nbsp; 264488 |
| Ethan Allen Interiors, Inc.  | 7632 | &nbsp;&nbsp;&nbsp; 224839 |
| Flexsteel Industries, Inc.  | 1547 | &nbsp;&nbsp;&nbsp; 71703 |
| Green Brick Partners, Inc. (a) | 11172 | &nbsp;&nbsp;&nbsp; 825164 |
| Helen of Troy Ltd. (a) | 8216 | &nbsp;&nbsp;&nbsp; 207043 |
| Hovnanian Enterprises, Inc. - Class A (a) | 1795 | &nbsp;&nbsp;&nbsp; 230640 |
| Installed Building Products, Inc. (b) | 8231 | &nbsp;&nbsp;&nbsp; 2030258 |
| KB Home | 23125 | &nbsp;&nbsp;&nbsp; 1471675 |
| La-Z-Boy, Inc.  | 15201 | &nbsp;&nbsp;&nbsp; 521698 |
| Legacy Housing Corp. (a) | 4120 | &nbsp;&nbsp;&nbsp; 113341 |
| Leggett & Platt, Inc. (b) | 46732 | &nbsp;&nbsp;&nbsp; 414980 |
| LGI Homes, Inc. (a) | 7499 | &nbsp;&nbsp;&nbsp; 387773 |
| Lovesac Co. (a) (b) | 5942 | &nbsp;&nbsp;&nbsp; 100598 |
| M/I Homes, Inc. (a) | 9208 | &nbsp;&nbsp;&nbsp; 1330004 |
| Meritage Homes Corp. (c) | 24963 | &nbsp;&nbsp;&nbsp; 1808070 |
| Sonos, Inc. (a) | 41074 | &nbsp;&nbsp;&nbsp; 648969 |
| Taylor Morrison Home Corp. (a) | 33808 | &nbsp;&nbsp;&nbsp; 2231666 |
| Tri Pointe Homes, Inc. (a) | 30058 | &nbsp;&nbsp;&nbsp; 1021070 |
|  |  | &nbsp;&nbsp;&nbsp; 17892972 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Central Garden & Pet Co. (Voting Shares) (a) | 3370 | &nbsp;&nbsp;&nbsp; 110030 |
| Central Garden & Pet Co. (Non-Voting Shares) - Class A (a) | 17236 | &nbsp;&nbsp;&nbsp; 508979 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Household Products—(Continued)** | **Household Products—(Continued)** | **Household Products—(Continued)** |
| Energizer Holdings, Inc.  | 23228 | &nbsp;&nbsp;&nbsp; $578145 |
| Oil-Dri Corp. of America | 3318 | &nbsp;&nbsp;&nbsp; 202531 |
| Spectrum Brands Holdings, Inc.  | 8306 | &nbsp;&nbsp;&nbsp; 436314 |
| WD-40 Co.  | 4690 | &nbsp;&nbsp;&nbsp; 926744 |
|  |  | &nbsp;&nbsp;&nbsp; 2762743 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Hallador Energy Co. (a) | 11235 | &nbsp;&nbsp;&nbsp; 219869 |
| Ormat Technologies, Inc.  | 21427 | &nbsp;&nbsp;&nbsp; 2062349 |
|  |  | &nbsp;&nbsp;&nbsp; 2282218 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Brookfield Business Corp. - Class A | 7798 | &nbsp;&nbsp;&nbsp; 261467 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| Industrial Logistics Properties Trust | 7655 | &nbsp;&nbsp;&nbsp; 44628 |
| Innovative Industrial Properties, Inc.  | 10096 | &nbsp;&nbsp;&nbsp; 540944 |
| LXP Industrial Trust | 99758 | &nbsp;&nbsp;&nbsp; 893832 |
| Plymouth Industrial REIT, Inc.  | 14425 | &nbsp;&nbsp;&nbsp; 322110 |
| Terreno Realty Corp.  | 35921 | &nbsp;&nbsp;&nbsp; 2038517 |
|  |  | &nbsp;&nbsp;&nbsp; 3840031 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Abacus Global Management, Inc. (a) | 14991 | &nbsp;&nbsp;&nbsp; 85898 |
| Ambac Financial Group, Inc. (a) | 10197 | &nbsp;&nbsp;&nbsp; 85043 |
| American Coastal Insurance Corp. - Class C | 4381 | &nbsp;&nbsp;&nbsp; 49900 |
| American Integrity Insurance Group, Inc. (a) | 3088 | &nbsp;&nbsp;&nbsp; 68893 |
| AMERISAFE, Inc.  | 6840 | &nbsp;&nbsp;&nbsp; 299866 |
| Aspen Insurance Holdings Ltd. - Class A (a) | 5538 | &nbsp;&nbsp;&nbsp; 203300 |
| Baldwin Insurance Group, Inc. (a) (b) | 25322 | &nbsp;&nbsp;&nbsp; 714334 |
| Bowhead Specialty Holdings, Inc. (a) | 5692 | &nbsp;&nbsp;&nbsp; 153912 |
| Citizens, Inc. (a) | 16276 | &nbsp;&nbsp;&nbsp; 85449 |
| CNO Financial Group, Inc.  | 33524 | &nbsp;&nbsp;&nbsp; 1325874 |
| Crawford & Co. - Class A | 4656 | &nbsp;&nbsp;&nbsp; 49819 |
| Donegal Group, Inc. - Class A | 5184 | &nbsp;&nbsp;&nbsp; 100518 |
| Employers Holdings, Inc.  | 8865 | &nbsp;&nbsp;&nbsp; 376585 |
| F&G Annuities & Life, Inc.  | 7849 | &nbsp;&nbsp;&nbsp; 245438 |
| Fidelis Insurance Holdings Ltd.  | 21817 | &nbsp;&nbsp;&nbsp; 395979 |
| Genworth Financial, Inc. (a) | 136760 | &nbsp;&nbsp;&nbsp; 1217164 |
| Goosehead Insurance, Inc. - Class A (b) | 8597 | &nbsp;&nbsp;&nbsp; 639789 |
| Greenlight Capital Re Ltd. - Class A (a) (b) | 6128 | &nbsp;&nbsp;&nbsp; 77826 |
| Hamilton Insurance Group Ltd. - Class B (a) | 16464 | &nbsp;&nbsp;&nbsp; 408307 |
| HCI Group, Inc.  | 3603 | &nbsp;&nbsp;&nbsp; 691524 |
| Heritage Insurance Holdings, Inc. (a) | 7545 | &nbsp;&nbsp;&nbsp; 189983 |
| Hippo Holdings, Inc. (a) (b) | 6463 | &nbsp;&nbsp;&nbsp; 233702 |
| Horace Mann Educators Corp.  | 14746 | &nbsp;&nbsp;&nbsp; 666077 |
| Investors Title Co.  | 451 | &nbsp;&nbsp;&nbsp; 120791 |
| James River Group Holdings Ltd.  | 13409 | &nbsp;&nbsp;&nbsp; 74420 |
| Kingstone Cos., Inc.  | 550 | &nbsp;&nbsp;&nbsp; 8085 |
| Kingsway Financial Services, Inc. (a) (b) | 6710 | &nbsp;&nbsp;&nbsp; 98100 |
| Lemonade, Inc. (a) (b) | 19187 | &nbsp;&nbsp;&nbsp; 1027080 |
| MBIA, Inc. (a) | 16323 | &nbsp;&nbsp;&nbsp; 121606 |
| Mercury General Corp.  | 9599 | &nbsp;&nbsp;&nbsp; 813803 |
| Oscar Health, Inc. - Class A (a) | 67820 | &nbsp;&nbsp;&nbsp; 1283833 |
| Palomar Holdings, Inc. (a) | 9070 | &nbsp;&nbsp;&nbsp; 1058922 |
| ProAssurance Corp. (a) | 18309 | &nbsp;&nbsp;&nbsp; 439233 |

---

**BHFTII-198**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Root, Inc. - Class A (a) | 3876 | &nbsp;&nbsp;&nbsp; $346941 |
| Safety Insurance Group, Inc.  | 5269 | &nbsp;&nbsp;&nbsp; 372466 |
| Selective Insurance Group, Inc.  | 21293 | &nbsp;&nbsp;&nbsp; 1726224 |
| Selectquote, Inc. (a) | 49492 | &nbsp;&nbsp;&nbsp; 97004 |
| SiriusPoint Ltd. (a) | 36972 | &nbsp;&nbsp;&nbsp; 668823 |
| Skyward Specialty Insurance Group, Inc. (a) | 12451 | &nbsp;&nbsp;&nbsp; 592170 |
| Slide Insurance Holdings, Inc. (a) | 9796 | &nbsp;&nbsp;&nbsp; 154630 |
| Stewart Information Services Corp.  | 9748 | &nbsp;&nbsp;&nbsp; 714723 |
| Tiptree, Inc.  | 8231 | &nbsp;&nbsp;&nbsp; 157788 |
| Trupanion, Inc. (a) (b) | 13380 | &nbsp;&nbsp;&nbsp; 579086 |
| United Fire Group, Inc.  | 8559 | &nbsp;&nbsp;&nbsp; 260365 |
| Universal Insurance Holdings, Inc.  | 9237 | &nbsp;&nbsp;&nbsp; 242933 |
|  |  | &nbsp;&nbsp;&nbsp; 19324206 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Angi, Inc. (a) | 15697 | &nbsp;&nbsp;&nbsp; 255233 |
| Bumble, Inc. - Class A (a) | 20088 | &nbsp;&nbsp;&nbsp; 122336 |
| Cargurus, Inc. (a) | 28913 | &nbsp;&nbsp;&nbsp; 1076431 |
| Cars.com, Inc. (a) | 19832 | &nbsp;&nbsp;&nbsp; 242347 |
| EverQuote, Inc. - Class A (a) | 9942 | &nbsp;&nbsp;&nbsp; 227374 |
| fuboTV, Inc. (a) (b) | 117468 | &nbsp;&nbsp;&nbsp; 487492 |
| Getty Images Holdings, Inc. (a) (b) | 41476 | &nbsp;&nbsp;&nbsp; 82122 |
| Grindr, Inc. (a) | 12273 | &nbsp;&nbsp;&nbsp; 184340 |
| MediaAlpha, Inc. - Class A (a) | 13769 | &nbsp;&nbsp;&nbsp; 156691 |
| Nextdoor Holdings, Inc. (a) | 76467 | &nbsp;&nbsp;&nbsp; 159816 |
| QuinStreet, Inc. (a) | 19682 | &nbsp;&nbsp;&nbsp; 304481 |
| Rumble, Inc. (a) (b) | 37928 | &nbsp;&nbsp;&nbsp; 274599 |
| Shutterstock, Inc.  | 9001 | &nbsp;&nbsp;&nbsp; 187671 |
| TripAdvisor, Inc. (a) | 41977 | &nbsp;&nbsp;&nbsp; 682546 |
| TrueCar, Inc. (a) | 28410 | &nbsp;&nbsp;&nbsp; 52274 |
| Vimeo, Inc. (a) | 47598 | &nbsp;&nbsp;&nbsp; 368885 |
| Webtoon Entertainment, Inc. (a) | 6543 | &nbsp;&nbsp;&nbsp; 127000 |
| Yelp, Inc. (a) | 22236 | &nbsp;&nbsp;&nbsp; 693763 |
| Ziff Davis, Inc. (a) | 15373 | &nbsp;&nbsp;&nbsp; 585711 |
| ZipRecruiter, Inc. - Class A (a) | 24878 | &nbsp;&nbsp;&nbsp; 104985 |
|  |  | &nbsp;&nbsp;&nbsp; 6376097 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Applied Digital Corp. (a) | 74784 | &nbsp;&nbsp;&nbsp; 1715545 |
| ASGN, Inc. (a) (c) | 15356 | &nbsp;&nbsp;&nbsp; 727107 |
| Backblaze, Inc. - Class A (a) | 20411 | &nbsp;&nbsp;&nbsp; 189414 |
| BigBear.ai Holdings, Inc. (a) (b) | 97184 | &nbsp;&nbsp;&nbsp; 633640 |
| Commerce.com, Inc. - Series 1 (a) | 23317 | &nbsp;&nbsp;&nbsp; 116352 |
| DigitalOcean Holdings, Inc. (a) | 23637 | &nbsp;&nbsp;&nbsp; 807440 |
| Fastly, Inc. - Class A (a) | 46670 | &nbsp;&nbsp;&nbsp; 399028 |
| Grid Dynamics Holdings, Inc. (a) | 17499 | &nbsp;&nbsp;&nbsp; 134917 |
| Hackett Group, Inc.  | 8523 | &nbsp;&nbsp;&nbsp; 162022 |
| Information Services Group, Inc.  | 12538 | &nbsp;&nbsp;&nbsp; 72093 |
| TSS, Inc. (a) | 6787 | &nbsp;&nbsp;&nbsp; 122913 |
| Unisys Corp. (a) | 23773 | &nbsp;&nbsp;&nbsp; 92715 |
| VTEX - Class A (a) | 21474 | &nbsp;&nbsp;&nbsp; 94056 |
|  |  | &nbsp;&nbsp;&nbsp; 5267242 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Acushnet Holdings Corp.  | 9499 | &nbsp;&nbsp;&nbsp; 745577 |
| JAKKS Pacific, Inc.  | 2462 | &nbsp;&nbsp;&nbsp; 46113 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Leisure Products—(Continued)** | **Leisure Products—(Continued)** | **Leisure Products—(Continued)** |
| Johnson Outdoors, Inc. - Class A | 1983 | &nbsp;&nbsp;&nbsp; $80093 |
| Latham Group, Inc. (a) | 13676 | &nbsp;&nbsp;&nbsp; 104074 |
| Malibu Boats, Inc. - Class A (a) | 6654 | &nbsp;&nbsp;&nbsp; 215922 |
| MasterCraft Boat Holdings, Inc. (a) | 5986 | &nbsp;&nbsp;&nbsp; 128460 |
| Peloton Interactive, Inc. - Class A (a) (b) | 126813 | &nbsp;&nbsp;&nbsp; 1141317 |
| Polaris, Inc.  | 18363 | &nbsp;&nbsp;&nbsp; 1067441 |
| Smith & Wesson Brands, Inc.  | 15643 | &nbsp;&nbsp;&nbsp; 153771 |
| Sturm Ruger & Co., Inc.  | 5950 | &nbsp;&nbsp;&nbsp; 258647 |
| Topgolf Callaway Brands Corp. (a) | 46262 | &nbsp;&nbsp;&nbsp; 439489 |
|  |  | &nbsp;&nbsp;&nbsp; 4380904 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| 10X Genomics, Inc. - Class A (a) | 38134 | &nbsp;&nbsp;&nbsp; 445787 |
| Adaptive Biotechnologies Corp. (a) | 53877 | &nbsp;&nbsp;&nbsp; 806000 |
| Azenta, Inc. (a) (b) | 14747 | &nbsp;&nbsp;&nbsp; 423534 |
| BioLife Solutions, Inc. (a) | 13116 | &nbsp;&nbsp;&nbsp; 334589 |
| Codexis, Inc. (a) | 29163 | &nbsp;&nbsp;&nbsp; 71158 |
| CryoPort, Inc. (a) | 17154 | &nbsp;&nbsp;&nbsp; 162620 |
| Cytek Biosciences, Inc. (a) | 42488 | &nbsp;&nbsp;&nbsp; 147433 |
| Fortrea Holdings, Inc. (a) | 34022 | &nbsp;&nbsp;&nbsp; 286465 |
| Ginkgo Bioworks Holdings, Inc. (a) | 14637 | &nbsp;&nbsp;&nbsp; 213407 |
| Lifecore Biomedical, Inc. (a) | 9999 | &nbsp;&nbsp;&nbsp; 73593 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) (b) | 40262 | &nbsp;&nbsp;&nbsp; 115552 |
| MaxCyte, Inc. (a) (b) | 39428 | &nbsp;&nbsp;&nbsp; 62296 |
| Mesa Laboratories, Inc.  | 1730 | &nbsp;&nbsp;&nbsp; 115927 |
| Niagen Bioscience, Inc. (a) | 18251 | &nbsp;&nbsp;&nbsp; 170282 |
| OmniAb, Inc. (a) | 36471 | &nbsp;&nbsp;&nbsp; 58354 |
| OmniAb, Inc. (a) (b) (d) (e) | 4218 | &nbsp;&nbsp;&nbsp; 0 |
| Pacific Biosciences of California, Inc. (a) (b) | 97301 | &nbsp;&nbsp;&nbsp; 124545 |
| Personalis, Inc. (a) | 17716 | &nbsp;&nbsp;&nbsp; 115508 |
| Quanterix Corp. (a) | 14645 | &nbsp;&nbsp;&nbsp; 79522 |
| Quantum-Si, Inc. (a) | 59687 | &nbsp;&nbsp;&nbsp; 84159 |
| Standard BioTools, Inc. (a) (b) | 105237 | &nbsp;&nbsp;&nbsp; 136808 |
|  |  | &nbsp;&nbsp;&nbsp; 4027539 |
| **Machinery — 3.8%** | **Machinery — 3.8%** | **Machinery — 3.8%** |
| 3D Systems Corp. (a) (b) | 46844 | &nbsp;&nbsp;&nbsp; 135848 |
| Aebi Schmidt Holding AG | 13460 | &nbsp;&nbsp;&nbsp; 167846 |
| Alamo Group, Inc.  | 3679 | &nbsp;&nbsp;&nbsp; 702321 |
| Albany International Corp. - Class A | 10337 | &nbsp;&nbsp;&nbsp; 550962 |
| Astec Industries, Inc.  | 8230 | &nbsp;&nbsp;&nbsp; 396110 |
| Atmus Filtration Technologies, Inc.  | 29065 | &nbsp;&nbsp;&nbsp; 1310541 |
| Blue Bird Corp. (a) | 11568 | &nbsp;&nbsp;&nbsp; 665738 |
| Chart Industries, Inc. (a) | 15870 | &nbsp;&nbsp;&nbsp; 3176381 |
| Columbus McKinnon Corp.  | 6951 | &nbsp;&nbsp;&nbsp; 99677 |
| Douglas Dynamics, Inc.  | 7665 | &nbsp;&nbsp;&nbsp; 239608 |
| Eastern Co.  | 2115 | &nbsp;&nbsp;&nbsp; 49618 |
| Energy Recovery, Inc. (a) | 17152 | &nbsp;&nbsp;&nbsp; 264484 |
| Enerpac Tool Group Corp.  | 19510 | &nbsp;&nbsp;&nbsp; 799910 |
| Enpro, Inc. (b) | 7402 | &nbsp;&nbsp;&nbsp; 1672852 |
| ESCO Technologies, Inc.  | 9108 | &nbsp;&nbsp;&nbsp; 1922790 |
| Federal Signal Corp.  | 21076 | &nbsp;&nbsp;&nbsp; 2507833 |
| Franklin Electric Co., Inc.  | 13897 | &nbsp;&nbsp;&nbsp; 1322994 |
| Gencor Industries, Inc. (a) | 3563 | &nbsp;&nbsp;&nbsp; 52127 |
| Gorman-Rupp Co.  | 7300 | &nbsp;&nbsp;&nbsp; 338793 |
| Graham Corp. (a) | 3388 | &nbsp;&nbsp;&nbsp; 186001 |

---

**BHFTII-199**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Greenbrier Cos., Inc.  | 11018 | &nbsp;&nbsp;&nbsp; $508701 |
| Helios Technologies, Inc.  | 11947 | &nbsp;&nbsp;&nbsp; 622797 |
| Hillenbrand, Inc.  | 23184 | &nbsp;&nbsp;&nbsp; 626895 |
| Hillman Solutions Corp. (a) | 70857 | &nbsp;&nbsp;&nbsp; 650467 |
| Hyster-Yale, Inc.  | 3736 | &nbsp;&nbsp;&nbsp; 137709 |
| JBT Marel Corp.  | 18329 | &nbsp;&nbsp;&nbsp; 2574308 |
| Kadant, Inc. (b) | 4104 | &nbsp;&nbsp;&nbsp; 1221268 |
| Kennametal, Inc.  | 26078 | &nbsp;&nbsp;&nbsp; 545813 |
| L.B. Foster Co. - Class A (a) | 3370 | &nbsp;&nbsp;&nbsp; 90822 |
| Lindsay Corp.  | 3895 | &nbsp;&nbsp;&nbsp; 547481 |
| Luxfer Holdings PLC | 8672 | &nbsp;&nbsp;&nbsp; 120541 |
| Manitowoc Co., Inc. (a) (b) | 6586 | &nbsp;&nbsp;&nbsp; 65926 |
| Mayville Engineering Co., Inc. (a) | 5214 | &nbsp;&nbsp;&nbsp; 71745 |
| Microvast Holdings, Inc. (a) | 73089 | &nbsp;&nbsp;&nbsp; 281393 |
| Miller Industries, Inc.  | 4021 | &nbsp;&nbsp;&nbsp; 162529 |
| Mueller Water Products, Inc. - Class A | 54466 | &nbsp;&nbsp;&nbsp; 1389972 |
| Palladyne AI Corp. (a) (b) | 3208 | &nbsp;&nbsp;&nbsp; 27557 |
| Park-Ohio Holdings Corp.  | 2839 | &nbsp;&nbsp;&nbsp; 60300 |
| Proto Labs, Inc. (a) | 8980 | &nbsp;&nbsp;&nbsp; 449269 |
| REV Group, Inc.  | 16892 | &nbsp;&nbsp;&nbsp; 957270 |
| Richtech Robotics, Inc. - Class B (a) | 25646 | &nbsp;&nbsp;&nbsp; 110021 |
| SPX Technologies, Inc. (a) | 16918 | &nbsp;&nbsp;&nbsp; 3159944 |
| Standex International Corp.  | 4175 | &nbsp;&nbsp;&nbsp; 884683 |
| Tennant Co.  | 6813 | &nbsp;&nbsp;&nbsp; 552262 |
| Terex Corp.  | 22874 | &nbsp;&nbsp;&nbsp; 1173436 |
| Titan International, Inc. (a) | 17082 | &nbsp;&nbsp;&nbsp; 129140 |
| Trinity Industries, Inc.  | 27557 | &nbsp;&nbsp;&nbsp; 772698 |
| Wabash National Corp.  | 14444 | &nbsp;&nbsp;&nbsp; 142562 |
| Watts Water Technologies, Inc. - Class A | 9637 | &nbsp;&nbsp;&nbsp; 2691421 |
| Worthington Enterprises, Inc.  | 11344 | &nbsp;&nbsp;&nbsp; 629479 |
|  |  | &nbsp;&nbsp;&nbsp; 37920843 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Costamare, Inc.  | 13997 | &nbsp;&nbsp;&nbsp; 166704 |
| Genco Shipping & Trading Ltd. (b) | 11261 | &nbsp;&nbsp;&nbsp; 200446 |
| Himalaya Shipping Ltd. (a) | 10455 | &nbsp;&nbsp;&nbsp; 86045 |
| Matson, Inc. (b) | 11182 | &nbsp;&nbsp;&nbsp; 1102433 |
| Pangaea Logistics Solutions Ltd.  | 10644 | &nbsp;&nbsp;&nbsp; 54072 |
| Safe Bulkers, Inc.  | 19805 | &nbsp;&nbsp;&nbsp; 87934 |
|  |  | &nbsp;&nbsp;&nbsp; 1697634 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Advantage Solutions, Inc. (a) (b) | 36207 | &nbsp;&nbsp;&nbsp; 55397 |
| Altice USA, Inc. - Class A (a) | 92235 | &nbsp;&nbsp;&nbsp; 222286 |
| AMC Networks, Inc. - Class A (a) | 4282 | &nbsp;&nbsp;&nbsp; 35284 |
| Boston Omaha Corp. - Class A (a) | 4072 | &nbsp;&nbsp;&nbsp; 53262 |
| Cable One, Inc. (b) | 1743 | &nbsp;&nbsp;&nbsp; 308598 |
| EchoStar Corp. - Class A (a) (b) | 47167 | &nbsp;&nbsp;&nbsp; 3601672 |
| Entravision Communications Corp. - Class A | 23079 | &nbsp;&nbsp;&nbsp; 53774 |
| EW Scripps Co. - Class A (a) | 23093 | &nbsp;&nbsp;&nbsp; 56809 |
| Gannett Co., Inc. (a) | 49842 | &nbsp;&nbsp;&nbsp; 205847 |
| Gray Media, Inc.  | 31193 | &nbsp;&nbsp;&nbsp; 180295 |
| Ibotta, Inc. - Class A (a) (b) | 5644 | &nbsp;&nbsp;&nbsp; 157185 |
| iHeartMedia, Inc. - Class A (a) | 42665 | &nbsp;&nbsp;&nbsp; 122449 |
| Integral Ad Science Holding Corp. (a) | 26393 | &nbsp;&nbsp;&nbsp; 268417 |
| John Wiley & Sons, Inc. - Class A | 14840 | &nbsp;&nbsp;&nbsp; 600575 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Magnite, Inc. (a) (b) | 48390 | &nbsp;&nbsp;&nbsp; $1053934 |
| National CineMedia, Inc.  | 23021 | &nbsp;&nbsp;&nbsp; 103825 |
| Newsmax, Inc. (a) | 4326 | &nbsp;&nbsp;&nbsp; 53642 |
| Nexxen International Ltd. (a) | 14215 | &nbsp;&nbsp;&nbsp; 131489 |
| PubMatic, Inc. - Class A (a) | 14669 | &nbsp;&nbsp;&nbsp; 121459 |
| Scholastic Corp.  | 8189 | &nbsp;&nbsp;&nbsp; 224215 |
| Sinclair, Inc. (b) | 10616 | &nbsp;&nbsp;&nbsp; 160302 |
| Stagwell, Inc. (a) | 40797 | &nbsp;&nbsp;&nbsp; 229687 |
| TechTarget, Inc. (a) (b) | 9094 | &nbsp;&nbsp;&nbsp; 52836 |
| TEGNA, Inc.  | 55608 | &nbsp;&nbsp;&nbsp; 1130511 |
| Thryv Holdings, Inc. (a) | 14032 | &nbsp;&nbsp;&nbsp; 169226 |
| WideOpenWest, Inc. (a) | 17790 | &nbsp;&nbsp;&nbsp; 91796 |
|  |  | &nbsp;&nbsp;&nbsp; 9444772 |
| **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** |
| Alpha Metallurgical Resources, Inc. (a) | 4219 | &nbsp;&nbsp;&nbsp; 692296 |
| American Battery Technology Co. (a) | 30894 | &nbsp;&nbsp;&nbsp; 150145 |
| Caledonia Mining Corp. PLC | 5467 | &nbsp;&nbsp;&nbsp; 197960 |
| Century Aluminum Co. (a) | 19036 | &nbsp;&nbsp;&nbsp; 558897 |
| Coeur Mining, Inc. (a) | 224852 | &nbsp;&nbsp;&nbsp; 4218223 |
| Commercial Metals Co.  | 39825 | &nbsp;&nbsp;&nbsp; 2281176 |
| Compass Minerals International, Inc. (a) | 12615 | &nbsp;&nbsp;&nbsp; 242208 |
| Constellium SE (a) | 48222 | &nbsp;&nbsp;&nbsp; 717543 |
| Contango ORE, Inc. (a) | 3375 | &nbsp;&nbsp;&nbsp; 84139 |
| Critical Metals Corp. (a) (b) | 4656 | &nbsp;&nbsp;&nbsp; 28960 |
| Dakota Gold Corp. (a) (b) | 31337 | &nbsp;&nbsp;&nbsp; 142583 |
| Ferroglobe PLC | 42257 | &nbsp;&nbsp;&nbsp; 192269 |
| Friedman Industries, Inc.  | 2480 | &nbsp;&nbsp;&nbsp; 54300 |
| Hecla Mining Co.  | 205637 | &nbsp;&nbsp;&nbsp; 2488208 |
| Idaho Strategic Resources, Inc. (a) (b) | 4989 | &nbsp;&nbsp;&nbsp; 168578 |
| Ivanhoe Electric, Inc. (a) (b) | 30543 | &nbsp;&nbsp;&nbsp; 383315 |
| Kaiser Aluminum Corp.  | 5758 | &nbsp;&nbsp;&nbsp; 444287 |
| Lifezone Metals Ltd. (a) | 10916 | &nbsp;&nbsp;&nbsp; 59820 |
| MAC Copper Ltd. (a) | 21918 | &nbsp;&nbsp;&nbsp; 267619 |
| Materion Corp.  | 7396 | &nbsp;&nbsp;&nbsp; 893511 |
| Metallus, Inc. (a) | 14231 | &nbsp;&nbsp;&nbsp; 235238 |
| NioCorp Developments Ltd. (a) (b) | 21045 | &nbsp;&nbsp;&nbsp; 140581 |
| Novagold Resources, Inc. (a) | 105721 | &nbsp;&nbsp;&nbsp; 930345 |
| Olympic Steel, Inc.  | 3243 | &nbsp;&nbsp;&nbsp; 98749 |
| Perpetua Resources Corp. (a) | 26492 | &nbsp;&nbsp;&nbsp; 535933 |
| Ramaco Resources, Inc. - Class A (a) (b) | 10103 | &nbsp;&nbsp;&nbsp; 335318 |
| Ryerson Holding Corp. (b) | 11185 | &nbsp;&nbsp;&nbsp; 255689 |
| SSR Mining, Inc. (a) | 71073 | &nbsp;&nbsp;&nbsp; 1735603 |
| SunCoke Energy, Inc.  | 23917 | &nbsp;&nbsp;&nbsp; 195163 |
| Tredegar Corp. (a) | 2591 | &nbsp;&nbsp;&nbsp; 20806 |
| U.S. Antimony Corp. (a) (b) | 32841 | &nbsp;&nbsp;&nbsp; 203614 |
| U.S. Gold Corp. (a) | 4725 | &nbsp;&nbsp;&nbsp; 77868 |
| Vox Royalty Corp.  | 17295 | &nbsp;&nbsp;&nbsp; 74368 |
| Warrior Met Coal, Inc.  | 18576 | &nbsp;&nbsp;&nbsp; 1182177 |
| Worthington Steel, Inc.  | 11781 | &nbsp;&nbsp;&nbsp; 358025 |
|  |  | &nbsp;&nbsp;&nbsp; 20645514 |
| **Mortgage Real Estate Investment Trusts — 0.8%** | **Mortgage Real Estate Investment Trusts — 0.8%** | **Mortgage Real Estate Investment Trusts — 0.8%** |
| Adamas Trust, Inc.  | 29977 | &nbsp;&nbsp;&nbsp; 208940 |
| AG Mortgage Investment Trust, Inc.  | 10086 | &nbsp;&nbsp;&nbsp; 73023 |
| Apollo Commercial Real Estate Finance, Inc.  | 48837 | &nbsp;&nbsp;&nbsp; 494719 |

---

**BHFTII-200**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mortgage Real Estate Investment Trusts—(Continued)** | **Mortgage Real Estate Investment Trusts—(Continued)** | **Mortgage Real Estate Investment Trusts—(Continued)** |
| Arbor Realty Trust, Inc. (b) | 64699 | &nbsp;&nbsp;&nbsp; $789975 |
| ARES Commercial Real Estate Corp. (b) | 19012 | &nbsp;&nbsp;&nbsp; 85744 |
| ARMOUR Residential REIT, Inc. (b) | 38805 | &nbsp;&nbsp;&nbsp; 579747 |
| Blackstone Mortgage Trust, Inc. - Class A (b) | 57200 | &nbsp;&nbsp;&nbsp; 1053052 |
| BrightSpire Capital, Inc.  | 45363 | &nbsp;&nbsp;&nbsp; 246321 |
| Chicago Atlantic Real Estate Finance, Inc.  | 5740 | &nbsp;&nbsp;&nbsp; 73415 |
| Chimera Investment Corp.  | 28916 | &nbsp;&nbsp;&nbsp; 382269 |
| Claros Mortgage Trust, Inc. (b) | 18415 | &nbsp;&nbsp;&nbsp; 61138 |
| Dynex Capital, Inc.  | 45434 | &nbsp;&nbsp;&nbsp; 558384 |
| Ellington Financial, Inc. (b) | 33383 | &nbsp;&nbsp;&nbsp; 433311 |
| Franklin BSP Realty Trust, Inc. (b) | 29093 | &nbsp;&nbsp;&nbsp; 315950 |
| Invesco Mortgage Capital, Inc. (b) | 14752 | &nbsp;&nbsp;&nbsp; 111525 |
| KKR Real Estate Finance Trust, Inc.  | 18563 | &nbsp;&nbsp;&nbsp; 167067 |
| Ladder Capital Corp.  | 36436 | &nbsp;&nbsp;&nbsp; 397517 |
| MFA Financial, Inc.  | 36102 | &nbsp;&nbsp;&nbsp; 331777 |
| Orchid Island Capital, Inc. (b) | 44935 | &nbsp;&nbsp;&nbsp; 314994 |
| PennyMac Mortgage Investment Trust | 29423 | &nbsp;&nbsp;&nbsp; 360726 |
| Ready Capital Corp. (b) | 58630 | &nbsp;&nbsp;&nbsp; 226898 |
| Redwood Trust, Inc. (b) | 46696 | &nbsp;&nbsp;&nbsp; 270370 |
| Seven Hills Realty Trust (b) | 4508 | &nbsp;&nbsp;&nbsp; 46477 |
| TPG RE Finance Trust, Inc.  | 19693 | &nbsp;&nbsp;&nbsp; 168572 |
| Two Harbors Investment Corp.  | 32422 | &nbsp;&nbsp;&nbsp; 320005 |
|  |  | &nbsp;&nbsp;&nbsp; 8071916 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Avista Corp.  | 28945 | &nbsp;&nbsp;&nbsp; 1094410 |
| Black Hills Corp.  | 25374 | &nbsp;&nbsp;&nbsp; 1562785 |
| Northwestern Energy Group, Inc.  | 21207 | &nbsp;&nbsp;&nbsp; 1242942 |
| Unitil Corp.  | 5731 | &nbsp;&nbsp;&nbsp; 274286 |
|  |  | &nbsp;&nbsp;&nbsp; 4174423 |
| **Office REITs — 0.7%** | **Office REITs — 0.7%** | **Office REITs — 0.7%** |
| Brandywine Realty Trust | 60528 | &nbsp;&nbsp;&nbsp; 252402 |
| City Office REIT, Inc.  | 14027 | &nbsp;&nbsp;&nbsp; 97628 |
| COPT Defense Properties | 40071 | &nbsp;&nbsp;&nbsp; 1164463 |
| Douglas Emmett, Inc.  | 57853 | &nbsp;&nbsp;&nbsp; 900771 |
| Easterly Government Properties, Inc.  | 13938 | &nbsp;&nbsp;&nbsp; 319598 |
| Empire State Realty Trust, Inc. - Class A | 41610 | &nbsp;&nbsp;&nbsp; 318733 |
| Hudson Pacific Properties, Inc. (a) | 130357 | &nbsp;&nbsp;&nbsp; 359785 |
| JBG SMITH Properties (b) | 21817 | &nbsp;&nbsp;&nbsp; 485428 |
| NET Lease Office Properties | 5003 | &nbsp;&nbsp;&nbsp; 148389 |
| Paramount Group, Inc. (a) | 65390 | &nbsp;&nbsp;&nbsp; 427651 |
| Peakstone Realty Trust (b) | 12370 | &nbsp;&nbsp;&nbsp; 162294 |
| Piedmont Realty Trust, Inc. - Class A | 43547 | &nbsp;&nbsp;&nbsp; 391923 |
| Postal Realty Trust, Inc. - Class A | 7808 | &nbsp;&nbsp;&nbsp; 122508 |
| SL Green Realty Corp. (b) | 25038 | &nbsp;&nbsp;&nbsp; 1497523 |
|  |  | &nbsp;&nbsp;&nbsp; 6649096 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| Ardmore Shipping Corp.  | 10132 | &nbsp;&nbsp;&nbsp; 120267 |
| Berry Corp.  | 27020 | &nbsp;&nbsp;&nbsp; 102136 |
| BKV Corp. (a) | 5376 | &nbsp;&nbsp;&nbsp; 124347 |
| California Resources Corp.  | 23625 | &nbsp;&nbsp;&nbsp; 1256377 |
| Calumet, Inc. (a) | 25181 | &nbsp;&nbsp;&nbsp; 459553 |
| Centrus Energy Corp. - Class A (a) (b) | 5470 | &nbsp;&nbsp;&nbsp; 1696083 |
| Clean Energy Fuels Corp. (a) | 60796 | &nbsp;&nbsp;&nbsp; 156854 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| CNX Resources Corp. (a) (b) | 47593 | &nbsp;&nbsp;&nbsp; $1528687 |
| Comstock Resources, Inc. (a) (b) | 26667 | &nbsp;&nbsp;&nbsp; 528807 |
| Core Natural Resources, Inc.  | 18131 | &nbsp;&nbsp;&nbsp; 1513576 |
| Crescent Energy Co. - Class A | 65017 | &nbsp;&nbsp;&nbsp; 579952 |
| CVR Energy, Inc. (a) | 10391 | &nbsp;&nbsp;&nbsp; 379064 |
| Delek U.S. Holdings, Inc.  | 20780 | &nbsp;&nbsp;&nbsp; 670571 |
| DHT Holdings, Inc.  | 40909 | &nbsp;&nbsp;&nbsp; 488863 |
| Diversified Energy Co. PLC | 20180 | &nbsp;&nbsp;&nbsp; 282722 |
| Dorian LPG Ltd.  | 13115 | &nbsp;&nbsp;&nbsp; 390827 |
| Encore Energy Corp. (a) (b) | 66494 | &nbsp;&nbsp;&nbsp; 213446 |
| Energy Fuels, Inc. (a) | 74781 | &nbsp;&nbsp;&nbsp; 1147888 |
| Evolution Petroleum Corp. (b) | 11021 | &nbsp;&nbsp;&nbsp; 53121 |
| Excelerate Energy, Inc. - Class A | 8493 | &nbsp;&nbsp;&nbsp; 213939 |
| FLEX LNG Ltd. (a) | 11155 | &nbsp;&nbsp;&nbsp; 281106 |
| Gevo, Inc. (a) (b) | 80896 | &nbsp;&nbsp;&nbsp; 158556 |
| Golar LNG Ltd. (b) | 34730 | &nbsp;&nbsp;&nbsp; 1403439 |
| Granite Ridge Resources, Inc. (b) | 17793 | &nbsp;&nbsp;&nbsp; 96260 |
| Green Plains, Inc. (a) | 18225 | &nbsp;&nbsp;&nbsp; 160198 |
| Gulfport Energy Corp. (a) | 5504 | &nbsp;&nbsp;&nbsp; 996114 |
| Infinity Natural Resources, Inc. - Class A (a) | 4799 | &nbsp;&nbsp;&nbsp; 62915 |
| International Seaways, Inc.  | 14518 | &nbsp;&nbsp;&nbsp; 668989 |
| Kinetik Holdings, Inc. (b) | 15953 | &nbsp;&nbsp;&nbsp; 681831 |
| Kolibri Global Energy, Inc. (a) (b) | 13575 | &nbsp;&nbsp;&nbsp; 75341 |
| Kosmos Energy Ltd. (a) (b) | 165414 | &nbsp;&nbsp;&nbsp; 274587 |
| Lightbridge Corp. (a) | 7188 | &nbsp;&nbsp;&nbsp; 152457 |
| Magnolia Oil & Gas Corp. - Class A (b) | 64796 | &nbsp;&nbsp;&nbsp; 1546681 |
| Murphy Oil Corp.  | 48438 | &nbsp;&nbsp;&nbsp; 1376124 |
| NACCO Industries, Inc. - Class A | 1471 | &nbsp;&nbsp;&nbsp; 62017 |
| Navigator Holdings Ltd.  | 8948 | &nbsp;&nbsp;&nbsp; 138605 |
| New Fortress Energy, Inc. (a) (b) | 63520 | &nbsp;&nbsp;&nbsp; 140379 |
| NextDecade Corp. (a) | 40755 | &nbsp;&nbsp;&nbsp; 276726 |
| Nordic American Tankers Ltd.  | 71738 | &nbsp;&nbsp;&nbsp; 225257 |
| Northern Oil & Gas, Inc. (b) | 33738 | &nbsp;&nbsp;&nbsp; 836702 |
| Par Pacific Holdings, Inc. (a) | 18591 | &nbsp;&nbsp;&nbsp; 658493 |
| PBF Energy, Inc. - Class A | 30183 | &nbsp;&nbsp;&nbsp; 910621 |
| Peabody Energy Corp.  | 42576 | &nbsp;&nbsp;&nbsp; 1129116 |
| REX American Resources Corp. (a) | 10512 | &nbsp;&nbsp;&nbsp; 321877 |
| Riley Exploration Permian, Inc.  | 4955 | &nbsp;&nbsp;&nbsp; 134330 |
| Sable Offshore Corp. (a) (b) | 26689 | &nbsp;&nbsp;&nbsp; 465990 |
| SandRidge Energy, Inc.  | 13175 | &nbsp;&nbsp;&nbsp; 148614 |
| Scorpio Tankers, Inc.  | 15809 | &nbsp;&nbsp;&nbsp; 886094 |
| SFL Corp. Ltd.  | 34520 | &nbsp;&nbsp;&nbsp; 259936 |
| SM Energy Co.  | 40979 | &nbsp;&nbsp;&nbsp; 1023246 |
| Summit Midstream Corp. (a) | 3808 | &nbsp;&nbsp;&nbsp; 78216 |
| Talos Energy, Inc. (a) | 38002 | &nbsp;&nbsp;&nbsp; 364439 |
| Teekay Corp. Ltd.  | 18307 | &nbsp;&nbsp;&nbsp; 149751 |
| Teekay Tankers Ltd. - Class A | 8649 | &nbsp;&nbsp;&nbsp; 437207 |
| Uranium Energy Corp. (a) (b) | 148165 | &nbsp;&nbsp;&nbsp; 1976521 |
| VAALCO Energy, Inc.  | 36222 | &nbsp;&nbsp;&nbsp; 145612 |
| Viper Energy, Inc. - Class A | 1 | &nbsp;&nbsp;&nbsp; 38 |
| Vital Energy, Inc. (a) | 10293 | &nbsp;&nbsp;&nbsp; 173849 |
| Vitesse Energy, Inc. (b) | 10875 | &nbsp;&nbsp;&nbsp; 252626 |
| W&T Offshore, Inc. (b) | 35058 | &nbsp;&nbsp;&nbsp; 63806 |
| World Kinect Corp.  | 19210 | &nbsp;&nbsp;&nbsp; 498500 |
|  |  | &nbsp;&nbsp;&nbsp; 31600246 |

---

**BHFTII-201**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Clearwater Paper Corp. (a) | 5381 | &nbsp;&nbsp;&nbsp; $111709 |
| Magnera Corp. (a) | 7971 | &nbsp;&nbsp;&nbsp; 93420 |
| Sylvamo Corp.  | 12653 | &nbsp;&nbsp;&nbsp; 559516 |
|  |  | &nbsp;&nbsp;&nbsp; 764645 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Allegiant Travel Co. (a) | 5412 | &nbsp;&nbsp;&nbsp; 328887 |
| Frontier Group Holdings, Inc. (a) (b) | 30598 | &nbsp;&nbsp;&nbsp; 135090 |
| JetBlue Airways Corp. (a) (b) | 115050 | &nbsp;&nbsp;&nbsp; 566046 |
| Joby Aviation, Inc. (a) (b) | 162190 | &nbsp;&nbsp;&nbsp; 2617747 |
| SkyWest, Inc. (a) | 14160 | &nbsp;&nbsp;&nbsp; 1424779 |
| Strata Critical Medical, Inc. (a) (b) | 11344 | &nbsp;&nbsp;&nbsp; 57401 |
| Sun Country Airlines Holdings, Inc. (a) | 18930 | &nbsp;&nbsp;&nbsp; 223563 |
|  |  | &nbsp;&nbsp;&nbsp; 5353513 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Beauty Health Co. (a) | 42419 | &nbsp;&nbsp;&nbsp; 84414 |
| Edgewell Personal Care Co.  | 16269 | &nbsp;&nbsp;&nbsp; 331237 |
| Herbalife Ltd. (a) | 35469 | &nbsp;&nbsp;&nbsp; 299358 |
| Honest Co., Inc. (a) | 34053 | &nbsp;&nbsp;&nbsp; 125315 |
| Interparfums, Inc.  | 6542 | &nbsp;&nbsp;&nbsp; 643602 |
| Medifast, Inc. (a) | 3603 | &nbsp;&nbsp;&nbsp; 49253 |
| Nature's Sunshine Products, Inc. (a) | 6239 | &nbsp;&nbsp;&nbsp; 96829 |
| Nu Skin Enterprises, Inc. - Class A | 17255 | &nbsp;&nbsp;&nbsp; 210338 |
| Olaplex Holdings, Inc. (a) (b) | 53288 | &nbsp;&nbsp;&nbsp; 69807 |
| USANA Health Sciences, Inc. (a) | 3610 | &nbsp;&nbsp;&nbsp; 99456 |
|  |  | &nbsp;&nbsp;&nbsp; 2009609 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| Aclaris Therapeutics, Inc. (a) | 31041 | &nbsp;&nbsp;&nbsp; 58978 |
| Alumis, Inc. (a) (b) | 19466 | &nbsp;&nbsp;&nbsp; 77669 |
| Amneal Pharmaceuticals, Inc. (a) | 52451 | &nbsp;&nbsp;&nbsp; 525034 |
| Amphastar Pharmaceuticals, Inc. (a) | 13889 | &nbsp;&nbsp;&nbsp; 370142 |
| Amylyx Pharmaceuticals, Inc. (a) | 25915 | &nbsp;&nbsp;&nbsp; 352185 |
| ANI Pharmaceuticals, Inc. (a) | 6205 | &nbsp;&nbsp;&nbsp; 568378 |
| Aquestive Therapeutics, Inc. (a) | 30239 | &nbsp;&nbsp;&nbsp; 169036 |
| Arvinas, Inc. (a) | 16810 | &nbsp;&nbsp;&nbsp; 143221 |
| Atea Pharmaceuticals, Inc. (a) (b) | 28843 | &nbsp;&nbsp;&nbsp; 83645 |
| Avadel Pharmaceuticals PLC (a) | 33584 | &nbsp;&nbsp;&nbsp; 512828 |
| Axsome Therapeutics, Inc. (a) | 14073 | &nbsp;&nbsp;&nbsp; 1709166 |
| Collegium Pharmaceutical, Inc. (a) | 11835 | &nbsp;&nbsp;&nbsp; 414107 |
| CorMedix, Inc. (a) (b) | 24622 | &nbsp;&nbsp;&nbsp; 286354 |
| Crinetics Pharmaceuticals, Inc. (a) (b) | 32132 | &nbsp;&nbsp;&nbsp; 1338298 |
| Edgewise Therapeutics, Inc. (a) | 26159 | &nbsp;&nbsp;&nbsp; 424299 |
| Enliven Therapeutics, Inc. (a) | 14692 | &nbsp;&nbsp;&nbsp; 300745 |
| Esperion Therapeutics, Inc. (a) (b) | 69990 | &nbsp;&nbsp;&nbsp; 185473 |
| Eton Pharmaceuticals, Inc. (a) | 9379 | &nbsp;&nbsp;&nbsp; 203806 |
| Evolus, Inc. (a) | 12737 | &nbsp;&nbsp;&nbsp; 78205 |
| EyePoint Pharmaceuticals, Inc. (a) | 23992 | &nbsp;&nbsp;&nbsp; 341646 |
| Fulcrum Therapeutics, Inc. (a) | 12855 | &nbsp;&nbsp;&nbsp; 118266 |
| Harmony Biosciences Holdings, Inc. (a) | 15912 | &nbsp;&nbsp;&nbsp; 438535 |
| Harrow, Inc. (a) | 11055 | &nbsp;&nbsp;&nbsp; 532630 |
| Indivior PLC (a) | 44037 | &nbsp;&nbsp;&nbsp; 1061732 |
| Innoviva, Inc. (a) | 22731 | &nbsp;&nbsp;&nbsp; 414841 |
| LENZ Therapeutics, Inc. (a) | 5451 | &nbsp;&nbsp;&nbsp; 253908 |
| Ligand Pharmaceuticals, Inc. (a) | 6580 | &nbsp;&nbsp;&nbsp; 1165581 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Liquidia Corp. (a) | 23874 | &nbsp;&nbsp;&nbsp; $542895 |
| Maze Therapeutics, Inc. (a) (b) | 7061 | &nbsp;&nbsp;&nbsp; 183092 |
| MBX Biosciences, Inc. (a) | 6651 | &nbsp;&nbsp;&nbsp; 116392 |
| Mind Medicine MindMed, Inc. (a) (b) | 31088 | &nbsp;&nbsp;&nbsp; 366528 |
| Nuvation Bio, Inc. (a) (b) | 88674 | &nbsp;&nbsp;&nbsp; 328094 |
| Ocular Therapeutix, Inc. (a) | 50748 | &nbsp;&nbsp;&nbsp; 593244 |
| Omeros Corp. (a) (b) | 7829 | &nbsp;&nbsp;&nbsp; 32099 |
| Pacira BioSciences, Inc. (a) | 16717 | &nbsp;&nbsp;&nbsp; 430797 |
| Phathom Pharmaceuticals, Inc. (a) (b) | 15814 | &nbsp;&nbsp;&nbsp; 186131 |
| Phibro Animal Health Corp. - Class A | 6746 | &nbsp;&nbsp;&nbsp; 272943 |
| Prestige Consumer Healthcare, Inc. (a) | 17807 | &nbsp;&nbsp;&nbsp; 1111157 |
| Rapport Therapeutics, Inc. (a) | 6526 | &nbsp;&nbsp;&nbsp; 193822 |
| Scilex Holding Co. (a) | 627 | &nbsp;&nbsp;&nbsp; 12339 |
| scPharmaceuticals, Inc. (a) | 13997 | &nbsp;&nbsp;&nbsp; 79363 |
| Septerna, Inc. (a) (b) | 8261 | &nbsp;&nbsp;&nbsp; 155389 |
| SIGA Technologies, Inc. (b) | 9526 | &nbsp;&nbsp;&nbsp; 87163 |
| Supernus Pharmaceuticals, Inc. (a) | 19455 | &nbsp;&nbsp;&nbsp; 929754 |
| Tarsus Pharmaceuticals, Inc. (a) | 14081 | &nbsp;&nbsp;&nbsp; 836834 |
| Terns Pharmaceuticals, Inc. (a) | 27516 | &nbsp;&nbsp;&nbsp; 206645 |
| Theravance Biopharma, Inc. (a) | 15498 | &nbsp;&nbsp;&nbsp; 226271 |
| Third Harmonic Bio, Inc. (a) (d) (e) | 10177 | &nbsp;&nbsp;&nbsp; 0 |
| Trevi Therapeutics, Inc. (a) | 30591 | &nbsp;&nbsp;&nbsp; 279908 |
| Tvardi Therapeutics, Inc. (a) (b) | 1687 | &nbsp;&nbsp;&nbsp; 65742 |
| WaVe Life Sciences Ltd. (a) | 33442 | &nbsp;&nbsp;&nbsp; 244795 |
| Xeris Biopharma Holdings, Inc. (a) | 52014 | &nbsp;&nbsp;&nbsp; 423394 |
| Zevra Therapeutics, Inc. (a) (b) | 12790 | &nbsp;&nbsp;&nbsp; 121633 |
|  |  | &nbsp;&nbsp;&nbsp; 20155132 |
| **Professional Services — 1.9%** | **Professional Services — 1.9%** | **Professional Services — 1.9%** |
| Acuren Corp. (a) (b) | 61475 | &nbsp;&nbsp;&nbsp; 818232 |
| Alight, Inc. - Class A | 151762 | &nbsp;&nbsp;&nbsp; 494744 |
| Asure Software, Inc. (a) | 1625 | &nbsp;&nbsp;&nbsp; 13325 |
| Barrett Business Services, Inc. (b) | 9231 | &nbsp;&nbsp;&nbsp; 409118 |
| BlackSky Technology, Inc. (a) (b) | 11134 | &nbsp;&nbsp;&nbsp; 224350 |
| CBIZ, Inc. (a) | 17194 | &nbsp;&nbsp;&nbsp; 910594 |
| Conduent, Inc. (a) | 52371 | &nbsp;&nbsp;&nbsp; 146639 |
| CRA International, Inc.  | 2373 | &nbsp;&nbsp;&nbsp; 494842 |
| CSG Systems International, Inc.  | 9908 | &nbsp;&nbsp;&nbsp; 637877 |
| Exponent, Inc.  | 17584 | &nbsp;&nbsp;&nbsp; 1221736 |
| First Advantage Corp. (a) (b) | 28836 | &nbsp;&nbsp;&nbsp; 443786 |
| Franklin Covey Co. (a) | 3849 | &nbsp;&nbsp;&nbsp; 74709 |
| Heidrick & Struggles International, Inc.  | 7262 | &nbsp;&nbsp;&nbsp; 361430 |
| Huron Consulting Group, Inc. (a) | 5965 | &nbsp;&nbsp;&nbsp; 875483 |
| IBEX Holdings Ltd. (a) | 3785 | &nbsp;&nbsp;&nbsp; 153368 |
| ICF International, Inc.  | 6190 | &nbsp;&nbsp;&nbsp; 574432 |
| Innodata, Inc. (a) (b) | 10923 | &nbsp;&nbsp;&nbsp; 841836 |
| Insperity, Inc.  | 12991 | &nbsp;&nbsp;&nbsp; 639157 |
| Kelly Services, Inc. - Class A | 7609 | &nbsp;&nbsp;&nbsp; 99830 |
| Kforce, Inc.  | 6724 | &nbsp;&nbsp;&nbsp; 201586 |
| Korn Ferry | 17927 | &nbsp;&nbsp;&nbsp; 1254532 |
| Legalzoom.com, Inc. (a) | 41824 | &nbsp;&nbsp;&nbsp; 434133 |
| Maximus, Inc.  | 19822 | &nbsp;&nbsp;&nbsp; 1811136 |
| Mistras Group, Inc. (a) | 1495 | &nbsp;&nbsp;&nbsp; 14711 |
| Planet Labs PBC (a) | 81772 | &nbsp;&nbsp;&nbsp; 1061401 |
| Resolute Holdings Management, Inc. (a) | 1728 | &nbsp;&nbsp;&nbsp; 124675 |
| Resources Connection, Inc.  | 11604 | &nbsp;&nbsp;&nbsp; 58600 |

---

**BHFTII-202**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Professional Services—(Continued)** | **Professional Services—(Continued)** | **Professional Services—(Continued)** |
| Spire Global, Inc. (a) | 10497 | &nbsp;&nbsp;&nbsp; $115362 |
| TriNet Group, Inc. (b) | 10775 | &nbsp;&nbsp;&nbsp; 720740 |
| TrueBlue, Inc. (a) | 10205 | &nbsp;&nbsp;&nbsp; 62557 |
| Upwork, Inc. (a) | 44692 | &nbsp;&nbsp;&nbsp; 829930 |
| Verra Mobility Corp. (a) | 55578 | &nbsp;&nbsp;&nbsp; 1372777 |
| Willdan Group, Inc. (a) | 5018 | &nbsp;&nbsp;&nbsp; 485190 |
| WNS Holdings Ltd. (a) | 13071 | &nbsp;&nbsp;&nbsp; 996925 |
|  |  | &nbsp;&nbsp;&nbsp; 18979743 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Anywhere Real Estate, Inc. (a) | 27681 | &nbsp;&nbsp;&nbsp; 293142 |
| Compass, Inc. - Class A (a) | 164808 | &nbsp;&nbsp;&nbsp; 1323408 |
| Cushman & Wakefield PLC (a) | 82024 | &nbsp;&nbsp;&nbsp; 1305822 |
| Douglas Elliman, Inc. (a) | 27698 | &nbsp;&nbsp;&nbsp; 79216 |
| eXp World Holdings, Inc. (b) | 30867 | &nbsp;&nbsp;&nbsp; 329042 |
| Forestar Group, Inc. (a) | 6691 | &nbsp;&nbsp;&nbsp; 177914 |
| FRP Holdings, Inc. (a) | 4570 | &nbsp;&nbsp;&nbsp; 111325 |
| Kennedy-Wilson Holdings, Inc. (b) | 42399 | &nbsp;&nbsp;&nbsp; 352760 |
| Marcus & Millichap, Inc.  | 8432 | &nbsp;&nbsp;&nbsp; 247479 |
| Newmark Group, Inc. - Class A | 54202 | &nbsp;&nbsp;&nbsp; 1010867 |
| RE/MAX Holdings, Inc. - Class A (a) | 690 | &nbsp;&nbsp;&nbsp; 6507 |
| Real Brokerage, Inc. (a) | 32028 | &nbsp;&nbsp;&nbsp; 133877 |
| RMR Group, Inc. - Class A | 4666 | &nbsp;&nbsp;&nbsp; 73396 |
| Seaport Entertainment Group, Inc. (a) (b) | 3029 | &nbsp;&nbsp;&nbsp; 69425 |
| St. Joe Co.  | 13743 | &nbsp;&nbsp;&nbsp; 680004 |
| Tejon Ranch Co. (a) | 6848 | &nbsp;&nbsp;&nbsp; 109431 |
|  |  | &nbsp;&nbsp;&nbsp; 6303615 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| Apartment Investment & Management Co. - Class A | 39855 | &nbsp;&nbsp;&nbsp; 316050 |
| BRT Apartments Corp.  | 3996 | &nbsp;&nbsp;&nbsp; 62577 |
| Centerspace | 5894 | &nbsp;&nbsp;&nbsp; 347157 |
| Elme Communities | 28672 | &nbsp;&nbsp;&nbsp; 483410 |
| Independence Realty Trust, Inc. (b) | 83745 | &nbsp;&nbsp;&nbsp; 1372581 |
| NexPoint Residential Trust, Inc.  | 8482 | &nbsp;&nbsp;&nbsp; 273290 |
| UMH Properties, Inc.  | 24985 | &nbsp;&nbsp;&nbsp; 371027 |
| Veris Residential, Inc.  | 28166 | &nbsp;&nbsp;&nbsp; 428123 |
|  |  | &nbsp;&nbsp;&nbsp; 3654215 |
| **Retail REITs — 1.2%** | **Retail REITs — 1.2%** | **Retail REITs — 1.2%** |
| Acadia Realty Trust | 47582 | &nbsp;&nbsp;&nbsp; 958777 |
| Alexander's, Inc.  | 759 | &nbsp;&nbsp;&nbsp; 177978 |
| CBL & Associates Properties, Inc.  | 6812 | &nbsp;&nbsp;&nbsp; 208311 |
| Curbline Properties Corp.  | 35266 | &nbsp;&nbsp;&nbsp; 786432 |
| FrontView REIT, Inc.  | 5445 | &nbsp;&nbsp;&nbsp; 74651 |
| Getty Realty Corp. (b) | 18741 | &nbsp;&nbsp;&nbsp; 502821 |
| InvenTrust Properties Corp.  | 27709 | &nbsp;&nbsp;&nbsp; 793031 |
| Kite Realty Group Trust (b) | 77422 | &nbsp;&nbsp;&nbsp; 1726511 |
| Macerich Co. (b) | 88454 | &nbsp;&nbsp;&nbsp; 1609863 |
| NETSTREIT Corp. (b) | 33137 | &nbsp;&nbsp;&nbsp; 598454 |
| Phillips Edison & Co., Inc.  | 44220 | &nbsp;&nbsp;&nbsp; 1518073 |
| Saul Centers, Inc.  | 5210 | &nbsp;&nbsp;&nbsp; 166043 |
| SITE Centers Corp. (b) | 11460 | &nbsp;&nbsp;&nbsp; 103255 |
| Tanger, Inc.  | 38830 | &nbsp;&nbsp;&nbsp; 1314007 |
| Urban Edge Properties | 45869 | &nbsp;&nbsp;&nbsp; 938938 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Retail REITs—(Continued)** | **Retail REITs—(Continued)** | **Retail REITs—(Continued)** |
| Whitestone REIT | 13758 | &nbsp;&nbsp;&nbsp; $168948 |
|  |  | &nbsp;&nbsp;&nbsp; 11646093 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| ACM Research, Inc. - Class A (a) | 18328 | &nbsp;&nbsp;&nbsp; 717175 |
| Aehr Test Systems (a) (b) | 9978 | &nbsp;&nbsp;&nbsp; 300438 |
| Aeluma, Inc. (a) | 3822 | &nbsp;&nbsp;&nbsp; 61534 |
| Alpha & Omega Semiconductor Ltd. (a) | 8473 | &nbsp;&nbsp;&nbsp; 236905 |
| Ambarella, Inc. (a) (b) | 14063 | &nbsp;&nbsp;&nbsp; 1160479 |
| Ambiq Micro, Inc. (a) | 1814 | &nbsp;&nbsp;&nbsp; 54275 |
| Axcelis Technologies, Inc. (a) | 11148 | &nbsp;&nbsp;&nbsp; 1088491 |
| Blaize Holdings, Inc. (a) | 27336 | &nbsp;&nbsp;&nbsp; 94309 |
| CEVA, Inc. (a) | 8407 | &nbsp;&nbsp;&nbsp; 222029 |
| Cohu, Inc. (a) | 16636 | &nbsp;&nbsp;&nbsp; 338210 |
| Credo Technology Group Holding Ltd. (a) | 51440 | &nbsp;&nbsp;&nbsp; 7490178 |
| Diodes, Inc. (a) (b) | 16352 | &nbsp;&nbsp;&nbsp; 870090 |
| FormFactor, Inc. (a) (c) | 27747 | &nbsp;&nbsp;&nbsp; 1010546 |
| Ichor Holdings Ltd. (a) | 11886 | &nbsp;&nbsp;&nbsp; 208243 |
| Impinj, Inc. (a) | 9076 | &nbsp;&nbsp;&nbsp; 1640487 |
| indie Semiconductor, Inc. - Class A (a) (b) | 58367 | &nbsp;&nbsp;&nbsp; 237554 |
| Kopin Corp. (a) | 56284 | &nbsp;&nbsp;&nbsp; 136770 |
| Kulicke & Soffa Industries, Inc.  | 17640 | &nbsp;&nbsp;&nbsp; 716890 |
| MaxLinear, Inc. (a) | 28682 | &nbsp;&nbsp;&nbsp; 461206 |
| Navitas Semiconductor Corp. (a) (b) | 41482 | &nbsp;&nbsp;&nbsp; 299500 |
| NVE Corp.  | 1605 | &nbsp;&nbsp;&nbsp; 104758 |
| PDF Solutions, Inc. (a) | 11198 | &nbsp;&nbsp;&nbsp; 289132 |
| Penguin Solutions, Inc. (a) (b) | 18743 | &nbsp;&nbsp;&nbsp; 492566 |
| Photronics, Inc. (a) | 20051 | &nbsp;&nbsp;&nbsp; 460170 |
| Power Integrations, Inc.  | 19332 | &nbsp;&nbsp;&nbsp; 777340 |
| Rambus, Inc. (a) | 37379 | &nbsp;&nbsp;&nbsp; 3894892 |
| Rigetti Computing, Inc. (a) (b) | 111338 | &nbsp;&nbsp;&nbsp; 3316759 |
| Semtech Corp. (a) | 30440 | &nbsp;&nbsp;&nbsp; 2174938 |
| Silicon Laboratories, Inc. (a) | 11264 | &nbsp;&nbsp;&nbsp; 1477048 |
| SiTime Corp. (a) (b) | 7381 | &nbsp;&nbsp;&nbsp; 2223969 |
| SkyWater Technology, Inc. (a) (b) | 10442 | &nbsp;&nbsp;&nbsp; 194848 |
| Synaptics, Inc. (a) | 13294 | &nbsp;&nbsp;&nbsp; 908512 |
| Ultra Clean Holdings, Inc. (a) | 15886 | &nbsp;&nbsp;&nbsp; 432893 |
| Veeco Instruments, Inc. (a) | 19960 | &nbsp;&nbsp;&nbsp; 607383 |
|  |  | &nbsp;&nbsp;&nbsp; 34700517 |
| **Software — 6.3%** | **Software — 6.3%** | **Software — 6.3%** |
| 8x8, Inc. (a) | 47018 | &nbsp;&nbsp;&nbsp; 99678 |
| A10 Networks, Inc. (b) | 25090 | &nbsp;&nbsp;&nbsp; 455383 |
| ACI Worldwide, Inc. (a) | 36983 | &nbsp;&nbsp;&nbsp; 1951593 |
| Adeia, Inc.  | 35987 | &nbsp;&nbsp;&nbsp; 604582 |
| Agilysys, Inc. (a) | 8870 | &nbsp;&nbsp;&nbsp; 933567 |
| Alarm.com Holdings, Inc. (a) | 16275 | &nbsp;&nbsp;&nbsp; 863877 |
| Alkami Technology, Inc. (a) (b) | 24729 | &nbsp;&nbsp;&nbsp; 614268 |
| Amplitude, Inc. - Class A (a) | 31814 | &nbsp;&nbsp;&nbsp; 341046 |
| Appian Corp. - Class A (a) | 14461 | &nbsp;&nbsp;&nbsp; 442073 |
| Arteris, Inc. (a) | 9551 | &nbsp;&nbsp;&nbsp; 96465 |
| Asana, Inc. - Class A (a) | 30484 | &nbsp;&nbsp;&nbsp; 407266 |
| AvePoint, Inc. (a) | 48094 | &nbsp;&nbsp;&nbsp; 721891 |
| Bit Digital, Inc. (a) (b) | 112667 | &nbsp;&nbsp;&nbsp; 338001 |
| Bitdeer Technologies Group - Class A (a) | 32837 | &nbsp;&nbsp;&nbsp; 561184 |
| Blackbaud, Inc. (a) | 13452 | &nbsp;&nbsp;&nbsp; 865098 |

---

**BHFTII-203**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| BlackLine, Inc. (a) (c) | 18099 | &nbsp;&nbsp;&nbsp; $961057 |
| Blend Labs, Inc. - Class A (a) | 74434 | &nbsp;&nbsp;&nbsp; 271684 |
| Box, Inc. - Class A (a) | 49107 | &nbsp;&nbsp;&nbsp; 1584683 |
| Braze, Inc. - Class A (a) | 27663 | &nbsp;&nbsp;&nbsp; 786736 |
| C3.ai, Inc. - Class A (a) (b) | 43771 | &nbsp;&nbsp;&nbsp; 758989 |
| Cerence, Inc. (a) (b) | 10909 | &nbsp;&nbsp;&nbsp; 135926 |
| Cipher Mining, Inc. (a) (b) | 92656 | &nbsp;&nbsp;&nbsp; 1166539 |
| Cleanspark, Inc. (a) (b) | 100328 | &nbsp;&nbsp;&nbsp; 1454756 |
| Clear Secure, Inc. - Class A (b) | 29510 | &nbsp;&nbsp;&nbsp; 985044 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 86629 | &nbsp;&nbsp;&nbsp; 1561055 |
| Commvault Systems, Inc. (a) | 15532 | &nbsp;&nbsp;&nbsp; 2932131 |
| Consensus Cloud Solutions, Inc. (a) | 6453 | &nbsp;&nbsp;&nbsp; 189525 |
| Core Scientific, Inc. (a) (b) | 99724 | &nbsp;&nbsp;&nbsp; 1789049 |
| CoreCard Corp. (a) | 2098 | &nbsp;&nbsp;&nbsp; 56478 |
| CS Disco, Inc. (a) | 9314 | &nbsp;&nbsp;&nbsp; 60168 |
| Daily Journal Corp. (a) (b) | 502 | &nbsp;&nbsp;&nbsp; 233500 |
| Digimarc Corp. (a) | 242 | &nbsp;&nbsp;&nbsp; 2364 |
| Digital Turbine, Inc. (a) | 36842 | &nbsp;&nbsp;&nbsp; 235789 |
| Domo, Inc. - Class B (a) | 11406 | &nbsp;&nbsp;&nbsp; 180671 |
| D-Wave Quantum, Inc. (a) (b) | 107664 | &nbsp;&nbsp;&nbsp; 2660377 |
| eGain Corp. (a) | 6457 | &nbsp;&nbsp;&nbsp; 56240 |
| EverCommerce, Inc. (a) (b) | 8186 | &nbsp;&nbsp;&nbsp; 91110 |
| Five9, Inc. (a) | 27555 | &nbsp;&nbsp;&nbsp; 666831 |
| Freshworks, Inc. - Class A (a) | 70327 | &nbsp;&nbsp;&nbsp; 827749 |
| Hut 8 Corp. (a) | 32919 | &nbsp;&nbsp;&nbsp; 1145910 |
| I3 Verticals, Inc. - Class A (a) (b) | 8394 | &nbsp;&nbsp;&nbsp; 272469 |
| Intapp, Inc. (a) | 20053 | &nbsp;&nbsp;&nbsp; 820168 |
| InterDigital, Inc. (b) | 9095 | &nbsp;&nbsp;&nbsp; 3139867 |
| Jamf Holding Corp. (a) | 24498 | &nbsp;&nbsp;&nbsp; 262129 |
| Kaltura, Inc. (a) | 35201 | &nbsp;&nbsp;&nbsp; 50689 |
| Life360, Inc. (a) (b) | 5882 | &nbsp;&nbsp;&nbsp; 625257 |
| LiveRamp Holdings, Inc. (a) | 23308 | &nbsp;&nbsp;&nbsp; 632579 |
| MARA Holdings, Inc. (a) (b) | 129362 | &nbsp;&nbsp;&nbsp; 2362150 |
| Mercurity Fintech Holding, Inc. (a) (b) | 7115 | &nbsp;&nbsp;&nbsp; 174887 |
| Meridianlink, Inc. (a) | 11232 | &nbsp;&nbsp;&nbsp; 223854 |
| Mitek Systems, Inc. (a) | 11332 | &nbsp;&nbsp;&nbsp; 110714 |
| N-able, Inc. (a) | 29005 | &nbsp;&nbsp;&nbsp; 226239 |
| NCR Voyix Corp. (a) (b) | 46398 | &nbsp;&nbsp;&nbsp; 582295 |
| NextNav, Inc. (a) (b) | 32050 | &nbsp;&nbsp;&nbsp; 458315 |
| ON24, Inc. (a) | 5975 | &nbsp;&nbsp;&nbsp; 34177 |
| OneSpan, Inc.  | 9931 | &nbsp;&nbsp;&nbsp; 157804 |
| Ooma, Inc. (a) | 8142 | &nbsp;&nbsp;&nbsp; 97623 |
| Pagaya Technologies Ltd. - Class A (a) (b) | 16142 | &nbsp;&nbsp;&nbsp; 479256 |
| PagerDuty, Inc. (a) | 30336 | &nbsp;&nbsp;&nbsp; 501151 |
| Porch Group, Inc. (a) | 29594 | &nbsp;&nbsp;&nbsp; 496587 |
| Progress Software Corp. (a) | 15234 | &nbsp;&nbsp;&nbsp; 669230 |
| PROS Holdings, Inc. (a) (b) | 15350 | &nbsp;&nbsp;&nbsp; 351668 |
| Q2 Holdings, Inc. (a) | 21778 | &nbsp;&nbsp;&nbsp; 1576509 |
| Qualys, Inc. (a) | 12805 | &nbsp;&nbsp;&nbsp; 1694486 |
| Rapid7, Inc. (a) | 24113 | &nbsp;&nbsp;&nbsp; 452119 |
| Red Violet, Inc.  | 4110 | &nbsp;&nbsp;&nbsp; 214747 |
| ReposiTrak, Inc. (b) | 3885 | &nbsp;&nbsp;&nbsp; 57576 |
| Rezolve AI PLC (a) (b) | 51860 | &nbsp;&nbsp;&nbsp; 258263 |
| Rimini Street, Inc. (a) | 17477 | &nbsp;&nbsp;&nbsp; 81792 |
| Riot Platforms, Inc. (a) | 121336 | &nbsp;&nbsp;&nbsp; 2309024 |
| Sapiens International Corp. NV | 11083 | &nbsp;&nbsp;&nbsp; 476569 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| SEMrush Holdings, Inc. - Class A (a) | 17232 | &nbsp;&nbsp;&nbsp; $122003 |
| SoundHound AI, Inc. - Class A (a) (b) | 127713 | &nbsp;&nbsp;&nbsp; 2053625 |
| Sprinklr, Inc. - Class A (a) | 40334 | &nbsp;&nbsp;&nbsp; 311378 |
| Sprout Social, Inc. - Class A (a) | 19955 | &nbsp;&nbsp;&nbsp; 257819 |
| SPS Commerce, Inc. (a) | 13304 | &nbsp;&nbsp;&nbsp; 1385479 |
| Telos Corp. (a) | 14562 | &nbsp;&nbsp;&nbsp; 99604 |
| Tenable Holdings, Inc. (a) | 43017 | &nbsp;&nbsp;&nbsp; 1254376 |
| Terawulf, Inc. (a) (b) | 98873 | &nbsp;&nbsp;&nbsp; 1129130 |
| Varonis Systems, Inc. (a) | 38752 | &nbsp;&nbsp;&nbsp; 2227077 |
| Verint Systems, Inc. (a) | 19546 | &nbsp;&nbsp;&nbsp; 395806 |
| Vertex, Inc. - Class A (a) (b) | 23561 | &nbsp;&nbsp;&nbsp; 584077 |
| Weave Communications, Inc. (a) | 15401 | &nbsp;&nbsp;&nbsp; 102879 |
| Workiva, Inc. (a) | 17490 | &nbsp;&nbsp;&nbsp; 1505539 |
| Xperi, Inc. (a) | 16593 | &nbsp;&nbsp;&nbsp; 107523 |
| Yext, Inc. (a) | 35527 | &nbsp;&nbsp;&nbsp; 302690 |
| Zeta Global Holdings Corp. - Class A (a) | 65046 | &nbsp;&nbsp;&nbsp; 1292464 |
|  |  | &nbsp;&nbsp;&nbsp; 63071995 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Farmland Partners, Inc. (b) | 13646 | &nbsp;&nbsp;&nbsp; 148468 |
| Four Corners Property Trust, Inc. (b) | 35964 | &nbsp;&nbsp;&nbsp; 877522 |
| Gladstone Land Corp.  | 5418 | &nbsp;&nbsp;&nbsp; 49629 |
| Outfront Media, Inc.  | 50458 | &nbsp;&nbsp;&nbsp; 924390 |
| PotlatchDeltic Corp.  | 28227 | &nbsp;&nbsp;&nbsp; 1150250 |
| Safehold, Inc.  | 20353 | &nbsp;&nbsp;&nbsp; 315268 |
| Smartstop Self Storage REIT, Inc. (b) | 11012 | &nbsp;&nbsp;&nbsp; 414492 |
|  |  | &nbsp;&nbsp;&nbsp; 3880019 |
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| Abercrombie & Fitch Co. - Class A (a) | 16562 | &nbsp;&nbsp;&nbsp; 1416879 |
| Academy Sports & Outdoors, Inc.  | 23371 | &nbsp;&nbsp;&nbsp; 1169017 |
| Advance Auto Parts, Inc.  | 20838 | &nbsp;&nbsp;&nbsp; 1279453 |
| American Eagle Outfitters, Inc.  | 55431 | &nbsp;&nbsp;&nbsp; 948424 |
| America's Car-Mart, Inc. (a) (b) | 2589 | &nbsp;&nbsp;&nbsp; 75625 |
| Arhaus, Inc. (a) | 18406 | &nbsp;&nbsp;&nbsp; 195656 |
| Arko Corp.  | 31060 | &nbsp;&nbsp;&nbsp; 141944 |
| Asbury Automotive Group, Inc. (a) | 6880 | &nbsp;&nbsp;&nbsp; 1681816 |
| Barnes & Noble Education, Inc. (a) | 6001 | &nbsp;&nbsp;&nbsp; 59710 |
| Bed Bath & Beyond, Inc. (a) | 19475 | &nbsp;&nbsp;&nbsp; 190660 |
| Boot Barn Holdings, Inc. (a) (c) | 10790 | &nbsp;&nbsp;&nbsp; 1788119 |
| Buckle, Inc.  | 11109 | &nbsp;&nbsp;&nbsp; 651654 |
| Build-A-Bear Workshop, Inc.  | 4280 | &nbsp;&nbsp;&nbsp; 279099 |
| Caleres, Inc.  | 9115 | &nbsp;&nbsp;&nbsp; 118860 |
| Camping World Holdings, Inc. - Class A | 21767 | &nbsp;&nbsp;&nbsp; 343701 |
| Citi Trends, Inc. (a) | 2361 | &nbsp;&nbsp;&nbsp; 73262 |
| EVgo, Inc. (a) | 45974 | &nbsp;&nbsp;&nbsp; 217457 |
| Genesco, Inc. (a) | 3961 | &nbsp;&nbsp;&nbsp; 114829 |
| Group 1 Automotive, Inc.  | 4427 | &nbsp;&nbsp;&nbsp; 1936857 |
| Haverty Furniture Cos., Inc.  | 4960 | &nbsp;&nbsp;&nbsp; 108773 |
| Lands' End, Inc. (a) | 1614 | &nbsp;&nbsp;&nbsp; 22757 |
| MarineMax, Inc. (a) | 7339 | &nbsp;&nbsp;&nbsp; 185897 |
| Monro, Inc. (b) | 10365 | &nbsp;&nbsp;&nbsp; 186259 |
| National Vision Holdings, Inc. (a) | 27196 | &nbsp;&nbsp;&nbsp; 793851 |
| ODP Corp. (a) | 10030 | &nbsp;&nbsp;&nbsp; 279336 |
| OneWater Marine, Inc. - Class A (a) | 3644 | &nbsp;&nbsp;&nbsp; 57721 |
| Petco Health & Wellness Co., Inc. (a) (b) | 29128 | &nbsp;&nbsp;&nbsp; 112725 |

---

**BHFTII-204**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| RealReal, Inc. (a) (b) | 30982 | &nbsp;&nbsp;&nbsp; $329339 |
| Revolve Group, Inc. (a) | 13899 | &nbsp;&nbsp;&nbsp; 296049 |
| Sally Beauty Holdings, Inc. (a) | 37082 | &nbsp;&nbsp;&nbsp; 603695 |
| Shoe Carnival, Inc. (b) | 6132 | &nbsp;&nbsp;&nbsp; 127484 |
| Signet Jewelers Ltd. (b) | 13963 | &nbsp;&nbsp;&nbsp; 1339331 |
| Sleep Number Corp. (a) | 1614 | &nbsp;&nbsp;&nbsp; 11330 |
| Sonic Automotive, Inc. - Class A (b) | 5254 | &nbsp;&nbsp;&nbsp; 399777 |
| Stitch Fix, Inc. - Class A (a) | 38080 | &nbsp;&nbsp;&nbsp; 165648 |
| ThredUp, Inc. - Class A (a) | 33491 | &nbsp;&nbsp;&nbsp; 316490 |
| Tile Shop Holdings, Inc. (a) | 10574 | &nbsp;&nbsp;&nbsp; 63973 |
| Upbound Group, Inc.  | 19281 | &nbsp;&nbsp;&nbsp; 455610 |
| Urban Outfitters, Inc. (a) | 21324 | &nbsp;&nbsp;&nbsp; 1523173 |
| Victoria's Secret & Co. (a) | 24930 | &nbsp;&nbsp;&nbsp; 676600 |
| Warby Parker, Inc. - Class A (a) | 35591 | &nbsp;&nbsp;&nbsp; 981600 |
| Winmark Corp. (b) | 1051 | &nbsp;&nbsp;&nbsp; 523156 |
| Zumiez, Inc. (a) | 4911 | &nbsp;&nbsp;&nbsp; 96305 |
|  |  | &nbsp;&nbsp;&nbsp; 22339901 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
| CompoSecure, Inc. - Class A (a) | 16231 | &nbsp;&nbsp;&nbsp; 337929 |
| Corsair Gaming, Inc. (a) | 16241 | &nbsp;&nbsp;&nbsp; 144870 |
| Diebold Nixdorf, Inc. (a) | 9180 | &nbsp;&nbsp;&nbsp; 523535 |
| Eastman Kodak Co. (a) (b) | 22675 | &nbsp;&nbsp;&nbsp; 145347 |
| Immersion Corp. (b) | 10080 | &nbsp;&nbsp;&nbsp; 73987 |
| IonQ, Inc. (a) (b) | 96204 | &nbsp;&nbsp;&nbsp; 5916546 |
| Quantum Computing, Inc. (a) (b) | 47016 | &nbsp;&nbsp;&nbsp; 865565 |
| Turtle Beach Corp. (a) | 5364 | &nbsp;&nbsp;&nbsp; 85288 |
| Xerox Holdings Corp. (b) | 41349 | &nbsp;&nbsp;&nbsp; 155472 |
|  |  | &nbsp;&nbsp;&nbsp; 8248539 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Capri Holdings Ltd. (a) | 41939 | &nbsp;&nbsp;&nbsp; 835425 |
| Carter's, Inc.  | 12860 | &nbsp;&nbsp;&nbsp; 362909 |
| Ermenegildo Zegna NV | 22908 | &nbsp;&nbsp;&nbsp; 216481 |
| Figs, Inc. - Class A (a) | 26218 | &nbsp;&nbsp;&nbsp; 175398 |
| G-III Apparel Group Ltd. (a) | 13935 | &nbsp;&nbsp;&nbsp; 370810 |
| Hanesbrands, Inc. (a) | 111848 | &nbsp;&nbsp;&nbsp; 737078 |
| Kontoor Brands, Inc. (b) | 19193 | &nbsp;&nbsp;&nbsp; 1531026 |
| Movado Group, Inc.  | 4696 | &nbsp;&nbsp;&nbsp; 89083 |
| Oxford Industries, Inc. (b) | 5343 | &nbsp;&nbsp;&nbsp; 216605 |
| Rocky Brands, Inc.  | 2393 | &nbsp;&nbsp;&nbsp; 71288 |
| Steven Madden Ltd. (b) | 25056 | &nbsp;&nbsp;&nbsp; 838875 |
| Wolverine World Wide, Inc.  | 28524 | &nbsp;&nbsp;&nbsp; 782699 |
|  |  | &nbsp;&nbsp;&nbsp; 6227677 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Turning Point Brands, Inc.  | 5976 | &nbsp;&nbsp;&nbsp; 590787 |
| Universal Corp.  | 8680 | &nbsp;&nbsp;&nbsp; 484952 |
|  |  | &nbsp;&nbsp;&nbsp; 1075739 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| Alta Equipment Group, Inc. (b) | 5650 | &nbsp;&nbsp;&nbsp; 40906 |
| BlueLinx Holdings, Inc. (a) | 2908 | &nbsp;&nbsp;&nbsp; 212517 |
| Boise Cascade Co.  | 13225 | &nbsp;&nbsp;&nbsp; 1022557 |
| Custom Truck One Source, Inc. (a) | 21224 | &nbsp;&nbsp;&nbsp; 136258 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** |
| Distribution Solutions Group, Inc. (a) | 3388 | &nbsp;&nbsp;&nbsp; $101911 |
| DNOW, Inc. (a) | 37868 | &nbsp;&nbsp;&nbsp; 577487 |
| DXP Enterprises, Inc. (a) | 4505 | &nbsp;&nbsp;&nbsp; 536410 |
| GATX Corp. (b) | 12600 | &nbsp;&nbsp;&nbsp; 2202480 |
| Global Industrial Co.  | 4971 | &nbsp;&nbsp;&nbsp; 182287 |
| Herc Holdings, Inc.  | 11380 | &nbsp;&nbsp;&nbsp; 1327591 |
| Hudson Technologies, Inc. (a) | 8993 | &nbsp;&nbsp;&nbsp; 89300 |
| Karat Packaging, Inc.  | 3249 | &nbsp;&nbsp;&nbsp; 81907 |
| McGrath RentCorp | 8753 | &nbsp;&nbsp;&nbsp; 1026727 |
| MRC Global, Inc. (a) | 30297 | &nbsp;&nbsp;&nbsp; 436883 |
| NPK International, Inc. (a) | 24505 | &nbsp;&nbsp;&nbsp; 277152 |
| Rush Enterprises, Inc. - Class A | 21267 | &nbsp;&nbsp;&nbsp; 1137146 |
| Rush Enterprises, Inc. - Class B | 3214 | &nbsp;&nbsp;&nbsp; 184548 |
| Titan Machinery, Inc. (a) | 6828 | &nbsp;&nbsp;&nbsp; 114301 |
| Transcat, Inc. (a) | 3255 | &nbsp;&nbsp;&nbsp; 238266 |
| Willis Lease Finance Corp. (b) | 972 | &nbsp;&nbsp;&nbsp; 133251 |
| Xometry, Inc. - Class A (a) (b) | 15240 | &nbsp;&nbsp;&nbsp; 830123 |
|  |  | &nbsp;&nbsp;&nbsp; 10890008 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| Sky Harbour Group Corp. (a) (b) | 8295 | &nbsp;&nbsp;&nbsp; 81872 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| American States Water Co.  | 13227 | &nbsp;&nbsp;&nbsp; 969804 |
| Cadiz, Inc. (a) (b) | 19376 | &nbsp;&nbsp;&nbsp; 91455 |
| California Water Service Group | 20416 | &nbsp;&nbsp;&nbsp; 936890 |
| Consolidated Water Co. Ltd.  | 5040 | &nbsp;&nbsp;&nbsp; 177811 |
| H2O America | 10789 | &nbsp;&nbsp;&nbsp; 525424 |
| Middlesex Water Co.  | 6337 | &nbsp;&nbsp;&nbsp; 342959 |
| Pure Cycle Corp. (a) | 6744 | &nbsp;&nbsp;&nbsp; 74656 |
| York Water Co.  | 5110 | &nbsp;&nbsp;&nbsp; 155446 |
|  |  | &nbsp;&nbsp;&nbsp; 3274445 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Gogo, Inc. (a) (b) | 26967 | &nbsp;&nbsp;&nbsp; 231647 |
| Spok Holdings, Inc.  | 7318 | &nbsp;&nbsp;&nbsp; 126235 |
| Telephone & Data Systems, Inc.  | 34141 | &nbsp;&nbsp;&nbsp; 1339693 |
|  |  | &nbsp;&nbsp;&nbsp; 1697575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $689,905,987) <br>|  | &nbsp;&nbsp;&nbsp; 984355235 |
| **Investment Companies—0.2%** | **Investment Companies—0.2%** | **Investment Companies—0.2%** |
| **Exchange-Traded Funds — 0.2%** | **Exchange-Traded Funds — 0.2%** | **Exchange-Traded Funds — 0.2%** |
| iShares Russell 2000 ETF | 8500 | &nbsp;&nbsp;&nbsp; 2056660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $1,935,768) <br>|  | &nbsp;&nbsp;&nbsp; 2056660 |
| **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;&nbsp; 5395 |
| Chinook Therapeutics, Inc. (a) (d) (e) | 19453 | &nbsp;&nbsp;&nbsp; 0 |
| Icosavax, Inc. (a) | 9579 | &nbsp;&nbsp;&nbsp; 2970 |

---

**BHFTII-205**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Rights—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Tobira Therapeutics, Inc. (a) (d) (e) | 4660 | &nbsp;&nbsp;&nbsp; $37094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Rights <br>(Cost $9,471) <br>|  | &nbsp;&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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., Expires 06/11/26 (a) <br>(Cost $0)<br>| 882 | &nbsp;&nbsp;&nbsp; 573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.1%** | **Short-Term Investments—2.1%** | **Short-Term Investments—2.1%** |
| **U.S. Treasury—2.1%** | **U.S. Treasury—2.1%** | **U.S. Treasury—2.1%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%, 10/16/25 (f) | 3950000 | &nbsp;&nbsp;&nbsp; 3943328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 10/16/25 (f) | 8000000 | &nbsp;&nbsp;&nbsp; 7986486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.962%, 10/16/25 (f) | 9715000 | &nbsp;&nbsp;&nbsp; 9698590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $21,628,082) <br>|  | &nbsp;&nbsp;&nbsp; 21628404 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—8.2%** | **Securities Lending Reinvestments (g)—8.2%** | **Securities Lending Reinvestments (g)—8.2%** |
| **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (h)<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (h)<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp;&nbsp; 9000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.1%** | **Certificates of Deposit—1.1%** | **Certificates of Deposit—1.1%** |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 04/13/26 (i) | 1000000 | &nbsp;&nbsp;&nbsp; 1000967 |
| Credit Agricole Corp. and Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370%, SOFR + 0.240%, 12/03/25 (i) | 2000000 | &nbsp;&nbsp;&nbsp; 1999956 |
| Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, SOFR + 0.240%, 01/13/26 (i) | 1500000 | &nbsp;&nbsp;&nbsp; 1500127 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 11/21/25 (i) | 3000000 | &nbsp;&nbsp;&nbsp; 3000255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 12/15/25 (i) | 1000000 | &nbsp;&nbsp;&nbsp; 1000131 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 10/15/25 (i) | 1000000 | &nbsp;&nbsp;&nbsp; 1000055 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 03/20/26 (i) | 1000000 | &nbsp;&nbsp;&nbsp; 1000277 |
|  |  | &nbsp;&nbsp;&nbsp; 10501768 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Old Line Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.310%, SOFR + 0.150%, 10/06/25 (i) | 2000000 | &nbsp;&nbsp;&nbsp; 1999998 |
| **Repurchase Agreements—5.8%** | **Repurchase Agreements—5.8%** | **Repurchase Agreements—5.8%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $15,001,779; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,685,036<br>| 15000000 | &nbsp;&nbsp;&nbsp; 15000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $6,143,507; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,600,002<br>| 6000000 | &nbsp;&nbsp;&nbsp; $6000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $1,200,138; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $1,224,000<br>| 1200000 | &nbsp;&nbsp;&nbsp; 1200000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $607,130; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $619,201<br>| 607060 | &nbsp;&nbsp;&nbsp; 607060 |
| National Bank Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $1,000,119; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,115,094<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $8,000,951; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,920,754<br>| 8000000 | &nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $7,005,853; collateralized <br> by U.S. Treasury Obligations with rates ranging from 3.750% - <br> 4.125%, maturity dates ranging from 10/31/26 - 11/30/29, <br> and various Common Stock with an aggregate market value of <br> $7,785,315<br>| 7000000 | &nbsp;&nbsp;&nbsp; 7000000 |
| Royal Bank of Canada Toronto |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.360%, due on <br> 11/04/25 with a maturity value of $4,016,956; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,444,983<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $1,300,148; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $1,326,000<br>| 1300000 | &nbsp;&nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.260%, due on <br> 10/01/25 with a maturity value of $2,000,237; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,884<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $12,601,467; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,861,613<br>| 12600000 | &nbsp;&nbsp;&nbsp; 12600000 |
|  |  | &nbsp;&nbsp;&nbsp; 58707060 |

---

**BHFTII-206**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposit—0.2%** | **Time Deposit—0.2%** | **Time Deposit—0.2%** |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160%, OBFR + 0.070% 10/07/25 (i) | 2000000 | &nbsp;&nbsp;&nbsp; $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $82,207,056) <br>|  | &nbsp;&nbsp;&nbsp; 82208826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—108.3% <br>(Cost $795,686,364) <br>|  | &nbsp;&nbsp;&nbsp; 1090295157 |
| Other assets and liabilities (net)—(8.3)%  |  | &nbsp;&nbsp;&nbsp; (83605125)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1006690032 |

---

&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 September 30, 2025, the market value of securities loaned was $129,186,933 and the collateral received consisted of cash in the amount of $82,207,055 and non-cash collateral with a value of $50,777,410. 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.<br>|
| (c) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> September 30, 2025, the market value of securities pledged was $4,683,586.<br>|
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of September 30, 2025, these securities represent 0.0% of net assets.<br>|
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (f) | The rate shown represents current yield to maturity. |
| (g) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (h) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |
| (i) | Variable or floating rate security. The stated rate represents the rate at September 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

**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; 12/19/25 | &nbsp;&nbsp; 178 | USD | 21853950 | &nbsp;&nbsp; $514600 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $19626445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19626445 |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics | &nbsp;&nbsp; 984073 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 984073 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp; 13133909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13133909 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 452630 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 452630 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 98666574 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 98666574 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; 1084304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1084304 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 72714180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72714180 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 957784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 957784 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp; 13756953 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13756953 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 17299271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17299271 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; 15829013 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15829013 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; 15628688 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15628688 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp; 8520175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8520175 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp; 23602783 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23602783 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; 2182542 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2182542 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp; 10158178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10158178 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4877088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4877088 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 2253268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2253268 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp; 531338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 531338 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; 13492657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13492657 |
| &nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp; 5398248 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5398248 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; 4830496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4830496 |

---

**BHFTII-207**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp; $12190305 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12190305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp; 23234865 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23234865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp; 33088219 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33088219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp; 15797920 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15797920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; 4964493 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4964493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp; 23723182 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23723182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp; 7742849 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7742849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp; 10310446 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10310446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp; 2909449 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2909449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp; 24545310 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24545310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp; 31654001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31654001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp;&nbsp; 9650742 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9650742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp; 3974985 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3974985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp; 5784400 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5784400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp; 17828757 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17828757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp; 17892972 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17892972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp; 2762743 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2762743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp; 2282218 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2282218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp;&nbsp; 261467 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 261467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | &nbsp;&nbsp;&nbsp; 3840031 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3840031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp; 19324206 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19324206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp; 6376097 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6376097 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; 5267242 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5267242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp; 4380904 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4380904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp; 4027539 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4027539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp; 37920843 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37920843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | &nbsp;&nbsp;&nbsp; 1697634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1697634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; 9444772 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9444772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp; 20645514 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20645514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp; 8071916 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8071916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp; 4174423 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4174423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | &nbsp;&nbsp;&nbsp; 6649096 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6649096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp; 31600246 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31600246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp;&nbsp; 764645 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 764645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp; 5353513 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5353513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp; 2009609 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2009609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; 20155132 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20155132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp; 18979743 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18979743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp; 6303615 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6303615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp;&nbsp; 3654215 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3654215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | &nbsp;&nbsp;&nbsp; 11646093 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11646093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp; 34700517 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34700517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; 63071995 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63071995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp; 3880019 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3880019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp; 22339901 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22339901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp; 8248539 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8248539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp; 6227677 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6227677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp;&nbsp; 1075739 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1075739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp; 10890008 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10890008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | &nbsp;&nbsp;&nbsp; 81872 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | &nbsp;&nbsp;&nbsp; 3274445 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3274445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp; 1697575 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1697575 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 984355235 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 984355235 |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; 2056660 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2056660 |
| Total Rights\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp; 42489 | &nbsp;&nbsp;&nbsp; 45459 |
| Total Warrants\* | &nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 573 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21628404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21628404 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10501768 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10501768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1999998 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1999998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58707060 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58707060 |

---

**BHFTII-208**

------

**Brighthouse Funds Trust II**

**MetLife Russell 2000 Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposit | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 73208826 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82208826 |
| Total Investments | &nbsp;&nbsp;&nbsp; $995412468 | &nbsp;&nbsp;&nbsp; $94840200 | &nbsp;&nbsp;&nbsp; $42489 | &nbsp;&nbsp;&nbsp; $1090295157 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(82207055)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(82207055)<br>|
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $514600 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $514600 |

---

&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 period ended September 30, 2025 is not presented.

During the period ended September 30, 2025, transfers into Level 3 in the amount of $90,656 were due to no vendors or brokers providing prices based on market indications which resulted in a lack of significant observable inputs.

**BHFTII-209**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—98.9% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. (a) | 12709 | &nbsp;&nbsp;&nbsp; $9120487 |
| Boeing Co. (a) | 122410 | &nbsp;&nbsp;&nbsp; 26419750 |
| General Dynamics Corp.  | 40872 | &nbsp;&nbsp;&nbsp; 13937352 |
| General Electric Co.  | 171669 | &nbsp;&nbsp;&nbsp; 51641469 |
| Howmet Aerospace, Inc.  | 65260 | &nbsp;&nbsp;&nbsp; 12805970 |
| Huntington Ingalls Industries, Inc.  | 6352 | &nbsp;&nbsp;&nbsp; 1828804 |
| L3Harris Technologies, Inc.  | 30288 | &nbsp;&nbsp;&nbsp; 9250258 |
| Lockheed Martin Corp.  | 33259 | &nbsp;&nbsp;&nbsp; 16603225 |
| Northrop Grumman Corp.  | 21789 | &nbsp;&nbsp;&nbsp; 13276474 |
| RTX Corp.  | 216689 | &nbsp;&nbsp;&nbsp; 36258570 |
| Textron, Inc.  | 28848 | &nbsp;&nbsp;&nbsp; 2437368 |
| TransDigm Group, Inc. (b) | 9123 | &nbsp;&nbsp;&nbsp; 12024296 |
|  |  | &nbsp;&nbsp;&nbsp; 205604023 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc.  | 19117 | &nbsp;&nbsp;&nbsp; 2531091 |
| Expeditors International of Washington, Inc. (b) | 21970 | &nbsp;&nbsp;&nbsp; 2693302 |
| FedEx Corp.  | 35133 | &nbsp;&nbsp;&nbsp; 8284713 |
| United Parcel Service, Inc. - Class B | 119154 | &nbsp;&nbsp;&nbsp; 9952933 |
|  |  | &nbsp;&nbsp;&nbsp; 23462039 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Aptiv PLC (a) | 35252 | &nbsp;&nbsp;&nbsp; 3039427 |
| **Automobiles — 2.3%** | **Automobiles — 2.3%** | **Automobiles — 2.3%** |
| Ford Motor Co. (b) | 632808 | &nbsp;&nbsp;&nbsp; 7568384 |
| General Motors Co.  | 154126 | &nbsp;&nbsp;&nbsp; 9397062 |
| Tesla, Inc. (a) | 454272 | &nbsp;&nbsp;&nbsp; 202023844 |
|  |  | &nbsp;&nbsp;&nbsp; 218989290 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| Bank of America Corp.  | 1103146 | &nbsp;&nbsp;&nbsp; 56911302 |
| Citigroup, Inc.  | 298013 | &nbsp;&nbsp;&nbsp; 30248320 |
| Citizens Financial Group, Inc.  | 69828 | &nbsp;&nbsp;&nbsp; 3712056 |
| Fifth Third Bancorp (b) | 107149 | &nbsp;&nbsp;&nbsp; 4773488 |
| Huntington Bancshares, Inc.  | 237304 | &nbsp;&nbsp;&nbsp; 4098240 |
| JPMorgan Chase & Co.  | 445143 | &nbsp;&nbsp;&nbsp; 140411456 |
| KeyCorp | 150882 | &nbsp;&nbsp;&nbsp; 2819985 |
| M&T Bank Corp.  | 25297 | &nbsp;&nbsp;&nbsp; 4999193 |
| PNC Financial Services Group, Inc.  | 63751 | &nbsp;&nbsp;&nbsp; 12809488 |
| Regions Financial Corp.  | 144451 | &nbsp;&nbsp;&nbsp; 3809173 |
| Truist Financial Corp.  | 208739 | &nbsp;&nbsp;&nbsp; 9543547 |
| U.S. Bancorp (b) | 251923 | &nbsp;&nbsp;&nbsp; 12175439 |
| Wells Fargo & Co.  | 518588 | &nbsp;&nbsp;&nbsp; 43468046 |
|  |  | &nbsp;&nbsp;&nbsp; 329779733 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Brown-Forman Corp. - Class B (b) | 28506 | &nbsp;&nbsp;&nbsp; 771942 |
| Coca-Cola Co.  | 627028 | &nbsp;&nbsp;&nbsp; 41584497 |
| Constellation Brands, Inc. - Class A (b) | 23113 | &nbsp;&nbsp;&nbsp; 3112628 |
| Keurig Dr. Pepper, Inc.  | 219909 | &nbsp;&nbsp;&nbsp; 5609879 |
| Molson Coors Beverage Co. - Class B | 27420 | &nbsp;&nbsp;&nbsp; 1240755 |
| Monster Beverage Corp. (a) (b) | 115390 | &nbsp;&nbsp;&nbsp; 7766901 |
| PepsiCo, Inc.  | 221632 | &nbsp;&nbsp;&nbsp; 31125998 |
|  |  | &nbsp;&nbsp;&nbsp; 91212600 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| AbbVie, Inc.  | 285979 | &nbsp;&nbsp;&nbsp; $66215578 |
| Amgen, Inc.  | 87153 | &nbsp;&nbsp;&nbsp; 24594576 |
| Biogen, Inc. (a) (b) | 23734 | &nbsp;&nbsp;&nbsp; 3324659 |
| Gilead Sciences, Inc.  | 200867 | &nbsp;&nbsp;&nbsp; 22296237 |
| Incyte Corp. (a) (b) | 26554 | &nbsp;&nbsp;&nbsp; 2252045 |
| Moderna, Inc. (a) (b) | 56057 | &nbsp;&nbsp;&nbsp; 1447952 |
| Regeneron Pharmaceuticals, Inc.  | 16491 | &nbsp;&nbsp;&nbsp; 9272394 |
| Vertex Pharmaceuticals, Inc. (a) | 41506 | &nbsp;&nbsp;&nbsp; 16255410 |
|  |  | &nbsp;&nbsp;&nbsp; 145658851 |
| **Broadline Retail — 3.8%** | **Broadline Retail — 3.8%** | **Broadline Retail — 3.8%** |
| Amazon.com, Inc. (a) | 1571103 | &nbsp;&nbsp;&nbsp; 344967086 |
| eBay, Inc.  | 73981 | &nbsp;&nbsp;&nbsp; 6728572 |
|  |  | &nbsp;&nbsp;&nbsp; 351695658 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| A.O. Smith Corp.  | 18496 | &nbsp;&nbsp;&nbsp; 1357791 |
| Allegion PLC | 13897 | &nbsp;&nbsp;&nbsp; 2464633 |
| Builders FirstSource, Inc. (a) (b) | 17895 | &nbsp;&nbsp;&nbsp; 2169769 |
| Carrier Global Corp. (b) | 129501 | &nbsp;&nbsp;&nbsp; 7731210 |
| Johnson Controls International PLC (b) | 105934 | &nbsp;&nbsp;&nbsp; 11647443 |
| Lennox International, Inc. (b) | 5174 | &nbsp;&nbsp;&nbsp; 2738909 |
| Masco Corp.  | 33892 | &nbsp;&nbsp;&nbsp; 2385658 |
| Trane Technologies PLC | 36022 | &nbsp;&nbsp;&nbsp; 15199843 |
|  |  | &nbsp;&nbsp;&nbsp; 45695256 |
| **Capital Markets — 3.5%** | **Capital Markets — 3.5%** | **Capital Markets — 3.5%** |
| Ameriprise Financial, Inc.  | 15261 | &nbsp;&nbsp;&nbsp; 7496966 |
| Bank of New York Mellon Corp.  | 114167 | &nbsp;&nbsp;&nbsp; 12439636 |
| Blackrock, Inc.  | 23314 | &nbsp;&nbsp;&nbsp; 27181093 |
| Blackstone, Inc.  | 119324 | &nbsp;&nbsp;&nbsp; 20386505 |
| Cboe Global Markets, Inc.  | 16931 | &nbsp;&nbsp;&nbsp; 4152328 |
| Charles Schwab Corp.  | 276224 | &nbsp;&nbsp;&nbsp; 26371105 |
| CME Group, Inc.  | 58339 | &nbsp;&nbsp;&nbsp; 15762614 |
| Coinbase Global, Inc. - Class A (a) | 36611 | &nbsp;&nbsp;&nbsp; 12355846 |
| FactSet Research Systems, Inc.  | 6120 | &nbsp;&nbsp;&nbsp; 1753319 |
| Franklin Resources, Inc. (b) | 49589 | &nbsp;&nbsp;&nbsp; 1146994 |
| Goldman Sachs Group, Inc.  | 49006 | &nbsp;&nbsp;&nbsp; 39025928 |
| Interactive Brokers Group, Inc. - Class A | 72078 | &nbsp;&nbsp;&nbsp; 4959687 |
| Intercontinental Exchange, Inc.  | 92666 | &nbsp;&nbsp;&nbsp; 15612368 |
| Invesco Ltd.  | 72194 | &nbsp;&nbsp;&nbsp; 1656130 |
| KKR & Co., Inc. (b) | 111057 | &nbsp;&nbsp;&nbsp; 14431857 |
| Moody's Corp.  | 24976 | &nbsp;&nbsp;&nbsp; 11900565 |
| Morgan Stanley | 196401 | &nbsp;&nbsp;&nbsp; 31219903 |
| MSCI, Inc.  | 12524 | &nbsp;&nbsp;&nbsp; 7106243 |
| Nasdaq, Inc.  | 73382 | &nbsp;&nbsp;&nbsp; 6490638 |
| Northern Trust Corp.  | 30957 | &nbsp;&nbsp;&nbsp; 4166812 |
| Raymond James Financial, Inc. (b) | 28726 | &nbsp;&nbsp;&nbsp; 4958108 |
| Robinhood Markets, Inc. - Class A (a) (b) | 125293 | &nbsp;&nbsp;&nbsp; 17939452 |
| S&P Global, Inc.  | 50589 | &nbsp;&nbsp;&nbsp; 24622172 |
| State Street Corp.  | 45925 | &nbsp;&nbsp;&nbsp; 5327759 |
| T. Rowe Price Group, Inc.  | 35568 | &nbsp;&nbsp;&nbsp; 3650700 |
|  |  | &nbsp;&nbsp;&nbsp; 322114728 |

---

**BHFTII-210**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Air Products & Chemicals, Inc. (b) | 36028 | &nbsp;&nbsp;&nbsp; $9825556 |
| Albemarle Corp. (b) | 19051 | &nbsp;&nbsp;&nbsp; 1544655 |
| CF Industries Holdings, Inc.  | 26220 | &nbsp;&nbsp;&nbsp; 2351934 |
| Corteva, Inc.  | 109935 | &nbsp;&nbsp;&nbsp; 7434904 |
| Dow, Inc.  | 114751 | &nbsp;&nbsp;&nbsp; 2631240 |
| DuPont de Nemours, Inc.  | 67783 | &nbsp;&nbsp;&nbsp; 5280296 |
| Eastman Chemical Co. (b) | 18589 | &nbsp;&nbsp;&nbsp; 1172036 |
| Ecolab, Inc.  | 41323 | &nbsp;&nbsp;&nbsp; 11316717 |
| International Flavors & Fragrances, Inc.  | 41488 | &nbsp;&nbsp;&nbsp; 2553172 |
| Linde PLC | 75910 | &nbsp;&nbsp;&nbsp; 36057250 |
| LyondellBasell Industries NV - Class A | 41655 | &nbsp;&nbsp;&nbsp; 2042761 |
| Mosaic Co.  | 51378 | &nbsp;&nbsp;&nbsp; 1781789 |
| PPG Industries, Inc.  | 36537 | &nbsp;&nbsp;&nbsp; 3840404 |
| Sherwin-Williams Co.  | 37538 | &nbsp;&nbsp;&nbsp; 12997908 |
|  |  | &nbsp;&nbsp;&nbsp; 100830622 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Cintas Corp.  | 55450 | &nbsp;&nbsp;&nbsp; 11381667 |
| Copart, Inc. (a) | 144009 | &nbsp;&nbsp;&nbsp; 6476085 |
| Republic Services, Inc.  | 32853 | &nbsp;&nbsp;&nbsp; 7539106 |
| Rollins, Inc.  | 45504 | &nbsp;&nbsp;&nbsp; 2672905 |
| Veralto Corp.  | 40173 | &nbsp;&nbsp;&nbsp; 4282844 |
| Waste Management, Inc.  | 59995 | &nbsp;&nbsp;&nbsp; 13248696 |
|  |  | &nbsp;&nbsp;&nbsp; 45601303 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Arista Networks, Inc. (a) | 166843 | &nbsp;&nbsp;&nbsp; 24310694 |
| Cisco Systems, Inc.  | 641063 | &nbsp;&nbsp;&nbsp; 43861530 |
| F5, Inc. (a) | 9300 | &nbsp;&nbsp;&nbsp; 3005667 |
| Motorola Solutions, Inc.  | 26971 | &nbsp;&nbsp;&nbsp; 12333569 |
|  |  | &nbsp;&nbsp;&nbsp; 83511460 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| EMCOR Group, Inc.  | 7247 | &nbsp;&nbsp;&nbsp; 4707217 |
| Quanta Services, Inc. (b) | 24122 | &nbsp;&nbsp;&nbsp; 9996639 |
|  |  | &nbsp;&nbsp;&nbsp; 14703856 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Martin Marietta Materials, Inc. (b) | 9763 | &nbsp;&nbsp;&nbsp; 6153424 |
| Vulcan Materials Co.  | 21389 | &nbsp;&nbsp;&nbsp; 6579684 |
|  |  | &nbsp;&nbsp;&nbsp; 12733108 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co.  | 87869 | &nbsp;&nbsp;&nbsp; 29186567 |
| Capital One Financial Corp.  | 103525 | &nbsp;&nbsp;&nbsp; 22007344 |
| Synchrony Financial | 60230 | &nbsp;&nbsp;&nbsp; 4279342 |
|  |  | &nbsp;&nbsp;&nbsp; 55473253 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Costco Wholesale Corp.  | 71793 | &nbsp;&nbsp;&nbsp; 66453754 |
| Dollar General Corp.  | 35626 | &nbsp;&nbsp;&nbsp; 3681947 |
| Dollar Tree, Inc. (a) | 31419 | &nbsp;&nbsp;&nbsp; 2965011 |
| Kroger Co.  | 98468 | &nbsp;&nbsp;&nbsp; 6637728 |
| Sysco Corp.  | 77299 | &nbsp;&nbsp;&nbsp; 6364800 |
| Target Corp.  | 73554 | &nbsp;&nbsp;&nbsp; 6597794 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** | **Consumer Staples Distribution & Retail—(Continued)** |
| Walmart, Inc.  | 710549 | &nbsp;&nbsp;&nbsp; $73229180 |
|  |  | &nbsp;&nbsp;&nbsp; 165930214 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor PLC (b) | 373199 | &nbsp;&nbsp;&nbsp; 3052768 |
| Avery Dennison Corp. (b) | 12624 | &nbsp;&nbsp;&nbsp; 2047234 |
| Ball Corp.  | 44056 | &nbsp;&nbsp;&nbsp; 2221303 |
| International Paper Co. (b) | 85472 | &nbsp;&nbsp;&nbsp; 3965901 |
| Packaging Corp. of America | 14467 | &nbsp;&nbsp;&nbsp; 3152793 |
| Smurfit WestRock PLC (b) | 84524 | &nbsp;&nbsp;&nbsp; 3598187 |
|  |  | &nbsp;&nbsp;&nbsp; 18038186 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Genuine Parts Co.  | 22516 | &nbsp;&nbsp;&nbsp; 3120718 |
| LKQ Corp.  | 41651 | &nbsp;&nbsp;&nbsp; 1272021 |
| Pool Corp.  | 5316 | &nbsp;&nbsp;&nbsp; 1648332 |
|  |  | &nbsp;&nbsp;&nbsp; 6041071 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc.  | 1157538 | &nbsp;&nbsp;&nbsp; 32688873 |
| Verizon Communications, Inc.  | 682558 | &nbsp;&nbsp;&nbsp; 29998424 |
|  |  | &nbsp;&nbsp;&nbsp; 62687297 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alliant Energy Corp. (b) | 41599 | &nbsp;&nbsp;&nbsp; 2804189 |
| American Electric Power Co., Inc.  | 86575 | &nbsp;&nbsp;&nbsp; 9739687 |
| Constellation Energy Corp.  | 50574 | &nbsp;&nbsp;&nbsp; 16642386 |
| Duke Energy Corp.  | 125885 | &nbsp;&nbsp;&nbsp; 15578269 |
| Edison International | 62298 | &nbsp;&nbsp;&nbsp; 3443833 |
| Entergy Corp.  | 72266 | &nbsp;&nbsp;&nbsp; 6734469 |
| Evergy, Inc.  | 37258 | &nbsp;&nbsp;&nbsp; 2832353 |
| Eversource Energy | 60077 | &nbsp;&nbsp;&nbsp; 4273878 |
| Exelon Corp. (b) | 163501 | &nbsp;&nbsp;&nbsp; 7359180 |
| FirstEnergy Corp. (b) | 84125 | &nbsp;&nbsp;&nbsp; 3854607 |
| NextEra Energy, Inc.  | 333368 | &nbsp;&nbsp;&nbsp; 25165950 |
| NRG Energy, Inc.  | 31313 | &nbsp;&nbsp;&nbsp; 5071140 |
| PG&E Corp.  | 355796 | &nbsp;&nbsp;&nbsp; 5365404 |
| Pinnacle West Capital Corp. (b) | 19333 | &nbsp;&nbsp;&nbsp; 1733397 |
| PPL Corp. (b) | 119716 | &nbsp;&nbsp;&nbsp; 4448647 |
| Southern Co. (b) | 178080 | &nbsp;&nbsp;&nbsp; 16876642 |
| Xcel Energy, Inc. (b) | 95742 | &nbsp;&nbsp;&nbsp; 7721592 |
|  |  | &nbsp;&nbsp;&nbsp; 139645623 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| AMETEK, Inc.  | 37388 | &nbsp;&nbsp;&nbsp; 7028944 |
| Eaton Corp. PLC | 63022 | &nbsp;&nbsp;&nbsp; 23585984 |
| Emerson Electric Co.  | 91108 | &nbsp;&nbsp;&nbsp; 11951547 |
| GE Vernova, Inc.  | 44069 | &nbsp;&nbsp;&nbsp; 27098028 |
| Generac Holdings, Inc. (a) | 9498 | &nbsp;&nbsp;&nbsp; 1589965 |
| Hubbell, Inc. (b) | 8603 | &nbsp;&nbsp;&nbsp; 3701957 |
| Rockwell Automation, Inc.  | 18201 | &nbsp;&nbsp;&nbsp; 6361796 |
|  |  | &nbsp;&nbsp;&nbsp; 81318221 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp. - Class A | 197648 | &nbsp;&nbsp;&nbsp; 24458940 |

---

**BHFTII-211**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 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.  | 21216 | &nbsp;&nbsp;&nbsp; $3379284 |
| Corning, Inc.  | 126192 | &nbsp;&nbsp;&nbsp; 10351530 |
| Jabil, Inc.  | 17373 | &nbsp;&nbsp;&nbsp; 3772894 |
| Keysight Technologies, Inc. (a) | 27861 | &nbsp;&nbsp;&nbsp; 4873446 |
| TE Connectivity PLC | 47834 | &nbsp;&nbsp;&nbsp; 10500998 |
| Teledyne Technologies, Inc. (a) (b) | 7591 | &nbsp;&nbsp;&nbsp; 4448630 |
| Trimble, Inc. (a) | 38523 | &nbsp;&nbsp;&nbsp; 3145403 |
| Zebra Technologies Corp. - Class A (a) | 8231 | &nbsp;&nbsp;&nbsp; 2445924 |
|  |  | &nbsp;&nbsp;&nbsp; 67377049 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co.  | 159598 | &nbsp;&nbsp;&nbsp; 7775614 |
| Halliburton Co.  | 138023 | &nbsp;&nbsp;&nbsp; 3395366 |
| Schlumberger NV | 241524 | &nbsp;&nbsp;&nbsp; 8301180 |
|  |  | &nbsp;&nbsp;&nbsp; 19472160 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| Electronic Arts, Inc.  | 36454 | &nbsp;&nbsp;&nbsp; 7352772 |
| Live Nation Entertainment, Inc. (a) (b) | 25533 | &nbsp;&nbsp;&nbsp; 4172092 |
| Netflix, Inc. (a) | 68789 | &nbsp;&nbsp;&nbsp; 82472508 |
| Take-Two Interactive Software, Inc. (a) | 28071 | &nbsp;&nbsp;&nbsp; 7252424 |
| TKO Group Holdings, Inc.  | 11169 | &nbsp;&nbsp;&nbsp; 2255691 |
| Walt Disney Co.  | 291058 | &nbsp;&nbsp;&nbsp; 33326141 |
| Warner Bros Discovery, Inc. (a) (b) | 400789 | &nbsp;&nbsp;&nbsp; 7827409 |
|  |  | &nbsp;&nbsp;&nbsp; 144659037 |
| **Financial Services — 4.0%** | **Financial Services — 4.0%** | **Financial Services — 4.0%** |
| Apollo Global Management, Inc. (b) | 74491 | &nbsp;&nbsp;&nbsp; 9927415 |
| Berkshire Hathaway, Inc. - Class B (a) | 296854 | &nbsp;&nbsp;&nbsp; 149240380 |
| Block, Inc. (a) | 88967 | &nbsp;&nbsp;&nbsp; 6429645 |
| Corpay, Inc. (a) (b) | 11431 | &nbsp;&nbsp;&nbsp; 3292814 |
| Fidelity National Information Services, Inc.  | 84565 | &nbsp;&nbsp;&nbsp; 5576216 |
| Fiserv, Inc. (a) | 87999 | &nbsp;&nbsp;&nbsp; 11345711 |
| Global Payments, Inc.  | 39274 | &nbsp;&nbsp;&nbsp; 3262884 |
| Jack Henry & Associates, Inc. (b) | 11787 | &nbsp;&nbsp;&nbsp; 1755438 |
| Mastercard, Inc. - Class A | 133635 | &nbsp;&nbsp;&nbsp; 76012924 |
| PayPal Holdings, Inc. (a) | 154661 | &nbsp;&nbsp;&nbsp; 10371567 |
| Visa, Inc. - Class A (b) | 274991 | &nbsp;&nbsp;&nbsp; 93876428 |
|  |  | &nbsp;&nbsp;&nbsp; 371091422 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Archer-Daniels-Midland Co. (b) | 77779 | &nbsp;&nbsp;&nbsp; 4646517 |
| Bunge Global SA (b) | 22670 | &nbsp;&nbsp;&nbsp; 1841938 |
| Campbell's Co. (b) | 31853 | &nbsp;&nbsp;&nbsp; 1005918 |
| Conagra Brands, Inc.  | 77550 | &nbsp;&nbsp;&nbsp; 1419941 |
| General Mills, Inc. (b) | 86557 | &nbsp;&nbsp;&nbsp; 4364204 |
| Hershey Co.  | 23977 | &nbsp;&nbsp;&nbsp; 4484898 |
| Hormel Foods Corp. (b) | 47180 | &nbsp;&nbsp;&nbsp; 1167233 |
| J.M. Smucker Co. (b) | 17270 | &nbsp;&nbsp;&nbsp; 1875522 |
| Kellanova | 43525 | &nbsp;&nbsp;&nbsp; 3569920 |
| Kraft Heinz Co. (b) | 137956 | &nbsp;&nbsp;&nbsp; 3592374 |
| Lamb Weston Holdings, Inc. (b) | 22559 | &nbsp;&nbsp;&nbsp; 1310227 |
| McCormick & Co., Inc.  | 40963 | &nbsp;&nbsp;&nbsp; 2740834 |
| Mondelez International, Inc. - Class A (b) | 209470 | &nbsp;&nbsp;&nbsp; 13085591 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** |
| Tyson Foods, Inc. - Class A | 46260 | &nbsp;&nbsp;&nbsp; $2511918 |
|  |  | &nbsp;&nbsp;&nbsp; 47617035 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| Atmos Energy Corp. (b) | 25986 | &nbsp;&nbsp;&nbsp; 4437110 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| CSX Corp.  | 301798 | &nbsp;&nbsp;&nbsp; 10716847 |
| JB Hunt Transport Services, Inc.  | 12379 | &nbsp;&nbsp;&nbsp; 1660890 |
| Norfolk Southern Corp.  | 36319 | &nbsp;&nbsp;&nbsp; 10910591 |
| Old Dominion Freight Line, Inc.  | 29940 | &nbsp;&nbsp;&nbsp; 4214953 |
| Uber Technologies, Inc. (a) | 337597 | &nbsp;&nbsp;&nbsp; 33074378 |
| Union Pacific Corp.  | 96004 | &nbsp;&nbsp;&nbsp; 22692466 |
|  |  | &nbsp;&nbsp;&nbsp; 83270125 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Abbott Laboratories | 281753 | &nbsp;&nbsp;&nbsp; 37737997 |
| Align Technology, Inc. (a) | 10912 | &nbsp;&nbsp;&nbsp; 1366401 |
| Baxter International, Inc.  | 83147 | &nbsp;&nbsp;&nbsp; 1893257 |
| Becton Dickinson & Co.  | 46400 | &nbsp;&nbsp;&nbsp; 8684688 |
| Boston Scientific Corp. (a) | 239873 | &nbsp;&nbsp;&nbsp; 23418801 |
| Cooper Cos., Inc. (a) (b) | 32298 | &nbsp;&nbsp;&nbsp; 2214351 |
| Dexcom, Inc. (a) | 63483 | &nbsp;&nbsp;&nbsp; 4271771 |
| Edwards Lifesciences Corp. (a) | 95042 | &nbsp;&nbsp;&nbsp; 7391416 |
| GE HealthCare Technologies, Inc.  | 73910 | &nbsp;&nbsp;&nbsp; 5550641 |
| Hologic, Inc. (a) | 36006 | &nbsp;&nbsp;&nbsp; 2430045 |
| IDEXX Laboratories, Inc. (a) | 12952 | &nbsp;&nbsp;&nbsp; 8274903 |
| Insulet Corp. (a) | 11396 | &nbsp;&nbsp;&nbsp; 3518287 |
| Intuitive Surgical, Inc. (a) | 58032 | &nbsp;&nbsp;&nbsp; 25953651 |
| Medtronic PLC | 207417 | &nbsp;&nbsp;&nbsp; 19754395 |
| ResMed, Inc. (b) | 23702 | &nbsp;&nbsp;&nbsp; 6487949 |
| Solventum Corp. (a) | 23858 | &nbsp;&nbsp;&nbsp; 1741634 |
| STERIS PLC | 15944 | &nbsp;&nbsp;&nbsp; 3945183 |
| Stryker Corp. (b) | 55701 | &nbsp;&nbsp;&nbsp; 20590989 |
| Zimmer Biomet Holdings, Inc.  | 32068 | &nbsp;&nbsp;&nbsp; 3158698 |
|  |  | &nbsp;&nbsp;&nbsp; 188385057 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cardinal Health, Inc. (b) | 38657 | &nbsp;&nbsp;&nbsp; 6067603 |
| Cencora, Inc.  | 31386 | &nbsp;&nbsp;&nbsp; 9809067 |
| Centene Corp. (a) | 75531 | &nbsp;&nbsp;&nbsp; 2694946 |
| Cigna Group | 43212 | &nbsp;&nbsp;&nbsp; 12455859 |
| CVS Health Corp.  | 205322 | &nbsp;&nbsp;&nbsp; 15479226 |
| DaVita, Inc. (a) (b) | 5787 | &nbsp;&nbsp;&nbsp; 768919 |
| Elevance Health, Inc.  | 36453 | &nbsp;&nbsp;&nbsp; 11778693 |
| HCA Healthcare, Inc.  | 26516 | &nbsp;&nbsp;&nbsp; 11301119 |
| Henry Schein, Inc. (a) | 16686 | &nbsp;&nbsp;&nbsp; 1107450 |
| Humana, Inc.  | 19470 | &nbsp;&nbsp;&nbsp; 5065510 |
| Labcorp Holdings, Inc.  | 13453 | &nbsp;&nbsp;&nbsp; 3861818 |
| McKesson Corp.  | 20136 | &nbsp;&nbsp;&nbsp; 15555865 |
| Molina Healthcare, Inc. (a) (b) | 8774 | &nbsp;&nbsp;&nbsp; 1678993 |
| Quest Diagnostics, Inc. (b) | 18102 | &nbsp;&nbsp;&nbsp; 3449879 |
| UnitedHealth Group, Inc.  | 146615 | &nbsp;&nbsp;&nbsp; 50626159 |
| Universal Health Services, Inc. - Class B | 9128 | &nbsp;&nbsp;&nbsp; 1866128 |
|  |  | &nbsp;&nbsp;&nbsp; 153567234 |

---

**BHFTII-212**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 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) | 25199 | &nbsp;&nbsp;&nbsp; $2100085 |
| Healthpeak Properties, Inc. (b) | 112497 | &nbsp;&nbsp;&nbsp; 2154318 |
| Ventas, Inc. (b) | 73571 | &nbsp;&nbsp;&nbsp; 5149234 |
| Welltower, Inc.  | 108272 | &nbsp;&nbsp;&nbsp; 19287574 |
|  |  | &nbsp;&nbsp;&nbsp; 28691211 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Host Hotels & Resorts, Inc. (b) | 103511 | &nbsp;&nbsp;&nbsp; 1761757 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
| Airbnb, Inc. - Class A (a) | 69461 | &nbsp;&nbsp;&nbsp; 8433955 |
| Booking Holdings, Inc.  | 5247 | &nbsp;&nbsp;&nbsp; 28329970 |
| Carnival Corp. (a) | 175756 | &nbsp;&nbsp;&nbsp; 5081106 |
| Chipotle Mexican Grill, Inc. (a) | 217068 | &nbsp;&nbsp;&nbsp; 8506895 |
| Darden Restaurants, Inc.  | 18946 | &nbsp;&nbsp;&nbsp; 3606561 |
| Domino's Pizza, Inc.  | 5056 | &nbsp;&nbsp;&nbsp; 2182726 |
| DoorDash, Inc. - Class A (a) | 59925 | &nbsp;&nbsp;&nbsp; 16299001 |
| Expedia Group, Inc.  | 19133 | &nbsp;&nbsp;&nbsp; 4089679 |
| Hilton Worldwide Holdings, Inc.  | 38074 | &nbsp;&nbsp;&nbsp; 9877918 |
| Las Vegas Sands Corp.  | 50005 | &nbsp;&nbsp;&nbsp; 2689769 |
| Marriott International, Inc. - Class A (b) | 36474 | &nbsp;&nbsp;&nbsp; 9499288 |
| McDonald's Corp.  | 115522 | &nbsp;&nbsp;&nbsp; 35105981 |
| MGM Resorts International (a) | 33047 | &nbsp;&nbsp;&nbsp; 1145409 |
| Norwegian Cruise Line Holdings Ltd. (a) | 73161 | &nbsp;&nbsp;&nbsp; 1801955 |
| Royal Caribbean Cruises Ltd. (b) | 40894 | &nbsp;&nbsp;&nbsp; 13232480 |
| Starbucks Corp. (b) | 184014 | &nbsp;&nbsp;&nbsp; 15567584 |
| Wynn Resorts Ltd. (b) | 13667 | &nbsp;&nbsp;&nbsp; 1753066 |
| Yum! Brands, Inc.  | 44928 | &nbsp;&nbsp;&nbsp; 6829056 |
|  |  | &nbsp;&nbsp;&nbsp; 174032399 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| DR Horton, Inc. (b) | 44883 | &nbsp;&nbsp;&nbsp; 7606322 |
| Garmin Ltd.  | 26487 | &nbsp;&nbsp;&nbsp; 6521629 |
| Lennar Corp. - Class A | 36845 | &nbsp;&nbsp;&nbsp; 4643944 |
| Mohawk Industries, Inc. (a) | 8448 | &nbsp;&nbsp;&nbsp; 1089116 |
| NVR, Inc. (a) (b) | 465 | &nbsp;&nbsp;&nbsp; 3736117 |
| PulteGroup, Inc.  | 31939 | &nbsp;&nbsp;&nbsp; 4220100 |
|  |  | &nbsp;&nbsp;&nbsp; 27817228 |
| **Household Products — 0.9%** | **Household Products — 0.9%** | **Household Products — 0.9%** |
| Church & Dwight Co., Inc. (b) | 39436 | &nbsp;&nbsp;&nbsp; 3455777 |
| Clorox Co. (b) | 19799 | &nbsp;&nbsp;&nbsp; 2441217 |
| Colgate-Palmolive Co.  | 130838 | &nbsp;&nbsp;&nbsp; 10459190 |
| Kimberly-Clark Corp. (b) | 53710 | &nbsp;&nbsp;&nbsp; 6678301 |
| Procter & Gamble Co.  | 379194 | &nbsp;&nbsp;&nbsp; 58263158 |
|  |  | &nbsp;&nbsp;&nbsp; 81297643 |
| **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.  | 115270 | &nbsp;&nbsp;&nbsp; 1516953 |
| Vistra Corp.  | 51559 | &nbsp;&nbsp;&nbsp; 10101439 |
|  |  | &nbsp;&nbsp;&nbsp; 11618392 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co.  | 86224 | &nbsp;&nbsp;&nbsp; 13380240 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** | **Industrial Conglomerates—(Continued)** |
| Honeywell International, Inc.  | 102780 | &nbsp;&nbsp;&nbsp; $21635190 |
|  |  | &nbsp;&nbsp;&nbsp; 35015430 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc.  | 150239 | &nbsp;&nbsp;&nbsp; 17205370 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aflac, Inc.  | 77922 | &nbsp;&nbsp;&nbsp; 8703887 |
| Allstate Corp.  | 42657 | &nbsp;&nbsp;&nbsp; 9156325 |
| American International Group, Inc.  | 89684 | &nbsp;&nbsp;&nbsp; 7043781 |
| Aon PLC - Class A | 34907 | &nbsp;&nbsp;&nbsp; 12447138 |
| Arch Capital Group Ltd. (b) | 60171 | &nbsp;&nbsp;&nbsp; 5459315 |
| Arthur J Gallagher & Co.  | 41501 | &nbsp;&nbsp;&nbsp; 12854520 |
| Assurant, Inc.  | 8168 | &nbsp;&nbsp;&nbsp; 1769189 |
| Brown & Brown, Inc. (b) | 47432 | &nbsp;&nbsp;&nbsp; 4448647 |
| Chubb Ltd.  | 60024 | &nbsp;&nbsp;&nbsp; 16941774 |
| Cincinnati Financial Corp.  | 25314 | &nbsp;&nbsp;&nbsp; 4002143 |
| Erie Indemnity Co. - Class A (b) | 4113 | &nbsp;&nbsp;&nbsp; 1308592 |
| Everest Group Ltd.  | 6790 | &nbsp;&nbsp;&nbsp; 2378062 |
| Globe Life, Inc.  | 13113 | &nbsp;&nbsp;&nbsp; 1874766 |
| Hartford Insurance Group, Inc.  | 45517 | &nbsp;&nbsp;&nbsp; 6071513 |
| Loews Corp.  | 27534 | &nbsp;&nbsp;&nbsp; 2764138 |
| Marsh & McLennan Cos., Inc.  | 79586 | &nbsp;&nbsp;&nbsp; 16038967 |
| MetLife, Inc. (c) | 90432 | &nbsp;&nbsp;&nbsp; 7448884 |
| Principal Financial Group, Inc. (b) | 32817 | &nbsp;&nbsp;&nbsp; 2720858 |
| Progressive Corp.  | 94898 | &nbsp;&nbsp;&nbsp; 23435061 |
| Prudential Financial, Inc.  | 56983 | &nbsp;&nbsp;&nbsp; 5911416 |
| Travelers Cos., Inc.  | 36446 | &nbsp;&nbsp;&nbsp; 10176452 |
| W.R. Berkley Corp.  | 48507 | &nbsp;&nbsp;&nbsp; 3716606 |
| Willis Towers Watson PLC (b) | 15792 | &nbsp;&nbsp;&nbsp; 5455346 |
|  |  | &nbsp;&nbsp;&nbsp; 172127380 |
| **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** | **Interactive Media & Services — 7.2%** |
| Alphabet, Inc. - Class A | 941684 | &nbsp;&nbsp;&nbsp; 228923381 |
| Alphabet, Inc. - Class C (d) | 755969 | &nbsp;&nbsp;&nbsp; 184116250 |
| Match Group, Inc.  | 38953 | &nbsp;&nbsp;&nbsp; 1375820 |
| Meta Platforms, Inc. - Class A | 351122 | &nbsp;&nbsp;&nbsp; 257856974 |
|  |  | &nbsp;&nbsp;&nbsp; 672272425 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Accenture PLC - Class A | 100830 | &nbsp;&nbsp;&nbsp; 24864678 |
| Akamai Technologies, Inc. (a) | 23212 | &nbsp;&nbsp;&nbsp; 1758541 |
| Cognizant Technology Solutions Corp. - Class A | 79063 | &nbsp;&nbsp;&nbsp; 5302755 |
| EPAM Systems, Inc. (a) | 9016 | &nbsp;&nbsp;&nbsp; 1359523 |
| Gartner, Inc. (a) (b) | 12260 | &nbsp;&nbsp;&nbsp; 3222786 |
| GoDaddy, Inc. - Class A (a) | 22412 | &nbsp;&nbsp;&nbsp; 3066634 |
| International Business Machines Corp.  | 150799 | &nbsp;&nbsp;&nbsp; 42549446 |
| VeriSign, Inc.  | 13609 | &nbsp;&nbsp;&nbsp; 3804668 |
|  |  | &nbsp;&nbsp;&nbsp; 85929031 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Hasbro, Inc.  | 21566 | &nbsp;&nbsp;&nbsp; 1635781 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Agilent Technologies, Inc.  | 45985 | &nbsp;&nbsp;&nbsp; 5902175 |
| Bio-Techne Corp. (b) | 25378 | &nbsp;&nbsp;&nbsp; 1411778 |

---

**BHFTII-213**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 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) | 7966 | &nbsp;&nbsp;&nbsp; $1246360 |
| Danaher Corp.  | 103167 | &nbsp;&nbsp;&nbsp; 20453889 |
| IQVIA Holdings, Inc. (a) | 27520 | &nbsp;&nbsp;&nbsp; 5227149 |
| Mettler-Toledo International, Inc. (a) (b) | 3335 | &nbsp;&nbsp;&nbsp; 4094079 |
| Revvity, Inc. (b) | 18790 | &nbsp;&nbsp;&nbsp; 1646944 |
| Thermo Fisher Scientific, Inc.  | 61130 | &nbsp;&nbsp;&nbsp; 29649273 |
| Waters Corp. (a) (b) | 9636 | &nbsp;&nbsp;&nbsp; 2888969 |
| West Pharmaceutical Services, Inc.  | 11641 | &nbsp;&nbsp;&nbsp; 3053784 |
|  |  | &nbsp;&nbsp;&nbsp; 75574400 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Caterpillar, Inc.  | 75840 | &nbsp;&nbsp;&nbsp; 36187056 |
| Cummins, Inc.  | 22306 | &nbsp;&nbsp;&nbsp; 9421385 |
| Deere & Co. (b) | 40774 | &nbsp;&nbsp;&nbsp; 18644319 |
| Dover Corp.  | 22199 | &nbsp;&nbsp;&nbsp; 3703459 |
| Fortive Corp. (b) | 54771 | &nbsp;&nbsp;&nbsp; 2683231 |
| IDEX Corp.  | 12187 | &nbsp;&nbsp;&nbsp; 1983556 |
| Illinois Tool Works, Inc. (b) | 42942 | &nbsp;&nbsp;&nbsp; 11197556 |
| Ingersoll Rand, Inc. (b) | 58550 | &nbsp;&nbsp;&nbsp; 4837401 |
| Nordson Corp.  | 8690 | &nbsp;&nbsp;&nbsp; 1972196 |
| Otis Worldwide Corp.  | 63535 | &nbsp;&nbsp;&nbsp; 5809005 |
| PACCAR, Inc.  | 85006 | &nbsp;&nbsp;&nbsp; 8357790 |
| Parker-Hannifin Corp.  | 20686 | &nbsp;&nbsp;&nbsp; 15683091 |
| Pentair PLC | 26537 | &nbsp;&nbsp;&nbsp; 2939238 |
| Snap-on, Inc.  | 8444 | &nbsp;&nbsp;&nbsp; 2926100 |
| Stanley Black & Decker, Inc. (b) | 25058 | &nbsp;&nbsp;&nbsp; 1862561 |
| Westinghouse Air Brake Technologies Corp.  | 27674 | &nbsp;&nbsp;&nbsp; 5547807 |
| Xylem, Inc.  | 39404 | &nbsp;&nbsp;&nbsp; 5812090 |
|  |  | &nbsp;&nbsp;&nbsp; 139567841 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications, Inc. - Class A (a) (b) | 15036 | &nbsp;&nbsp;&nbsp; 4136479 |
| Comcast Corp. - Class A | 596183 | &nbsp;&nbsp;&nbsp; 18732070 |
| Fox Corp. - Class A | 33988 | &nbsp;&nbsp;&nbsp; 2143283 |
| Fox Corp. - Class B (b) | 24026 | &nbsp;&nbsp;&nbsp; 1376450 |
| Interpublic Group of Cos., Inc.  | 59292 | &nbsp;&nbsp;&nbsp; 1654840 |
| News Corp. - Class A | 60940 | &nbsp;&nbsp;&nbsp; 1871467 |
| News Corp. - Class B (b) | 20142 | &nbsp;&nbsp;&nbsp; 695906 |
| Omnicom Group, Inc. (b) | 31360 | &nbsp;&nbsp;&nbsp; 2556781 |
| Paramount Skydance Corp. - Class B (b) | 49981 | &nbsp;&nbsp;&nbsp; 945640 |
| Trade Desk, Inc. - Class A (a) | 72146 | &nbsp;&nbsp;&nbsp; 3535875 |
|  |  | &nbsp;&nbsp;&nbsp; 37648791 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Freeport-McMoRan, Inc.  | 232429 | &nbsp;&nbsp;&nbsp; 9115865 |
| Newmont Corp.  | 177822 | &nbsp;&nbsp;&nbsp; 14992173 |
| Nucor Corp.  | 37158 | &nbsp;&nbsp;&nbsp; 5032308 |
| Steel Dynamics, Inc.  | 22400 | &nbsp;&nbsp;&nbsp; 3123232 |
|  |  | &nbsp;&nbsp;&nbsp; 32263578 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. (b) | 43775 | &nbsp;&nbsp;&nbsp; 4569235 |
| CenterPoint Energy, Inc. (b) | 105688 | &nbsp;&nbsp;&nbsp; 4100694 |
| CMS Energy Corp.  | 48457 | &nbsp;&nbsp;&nbsp; 3549960 |
| Consolidated Edison, Inc.  | 58384 | &nbsp;&nbsp;&nbsp; 5868760 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Multi-Utilities—(Continued)** | **Multi-Utilities—(Continued)** | **Multi-Utilities—(Continued)** |
| Dominion Energy, Inc.  | 138157 | &nbsp;&nbsp;&nbsp; $8451064 |
| DTE Energy Co.  | 33605 | &nbsp;&nbsp;&nbsp; 4752755 |
| NiSource, Inc.  | 76224 | &nbsp;&nbsp;&nbsp; 3300499 |
| Public Service Enterprise Group, Inc. (b) | 80793 | &nbsp;&nbsp;&nbsp; 6742984 |
| Sempra (b) | 105625 | &nbsp;&nbsp;&nbsp; 9504137 |
| WEC Energy Group, Inc.  | 52105 | &nbsp;&nbsp;&nbsp; 5970712 |
|  |  | &nbsp;&nbsp;&nbsp; 56810800 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| BXP, Inc. (b) | 23843 | &nbsp;&nbsp;&nbsp; 1772489 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| APA Corp.  | 57920 | &nbsp;&nbsp;&nbsp; 1406298 |
| Chevron Corp.  | 311555 | &nbsp;&nbsp;&nbsp; 48381376 |
| ConocoPhillips | 202184 | &nbsp;&nbsp;&nbsp; 19124585 |
| Coterra Energy, Inc.  | 123540 | &nbsp;&nbsp;&nbsp; 2921721 |
| Devon Energy Corp.  | 102764 | &nbsp;&nbsp;&nbsp; 3602906 |
| Diamondback Energy, Inc. (b) | 30461 | &nbsp;&nbsp;&nbsp; 4358969 |
| EOG Resources, Inc.  | 88387 | &nbsp;&nbsp;&nbsp; 9909950 |
| EQT Corp.  | 101025 | &nbsp;&nbsp;&nbsp; 5498791 |
| Expand Energy Corp.  | 38552 | &nbsp;&nbsp;&nbsp; 4095764 |
| Exxon Mobil Corp.  | 690154 | &nbsp;&nbsp;&nbsp; 77814863 |
| Kinder Morgan, Inc.  | 316554 | &nbsp;&nbsp;&nbsp; 8961644 |
| Marathon Petroleum Corp.  | 49216 | &nbsp;&nbsp;&nbsp; 9485892 |
| Occidental Petroleum Corp. (b) | 116337 | &nbsp;&nbsp;&nbsp; 5496923 |
| ONEOK, Inc.  | 101947 | &nbsp;&nbsp;&nbsp; 7439073 |
| Phillips 66 Co.  | 65421 | &nbsp;&nbsp;&nbsp; 8898564 |
| Targa Resources Corp. (b) | 34836 | &nbsp;&nbsp;&nbsp; 5836423 |
| Texas Pacific Land Corp. (b) | 3126 | &nbsp;&nbsp;&nbsp; 2918559 |
| Valero Energy Corp.  | 50289 | &nbsp;&nbsp;&nbsp; 8562205 |
| Williams Cos., Inc.  | 197689 | &nbsp;&nbsp;&nbsp; 12523598 |
|  |  | &nbsp;&nbsp;&nbsp; 247238104 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc.  | 105002 | &nbsp;&nbsp;&nbsp; 5958863 |
| Southwest Airlines Co. (b) | 85019 | &nbsp;&nbsp;&nbsp; 2712956 |
| United Airlines Holdings, Inc. (a) | 52407 | &nbsp;&nbsp;&nbsp; 5057276 |
|  |  | &nbsp;&nbsp;&nbsp; 13729095 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. - Class A | 37915 | &nbsp;&nbsp;&nbsp; 3341070 |
| Kenvue, Inc.  | 310668 | &nbsp;&nbsp;&nbsp; 5042141 |
|  |  | &nbsp;&nbsp;&nbsp; 8383211 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| Bristol-Myers Squibb Co.  | 329506 | &nbsp;&nbsp;&nbsp; 14860721 |
| Eli Lilly & Co.  | 128703 | &nbsp;&nbsp;&nbsp; 98200389 |
| Johnson & Johnson | 389873 | &nbsp;&nbsp;&nbsp; 72290252 |
| Merck & Co., Inc.  | 404353 | &nbsp;&nbsp;&nbsp; 33937347 |
| Pfizer, Inc.  | 920404 | &nbsp;&nbsp;&nbsp; 23451894 |
| Viatris, Inc.  | 188736 | &nbsp;&nbsp;&nbsp; 1868486 |
| Zoetis, Inc.  | 71744 | &nbsp;&nbsp;&nbsp; 10497582 |
|  |  | &nbsp;&nbsp;&nbsp; 255106671 |

---

**BHFTII-214**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 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.  | 65570 | &nbsp;&nbsp;&nbsp; $19244795 |
| Broadridge Financial Solutions, Inc.  | 18961 | &nbsp;&nbsp;&nbsp; 4515941 |
| Dayforce, Inc. (a) (b) | 25851 | &nbsp;&nbsp;&nbsp; 1780876 |
| Equifax, Inc.  | 20041 | &nbsp;&nbsp;&nbsp; 5141118 |
| Jacobs Solutions, Inc.  | 19351 | &nbsp;&nbsp;&nbsp; 2899941 |
| Leidos Holdings, Inc.  | 20769 | &nbsp;&nbsp;&nbsp; 3924510 |
| Paychex, Inc. (b) | 52486 | &nbsp;&nbsp;&nbsp; 6653125 |
| Paycom Software, Inc.  | 8105 | &nbsp;&nbsp;&nbsp; 1686975 |
| Verisk Analytics, Inc.  | 22618 | &nbsp;&nbsp;&nbsp; 5688653 |
|  |  | &nbsp;&nbsp;&nbsp; 51535934 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc. - Class A (a) | 47447 | &nbsp;&nbsp;&nbsp; 7475749 |
| CoStar Group, Inc. (a) | 68582 | &nbsp;&nbsp;&nbsp; 5786264 |
|  |  | &nbsp;&nbsp;&nbsp; 13262013 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| AvalonBay Communities, Inc. (b) | 23021 | &nbsp;&nbsp;&nbsp; 4446967 |
| Camden Property Trust | 17297 | &nbsp;&nbsp;&nbsp; 1846974 |
| Equity Residential | 56259 | &nbsp;&nbsp;&nbsp; 3641645 |
| Essex Property Trust, Inc. (b) | 10426 | &nbsp;&nbsp;&nbsp; 2790623 |
| Invitation Homes, Inc.  | 91297 | &nbsp;&nbsp;&nbsp; 2677741 |
| Mid-America Apartment Communities, Inc. (b) | 18952 | &nbsp;&nbsp;&nbsp; 2648163 |
| UDR, Inc. (b) | 48812 | &nbsp;&nbsp;&nbsp; 1818735 |
|  |  | &nbsp;&nbsp;&nbsp; 19870848 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |
| Federal Realty Investment Trust | 12708 | &nbsp;&nbsp;&nbsp; 1287447 |
| Kimco Realty Corp. (b) | 109628 | &nbsp;&nbsp;&nbsp; 2395372 |
| Realty Income Corp. (b) | 148012 | &nbsp;&nbsp;&nbsp; 8997649 |
| Regency Centers Corp. (b) | 26451 | &nbsp;&nbsp;&nbsp; 1928278 |
| Simon Property Group, Inc.  | 52853 | &nbsp;&nbsp;&nbsp; 9918923 |
|  |  | &nbsp;&nbsp;&nbsp; 24527669 |
| **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** |
| Advanced Micro Devices, Inc. (a) | 262713 | &nbsp;&nbsp;&nbsp; 42504336 |
| Analog Devices, Inc.  | 80335 | &nbsp;&nbsp;&nbsp; 19738309 |
| Applied Materials, Inc.  | 129912 | &nbsp;&nbsp;&nbsp; 26598183 |
| Broadcom, Inc.  | 761420 | &nbsp;&nbsp;&nbsp; 251200072 |
| First Solar, Inc. (a) | 17362 | &nbsp;&nbsp;&nbsp; 3828842 |
| Intel Corp. (a) | 708569 | &nbsp;&nbsp;&nbsp; 23772490 |
| KLA Corp.  | 21363 | &nbsp;&nbsp;&nbsp; 23042132 |
| Lam Research Corp.  | 204884 | &nbsp;&nbsp;&nbsp; 27433968 |
| Microchip Technology, Inc. (b) | 87365 | &nbsp;&nbsp;&nbsp; 5610580 |
| Micron Technology, Inc.  | 181169 | &nbsp;&nbsp;&nbsp; 30313197 |
| Monolithic Power Systems, Inc. (b) | 7753 | &nbsp;&nbsp;&nbsp; 7137722 |
| NVIDIA Corp.  | 3949988 | &nbsp;&nbsp;&nbsp; 736988761 |
| NXP Semiconductors NV | 40813 | &nbsp;&nbsp;&nbsp; 9294344 |
| ON Semiconductor Corp. (a) (b) | 66206 | &nbsp;&nbsp;&nbsp; 3264618 |
| QUALCOMM, Inc.  | 174596 | &nbsp;&nbsp;&nbsp; 29045791 |
| Skyworks Solutions, Inc.  | 24028 | &nbsp;&nbsp;&nbsp; 1849675 |
| Teradyne, Inc.  | 25751 | &nbsp;&nbsp;&nbsp; 3544368 |
| Texas Instruments, Inc.  | 147175 | &nbsp;&nbsp;&nbsp; 27040463 |
|  |  | &nbsp;&nbsp;&nbsp; 1272207851 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software — 11.3%** | **Software — 11.3%** | **Software — 11.3%** |
| Adobe, Inc. (a) | 68672 | &nbsp;&nbsp;&nbsp; $24224048 |
| AppLovin Corp. - Class A (a) | 43826 | &nbsp;&nbsp;&nbsp; 31490734 |
| Autodesk, Inc. (a) | 34643 | &nbsp;&nbsp;&nbsp; 11005042 |
| Cadence Design Systems, Inc. (a) (b) | 44112 | &nbsp;&nbsp;&nbsp; 15494781 |
| Crowdstrike Holdings, Inc. - Class A (a) | 40350 | &nbsp;&nbsp;&nbsp; 19786833 |
| Datadog, Inc. - Class A (a) (b) | 52332 | &nbsp;&nbsp;&nbsp; 7452077 |
| Fair Isaac Corp. (a) | 3886 | &nbsp;&nbsp;&nbsp; 5815516 |
| Fortinet, Inc. (a) | 105439 | &nbsp;&nbsp;&nbsp; 8865311 |
| Gen Digital, Inc. (b) | 90726 | &nbsp;&nbsp;&nbsp; 2575711 |
| Intuit, Inc.  | 45158 | &nbsp;&nbsp;&nbsp; 30838850 |
| Microsoft Corp.  | 1203317 | &nbsp;&nbsp;&nbsp; 623258040 |
| Oracle Corp.  | 268277 | &nbsp;&nbsp;&nbsp; 75450223 |
| Palantir Technologies, Inc. - Class A (a) | 368168 | &nbsp;&nbsp;&nbsp; 67161207 |
| Palo Alto Networks, Inc. (a) (b) | 108128 | &nbsp;&nbsp;&nbsp; 22017023 |
| PTC, Inc. (a) | 19392 | &nbsp;&nbsp;&nbsp; 3936964 |
| Roper Technologies, Inc.  | 17421 | &nbsp;&nbsp;&nbsp; 8687678 |
| Salesforce, Inc.  | 154762 | &nbsp;&nbsp;&nbsp; 36678594 |
| ServiceNow, Inc. (a) | 33672 | &nbsp;&nbsp;&nbsp; 30987668 |
| Synopsys, Inc. (a) | 29956 | &nbsp;&nbsp;&nbsp; 14779991 |
| Tyler Technologies, Inc. (a) (b) | 7004 | &nbsp;&nbsp;&nbsp; 3664213 |
| Workday, Inc. - Class A (a) | 34967 | &nbsp;&nbsp;&nbsp; 8417606 |
|  |  | &nbsp;&nbsp;&nbsp; 1052588110 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp.  | 75802 | &nbsp;&nbsp;&nbsp; 14578241 |
| Crown Castle, Inc.  | 70495 | &nbsp;&nbsp;&nbsp; 6802063 |
| Digital Realty Trust, Inc.  | 51898 | &nbsp;&nbsp;&nbsp; 8972126 |
| Equinix, Inc.  | 15843 | &nbsp;&nbsp;&nbsp; 12408871 |
| Extra Space Storage, Inc.  | 34360 | &nbsp;&nbsp;&nbsp; 4842698 |
| Iron Mountain, Inc.  | 47812 | &nbsp;&nbsp;&nbsp; 4873955 |
| Public Storage | 25563 | &nbsp;&nbsp;&nbsp; 7383873 |
| SBA Communications Corp.  | 17383 | &nbsp;&nbsp;&nbsp; 3361003 |
| VICI Properties, Inc. (b) | 172629 | &nbsp;&nbsp;&nbsp; 5629432 |
| Weyerhaeuser Co.  | 116801 | &nbsp;&nbsp;&nbsp; 2895497 |
|  |  | &nbsp;&nbsp;&nbsp; 71747759 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| AutoZone, Inc. (a) | 2709 | &nbsp;&nbsp;&nbsp; 11622260 |
| Best Buy Co., Inc.  | 31818 | &nbsp;&nbsp;&nbsp; 2406077 |
| CarMax, Inc. (a) | 24294 | &nbsp;&nbsp;&nbsp; 1090072 |
| Home Depot, Inc.  | 161064 | &nbsp;&nbsp;&nbsp; 65261522 |
| Lowe's Cos., Inc.  | 90726 | &nbsp;&nbsp;&nbsp; 22800351 |
| O'Reilly Automotive, Inc. (a) | 137358 | &nbsp;&nbsp;&nbsp; 14808566 |
| Ross Stores, Inc.  | 52947 | &nbsp;&nbsp;&nbsp; 8068593 |
| TJX Cos., Inc.  | 180601 | &nbsp;&nbsp;&nbsp; 26104069 |
| Tractor Supply Co. (b) | 85791 | &nbsp;&nbsp;&nbsp; 4878934 |
| Ulta Beauty, Inc. (a) | 7276 | &nbsp;&nbsp;&nbsp; 3978153 |
| Williams-Sonoma, Inc.  | 19911 | &nbsp;&nbsp;&nbsp; 3891605 |
|  |  | &nbsp;&nbsp;&nbsp; 164910202 |
| **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** |
| Apple, Inc.  | 2402433 | &nbsp;&nbsp;&nbsp; 611731515 |
| Dell Technologies, Inc. - Class C | 49083 | &nbsp;&nbsp;&nbsp; 6958497 |
| Hewlett Packard Enterprise Co.  | 212427 | &nbsp;&nbsp;&nbsp; 5217207 |
| HP, Inc.  | 152054 | &nbsp;&nbsp;&nbsp; 4140430 |
| NetApp, Inc. (b) | 32392 | &nbsp;&nbsp;&nbsp; 3837156 |

---

**BHFTII-215**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Securities Lending Reinvestments (f)—3.6%**

---

| | | |
|:---|:---|:---|
| **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 (b) | 34429 | &nbsp;&nbsp;&nbsp; $8127310 |
| Super Micro Computer, Inc. (a) (b) | 81157 | &nbsp;&nbsp;&nbsp; 3890667 |
| Western Digital Corp.  | 56161 | &nbsp;&nbsp;&nbsp; 6742690 |
|  |  | &nbsp;&nbsp;&nbsp; 650645472 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Deckers Outdoor Corp. (a) | 24014 | &nbsp;&nbsp;&nbsp; 2434299 |
| Lululemon Athletica, Inc. (a) (b) | 17654 | &nbsp;&nbsp;&nbsp; 3141176 |
| NIKE, Inc. - Class B | 192321 | &nbsp;&nbsp;&nbsp; 13410544 |
| Ralph Lauren Corp.  | 6264 | &nbsp;&nbsp;&nbsp; 1964140 |
| Tapestry, Inc.  | 33692 | &nbsp;&nbsp;&nbsp; 3814608 |
|  |  | &nbsp;&nbsp;&nbsp; 24764767 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc.  | 271948 | &nbsp;&nbsp;&nbsp; 17964885 |
| Philip Morris International, Inc.  | 251988 | &nbsp;&nbsp;&nbsp; 40872453 |
|  |  | &nbsp;&nbsp;&nbsp; 58837338 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Fastenal Co.  | 185784 | &nbsp;&nbsp;&nbsp; 9110847 |
| United Rentals, Inc.  | 10416 | &nbsp;&nbsp;&nbsp; 9943739 |
| WW Grainger, Inc.  | 7124 | &nbsp;&nbsp;&nbsp; 6788887 |
|  |  | &nbsp;&nbsp;&nbsp; 25843473 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Works Co., Inc. (b) | 31583 | &nbsp;&nbsp;&nbsp; 4396038 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile U.S., Inc.  | 78341 | &nbsp;&nbsp;&nbsp; 18753269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,137,955,899) <br>|  | &nbsp;&nbsp;&nbsp; 9235031818 |
| **Investment Companies—0.6%** | **Investment Companies—0.6%** | **Investment Companies—0.6%** |
| **Exchange-Traded Funds — 0.6%** | **Exchange-Traded Funds — 0.6%** | **Exchange-Traded Funds — 0.6%** |
| SPDR S&P 500 ETF Trust (b) | 83000 | &nbsp;&nbsp;&nbsp; 55292940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $52,757,033) <br>|  | &nbsp;&nbsp;&nbsp; 55292940 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** |
| **Discount Note—0.0%** | **Discount Note—0.0%** | **Discount Note—0.0%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (e) | 2050000 | &nbsp;&nbsp;&nbsp; 2049771 |
| **U.S. Treasury—0.5%** | **U.S. Treasury—0.5%** | **U.S. Treasury—0.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.792%, 10/16/25 (e) | 5000000 | &nbsp;&nbsp;&nbsp; 4991554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%, 10/16/25 (e) | 5200000 | &nbsp;&nbsp;&nbsp; 5191216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 10/16/25 (e) | 27000000 | &nbsp;&nbsp;&nbsp; 26954393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.962%, 10/16/25 (e) | 13940000 | &nbsp;&nbsp;&nbsp; 13916453 |
|  |  | &nbsp;&nbsp;&nbsp; 51053616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $53,103,400) <br>|  | &nbsp;&nbsp;&nbsp; 53103387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (g)<br>| 1000000 | &nbsp;&nbsp;&nbsp; $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (g)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (g)<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (g)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Asset Institutional Government Reserves Fund, <br>Institutional Class 4.040% (g)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp;&nbsp; 8500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of America NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%, SOFR + 0.400%, 03/31/26 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 3002715 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.350%, 05/14/26 (h) | 6000000 | &nbsp;&nbsp;&nbsp; 5999991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, SOFR + 0.390%, 05/05/26 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 3001155 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%, SOFR + 0.330%, 07/22/26 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 2999968 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 10/01/25 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 1999998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.350%, 10/21/25 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2000112 |
| Credit Agricole Corp. and Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, SOFR + 0.280%, 11/03/25 (h) | 5000000 | &nbsp;&nbsp;&nbsp; 5000040 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, SOFR + 0.220%, 03/17/26 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2000042 |
| Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 11/13/25 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2000266 |
| MUFG Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%, SOFR + 0.310%, 10/30/25 (h) | 4600000 | &nbsp;&nbsp;&nbsp; 4600561 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 02/11/26 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 2999417 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 05/01/26 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 3002031 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/06/25 | 5000000 | &nbsp;&nbsp;&nbsp; 4999985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 12/08/25 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 2999991 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.260%, 02/06/26 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2000348 |
| Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.230%, 01/30/26 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 3000303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 10/14/25 (h) | 3000000 | &nbsp;&nbsp;&nbsp; 3000201 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/16/25 | 5000000 | &nbsp;&nbsp;&nbsp; 4990900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 10/24/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/10/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000240 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610%, SOFR + 0.450%, 04/23/26 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1001154 |
|  |  | &nbsp;&nbsp;&nbsp; 64599998 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/03/25 | 4000000 | &nbsp;&nbsp;&nbsp; 3998612 |
| Ionic Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 10/02/25 | 5000000 | &nbsp;&nbsp;&nbsp; 4998795 |

---

**BHFTII-216**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 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)** |
| Old Line Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, SOFR + 0.140%, 12/08/25 (h) | 3000000 | &nbsp;&nbsp;&nbsp; $2999709 |
| Salisbury Receivables Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/11/25 | 5000000 | &nbsp;&nbsp;&nbsp; 4958030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 12/08/25 | 2000000 | &nbsp;&nbsp;&nbsp; 1983900 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%, SOFR + 0.400%, 04/10/26 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2001684 |
|  |  | &nbsp;&nbsp;&nbsp; 20940730 |
| **Repurchase Agreements—2.2%** | **Repurchase Agreements—2.2%** | **Repurchase Agreements—2.2%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $15,001,750; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,685,036<br>| 15000000 | &nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $23,002,696; <br> collateralized by various Common Stock with an aggregate <br> market value of $25,583,723<br>| 23000000 | &nbsp;&nbsp;&nbsp; 23000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $1,900,225; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,113,438<br>| 1900000 | &nbsp;&nbsp;&nbsp; 1900000 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.420%, due on <br> 01/02/26 with a maturity value of $2,023,082; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 07/15/26 - 10/15/28, <br> and various Common Stock with an aggregate market value of <br> $2,228,029<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $11,001,277; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 1.375% - 4.625%, maturity dates ranging from <br> 06/15/27 - 10/31/28, and an aggregate market value of <br> $11,220,005<br>| 11000000 | &nbsp;&nbsp;&nbsp; 11000000 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $20,478,356; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,000,005<br>| 20000000 | &nbsp;&nbsp;&nbsp; 20000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $2,700,311; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $2,754,000<br>| 2700000 | &nbsp;&nbsp;&nbsp; 2700000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $25,978,366; <br> collateralized by U.S. Treasury Obligations with zero coupon, <br> maturity dates ranging from 11/15/35 - 08/15/55, and an <br> aggregate market value of $26,494,850<br>| 25975343 | &nbsp;&nbsp;&nbsp; 25975343 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $58,048,494; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 3.750% - 4.125%, maturity dates ranging from <br> 10/31/26 - 11/30/29, and various Common Stock with an <br> aggregate market value of $64,506,896<br>| 58000000 | &nbsp;&nbsp;&nbsp; $58000000 |
| NBC Global Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.330%, due on <br> 10/07/25 with a maturity value of $31,026,100; <br> collateralized by various Common Stock with an aggregate <br> market value of $34,569,314<br>| 31000000 | &nbsp;&nbsp;&nbsp; 31000000 |
| Royal Bank of Canada Toronto |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.360%, due on <br> 11/04/25 with a maturity value of $6,025,433; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,667,474<br>| 6000000 | &nbsp;&nbsp;&nbsp; 6000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $2,900,329; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $2,958,001<br>| 2900000 | &nbsp;&nbsp;&nbsp; 2900000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $7,900,919; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,691,012<br>| 7900000 | &nbsp;&nbsp;&nbsp; 7900000 |
|  |  | &nbsp;&nbsp;&nbsp; 207375343 |
| **Time Deposits—0.4%** | **Time Deposits—0.4%** | **Time Deposits—0.4%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/01/25 | 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.040%, 10/01/25 | 7000000 | &nbsp;&nbsp;&nbsp; 7000000 |
| DZ Bank AG (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/01/25 | 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.160%, OBFR + 0.070% 10/07/25 (h) | 6000000 | &nbsp;&nbsp;&nbsp; 6000000 |
| Skandinaviska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| Svenska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 7000000 | &nbsp;&nbsp;&nbsp; 7000000 |
|  |  | &nbsp;&nbsp;&nbsp; 34000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $335,408,175) <br>|  | &nbsp;&nbsp;&nbsp; 335416071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—103.6% <br>(Cost $3,579,224,507) <br>|  | &nbsp;&nbsp;&nbsp; 9678844216 |
| Other assets and liabilities (net)—(3.6)%  |  | &nbsp;&nbsp;&nbsp; (339671229)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $9339172987 |

---

&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 September 30, 2025, the market value of securities loaned was $471,993,222 and the collateral received consisted of cash in the amount of $335,344,031 and non-cash collateral with a value of $146,252,634. The cash collateral 

**BHFTII-217**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | 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.<br>|
| (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 <br> September 30, 2025, the market value of securities pledged was $29,226,000.<br>|
| (e) | The rate shown represents current yield to maturity. |
| (f) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (g) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |
| (h) | Variable or floating rate security. The stated rate represents the rate at September 30, 2025.  |

---

Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the period ended September 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**September 30, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $8337677 | &nbsp;&nbsp; $119495 | &nbsp;&nbsp; $(1040145)<br>| &nbsp;&nbsp; $516852 | &nbsp;&nbsp; $(484995)<br>| &nbsp;&nbsp; $7448884 |

---

&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>**September 30, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $164888 | &nbsp;&nbsp; 90432 |

---

**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;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 160 | USD | 53910000 | &nbsp;&nbsp;&nbsp; $1155712 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp;&nbsp; $9235031818 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9235031818 |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; 55292940 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55292940 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53103387 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53103387 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64599998 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64599998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20940730 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20940730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 207375343 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 207375343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; 326916071 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 335416071 |
| Total Investments | &nbsp;&nbsp;&nbsp; $9298824758 | &nbsp;&nbsp;&nbsp; $380019458 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9678844216 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(335344031)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(335344031)<br>|

---

**BHFTII-218**

------

**Brighthouse Funds Trust II**

**MetLife Stock Index Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $1155712 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1155712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-219**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—58.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| Boeing Co. (a) | 6493 | &nbsp;&nbsp;&nbsp; $1401384 |
| General Dynamics Corp.  | 10761 | &nbsp;&nbsp;&nbsp; 3669501 |
| L3Harris Technologies, Inc.  | 16229 | &nbsp;&nbsp;&nbsp; 4956499 |
|  |  | &nbsp;&nbsp;&nbsp; 10027384 |
| **Automobile Components — 1.7%** | **Automobile Components — 1.7%** | **Automobile Components — 1.7%** |
| Aptiv PLC (a) | 70493 | &nbsp;&nbsp;&nbsp; 6077906 |
| Lear Corp.  | 41273 | &nbsp;&nbsp;&nbsp; 4152477 |
|  |  | &nbsp;&nbsp;&nbsp; 10230383 |
| **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
| Bank of America Corp.  | 199800 | &nbsp;&nbsp;&nbsp; 10307682 |
| JPMorgan Chase & Co.  | 24528 | &nbsp;&nbsp;&nbsp; 7736867 |
| PNC Financial Services Group, Inc.  | 22528 | &nbsp;&nbsp;&nbsp; 4526551 |
| Wells Fargo & Co.  | 33078 | &nbsp;&nbsp;&nbsp; 2772598 |
|  |  | &nbsp;&nbsp;&nbsp; 25343698 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Constellation Brands, Inc. - Class A (b) | 20661 | &nbsp;&nbsp;&nbsp; 2782417 |
| Diageo PLC | 76455 | &nbsp;&nbsp;&nbsp; 1820073 |
|  |  | &nbsp;&nbsp;&nbsp; 4602490 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| Johnson Controls International PLC | 54425 | &nbsp;&nbsp;&nbsp; 5984029 |
| Masco Corp.  | 79619 | &nbsp;&nbsp;&nbsp; 5604381 |
|  |  | &nbsp;&nbsp;&nbsp; 11588410 |
| **Capital Markets — 6.7%** | **Capital Markets — 6.7%** | **Capital Markets — 6.7%** |
| Charles Schwab Corp.  | 157431 | &nbsp;&nbsp;&nbsp; 15029938 |
| CME Group, Inc.  | 14770 | &nbsp;&nbsp;&nbsp; 3990706 |
| Goldman Sachs Group, Inc.  | 10043 | &nbsp;&nbsp;&nbsp; 7997743 |
| Morgan Stanley | 27174 | &nbsp;&nbsp;&nbsp; 4319579 |
| Northern Trust Corp.  | 58594 | &nbsp;&nbsp;&nbsp; 7886752 |
|  |  | &nbsp;&nbsp;&nbsp; 39224718 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Air Products & Chemicals, Inc.  | 4437 | &nbsp;&nbsp;&nbsp; 1210059 |
| Axalta Coating Systems Ltd. (a) | 80824 | &nbsp;&nbsp;&nbsp; 2313183 |
| DuPont de Nemours, Inc.  | 29567 | &nbsp;&nbsp;&nbsp; 2303269 |
| PPG Industries, Inc. (b) | 36948 | &nbsp;&nbsp;&nbsp; 3883604 |
|  |  | &nbsp;&nbsp;&nbsp; 9710115 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| Albertsons Cos., Inc. - Class A | 66346 | &nbsp;&nbsp;&nbsp; 1161718 |
| Target Corp.  | 22621 | &nbsp;&nbsp;&nbsp; 2029104 |
| U.S. Foods Holding Corp. (a) | 12966 | &nbsp;&nbsp;&nbsp; 993455 |
|  |  | &nbsp;&nbsp;&nbsp; 4184277 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| Avery Dennison Corp.  | 6755 | &nbsp;&nbsp;&nbsp; 1095459 |
| Smurfit WestRock PLC | 35004 | &nbsp;&nbsp;&nbsp; 1490120 |
|  |  | &nbsp;&nbsp;&nbsp; 2585579 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Distributors — 0.5%** | **Distributors — 0.5%** | **Distributors — 0.5%** |
| LKQ Corp.  | 103510 | &nbsp;&nbsp;&nbsp; $3161195 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| Duke Energy Corp.  | 37549 | &nbsp;&nbsp;&nbsp; 4646689 |
| Exelon Corp.  | 52446 | &nbsp;&nbsp;&nbsp; 2360594 |
| PG&E Corp.  | 383090 | &nbsp;&nbsp;&nbsp; 5776997 |
| Southern Co.  | 6315 | &nbsp;&nbsp;&nbsp; 598473 |
|  |  | &nbsp;&nbsp;&nbsp; 13382753 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| Eaton Corp. PLC | 7504 | &nbsp;&nbsp;&nbsp; 2808372 |
| Regal Rexnord Corp. (b) | 19334 | &nbsp;&nbsp;&nbsp; 2773269 |
|  |  | &nbsp;&nbsp;&nbsp; 5581641 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Electronic Arts, Inc.  | 19851 | &nbsp;&nbsp;&nbsp; 4003947 |
| Warner Bros Discovery, Inc. (a) | 131387 | &nbsp;&nbsp;&nbsp; 2565988 |
|  |  | &nbsp;&nbsp;&nbsp; 6569935 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Fidelity National Information Services, Inc.  | 34955 | &nbsp;&nbsp;&nbsp; 2304933 |
| Fiserv, Inc. (a) | 22409 | &nbsp;&nbsp;&nbsp; 2889192 |
|  |  | &nbsp;&nbsp;&nbsp; 5194125 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Archer-Daniels-Midland Co.  | 19916 | &nbsp;&nbsp;&nbsp; 1189782 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| Union Pacific Corp.  | 24032 | &nbsp;&nbsp;&nbsp; 5680444 |
| **Health Care Equipment & Supplies — 3.7%** | **Health Care Equipment & Supplies — 3.7%** | **Health Care Equipment & Supplies — 3.7%** |
| Becton Dickinson & Co.  | 57465 | &nbsp;&nbsp;&nbsp; 10755724 |
| Medtronic PLC | 117608 | &nbsp;&nbsp;&nbsp; 11200986 |
|  |  | &nbsp;&nbsp;&nbsp; 21956710 |
| **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
| Cigna Group | 29805 | &nbsp;&nbsp;&nbsp; 8591291 |
| Humana, Inc.  | 4089 | &nbsp;&nbsp;&nbsp; 1063835 |
| McKesson Corp.  | 3262 | &nbsp;&nbsp;&nbsp; 2520026 |
|  |  | &nbsp;&nbsp;&nbsp; 12175152 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| Mohawk Industries, Inc. (a) | 13277 | &nbsp;&nbsp;&nbsp; 1711671 |
| **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** |
| Honeywell International, Inc.  | 15599 | &nbsp;&nbsp;&nbsp; 3283589 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| Aon PLC - Class A | 21999 | &nbsp;&nbsp;&nbsp; 7844404 |
| Chubb Ltd.  | 23180 | &nbsp;&nbsp;&nbsp; 6542555 |
| Principal Financial Group, Inc.  | 12609 | &nbsp;&nbsp;&nbsp; 1045412 |
| Travelers Cos., Inc.  | 6473 | &nbsp;&nbsp;&nbsp; 1807391 |
| Willis Towers Watson PLC (b) | 19992 | &nbsp;&nbsp;&nbsp; 6906236 |
|  |  | &nbsp;&nbsp;&nbsp; 24145998 |

---

**BHFTII-220**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Accenture PLC - Class A | 8792 | &nbsp;&nbsp;&nbsp; $2168107 |
| Amdocs Ltd.  | 22054 | &nbsp;&nbsp;&nbsp; 1809531 |
| Cognizant Technology Solutions Corp. - Class A | 33025 | &nbsp;&nbsp;&nbsp; 2214987 |
|  |  | &nbsp;&nbsp;&nbsp; 6192625 |
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| Agilent Technologies, Inc.  | 24034 | &nbsp;&nbsp;&nbsp; 3084764 |
| ICON PLC (a) | 19384 | &nbsp;&nbsp;&nbsp; 3392200 |
| Waters Corp. (a) | 6702 | &nbsp;&nbsp;&nbsp; 2009326 |
|  |  | &nbsp;&nbsp;&nbsp; 8486290 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| AGCO Corp. (b) | 18832 | &nbsp;&nbsp;&nbsp; 2016342 |
| Flowserve Corp.  | 18719 | &nbsp;&nbsp;&nbsp; 994728 |
| Stanley Black & Decker, Inc. (b) | 27411 | &nbsp;&nbsp;&nbsp; 2037460 |
|  |  | &nbsp;&nbsp;&nbsp; 5048530 |
| **Media — 2.5%** | **Media — 2.5%** | **Media — 2.5%** |
| Comcast Corp. - Class A | 238869 | &nbsp;&nbsp;&nbsp; 7505264 |
| Interpublic Group of Cos., Inc.  | 12795 | &nbsp;&nbsp;&nbsp; 357109 |
| Omnicom Group, Inc.  | 87821 | &nbsp;&nbsp;&nbsp; 7160046 |
|  |  | &nbsp;&nbsp;&nbsp; 15022419 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Glencore PLC (a) | 288260 | &nbsp;&nbsp;&nbsp; 1332121 |
| **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** | **Multi-Utilities — 0.7%** |
| National Grid PLC | 273684 | &nbsp;&nbsp;&nbsp; 3945592 |
| **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** |
| Chevron Corp.  | 41977 | &nbsp;&nbsp;&nbsp; 6518608 |
| ConocoPhillips | 76511 | &nbsp;&nbsp;&nbsp; 7237175 |
| Diamondback Energy, Inc.  | 7378 | &nbsp;&nbsp;&nbsp; 1055792 |
| Exxon Mobil Corp.  | 46197 | &nbsp;&nbsp;&nbsp; 5208712 |
| Suncor Energy, Inc.  | 92653 | &nbsp;&nbsp;&nbsp; 3877352 |
|  |  | &nbsp;&nbsp;&nbsp; 23897639 |
| **Personal Care Products — 1.2%** | **Personal Care Products — 1.2%** | **Personal Care Products — 1.2%** |
| Kenvue, Inc.  | 437119 | &nbsp;&nbsp;&nbsp; 7094441 |
| **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** |
| Johnson & Johnson | 59367 | &nbsp;&nbsp;&nbsp; 11007829 |
| Organon & Co.  | 36069 | &nbsp;&nbsp;&nbsp; 385217 |
| Pfizer, Inc.  | 366922 | &nbsp;&nbsp;&nbsp; 9349173 |
| Roche Holding AG | 9535 | &nbsp;&nbsp;&nbsp; 3138266 |
|  |  | &nbsp;&nbsp;&nbsp; 23880485 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Leidos Holdings, Inc.  | 6404 | &nbsp;&nbsp;&nbsp; 1210100 |
| **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** |
| Intel Corp. (a) | 138243 | &nbsp;&nbsp;&nbsp; 4638053 |
| NXP Semiconductors NV | 21192 | &nbsp;&nbsp;&nbsp; 4826054 |
|  |  | &nbsp;&nbsp;&nbsp; 9464107 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| Microsoft Corp.  | 19222 | &nbsp;&nbsp;&nbsp; $9956035 |
| **Tobacco — 1.5%** | **Tobacco — 1.5%** | **Tobacco — 1.5%** |
| Altria Group, Inc.  | 23460 | &nbsp;&nbsp;&nbsp; 1549768 |
| Philip Morris International, Inc.  | 45226 | &nbsp;&nbsp;&nbsp; 7335657 |
|  |  | &nbsp;&nbsp;&nbsp; 8885425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $269,606,954) <br>|  | &nbsp;&nbsp;&nbsp; 345945858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—12.8%** | **Corporate Bonds & Notes—12.8%** | **Corporate Bonds & Notes—12.8%** |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| BAE Systems PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 04/15/30 (144A) (b) | 336000 | &nbsp;&nbsp;&nbsp; 323836 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/50 (b) | 231000 | &nbsp;&nbsp;&nbsp; 230784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.858%, 05/01/54 | 202000 | &nbsp;&nbsp;&nbsp; 230422 |
|  |  | &nbsp;&nbsp;&nbsp; 785042 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448%, 03/16/28 (b) | 1275000 | &nbsp;&nbsp;&nbsp; 1282689 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/17/27 (b) | 233000 | &nbsp;&nbsp;&nbsp; 238052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/15/30 (b) | 282000 | &nbsp;&nbsp;&nbsp; 291429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/29 (b) | 101000 | &nbsp;&nbsp;&nbsp; 106274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/17/32 | 445000 | &nbsp;&nbsp;&nbsp; 474123 |
|  |  | &nbsp;&nbsp;&nbsp; 2392567 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Stellantis Finance U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.691%, 09/15/31 (144A) (b) | 1012000 | &nbsp;&nbsp;&nbsp; 867876 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, SOFR + 1.210%, 10/20/32 (c) | 900000 | &nbsp;&nbsp;&nbsp; 806636 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.894%, 1Y H15 + 1.300%, 11/24/32 (b) (c) | 259000 | &nbsp;&nbsp;&nbsp; 233419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.437%, 1Y H15 + 3.500%, 11/02/33 (c) | 774000 | &nbsp;&nbsp;&nbsp; 888106 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%, SOFR + 1.219%, 11/16/27 (c) | 258000 | &nbsp;&nbsp;&nbsp; 252356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.720%, SOFR + 3.180%, 01/18/29 (c) | 628000 | &nbsp;&nbsp;&nbsp; 659487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, SOFR + 2.520%, 07/13/27 (b) (c) | 239000 | &nbsp;&nbsp;&nbsp; 244115 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%, SOFR + 1.248%, 07/21/32 (c) | 834000 | &nbsp;&nbsp;&nbsp; 744344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 02/07/30 (b) | 623000 | &nbsp;&nbsp;&nbsp; 583551 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5Y H15 + 3.222%, 03/09/26 (c) | 200000 | &nbsp;&nbsp;&nbsp; 198658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5Y H15 + 3.250%, 03/09/31 (c) | 332000 | &nbsp;&nbsp;&nbsp; 313207 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%, SOFR + 1.180%, 11/08/32 (c) | 1358000 | &nbsp;&nbsp;&nbsp; 1218018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%, SOFR + 1.260%, 01/25/33 (c) | 518000 | &nbsp;&nbsp;&nbsp; 473889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.897%, 3M TSFR + 1.482%, 01/23/49 (c) | 297000 | &nbsp;&nbsp;&nbsp; 239463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%, SOFR + 1.490%, 04/22/35 (c) | 781000 | &nbsp;&nbsp;&nbsp; 832067 |

---

**BHFTII-221**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.852%, 1Y H15 + 1.100%, 01/19/33 (b) (c) | 920000 | &nbsp;&nbsp;&nbsp; $831911 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%, SOFR + 1.143%, 01/22/31 (c) | 672000 | &nbsp;&nbsp;&nbsp; 627940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%, SOFR + 1.290%, 01/21/33 (c) | 860000 | &nbsp;&nbsp;&nbsp; 781872 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.472%, 01/14/29 (b) | 1536000 | &nbsp;&nbsp;&nbsp; 1456325 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (c) | 1883000 | &nbsp;&nbsp;&nbsp; 1661448 |
|  |  | &nbsp;&nbsp;&nbsp; 13046812 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/38 (b) | 194000 | &nbsp;&nbsp;&nbsp; 183929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/15/39 | 813000 | &nbsp;&nbsp;&nbsp; 1042339 |
| Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 | 835000 | &nbsp;&nbsp;&nbsp; 781552 |
| Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 05/01/30 | 86000 | &nbsp;&nbsp;&nbsp; 81130 |
|  |  | &nbsp;&nbsp;&nbsp; 2088950 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/15/30 | 52000 | &nbsp;&nbsp;&nbsp; 48323 |
| Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/15/31 (b) | 1141000 | &nbsp;&nbsp;&nbsp; 1000692 |
| Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/30 (b) | 106000 | &nbsp;&nbsp;&nbsp; 102395 |
|  |  | &nbsp;&nbsp;&nbsp; 1151410 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/32 | 413000 | &nbsp;&nbsp;&nbsp; 372734 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/11/32 (144A) | 1117000 | &nbsp;&nbsp;&nbsp; 1155922 |
| ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/37 (144A) (b) | 201000 | &nbsp;&nbsp;&nbsp; 234476 |
| Experian Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/01/29 (144A) | 533000 | &nbsp;&nbsp;&nbsp; 532348 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/31 | 215000 | &nbsp;&nbsp;&nbsp; 192798 |
| Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/15/29 (b) | 533000 | &nbsp;&nbsp;&nbsp; 531740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/01/33 | 387000 | &nbsp;&nbsp;&nbsp; 410976 |
|  |  | &nbsp;&nbsp;&nbsp; 3058260 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 03/22/33 (b) | 216000 | &nbsp;&nbsp;&nbsp; 219577 |
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 | 1534000 | &nbsp;&nbsp;&nbsp; 1507132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 07/21/27 (b) | 320000 | &nbsp;&nbsp;&nbsp; 317134 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/15/27 (144A) | 599000 | &nbsp;&nbsp;&nbsp; $589051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/01/26 (144A) | 215000 | &nbsp;&nbsp;&nbsp; 214855 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.273%, SOFR + 1.790%, 03/01/30 (b) (c) | 1286000 | &nbsp;&nbsp;&nbsp; 1239330 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853%, SOFR + 2.500%, 05/19/34 (b) (c) | 1175000 | &nbsp;&nbsp;&nbsp; 1257525 |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 06/15/30 | 614000 | &nbsp;&nbsp;&nbsp; 558654 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/31 (144A) (b) | 1048000 | &nbsp;&nbsp;&nbsp; 1014516 |
|  |  | &nbsp;&nbsp;&nbsp; 6698197 |
| **Electric — 1.3%** | **Electric — 1.3%** | **Electric — 1.3%** |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 11/01/32 (b) | 344000 | &nbsp;&nbsp;&nbsp; 368790 |
| Brazos Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.243%, 03/01/43 (144A) | 448000 | &nbsp;&nbsp;&nbsp; 449772 |
| Consumers Securitization Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 03/01/28 | 164134 | &nbsp;&nbsp;&nbsp; 166229 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 01/15/33 (b) | 1078000 | &nbsp;&nbsp;&nbsp; 1108293 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/32 (b) | 818000 | &nbsp;&nbsp;&nbsp; 812842 |
| Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 05/23/53 (144A) (b) | 200000 | &nbsp;&nbsp;&nbsp; 223133 |
| Empire District Bondco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.943%, 01/01/35 | 299817 | &nbsp;&nbsp;&nbsp; 303551 |
| Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050%, 10/14/25 (144A) | 315000 | &nbsp;&nbsp;&nbsp; 315274 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 04/15/30 (b) | 498000 | &nbsp;&nbsp;&nbsp; 492609 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 01/30/50 | 40000 | &nbsp;&nbsp;&nbsp; 30534 |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/01/32 (144A) | 256000 | &nbsp;&nbsp;&nbsp; 228893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 01/15/26 (144A) | 422000 | &nbsp;&nbsp;&nbsp; 421958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 01/15/35 (b) | 176000 | &nbsp;&nbsp;&nbsp; 178372 |
| Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 03/15/29 (b) | 605000 | &nbsp;&nbsp;&nbsp; 633053 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 08/01/27 | 135000 | &nbsp;&nbsp;&nbsp; 129768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/31 | 435000 | &nbsp;&nbsp;&nbsp; 387542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/15/28 (b) | 390000 | &nbsp;&nbsp;&nbsp; 375979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 08/01/40 | 283000 | &nbsp;&nbsp;&nbsp; 214416 |
| Virginia Power Fuel Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%, 05/01/29 | 254085 | &nbsp;&nbsp;&nbsp; 255438 |
| Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 06/01/30 | 297000 | &nbsp;&nbsp;&nbsp; 284694 |
|  |  | &nbsp;&nbsp;&nbsp; 7381140 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Arrow Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 02/15/32 (b) | 701000 | &nbsp;&nbsp;&nbsp; 625627 |

---

**BHFTII-222**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 02/15/31 (b) | 253000 | &nbsp;&nbsp;&nbsp; $219163 |
| Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/34 (b) | 1541000 | &nbsp;&nbsp;&nbsp; 1576209 |
|  |  | &nbsp;&nbsp;&nbsp; 1795372 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/35 (144A) (b) | 566000 | &nbsp;&nbsp;&nbsp; 578529 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| East Ohio Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/15/30 (144A) (b) | 340000 | &nbsp;&nbsp;&nbsp; 306053 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 02/01/45 | 136000 | &nbsp;&nbsp;&nbsp; 135469 |
|  |  | &nbsp;&nbsp;&nbsp; 441522 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Alcon Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 05/27/30 (144A) (b) | 200000 | &nbsp;&nbsp;&nbsp; 185017 |
| Boston Scientific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/01/30 | 439000 | &nbsp;&nbsp;&nbsp; 410651 |
|  |  | &nbsp;&nbsp;&nbsp; 595668 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430%, 03/01/32 | 731000 | &nbsp;&nbsp;&nbsp; 748717 |
| Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 03/15/40 | 148000 | &nbsp;&nbsp;&nbsp; 115834 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/39 (b) | 488000 | &nbsp;&nbsp;&nbsp; 470219 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/33 (b) | 370000 | &nbsp;&nbsp;&nbsp; 389278 |
| Northwell Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.979%, 11/01/46 | 51000 | &nbsp;&nbsp;&nbsp; 40329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260%, 11/01/47 (b) | 379000 | &nbsp;&nbsp;&nbsp; 310593 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/34 (b) | 555000 | &nbsp;&nbsp;&nbsp; 563699 |
|  |  | &nbsp;&nbsp;&nbsp; 2638669 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| AIA Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/07/30 (144A) | 804000 | &nbsp;&nbsp;&nbsp; 779375 |
| Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/28 | 528000 | &nbsp;&nbsp;&nbsp; 533445 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 03/17/32 (b) | 578000 | &nbsp;&nbsp;&nbsp; 557688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/23/35 (b) | 136000 | &nbsp;&nbsp;&nbsp; 139897 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 04/05/32 (b) | 894000 | &nbsp;&nbsp;&nbsp; 853591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/34 (b) | 328000 | &nbsp;&nbsp;&nbsp; 345014 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/16/32 | 1094000 | &nbsp;&nbsp;&nbsp; 1136823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/07/33 | 24000 | &nbsp;&nbsp;&nbsp; 25514 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951%, 10/15/50 (144A) | 306000 | &nbsp;&nbsp;&nbsp; 234362 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Sammons Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/08/32 (144A) | 171000 | &nbsp;&nbsp;&nbsp; $166841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/34 (144A) (b) | 853000 | &nbsp;&nbsp;&nbsp; 939248 |
|  |  | &nbsp;&nbsp;&nbsp; 5711798 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 08/08/29 | 257000 | &nbsp;&nbsp;&nbsp; 248606 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 10/15/33 (b) | 443000 | &nbsp;&nbsp;&nbsp; 384639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 04/15/31 | 2000 | &nbsp;&nbsp;&nbsp; 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/30 (b) | 544000 | &nbsp;&nbsp;&nbsp; 549430 |
|  |  | &nbsp;&nbsp;&nbsp; 1184515 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 09/15/28 | 618000 | &nbsp;&nbsp;&nbsp; 626613 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/41 (b) | 577000 | &nbsp;&nbsp;&nbsp; 420981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/53 (b) | 469000 | &nbsp;&nbsp;&nbsp; 391896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/01/47 | 122000 | &nbsp;&nbsp;&nbsp; 105449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/35 | 290000 | &nbsp;&nbsp;&nbsp; 303812 |
| Time Warner Cable Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 07/15/33 | 554000 | &nbsp;&nbsp;&nbsp; 649947 |
|  |  | &nbsp;&nbsp;&nbsp; 1872085 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/10/30 (144A) (b) | 1340000 | &nbsp;&nbsp;&nbsp; 1229853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/16/29 (144A) | 200000 | &nbsp;&nbsp;&nbsp; 196519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/30 (144A) (b) | 524000 | &nbsp;&nbsp;&nbsp; 546919 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/30 (144A) (b) | 469000 | &nbsp;&nbsp;&nbsp; 427844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 04/27/31 (144A) (b) | 194000 | &nbsp;&nbsp;&nbsp; 177944 |
|  |  | &nbsp;&nbsp;&nbsp; 2579079 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.721%, 01/12/32 | 1148000 | &nbsp;&nbsp;&nbsp; 1041042 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 04/18/34 | 352000 | &nbsp;&nbsp;&nbsp; 359350 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/12/28 (144A) | 1046000 | &nbsp;&nbsp;&nbsp; 1056677 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 02/01/34 (b) | 785000 | &nbsp;&nbsp;&nbsp; 821550 |
| Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/15/30 | 846000 | &nbsp;&nbsp;&nbsp; 755229 |
|  |  | &nbsp;&nbsp;&nbsp; 4033848 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 06/01/33 (b) | 673000 | &nbsp;&nbsp;&nbsp; 688927 |

---

**BHFTII-223**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/05/34 (b) | 768000 | &nbsp;&nbsp;&nbsp; $801643 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 09/15/30 (b) | 503000 | &nbsp;&nbsp;&nbsp; 484917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 09/15/34 (b) | 221000 | &nbsp;&nbsp;&nbsp; 227791 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/30 | 137000 | &nbsp;&nbsp;&nbsp; 137478 |
| Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/26 (b) | 220000 | &nbsp;&nbsp;&nbsp; 218343 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 02/01/33 (b) | 201000 | &nbsp;&nbsp;&nbsp; 190971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/33 | 606000 | &nbsp;&nbsp;&nbsp; 644456 |
|  |  | &nbsp;&nbsp;&nbsp; 2705599 |
| **Real Estate Investment Trusts — 0.7%** | **Real Estate Investment Trusts — 0.7%** | **Real Estate Investment Trusts — 0.7%** |
| Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 04/01/32 | 363000 | &nbsp;&nbsp;&nbsp; 313802 |
| Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 07/01/30 (b) | 479000 | &nbsp;&nbsp;&nbsp; 468876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/29 | 47000 | &nbsp;&nbsp;&nbsp; 46594 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 09/01/27 | 789000 | &nbsp;&nbsp;&nbsp; 780800 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 07/15/27 (b) | 397000 | &nbsp;&nbsp;&nbsp; 381173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/15/31 (b) | 505000 | &nbsp;&nbsp;&nbsp; 455162 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 01/15/29 | 480000 | &nbsp;&nbsp;&nbsp; 488778 |
| Public Storage Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 08/01/33 (b) | 1143000 | &nbsp;&nbsp;&nbsp; 1186724 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/31 | 142000 | &nbsp;&nbsp;&nbsp; 134417 |
|  |  | &nbsp;&nbsp;&nbsp; 4256326 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| Alimentation Couche-Tard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.439%, 05/13/41 (144A) | 619000 | &nbsp;&nbsp;&nbsp; 481140 |
| Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/01/32 (b) | 1005000 | &nbsp;&nbsp;&nbsp; 891026 |
|  |  | &nbsp;&nbsp;&nbsp; 1372166 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 369000 | &nbsp;&nbsp;&nbsp; 364234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/37 (144A) | 194000 | &nbsp;&nbsp;&nbsp; 193480 |
|  |  | &nbsp;&nbsp;&nbsp; 557714 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 06/01/30 | 184000 | &nbsp;&nbsp;&nbsp; 170364 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 02/06/33 (b) | 199000 | &nbsp;&nbsp;&nbsp; 200801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/26/35 (b) | 623000 | &nbsp;&nbsp;&nbsp; 626430 |
| Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/30/30 (b) | 394000 | &nbsp;&nbsp;&nbsp; 353937 |
|  |  | &nbsp;&nbsp;&nbsp; 1351532 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%, 07/16/35 (144A) | 1133000 | &nbsp;&nbsp;&nbsp; $1171961 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/15/32 (b) | 1418000 | &nbsp;&nbsp;&nbsp; 1339496 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 02/15/28 (b) | 520000 | &nbsp;&nbsp;&nbsp; 495774 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 03/22/30 | 289000 | &nbsp;&nbsp;&nbsp; 276362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 03/15/39 | 535000 | &nbsp;&nbsp;&nbsp; 510252 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/10/53 (b) | 199000 | &nbsp;&nbsp;&nbsp; 193695 |
|  |  | &nbsp;&nbsp;&nbsp; 3987540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $78,074,804) <br>|  | &nbsp;&nbsp;&nbsp; 75665694 |
| **Agency Sponsored Mortgage-Backed Securities—10.2%** | **Agency Sponsored Mortgage-Backed Securities—10.2%** | **Agency Sponsored Mortgage-Backed Securities—10.2%** |
| **Agency Collateralized Mortgage Obligations — 0.2%** | **Agency Collateralized Mortgage Obligations — 0.2%** | **Agency Collateralized Mortgage Obligations — 0.2%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/39 | 25094 | &nbsp;&nbsp;&nbsp; 24103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/15/42 | 101096 | &nbsp;&nbsp;&nbsp; 95996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/40 (d) | 4411 | &nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/40 | 33889 | &nbsp;&nbsp;&nbsp; 34585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/36 (d) | 11580 | &nbsp;&nbsp;&nbsp; 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/25/59 | 88664 | &nbsp;&nbsp;&nbsp; 76957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/25/58 | 83544 | &nbsp;&nbsp;&nbsp; 79295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.356%, SOFR30A + 1.000%, 02/25/45 (144A) (c) | 206196 | &nbsp;&nbsp;&nbsp; 206451 |
| Federal National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/25/46 | 38315 | &nbsp;&nbsp;&nbsp; 35717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/25/33 (d) | 41695 | &nbsp;&nbsp;&nbsp; 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 05/25/40 | 18325 | &nbsp;&nbsp;&nbsp; 17521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/25/40 | 25316 | &nbsp;&nbsp;&nbsp; 25074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/25/46 (d) | 67822 | &nbsp;&nbsp;&nbsp; 12504 |
| Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/41 | 36817 | &nbsp;&nbsp;&nbsp; 36149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1M TSFR + 0.214%, 09/20/41 (c) | 189913 | &nbsp;&nbsp;&nbsp; 185395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/41 | 24249 | &nbsp;&nbsp;&nbsp; 24381 |
|  |  | &nbsp;&nbsp;&nbsp; 859249 |
| **Agency Mortgage-Backed Securities — 10.0%** | **Agency Mortgage-Backed Securities — 10.0%** | **Agency Mortgage-Backed Securities — 10.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/01/51 | 92488 | &nbsp;&nbsp;&nbsp; 71423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/51 | 155100 | &nbsp;&nbsp;&nbsp; 119341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42 | 394159 | &nbsp;&nbsp;&nbsp; 340659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51 | 435431 | &nbsp;&nbsp;&nbsp; 353932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 719000 | &nbsp;&nbsp;&nbsp; 583326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/48 | 53160 | &nbsp;&nbsp;&nbsp; 46146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 241281 | &nbsp;&nbsp;&nbsp; 206291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 2119455 | &nbsp;&nbsp;&nbsp; 1789529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 207217 | &nbsp;&nbsp;&nbsp; 175529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 469733 | &nbsp;&nbsp;&nbsp; 397690 |

---

**BHFTII-224**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/52 | 53849 | &nbsp;&nbsp;&nbsp; $45604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/38 | 146869 | &nbsp;&nbsp;&nbsp; 138651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/42 | 191835 | &nbsp;&nbsp;&nbsp; 176457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/43 | 454168 | &nbsp;&nbsp;&nbsp; 418066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/43 | 388420 | &nbsp;&nbsp;&nbsp; 357364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/46 | 161949 | &nbsp;&nbsp;&nbsp; 147036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/46 | 363836 | &nbsp;&nbsp;&nbsp; 330330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/46 | 386333 | &nbsp;&nbsp;&nbsp; 350239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/48 | 33443 | &nbsp;&nbsp;&nbsp; 30036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/50 | 16746 | &nbsp;&nbsp;&nbsp; 15086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 148272 | &nbsp;&nbsp;&nbsp; 130615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 341055 | &nbsp;&nbsp;&nbsp; 299833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/52 | 706444 | &nbsp;&nbsp;&nbsp; 621235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/37 | 100460 | &nbsp;&nbsp;&nbsp; 97004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/42 | 153328 | &nbsp;&nbsp;&nbsp; 145563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/42 | 90050 | &nbsp;&nbsp;&nbsp; 85712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/42 | 268705 | &nbsp;&nbsp;&nbsp; 255209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/43 | 36414 | &nbsp;&nbsp;&nbsp; 34705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/43 | 13404 | &nbsp;&nbsp;&nbsp; 12656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/43 | 166216 | &nbsp;&nbsp;&nbsp; 156801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/45 | 90078 | &nbsp;&nbsp;&nbsp; 84637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/46 | 431791 | &nbsp;&nbsp;&nbsp; 403707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52 | 77149 | &nbsp;&nbsp;&nbsp; 71217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/37 | 27501 | &nbsp;&nbsp;&nbsp; 27110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/40 | 123562 | &nbsp;&nbsp;&nbsp; 120702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/41 | 257870 | &nbsp;&nbsp;&nbsp; 250444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/44 | 96269 | &nbsp;&nbsp;&nbsp; 92898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/47 | 157506 | &nbsp;&nbsp;&nbsp; 150891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/35 | 9155 | &nbsp;&nbsp;&nbsp; 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/39 | 168565 | &nbsp;&nbsp;&nbsp; 168440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/39 | 45781 | &nbsp;&nbsp;&nbsp; 46102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/39 | 24778 | &nbsp;&nbsp;&nbsp; 24936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/39 | 14239 | &nbsp;&nbsp;&nbsp; 14321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/39 | 23049 | &nbsp;&nbsp;&nbsp; 23168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/42 | 42112 | &nbsp;&nbsp;&nbsp; 42212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/52 | 424515 | &nbsp;&nbsp;&nbsp; 413672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/33 | 34973 | &nbsp;&nbsp;&nbsp; 35494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/34 | 10805 | &nbsp;&nbsp;&nbsp; 10829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34 | 6760 | &nbsp;&nbsp;&nbsp; 6861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 7477 | &nbsp;&nbsp;&nbsp; 7660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/35 | 18973 | &nbsp;&nbsp;&nbsp; 19429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/35 | 16486 | &nbsp;&nbsp;&nbsp; 16916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/36 | 10477 | &nbsp;&nbsp;&nbsp; 10742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/39 | 71550 | &nbsp;&nbsp;&nbsp; 73369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/52 | 440581 | &nbsp;&nbsp;&nbsp; 439974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/53 | 615876 | &nbsp;&nbsp;&nbsp; 613711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/53 | 87101 | &nbsp;&nbsp;&nbsp; 86651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/33 | 42799 | &nbsp;&nbsp;&nbsp; 43524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/34 | 32555 | &nbsp;&nbsp;&nbsp; 33404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/34 | 3834 | &nbsp;&nbsp;&nbsp; 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/34 | 5535 | &nbsp;&nbsp;&nbsp; 5668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/35 | 2911 | &nbsp;&nbsp;&nbsp; 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/35 | 5478 | &nbsp;&nbsp;&nbsp; 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/35 | 13871 | &nbsp;&nbsp;&nbsp; 14205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/53 | 428670 | &nbsp;&nbsp;&nbsp; 434643 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/53 | 158927 | &nbsp;&nbsp;&nbsp; $162474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/34 | 27569 | &nbsp;&nbsp;&nbsp; 28229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/34 | 12351 | &nbsp;&nbsp;&nbsp; 12737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/34 | 55513 | &nbsp;&nbsp;&nbsp; 57068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/34 | 1703 | &nbsp;&nbsp;&nbsp; 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/35 | 9032 | &nbsp;&nbsp;&nbsp; 9528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/35 | 10073 | &nbsp;&nbsp;&nbsp; 10622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/35 | 9486 | &nbsp;&nbsp;&nbsp; 9963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/36 | 5508 | &nbsp;&nbsp;&nbsp; 5660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/36 | 4806 | &nbsp;&nbsp;&nbsp; 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/37 | 22895 | &nbsp;&nbsp;&nbsp; 24155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/37 | 5936 | &nbsp;&nbsp;&nbsp; 6188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/52 | 82240 | &nbsp;&nbsp;&nbsp; 85409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/55 | 426743 | &nbsp;&nbsp;&nbsp; 440864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/34 | 2736 | &nbsp;&nbsp;&nbsp; 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/34 | 14587 | &nbsp;&nbsp;&nbsp; 15114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/34 | 5529 | &nbsp;&nbsp;&nbsp; 5712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/34 | 15262 | &nbsp;&nbsp;&nbsp; 15962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/34 | 29067 | &nbsp;&nbsp;&nbsp; 30436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/37 | 12478 | &nbsp;&nbsp;&nbsp; 13101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/37 | 11728 | &nbsp;&nbsp;&nbsp; 12349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/54 | 192685 | &nbsp;&nbsp;&nbsp; 201569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/54 | 195058 | &nbsp;&nbsp;&nbsp; 202790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.324%, 11/25/27 (c) (d) | 5207000 | &nbsp;&nbsp;&nbsp; 21364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.378%, 12/25/27 (c) (d) | 3235000 | &nbsp;&nbsp;&nbsp; 18310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%, 09/25/27 (c) (d) | 3341000 | &nbsp;&nbsp;&nbsp; 20670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%, 11/25/27 (c) (d) | 3460095 | &nbsp;&nbsp;&nbsp; 16621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.412%, 01/25/31 (c) (d) | 1557666 | &nbsp;&nbsp;&nbsp; 20823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.418%, 12/25/27 (c) (d) | 3579000 | &nbsp;&nbsp;&nbsp; 24314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.424%, 11/25/32 (c) (d) | 2545156 | &nbsp;&nbsp;&nbsp; 37771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.441%, 11/25/31 (c) (d) | 2325421 | &nbsp;&nbsp;&nbsp; 43206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.448%, 11/25/27 (c) (d) | 3136773 | &nbsp;&nbsp;&nbsp; 18539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.457%, 08/25/27 (c) (d) | 3107000 | &nbsp;&nbsp;&nbsp; 19564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.487%, 12/25/27 (c) (d) | 5321548 | &nbsp;&nbsp;&nbsp; 39714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.538%, 08/25/27 (c) (d) | 1944484 | &nbsp;&nbsp;&nbsp; 12757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.596%, 12/25/31 (c) (d) | 2074891 | &nbsp;&nbsp;&nbsp; 54747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.606%, 03/25/31 (c) (d) | 1250347 | &nbsp;&nbsp;&nbsp; 28405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.606%, 08/25/31 (c) (d) | 482895 | &nbsp;&nbsp;&nbsp; 12249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.632%, 09/25/31 (c) (d) | 1578796 | &nbsp;&nbsp;&nbsp; 44642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.664%, 12/25/31 (c) (d) | 3517256 | &nbsp;&nbsp;&nbsp; 103458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.695%, 07/25/27 (c) (d) | 3614727 | &nbsp;&nbsp;&nbsp; 29465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.775%, 06/25/27 (c) (d) | 4356000 | &nbsp;&nbsp;&nbsp; 51249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.828%, 03/25/31 (c) (d) | 539591 | &nbsp;&nbsp;&nbsp; 19449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.866%, 06/25/27 (c) (d) | 1352358 | &nbsp;&nbsp;&nbsp; 12915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.871%, 01/25/31 (c) (d) | 658188 | &nbsp;&nbsp;&nbsp; 24478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.954%, 09/25/31 (c) (d) | 453515 | &nbsp;&nbsp;&nbsp; 19793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.026%, 01/25/31 (c) (d) | 441180 | &nbsp;&nbsp;&nbsp; 19261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.039%, 07/25/31 (c) (d) | 361575 | &nbsp;&nbsp;&nbsp; 17665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.171%, 11/25/30 (c) (d) | 400945 | &nbsp;&nbsp;&nbsp; 19802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.212%, 07/25/29 (c) (d) | 248921 | &nbsp;&nbsp;&nbsp; 8649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.261%, 08/25/29 (c) (d) | 1552087 | &nbsp;&nbsp;&nbsp; 58241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.262%, 09/25/30 (c) (d) | 229735 | &nbsp;&nbsp;&nbsp; 11873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.323%, 05/25/31 (c) (d) | 240722 | &nbsp;&nbsp;&nbsp; 14235 |

---

**BHFTII-225**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 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)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.435%, 06/25/30 (c) (d) | 396103 | &nbsp;&nbsp;&nbsp; $22284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.701%, 08/25/30 (c) (d) | 357560 | &nbsp;&nbsp;&nbsp; 24531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.769%, 05/25/30 (c) (d) | 384386 | &nbsp;&nbsp;&nbsp; 26524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.907%, 05/25/30 (c) (d) | 1002928 | &nbsp;&nbsp;&nbsp; 74936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.913%, 04/25/30 (c) (d) | 300000 | &nbsp;&nbsp;&nbsp; 21502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.954%, 04/25/30 (c) (d) | 808011 | &nbsp;&nbsp;&nbsp; 59628 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/01/42 | 27869 | &nbsp;&nbsp;&nbsp; 23473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 09/01/51 | 863043 | &nbsp;&nbsp;&nbsp; 663713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/36 | 60409 | &nbsp;&nbsp;&nbsp; 55575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42 | 572009 | &nbsp;&nbsp;&nbsp; 494368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/42 | 358398 | &nbsp;&nbsp;&nbsp; 309528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/42 | 609863 | &nbsp;&nbsp;&nbsp; 526705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/50 | 193431 | &nbsp;&nbsp;&nbsp; 157358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 64572 | &nbsp;&nbsp;&nbsp; 52916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 162221 | &nbsp;&nbsp;&nbsp; 131357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51 | 65317 | &nbsp;&nbsp;&nbsp; 52952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/51 | 58446 | &nbsp;&nbsp;&nbsp; 47380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 340348 | &nbsp;&nbsp;&nbsp; 275025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/52 | 90670 | &nbsp;&nbsp;&nbsp; 73302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/31 | 11410 | &nbsp;&nbsp;&nbsp; 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/37 | 192775 | &nbsp;&nbsp;&nbsp; 181817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/42 | 273753 | &nbsp;&nbsp;&nbsp; 243116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/42 | 433883 | &nbsp;&nbsp;&nbsp; 382235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/50 | 414454 | &nbsp;&nbsp;&nbsp; 353275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/50 | 153996 | &nbsp;&nbsp;&nbsp; 131837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/50 | 223805 | &nbsp;&nbsp;&nbsp; 190976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/50 | 29901 | &nbsp;&nbsp;&nbsp; 25786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/50 | 318241 | &nbsp;&nbsp;&nbsp; 274187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50 | 280420 | &nbsp;&nbsp;&nbsp; 241430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51 | 261083 | &nbsp;&nbsp;&nbsp; 221089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 1211377 | &nbsp;&nbsp;&nbsp; 1022048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/51 | 854711 | &nbsp;&nbsp;&nbsp; 721533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51 | 105203 | &nbsp;&nbsp;&nbsp; 89845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 40798 | &nbsp;&nbsp;&nbsp; 34556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 921259 | &nbsp;&nbsp;&nbsp; 783794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 782813 | &nbsp;&nbsp;&nbsp; 668888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 228682 | &nbsp;&nbsp;&nbsp; 193253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 515709 | &nbsp;&nbsp;&nbsp; 440836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 609038 | &nbsp;&nbsp;&nbsp; 514783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/52 | 20950 | &nbsp;&nbsp;&nbsp; 17737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/52 | 576830 | &nbsp;&nbsp;&nbsp; 486230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/28 | 18718 | &nbsp;&nbsp;&nbsp; 18446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/30 | 15439 | &nbsp;&nbsp;&nbsp; 15118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/31 | 89522 | &nbsp;&nbsp;&nbsp; 87334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/33 | 11276 | &nbsp;&nbsp;&nbsp; 10970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/33 | 316647 | &nbsp;&nbsp;&nbsp; 305637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/33 | 27387 | &nbsp;&nbsp;&nbsp; 26493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/37 | 42941 | &nbsp;&nbsp;&nbsp; 40578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/37 | 76349 | &nbsp;&nbsp;&nbsp; 71735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/46 | 68571 | &nbsp;&nbsp;&nbsp; 62180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/51 | 21486 | &nbsp;&nbsp;&nbsp; 18972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/51 | 92622 | &nbsp;&nbsp;&nbsp; 83217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/51 | 551816 | &nbsp;&nbsp;&nbsp; 490158 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/52 | 247426 | &nbsp;&nbsp;&nbsp; $221286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52 | 979793 | &nbsp;&nbsp;&nbsp; 862539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 882029 | &nbsp;&nbsp;&nbsp; 776177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/52 | 335464 | &nbsp;&nbsp;&nbsp; 295265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/52 | 296710 | &nbsp;&nbsp;&nbsp; 261101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/52 | 21425 | &nbsp;&nbsp;&nbsp; 18994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/38 | 71984 | &nbsp;&nbsp;&nbsp; 69307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/41 | 15601 | &nbsp;&nbsp;&nbsp; 14709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/42 | 183718 | &nbsp;&nbsp;&nbsp; 174660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/43 | 69920 | &nbsp;&nbsp;&nbsp; 65960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/43 | 232453 | &nbsp;&nbsp;&nbsp; 219238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/43 | 198043 | &nbsp;&nbsp;&nbsp; 186846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/43 | 285837 | &nbsp;&nbsp;&nbsp; 269439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/43 | 114628 | &nbsp;&nbsp;&nbsp; 108148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/43 | 420472 | &nbsp;&nbsp;&nbsp; 396393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/45 | 320650 | &nbsp;&nbsp;&nbsp; 302005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/45 | 275432 | &nbsp;&nbsp;&nbsp; 258936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/45 | 228757 | &nbsp;&nbsp;&nbsp; 215058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/46 | 80110 | &nbsp;&nbsp;&nbsp; 75280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/46 | 88421 | &nbsp;&nbsp;&nbsp; 82907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/46 | 288084 | &nbsp;&nbsp;&nbsp; 269643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52 | 181988 | &nbsp;&nbsp;&nbsp; 166458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/40 | 194579 | &nbsp;&nbsp;&nbsp; 190028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/40 | 58254 | &nbsp;&nbsp;&nbsp; 56802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/40 | 132145 | &nbsp;&nbsp;&nbsp; 128443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/41 | 71496 | &nbsp;&nbsp;&nbsp; 69757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/41 | 131195 | &nbsp;&nbsp;&nbsp; 127789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/41 | 59242 | &nbsp;&nbsp;&nbsp; 57691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/42 | 419873 | &nbsp;&nbsp;&nbsp; 408363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/42 | 40523 | &nbsp;&nbsp;&nbsp; 39424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/42 | 50922 | &nbsp;&nbsp;&nbsp; 49542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/42 | 50378 | &nbsp;&nbsp;&nbsp; 49007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/43 | 62345 | &nbsp;&nbsp;&nbsp; 60640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/43 | 13160 | &nbsp;&nbsp;&nbsp; 12799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/43 | 114930 | &nbsp;&nbsp;&nbsp; 111767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/43 | 52943 | &nbsp;&nbsp;&nbsp; 51492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/43 | 45853 | &nbsp;&nbsp;&nbsp; 44525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/44 | 30906 | &nbsp;&nbsp;&nbsp; 30058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/44 | 104906 | &nbsp;&nbsp;&nbsp; 102030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/44 | 39592 | &nbsp;&nbsp;&nbsp; 38150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/47 | 135626 | &nbsp;&nbsp;&nbsp; 130893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/33 | 31204 | &nbsp;&nbsp;&nbsp; 31198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/01/34 | 90207 | &nbsp;&nbsp;&nbsp; 89871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/38 | 174039 | &nbsp;&nbsp;&nbsp; 174044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/40 | 29344 | &nbsp;&nbsp;&nbsp; 29405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/40 | 6292 | &nbsp;&nbsp;&nbsp; 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/41 | 41959 | &nbsp;&nbsp;&nbsp; 42150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/41 | 112814 | &nbsp;&nbsp;&nbsp; 112885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/42 | 26790 | &nbsp;&nbsp;&nbsp; 26802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/43 | 68739 | &nbsp;&nbsp;&nbsp; 68769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/44 | 429633 | &nbsp;&nbsp;&nbsp; 429824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/44 | 39073 | &nbsp;&nbsp;&nbsp; 39033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/52 | 360126 | &nbsp;&nbsp;&nbsp; 351684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/26 | 69522 | &nbsp;&nbsp;&nbsp; 69610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/33 | 17923 | &nbsp;&nbsp;&nbsp; 18169 |

---

**BHFTII-226**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/34 | 15711 | &nbsp;&nbsp;&nbsp; $15920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/34 | 5194 | &nbsp;&nbsp;&nbsp; 5265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/34 | 6213 | &nbsp;&nbsp;&nbsp; 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/34 | 24625 | &nbsp;&nbsp;&nbsp; 24969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/35 | 15725 | &nbsp;&nbsp;&nbsp; 16094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/35 | 51814 | &nbsp;&nbsp;&nbsp; 53026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 16515 | &nbsp;&nbsp;&nbsp; 16901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/35 | 11447 | &nbsp;&nbsp;&nbsp; 11720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/35 | 44227 | &nbsp;&nbsp;&nbsp; 45245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/39 | 23703 | &nbsp;&nbsp;&nbsp; 24300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/39 | 31723 | &nbsp;&nbsp;&nbsp; 32547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 13363 | &nbsp;&nbsp;&nbsp; 13689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/40 | 22392 | &nbsp;&nbsp;&nbsp; 22910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/41 | 17366 | &nbsp;&nbsp;&nbsp; 17756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/53 | 386034 | &nbsp;&nbsp;&nbsp; 384428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/33 | 1204 | &nbsp;&nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/33 | 521 | &nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/33 | 37849 | &nbsp;&nbsp;&nbsp; 38457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/33 | 28950 | &nbsp;&nbsp;&nbsp; 29662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/33 | 18102 | &nbsp;&nbsp;&nbsp; 18551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/34 | 17343 | &nbsp;&nbsp;&nbsp; 17671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/34 | 23539 | &nbsp;&nbsp;&nbsp; 24087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/34 | 10363 | &nbsp;&nbsp;&nbsp; 10461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/34 | 11528 | &nbsp;&nbsp;&nbsp; 11710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/34 | 48374 | &nbsp;&nbsp;&nbsp; 49303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/34 | 69068 | &nbsp;&nbsp;&nbsp; 69752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/34 | 19135 | &nbsp;&nbsp;&nbsp; 19531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/34 | 100955 | &nbsp;&nbsp;&nbsp; 103991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/34 | 89028 | &nbsp;&nbsp;&nbsp; 90040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/34 | 138526 | &nbsp;&nbsp;&nbsp; 143374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/34 | 41736 | &nbsp;&nbsp;&nbsp; 42701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/01/35 | 75670 | &nbsp;&nbsp;&nbsp; 78732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/35 | 18277 | &nbsp;&nbsp;&nbsp; 18944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/35 | 50472 | &nbsp;&nbsp;&nbsp; 52514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/52 | 1158766 | &nbsp;&nbsp;&nbsp; 1172493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/53 | 455067 | &nbsp;&nbsp;&nbsp; 459851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/32 | 24663 | &nbsp;&nbsp;&nbsp; 25559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/34 | 6338 | &nbsp;&nbsp;&nbsp; 6482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/34 | 65779 | &nbsp;&nbsp;&nbsp; 68370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/34 | 58792 | &nbsp;&nbsp;&nbsp; 60551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/34 | 29772 | &nbsp;&nbsp;&nbsp; 31086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/34 | 55792 | &nbsp;&nbsp;&nbsp; 57824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/34 | 22771 | &nbsp;&nbsp;&nbsp; 23400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/34 | 6282 | &nbsp;&nbsp;&nbsp; 6483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/34 | 3345 | &nbsp;&nbsp;&nbsp; 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/01/35 | 4393 | &nbsp;&nbsp;&nbsp; 4543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/35 | 11509 | &nbsp;&nbsp;&nbsp; 12053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/35 | 22922 | &nbsp;&nbsp;&nbsp; 23932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/35 | 25223 | &nbsp;&nbsp;&nbsp; 26406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/36 | 21926 | &nbsp;&nbsp;&nbsp; 22813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/36 | 14185 | &nbsp;&nbsp;&nbsp; 14774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/36 | 2377 | &nbsp;&nbsp;&nbsp; 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/37 | 18683 | &nbsp;&nbsp;&nbsp; 19368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/54 | 162353 | &nbsp;&nbsp;&nbsp; 166408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/54 | 421907 | &nbsp;&nbsp;&nbsp; 431984 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/54 | 474260 | &nbsp;&nbsp;&nbsp; $485357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/31 | 4436 | &nbsp;&nbsp;&nbsp; 4598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/31 | 8204 | &nbsp;&nbsp;&nbsp; 8466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/32 | 3523 | &nbsp;&nbsp;&nbsp; 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/32 | 15406 | &nbsp;&nbsp;&nbsp; 16127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/32 | 10214 | &nbsp;&nbsp;&nbsp; 10541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 01/01/33 | 8546 | &nbsp;&nbsp;&nbsp; 8821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/34 | 22539 | &nbsp;&nbsp;&nbsp; 23392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/34 | 5753 | &nbsp;&nbsp;&nbsp; 6014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/36 | 8550 | &nbsp;&nbsp;&nbsp; 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/36 | 12845 | &nbsp;&nbsp;&nbsp; 13471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/37 | 30688 | &nbsp;&nbsp;&nbsp; 32132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/37 | 3916 | &nbsp;&nbsp;&nbsp; 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/37 | 12991 | &nbsp;&nbsp;&nbsp; 13540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/01/53 | 95294 | &nbsp;&nbsp;&nbsp; 98528 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/20/50 | 311697 | &nbsp;&nbsp;&nbsp; 257791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/20/52 | 981385 | &nbsp;&nbsp;&nbsp; 811322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/20/51 | 220399 | &nbsp;&nbsp;&nbsp; 189903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/20/51 | 897897 | &nbsp;&nbsp;&nbsp; 773380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/20/52 | 880292 | &nbsp;&nbsp;&nbsp; 759099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/45 | 65280 | &nbsp;&nbsp;&nbsp; 59333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/46 | 29605 | &nbsp;&nbsp;&nbsp; 26865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/20/46 | 32603 | &nbsp;&nbsp;&nbsp; 29564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/46 | 73886 | &nbsp;&nbsp;&nbsp; 67024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/47 | 347870 | &nbsp;&nbsp;&nbsp; 314446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/48 | 493254 | &nbsp;&nbsp;&nbsp; 446649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/20/48 | 29153 | &nbsp;&nbsp;&nbsp; 26343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/48 | 9984 | &nbsp;&nbsp;&nbsp; 9052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/51 | 137528 | &nbsp;&nbsp;&nbsp; 122890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/52 | 305966 | &nbsp;&nbsp;&nbsp; 273245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/20/52 | 670737 | &nbsp;&nbsp;&nbsp; 599006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/52 | 369010 | &nbsp;&nbsp;&nbsp; 330889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/41 | 166620 | &nbsp;&nbsp;&nbsp; 155918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/42 | 24358 | &nbsp;&nbsp;&nbsp; 22770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/43 | 168636 | &nbsp;&nbsp;&nbsp; 158964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/43 | 210697 | &nbsp;&nbsp;&nbsp; 199242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/47 | 28463 | &nbsp;&nbsp;&nbsp; 26421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/48 | 330185 | &nbsp;&nbsp;&nbsp; 306505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/41 | 181674 | &nbsp;&nbsp;&nbsp; 175842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/41 | 45074 | &nbsp;&nbsp;&nbsp; 43627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/41 | 36406 | &nbsp;&nbsp;&nbsp; 35237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/42 | 47465 | &nbsp;&nbsp;&nbsp; 45941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/52 | 176160 | &nbsp;&nbsp;&nbsp; 167151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/52 | 79948 | &nbsp;&nbsp;&nbsp; 75744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/52 | 486416 | &nbsp;&nbsp;&nbsp; 461539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/20/33 | 2342 | &nbsp;&nbsp;&nbsp; 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/33 | 15263 | &nbsp;&nbsp;&nbsp; 15140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/33 | 1845 | &nbsp;&nbsp;&nbsp; 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/34 | 1348 | &nbsp;&nbsp;&nbsp; 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/35 | 8451 | &nbsp;&nbsp;&nbsp; 8409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/39 | 36922 | &nbsp;&nbsp;&nbsp; 36857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/40 | 67911 | &nbsp;&nbsp;&nbsp; 67470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/40 | 64630 | &nbsp;&nbsp;&nbsp; 63746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/15/40 | 22229 | &nbsp;&nbsp;&nbsp; 21986 |

---

**BHFTII-227**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/41 | 51151 | &nbsp;&nbsp;&nbsp; $51454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/52 | 1209612 | &nbsp;&nbsp;&nbsp; 1181837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/20/52 | 540108 | &nbsp;&nbsp;&nbsp; 527623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/52 | 588034 | &nbsp;&nbsp;&nbsp; 574168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/33 | 6800 | &nbsp;&nbsp;&nbsp; 6861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/34 | 5612 | &nbsp;&nbsp;&nbsp; 5668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/34 | 14057 | &nbsp;&nbsp;&nbsp; 14199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/34 | 2086 | &nbsp;&nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/35 | 4870 | &nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/20/53 | 38864 | &nbsp;&nbsp;&nbsp; 38858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/20/53 | 438882 | &nbsp;&nbsp;&nbsp; 438992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/20/53 | 1205679 | &nbsp;&nbsp;&nbsp; 1203503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/32 | 11407 | &nbsp;&nbsp;&nbsp; 11499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/33 | 23539 | &nbsp;&nbsp;&nbsp; 23831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/33 | 26526 | &nbsp;&nbsp;&nbsp; 27374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/15/34 | 18036 | &nbsp;&nbsp;&nbsp; 18240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/35 | 5833 | &nbsp;&nbsp;&nbsp; 6040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/20/53 | 446140 | &nbsp;&nbsp;&nbsp; 452513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/20/54 | 549971 | &nbsp;&nbsp;&nbsp; 555109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/20/55 | 693869 | &nbsp;&nbsp;&nbsp; 699567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/28 | 4406 | &nbsp;&nbsp;&nbsp; 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/31 | 3841 | &nbsp;&nbsp;&nbsp; 3967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/15/32 | 36194 | &nbsp;&nbsp;&nbsp; 37646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/33 | 189 | &nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/33 | 722 | &nbsp;&nbsp;&nbsp; 741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/15/33 | 32642 | &nbsp;&nbsp;&nbsp; 33966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/15/33 | 128 | &nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/34 | 14792 | &nbsp;&nbsp;&nbsp; 15179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/15/34 | 12022 | &nbsp;&nbsp;&nbsp; 12418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/20/35 | 9597 | &nbsp;&nbsp;&nbsp; 10055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/20/35 | 4960 | &nbsp;&nbsp;&nbsp; 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/20/35 | 8813 | &nbsp;&nbsp;&nbsp; 9233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/38 | 36348 | &nbsp;&nbsp;&nbsp; 38052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/20/55 | 1575001 | &nbsp;&nbsp;&nbsp; 1603071 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (e) | 600000 | &nbsp;&nbsp;&nbsp; 546970 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, TBA (e) | 2475000 | &nbsp;&nbsp;&nbsp; 1994267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (e) | 575000 | &nbsp;&nbsp;&nbsp; 508844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (e) | 25000 | &nbsp;&nbsp;&nbsp; 21955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (e) | 700000 | &nbsp;&nbsp;&nbsp; 639465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, TBA (e) | 1450000 | &nbsp;&nbsp;&nbsp; 1498406 |
|  |  | &nbsp;&nbsp;&nbsp; 58968262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $64,170,958) <br>|  | &nbsp;&nbsp;&nbsp; 59827511 |
| **U.S. Treasury & Government Agencies—9.4%** | **U.S. Treasury & Government Agencies—9.4%** | **U.S. Treasury & Government Agencies—9.4%** |
| **U.S. Treasury — 9.4%** | **U.S. Treasury — 9.4%** | **U.S. Treasury — 9.4%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 650000 | &nbsp;&nbsp;&nbsp; 367707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 08/15/46 | 11800000 | &nbsp;&nbsp;&nbsp; 7872813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/52 | 2200000 | &nbsp;&nbsp;&nbsp; 1364602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 68000 | &nbsp;&nbsp;&nbsp; 48708 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/43 | 2550000 | &nbsp;&nbsp;&nbsp; $1997766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 (b) | 2439000 | &nbsp;&nbsp;&nbsp; 1826201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 | 900000 | &nbsp;&nbsp;&nbsp; 832078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 1100000 | &nbsp;&nbsp;&nbsp; 973457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/53 | 1100000 | &nbsp;&nbsp;&nbsp; 994254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/54 | 5320000 | &nbsp;&nbsp;&nbsp; 4910609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/44 | 1400000 | &nbsp;&nbsp;&nbsp; 1369320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 1900000 | &nbsp;&nbsp;&nbsp; 1829418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/53 | 3200000 | &nbsp;&nbsp;&nbsp; 3205500 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/30/29 | 7200000 | &nbsp;&nbsp;&nbsp; 7343156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 7000000 | &nbsp;&nbsp;&nbsp; 7079023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/27 (f) | 9100000 | &nbsp;&nbsp;&nbsp; 9212328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/31/29 | 3860000 | &nbsp;&nbsp;&nbsp; 3968261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury & Government Agencies <br>(Cost $58,405,837) <br>|  | &nbsp;&nbsp;&nbsp; 55195201 |
| **Asset-Backed Securities—4.2%** | **Asset-Backed Securities—4.2%** | **Asset-Backed Securities—4.2%** |
| **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** |
| AmeriCredit Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 02/18/28 | 52742 | &nbsp;&nbsp;&nbsp; 52812 |
| ARI Fleet Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 07/15/32 (144A) | 56747 | &nbsp;&nbsp;&nbsp; 57228 |
| Chesapeake Funding II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 05/15/35 (144A) | 222833 | &nbsp;&nbsp;&nbsp; 224202 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.390%, 08/15/33 (144A) | 137983 | &nbsp;&nbsp;&nbsp; 138813 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690%, 07/20/27 (144A) | 162920 | &nbsp;&nbsp;&nbsp; 163483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 03/20/30 (144A) | 200226 | &nbsp;&nbsp;&nbsp; 203232 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.370%, 06/15/28 (144A) | 25702 | &nbsp;&nbsp;&nbsp; 25871 |
| Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.580%, 09/15/27 (144A) | 375000 | &nbsp;&nbsp;&nbsp; 376691 |
| Nissan Master Owner Trust Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.042%, SOFR30A + 0.670%, 02/15/28 (144A) (c) | 408876 | &nbsp;&nbsp;&nbsp; 409203 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760%, 08/16/27 | 369898 | &nbsp;&nbsp;&nbsp; 370129 |
| SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940%, 11/20/26 (144A) | 7673 | &nbsp;&nbsp;&nbsp; 7676 |
| Stellantis Financial Underwritten Enhanced Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630%, 07/20/27 (144A) | 435150 | &nbsp;&nbsp;&nbsp; 437049 |
|  |  | &nbsp;&nbsp;&nbsp; 2466389 |
| **Asset-Backed - Home Equity — 0.0%** | **Asset-Backed - Home Equity — 0.0%** | **Asset-Backed - Home Equity — 0.0%** |
| Bayview Financial Revolving Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880%, 1M TSFR + 1.714%, 12/28/40 (144A) (c) | 71343 | &nbsp;&nbsp;&nbsp; 166364 |
| GMACM Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 10/25/36 (c) | 16598 | &nbsp;&nbsp;&nbsp; 16508 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.470%, 12/25/35 (c) | 20344 | &nbsp;&nbsp;&nbsp; 308 |
|  |  | &nbsp;&nbsp;&nbsp; 183180 |

---

**BHFTII-228**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other — 3.8%** | **Asset-Backed - Other — 3.8%** | **Asset-Backed - Other — 3.8%** |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.080%, 04/15/30 (144A) | 97617 | &nbsp;&nbsp;&nbsp; $97821 |
| Arbor Realty Commercial Real Estate Notes Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.865%, 1M TSFR + 1.714%, 08/15/34 (144A) (c) | 522000 | &nbsp;&nbsp;&nbsp; 521826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.472%, SOFR30A + 2.100%, 01/15/37 (144A) (c) | 1466500 | &nbsp;&nbsp;&nbsp; 1469861 |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565%, 1M TSFR + 1.414%, 03/15/36 (144A) (c) | 927377 | &nbsp;&nbsp;&nbsp; 927393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.315%, 1M TSFR + 2.164%, 12/15/38 (144A) (c) | 245000 | &nbsp;&nbsp;&nbsp; 244909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.422%, SOFR30A + 2.050%, 02/15/37 (144A) (c) | 524000 | &nbsp;&nbsp;&nbsp; 522225 |
| Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.197%, 05/15/39 (144A) | 247108 | &nbsp;&nbsp;&nbsp; 253171 |
| Dryden 55 CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.599%, 3M TSFR + 1.282%, 04/15/31 (144A) (c) | 506358 | &nbsp;&nbsp;&nbsp; 506548 |
| Dryden 86 CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.923%, 3M TSFR + 1.600%, 07/17/34 (144A) (c) | 1450285 | &nbsp;&nbsp;&nbsp; 1451711 |
| Dryden XXVI Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.479%, 3M TSFR + 1.162%, 04/15/29 (144A) (c) | 153065 | &nbsp;&nbsp;&nbsp; 153045 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.015%, 1M TSFR + 1.864%, 07/15/36 (144A) (c) | 1547500 | &nbsp;&nbsp;&nbsp; 1547455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.165%, 1M TSFR + 2.014%, 11/15/38 (144A) (c) | 3913500 | &nbsp;&nbsp;&nbsp; 3915257 |
| MF1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%, 1M TSFR + 1.700%, 02/18/43 (144A) (c) | 1180000 | &nbsp;&nbsp;&nbsp; 1181842 |
| MF1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.957%, 1M TSFR + 1.814%, 12/15/35 (144A) (c) | 73127 | &nbsp;&nbsp;&nbsp; 73242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.084%, 1M TSFR + 1.950%, 02/19/37 (144A) (c) | 650507 | &nbsp;&nbsp;&nbsp; 642860 |
| Neuberger Berman CLO XX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%, 3M TSFR + 1.150%, 04/15/39 (144A) (c) | 600000 | &nbsp;&nbsp;&nbsp; 599830 |
| OCP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.964%, 3M TSFR + 1.650%, 01/26/38 (144A) (c) | 4041128 | &nbsp;&nbsp;&nbsp; 4063496 |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940%, 05/15/34 (144A) | 176132 | &nbsp;&nbsp;&nbsp; 177209 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884%, 3M TSFR + 1.650%, 08/08/32 (144A) (c) | 1329638 | &nbsp;&nbsp;&nbsp; 1330941 |
| Parallel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.126%, 3M TSFR + 1.800%, 07/20/36 (144A) (c) | 523330 | &nbsp;&nbsp;&nbsp; 524285 |
| Starwood Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.172%, SOFR30A + 1.800%, 11/15/38 (144A) (c) | 1507000 | &nbsp;&nbsp;&nbsp; 1494337 |
| Voya Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.029%, 3M TSFR + 1.712%, 10/15/30 (144A) (c) | 584168 | &nbsp;&nbsp;&nbsp; 584443 |
|  |  | &nbsp;&nbsp;&nbsp; 22283707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $24,829,253) <br>|  | &nbsp;&nbsp;&nbsp; 24933276 |
| **Non-Agency Mortgage-Backed Securities—2.4%** | **Non-Agency Mortgage-Backed Securities—2.4%** | **Non-Agency Mortgage-Backed Securities—2.4%** |
| **Collateralized Mortgage Obligations — 0.7%** | **Collateralized Mortgage Obligations — 0.7%** | **Collateralized Mortgage Obligations — 0.7%** |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.138%, 09/25/69 (144A) (g) | 403993 | &nbsp;&nbsp;&nbsp; 403864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.348%, 10/25/69 (144A) (g) | 710827 | &nbsp;&nbsp;&nbsp; 714232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.653%, 10/25/69 (144A) (g) | 630596 | &nbsp;&nbsp;&nbsp; 636188 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%, 08/25/69 (144A) (g) | 456076 | &nbsp;&nbsp;&nbsp; 456780 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.152%, 07/25/70 (144A) (c) | 690149 | &nbsp;&nbsp;&nbsp; 691264 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%, 10/25/64 (144A) (g) | 267866 | &nbsp;&nbsp;&nbsp; $269051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.441%, 05/25/65 (144A) (g) | 313606 | &nbsp;&nbsp;&nbsp; 316269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.547%, 12/25/64 (144A) (c) | 341753 | &nbsp;&nbsp;&nbsp; 344624 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.364%, 10/25/69 (144A) (c) | 159945 | &nbsp;&nbsp;&nbsp; 160797 |
|  |  | &nbsp;&nbsp;&nbsp; 3993069 |
| **Commercial Mortgage-Backed Securities — 1.7%** | **Commercial Mortgage-Backed Securities — 1.7%** | **Commercial Mortgage-Backed Securities — 1.7%** |
| ARDN Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 1M TSFR + 1.750%, 06/15/35 (144A) (c) | 1112000 | &nbsp;&nbsp;&nbsp; 1111763 |
| AREIT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.237%, SOFR30A + 1.850%, 01/20/37 (144A) (c) | 892000 | &nbsp;&nbsp;&nbsp; 887542 |
| Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.745%, 08/15/56 | 533187 | &nbsp;&nbsp;&nbsp; 566261 |
| Bank5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.225%, 11/15/58 | 524095 | &nbsp;&nbsp;&nbsp; 540638 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.363%, 07/15/56 (c) | 38197 | &nbsp;&nbsp;&nbsp; 40043 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.530%, 1M TSFR + 1.380%, 08/15/42 (144A) (c) | 681341 | &nbsp;&nbsp;&nbsp; 681979 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%, 1M TSFR + 1.414%, 05/15/38 (144A) (c) | 1532500 | &nbsp;&nbsp;&nbsp; 1514953 |
| Dwight Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.798%, 1M TSFR + 1.662%, 06/18/42 (144A) (c) | 638500 | &nbsp;&nbsp;&nbsp; 640693 |
| ELM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.195%, 06/10/39 (144A) (c) | 668793 | &nbsp;&nbsp;&nbsp; 674852 |
| MF1 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.677%, 1M TSFR + 1.541%, 11/18/39 (144A) (c) | 1364066 | &nbsp;&nbsp;&nbsp; 1367477 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.536%, 11/15/52 | 519442 | &nbsp;&nbsp;&nbsp; 511137 |
| MSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.014%, 12/15/56 (c) | 591406 | &nbsp;&nbsp;&nbsp; 639960 |
| PRM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630%, 07/05/33 (144A) (c) | 366561 | &nbsp;&nbsp;&nbsp; 365343 |
| Ready Capital Mortgage Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.072%, 1M TSFR + 1.914%, 11/25/36 (144A) (c) | 320000 | &nbsp;&nbsp;&nbsp; 319208 |
|  |  | &nbsp;&nbsp;&nbsp; 9861849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Non-Agency Mortgage-Backed Securities <br>(Cost $13,811,814) <br>|  | &nbsp;&nbsp;&nbsp; 13854918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks—0.9%** | **Preferred Stocks—0.9%** | **Preferred Stocks—0.9%** |
| **Household Products — 0.6%** | **Household Products — 0.6%** | **Household Products — 0.6%** |
| Henkel AG & Co. KGaA | 40884 | &nbsp;&nbsp;&nbsp; 3300029 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Samsung Electronics Co. Ltd.  | 38283 | &nbsp;&nbsp;&nbsp; 1820023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $5,063,439) <br>|  | &nbsp;&nbsp;&nbsp; 5120052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Municipals—0.5%** | **Municipals—0.5%** | **Municipals—0.5%** |
| Massachusetts Educational Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.352%, 07/01/49 | 780000 | &nbsp;&nbsp;&nbsp; 809873 |

---

**BHFTII-229**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Municipals—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414%, 01/01/40 | 1050000 | &nbsp;&nbsp;&nbsp; $1268041 |
| Rhode Island Student Loan Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.081%, 12/01/42 | 650000 | &nbsp;&nbsp;&nbsp; 659986 |
| State Board of Administration Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.154%, 07/01/30 | 314000 | &nbsp;&nbsp;&nbsp; 287260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipals <br>(Cost $2,824,320) <br>|  | &nbsp;&nbsp;&nbsp; 3025160 |

---

&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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co., 6.000%, 10/15/27 (b) <br>(Cost $1,317,650)<br>| 26353 | &nbsp;&nbsp;&nbsp; 1833378 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** | **Short-Term Investments—1.0%** |
| **Discount Note—1.0%** | **Discount Note—1.0%** | **Discount Note—1.0%** |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (h) | 5611000 | &nbsp;&nbsp;&nbsp; 5610372 |
| **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $28,529; collateralized by <br> U.S. Treasury Note at 3.750%, maturing 04/30/27, with a <br> market value of $29,263<br>| 28526 | &nbsp;&nbsp;&nbsp; 28526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $5,639,526) <br>|  | &nbsp;&nbsp;&nbsp; 5638898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (i)—1.3%** | **Securities Lending Reinvestments (i)—1.3%** | **Securities Lending Reinvestments (i)—1.3%** |
| **Short-Term Investment Funds—1.1%** | **Short-Term Investment Funds—1.1%** | **Short-Term Investment Funds—1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (j)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (j)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (j)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (j)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (j)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (j)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (j)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.060% (j)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.090% (j)<br>| 500000 | &nbsp;&nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp;&nbsp; 6300000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $100,012; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 11/30/25 - 02/15/52, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp;&nbsp; $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $100,012; collateralized <br> by various Common Stock with an aggregate market value of <br> $111,234<br>| 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $24,933; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $25,429<br>| 24930 | &nbsp;&nbsp;&nbsp; 24930 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $1,163,885; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $1,187,025<br>| 1163750 | &nbsp;&nbsp;&nbsp; 1163750 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $26,500; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $27,027<br>| 26497 | &nbsp;&nbsp;&nbsp; 26497 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $50,006; collateralized by <br> various Common Stock with an aggregate market value of <br> $55,006<br>| 50000 | &nbsp;&nbsp;&nbsp; 50000 |
|  |  | &nbsp;&nbsp;&nbsp; 1465177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $7,765,177) <br>|  | &nbsp;&nbsp;&nbsp; 7765177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—101.7% <br>(Cost $531,509,732) <br>|  | &nbsp;&nbsp;&nbsp; 598805123 |
| Other assets and liabilities (net)—(1.7)%  |  | &nbsp;&nbsp;&nbsp; (9905430)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $588899693 |

---

&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 September 30, 2025, the market value of securities loaned was $39,150,008 and the collateral received consisted of cash in the amount of $7,765,177 and non-cash collateral with a value of $32,693,915. 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 held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. 

(c) Variable or floating rate security. The stated rate represents the rate at September 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 

**BHFTII-230**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 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> September 30, 2025, the market value of securities pledged was $241,950.<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 September 30, <br> 2025.<br>|
| (j) | The rate shown represents the annualized seven-day yield as of September 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 September 30, 2025, the market value of 144A securities was <br> $53,161,969, which is 9.0% of net assets.<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;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; 100 | USD | 20839844 | &nbsp;&nbsp;&nbsp; $13053 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; 35 | USD | 3821836 | &nbsp;&nbsp;&nbsp; (926)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 13 | USD | 1560812 | &nbsp;&nbsp;&nbsp; 49661 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp; $61788 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp; $10027384 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10027384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp; 10230383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10230383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp; 25343698 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25343698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp; 2782417 | &nbsp;&nbsp;&nbsp; 1820073 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4602490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp; 11588410 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11588410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp; 39224718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39224718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; 9710115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9710115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp; 4184277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4184277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp; 2585579 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2585579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp; 3161195 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3161195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp; 13382753 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13382753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp; 5581641 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5581641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; 6569935 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6569935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp; 5194125 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5194125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp; 1189782 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1189782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp; 5680444 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5680444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp; 21956710 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21956710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp; 12175152 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12175152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp; 1711671 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1711671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp;&nbsp; 3283589 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3283589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp; 24145998 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24145998 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; 6192625 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6192625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp; 8486290 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8486290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp; 5048530 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5048530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; 15022419 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15022419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1332121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1332121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3945592 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3945592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp; 23897639 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23897639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp; 7094441 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7094441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; 20742219 | &nbsp;&nbsp;&nbsp; 3138266 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23880485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp; 1210100 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1210100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp; 9464107 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9464107 |

---

**BHFTII-231**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Total Return Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; $9956035 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9956035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp;&nbsp; 8885425 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8885425 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 335709806 | &nbsp;&nbsp;&nbsp; 10236052 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 345945858 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75665694 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75665694 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59827511 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59827511 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55195201 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55195201 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24933276 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24933276 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13854918 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13854918 |
| Total Preferred Stocks\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5120052 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5120052 |
| Total Municipals\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3025160 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3025160 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp;&nbsp; 1833378 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1833378 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5638898 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5638898 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1465177 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1465177 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 1465177 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7765177 |
| Total Investments | &nbsp;&nbsp;&nbsp; $343843184 | &nbsp;&nbsp;&nbsp; $254961939 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $598805123 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7765177)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7765177)<br>|
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $62714 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $62714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; (926)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (926)<br>|
| Total Futures Contracts | &nbsp;&nbsp;&nbsp; $61788 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $61788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-232**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—99.5% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 8.9%** | **Aerospace & Defense — 8.9%** | **Aerospace & Defense — 8.9%** |
| Boeing Co. (a) | 299443 | &nbsp;&nbsp;&nbsp; $64628783 |
| General Dynamics Corp.  | 171413 | &nbsp;&nbsp;&nbsp; 58451833 |
| Northrop Grumman Corp.  | 59830 | &nbsp;&nbsp;&nbsp; 36455615 |
| RTX Corp.  | 465039 | &nbsp;&nbsp;&nbsp; 77814976 |
|  |  | &nbsp;&nbsp;&nbsp; 237351207 |
| **Banks — 9.9%** | **Banks — 9.9%** | **Banks — 9.9%** |
| Citigroup, Inc.  | 485657 | &nbsp;&nbsp;&nbsp; 49294186 |
| JPMorgan Chase & Co.  | 405029 | &nbsp;&nbsp;&nbsp; 127758297 |
| PNC Financial Services Group, Inc.  | 233583 | &nbsp;&nbsp;&nbsp; 46933832 |
| Wells Fargo & Co.  | 465872 | &nbsp;&nbsp;&nbsp; 39049391 |
|  |  | &nbsp;&nbsp;&nbsp; 263035706 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Coca-Cola Europacific Partners PLC (b) | 126850 | &nbsp;&nbsp;&nbsp; 11468509 |
| Diageo PLC | 341285 | &nbsp;&nbsp;&nbsp; 8124566 |
| PepsiCo, Inc.  | 201791 | &nbsp;&nbsp;&nbsp; 28339528 |
|  |  | &nbsp;&nbsp;&nbsp; 47932603 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc.  | 208385 | &nbsp;&nbsp;&nbsp; 48249463 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Trane Technologies PLC | 18909 | &nbsp;&nbsp;&nbsp; 7978842 |
| **Capital Markets — 8.1%** | **Capital Markets — 8.1%** | **Capital Markets — 8.1%** |
| Blackrock, Inc.  | 38541 | &nbsp;&nbsp;&nbsp; 44933796 |
| KKR & Co., Inc.  | 357613 | &nbsp;&nbsp;&nbsp; 46471809 |
| LPL Financial Holdings, Inc.  | 46977 | &nbsp;&nbsp;&nbsp; 15628778 |
| Morgan Stanley | 378833 | &nbsp;&nbsp;&nbsp; 60219294 |
| Nasdaq, Inc.  | 541961 | &nbsp;&nbsp;&nbsp; 47936450 |
|  |  | &nbsp;&nbsp;&nbsp; 215190127 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| Sherwin-Williams Co.  | 31782 | &nbsp;&nbsp;&nbsp; 11004835 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| CRH PLC | 168641 | &nbsp;&nbsp;&nbsp; 20220056 |
| **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** |
| American Express Co.  | 181098 | &nbsp;&nbsp;&nbsp; 60153512 |
| **Electric Utilities — 7.7%** | **Electric Utilities — 7.7%** | **Electric Utilities — 7.7%** |
| American Electric Power Co., Inc.  | 109574 | &nbsp;&nbsp;&nbsp; 12327075 |
| Duke Energy Corp.  | 440051 | &nbsp;&nbsp;&nbsp; 54456311 |
| Exelon Corp. (b) | 441548 | &nbsp;&nbsp;&nbsp; 19874076 |
| PG&E Corp.  | 1959053 | &nbsp;&nbsp;&nbsp; 29542519 |
| Southern Co. (b) | 522595 | &nbsp;&nbsp;&nbsp; 49526328 |
| Xcel Energy, Inc. (b) | 474600 | &nbsp;&nbsp;&nbsp; 38276490 |
|  |  | &nbsp;&nbsp;&nbsp; 204002799 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Eaton Corp. PLC | 72996 | &nbsp;&nbsp;&nbsp; 27318753 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| CDW Corp.  | 39274 | &nbsp;&nbsp;&nbsp; 6255563 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products — 1.6%** | **Food Products — 1.6%** | **Food Products — 1.6%** |
| Mondelez International, Inc. - Class A | 430308 | &nbsp;&nbsp;&nbsp; $26881341 |
| Nestle SA | 173947 | &nbsp;&nbsp;&nbsp; 15978455 |
|  |  | &nbsp;&nbsp;&nbsp; 42859796 |
| **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** |
| Canadian National Railway Co. (b) | 103465 | &nbsp;&nbsp;&nbsp; 9756750 |
| Union Pacific Corp.  | 191138 | &nbsp;&nbsp;&nbsp; 45179289 |
|  |  | &nbsp;&nbsp;&nbsp; 54936039 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
| Abbott Laboratories | 310180 | &nbsp;&nbsp;&nbsp; 41545509 |
| **Health Care Providers & Services — 7.4%** | **Health Care Providers & Services — 7.4%** | **Health Care Providers & Services — 7.4%** |
| Cigna Group | 254389 | &nbsp;&nbsp;&nbsp; 73327629 |
| Elevance Health, Inc.  | 77218 | &nbsp;&nbsp;&nbsp; 24950680 |
| Humana, Inc.  | 57210 | &nbsp;&nbsp;&nbsp; 14884326 |
| McKesson Corp.  | 107697 | &nbsp;&nbsp;&nbsp; 83200240 |
|  |  | &nbsp;&nbsp;&nbsp; 196362875 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |
| Marriott International, Inc. - Class A (b) | 138517 | &nbsp;&nbsp;&nbsp; 36075367 |
| **Household Products — 1.3%** | **Household Products — 1.3%** | **Household Products — 1.3%** |
| Kimberly-Clark Corp. (b) | 128025 | &nbsp;&nbsp;&nbsp; 15918629 |
| Reckitt Benckiser Group PLC | 230970 | &nbsp;&nbsp;&nbsp; 17837979 |
|  |  | &nbsp;&nbsp;&nbsp; 33756608 |
| **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** |
| Honeywell International, Inc.  | 161519 | &nbsp;&nbsp;&nbsp; 33999750 |
| **Industrial REITs — 1.7%** | **Industrial REITs — 1.7%** | **Industrial REITs — 1.7%** |
| Prologis, Inc.  | 389417 | &nbsp;&nbsp;&nbsp; 44596035 |
| **Insurance — 11.0%** | **Insurance — 11.0%** | **Insurance — 11.0%** |
| Aon PLC - Class A | 133629 | &nbsp;&nbsp;&nbsp; 47649429 |
| Chubb Ltd.  | 153531 | &nbsp;&nbsp;&nbsp; 43334125 |
| Marsh & McLennan Cos., Inc.  | 266103 | &nbsp;&nbsp;&nbsp; 53627737 |
| Progressive Corp.  | 401940 | &nbsp;&nbsp;&nbsp; 99259083 |
| Travelers Cos., Inc.  | 176319 | &nbsp;&nbsp;&nbsp; 49231791 |
|  |  | &nbsp;&nbsp;&nbsp; 293102165 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| Accenture PLC - Class A | 179880 | &nbsp;&nbsp;&nbsp; 44358408 |
| **Machinery — 3.0%** | **Machinery — 3.0%** | **Machinery — 3.0%** |
| Caterpillar, Inc.  | 30019 | &nbsp;&nbsp;&nbsp; 14323566 |
| Illinois Tool Works, Inc. (b) | 110643 | &nbsp;&nbsp;&nbsp; 28851269 |
| Otis Worldwide Corp.  | 80890 | &nbsp;&nbsp;&nbsp; 7395773 |
| PACCAR, Inc.  | 300261 | &nbsp;&nbsp;&nbsp; 29521661 |
|  |  | &nbsp;&nbsp;&nbsp; 80092269 |
| **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** |
| Dominion Energy, Inc. (b) | 804456 | &nbsp;&nbsp;&nbsp; 49208574 |
| **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** | **Oil, Gas & Consumable Fuels — 5.8%** |
| Chevron Corp.  | 241361 | &nbsp;&nbsp;&nbsp; 37480950 |

---

**BHFTII-233**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| ConocoPhillips | 509351 | &nbsp;&nbsp;&nbsp; $48179511 |
| EOG Resources, Inc. (b) | 160701 | &nbsp;&nbsp;&nbsp; 18017796 |
| Exxon Mobil Corp.  | 454020 | &nbsp;&nbsp;&nbsp; 51190755 |
|  |  | &nbsp;&nbsp;&nbsp; 154869012 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Kenvue, Inc.  | 909858 | &nbsp;&nbsp;&nbsp; 14766995 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| Johnson & Johnson | 339916 | &nbsp;&nbsp;&nbsp; 63027225 |
| Merck & Co., Inc.  | 239390 | &nbsp;&nbsp;&nbsp; 20092002 |
| Pfizer, Inc.  | 876475 | &nbsp;&nbsp;&nbsp; 22332583 |
|  |  | &nbsp;&nbsp;&nbsp; 105451810 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| Equifax, Inc.  | 100707 | &nbsp;&nbsp;&nbsp; 25834367 |
| **Semiconductors & Semiconductor Equipment — 6.3%** | **Semiconductors & Semiconductor Equipment — 6.3%** | **Semiconductors & Semiconductor Equipment — 6.3%** |
| Analog Devices, Inc.  | 215363 | &nbsp;&nbsp;&nbsp; 52914689 |
| KLA Corp. (b) | 39491 | &nbsp;&nbsp;&nbsp; 42594993 |
| NXP Semiconductors NV | 156029 | &nbsp;&nbsp;&nbsp; 35532484 |
| Texas Instruments, Inc.  | 191286 | &nbsp;&nbsp;&nbsp; 35144977 |
|  |  | &nbsp;&nbsp;&nbsp; 166187143 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| Public Storage | 26743 | &nbsp;&nbsp;&nbsp; 7724716 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Lowe's Cos., Inc.  | 204143 | &nbsp;&nbsp;&nbsp; 51303177 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| WW Grainger, Inc.  | 13838 | &nbsp;&nbsp;&nbsp; 13187060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,790,058,635) <br>|  | &nbsp;&nbsp;&nbsp; 2638911141 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** |
| **Discount Note—0.5%** | **Discount Note—0.5%** | **Discount Note—0.5%** |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/25 (c) | 11539000 | &nbsp;&nbsp;&nbsp; 11537708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $11,539,000) <br>|  | &nbsp;&nbsp;&nbsp; 11537708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—2.4%** | **Securities Lending Reinvestments (d)—2.4%** | **Securities Lending Reinvestments (d)—2.4%** |
| **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (e)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (e)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (e)<br>| 300000 | &nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (e)<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (e)<br>| 2000000 | &nbsp;&nbsp;&nbsp; $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.090% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 13300000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—1.4%** | **Repurchase Agreements—1.4%** | **Repurchase Agreements—1.4%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $3,000,350; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,007<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $1,000,117; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,336<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $1,000,119; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,336<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $5,000,581; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.375% - <br> 4.625%, maturity dates ranging from 06/15/27 - 10/31/28, <br> and an aggregate market value of $5,100,002<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $10,001,153; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.625%, maturity dates ranging from <br> 10/28/25 - 05/15/35, and an aggregate market value of <br> $10,200,001<br>| 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $11,569,082; <br> collateralized by U.S. Treasury Obligations with zero coupon, <br> maturity dates ranging from 11/15/35 - 08/15/55, and an <br> aggregate market value of $11,799,090<br>| 11567735 | &nbsp;&nbsp;&nbsp; 11567735 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $2,000,238; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,188<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $1,600,182; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $1,632,000<br>| 1600000 | &nbsp;&nbsp;&nbsp; 1600000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $2,000,233; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,256<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp;&nbsp; 37167735 |

---

**BHFTII-234**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—0.5%** | **Time Deposits—0.5%** | **Time Deposits—0.5%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/01/25 | 3000000 | &nbsp;&nbsp;&nbsp; $3000000 |
| Canadian Imperial Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.040%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| DZ Bank AG (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/01/25 | 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| Skandinaviska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Svenska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $64,467,735) <br>|  | &nbsp;&nbsp;&nbsp; 64467735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—102.4% <br>(Cost $1,866,065,370) <br>|  | &nbsp;&nbsp;&nbsp; 2714916584 |
| Other assets and liabilities (net)—(2.4)%  |  | &nbsp;&nbsp;&nbsp; (62768884)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $2652147700 |

---

&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 September 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $108,510,403 and the collateral received consisted of cash in the amount <br> of $64,467,735 and non-cash collateral with a value of $45,430,386. 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.<br>|
| (c) | The rate shown represents current yield to maturity. |
| (d) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (e) | The rate shown represents the annualized seven-day yield as of September 30, 2025. |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $237351207 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $237351207 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; 263035706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 263035706 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; 39808037 | &nbsp;&nbsp; 8124566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47932603 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 48249463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48249463 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp; 7978842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7978842 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 215190127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 215190127 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; 11004835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11004835 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; 20220056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20220056 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp; 60153512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60153512 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp; 204002799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204002799 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 27318753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27318753 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 6255563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6255563 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; 26881341 | &nbsp;&nbsp; 15978455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42859796 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; 54936039 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54936039 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 41545509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41545509 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 196362875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 196362875 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 36075367 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36075367 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp; 15918629 | &nbsp;&nbsp; 17837979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33756608 |
| &nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp; 33999750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33999750 |
| &nbsp;&nbsp;&nbsp; Industrial REITs | &nbsp;&nbsp; 44596035 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44596035 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 293102165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 293102165 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 44358408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44358408 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 80092269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80092269 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp; 49208574 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49208574 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 154869012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154869012 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp; 14766995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14766995 |

---

**BHFTII-235**

------

**Brighthouse Funds Trust II**

**MFS**<sup>®</sup> **Value Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; $105451810 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $105451810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp; 25834367 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25834367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp; 166187143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 166187143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp; 7724716 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7724716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp; 51303177 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51303177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp; 13187060 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13187060 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 2596970141 | &nbsp;&nbsp;&nbsp; 41941000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2638911141 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11537708 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11537708 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 13300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37167735 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37167735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 13300000 | &nbsp;&nbsp;&nbsp; 51167735 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64467735 |
| Total Investments | &nbsp;&nbsp;&nbsp; $2610270141 | &nbsp;&nbsp;&nbsp; $104646443 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2714916584 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(64467735)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(64467735)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-236**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—98.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| VSE Corp.  | 42047 | &nbsp;&nbsp;&nbsp; $6989893 |
| **Banks — 10.7%** | **Banks — 10.7%** | **Banks — 10.7%** |
| Community Financial System, Inc.  | 219971 | &nbsp;&nbsp;&nbsp; 12899099 |
| Cullen/Frost Bankers, Inc.  | 76863 | &nbsp;&nbsp;&nbsp; 9743922 |
| First Financial Bankshares, Inc.  | 184855 | &nbsp;&nbsp;&nbsp; 6220371 |
| Glacier Bancorp, Inc.  | 226289 | &nbsp;&nbsp;&nbsp; 11013486 |
| Lakeland Financial Corp.  | 108758 | &nbsp;&nbsp;&nbsp; 6982264 |
| Prosperity Bancshares, Inc.  | 183427 | &nbsp;&nbsp;&nbsp; 12170381 |
| Stock Yards Bancorp, Inc.  | 95374 | &nbsp;&nbsp;&nbsp; 6675226 |
| UMB Financial Corp.  | 101996 | &nbsp;&nbsp;&nbsp; 12071227 |
| United Community Banks, Inc.  | 303613 | &nbsp;&nbsp;&nbsp; 9518268 |
|  |  | &nbsp;&nbsp;&nbsp; 87294244 |
| **Building Products — 4.6%** | **Building Products — 4.6%** | **Building Products — 4.6%** |
| Armstrong World Industries, Inc.  | 54030 | &nbsp;&nbsp;&nbsp; 10590420 |
| CSW Industrials, Inc.  | 24028 | &nbsp;&nbsp;&nbsp; 5832797 |
| Hayward Holdings, Inc. (a) | 446368 | &nbsp;&nbsp;&nbsp; 6749084 |
| Simpson Manufacturing Co., Inc.  | 42627 | &nbsp;&nbsp;&nbsp; 7138318 |
| Trex Co., Inc. (a) | 140164 | &nbsp;&nbsp;&nbsp; 7242274 |
|  |  | &nbsp;&nbsp;&nbsp; 37552893 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Hamilton Lane, Inc. - Class A | 36138 | &nbsp;&nbsp;&nbsp; 4871041 |
| Houlihan Lokey, Inc.  | 37926 | &nbsp;&nbsp;&nbsp; 7786966 |
|  |  | &nbsp;&nbsp;&nbsp; 12658007 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Element Solutions, Inc.  | 313057 | &nbsp;&nbsp;&nbsp; 7879645 |
| **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** |
| Brady Corp. - Class A | 128256 | &nbsp;&nbsp;&nbsp; 10007816 |
| Casella Waste Systems, Inc. - Class A (a) | 51842 | &nbsp;&nbsp;&nbsp; 4918769 |
| Rollins, Inc.  | 122478 | &nbsp;&nbsp;&nbsp; 7194358 |
| Tetra Tech, Inc.  | 325406 | &nbsp;&nbsp;&nbsp; 10862052 |
|  |  | &nbsp;&nbsp;&nbsp; 32982995 |
| **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** | **Construction & Engineering — 3.3%** |
| Arcosa, Inc.  | 104501 | &nbsp;&nbsp;&nbsp; 9792789 |
| Valmont Industries, Inc.  | 37834 | &nbsp;&nbsp;&nbsp; 14669377 |
| WillScot Holdings Corp.  | 126806 | &nbsp;&nbsp;&nbsp; 2676874 |
|  |  | &nbsp;&nbsp;&nbsp; 27139040 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Eagle Materials, Inc.  | 33159 | &nbsp;&nbsp;&nbsp; 7727373 |
| Knife River Corp. (a) | 27504 | &nbsp;&nbsp;&nbsp; 2114233 |
|  |  | &nbsp;&nbsp;&nbsp; 9841606 |
| **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** |
| AptarGroup, Inc.  | 60647 | &nbsp;&nbsp;&nbsp; 8106078 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Bright Horizons Family Solutions, Inc. (a) | 86223 | &nbsp;&nbsp;&nbsp; 9361231 |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
| IDACORP, Inc.  | 70630 | &nbsp;&nbsp;&nbsp; 9333755 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components — 4.3%** | **Electronic Equipment, Instruments & Components — 4.3%** | **Electronic Equipment, Instruments & Components — 4.3%** |
| Advanced Energy Industries, Inc.  | 51674 | &nbsp;&nbsp;&nbsp; $8791815 |
| Badger Meter, Inc.  | 20773 | &nbsp;&nbsp;&nbsp; 3709642 |
| Knowles Corp. (a) | 287878 | &nbsp;&nbsp;&nbsp; 6710436 |
| Littelfuse, Inc.  | 50039 | &nbsp;&nbsp;&nbsp; 12960602 |
| Novanta, Inc. (a) | 28695 | &nbsp;&nbsp;&nbsp; 2873804 |
|  |  | &nbsp;&nbsp;&nbsp; 35046299 |
| **Energy Equipment & Services — 2.2%** | **Energy Equipment & Services — 2.2%** | **Energy Equipment & Services — 2.2%** |
| Oceaneering International, Inc. (a) | 207397 | &nbsp;&nbsp;&nbsp; 5139297 |
| TerraVest Industries, Inc.  | 24375 | &nbsp;&nbsp;&nbsp; 2439777 |
| Tidewater, Inc. (a) | 190572 | &nbsp;&nbsp;&nbsp; 10163205 |
|  |  | &nbsp;&nbsp;&nbsp; 17742279 |
| **Financial Services — 1.3%** | **Financial Services — 1.3%** | **Financial Services — 1.3%** |
| Jack Henry & Associates, Inc.  | 42549 | &nbsp;&nbsp;&nbsp; 6336823 |
| Shift4 Payments, Inc. - Class A (a) | 59128 | &nbsp;&nbsp;&nbsp; 4576507 |
|  |  | &nbsp;&nbsp;&nbsp; 10913330 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| Chesapeake Utilities Corp.  | 63422 | &nbsp;&nbsp;&nbsp; 8542309 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Saia, Inc. (a) | 14476 | &nbsp;&nbsp;&nbsp; 4333535 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Haemonetics Corp. (a) | 160306 | &nbsp;&nbsp;&nbsp; 7813314 |
| UFP Technologies, Inc. (a) | 19035 | &nbsp;&nbsp;&nbsp; 3799386 |
|  |  | &nbsp;&nbsp;&nbsp; 11612700 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
| Chemed Corp.  | 25293 | &nbsp;&nbsp;&nbsp; 11324688 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |
| Texas Roadhouse, Inc.  | 69990 | &nbsp;&nbsp;&nbsp; 11628838 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| Installed Building Products, Inc.  | 29277 | &nbsp;&nbsp;&nbsp; 7221465 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| AMERISAFE, Inc.  | 103300 | &nbsp;&nbsp;&nbsp; 4528672 |
| Hagerty, Inc. - Class A (a) | 425496 | &nbsp;&nbsp;&nbsp; 5122972 |
| Stewart Information Services Corp.  | 91703 | &nbsp;&nbsp;&nbsp; 6723664 |
| White Mountains Insurance Group Ltd.  | 6166 | &nbsp;&nbsp;&nbsp; 10306592 |
|  |  | &nbsp;&nbsp;&nbsp; 26681900 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Acushnet Holdings Corp.  | 6466 | &nbsp;&nbsp;&nbsp; 507516 |
| **Life Sciences Tools & Services — 2.8%** | **Life Sciences Tools & Services — 2.8%** | **Life Sciences Tools & Services — 2.8%** |
| Bio-Techne Corp.  | 177426 | &nbsp;&nbsp;&nbsp; 9870208 |
| Revvity, Inc.  | 23974 | &nbsp;&nbsp;&nbsp; 2101321 |
| Stevanato Group SpA | 222542 | &nbsp;&nbsp;&nbsp; 5730457 |
| West Pharmaceutical Services, Inc.  | 18967 | &nbsp;&nbsp;&nbsp; 4975613 |
|  |  | &nbsp;&nbsp;&nbsp; 22677599 |

---

**BHFTII-237**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery — 16.1%** | **Machinery — 16.1%** | **Machinery — 16.1%** |
| Crane Co.  | 34273 | &nbsp;&nbsp;&nbsp; $6311030 |
| Enerpac Tool Group Corp.  | 204836 | &nbsp;&nbsp;&nbsp; 8398276 |
| Enpro, Inc.  | 20319 | &nbsp;&nbsp;&nbsp; 4592094 |
| Esab Corp.  | 97867 | &nbsp;&nbsp;&nbsp; 10935659 |
| ESCO Technologies, Inc.  | 46318 | &nbsp;&nbsp;&nbsp; 9778193 |
| Federal Signal Corp.  | 78759 | &nbsp;&nbsp;&nbsp; 9371533 |
| Gates Industrial Corp. PLC (a) | 446326 | &nbsp;&nbsp;&nbsp; 11077811 |
| Graco, Inc.  | 67194 | &nbsp;&nbsp;&nbsp; 5708802 |
| Kadant, Inc.  | 24549 | &nbsp;&nbsp;&nbsp; 7305292 |
| Lindsay Corp.  | 56865 | &nbsp;&nbsp;&nbsp; 7992944 |
| Miller Industries, Inc.  | 61080 | &nbsp;&nbsp;&nbsp; 2468854 |
| RBC Bearings, Inc. (a) | 31305 | &nbsp;&nbsp;&nbsp; 12218029 |
| REV Group, Inc.  | 82092 | &nbsp;&nbsp;&nbsp; 4652154 |
| SPX Technologies, Inc. (a) | 57877 | &nbsp;&nbsp;&nbsp; 10810266 |
| Standex International Corp.  | 52959 | &nbsp;&nbsp;&nbsp; 11222012 |
| Toro Co.  | 107277 | &nbsp;&nbsp;&nbsp; 8174507 |
|  |  | &nbsp;&nbsp;&nbsp; 131017456 |
| **Marine Transportation — 1.3%** | **Marine Transportation — 1.3%** | **Marine Transportation — 1.3%** |
| Kirby Corp. (a) | 124228 | &nbsp;&nbsp;&nbsp; 10366827 |
| **Media — 2.3%** | **Media — 2.3%** | **Media — 2.3%** |
| John Wiley & Sons, Inc. - Class A | 178063 | &nbsp;&nbsp;&nbsp; 7206210 |
| Nexstar Media Group, Inc.  | 58192 | &nbsp;&nbsp;&nbsp; 11506886 |
|  |  | &nbsp;&nbsp;&nbsp; 18713096 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| CNX Resources Corp. (a) | 356941 | &nbsp;&nbsp;&nbsp; 11464945 |
| Viper Energy, Inc. - Class A | 264850 | &nbsp;&nbsp;&nbsp; 10122567 |
|  |  | &nbsp;&nbsp;&nbsp; 21587512 |
| **Professional Services — 1.6%** | **Professional Services — 1.6%** | **Professional Services — 1.6%** |
| CRA International, Inc.  | 30856 | &nbsp;&nbsp;&nbsp; 6434402 |
| Exponent, Inc.  | 89247 | &nbsp;&nbsp;&nbsp; 6200881 |
|  |  | &nbsp;&nbsp;&nbsp; 12635283 |
| **Real Estate Management & Development — 2.7%** | **Real Estate Management & Development — 2.7%** | **Real Estate Management & Development — 2.7%** |
| Colliers International Group, Inc.  | 58302 | &nbsp;&nbsp;&nbsp; 9107355 |
| FirstService Corp.  | 69154 | &nbsp;&nbsp;&nbsp; 13173146 |
|  |  | &nbsp;&nbsp;&nbsp; 22280501 |
| **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| Lattice Semiconductor Corp. (a) | 184253 | &nbsp;&nbsp;&nbsp; 13509430 |
| MKS, Inc.  | 77870 | &nbsp;&nbsp;&nbsp; 9637970 |
| Power Integrations, Inc.  | 235803 | &nbsp;&nbsp;&nbsp; 9481638 |
|  |  | &nbsp;&nbsp;&nbsp; 32629038 |
| **Software — 8.5%** | **Software — 8.5%** | **Software — 8.5%** |
| BlackLine, Inc. (a) | 88507 | &nbsp;&nbsp;&nbsp; 4699722 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 454932 | &nbsp;&nbsp;&nbsp; 4144431 |
| Commvault Systems, Inc. (a) | 58941 | &nbsp;&nbsp;&nbsp; 11126882 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Computer Modelling Group Ltd.  | 298750 | &nbsp;&nbsp;&nbsp; $1344375 |
| Fair Isaac Corp. (a) | 5338 | &nbsp;&nbsp;&nbsp; 7988477 |
| Manhattan Associates, Inc. (a) | 54282 | &nbsp;&nbsp;&nbsp; 11126724 |
| Qualys, Inc. (a) | 59612 | &nbsp;&nbsp;&nbsp; 7888456 |
| SPS Commerce, Inc. (a) | 72118 | &nbsp;&nbsp;&nbsp; 7510368 |
| Tyler Technologies, Inc. (a) | 16662 | &nbsp;&nbsp;&nbsp; 8716892 |
| Vertex, Inc. - Class A (a) | 173487 | &nbsp;&nbsp;&nbsp; 4300743 |
|  |  | &nbsp;&nbsp;&nbsp; 68847070 |
| **Specialty Retail — 4.6%** | **Specialty Retail — 4.6%** | **Specialty Retail — 4.6%** |
| Asbury Automotive Group, Inc. (a) | 26105 | &nbsp;&nbsp;&nbsp; 6381367 |
| Floor & Decor Holdings, Inc. - Class A (a) | 71866 | &nbsp;&nbsp;&nbsp; 5296524 |
| Murphy USA, Inc.  | 9246 | &nbsp;&nbsp;&nbsp; 3589852 |
| Tractor Supply Co.  | 130103 | &nbsp;&nbsp;&nbsp; 7398958 |
| Valvoline, Inc. (a) | 159829 | &nbsp;&nbsp;&nbsp; 5739459 |
| Winmark Corp.  | 18722 | &nbsp;&nbsp;&nbsp; 9319250 |
|  |  | &nbsp;&nbsp;&nbsp; 37725410 |
| **Trading Companies & Distributors — 2.1%** | **Trading Companies & Distributors — 2.1%** | **Trading Companies & Distributors — 2.1%** |
| SiteOne Landscape Supply, Inc. (a) | 36267 | &nbsp;&nbsp;&nbsp; 4671190 |
| Transcat, Inc. (a) | 46028 | &nbsp;&nbsp;&nbsp; 3369250 |
| Watsco, Inc.  | 21648 | &nbsp;&nbsp;&nbsp; 8752286 |
|  |  | &nbsp;&nbsp;&nbsp; 16792726 |
| **Water Utilities — 1.6%** | **Water Utilities — 1.6%** | **Water Utilities — 1.6%** |
| American States Water Co.  | 132020 | &nbsp;&nbsp;&nbsp; 9679706 |
| Middlesex Water Co.  | 58291 | &nbsp;&nbsp;&nbsp; 3154709 |
|  |  | &nbsp;&nbsp;&nbsp; 12834415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $585,158,357) <br>|  | &nbsp;&nbsp;&nbsp; 802801179 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.3%** | **Short-Term Investments—1.3%** | **Short-Term Investments—1.3%** |
| **Repurchase Agreement—1.3%** | **Repurchase Agreement—1.3%** | **Repurchase Agreement—1.3%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $10,907,197; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $11,124,554<br>| 10906288 | &nbsp;&nbsp;&nbsp; 10906288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $10,906,288) <br>|  | &nbsp;&nbsp;&nbsp; 10906288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.0% <br>(Cost $596,064,645) <br>|  | &nbsp;&nbsp;&nbsp; 813707467 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp;&nbsp; (9615)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $813697852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(a) Non-income producing security.

**BHFTII-238**

------

**Brighthouse Funds Trust II**

**Neuberger Berman Genesis Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp;&nbsp; $802801179 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $802801179 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10906288 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10906288 |
| Total Investments | &nbsp;&nbsp;&nbsp; $802801179 | &nbsp;&nbsp;&nbsp; $10906288 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $813707467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-239**

------

**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 September 30, 2025 (Unaudited)**

**Common Stocks—98.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| Boeing Co. (a) | 48918 | &nbsp;&nbsp;&nbsp; $10557972 |
| General Electric Co.  | 142125 | &nbsp;&nbsp;&nbsp; 42754043 |
| TransDigm Group, Inc.  | 7423 | &nbsp;&nbsp;&nbsp; 9783662 |
|  |  | &nbsp;&nbsp;&nbsp; 63095677 |
| **Automobiles — 4.0%** | **Automobiles — 4.0%** | **Automobiles — 4.0%** |
| Ferrari NV (b) | 33528 | &nbsp;&nbsp;&nbsp; 16268456 |
| Tesla, Inc. (a) | 168553 | &nbsp;&nbsp;&nbsp; 74958890 |
|  |  | &nbsp;&nbsp;&nbsp; 91227346 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Argenx SE (ADR) (a) | 9661 | &nbsp;&nbsp;&nbsp; 7125567 |
| Natera, Inc. (a) | 39553 | &nbsp;&nbsp;&nbsp; 6366847 |
|  |  | &nbsp;&nbsp;&nbsp; 13492414 |
| **Broadline Retail — 7.4%** | **Broadline Retail — 7.4%** | **Broadline Retail — 7.4%** |
| Amazon.com, Inc. (a) | 568897 | &nbsp;&nbsp;&nbsp; 124912714 |
| Coupang, Inc. (a) (b) | 495379 | &nbsp;&nbsp;&nbsp; 15951204 |
| MercadoLibre, Inc. (a) | 8211 | &nbsp;&nbsp;&nbsp; 19188614 |
| Sea Ltd. (ADR) (a) | 59900 | &nbsp;&nbsp;&nbsp; 10705927 |
|  |  | &nbsp;&nbsp;&nbsp; 170758459 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| ARES Management Corp. - Class A | 69396 | &nbsp;&nbsp;&nbsp; 11095727 |
| Charles Schwab Corp.  | 85694 | &nbsp;&nbsp;&nbsp; 8181206 |
|  |  | &nbsp;&nbsp;&nbsp; 19276933 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Linde PLC | 23417 | &nbsp;&nbsp;&nbsp; 11123075 |
| Sherwin-Williams Co.  | 12900 | &nbsp;&nbsp;&nbsp; 4466754 |
|  |  | &nbsp;&nbsp;&nbsp; 15589829 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| Arista Networks, Inc. (a) | 181072 | &nbsp;&nbsp;&nbsp; 26384001 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Duolingo, Inc. (a) (b) | 4383 | &nbsp;&nbsp;&nbsp; 1410625 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| GE Vernova, Inc.  | 7000 | &nbsp;&nbsp;&nbsp; 4304300 |
| Rockwell Automation, Inc.  | 14345 | &nbsp;&nbsp;&nbsp; 5014008 |
|  |  | &nbsp;&nbsp;&nbsp; 9318308 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |
| Amphenol Corp. - Class A | 175523 | &nbsp;&nbsp;&nbsp; 21720971 |
| Teledyne Technologies, Inc. (a) | 10092 | &nbsp;&nbsp;&nbsp; 5914316 |
|  |  | &nbsp;&nbsp;&nbsp; 27635287 |
| **Entertainment — 3.5%** | **Entertainment — 3.5%** | **Entertainment — 3.5%** |
| Netflix, Inc. (a) | 51320 | &nbsp;&nbsp;&nbsp; 61528574 |
| Spotify Technology SA (a) | 28020 | &nbsp;&nbsp;&nbsp; 19557960 |
|  |  | &nbsp;&nbsp;&nbsp; 81086534 |
| **Financial Services — 4.7%** | **Financial Services — 4.7%** | **Financial Services — 4.7%** |
| Adyen NV (a) | 2555 | &nbsp;&nbsp;&nbsp; 4100392 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services—(Continued)** | **Financial Services—(Continued)** | **Financial Services—(Continued)** |
| Mastercard, Inc. - Class A | 85170 | &nbsp;&nbsp;&nbsp; $48445548 |
| Visa, Inc. - Class A (b) | 164398 | &nbsp;&nbsp;&nbsp; 56122189 |
|  |  | &nbsp;&nbsp;&nbsp; 108668129 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
| Intuitive Surgical, Inc. (a) | 53131 | &nbsp;&nbsp;&nbsp; 23761777 |
| Stryker Corp.  | 36444 | &nbsp;&nbsp;&nbsp; 13472254 |
|  |  | &nbsp;&nbsp;&nbsp; 37234031 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cigna Group | 26748 | &nbsp;&nbsp;&nbsp; 7710111 |
| UnitedHealth Group, Inc.  | 17521 | &nbsp;&nbsp;&nbsp; 6050001 |
|  |  | &nbsp;&nbsp;&nbsp; 13760112 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Booking Holdings, Inc.  | 2452 | &nbsp;&nbsp;&nbsp; 13239010 |
| Chipotle Mexican Grill, Inc. (a) | 263998 | &nbsp;&nbsp;&nbsp; 10346082 |
| DoorDash, Inc. - Class A (a) | 64350 | &nbsp;&nbsp;&nbsp; 17502557 |
| Hilton Worldwide Holdings, Inc.  | 24800 | &nbsp;&nbsp;&nbsp; 6434112 |
| Wingstop, Inc. (b) | 19130 | &nbsp;&nbsp;&nbsp; 4814638 |
|  |  | &nbsp;&nbsp;&nbsp; 52336399 |
| **Interactive Media & Services — 10.5%** | **Interactive Media & Services — 10.5%** | **Interactive Media & Services — 10.5%** |
| Alphabet, Inc. - Class A | 528686 | &nbsp;&nbsp;&nbsp; 128523567 |
| Alphabet, Inc. - Class C | 11116 | &nbsp;&nbsp;&nbsp; 2707302 |
| Meta Platforms, Inc. - Class A | 151032 | &nbsp;&nbsp;&nbsp; 110914880 |
|  |  | &nbsp;&nbsp;&nbsp; 242145749 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Shopify, Inc. - Class A (a) | 88483 | &nbsp;&nbsp;&nbsp; 13149459 |
| Stripe, Inc. - Class B † (a) (c) (d) | 63278 | &nbsp;&nbsp;&nbsp; 2246369 |
|  |  | &nbsp;&nbsp;&nbsp; 15395828 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Danaher Corp.  | 30854 | &nbsp;&nbsp;&nbsp; 6117114 |
| Thermo Fisher Scientific, Inc.  | 18253 | &nbsp;&nbsp;&nbsp; 8853070 |
|  |  | &nbsp;&nbsp;&nbsp; 14970184 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| Eli Lilly & Co.  | 61697 | &nbsp;&nbsp;&nbsp; 47074811 |
| **Semiconductors & Semiconductor Equipment — 20.5%** | **Semiconductors & Semiconductor Equipment — 20.5%** | **Semiconductors & Semiconductor Equipment — 20.5%** |
| Advanced Micro Devices, Inc. (a) | 35836 | &nbsp;&nbsp;&nbsp; 5797906 |
| ASML Holding NV (NY Registry Shares) | 5174 | &nbsp;&nbsp;&nbsp; 5008898 |
| Broadcom, Inc.  | 335248 | &nbsp;&nbsp;&nbsp; 110601668 |
| NVIDIA Corp.  | 1786930 | &nbsp;&nbsp;&nbsp; 333405399 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 61299 | &nbsp;&nbsp;&nbsp; 17120198 |
|  |  | &nbsp;&nbsp;&nbsp; 471934069 |
| **Software — 20.1%** | **Software — 20.1%** | **Software — 20.1%** |
| AppLovin Corp. - Class A (a) | 30033 | &nbsp;&nbsp;&nbsp; 21579912 |
| Crowdstrike Holdings, Inc. - Class A (a) | 25836 | &nbsp;&nbsp;&nbsp; 12669458 |
| Epic Games, Inc. † (a) (c) (d) | 7488 | &nbsp;&nbsp;&nbsp; 3872344 |
| HubSpot, Inc. (a) | 17092 | &nbsp;&nbsp;&nbsp; 7995638 |
| Intuit, Inc.  | 23706 | &nbsp;&nbsp;&nbsp; 16189064 |

---

**BHFTII-240**

------

**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 September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Magic Leap, Inc. - Class A † (a) (c) (d) | 10914 | &nbsp;&nbsp;&nbsp; $0 |
| Microsoft Corp.  | 595935 | &nbsp;&nbsp;&nbsp; 308664533 |
| Monday.com Ltd. (a) (b) | 3095 | &nbsp;&nbsp;&nbsp; 599470 |
| Oracle Corp.  | 113927 | &nbsp;&nbsp;&nbsp; 32040829 |
| Palantir Technologies, Inc. - Class A (a) | 50000 | &nbsp;&nbsp;&nbsp; 9121000 |
| Roper Technologies, Inc.  | 16439 | &nbsp;&nbsp;&nbsp; 8197965 |
| Samsara, Inc. - Class A (a) (b) | 193119 | &nbsp;&nbsp;&nbsp; 7193683 |
| ServiceNow, Inc. (a) | 30664 | &nbsp;&nbsp;&nbsp; 28219466 |
| Synopsys, Inc. (a) | 12325 | &nbsp;&nbsp;&nbsp; 6081032 |
|  |  | &nbsp;&nbsp;&nbsp; 462424394 |
| **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** |
| Carvana Co. (a) | 66243 | &nbsp;&nbsp;&nbsp; 24989509 |
| Floor & Decor Holdings, Inc. - Class A (a) | 70976 | &nbsp;&nbsp;&nbsp; 5230931 |
|  |  | &nbsp;&nbsp;&nbsp; 30220440 |
| **Technology Hardware, Storage & Peripherals — 10.3%** | **Technology Hardware, Storage & Peripherals — 10.3%** | **Technology Hardware, Storage & Peripherals — 10.3%** |
| Apple, Inc.  | 929423 | &nbsp;&nbsp;&nbsp; 236658978 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| T-Mobile U.S., Inc.  | 41392 | &nbsp;&nbsp;&nbsp; 9908417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,101,394,530) <br>|  | &nbsp;&nbsp;&nbsp; 2262006954 |
| **Convertible Preferred Stocks—1.3%** | **Convertible Preferred Stocks—1.3%** | **Convertible Preferred Stocks—1.3%** |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| GM Cruise Holdings LLC - Class F † (a) (c) (d) | 196100 | &nbsp;&nbsp;&nbsp; 196100 |
| Nuro, Inc. - Series C † (a) (c) (d) | 179741 | &nbsp;&nbsp;&nbsp; 2300685 |
| Sila Nanotechnologies, Inc. - Series F † (a) (c) (d) | 52110 | &nbsp;&nbsp;&nbsp; 949444 |
| Sila Nanotechnologies, Inc. - Series G † (a) (c) (d) | 109913 | &nbsp;&nbsp;&nbsp; 1744319 |
| Waymo LLC - Series A-2 † (a) (c) (d) | 26511 | &nbsp;&nbsp;&nbsp; 2808841 |
|  |  | &nbsp;&nbsp;&nbsp; 7999389 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Redwood Materials, Inc.- Series D † (a) (c) (d) | 110579 | &nbsp;&nbsp;&nbsp; 5204953 |
| **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;&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;&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;&nbsp; 2871463 |
| **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;&nbsp; 1447035 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Celonis SE - Series D † (a) (c) (d) | 1177 | &nbsp;&nbsp;&nbsp; 238872 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Databricks, Inc. - Series I † (a) (c) (d) | 68560 | &nbsp;&nbsp;&nbsp; $10284000 |
|  |  | &nbsp;&nbsp;&nbsp; 10522872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Preferred Stocks <br>(Cost $31,832,219) <br>|  | &nbsp;&nbsp;&nbsp; 30981950 |
| **Investment Companies—0.3%** | **Investment Companies—0.3%** | **Investment Companies—0.3%** |
| **Exchange-Traded Funds — 0.3%** | **Exchange-Traded Funds — 0.3%** | **Exchange-Traded Funds — 0.3%** |
| Invesco QQQ Trust | 6508 | &nbsp;&nbsp;&nbsp; 3907208 |
| iShares Russell 1000 Growth ETF | 5429 | &nbsp;&nbsp;&nbsp; 2542998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $6,436,222) <br>|  | &nbsp;&nbsp;&nbsp; 6450206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.3%** | **Short-Term Investments—0.3%** | **Short-Term Investments—0.3%** |
| **Short-Term Investment Funds—0.3%** |  |  |
| T. Rowe Price Government Reserve Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.161% (e) (f) | 6417879 | &nbsp;&nbsp;&nbsp; 6417879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $6,417,879) <br>|  | &nbsp;&nbsp;&nbsp; 6417879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—0.5%** | **Securities Lending Reinvestments (g)—0.5%** | **Securities Lending Reinvestments (g)—0.5%** |
| **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (f)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (f)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (f)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (f)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (f)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (f)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (f)<br>| 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.090% (f)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 11500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** | **Repurchase Agreements—0.0%** |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $54,531; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $55,616<br>| 54525 | &nbsp;&nbsp;&nbsp; 54525 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $586,426; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $598,085<br>| 586358 | &nbsp;&nbsp;&nbsp; 586358 |

---

**BHFTII-241**

------

**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 September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $57,959; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $59,111<br>| 57952 | &nbsp;&nbsp;&nbsp; $57952 |
|  |  | &nbsp;&nbsp;&nbsp; 698835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $12,198,835) <br>|  | &nbsp;&nbsp;&nbsp; 12198835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—100.6% <br>(Cost $1,158,279,685) <br>|  | &nbsp;&nbsp;&nbsp; 2318055824 |
| Other assets and liabilities (net)—(0.6)%  |  | &nbsp;&nbsp;&nbsp; (13887938)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $2304167886 |

---

&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 September 30, 2025, the market value of restricted securities was <br> $37,100,663, which is 1.6% of net assets. See details shown in the Restricted Securities table that <br> follows.<br>|
| (a) | Non-income producing security. |
| (b) | All or a portion of the security was held on loan. As of September 30, 2025, the market value of <br> securities loaned was $71,693,221 and the collateral received consisted of cash in the amount of <br> $12,198,835 and non-cash collateral with a value of $60,982,573. 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.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of September 30, 2025, these securities represent 1.6% 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 September 30, 2025. |
| (g) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|

---

&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; $238872 |
| Databricks, Inc. - Series I | 09/14/23 | &nbsp;&nbsp; 68560 | &nbsp;&nbsp; 5039160 | &nbsp;&nbsp; 10284000 |
| 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; 2871463 |
| Lightmatter, Inc. - Series D | 10/11/24 | &nbsp;&nbsp; 16978 | &nbsp;&nbsp; 1362153 | &nbsp;&nbsp; 1447035 |
| 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; 5204953 |
| Sila Nanotechnologies, Inc. - Series F | 01/07/21 | &nbsp;&nbsp; 52110 | &nbsp;&nbsp; 2150726 | &nbsp;&nbsp; 949444 |
| Sila Nanotechnologies, Inc. - Series G | 06/26/24 | &nbsp;&nbsp; 109913 | &nbsp;&nbsp; 1804420 | &nbsp;&nbsp; 1744319 |
| 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; 2808841 |
|  |  |  |  | &nbsp;&nbsp; $37100663 |

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the period ended September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**September 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $23800124 | &nbsp;&nbsp; $223197794 | &nbsp;&nbsp; $(240580039)<br>| &nbsp;&nbsp; $6417879 |

---

&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>**September 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $435642 | &nbsp;&nbsp; 6417879 |

---

**BHFTII-242**

------

**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 September 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp; $63095677 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $63095677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp; 91227346 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91227346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp; 13492414 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13492414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp; 170758459 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 170758459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp; 19276933 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19276933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; 15589829 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15589829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp; 26384001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26384001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp; 1410625 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1410625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp; 9318308 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9318308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp; 27635287 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27635287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; 81086534 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81086534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp; 104567737 | &nbsp;&nbsp;&nbsp; 4100392 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 108668129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp; 37234031 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37234031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp; 13760112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13760112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp; 52336399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52336399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp; 242145749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 242145749 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; 13149459 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2246369 | &nbsp;&nbsp;&nbsp; 15395828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp; 14970184 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14970184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; 47074811 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47074811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp; 471934069 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 471934069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; 458552050 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3872344 | &nbsp;&nbsp;&nbsp; 462424394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp; 30220440 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30220440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp; 236658978 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 236658978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp; 9908417 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9908417 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 2251787849 | &nbsp;&nbsp;&nbsp; 4100392 | &nbsp;&nbsp;&nbsp; 6118713 | &nbsp;&nbsp;&nbsp; 2262006954 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30981950 | &nbsp;&nbsp;&nbsp; 30981950 |
| Total Investment Companies\* | &nbsp;&nbsp;&nbsp; 6450206 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6450206 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; 6417879 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6417879 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 698835 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 698835 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp; 698835 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12198835 |
| Total Investments | &nbsp;&nbsp;&nbsp; $2276155934 | &nbsp;&nbsp;&nbsp; $4799227 | &nbsp;&nbsp;&nbsp; $37100663 | &nbsp;&nbsp;&nbsp; $2318055824 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(12198835)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(12198835)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-243**

------

**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 September 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>**September 30, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from investments** <br>**Held at** <br>**September 30, 2025**<br>|
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; $1740778<br>| &nbsp;&nbsp; $505591<br>| &nbsp;&nbsp; $2246369<br>| &nbsp;&nbsp; $505591<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 4770680<br>| &nbsp;&nbsp; (898336) <br>| &nbsp;&nbsp; 3872344<br>| &nbsp;&nbsp; (898336) <br>|
| Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles  | &nbsp;&nbsp; 6431657<br>| &nbsp;&nbsp; 1567732 | &nbsp;&nbsp; 7999389<br>| &nbsp;&nbsp; 1567732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies  | &nbsp;&nbsp; 6554017<br>| &nbsp;&nbsp; (1349064)<br>| &nbsp;&nbsp; 5204953 | &nbsp;&nbsp; (1349064)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail  | &nbsp;&nbsp; 1150434<br>| &nbsp;&nbsp; (381896) <br>| &nbsp;&nbsp; 768538<br>| &nbsp;&nbsp; (381896) <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment  | &nbsp;&nbsp; 2167700<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2167700<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining  | &nbsp;&nbsp; 2241052<br>| &nbsp;&nbsp; 630411 | &nbsp;&nbsp; 2871463<br>| &nbsp;&nbsp; 630411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment  | &nbsp;&nbsp; 1362153<br>| &nbsp;&nbsp; 84882 | &nbsp;&nbsp; 1447035 | &nbsp;&nbsp; 84882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software  | &nbsp;&nbsp; 6579425<br>| &nbsp;&nbsp; 3943447 | &nbsp;&nbsp; 10522872 | &nbsp;&nbsp; 3943447 |
|  | &nbsp;&nbsp; $32997896<br>| &nbsp;&nbsp; $4102767 | &nbsp;&nbsp; $37100663 | &nbsp;&nbsp; $4102767 |

---

**BHFTII-244**

------

**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 September 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**September 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 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp; 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 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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; 2693763 | Calibration Model | Calculated Enterprise Value/Revenue | &nbsp;&nbsp; 1.3x | &nbsp;&nbsp; 2.8x<br>| &nbsp;&nbsp; 2.1x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Implied Discount | 20.00<br> %<br>| 40.00<br> % <br>| 30.00<br> % <br>| &nbsp;&nbsp; Decrease<br>|
|  | &nbsp;&nbsp; 2808841 | 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 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; 5204953 | Black-Scholes Protective Put | Precedent Transactions  | &nbsp;&nbsp; $47.75 | &nbsp;&nbsp; $47.75 | &nbsp;&nbsp; $47.75 | &nbsp;&nbsp; Increase |
|  |  |  | Average Put Price | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 768538 | Comparable Company Analysis | Enterprise Value/GMV | &nbsp;&nbsp; 0.4x | &nbsp;&nbsp; 0.5x | &nbsp;&nbsp; 0.5x | &nbsp;&nbsp; Increase |
|  |  |  | Enterprise Value/Gross Profit | &nbsp;&nbsp; 4.8x | &nbsp;&nbsp; 5.5x | &nbsp;&nbsp; 5.2x | &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; Decrease |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 2167700 | Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; $24.18 | &nbsp;&nbsp; Increase |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 2871463 | Market Transaction Method | Pending Transaction | &nbsp;&nbsp; $114.58 | &nbsp;&nbsp; $114.58 | &nbsp;&nbsp; $114.58 | &nbsp;&nbsp; Increase |
|  |  |  | Discount for Lack of Certainty | 5.00<br> %<br>| 5.00<br> %<br>| 5.00<br> %<br>| &nbsp;&nbsp; Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor <br> Equipment<br>| &nbsp;&nbsp; 1447035 | Market Transaction Method  | Dollar Volume Weighted Transactions | &nbsp;&nbsp; $50.14 | &nbsp;&nbsp; $75.00 | &nbsp;&nbsp; $70.86 | &nbsp;&nbsp; Increase |
|  |  | Comparable Company Analysis | Calculated Enterprise Value/Revenue  | &nbsp;&nbsp; 7.7x | &nbsp;&nbsp; 7.7x<br>| &nbsp;&nbsp; 7.7x | &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/Gross Profit  | &nbsp;&nbsp; 11.5x | &nbsp;&nbsp; 11.5x | &nbsp;&nbsp; 11.5x<br>| &nbsp;&nbsp; Increase |
|  |  |  | Calculated Enterprise Value/Net Income  | &nbsp;&nbsp; 23.5x | &nbsp;&nbsp; 23.5x | &nbsp;&nbsp; 23.5x | &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 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 238872 | Comparable Company Analysis | Enterprise Value/Revenue  | &nbsp;&nbsp; 9.3x | &nbsp;&nbsp; 11.1x<br>| &nbsp;&nbsp; 10.2x<br>| &nbsp;&nbsp; Increase<br>|
|  |  |  | Enterprise Value/Gross Profit  | &nbsp;&nbsp; 11.7x | &nbsp;&nbsp; 14.0x<br>| &nbsp;&nbsp; 12.9x<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; 10284000 | Market Transaction Method | Precedent Transaction | &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; Increase |

---

**BHFTII-245**

------

**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 September 30, 2025 (Unaudited)**

**Common Stocks—99.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| ATI, Inc. (a) | 97944 | &nbsp;&nbsp;&nbsp; $7966765 |
| BWX Technologies, Inc.  | 16037 | &nbsp;&nbsp;&nbsp; 2956742 |
| Curtiss-Wright Corp.  | 7042 | &nbsp;&nbsp;&nbsp; 3823383 |
| Firefly Aerospace, Inc. (a) | 12778 | &nbsp;&nbsp;&nbsp; 374651 |
| Hexcel Corp.  | 50758 | &nbsp;&nbsp;&nbsp; 3182527 |
| Karman Holdings, Inc. (a) | 75976 | &nbsp;&nbsp;&nbsp; 5485467 |
| Kratos Defense & Security Solutions, Inc. (a) | 17400 | &nbsp;&nbsp;&nbsp; 1589838 |
| Leonardo DRS, Inc.  | 53950 | &nbsp;&nbsp;&nbsp; 2449330 |
| Moog, Inc. - Class A | 1700 | &nbsp;&nbsp;&nbsp; 353039 |
| Woodward, Inc.  | 14249 | &nbsp;&nbsp;&nbsp; 3600865 |
|  |  | &nbsp;&nbsp;&nbsp; 31782607 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| GXO Logistics, Inc. (a) | 33204 | &nbsp;&nbsp;&nbsp; 1756160 |
| **Automobile Components — 1.5%** | **Automobile Components — 1.5%** | **Automobile Components — 1.5%** |
| Dorman Products, Inc. (a) | 32262 | &nbsp;&nbsp;&nbsp; 5029001 |
| Modine Manufacturing Co. (a) (b) | 54737 | &nbsp;&nbsp;&nbsp; 7781412 |
| Visteon Corp.  | 33242 | &nbsp;&nbsp;&nbsp; 3984386 |
|  |  | &nbsp;&nbsp;&nbsp; 16794799 |
| **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
| Bancorp, Inc. (a) (b) | 76411 | &nbsp;&nbsp;&nbsp; 5722420 |
| First BanCorp | 289931 | &nbsp;&nbsp;&nbsp; 6392978 |
|  |  | &nbsp;&nbsp;&nbsp; 12115398 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Coca-Cola Consolidated, Inc.  | 21935 | &nbsp;&nbsp;&nbsp; 2569905 |
| **Biotechnology — 9.9%** | **Biotechnology — 9.9%** | **Biotechnology — 9.9%** |
| ACADIA Pharmaceuticals, Inc. (a) | 51579 | &nbsp;&nbsp;&nbsp; 1100696 |
| ADMA Biologics, Inc. (a) | 202333 | &nbsp;&nbsp;&nbsp; 2966202 |
| Agios Pharmaceuticals, Inc. (a) | 39740 | &nbsp;&nbsp;&nbsp; 1595164 |
| Akero Therapeutics, Inc. (a) | 56291 | &nbsp;&nbsp;&nbsp; 2672697 |
| Alkermes PLC (a) | 145037 | &nbsp;&nbsp;&nbsp; 4351110 |
| Amicus Therapeutics, Inc. (a) | 96836 | &nbsp;&nbsp;&nbsp; 763068 |
| Apogee Therapeutics, Inc. (a) | 6100 | &nbsp;&nbsp;&nbsp; 242353 |
| Arcellx, Inc. (a) | 22087 | &nbsp;&nbsp;&nbsp; 1813343 |
| Ascendis Pharma AS (ADR) (a) | 10746 | &nbsp;&nbsp;&nbsp; 2136412 |
| Avidity Biosciences, Inc. (a) | 78657 | &nbsp;&nbsp;&nbsp; 3427085 |
| Beam Therapeutics, Inc. (a) (b) | 87386 | &nbsp;&nbsp;&nbsp; 2120858 |
| Bicara Therapeutics, Inc. (a) | 25200 | &nbsp;&nbsp;&nbsp; 397908 |
| Biohaven Ltd. (a) | 84222 | &nbsp;&nbsp;&nbsp; 1264172 |
| Bridgebio Pharma, Inc. (a) | 86929 | &nbsp;&nbsp;&nbsp; 4515092 |
| Caris Life Sciences, Inc. (a) | 18175 | &nbsp;&nbsp;&nbsp; 549794 |
| Catalyst Pharmaceuticals, Inc. (a) | 68247 | &nbsp;&nbsp;&nbsp; 1344466 |
| Celldex Therapeutics, Inc. (a) | 62709 | &nbsp;&nbsp;&nbsp; 1622282 |
| Centessa Pharmaceuticals PLC (ADR) (a) (b) | 71700 | &nbsp;&nbsp;&nbsp; 1738725 |
| CG oncology, Inc. (a) | 34900 | &nbsp;&nbsp;&nbsp; 1405772 |
| Cytokinetics, Inc. (a) (b) | 61227 | &nbsp;&nbsp;&nbsp; 3365036 |
| Denali Therapeutics, Inc. (a) (b) | 147291 | &nbsp;&nbsp;&nbsp; 2138665 |
| Disc Medicine, Inc. (a) (b) | 27396 | &nbsp;&nbsp;&nbsp; 1810328 |
| Dyne Therapeutics, Inc. (a) | 70400 | &nbsp;&nbsp;&nbsp; 890560 |
| Exact Sciences Corp. (a) | 32161 | &nbsp;&nbsp;&nbsp; 1759528 |
| Exelixis, Inc. (a) | 99318 | &nbsp;&nbsp;&nbsp; 4101833 |
| Halozyme Therapeutics, Inc. (a) | 70459 | &nbsp;&nbsp;&nbsp; 5167463 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Immunovant, Inc. (a) (b) | 14800 | &nbsp;&nbsp;&nbsp; $238576 |
| Insmed, Inc. (a) | 19507 | &nbsp;&nbsp;&nbsp; 2809203 |
| Ionis Pharmaceuticals, Inc. (a) | 63860 | &nbsp;&nbsp;&nbsp; 4177721 |
| Iovance Biotherapeutics, Inc. (a) (b) | 83098 | &nbsp;&nbsp;&nbsp; 180323 |
| Janux Therapeutics, Inc. (a) | 33400 | &nbsp;&nbsp;&nbsp; 816296 |
| Krystal Biotech, Inc. (a) (b) | 10405 | &nbsp;&nbsp;&nbsp; 1836795 |
| Kymera Therapeutics, Inc. (a) | 72243 | &nbsp;&nbsp;&nbsp; 4088954 |
| Madrigal Pharmaceuticals, Inc. (a) | 7928 | &nbsp;&nbsp;&nbsp; 3636256 |
| Mirum Pharmaceuticals, Inc. (a) | 30780 | &nbsp;&nbsp;&nbsp; 2256482 |
| Monte Rosa Therapeutics, Inc. (a) (b) | 76100 | &nbsp;&nbsp;&nbsp; 563901 |
| Natera, Inc. (a) | 26410 | &nbsp;&nbsp;&nbsp; 4251218 |
| Neurocrine Biosciences, Inc. (a) | 15520 | &nbsp;&nbsp;&nbsp; 2178698 |
| Nurix Therapeutics, Inc. (a) (b) | 65163 | &nbsp;&nbsp;&nbsp; 602106 |
| Nuvalent, Inc. - Class A (a) | 44226 | &nbsp;&nbsp;&nbsp; 3824664 |
| ORIC Pharmaceuticals, Inc. (a) (b) | 69859 | &nbsp;&nbsp;&nbsp; 838308 |
| Praxis Precision Medicines, Inc. (a) | 25166 | &nbsp;&nbsp;&nbsp; 1333798 |
| PTC Therapeutics, Inc. (a) | 40823 | &nbsp;&nbsp;&nbsp; 2505308 |
| Replimune Group, Inc. (a) | 191701 | &nbsp;&nbsp;&nbsp; 803227 |
| Revolution Medicines, Inc. (a) (b) | 65346 | &nbsp;&nbsp;&nbsp; 3051658 |
| Rhythm Pharmaceuticals, Inc. (a) | 29722 | &nbsp;&nbsp;&nbsp; 3001625 |
| Scholar Rock Holding Corp. (a) (b) | 69711 | &nbsp;&nbsp;&nbsp; 2596038 |
| Soleno Therapeutics, Inc. (a) | 36819 | &nbsp;&nbsp;&nbsp; 2488964 |
| TG Therapeutics, Inc. (a) | 48345 | &nbsp;&nbsp;&nbsp; 1746463 |
| Ultragenyx Pharmaceutical, Inc. (a) | 76723 | &nbsp;&nbsp;&nbsp; 2307828 |
| Vaxcyte, Inc. (a) | 20316 | &nbsp;&nbsp;&nbsp; 731782 |
| Vera Therapeutics, Inc. (a) | 57226 | &nbsp;&nbsp;&nbsp; 1662988 |
| Viridian Therapeutics, Inc. (a) (b) | 38700 | &nbsp;&nbsp;&nbsp; 835146 |
| Xencor, Inc. (a) (b) | 79417 | &nbsp;&nbsp;&nbsp; 931561 |
|  |  | &nbsp;&nbsp;&nbsp; 111556499 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 20500 | &nbsp;&nbsp;&nbsp; 2632200 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| AAON, Inc. (b) | 23495 | &nbsp;&nbsp;&nbsp; 2195373 |
| CSW Industrials, Inc.  | 12766 | &nbsp;&nbsp;&nbsp; 3098946 |
| Griffon Corp.  | 37384 | &nbsp;&nbsp;&nbsp; 2846792 |
| Simpson Manufacturing Co., Inc. (b) | 37831 | &nbsp;&nbsp;&nbsp; 6335179 |
|  |  | &nbsp;&nbsp;&nbsp; 14476290 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| Affiliated Managers Group, Inc.  | 13282 | &nbsp;&nbsp;&nbsp; 3166827 |
| Donnelley Financial Solutions, Inc. (a) | 31511 | &nbsp;&nbsp;&nbsp; 1620611 |
| Galaxy Digital, Inc. - Class A (a) (b) | 56400 | &nbsp;&nbsp;&nbsp; 1906884 |
| Marex Group PLC | 111255 | &nbsp;&nbsp;&nbsp; 3740393 |
| StoneX Group, Inc. (a) | 79440 | &nbsp;&nbsp;&nbsp; 8017085 |
| TPG, Inc. (b) | 32800 | &nbsp;&nbsp;&nbsp; 1884360 |
|  |  | &nbsp;&nbsp;&nbsp; 20336160 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Axalta Coating Systems Ltd. (a) | 164025 | &nbsp;&nbsp;&nbsp; 4694395 |
| Balchem Corp.  | 22259 | &nbsp;&nbsp;&nbsp; 3340185 |
| Cabot Corp.  | 44616 | &nbsp;&nbsp;&nbsp; 3393047 |
| Element Solutions, Inc.  | 36029 | &nbsp;&nbsp;&nbsp; 906850 |
| NewMarket Corp.  | 5622 | &nbsp;&nbsp;&nbsp; 4656197 |

---

**BHFTII-246**

------

**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 September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| RPM International, Inc.  | 39102 | &nbsp;&nbsp;&nbsp; $4609344 |
|  |  | &nbsp;&nbsp;&nbsp; 21600018 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| Brink's Co.  | 46844 | &nbsp;&nbsp;&nbsp; 5474190 |
| Casella Waste Systems, Inc. - Class A (a) | 9555 | &nbsp;&nbsp;&nbsp; 906578 |
| MSA Safety, Inc. (b) | 15686 | &nbsp;&nbsp;&nbsp; 2699090 |
|  |  | &nbsp;&nbsp;&nbsp; 9079858 |
| **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** |
| API Group Corp. (a) | 126799 | &nbsp;&nbsp;&nbsp; 4358082 |
| Argan, Inc. (b) | 3600 | &nbsp;&nbsp;&nbsp; 972180 |
| Comfort Systems USA, Inc.  | 5100 | &nbsp;&nbsp;&nbsp; 4208418 |
| Dycom Industries, Inc. (a) | 13018 | &nbsp;&nbsp;&nbsp; 3798132 |
| EMCOR Group, Inc.  | 5277 | &nbsp;&nbsp;&nbsp; 3427622 |
| Fluor Corp. (a) | 26400 | &nbsp;&nbsp;&nbsp; 1110648 |
| IES Holdings, Inc. (a) | 5400 | &nbsp;&nbsp;&nbsp; 2147310 |
| Primoris Services Corp.  | 42994 | &nbsp;&nbsp;&nbsp; 5904366 |
| Sterling Infrastructure, Inc. (a) | 31944 | &nbsp;&nbsp;&nbsp; 10850738 |
| Valmont Industries, Inc.  | 22047 | &nbsp;&nbsp;&nbsp; 8548283 |
|  |  | &nbsp;&nbsp;&nbsp; 45325779 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Eagle Materials, Inc.  | 25122 | &nbsp;&nbsp;&nbsp; 5854431 |
| Knife River Corp. (a) | 44427 | &nbsp;&nbsp;&nbsp; 3415103 |
|  |  | &nbsp;&nbsp;&nbsp; 9269534 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| Enova International, Inc. (a) | 15665 | &nbsp;&nbsp;&nbsp; 1802885 |
| FirstCash Holdings, Inc.  | 21510 | &nbsp;&nbsp;&nbsp; 3407614 |
| Upstart Holdings, Inc. (a) (b) | 31318 | &nbsp;&nbsp;&nbsp; 1590955 |
|  |  | &nbsp;&nbsp;&nbsp; 6801454 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Casey's General Stores, Inc.  | 4812 | &nbsp;&nbsp;&nbsp; 2720320 |
| Performance Food Group Co. (a) | 11443 | &nbsp;&nbsp;&nbsp; 1190530 |
| PriceSmart, Inc. (b) | 19944 | &nbsp;&nbsp;&nbsp; 2417013 |
| Sprouts Farmers Market, Inc. (a) | 9692 | &nbsp;&nbsp;&nbsp; 1054490 |
|  |  | &nbsp;&nbsp;&nbsp; 7382353 |
| **Diversified Consumer Services — 3.7%** | **Diversified Consumer Services — 3.7%** | **Diversified Consumer Services — 3.7%** |
| Adtalem Global Education, Inc. (a) | 44493 | &nbsp;&nbsp;&nbsp; 6871944 |
| Duolingo, Inc. (a) | 7795 | &nbsp;&nbsp;&nbsp; 2508743 |
| Frontdoor, Inc. (a) | 79064 | &nbsp;&nbsp;&nbsp; 5320217 |
| Grand Canyon Education, Inc. (a) | 33469 | &nbsp;&nbsp;&nbsp; 7347115 |
| H&R Block, Inc.  | 84750 | &nbsp;&nbsp;&nbsp; 4285807 |
| Laureate Education, Inc. (a) | 158119 | &nbsp;&nbsp;&nbsp; 4987073 |
| Stride, Inc. (a) | 49247 | &nbsp;&nbsp;&nbsp; 7334848 |
| Universal Technical Institute, Inc. (a) | 96240 | &nbsp;&nbsp;&nbsp; 3132612 |
|  |  | &nbsp;&nbsp;&nbsp; 41788359 |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| Oklo, Inc. (a) (b) | 8000 | &nbsp;&nbsp;&nbsp; 893040 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Bloom Energy Corp. - Class A (a) (b) | 45900 | &nbsp;&nbsp;&nbsp; $3881763 |
| NEXTracker, Inc. - Class A (a) | 74251 | &nbsp;&nbsp;&nbsp; 5493831 |
| Powell Industries, Inc.  | 2700 | &nbsp;&nbsp;&nbsp; 822987 |
| Shoals Technologies Group, Inc. - Class A (a) | 87568 | &nbsp;&nbsp;&nbsp; 648879 |
|  |  | &nbsp;&nbsp;&nbsp; 10847460 |
| **Electronic Equipment, Instruments & Components — 5.6%** | **Electronic Equipment, Instruments & Components — 5.6%** | **Electronic Equipment, Instruments & Components — 5.6%** |
| Badger Meter, Inc.  | 17863 | &nbsp;&nbsp;&nbsp; 3189974 |
| Bel Fuse, Inc. - Class B | 27502 | &nbsp;&nbsp;&nbsp; 3878332 |
| Belden, Inc.  | 64452 | &nbsp;&nbsp;&nbsp; 7751642 |
| Cognex Corp.  | 98741 | &nbsp;&nbsp;&nbsp; 4472967 |
| ePlus, Inc.  | 22622 | &nbsp;&nbsp;&nbsp; 1606388 |
| Fabrinet (a) | 37972 | &nbsp;&nbsp;&nbsp; 13845351 |
| Itron, Inc. (a) | 45432 | &nbsp;&nbsp;&nbsp; 5659010 |
| Novanta, Inc. (a) | 40463 | &nbsp;&nbsp;&nbsp; 4052369 |
| OSI Systems, Inc. (a) | 23208 | &nbsp;&nbsp;&nbsp; 5784362 |
| Teledyne Technologies, Inc. (a) | 15389 | &nbsp;&nbsp;&nbsp; 9018570 |
| Vontier Corp.  | 89609 | &nbsp;&nbsp;&nbsp; 3760890 |
|  |  | &nbsp;&nbsp;&nbsp; 63019855 |
| **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** |
| TechnipFMC PLC | 224314 | &nbsp;&nbsp;&nbsp; 8849187 |
| Weatherford International PLC | 78784 | &nbsp;&nbsp;&nbsp; 5391189 |
|  |  | &nbsp;&nbsp;&nbsp; 14240376 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| IMAX Corp. (a) | 52500 | &nbsp;&nbsp;&nbsp; 1719375 |
| Liberty Media Corp.-Liberty Live - Class C (a) | 38669 | &nbsp;&nbsp;&nbsp; 3749733 |
| TKO Group Holdings, Inc.  | 11774 | &nbsp;&nbsp;&nbsp; 2377877 |
|  |  | &nbsp;&nbsp;&nbsp; 7846985 |
| **Financial Services — 2.6%** | **Financial Services — 2.6%** | **Financial Services — 2.6%** |
| Equitable Holdings, Inc.  | 97646 | &nbsp;&nbsp;&nbsp; 4958464 |
| Euronet Worldwide, Inc. (a) | 13856 | &nbsp;&nbsp;&nbsp; 1216695 |
| EVERTEC, Inc.  | 62684 | &nbsp;&nbsp;&nbsp; 2117465 |
| Marqeta, Inc. - Class A (a) | 484667 | &nbsp;&nbsp;&nbsp; 2559042 |
| Mr. Cooper Group, Inc.  | 28144 | &nbsp;&nbsp;&nbsp; 5932474 |
| Payoneer Global, Inc. (a) | 894131 | &nbsp;&nbsp;&nbsp; 5409493 |
| Remitly Global, Inc. (a) | 304597 | &nbsp;&nbsp;&nbsp; 4964931 |
| Sezzle, Inc. (a) (b) | 11300 | &nbsp;&nbsp;&nbsp; 898689 |
| Shift4 Payments, Inc. - Class A (a) (b) | 24128 | &nbsp;&nbsp;&nbsp; 1867507 |
|  |  | &nbsp;&nbsp;&nbsp; 29924760 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Post Holdings, Inc. (a) | 54423 | &nbsp;&nbsp;&nbsp; 5849384 |
| Simply Good Foods Co. (a) | 57638 | &nbsp;&nbsp;&nbsp; 1430575 |
| Vital Farms, Inc. (a) (b) | 65499 | &nbsp;&nbsp;&nbsp; 2695284 |
|  |  | &nbsp;&nbsp;&nbsp; 9975243 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Saia, Inc. (a) | 14497 | &nbsp;&nbsp;&nbsp; 4339822 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| CONMED Corp. (b) | 14369 | &nbsp;&nbsp;&nbsp; 675774 |
| Globus Medical, Inc. - Class A (a) | 102248 | &nbsp;&nbsp;&nbsp; 5855743 |

---

**BHFTII-247**

------

**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 September 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)** |
| Haemonetics Corp. (a) | 32767 | &nbsp;&nbsp;&nbsp; $1597064 |
| Lantheus Holdings, Inc. (a) | 74676 | &nbsp;&nbsp;&nbsp; 3830132 |
| LeMaitre Vascular, Inc.  | 28912 | &nbsp;&nbsp;&nbsp; 2530089 |
| Merit Medical Systems, Inc. (a) | 58766 | &nbsp;&nbsp;&nbsp; 4891094 |
| Penumbra, Inc. (a) | 18696 | &nbsp;&nbsp;&nbsp; 4736071 |
| PROCEPT BioRobotics Corp. (a) | 17379 | &nbsp;&nbsp;&nbsp; 620256 |
| STERIS PLC | 9965 | &nbsp;&nbsp;&nbsp; 2465740 |
| TransMedics Group, Inc. (a) (b) | 11541 | &nbsp;&nbsp;&nbsp; 1294900 |
| UFP Technologies, Inc. (a) | 17363 | &nbsp;&nbsp;&nbsp; 3465655 |
|  |  | &nbsp;&nbsp;&nbsp; 31962518 |
| **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** | **Health Care Providers & Services — 4.8%** |
| Addus HomeCare Corp. (a) (b) | 23314 | &nbsp;&nbsp;&nbsp; 2750819 |
| BrightSpring Health Services, Inc. (a) | 172900 | &nbsp;&nbsp;&nbsp; 5110924 |
| Concentra Group Holdings Parent, Inc.  | 48427 | &nbsp;&nbsp;&nbsp; 1013577 |
| CorVel Corp. (a) (b) | 25017 | &nbsp;&nbsp;&nbsp; 1936816 |
| Encompass Health Corp.  | 51157 | &nbsp;&nbsp;&nbsp; 6497962 |
| Ensign Group, Inc. (b) | 57250 | &nbsp;&nbsp;&nbsp; 9891083 |
| Guardant Health, Inc. (a) | 67500 | &nbsp;&nbsp;&nbsp; 4217400 |
| HealthEquity, Inc. (a) | 60652 | &nbsp;&nbsp;&nbsp; 5747990 |
| Hims & Hers Health, Inc. (a) (b) | 42440 | &nbsp;&nbsp;&nbsp; 2407197 |
| Option Care Health, Inc. (a) | 162720 | &nbsp;&nbsp;&nbsp; 4517107 |
| RadNet, Inc. (a) | 32876 | &nbsp;&nbsp;&nbsp; 2505480 |
| Tenet Healthcare Corp. (a) | 40010 | &nbsp;&nbsp;&nbsp; 8123630 |
|  |  | &nbsp;&nbsp;&nbsp; 54719985 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| American Healthcare REIT, Inc.  | 91203 | &nbsp;&nbsp;&nbsp; 3831438 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| HeartFlow, Inc. (a) | 18178 | &nbsp;&nbsp;&nbsp; 611872 |
| Waystar Holding Corp. (a) | 120486 | &nbsp;&nbsp;&nbsp; 4568829 |
|  |  | &nbsp;&nbsp;&nbsp; 5180701 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| Ryman Hospitality Properties, Inc.  | 32748 | &nbsp;&nbsp;&nbsp; 2933893 |
| **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** |
| Boyd Gaming Corp.  | 57730 | &nbsp;&nbsp;&nbsp; 4990758 |
| Brinker International, Inc. (a) | 18273 | &nbsp;&nbsp;&nbsp; 2314824 |
| Cava Group, Inc. (a) | 12000 | &nbsp;&nbsp;&nbsp; 724920 |
| Churchill Downs, Inc.  | 16855 | &nbsp;&nbsp;&nbsp; 1635103 |
| Domino's Pizza, Inc.  | 3384 | &nbsp;&nbsp;&nbsp; 1460907 |
| Dutch Bros, Inc. - Class A (a) | 86949 | &nbsp;&nbsp;&nbsp; 4550911 |
| Hilton Grand Vacations, Inc. (a) | 55462 | &nbsp;&nbsp;&nbsp; 2318866 |
| Light & Wonder, Inc. (a) (b) | 80748 | &nbsp;&nbsp;&nbsp; 6777987 |
| Planet Fitness, Inc. - Class A (a) | 92123 | &nbsp;&nbsp;&nbsp; 9562367 |
| Red Rock Resorts, Inc. - Class A (b) | 27711 | &nbsp;&nbsp;&nbsp; 1692034 |
| Travel & Leisure Co.  | 32463 | &nbsp;&nbsp;&nbsp; 1931224 |
| United Parks & Resorts, Inc. (a) | 22088 | &nbsp;&nbsp;&nbsp; 1141950 |
| Wingstop, Inc.  | 28234 | &nbsp;&nbsp;&nbsp; 7105933 |
|  |  | &nbsp;&nbsp;&nbsp; 46207784 |
| **Household Durables — 1.6%** | **Household Durables — 1.6%** | **Household Durables — 1.6%** |
| Cavco Industries, Inc. (a) | 9959 | &nbsp;&nbsp;&nbsp; 5783490 |
| Green Brick Partners, Inc. (a) | 57549 | &nbsp;&nbsp;&nbsp; 4250569 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Household Durables—(Continued)** | **Household Durables—(Continued)** | **Household Durables—(Continued)** |
| Installed Building Products, Inc. (b) | 19544 | &nbsp;&nbsp;&nbsp; $4820723 |
| SharkNinja, Inc. (a) | 9300 | &nbsp;&nbsp;&nbsp; 959295 |
| TopBuild Corp. (a) (b) | 6121 | &nbsp;&nbsp;&nbsp; 2392454 |
|  |  | &nbsp;&nbsp;&nbsp; 18206531 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Rexford Industrial Realty, Inc.  | 29421 | &nbsp;&nbsp;&nbsp; 1209497 |
| **Insurance — 1.1%** | **Insurance — 1.1%** | **Insurance — 1.1%** |
| Oscar Health, Inc. - Class A (a) | 73000 | &nbsp;&nbsp;&nbsp; 1381890 |
| Palomar Holdings, Inc. (a) | 26888 | &nbsp;&nbsp;&nbsp; 3139174 |
| Primerica, Inc.  | 12757 | &nbsp;&nbsp;&nbsp; 3541216 |
| Skyward Specialty Insurance Group, Inc. (a) | 100197 | &nbsp;&nbsp;&nbsp; 4765369 |
|  |  | &nbsp;&nbsp;&nbsp; 12827649 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Cargurus, Inc. (a) | 31123 | &nbsp;&nbsp;&nbsp; 1158709 |
| Cars.com, Inc. (a) | 67990 | &nbsp;&nbsp;&nbsp; 830838 |
|  |  | &nbsp;&nbsp;&nbsp; 1989547 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Applied Digital Corp. (a) | 41100 | &nbsp;&nbsp;&nbsp; 942834 |
| Okta, Inc. (a) | 24464 | &nbsp;&nbsp;&nbsp; 2243349 |
|  |  | &nbsp;&nbsp;&nbsp; 3186183 |
| **Leisure Products — 0.2%** | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
| Mattel, Inc. (a) | 117025 | &nbsp;&nbsp;&nbsp; 1969531 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Medpace Holdings, Inc. (a) | 6062 | &nbsp;&nbsp;&nbsp; 3116838 |
| Repligen Corp. (a) | 15843 | &nbsp;&nbsp;&nbsp; 2117734 |
|  |  | &nbsp;&nbsp;&nbsp; 5234572 |
| **Machinery — 6.2%** | **Machinery — 6.2%** | **Machinery — 6.2%** |
| Allison Transmission Holdings, Inc.  | 27729 | &nbsp;&nbsp;&nbsp; 2353638 |
| Atmus Filtration Technologies, Inc.  | 164101 | &nbsp;&nbsp;&nbsp; 7399314 |
| Crane Co.  | 25747 | &nbsp;&nbsp;&nbsp; 4741053 |
| Esab Corp. (b) | 72979 | &nbsp;&nbsp;&nbsp; 8154673 |
| ESCO Technologies, Inc.  | 8000 | &nbsp;&nbsp;&nbsp; 1688880 |
| Federal Signal Corp.  | 71816 | &nbsp;&nbsp;&nbsp; 8545386 |
| JBT Marel Corp.  | 20500 | &nbsp;&nbsp;&nbsp; 2879225 |
| Kadant, Inc. (b) | 18983 | &nbsp;&nbsp;&nbsp; 5648961 |
| Mueller Industries, Inc.  | 60110 | &nbsp;&nbsp;&nbsp; 6077722 |
| RBC Bearings, Inc. (a) | 3156 | &nbsp;&nbsp;&nbsp; 1231755 |
| SPX Technologies, Inc. (a) | 51107 | &nbsp;&nbsp;&nbsp; 9545765 |
| Toro Co.  | 30879 | &nbsp;&nbsp;&nbsp; 2352980 |
| Watts Water Technologies, Inc. - Class A | 32874 | &nbsp;&nbsp;&nbsp; 9181051 |
|  |  | &nbsp;&nbsp;&nbsp; 69800403 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Kirby Corp. (a) | 30174 | &nbsp;&nbsp;&nbsp; 2518020 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| DoubleVerify Holdings, Inc. (a) | 197358 | &nbsp;&nbsp;&nbsp; 2364349 |
| Magnite, Inc. (a) (b) | 60573 | &nbsp;&nbsp;&nbsp; 1319280 |

---

**BHFTII-248**

------

**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 September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Nexstar Media Group, Inc. (b) | 14425 | &nbsp;&nbsp;&nbsp; $2852399 |
|  |  | &nbsp;&nbsp;&nbsp; 6536028 |
| **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** |
| Alamos Gold, Inc. - Class A | 26700 | &nbsp;&nbsp;&nbsp; 930673 |
| Alpha Metallurgical Resources, Inc. (a) | 10285 | &nbsp;&nbsp;&nbsp; 1687666 |
| Carpenter Technology Corp.  | 21313 | &nbsp;&nbsp;&nbsp; 5233194 |
| Coeur Mining, Inc. (a) | 335700 | &nbsp;&nbsp;&nbsp; 6297732 |
| MP Materials Corp. (a) (b) | 72959 | &nbsp;&nbsp;&nbsp; 4893360 |
| Warrior Met Coal, Inc.  | 65105 | &nbsp;&nbsp;&nbsp; 4143282 |
|  |  | &nbsp;&nbsp;&nbsp; 23185907 |
| **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** | **Oil, Gas & Consumable Fuels — 2.9%** |
| Centrus Energy Corp. - Class A (a) (b) | 15783 | &nbsp;&nbsp;&nbsp; 4893835 |
| Expand Energy Corp.  | 17418 | &nbsp;&nbsp;&nbsp; 1850488 |
| Gulfport Energy Corp. (a) | 12000 | &nbsp;&nbsp;&nbsp; 2171760 |
| Matador Resources Co.  | 54900 | &nbsp;&nbsp;&nbsp; 2466657 |
| Permian Resources Corp.  | 325792 | &nbsp;&nbsp;&nbsp; 4170138 |
| Range Resources Corp.  | 99408 | &nbsp;&nbsp;&nbsp; 3741717 |
| Uranium Energy Corp. (a) | 536032 | &nbsp;&nbsp;&nbsp; 7150667 |
| Viper Energy, Inc. - Class A | 177149 | &nbsp;&nbsp;&nbsp; 6770635 |
|  |  | &nbsp;&nbsp;&nbsp; 33215897 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Louisiana-Pacific Corp.  | 19603 | &nbsp;&nbsp;&nbsp; 1741531 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Sun Country Airlines Holdings, Inc. (a) | 99456 | &nbsp;&nbsp;&nbsp; 1174575 |
| **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** |
| elf Beauty, Inc. (a) (b) | 46944 | &nbsp;&nbsp;&nbsp; 6219141 |
| Interparfums, Inc.  | 20287 | &nbsp;&nbsp;&nbsp; 1995835 |
|  |  | &nbsp;&nbsp;&nbsp; 8214976 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Amphastar Pharmaceuticals, Inc. (a) (b) | 25646 | &nbsp;&nbsp;&nbsp; 683466 |
| Axsome Therapeutics, Inc. (a) | 35200 | &nbsp;&nbsp;&nbsp; 4275040 |
| Corcept Therapeutics, Inc. (a) | 24000 | &nbsp;&nbsp;&nbsp; 1994640 |
| Crinetics Pharmaceuticals, Inc. (a) (b) | 103909 | &nbsp;&nbsp;&nbsp; 4327810 |
| Prestige Consumer Healthcare, Inc. (a) | 47263 | &nbsp;&nbsp;&nbsp; 2949211 |
| WaVe Life Sciences Ltd. (a) (b) | 53700 | &nbsp;&nbsp;&nbsp; 393084 |
|  |  | &nbsp;&nbsp;&nbsp; 14623251 |
| **Professional Services — 4.2%** | **Professional Services — 4.2%** | **Professional Services — 4.2%** |
| Booz Allen Hamilton Holding Corp.  | 31745 | &nbsp;&nbsp;&nbsp; 3172913 |
| Broadridge Financial Solutions, Inc.  | 15115 | &nbsp;&nbsp;&nbsp; 3599939 |
| CACI International, Inc. - Class A (a) | 2359 | &nbsp;&nbsp;&nbsp; 1176622 |
| ExlService Holdings, Inc. (a) | 171431 | &nbsp;&nbsp;&nbsp; 7548107 |
| First Advantage Corp. (a) (b) | 66417 | &nbsp;&nbsp;&nbsp; 1022158 |
| FTI Consulting, Inc. (a) | 21773 | &nbsp;&nbsp;&nbsp; 3519605 |
| Genpact Ltd.  | 99186 | &nbsp;&nbsp;&nbsp; 4154901 |
| Huron Consulting Group, Inc. (a) | 19054 | &nbsp;&nbsp;&nbsp; 2796556 |
| Legalzoom.com, Inc. (a) | 139100 | &nbsp;&nbsp;&nbsp; 1443858 |
| Paylocity Holding Corp. (a) | 11841 | &nbsp;&nbsp;&nbsp; 1885916 |
| TriNet Group, Inc. (b) | 23037 | &nbsp;&nbsp;&nbsp; 1540945 |
| Upwork, Inc. (a) (b) | 461761 | &nbsp;&nbsp;&nbsp; 8574902 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Professional Services—(Continued)** | **Professional Services—(Continued)** | **Professional Services—(Continued)** |
| Verra Mobility Corp. (a) | 295807 | &nbsp;&nbsp;&nbsp; $7306433 |
|  |  | &nbsp;&nbsp;&nbsp; 47742855 |
| **Semiconductors & Semiconductor Equipment — 6.5%** | **Semiconductors & Semiconductor Equipment — 6.5%** | **Semiconductors & Semiconductor Equipment — 6.5%** |
| Axcelis Technologies, Inc. (a) | 52717 | &nbsp;&nbsp;&nbsp; 5147288 |
| Cirrus Logic, Inc. (a) | 37419 | &nbsp;&nbsp;&nbsp; 4688227 |
| Credo Technology Group Holding Ltd. (a) | 50846 | &nbsp;&nbsp;&nbsp; 7403686 |
| Entegris, Inc.  | 37725 | &nbsp;&nbsp;&nbsp; 3488053 |
| Impinj, Inc. (a) | 17600 | &nbsp;&nbsp;&nbsp; 3181200 |
| Lattice Semiconductor Corp. (a) | 82121 | &nbsp;&nbsp;&nbsp; 6021112 |
| MACOM Technology Solutions Holdings, Inc. (a) | 53985 | &nbsp;&nbsp;&nbsp; 6720593 |
| MKS, Inc.  | 28585 | &nbsp;&nbsp;&nbsp; 3537965 |
| Monolithic Power Systems, Inc.  | 3313 | &nbsp;&nbsp;&nbsp; 3050080 |
| Onto Innovation, Inc. (a) | 45971 | &nbsp;&nbsp;&nbsp; 5940373 |
| Photronics, Inc. (a) | 104834 | &nbsp;&nbsp;&nbsp; 2405940 |
| Rambus, Inc. (a) | 166368 | &nbsp;&nbsp;&nbsp; 17335546 |
| Rigetti Computing, Inc. (a) (b) | 108927 | &nbsp;&nbsp;&nbsp; 3244935 |
| Veeco Instruments, Inc. (a) (b) | 50500 | &nbsp;&nbsp;&nbsp; 1536715 |
|  |  | &nbsp;&nbsp;&nbsp; 73701713 |
| **Software — 9.8%** | **Software — 9.8%** | **Software — 9.8%** |
| A10 Networks, Inc.  | 123488 | &nbsp;&nbsp;&nbsp; 2241307 |
| ACI Worldwide, Inc. (a) | 93862 | &nbsp;&nbsp;&nbsp; 4953098 |
| Agilysys, Inc. (a) | 39648 | &nbsp;&nbsp;&nbsp; 4172952 |
| Alarm.com Holdings, Inc. (a) | 34856 | &nbsp;&nbsp;&nbsp; 1850155 |
| Appfolio, Inc. - Class A (a) | 26235 | &nbsp;&nbsp;&nbsp; 7231940 |
| Aurora Innovation, Inc. (a) (b) | 274059 | &nbsp;&nbsp;&nbsp; 1477178 |
| Bill Holdings, Inc. (a) | 97061 | &nbsp;&nbsp;&nbsp; 5141321 |
| BlackLine, Inc. (a) | 22500 | &nbsp;&nbsp;&nbsp; 1194750 |
| Box, Inc. - Class A (a) | 88867 | &nbsp;&nbsp;&nbsp; 2867738 |
| CCC Intelligent Solutions Holdings, Inc. (a) (b) | 655928 | &nbsp;&nbsp;&nbsp; 5975504 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 226007 | &nbsp;&nbsp;&nbsp; 4072646 |
| Commvault Systems, Inc. (a) | 36872 | &nbsp;&nbsp;&nbsp; 6960696 |
| Core Scientific, Inc. (a) (b) | 39600 | &nbsp;&nbsp;&nbsp; 710424 |
| CyberArk Software Ltd. (a) | 4348 | &nbsp;&nbsp;&nbsp; 2100736 |
| Descartes Systems Group, Inc. (a) | 63698 | &nbsp;&nbsp;&nbsp; 6002263 |
| D-Wave Quantum, Inc. (a) (b) | 65116 | &nbsp;&nbsp;&nbsp; 1609016 |
| Dynatrace, Inc. (a) | 27683 | &nbsp;&nbsp;&nbsp; 1341241 |
| Freshworks, Inc. - Class A (a) | 145300 | &nbsp;&nbsp;&nbsp; 1710181 |
| InterDigital, Inc. (b) | 43967 | &nbsp;&nbsp;&nbsp; 15178727 |
| Manhattan Associates, Inc. (a) | 14408 | &nbsp;&nbsp;&nbsp; 2953352 |
| MARA Holdings, Inc. (a) (b) | 128102 | &nbsp;&nbsp;&nbsp; 2339143 |
| Monday.com Ltd. (a) | 8840 | &nbsp;&nbsp;&nbsp; 1712220 |
| Nutanix, Inc. - Class A (a) | 57405 | &nbsp;&nbsp;&nbsp; 4270358 |
| Pegasystems, Inc.  | 42134 | &nbsp;&nbsp;&nbsp; 2422705 |
| PTC, Inc. (a) | 31425 | &nbsp;&nbsp;&nbsp; 6379904 |
| Q2 Holdings, Inc. (a) (b) | 51948 | &nbsp;&nbsp;&nbsp; 3760516 |
| Qualys, Inc. (a) | 15364 | &nbsp;&nbsp;&nbsp; 2033118 |
| Riot Platforms, Inc. (a) | 48800 | &nbsp;&nbsp;&nbsp; 928664 |
| SoundHound AI, Inc. - Class A (a) (b) | 111200 | &nbsp;&nbsp;&nbsp; 1788096 |
| SPS Commerce, Inc. (a) | 19621 | &nbsp;&nbsp;&nbsp; 2043331 |
| Teradata Corp. (a) | 29400 | &nbsp;&nbsp;&nbsp; 632394 |
| Workiva, Inc. (a) | 40524 | &nbsp;&nbsp;&nbsp; 3488306 |
|  |  | &nbsp;&nbsp;&nbsp; 111543980 |

---

**BHFTII-249**

------

**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 September 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| Lamar Advertising Co. - Class A (b) | 21563 | &nbsp;&nbsp;&nbsp; $2639742 |
| Smartstop Self Storage REIT, Inc. (b) | 50837 | &nbsp;&nbsp;&nbsp; 1913505 |
|  |  | &nbsp;&nbsp;&nbsp; 4553247 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| Abercrombie & Fitch Co. - Class A (a) | 54446 | &nbsp;&nbsp;&nbsp; 4657855 |
| Asbury Automotive Group, Inc. (a) | 7261 | &nbsp;&nbsp;&nbsp; 1774952 |
| Boot Barn Holdings, Inc. (a) | 3400 | &nbsp;&nbsp;&nbsp; 563448 |
| Build-A-Bear Workshop, Inc.  | 11200 | &nbsp;&nbsp;&nbsp; 730352 |
| Group 1 Automotive, Inc.  | 8561 | &nbsp;&nbsp;&nbsp; 3745523 |
|  |  | &nbsp;&nbsp;&nbsp; 11472130 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| IonQ, Inc. (a) | 117264 | &nbsp;&nbsp;&nbsp; 7211736 |
| Pure Storage, Inc. - Class A (a) | 14147 | &nbsp;&nbsp;&nbsp; 1185660 |
|  |  | &nbsp;&nbsp;&nbsp; 8397396 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Birkenstock Holding PLC (a) | 75796 | &nbsp;&nbsp;&nbsp; 3429769 |
| Crocs, Inc. (a) | 21275 | &nbsp;&nbsp;&nbsp; 1777526 |
| Deckers Outdoor Corp. (a) | 14181 | &nbsp;&nbsp;&nbsp; 1437528 |
|  |  | &nbsp;&nbsp;&nbsp; 6644823 |
| **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** |
| Applied Industrial Technologies, Inc.  | 35661 | &nbsp;&nbsp;&nbsp; 9309304 |
| FTAI Aviation Ltd.  | 17206 | &nbsp;&nbsp;&nbsp; 2870993 |
| SiteOne Landscape Supply, Inc. (a) | 40550 | &nbsp;&nbsp;&nbsp; 5222840 |
|  |  | &nbsp;&nbsp;&nbsp; 17403137 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| California Water Service Group | 9100 | &nbsp;&nbsp;&nbsp; 417599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $907,332,688) <br>|  | &nbsp;&nbsp;&nbsp; 1128702211 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (a) (c) (d) <br>(Cost $0)<br>| 89469 | &nbsp;&nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** |
| **Short-Term Investment Funds—0.6%** |  |  |
| T. Rowe Price Government Reserve Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.161% (e) (f) | 7072414 | &nbsp;&nbsp;&nbsp; 7072414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $7,072,414) <br>|  | &nbsp;&nbsp;&nbsp; 7072414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—2.4%** | **Securities Lending Reinvestments (g)—2.4%** | **Securities Lending Reinvestments (g)—2.4%** |
| **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, SOFR + 0.370%, 08/07/26 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2000504 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 08/11/26 (h) | 1300000 | &nbsp;&nbsp;&nbsp; $1301008 |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 04/13/26 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000967 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 11/21/25 (h) | 2000000 | &nbsp;&nbsp;&nbsp; 2000170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 12/15/25 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000131 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 10/15/25 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000055 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.260%, 02/06/26 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000174 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 03/20/26 (h) | 1000000 | &nbsp;&nbsp;&nbsp; 1000277 |
|  |  | &nbsp;&nbsp;&nbsp; 10303286 |
| **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** | **Repurchase Agreements—1.5%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $1,000,117; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,336<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $4,095,671; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,400,001<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $400,046; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $408,000<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $1,079,209; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $1,100,665<br>| 1079084 | &nbsp;&nbsp;&nbsp; 1079083 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $4,003,344; collateralized <br> by U.S. Treasury Obligations with rates ranging from 3.750% - <br> 4.125%, maturity dates ranging from 10/31/26 - 11/30/29, <br> and various Common Stock with an aggregate market value of <br> $4,448,751<br>| 4000000 | &nbsp;&nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $400,045; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $408,000<br>| 400000 | &nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.260%, due on <br> 10/01/25 with a maturity value of $2,100,248; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,336,128<br>| 2100000 | &nbsp;&nbsp;&nbsp; 2100000 |

---

**BHFTII-250**

------

**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 September 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)** |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $4,200,489; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,620,538<br>| 4200000 | &nbsp;&nbsp;&nbsp; $4200000 |
|  |  | &nbsp;&nbsp;&nbsp; 17179083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $27,479,083) <br>|  | &nbsp;&nbsp;&nbsp; 27482369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—102.7% <br>(Cost $941,884,185) <br>|  | &nbsp;&nbsp;&nbsp; 1163256994 |
| Other assets and liabilities (net)—(2.7)%  |  | &nbsp;&nbsp;&nbsp; (31053232)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1132203762 |

---

&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 September 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $61,979,763 and the collateral received consisted of cash in the amount of <br> $27,479,083 and non-cash collateral with a value of $36,789,220. 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.<br>|
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of September 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) | 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 September 30, 2025. |
| (g) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (h) | Variable or floating rate security. The stated rate represents the rate at September 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For securities <br> based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>|

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the period ended September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**September 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $3940251 | &nbsp;&nbsp; $133839137 | &nbsp;&nbsp; $(130706974)<br>| &nbsp;&nbsp; $7072414 |

---

&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>**September 30, 2025**<br>|
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp; $223091 | &nbsp;&nbsp; 7072414 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1128702211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1128702211 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 7072414 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7072414 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 27482369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27482369 |
| Total Investments | &nbsp;&nbsp; $1135774625 | &nbsp;&nbsp; $27482369 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1163256994 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27479083)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27479083)<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 period ended September 30, 2025 is not presented.

**BHFTII-251**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Common Stocks—99.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Chemicals — 7.5%** | **Chemicals — 7.5%** | **Chemicals — 7.5%** |
| Corteva, Inc.  | 138233 | &nbsp;&nbsp;&nbsp; $9348698 |
| FMC Corp. (a) | 411600 | &nbsp;&nbsp;&nbsp; 13842108 |
| Mosaic Co.  | 402800 | &nbsp;&nbsp;&nbsp; 13969104 |
| Nutrien Ltd.  | 358423 | &nbsp;&nbsp;&nbsp; 21043014 |
|  |  | &nbsp;&nbsp;&nbsp; 58202924 |
| **Construction & Engineering — 0.7%** | **Construction & Engineering — 0.7%** | **Construction & Engineering — 0.7%** |
| MasTec, Inc. (b) | 24700 | &nbsp;&nbsp;&nbsp; 5256407 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Titan America SA (a) (b) | 413100 | &nbsp;&nbsp;&nbsp; 6171714 |
| **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** |
| Ball Corp.  | 126700 | &nbsp;&nbsp;&nbsp; 6388214 |
| Graphic Packaging Holding Co. (a) | 245400 | &nbsp;&nbsp;&nbsp; 4802478 |
|  |  | &nbsp;&nbsp;&nbsp; 11190692 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| Nexans SA | 66770 | &nbsp;&nbsp;&nbsp; 9966780 |
| Soltec Power Holdings SA (a) (b) (c) (d) | 113989 | &nbsp;&nbsp;&nbsp; 21413 |
|  |  | &nbsp;&nbsp;&nbsp; 9988193 |
| **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| Baker Hughes Co.  | 77000 | &nbsp;&nbsp;&nbsp; 3751440 |
| Flowco Holdings, Inc. - Class A (a) | 40980 | &nbsp;&nbsp;&nbsp; 608553 |
| Solaris Energy Infrastructure, Inc. (a) | 303133 | &nbsp;&nbsp;&nbsp; 12116226 |
|  |  | &nbsp;&nbsp;&nbsp; 16476219 |
| **Food Products — 6.6%** | **Food Products — 6.6%** | **Food Products — 6.6%** |
| Archer-Daniels-Midland Co. (a) | 114600 | &nbsp;&nbsp;&nbsp; 6846204 |
| Hormel Foods Corp. (a) | 212400 | &nbsp;&nbsp;&nbsp; 5254776 |
| JBS NV - Class A (b) | 1557350 | &nbsp;&nbsp;&nbsp; 23251236 |
| Tyson Foods, Inc. - Class A | 294000 | &nbsp;&nbsp;&nbsp; 15964200 |
|  |  | &nbsp;&nbsp;&nbsp; 51316416 |
| **Independent Power and Renewable Electricity Producers — 2.3%** | **Independent Power and Renewable Electricity Producers — 2.3%** | **Independent Power and Renewable Electricity Producers — 2.3%** |
| Ormat Technologies, Inc. (a) | 184700 | &nbsp;&nbsp;&nbsp; 17777375 |
| **Marine Transportation — 1.1%** | **Marine Transportation — 1.1%** | **Marine Transportation — 1.1%** |
| Kirby Corp. (a) (b) | 102731 | &nbsp;&nbsp;&nbsp; 8572902 |
| **Metals & Mining — 39.8%** | **Metals & Mining — 39.8%** | **Metals & Mining — 39.8%** |
| Agnico Eagle Mines Ltd.  | 150133 | &nbsp;&nbsp;&nbsp; 25306418 |
| Alamos Gold, Inc. - Class A | 439300 | &nbsp;&nbsp;&nbsp; 15313998 |
| Alcoa Corp.  | 281500 | &nbsp;&nbsp;&nbsp; 9258535 |
| Anglo American PLC | 510882 | &nbsp;&nbsp;&nbsp; 19234666 |
| Antofagasta PLC | 83800 | &nbsp;&nbsp;&nbsp; 3121584 |
| ArcelorMittal SA (NY Registry Shares) (a) | 320900 | &nbsp;&nbsp;&nbsp; 11600535 |
| Barrick Mining Corp.  | 691735 | &nbsp;&nbsp;&nbsp; 22668156 |
| Capstone Copper Corp. (a) (b) | 1184600 | &nbsp;&nbsp;&nbsp; 10061056 |
| Commercial Metals Co.  | 68700 | &nbsp;&nbsp;&nbsp; 3935136 |
| First Quantum Minerals Ltd. (b) | 485900 | &nbsp;&nbsp;&nbsp; 10990969 |
| Franco-Nevada Corp. (a) | 84600 | &nbsp;&nbsp;&nbsp; 18858186 |
| Freeport-McMoRan, Inc.  | 550103 | &nbsp;&nbsp;&nbsp; 21575040 |
| Glencore PLC (b) | 4177900 | &nbsp;&nbsp;&nbsp; 19307118 |
| Gold Fields Ltd. (ADR) | 405500 | &nbsp;&nbsp;&nbsp; 17014780 |
| Ivanhoe Electric, Inc. (a) (b) | 412000 | &nbsp;&nbsp;&nbsp; 5170600 |
| Kinross Gold Corp.  | 1049600 | &nbsp;&nbsp;&nbsp; 26082560 |
| Newmont Corp.  | 278717 | &nbsp;&nbsp;&nbsp; 23498630 |
| NGEx Minerals Ltd. (b) | 32754 | &nbsp;&nbsp;&nbsp; 610740 |
| Northam Platinum Holdings Ltd.  | 445448 | &nbsp;&nbsp;&nbsp; 7251511 |
| Pan American Silver Corp. (a) | 334000 | &nbsp;&nbsp;&nbsp; 12935820 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Rio Tinto PLC (ADR) (a) | 60300 | &nbsp;&nbsp;&nbsp; $3980403 |
| Steel Dynamics, Inc.  | 25000 | &nbsp;&nbsp;&nbsp; 3485750 |
| Teck Resources Ltd. - Class B | 189700 | &nbsp;&nbsp;&nbsp; 8325933 |
| Valterra Platinum Ltd.  | 128022 | &nbsp;&nbsp;&nbsp; 9153144 |
|  |  | &nbsp;&nbsp;&nbsp; 308741268 |
| **Oil, Gas & Consumable Fuels — 30.8%** | **Oil, Gas & Consumable Fuels — 30.8%** | **Oil, Gas & Consumable Fuels — 30.8%** |
| Antero Resources Corp. (b) | 89500 | &nbsp;&nbsp;&nbsp; 3003620 |
| ARC Resources Ltd.  | 169900 | &nbsp;&nbsp;&nbsp; 3098413 |
| Cameco Corp.  | 92600 | &nbsp;&nbsp;&nbsp; 7765436 |
| Cenovus Energy, Inc.  | 196100 | &nbsp;&nbsp;&nbsp; 3331739 |
| Chevron Corp.  | 105800 | &nbsp;&nbsp;&nbsp; 16429682 |
| ConocoPhillips | 53522 | &nbsp;&nbsp;&nbsp; 5062646 |
| Diamondback Energy, Inc. (a) | 24378 | &nbsp;&nbsp;&nbsp; 3488492 |
| Energy Fuels, Inc. (a) (b) | 146400 | &nbsp;&nbsp;&nbsp; 2247240 |
| EQT Corp.  | 286800 | &nbsp;&nbsp;&nbsp; 15610524 |
| Expand Energy Corp.  | 139200 | &nbsp;&nbsp;&nbsp; 14788608 |
| Exxon Mobil Corp.  | 279258 | &nbsp;&nbsp;&nbsp; 31486339 |
| Marathon Petroleum Corp.  | 42900 | &nbsp;&nbsp;&nbsp; 8268546 |
| Permian Resources Corp.  | 262070 | &nbsp;&nbsp;&nbsp; 3354496 |
| PetroChina Co. Ltd. - Class H | 9426000 | &nbsp;&nbsp;&nbsp; 8576584 |
| Phillips 66 Co.  | 117600 | &nbsp;&nbsp;&nbsp; 15995952 |
| Shell PLC (ADR) (a) | 478000 | &nbsp;&nbsp;&nbsp; 34191340 |
| Suncor Energy, Inc.  | 285300 | &nbsp;&nbsp;&nbsp; 11939263 |
| TotalEnergies SE | 336100 | &nbsp;&nbsp;&nbsp; 20509148 |
| Uranium Energy Corp. (b) | 146400 | &nbsp;&nbsp;&nbsp; 1952976 |
| Valero Energy Corp.  | 106200 | &nbsp;&nbsp;&nbsp; 18081612 |
| Yellow Cake PLC (a) (b) | 1334900 | &nbsp;&nbsp;&nbsp; 10248982 |
|  |  | &nbsp;&nbsp;&nbsp; 239431638 |
| **Paper & Forest Products — 2.8%** | **Paper & Forest Products — 2.8%** | **Paper & Forest Products — 2.8%** |
| Suzano SA | 1437700 | &nbsp;&nbsp;&nbsp; 13479493 |
| West Fraser Timber Co. Ltd. (a) | 118700 | &nbsp;&nbsp;&nbsp; 8069416 |
|  |  | &nbsp;&nbsp;&nbsp; 21548909 |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
| Weyerhaeuser Co. (a) | 451000 | &nbsp;&nbsp;&nbsp; 11180290 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| WaterBridge Infrastructure LLC - Class A (b) | 110700 | &nbsp;&nbsp;&nbsp; 2791854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $632,947,198) <br>|  | &nbsp;&nbsp;&nbsp; 768646801 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** |
| **Short-Term Investment Funds—0.7%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.990% (e) | 5071555 | &nbsp;&nbsp;&nbsp; 5071555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $5,071,555) <br>|  | &nbsp;&nbsp;&nbsp; 5071555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—9.3%** | **Securities Lending Reinvestments (f)—9.3%** | **Securities Lending Reinvestments (f)—9.3%** |
| **Short-Term Investment Funds—1.2%** | **Short-Term Investment Funds—1.2%** | **Short-Term Investment Funds—1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |

---

**BHFTII-252**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (e)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (e)<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.090% (e)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 9000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** | **Certificates of Deposit—0.9%** |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, SOFR + 0.370%, 08/07/26 (g) | 2000000 | &nbsp;&nbsp;&nbsp; 2000504 |
| Canadian Imperial Bank of Commerce (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 08/11/26 (g) | 1000000 | &nbsp;&nbsp;&nbsp; 1000775 |
| Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 11/13/25 (g) | 2000000 | &nbsp;&nbsp;&nbsp; 2000266 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 12/15/25 (g) | 1000000 | &nbsp;&nbsp;&nbsp; 1000131 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 03/20/26 (g) | 1000000 | &nbsp;&nbsp;&nbsp; 1000277 |
|  |  | &nbsp;&nbsp;&nbsp; 7001953 |
| **Repurchase Agreements—6.3%** | **Repurchase Agreements—6.3%** | **Repurchase Agreements—6.3%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $2,000,233; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,672<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due on <br> 10/01/25 with a maturity value of $5,200,610; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,784,146<br>| 5200000 | &nbsp;&nbsp;&nbsp; 5200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $6,000,712; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,674,015<br>| 6000000 | &nbsp;&nbsp;&nbsp; 6000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due on <br> 10/01/25 with a maturity value of $2,000,232; collateralized <br> by U.S. Treasury Obligations with rates ranging from 1.375% - <br> 4.625%, maturity dates ranging from 06/15/27 - 10/31/28, <br> and an aggregate market value of $2,040,001<br>| 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due on <br> 04/06/26 with a maturity value of $5,119,589; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,500,001<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $900,104; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $918,000<br>| 900000 | &nbsp;&nbsp;&nbsp; 900000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $7,287,393; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate market <br> value of $7,432,276<br>| 7286545 | &nbsp;&nbsp;&nbsp; 7286545 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due on <br> 10/01/25 with a maturity value of $7,000,833; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,805,660<br>| 7000000 | &nbsp;&nbsp;&nbsp; $7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due on <br> 10/07/25 with a maturity value of $7,005,853; collateralized <br> by U.S. Treasury Obligations with rates ranging from 3.750% - <br> 4.125%, maturity dates ranging from 10/31/26 - 11/30/29, <br> and various Common Stock with an aggregate market value of <br> $7,785,315<br>| 7000000 | &nbsp;&nbsp;&nbsp; 7000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $900,102; collateralized by <br> U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $918,000<br>| 900000 | &nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.260%, due on <br> 10/01/25 with a maturity value of $6,025,713; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,702,463<br>| 6025000 | &nbsp;&nbsp;&nbsp; 6025000 |
|  |  | &nbsp;&nbsp;&nbsp; 49311545 |
| **Time Deposits—0.9%** | **Time Deposits—0.9%** | **Time Deposits—0.9%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Canadian Imperial Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 1200000 | &nbsp;&nbsp;&nbsp; 1200000 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.040%, 10/01/25 | 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| DZ Bank AG (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/01/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| Svenska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; 7200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $72,511,567) <br>|  | &nbsp;&nbsp;&nbsp; 72513498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—109.0% <br>(Cost $710,530,320) <br>|  | &nbsp;&nbsp;&nbsp; 846231854 |
| Other assets and liabilities (net)—(9.0)%  |  | &nbsp;&nbsp;&nbsp; (70096590)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $776135264 |

---

&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 September 30, 2025, the market value of securities loaned was $107,492,615 and the collateral received consisted of cash in the amount of $72,511,576 and non-cash collateral with a value of $37,600,513. 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. 

(b) Non-income producing security.

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of September 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 September 30, 2025.

(f) Represents investment of cash collateral received from securities on loan as of September 30, 2025. 

(g) Variable or floating rate security. The stated rate represents the rate at September 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities 

**BHFTII-253**

------

**Brighthouse Funds Trust II**

**VanEck Global Natural Resources Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

based on a published reference index and spread, the index and spread are indicated in the <br> description above. For certain variable rate securities, the coupon rate is determined by the <br> issuer/agent based on current market conditions. For certain asset- and mortgage-backed <br> securities, the coupon rate may fluctuate based on changes of the underlying collateral or <br> prepayments of principal. These securities do not indicate a reference index and spread in their <br> description above.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**September 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| United States | 51.9 |
| Canada | 25.2 |
| South Africa | 6.8 |
| France | 3.9 |
| Australia | 3.0 |
| Brazil | 1.7 |
| Luxembourg | 1.5 |
| Zambia | 1.4 |
| United Kingdom | 1.3 |
| China | 1.1 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; $58202924 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $58202924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp; 5256407 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5256407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp; 6171714 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6171714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp; 11190692 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11190692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9966780 | &nbsp;&nbsp;&nbsp; 21413 | &nbsp;&nbsp;&nbsp; 9988193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp; 16476219 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16476219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp; 51316416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51316416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp; 17777375 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17777375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | &nbsp;&nbsp;&nbsp; 8572902 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8572902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp; 250673245 | &nbsp;&nbsp;&nbsp; 58068023 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 308741268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp; 200096924 | &nbsp;&nbsp;&nbsp; 39334714 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 239431638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp;&nbsp; 21548909 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21548909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp; 11180290 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11180290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | &nbsp;&nbsp;&nbsp; 2791854 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2791854 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 661255871 | &nbsp;&nbsp;&nbsp; 107369517 | &nbsp;&nbsp;&nbsp; 21413 | &nbsp;&nbsp;&nbsp; 768646801 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; 5071555 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5071555 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7001953 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7001953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49311545 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49311545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7200000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 63513498 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72513498 |
| Total Investments | &nbsp;&nbsp;&nbsp; $675327426 | &nbsp;&nbsp;&nbsp; $170883015 | &nbsp;&nbsp;&nbsp; $21413 | &nbsp;&nbsp;&nbsp; $846231854 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(72511576)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(72511576)<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 period ended September 30, 2025 is not presented.

**BHFTII-254**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—49.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Advertising — 0.4%** | **Advertising — 0.4%** | **Advertising — 0.4%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 02/15/31 (144A) (a) | 2030000 | &nbsp;&nbsp;&nbsp; $2098314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/29 (144A) (a) | 5896000 | &nbsp;&nbsp;&nbsp; 5726274 |
|  |  | &nbsp;&nbsp;&nbsp; 7824588 |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/29 (144A) (a) | 1120000 | &nbsp;&nbsp;&nbsp; 1152956 |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/33 (144A) (a) | 1050000 | &nbsp;&nbsp;&nbsp; 1095736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/01/32 (144A) | 3540000 | &nbsp;&nbsp;&nbsp; 3699948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 07/01/31 (144A) (a) | 2636000 | &nbsp;&nbsp;&nbsp; 2794245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/27 (144A) (a) | 393000 | &nbsp;&nbsp;&nbsp; 394718 |
|  |  | &nbsp;&nbsp;&nbsp; 9137603 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/14/49 (a) | 1630000 | &nbsp;&nbsp;&nbsp; 1665823 |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/26 (144A) (a) | 3133000 | &nbsp;&nbsp;&nbsp; 3104566 |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/28 (144A) (a) | 1590000 | &nbsp;&nbsp;&nbsp; 1628883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/15/29 (144A) (a) | 2590000 | &nbsp;&nbsp;&nbsp; 2701766 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/20/29 (144A) (a) | 2970000 | &nbsp;&nbsp;&nbsp; 2981361 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 09/20/31 (144A) | 1600000 | &nbsp;&nbsp;&nbsp; 1622835 |
| Latam Airlines Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/30 (144A) (a) | 2330000 | &nbsp;&nbsp;&nbsp; 2424249 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 4.000% PIK, 03/12/30 (144A) † (b) (c) | 5897542 | &nbsp;&nbsp;&nbsp; 2495368 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/26 (144A) | 1490000 | &nbsp;&nbsp;&nbsp; 1487712 |
|  |  | &nbsp;&nbsp;&nbsp; 18446740 |
| **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |
| JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 12/15/31 (144A) (a) | 3420000 | &nbsp;&nbsp;&nbsp; 3581947 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 09/17/30 (144A) (a) | 2660000 | &nbsp;&nbsp;&nbsp; 2505946 |
| PM General Purchaser LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 10/01/28 (144A) (a) | 10020000 | &nbsp;&nbsp;&nbsp; 8642250 |
|  |  | &nbsp;&nbsp;&nbsp; 14730143 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/15/32 (144A) | 660000 | &nbsp;&nbsp;&nbsp; 658886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/15/33 (144A) | 3170000 | &nbsp;&nbsp;&nbsp; 3194712 |
| Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/15/32 (144A) | 2280000 | &nbsp;&nbsp;&nbsp; 2297389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 08/15/33 (144A) | 1920000 | &nbsp;&nbsp;&nbsp; 1960677 |
| ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/23/30 (144A) (a) | 4440000 | &nbsp;&nbsp;&nbsp; 4332904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/23/32 (144A) (a) | 1810000 | &nbsp;&nbsp;&nbsp; 1732906 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** |
| ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/14/30 (144A) (a) | 3850000 | &nbsp;&nbsp;&nbsp; $3812241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/24/31 (144A) | 2220000 | &nbsp;&nbsp;&nbsp; 2204885 |
|  |  | &nbsp;&nbsp;&nbsp; 20194600 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (d) | 2150000 | &nbsp;&nbsp;&nbsp; 2205773 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5Y H15 + 4.017%, 01/27/84 (a) (d) | 3340000 | &nbsp;&nbsp;&nbsp; 3584435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 5Y H15 + 4.389%, 10/27/82 (d) | 900000 | &nbsp;&nbsp;&nbsp; 956351 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero BBVA Mexico<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5Y H15 + 2.650%, 01/18/33 (144A) (d) | 5480000 | &nbsp;&nbsp;&nbsp; 5381360 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 5Y H15 + 4.899%, 08/16/29 (144A) (d) | 530000 | &nbsp;&nbsp;&nbsp; 561213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5Y H15 + 3.727%, 08/22/31 (144A) (a) (d) | 1920000 | &nbsp;&nbsp;&nbsp; 2067840 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5Y H15 + 3.597%, 12/10/25 (d) | 2400000 | &nbsp;&nbsp;&nbsp; 2390657 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (d) | 390000 | &nbsp;&nbsp;&nbsp; 391514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5Y USD ICE Swap + 3.606%, 03/23/28 (d) | 670000 | &nbsp;&nbsp;&nbsp; 684388 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 11/28/53 (144A) (a) | 8720000 | &nbsp;&nbsp;&nbsp; 10773798 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 5Y H15 + 3.913%, 09/27/29 (d) | 2600000 | &nbsp;&nbsp;&nbsp; 2809199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5Y UKG + 5.143%, 03/27/28 (GBP) (d) | 4580000 | &nbsp;&nbsp;&nbsp; 6521826 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5Y UKG + 3.992%, 03/31/28 (GBP) (d) | 6600000 | &nbsp;&nbsp;&nbsp; 8512211 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.068%, SOFR + 1.933%, 01/24/34 (d) | 1810000 | &nbsp;&nbsp;&nbsp; 1846855 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 5Y H15 + 4.075%, 10/31/82 (d) | 2812000 | &nbsp;&nbsp;&nbsp; 2972089 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%, SOFR + 2.361%, 06/08/34 (d) | 1730000 | &nbsp;&nbsp;&nbsp; 1832980 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 5Y USD SOFR ICE Swap + 3.077%, 02/10/30 <br> (144A) (a) (d)<br>| 2890000 | &nbsp;&nbsp;&nbsp; 2961528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 5Y USD SOFR ICE Swap + 3.179%, 08/10/34 <br> (144A) (a) (d)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3086868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 5Y USD SOFR ICE Swap + 4.160%, 04/12/31 <br> (144A) (a) (d)<br>| 2500000 | &nbsp;&nbsp;&nbsp; 2698025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (d) | 4090000 | &nbsp;&nbsp;&nbsp; 4505192 |
|  |  | &nbsp;&nbsp;&nbsp; 66744102 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/29 (144A) (a) | 1730000 | &nbsp;&nbsp;&nbsp; 1728571 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/01/32 (144A) (a) | 2184000 | &nbsp;&nbsp;&nbsp; 2053915 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/32 (144A) | 4720000 | &nbsp;&nbsp;&nbsp; 4889184 |
|  |  | &nbsp;&nbsp;&nbsp; 6943099 |

---

**BHFTII-255**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/28 (144A) (a) | 1690000 | &nbsp;&nbsp;&nbsp; $1656209 |
| OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/02/34 (144A) (a) | 5100000 | &nbsp;&nbsp;&nbsp; 5544102 |
|  |  | &nbsp;&nbsp;&nbsp; 7200311 |
| **Commercial Services — 2.3%** | **Commercial Services — 2.3%** | **Commercial Services — 2.3%** |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/15/33 (144A) (a) | 3850000 | &nbsp;&nbsp;&nbsp; 3942554 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 01/15/31 (144A) | 1020000 | &nbsp;&nbsp;&nbsp; 1082112 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/29 (144A) (a) | 6300000 | &nbsp;&nbsp;&nbsp; 5968579 |
| CoreCivic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/27 | 8126000 | &nbsp;&nbsp;&nbsp; 8008262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 04/15/29 (a) | 1150000 | &nbsp;&nbsp;&nbsp; 1214926 |
| EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 03/15/33 (144A) (a) | 610000 | &nbsp;&nbsp;&nbsp; 651933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 05/15/32 (144A) (a) | 3330000 | &nbsp;&nbsp;&nbsp; 3595214 |
| GEO Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 04/15/31 | 3500000 | &nbsp;&nbsp;&nbsp; 3851113 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/15/30 (144A) | 2030000 | &nbsp;&nbsp;&nbsp; 2108614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/33 (144A) | 680000 | &nbsp;&nbsp;&nbsp; 709853 |
| Metropolitan Museum of Art |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 07/01/45 | 2025000 | &nbsp;&nbsp;&nbsp; 1561062 |
| RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 08/01/29 (144A) (a) | 4030000 | &nbsp;&nbsp;&nbsp; 4130206 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/15/33 (144A) (EUR) | 810000 | &nbsp;&nbsp;&nbsp; 990212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 08/15/32 (144A) (a) | 2030000 | &nbsp;&nbsp;&nbsp; 2098799 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/29 (144A) (a) | 3260000 | &nbsp;&nbsp;&nbsp; 3356851 |
| Vortex Opco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 04/30/30 (144A) | 2837802 | &nbsp;&nbsp;&nbsp; 276686 |
|  |  | &nbsp;&nbsp;&nbsp; 43546976 |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericast Corp./Harland Clarke/Checks in the Mail/Valassis <br> Comm/Valassis Direct<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.000%, 10.000% PIK, 12/15/30 (144A) (c) | 263781 | &nbsp;&nbsp;&nbsp; 322472 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| American News Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 10.000% PIK, 09/01/26 (144A) † (c) | 4 | &nbsp;&nbsp;&nbsp; 4 |
| **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 5Y H15 + 2.720%, 03/10/55 (a) (d) | 3060000 | &nbsp;&nbsp;&nbsp; 3202893 |
| B3 SA - Brasil Bolsa Balcao |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/20/31 (144A) | 3800000 | &nbsp;&nbsp;&nbsp; 3567478 |
| Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 07/01/31 (144A) (a) | 2830000 | &nbsp;&nbsp;&nbsp; 3007062 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/01/32 (144A) (a) | 1890000 | &nbsp;&nbsp;&nbsp; 1915627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/01/33 (144A) (a) | 1580000 | &nbsp;&nbsp;&nbsp; 1641042 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/30/31 (144A) (a) | 2369000 | &nbsp;&nbsp;&nbsp; $2484826 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/29 (144A) (a) | 2610000 | &nbsp;&nbsp;&nbsp; 2552412 |
| Mcclatchy Media Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12.500% PIK, 12/01/31 (144A) † (c) | 30922093 | &nbsp;&nbsp;&nbsp; 34555439 |
| Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/28 (144A) (a) | 2165000 | &nbsp;&nbsp;&nbsp; 2150172 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/01/30 (144A) | 2480000 | &nbsp;&nbsp;&nbsp; 2545274 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/01/29 (144A) (a) | 4370000 | &nbsp;&nbsp;&nbsp; 4167785 |
| Stonex Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/15/32 (144A) (a) | 1600000 | &nbsp;&nbsp;&nbsp; 1646906 |
| VFH Parent LLC/Valor Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/15/31 (144A) (a) | 850000 | &nbsp;&nbsp;&nbsp; 879141 |
|  |  | &nbsp;&nbsp;&nbsp; 64316057 |
| **Electric — 2.4%** | **Electric — 2.4%** | **Electric — 2.4%** |
| AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/14/32 (144A) | 1000000 | &nbsp;&nbsp;&nbsp; 1046924 |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/32 (144A) (a) | 4857000 | &nbsp;&nbsp;&nbsp; 5013835 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5Y H15 + 4.698%, 03/09/26 (d) | 3501000 | &nbsp;&nbsp;&nbsp; 3399016 |
| FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 03/01/30 (a) | 1000000 | &nbsp;&nbsp;&nbsp; 927795 |
| Lightning Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 08/15/32 (144A) (a) | 7985000 | &nbsp;&nbsp;&nbsp; 8453847 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/15/34 (144A) | 1730000 | &nbsp;&nbsp;&nbsp; 1728234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/36 (144A) | 8420000 | &nbsp;&nbsp;&nbsp; 8421209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/01/34 (144A) (a) | 2010000 | &nbsp;&nbsp;&nbsp; 2060433 |
| Pampa Energia SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/16/34 (144A) | 950000 | &nbsp;&nbsp;&nbsp; 936700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 09/10/31 (144A) | 2410000 | &nbsp;&nbsp;&nbsp; 2453380 |
| Panoche Energy Center LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.885%, 07/31/29 (144A) | 289294 | &nbsp;&nbsp;&nbsp; 257472 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 03/15/43 | 827000 | &nbsp;&nbsp;&nbsp; 647091 |
| TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/15/40 (a) | 3619000 | &nbsp;&nbsp;&nbsp; 3591977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 11/15/29 | 1320000 | &nbsp;&nbsp;&nbsp; 1372537 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/01/29 (144A) | 1930000 | &nbsp;&nbsp;&nbsp; 1889587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/32 (144A) (a) | 2940000 | &nbsp;&nbsp;&nbsp; 3074878 |
|  |  | &nbsp;&nbsp;&nbsp; 45274915 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Alta Wind Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/30/35 (144A) | 740139 | &nbsp;&nbsp;&nbsp; 706033 |
| **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** |
| Gatwick Airport Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/07/26 (GBP) | 5030000 | &nbsp;&nbsp;&nbsp; 6732328 |

---

**BHFTII-256**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 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)** |
| Railworks Holdings LP/Railworks Rally, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 11/15/28 (144A) | 3230000 | &nbsp;&nbsp;&nbsp; $3267581 |
| TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/29 (144A) | 2000000 | &nbsp;&nbsp;&nbsp; 1917418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/15/32 (144A) | 90000 | &nbsp;&nbsp;&nbsp; 84371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/31/34 (144A) | 4460000 | &nbsp;&nbsp;&nbsp; 4443787 |
| Tutor Perini Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.875%, 04/30/29 (144A) | 8802000 | &nbsp;&nbsp;&nbsp; 9857990 |
|  |  | &nbsp;&nbsp;&nbsp; 26303475 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Allen Media LLC/Allen Media Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 02/15/28 (144A) | 3590000 | &nbsp;&nbsp;&nbsp; 1597550 |
| AMC Entertainment Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/15/29 (144A) (a) | 2390000 | &nbsp;&nbsp;&nbsp; 2067015 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/15/32 (144A) (a) | 200000 | &nbsp;&nbsp;&nbsp; 203998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/15/30 (144A) (a) | 2090000 | &nbsp;&nbsp;&nbsp; 2149789 |
| Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/31 (144A) (a) | 4650000 | &nbsp;&nbsp;&nbsp; 4719843 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/01/33 (144A) | 2420000 | &nbsp;&nbsp;&nbsp; 2424114 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/30 (144A) | 3500000 | &nbsp;&nbsp;&nbsp; 3531208 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 03/15/32 (a) | 3136000 | &nbsp;&nbsp;&nbsp; 2873360 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 02/15/31 (144A) (a) | 2970000 | &nbsp;&nbsp;&nbsp; 3196747 |
|  |  | &nbsp;&nbsp;&nbsp; 22763624 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/29 (144A) (a) | 2098000 | &nbsp;&nbsp;&nbsp; 2080565 |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/28 (144A) (a) | 2120000 | &nbsp;&nbsp;&nbsp; 2069715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/31 (144A) (a) | 2010000 | &nbsp;&nbsp;&nbsp; 2103305 |
| Wrangler Holdco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/32 (144A) (a) | 3180000 | &nbsp;&nbsp;&nbsp; 3315783 |
|  |  | &nbsp;&nbsp;&nbsp; 9569368 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Co-Operative Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/08/26 (GBP) (e) | 2410000 | &nbsp;&nbsp;&nbsp; 3272900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, <br> Inc./Simmons Pet Food, Inc./Simmons Feed<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/29 (144A) (a) | 1360000 | &nbsp;&nbsp;&nbsp; 1303789 |
|  |  | &nbsp;&nbsp;&nbsp; 4576689 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/28 (144A) | 4120000 | &nbsp;&nbsp;&nbsp; 4155292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 05/15/29 (144A) | 2120000 | &nbsp;&nbsp;&nbsp; 2171064 |
|  |  | &nbsp;&nbsp;&nbsp; 6326356 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 01/15/32 (a) | 2190000 | &nbsp;&nbsp;&nbsp; $1965166 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/36 (144A) | 10500000 | &nbsp;&nbsp;&nbsp; 11152859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 05/01/35 (144A) (a) | 695000 | &nbsp;&nbsp;&nbsp; 784452 |
|  |  | &nbsp;&nbsp;&nbsp; 11937311 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/29 (144A) (a) | 3070000 | &nbsp;&nbsp;&nbsp; 3043454 |
| Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/29 (144A) (a) | 2300000 | &nbsp;&nbsp;&nbsp; 2358431 |
|  |  | &nbsp;&nbsp;&nbsp; 5401885 |
| **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** |
| Akumin, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 10.000% PIK, 08/01/27 (144A) (c) | 4802000 | &nbsp;&nbsp;&nbsp; 4485521 |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/30 (144A) (a) | 3910000 | &nbsp;&nbsp;&nbsp; 3537159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/30 (144A) (a) | 880000 | &nbsp;&nbsp;&nbsp; 638294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/29 (144A) (a) | 5290000 | &nbsp;&nbsp;&nbsp; 4205550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 01/15/34 (144A) (a) | 4350000 | &nbsp;&nbsp;&nbsp; 4456575 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/15/30 (144A) (a) | 4800000 | &nbsp;&nbsp;&nbsp; 5198102 |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/01/31 (144A) (a) | 5020000 | &nbsp;&nbsp;&nbsp; 5271090 |
| U.S. Renal Care, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.625%, 06/28/28 (144A) | 1375850 | &nbsp;&nbsp;&nbsp; 1196990 |
|  |  | &nbsp;&nbsp;&nbsp; 28989281 |
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| Stena International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 01/15/31 (144A) (a) | 1866000 | &nbsp;&nbsp;&nbsp; 1902422 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| Dream Finders Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/15/30 (144A) (a) | 2870000 | &nbsp;&nbsp;&nbsp; 2887076 |
| Empire Communities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 05/01/29 (144A) (a) | 1950000 | &nbsp;&nbsp;&nbsp; 2044614 |
|  |  | &nbsp;&nbsp;&nbsp; 4931690 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 11/01/29 (144A) | 740000 | &nbsp;&nbsp;&nbsp; 772279 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 04/01/77 (144A) | 5795000 | &nbsp;&nbsp;&nbsp; 4912916 |
|  |  | &nbsp;&nbsp;&nbsp; 5685195 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/28 (144A) (a) | 2020000 | &nbsp;&nbsp;&nbsp; 1963190 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/33 (144A) | 2880000 | &nbsp;&nbsp;&nbsp; 2940132 |

---

**BHFTII-257**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, 02/21/30 (144A) | 1140000 | &nbsp;&nbsp;&nbsp; $1088620 |
|  |  | &nbsp;&nbsp;&nbsp; 5991942 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Vertiv Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/28 (144A) (a) | 3380000 | &nbsp;&nbsp;&nbsp; 3300500 |
| **Leisure Time — 1.9%** | **Leisure Time — 1.9%** | **Leisure Time — 1.9%** |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/29 (144A) | 2900000 | &nbsp;&nbsp;&nbsp; 2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/15/33 (144A) (a) | 4900000 | &nbsp;&nbsp;&nbsp; 5022676 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/15/31 (144A) | 760000 | &nbsp;&nbsp;&nbsp; 759972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 09/15/33 (144A) (a) | 520000 | &nbsp;&nbsp;&nbsp; 522691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/01/32 (144A) (a) | 4110000 | &nbsp;&nbsp;&nbsp; 4226854 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/30/31 (144A) (a) | 1020000 | &nbsp;&nbsp;&nbsp; 1040073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/33 (144A) | 2980000 | &nbsp;&nbsp;&nbsp; 3055935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/32 (144A) | 4990000 | &nbsp;&nbsp;&nbsp; 5151770 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/33 (144A) | 3430000 | &nbsp;&nbsp;&nbsp; 3432407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/15/29 (144A) | 110000 | &nbsp;&nbsp;&nbsp; 110556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 07/15/31 (144A) (a) | 5680000 | &nbsp;&nbsp;&nbsp; 6096458 |
| VOC Escrow Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/28 (144A) (a) | 2490000 | &nbsp;&nbsp;&nbsp; 2483226 |
|  |  | &nbsp;&nbsp;&nbsp; 34802618 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| Full House Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 02/15/28 (144A) (a) | 7715000 | &nbsp;&nbsp;&nbsp; 7159935 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/32 (144A) (a) | 220000 | &nbsp;&nbsp;&nbsp; 201323 |
| Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/04/29 (144A) (a) | 600000 | &nbsp;&nbsp;&nbsp; 588413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/24/33 (144A) | 2310000 | &nbsp;&nbsp;&nbsp; 2311825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/17/32 (144A) (a) | 2540000 | &nbsp;&nbsp;&nbsp; 2660882 |
| Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 03/08/27 | 200000 | &nbsp;&nbsp;&nbsp; 194228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 03/08/29 (a) | 1240000 | &nbsp;&nbsp;&nbsp; 1166614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/08/31 (a) | 470000 | &nbsp;&nbsp;&nbsp; 431881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 08/08/28 (a) | 1020000 | &nbsp;&nbsp;&nbsp; 1043563 |
|  |  | &nbsp;&nbsp;&nbsp; 15758664 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| Esab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/29 (144A) | 940000 | &nbsp;&nbsp;&nbsp; 965665 |
| TK Elevator U.S. Newco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/15/27 (144A) (a) | 5885000 | &nbsp;&nbsp;&nbsp; 5864192 |
|  |  | &nbsp;&nbsp;&nbsp; 6829857 |
| **Media — 2.4%** | **Media — 2.4%** | **Media — 2.4%** |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 01/15/29 (144A) (a) | 1080000 | &nbsp;&nbsp;&nbsp; 1138050 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/01/31 (144A) (a) | 4630000 | &nbsp;&nbsp;&nbsp; 4265301 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/38 | 1130000 | &nbsp;&nbsp;&nbsp; $1065770 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/29 (144A) (a) | 5950000 | &nbsp;&nbsp;&nbsp; 4397499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 01/31/29 (144A) | 10880000 | &nbsp;&nbsp;&nbsp; 9149472 |
| Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 02/01/30 (144A) | 2570000 | &nbsp;&nbsp;&nbsp; 2538444 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 02/15/31 (144A) (a) | 1970000 | &nbsp;&nbsp;&nbsp; 1967108 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/26 (144A) | 140000 | &nbsp;&nbsp;&nbsp; 137563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/01/28 (144A) | 2570000 | &nbsp;&nbsp;&nbsp; 2463705 |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 11/15/27 (144A) (a) | 4260000 | &nbsp;&nbsp;&nbsp; 4508175 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 08/15/33 (144A) (a) | 2070000 | &nbsp;&nbsp;&nbsp; 2051272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 07/15/32 (144A) (a) | 2110000 | &nbsp;&nbsp;&nbsp; 2155656 |
| Grupo Televisa SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/13/45 (a) | 2690000 | &nbsp;&nbsp;&nbsp; 1871679 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 05/01/29 (144A) (a) | 855000 | &nbsp;&nbsp;&nbsp; 768975 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/40 | 1702000 | &nbsp;&nbsp;&nbsp; 1626896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/39 | 1970000 | &nbsp;&nbsp;&nbsp; 2061054 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 08/01/32 (144A) (a) | 1540000 | &nbsp;&nbsp;&nbsp; 1641127 |
| Virgin Media Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/30 (144A) (a) | 1080000 | &nbsp;&nbsp;&nbsp; 1003113 |
|  |  | &nbsp;&nbsp;&nbsp; 44810859 |
| **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** | **Metal Fabricate/Hardware — 0.4%** |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/30/27 (144A) (a) | 2273000 | &nbsp;&nbsp;&nbsp; 2267286 |
| Park-Ohio Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 08/01/30 (144A) (a) | 5270000 | &nbsp;&nbsp;&nbsp; 5463040 |
|  |  | &nbsp;&nbsp;&nbsp; 7730326 |
| **Mining — 1.6%** | **Mining — 1.6%** | **Mining — 1.6%** |
| ACN 113 874 712 Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.250%, 02/15/18 (144A) † (b) (f) (g) | 931574 | &nbsp;&nbsp;&nbsp; 0 |
| Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/31/33 (144A) (a) | 1370000 | &nbsp;&nbsp;&nbsp; 1411140 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/34 (144A) (a) | 2590000 | &nbsp;&nbsp;&nbsp; 2677938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 03/01/33 (144A) | 4040000 | &nbsp;&nbsp;&nbsp; 4265662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 06/01/31 (144A) (a) | 2980000 | &nbsp;&nbsp;&nbsp; 3131274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 03/01/29 (144A) | 5050000 | &nbsp;&nbsp;&nbsp; 5352116 |
| Freeport Minerals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/01/27 | 4240000 | &nbsp;&nbsp;&nbsp; 4423321 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/15/43 (a) | 5181000 | &nbsp;&nbsp;&nbsp; 4990239 |
| Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/29 (144A) (a) | 2014000 | &nbsp;&nbsp;&nbsp; 2030437 |
| Northwest Acquisitions ULC/Dominion Finco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/01/22 (144A) † (b) | 8475000 | &nbsp;&nbsp;&nbsp; 85 |

---

**BHFTII-258**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining—(Continued)** | **Mining—(Continued)** | **Mining—(Continued)** |
| Teck Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/15/40 | 1774000 | &nbsp;&nbsp;&nbsp; $1819533 |
|  |  | &nbsp;&nbsp;&nbsp; 30101745 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/30 (144A) (a) | 1990000 | &nbsp;&nbsp;&nbsp; 2043785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/33 (144A) (a) | 970000 | &nbsp;&nbsp;&nbsp; 998417 |
|  |  | &nbsp;&nbsp;&nbsp; 3042202 |
| **Multi-National — 1.1%** | **Multi-National — 1.1%** | **Multi-National — 1.1%** |
| Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 10/06/30 (INR) | 1730000000 | &nbsp;&nbsp;&nbsp; 19949922 |
| **Oil & Gas — 6.1%** | **Oil & Gas — 6.1%** | **Oil & Gas — 6.1%** |
| Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/30 (144A) | 1800000 | &nbsp;&nbsp;&nbsp; 1787467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/33 (144A) | 2510000 | &nbsp;&nbsp;&nbsp; 2543104 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/33 (144A) (a) | 2170000 | &nbsp;&nbsp;&nbsp; 2112852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/34 (144A) (a) | 2470000 | &nbsp;&nbsp;&nbsp; 2502598 |
| Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 07/15/41 (a) | 4300000 | &nbsp;&nbsp;&nbsp; 4139482 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/19/36 (a) | 5570000 | &nbsp;&nbsp;&nbsp; 5752602 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/27 | 1660000 | &nbsp;&nbsp;&nbsp; 1692313 |
| Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/32 | 5550000 | &nbsp;&nbsp;&nbsp; 5454401 |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/24/30 (144A) | 300000 | &nbsp;&nbsp;&nbsp; 308261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/24/48 (144A) | 1060000 | &nbsp;&nbsp;&nbsp; 1053480 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 08/15/31 (144A) (a) | 3040000 | &nbsp;&nbsp;&nbsp; 2831182 |
| Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 04/15/30 (144A) | 2150000 | &nbsp;&nbsp;&nbsp; 2225377 |
| Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 10/15/33 (144A) | 2860000 | &nbsp;&nbsp;&nbsp; 2848684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 03/01/28 (144A) (a) | 5170000 | &nbsp;&nbsp;&nbsp; 5242995 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 08/15/49 | 1630000 | &nbsp;&nbsp;&nbsp; 1212542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 09/15/36 (a) | 1472000 | &nbsp;&nbsp;&nbsp; 1564246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.150%, 05/15/28 | 6482000 | &nbsp;&nbsp;&nbsp; 6851344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 06/15/39 | 8859000 | &nbsp;&nbsp;&nbsp; 10393175 |
| Pan American Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 04/30/32 (144A) | 3330000 | &nbsp;&nbsp;&nbsp; 3480682 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/28 (a) | 1130000 | &nbsp;&nbsp;&nbsp; 1123056 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/01/29 (144A) (a) | 1310000 | &nbsp;&nbsp;&nbsp; 1315864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/01/33 (144A) (a) | 680000 | &nbsp;&nbsp;&nbsp; 692685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/32 (144A) (a) | 6840000 | &nbsp;&nbsp;&nbsp; 7094024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 04/15/27 (144A) | 700000 | &nbsp;&nbsp;&nbsp; 710872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 07/15/31 (144A) (a) | 1895000 | &nbsp;&nbsp;&nbsp; 2061368 |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 02/01/29 | 700000 | &nbsp;&nbsp;&nbsp; 717485 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 06/05/2115 (a) | 6170000 | &nbsp;&nbsp;&nbsp; $5789278 |
| Puma International Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 04/25/29 (144A) | 3680000 | &nbsp;&nbsp;&nbsp; 3808602 |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/30 (144A) | 2820000 | &nbsp;&nbsp;&nbsp; 2758316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 01/15/29 (a) | 4610000 | &nbsp;&nbsp;&nbsp; 4718293 |
| Shelf Drilling Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 04/15/29 (144A) | 4498000 | &nbsp;&nbsp;&nbsp; 4718286 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/31 (144A) | 2870000 | &nbsp;&nbsp;&nbsp; 2848828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5Y H15 + 4.230%, 09/18/30 (144A) (d) | 4774000 | &nbsp;&nbsp;&nbsp; 4849000 |
| Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 02/15/33 (144A) (a) | 3930000 | &nbsp;&nbsp;&nbsp; 3714362 |
| YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 07/21/27 (144A) | 3160000 | &nbsp;&nbsp;&nbsp; 3139719 |
|  |  | &nbsp;&nbsp;&nbsp; 114056825 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/15/33 (144A) | 2460000 | &nbsp;&nbsp;&nbsp; 2460000 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| ARD Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7.250% PIK, 06/30/27 (144A) (c) | 2018770 | &nbsp;&nbsp;&nbsp; 50469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/27 (144A) | 3060000 | &nbsp;&nbsp;&nbsp; 3059262 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/15/27 (144A) (a) | 3680000 | &nbsp;&nbsp;&nbsp; 1398400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/15/27 (144A) | 650000 | &nbsp;&nbsp;&nbsp; 247000 |
|  |  | &nbsp;&nbsp;&nbsp; 4755131 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 04/15/32 (144A) (a) | 5120000 | &nbsp;&nbsp;&nbsp; 5248266 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/15/29 (144A) | 580000 | &nbsp;&nbsp;&nbsp; 452676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/28 (144A) | 2160000 | &nbsp;&nbsp;&nbsp; 1923005 |
| Teva Pharmaceutical Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 02/01/36 (a) | 350000 | &nbsp;&nbsp;&nbsp; 366478 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/01/46 | 7590000 | &nbsp;&nbsp;&nbsp; 5664494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/32 | 1720000 | &nbsp;&nbsp;&nbsp; 1791356 |
| Teva Pharmaceutical Finance Netherlands IV BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/01/30 (a) | 3070000 | &nbsp;&nbsp;&nbsp; 3161821 |
|  |  | &nbsp;&nbsp;&nbsp; 18608096 |
| **Pipelines — 3.4%** | **Pipelines — 3.4%** | **Pipelines — 3.4%** |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 07/15/32 (144A) (a) | 2930000 | &nbsp;&nbsp;&nbsp; 3081376 |
| El Paso Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/32 | 190000 | &nbsp;&nbsp;&nbsp; 227579 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 05/15/45 | 5000000 | &nbsp;&nbsp;&nbsp; 4586361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/15/49 | 550000 | &nbsp;&nbsp;&nbsp; 555176 |

---

**BHFTII-259**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3M TSFR + 2.832%, 02/15/78 (a) (d) | 11670000 | &nbsp;&nbsp;&nbsp; $11590238 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/30/27 | 590730 | &nbsp;&nbsp;&nbsp; 575767 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/34 (144A) (a) | 2140000 | &nbsp;&nbsp;&nbsp; 2181891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/15/32 (144A) (a) | 2070000 | &nbsp;&nbsp;&nbsp; 2148712 |
| Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.583%, 3M TSFR + 4.372%, 10/30/25 (d) | 4228000 | &nbsp;&nbsp;&nbsp; 4234338 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/40 (144A) (a) | 3160000 | &nbsp;&nbsp;&nbsp; 3252285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/15/38 (144A) (a) | 1200000 | &nbsp;&nbsp;&nbsp; 1276723 |
| Southern Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 03/01/32 | 25000 | &nbsp;&nbsp;&nbsp; 29014 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/31/30 (144A) (a) | 1030000 | &nbsp;&nbsp;&nbsp; 1017155 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/33 (144A) (a) | 2200000 | &nbsp;&nbsp;&nbsp; 1982255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/31 (144A) (a) | 3210000 | &nbsp;&nbsp;&nbsp; 3029752 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 02/01/29 (144A) (a) | 7300000 | &nbsp;&nbsp;&nbsp; 8044782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/32 (144A) (a) | 4550000 | &nbsp;&nbsp;&nbsp; 4953691 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 03/01/48 | 3460000 | &nbsp;&nbsp;&nbsp; 3009804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 04/01/44 (a) | 9160000 | &nbsp;&nbsp;&nbsp; 8304686 |
|  |  | &nbsp;&nbsp;&nbsp; 64081585 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Country Garden Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 01/27/24 (b) | 1110000 | &nbsp;&nbsp;&nbsp; 88800 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/28 (144A) (a) | 2229000 | &nbsp;&nbsp;&nbsp; 2249286 |
| Five Point Operating Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/01/30 (144A) (a) | 2520000 | &nbsp;&nbsp;&nbsp; 2557224 |
|  |  | &nbsp;&nbsp;&nbsp; 4895310 |
| **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** |
| Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/15/30 (144A) (a) | 1350000 | &nbsp;&nbsp;&nbsp; 1419443 |
| Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/15/30 (144A) (a) | 1930000 | &nbsp;&nbsp;&nbsp; 1961516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/15/31 (144A) (a) | 1940000 | &nbsp;&nbsp;&nbsp; 2033866 |
| Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 09/15/32 (144A) | 1130000 | &nbsp;&nbsp;&nbsp; 1132954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/01/30 (144A) | 3880000 | &nbsp;&nbsp;&nbsp; 3945921 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 (a) | 5893000 | &nbsp;&nbsp;&nbsp; 5708712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 02/15/32 (144A) | 2040000 | &nbsp;&nbsp;&nbsp; 2167627 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/27 (a) | 1466000 | &nbsp;&nbsp;&nbsp; 1438996 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/29 (144A) (a) | 2190000 | &nbsp;&nbsp;&nbsp; 2299599 |
| Trust Fibra Uno |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.869%, 01/15/30 (144A) | 2120000 | &nbsp;&nbsp;&nbsp; 2078349 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 02/15/28 (144A) | 431000 | &nbsp;&nbsp;&nbsp; $453929 |
|  |  | &nbsp;&nbsp;&nbsp; 24640912 |
| **Retail — 1.1%** | **Retail — 1.1%** | **Retail — 1.1%** |
| FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/01/30 (144A) (a) | 3060000 | &nbsp;&nbsp;&nbsp; 3055563 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500%, 08/15/29 (144A) (a) | 7420000 | &nbsp;&nbsp;&nbsp; 7828100 |
| Marks & Spencer PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/01/37 (144A) | 1595000 | &nbsp;&nbsp;&nbsp; 1761507 |
| Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/28 (144A) | 1830000 | &nbsp;&nbsp;&nbsp; 1684348 |
| Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/15/29 (144A) | 102000 | &nbsp;&nbsp;&nbsp; 36210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/15/29 (144A) (a) | 2720000 | &nbsp;&nbsp;&nbsp; 1387200 |
| SGUS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/15/29 (144A) | 1165273 | &nbsp;&nbsp;&nbsp; 1098475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance <br> Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/31 (144A) (a) | 2210000 | &nbsp;&nbsp;&nbsp; 2102793 |
| Superior Plus LP/Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/29 (144A) (a) | 2320000 | &nbsp;&nbsp;&nbsp; 2238376 |
|  |  | &nbsp;&nbsp;&nbsp; 21192572 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 02/10/53 | 980000 | &nbsp;&nbsp;&nbsp; 947732 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Citrix Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/27 | 1800000 | &nbsp;&nbsp;&nbsp; 1718532 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/33 (144A) (a) | 1680000 | &nbsp;&nbsp;&nbsp; 1710180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 06/30/32 (144A) (a) | 2960000 | &nbsp;&nbsp;&nbsp; 3139830 |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/01/31 (144A) | 2330000 | &nbsp;&nbsp;&nbsp; 2387968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 06/01/30 (144A) (a) | 1430000 | &nbsp;&nbsp;&nbsp; 1476895 |
|  |  | &nbsp;&nbsp;&nbsp; 10433405 |
| **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** |
| Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/15/29 (144A) | 8730000 | &nbsp;&nbsp;&nbsp; 6569325 |
| Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 05/15/27 (144A) (b) | 4770000 | &nbsp;&nbsp;&nbsp; 1694198 |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/29 (144A) | 950000 | &nbsp;&nbsp;&nbsp; 811300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/29 (144A) | 3420000 | &nbsp;&nbsp;&nbsp; 2958082 |
| CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 12/15/31 (144A) | 5450000 | &nbsp;&nbsp;&nbsp; 5641301 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/15/29 (144A) (a) | 2100000 | &nbsp;&nbsp;&nbsp; 2207950 |
| EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 11/30/29 | 5266400 | &nbsp;&nbsp;&nbsp; 5793935 |

---

**BHFTII-260**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 06/30/33 (144A) | 1990000 | &nbsp;&nbsp;&nbsp; $2028168 |
| Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/27/31 (144A) (a) | 3930000 | &nbsp;&nbsp;&nbsp; 3719324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/25/29 (144A) (a) | 1215000 | &nbsp;&nbsp;&nbsp; 1226032 |
| Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/15/27 (144A) (a) | 2180000 | &nbsp;&nbsp;&nbsp; 2171218 |
|  |  | &nbsp;&nbsp;&nbsp; 34820833 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| Carriage Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 10/15/29 (144A) | 6363000 | &nbsp;&nbsp;&nbsp; 5915285 |
| XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/28 (144A) (a) | 2556000 | &nbsp;&nbsp;&nbsp; 2604521 |
|  |  | &nbsp;&nbsp;&nbsp; 8519806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $929,191,743) <br>|  | &nbsp;&nbsp;&nbsp; 920865341 |
| **Non-Agency Mortgage-Backed Securities—14.2%** | **Non-Agency Mortgage-Backed Securities—14.2%** | **Non-Agency Mortgage-Backed Securities—14.2%** |
| **Collateralized Mortgage Obligations — 5.4%** | **Collateralized Mortgage Obligations — 5.4%** | **Collateralized Mortgage Obligations — 5.4%** |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.116%, 01/25/67 (144A) (d) | 3225010 | &nbsp;&nbsp;&nbsp; 3019274 |
| Banc of America Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.373%, 02/27/37 (144A) (d) | 13658855 | &nbsp;&nbsp;&nbsp; 11957870 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.958%, 1M TSFR + 0.279%, 09/29/36 (144A) (d) | 8586913 | &nbsp;&nbsp;&nbsp; 7248199 |
| Banc of America Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.119%, 09/25/35 (d) | 16723 | &nbsp;&nbsp;&nbsp; 14693 |
| BCAP LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.209%, 05/26/47 (144A) (d) | 2262610 | &nbsp;&nbsp;&nbsp; 2030851 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 17.738%, -4.33x 1M TSFR + 35.754%, 07/25/36 (d) | 139257 | &nbsp;&nbsp;&nbsp; 167271 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.435%, 05/25/63 (144A) (e) | 2753096 | &nbsp;&nbsp;&nbsp; 2770978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.103%, 10/25/63 (144A) (e) | 2516246 | &nbsp;&nbsp;&nbsp; 2550118 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/25/62 (144A) (d) | 1039750 | &nbsp;&nbsp;&nbsp; 1038979 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.170%, 09/25/62 (144A) (e) | 3568709 | &nbsp;&nbsp;&nbsp; 3578441 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303%, 07/25/69 (144A) (e) | 3262494 | &nbsp;&nbsp;&nbsp; 3298354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.586%, 02/25/69 (144A) (d) | 1580000 | &nbsp;&nbsp;&nbsp; 1593686 |
| CoreVest American Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.553%, 12/28/30 (144A) (e) | 4010000 | &nbsp;&nbsp;&nbsp; 4028082 |
| Countrywide Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 01/25/37 | 1317027 | &nbsp;&nbsp;&nbsp; 614089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/25/37 | 998914 | &nbsp;&nbsp;&nbsp; 605659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.510%, -4x 1M TSFR + 28.142%, 07/25/36 (d) | 1363710 | &nbsp;&nbsp;&nbsp; 1458388 |
| Countrywide Alternative Loan Trust Resecuritization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.948%, 08/25/37 (d) | 1848940 | &nbsp;&nbsp;&nbsp; 801692 |
| GreenPoint MTA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.712%, 1M TSFR + 0.554%, 06/25/45 (d) | 276491 | &nbsp;&nbsp;&nbsp; 252328 |
| GSMPS Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.672%, 1M TSFR + 0.514%, 04/25/36 (144A) (d) | 581342 | &nbsp;&nbsp;&nbsp; 501143 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.272%, 1M TSFR + 2.114%, 10/25/37 (d) | 437868 | &nbsp;&nbsp;&nbsp; $409937 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.992%, 1M TSFR + 0.834%, 01/25/35 (d) | 469415 | &nbsp;&nbsp;&nbsp; 360148 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.844%, 10/25/66 (144A) (e) | 3124144 | &nbsp;&nbsp;&nbsp; 3124052 |
| Lehman XS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.672%, 1M TSFR + 0.514%, 08/25/46 (d) | 572596 | &nbsp;&nbsp;&nbsp; 560713 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.017%, 01/25/29 (144A) (e) | 4360000 | &nbsp;&nbsp;&nbsp; 4408061 |
| MASTR Seasoned Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.035%, 10/25/32 (d) | 969 | &nbsp;&nbsp;&nbsp; 967 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, 08/25/33 (d) | 102259 | &nbsp;&nbsp;&nbsp; 95449 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.784%, 12/25/68 (144A) (e) | 2142914 | &nbsp;&nbsp;&nbsp; 2167278 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/25/57 (144A) (d) | 2860000 | &nbsp;&nbsp;&nbsp; 2470883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/25/58 (144A) (d) | 1890540 | &nbsp;&nbsp;&nbsp; 1776234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/25/58 (144A) (d) | 1606377 | &nbsp;&nbsp;&nbsp; 1552940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.985%, 04/25/62 (144A) (d) | 3592462 | &nbsp;&nbsp;&nbsp; 3319391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/25/56 (144A) (d) | 3682260 | &nbsp;&nbsp;&nbsp; 3607327 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.154%, 02/25/29 (144A) (e) | 2650000 | &nbsp;&nbsp;&nbsp; 2665209 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.949%, 02/25/63 (144A) (e) | 691941 | &nbsp;&nbsp;&nbsp; 693338 |
| PRKCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.304%, 02/25/58 (144A) (e) | 3119439 | &nbsp;&nbsp;&nbsp; 3129170 |
| RALI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.168%, 11/25/37 (d) | 1627759 | &nbsp;&nbsp;&nbsp; 1357498 |
| Reperforming Loan Trust REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.728%, 03/25/35 (144A) (d) (h) | 1129220 | &nbsp;&nbsp;&nbsp; 55381 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.727%, 07/25/45 (144A) (d) | 2662 | &nbsp;&nbsp;&nbsp; 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.369%, 6M TSFR + 1.108%, 06/20/33 (d) | 14121 | &nbsp;&nbsp;&nbsp; 13864 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.895%, 1M TSFR + 1.614%, 09/25/37 (d) | 983133 | &nbsp;&nbsp;&nbsp; 920265 |
| Structured Asset Mortgage Investments II Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.832%, 1M TSFR + 0.674%, 02/25/36 (d) | 992766 | &nbsp;&nbsp;&nbsp; 832892 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.606%, 06/25/57 (144A) (d) | 2900000 | &nbsp;&nbsp;&nbsp; 2459566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.522%, 1M TSFR + 2.364%, 05/25/58 (144A) (d) | 1220000 | &nbsp;&nbsp;&nbsp; 1228827 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.774%, 05/25/65 (144A) (e) | 3842846 | &nbsp;&nbsp;&nbsp; 3869414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.118%, 01/25/69 (144A) (e) | 2963528 | &nbsp;&nbsp;&nbsp; 2979436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.845%, 04/25/69 (144A) (e) | 2659625 | &nbsp;&nbsp;&nbsp; 2695841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.968%, 12/25/68 (144A) (e) | 1475490 | &nbsp;&nbsp;&nbsp; 1493802 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%, 1M TSFR + 0.654%, 12/25/45 (d) | 104125 | &nbsp;&nbsp;&nbsp; 105551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.873%, 09/25/36 (d) | 201508 | &nbsp;&nbsp;&nbsp; 185364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.951%, 12M MTA + 0.798%, 03/25/47 (d) | 532627 | &nbsp;&nbsp;&nbsp; 499916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.232%, 1M TSFR + 1.074%, 12/25/45 (d) | 3988473 | &nbsp;&nbsp;&nbsp; 3623862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.471%, 08/25/33 (d) | 332053 | &nbsp;&nbsp;&nbsp; 323944 |
|  |  | &nbsp;&nbsp;&nbsp; 100519225 |

---

**BHFTII-261**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities — 8.8%** | **Commercial Mortgage-Backed Securities — 8.8%** | **Commercial Mortgage-Backed Securities — 8.8%** |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.055%, 1M TSFR + 1.836%, 09/15/34 (144A) (d) | 1640000 | &nbsp;&nbsp;&nbsp; $1610275 |
| ARES Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.593%, 1M TSFR + 1.443%, 10/15/34 (144A) (d) | 2360000 | &nbsp;&nbsp;&nbsp; 2361475 |
| Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/32 (144A) (d) | 4930000 | &nbsp;&nbsp;&nbsp; 3703523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/56 (144A) | 3400000 | &nbsp;&nbsp;&nbsp; 2602489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.053%, 10/15/57 | 5240000 | &nbsp;&nbsp;&nbsp; 5333077 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/15/50 (144A) | 2250000 | &nbsp;&nbsp;&nbsp; 2039583 |
| Bank5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/57 (d) | 3200000 | &nbsp;&nbsp;&nbsp; 2537369 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666%, 01/15/51 (d) | 1210000 | &nbsp;&nbsp;&nbsp; 1191861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.363%, 07/15/56 (d) | 1120000 | &nbsp;&nbsp;&nbsp; 1174122 |
| BFLD Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.841%, 1M TSFR + 2.691%, 11/15/41 (144A) (d) | 3180000 | &nbsp;&nbsp;&nbsp; 3191925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.790%, 1M TSFR + 3.640%, 11/15/41 (144A) (d) | 3180000 | &nbsp;&nbsp;&nbsp; 3184788 |
| BOCA Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.587%, 1M TSFR + 4.437%, 08/15/41 (144A) (d) | 3670000 | &nbsp;&nbsp;&nbsp; 3711294 |
| BWAY Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.058%, 03/10/33 (144A) (d) | 3200000 | &nbsp;&nbsp;&nbsp; 2675161 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.667%, 03/11/44 (144A) (d) | 9066697 | &nbsp;&nbsp;&nbsp; 8226557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.346%, 1M TSFR + 2.196%, 04/15/34 (144A) (d) | 7780000 | &nbsp;&nbsp;&nbsp; 7585500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.838%, 1M TSFR + 3.688%, 05/15/34 (144A) (d) | 4086206 | &nbsp;&nbsp;&nbsp; 4104083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.840%, 1M TSFR + 3.690%, 04/15/40 (144A) (d) | 5341073 | &nbsp;&nbsp;&nbsp; 5341072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.970%, 08/13/41 (144A) (d) | 3110000 | &nbsp;&nbsp;&nbsp; 3094568 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%, 1M TSFR + 2.690%, 04/15/41 (144A) (d) | 4198316 | &nbsp;&nbsp;&nbsp; 4210484 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.110%, 04/10/48 (144A) | 1750000 | &nbsp;&nbsp;&nbsp; 1224878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.225%, 09/15/48 (144A) | 1102721 | &nbsp;&nbsp;&nbsp; 1064137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.015%, 10/12/40 (144A) (d) | 1120000 | &nbsp;&nbsp;&nbsp; 1154377 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 12/15/41 (144A) | 5560000 | &nbsp;&nbsp;&nbsp; 5197764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.794%, PRIME + 1.294%, 07/15/32 (144A) (d) | 700000 | &nbsp;&nbsp;&nbsp; 696399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.794%, PRIME + 4.294%, 07/15/32 (144A) (d) | 6685000 | &nbsp;&nbsp;&nbsp; 6379475 |
| Dwight Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.798%, 1M TSFR + 1.662%, 06/18/42 (144A) (d) | 4800000 | &nbsp;&nbsp;&nbsp; 4816483 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1M TSFR + 2.600%, 10/15/42 (144A) (d) | 3570000 | &nbsp;&nbsp;&nbsp; 3581152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.965%, 1M TSFR + 3.814%, 07/15/38 (144A) (d) | 3465864 | &nbsp;&nbsp;&nbsp; 3465864 |
| Greystone CRE Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.483%, 1M TSFR + 5.333%, 03/15/41 (144A) (d) | 2180000 | &nbsp;&nbsp;&nbsp; 2196080 |
| GS Mortgage Securities Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.263%, 03/10/41 (144A) (d) | 5880000 | &nbsp;&nbsp;&nbsp; 6083081 |
| HIH Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.587%, 1M TSFR + 5.437%, 10/15/41 (144A) (d) | 4236591 | &nbsp;&nbsp;&nbsp; 4257774 |
| HIT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.272%, 1M TSFR + 9.122%, 07/15/39 (144A) (d) | 2560000 | &nbsp;&nbsp;&nbsp; 2572656 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.886%, 01/15/49 (d) | 568000 | &nbsp;&nbsp;&nbsp; 544483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.681%, 1M TSFR + 4.529%, 11/15/38 (144A) (d) | 3760000 | &nbsp;&nbsp;&nbsp; 3767050 |
| KIND Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.570%, 1M TSFR + 2.414%, 08/15/38 (144A) (d) | 1309248 | &nbsp;&nbsp;&nbsp; 1296156 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| KIND Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520%, 1M TSFR + 3.364%, 08/15/38 (144A) (d) | 2687926 | &nbsp;&nbsp;&nbsp; $2650993 |
| MF1 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.677%, 1M TSFR + 1.541%, 11/18/39 (144A) (d) | 4910000 | &nbsp;&nbsp;&nbsp; 4922277 |
| MHC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%, 1M TSFR + 2.064%, 05/15/38 (144A) (d) | 4496000 | &nbsp;&nbsp;&nbsp; 4503025 |
| MIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.732%, 12/05/38 (144A) (d) | 1080000 | &nbsp;&nbsp;&nbsp; 1169725 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.653%, 12/15/48 (d) | 1940000 | &nbsp;&nbsp;&nbsp; 1843340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.714%, 1M TSFR + 1.563%, 12/15/38 (144A) (d) | 5350000 | &nbsp;&nbsp;&nbsp; 4948750 |
| MSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.472%, 05/15/56 | 2210000 | &nbsp;&nbsp;&nbsp; 2300336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.252%, 12/15/56 (d) | 2260000 | &nbsp;&nbsp;&nbsp; 2337822 |
| Multifamily Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 04/25/46 (144A) (d) | 2035588 | &nbsp;&nbsp;&nbsp; 2024646 |
| One Market Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 02/10/32 (144A) | 1250000 | &nbsp;&nbsp;&nbsp; 1204250 |
| RIDE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.972%, 02/14/47 (144A) (d) | 3030000 | &nbsp;&nbsp;&nbsp; 3095466 |
| SMR Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.150%, 1M TSFR + 6.000%, 02/15/39 (144A) (d) | 3543671 | &nbsp;&nbsp;&nbsp; 3479843 |
| SMRT Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.101%, 1M TSFR + 1.950%, 01/15/39 (144A) (d) | 2290000 | &nbsp;&nbsp;&nbsp; 2278550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.501%, 1M TSFR + 3.350%, 01/15/39 (144A) (d) | 5070000 | &nbsp;&nbsp;&nbsp; 4943250 |
| SWCH Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490%, 1M TSFR + 3.340%, 02/15/42 (144A) (d) | 4860000 | &nbsp;&nbsp;&nbsp; 4838737 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.418%, 12/15/50 | 900180 | &nbsp;&nbsp;&nbsp; 887522 |
| WB Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.278%, 03/15/40 (144A) (d) | 1100000 | &nbsp;&nbsp;&nbsp; 1102793 |
|  |  | &nbsp;&nbsp;&nbsp; 164708340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Non-Agency Mortgage-Backed Securities <br>(Cost $260,678,468) <br>|  | &nbsp;&nbsp;&nbsp; 265227565 |
| **Floating Rate Loans (i)—12.9%** | **Floating Rate Loans (i)—12.9%** | **Floating Rate Loans (i)—12.9%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| CB Poly U.S. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 9.502%, 3M TSFR + 5.500%, 05/18/29 | 2976982 | &nbsp;&nbsp;&nbsp; 2703472 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, 6.413%, 1M TSFR + <br> 2.250%, 02/13/32<br>| 2901039 | &nbsp;&nbsp;&nbsp; 2898318 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B, 6.663%, 1M TSFR + 2.500%, <br> 05/06/30<br>| 1976812 | &nbsp;&nbsp;&nbsp; 1978459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, 6.913%, 1M TSFR + 2.750%, <br> 01/28/32<br>| 980000 | &nbsp;&nbsp;&nbsp; 979387 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, 9.570%, 3M TSFR + 5.000%, <br> 03/30/27<br>| 264845 | &nbsp;&nbsp;&nbsp; 97110 |

---

**BHFTII-262**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan, 9.570%, 3M TSFR + <br> 5.000%, 03/30/27<br>| 2336833 | &nbsp;&nbsp;&nbsp; $856840 |
|  |  | &nbsp;&nbsp;&nbsp; 3911796 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Celsius Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.291%, 3M TSFR + 3.000%, 04/01/32 | 2883327 | &nbsp;&nbsp;&nbsp; 2894140 |
| Primo Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 6.252%, 3M TSFR + 2.250%, <br> 03/31/28<br>| 1985000 | &nbsp;&nbsp;&nbsp; 1986949 |
|  |  | &nbsp;&nbsp;&nbsp; 4881089 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| PHRG Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Fungible Add On Term Loan, 02/20/32 (j) | 2050000 | &nbsp;&nbsp;&nbsp; 2039750 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| A-AP Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 6.752%, 3M TSFR + 2.750%, 09/09/31 | 1647550 | &nbsp;&nbsp;&nbsp; 1656818 |
| Natgasoline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 9.502%, 3M TSFR + 5.500%, <br> 03/29/30<br>| 1604687 | &nbsp;&nbsp;&nbsp; 1608699 |
|  |  | &nbsp;&nbsp;&nbsp; 3265517 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
| Adtalem Global Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, 6.913%, 1M TSFR + 2.750%, <br> 08/12/28<br>| 396418 | &nbsp;&nbsp;&nbsp; 397409 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B2, 6.002%, 3M TSFR + 2.000%, <br> 01/31/31<br>| 2511057 | &nbsp;&nbsp;&nbsp; 2517021 |
| DS Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 9.502%, 3M TSFR + 5.500%, 01/31/31 | 4769625 | &nbsp;&nbsp;&nbsp; 4411903 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, 6.129%, 6M TSFR + 2.000%, <br> 10/13/30<br>| 2221973 | &nbsp;&nbsp;&nbsp; 2219989 |
| Ryan LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.663%, 1M TSFR + 3.500%, 11/14/30 | 2980094 | &nbsp;&nbsp;&nbsp; 2989407 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Takeback Term Loan, 10.803%, 3M TSFR + <br> 6.800%, 06/24/30<br>| 3065676 | &nbsp;&nbsp;&nbsp; 2789765 |
|  |  | &nbsp;&nbsp;&nbsp; 15325494 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Nielsen Consumer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 USD 1st Lien Term Loan, 6.663%, 1M TSFR + <br> 2.500%, 10/31/30<br>| 997444 | &nbsp;&nbsp;&nbsp; 996197 |
| UST Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.136%, 1M TSFR + 3.000%, 11/20/28 | 1912102 | &nbsp;&nbsp;&nbsp; 1900152 |
| X Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Fixed Term Loan, 9.500%, 10/26/29 | 3160000 | &nbsp;&nbsp;&nbsp; 3177775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 10.958%, 3M TSFR + 6.500%, 10/26/29 | 1984694 | &nbsp;&nbsp;&nbsp; 1949962 |
|  |  | &nbsp;&nbsp;&nbsp; 8024086 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| BCPE Empire Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 7.413%, 1M TSFR + 3.250%, <br> 12/11/30<br>| 990013 | &nbsp;&nbsp;&nbsp; $988528 |
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| AqGen Island Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 7.163%, 1M TSFR + 3.000%, <br> 08/02/28<br>| 1407144 | &nbsp;&nbsp;&nbsp; 1407437 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 8.163%, 1M TSFR + 4.000%, <br> 03/12/29<br>| 1713353 | &nbsp;&nbsp;&nbsp; 1722072 |
| CFC Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.041%, 3M TSFR + 3.750%, 07/01/32 | 4060000 | &nbsp;&nbsp;&nbsp; 3973725 |
| Citadel Securities LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 First Lien Term Loan, 6.163%, 1M TSFR + 2.000%, <br> 10/31/31<br>| 2880399 | &nbsp;&nbsp;&nbsp; 2888629 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan B, 6.913%, 1M TSFR + <br> 2.750%, 09/15/31<br>| 3352315 | &nbsp;&nbsp;&nbsp; 3356173 |
| Greystone Select Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 9.594%, 3M TSFR + 5.000%, 06/16/28 | 1337492 | &nbsp;&nbsp;&nbsp; 1340835 |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, 6.199%, 3M TSFR + 2.000%, <br> 12/15/31<br>| 4001141 | &nbsp;&nbsp;&nbsp; 3976446 |
| VFH Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 6.663%, 1M TSFR + 2.500%, <br> 06/21/31<br>| 3170000 | &nbsp;&nbsp;&nbsp; 3177925 |
|  |  | &nbsp;&nbsp;&nbsp; 21843242 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 6.163%, 1M TSFR + 2.000%, 09/30/31 | 2227500 | &nbsp;&nbsp;&nbsp; 2227847 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B2, 6.913% - 7.058%, 1M <br> TSFR + 2.750%, 3M TSFR + 2.750%, 07/01/31 (k)<br>| 656654 | &nbsp;&nbsp;&nbsp; 658840 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Allen Media LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, 9.652%, 3M TSFR + 5.500%, <br> 02/10/27<br>| 2610726 | &nbsp;&nbsp;&nbsp; 1860142 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B1, 6.413%, 1M TSFR + 2.250%, <br> 02/06/31<br>| 1969963 | &nbsp;&nbsp;&nbsp; 1968239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 6.413%, 1M TSFR + 2.250%, 02/06/30 | 1442550 | &nbsp;&nbsp;&nbsp; 1441348 |
| Catawba Nation Gaming Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.913%, 1M TSFR + 4.750%, 03/29/32 | 2150000 | &nbsp;&nbsp;&nbsp; 2144625 |
| EOC Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.163%, 1M TSFR + 3.000%, 03/24/32 | 3850350 | &nbsp;&nbsp;&nbsp; 3856969 |
| Flutter Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 5.752%, 3M TSFR + 1.750%, <br> 11/30/30<br>| 1987020 | &nbsp;&nbsp;&nbsp; 1983916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 6.002%, 3M TSFR + 2.000%, <br> 06/04/32<br>| 4059825 | &nbsp;&nbsp;&nbsp; 4058558 |
| Peninsula Pacific Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, 08/13/32 (j) | 576668 | &nbsp;&nbsp;&nbsp; 577389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 08/13/32 (j) | 2471331 | &nbsp;&nbsp;&nbsp; 2474421 |

---

**BHFTII-263**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| TKO Worldwide Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 6.038%, 3M TSFR + 2.000%, <br> 11/21/31<br>| 3933451 | &nbsp;&nbsp;&nbsp; $3943666 |
|  |  | &nbsp;&nbsp;&nbsp; 24309273 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Liberty Tire Recycling Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, 8.778%, 1M TSFR + 4.500%, <br> 05/05/28<br>| 2881427 | &nbsp;&nbsp;&nbsp; 2881427 |
| LRS Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.528%, 1M TSFR + 4.250%, 08/31/28 | 3465206 | &nbsp;&nbsp;&nbsp; 3413228 |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 7.452%, 6M TSFR + 3.250%, <br> 05/06/32<br>| 2583525 | &nbsp;&nbsp;&nbsp; 2597734 |
|  |  | &nbsp;&nbsp;&nbsp; 8892389 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| Dynamo Newco II GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 7.780%, 1M TSFR + 3.500%, <br> 09/30/31<br>| 2977444 | &nbsp;&nbsp;&nbsp; 2990470 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 6.163%, 1M TSFR + 2.000%, <br> 10/23/28<br>| 3621876 | &nbsp;&nbsp;&nbsp; 3625777 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| Aveanna Healthcare LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 09/17/32 (j) | 3290000 | &nbsp;&nbsp;&nbsp; 3291467 |
| Global Medical Response, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 7.634%, 1M TSFR + 3.500%, <br> 10/01/32<br>| 3171081 | &nbsp;&nbsp;&nbsp; 3175838 |
| Knight Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 9.528%, 1M TSFR + 5.250%, 12/23/28 † <br>| 1387980 | &nbsp;&nbsp;&nbsp; 461503 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, 8.068%, 3M TSFR + 3.750%, <br> 05/19/31<br>| 2876065 | &nbsp;&nbsp;&nbsp; 2873269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan B1, 7.660%, 3M TSFR + <br> 3.500%, 05/19/31<br>| 1296927 | &nbsp;&nbsp;&nbsp; 1292527 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Term Loan, 9.170%, 3M TSFR + <br> 4.600%, 12/31/30<br>| 1953597 | &nbsp;&nbsp;&nbsp; 1800562 |
| Phoenix Guarantor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 6.663%, 1M TSFR + 2.500%, <br> 02/21/31<br>| 1125350 | &nbsp;&nbsp;&nbsp; 1127320 |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 6.663%, 1M TSFR + 2.500%, <br> 05/30/31<br>| 2131908 | &nbsp;&nbsp;&nbsp; 2139902 |
| Team Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 9.558%, 3M TSFR + 5.250%, <br> 12/20/27<br>| 873400 | &nbsp;&nbsp;&nbsp; 872308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 9.570%, 3M TSFR + 5.000%, 12/20/27 | 1233850 | &nbsp;&nbsp;&nbsp; 1231537 |
|  |  | &nbsp;&nbsp;&nbsp; 18266233 |
| **Holding Companies-Diversified — 0.2%** | **Holding Companies-Diversified — 0.2%** | **Holding Companies-Diversified — 0.2%** |
| GC Ferry Acquisition I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 08/16/32 (l) | 463750 | &nbsp;&nbsp;&nbsp; 459634 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Holding Companies-Diversified—(Continued)** | **Holding Companies-Diversified—(Continued)** | **Holding Companies-Diversified—(Continued)** |
| GC Ferry Acquisition I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 7.711%, 3M TSFR + 3.500%, 08/16/32 | 2716250 | &nbsp;&nbsp;&nbsp; $2692143 |
|  |  | &nbsp;&nbsp;&nbsp; 3151777 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| AI Aqua Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, 7.280%, 1M TSFR + 3.000%, <br> 07/31/28<br>| 1314183 | &nbsp;&nbsp;&nbsp; 1318525 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B6, 7.163%, 1M TSFR + <br> 3.000%, 11/06/30<br>| 2421554 | &nbsp;&nbsp;&nbsp; 2421051 |
| AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 6.252%, 3M TSFR + 2.250%, <br> 01/30/32<br>| 3834753 | &nbsp;&nbsp;&nbsp; 3836191 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan B4, 9.528%, 1M TSFR + <br> 5.250%, 01/20/29<br>| 1450000 | &nbsp;&nbsp;&nbsp; 1391353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B9, 7.528%, 1M TSFR + 3.250%, <br> 07/31/27<br>| 1883016 | &nbsp;&nbsp;&nbsp; 1883408 |
| Howden Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B, 7.663%, 1M TSFR + 3.500%, <br> 04/18/30<br>| 916500 | &nbsp;&nbsp;&nbsp; 920271 |
| Sedgwick Claims Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B, 6.663%, 1M TSFR + 2.500%, <br> 07/31/31<br>| 3259636 | &nbsp;&nbsp;&nbsp; 3258821 |
| Truist Insurance Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 6.752%, 3M TSFR + 2.750%, <br> 05/06/31<br>| 1769758 | &nbsp;&nbsp;&nbsp; 1772522 |
|  |  | &nbsp;&nbsp;&nbsp; 15483617 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, 8.163%, 1M TSFR + <br> 4.000%, 07/31/31<br>| 1380000 | &nbsp;&nbsp;&nbsp; 1380215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 7.663%, 1M TSFR + 3.500%, <br> 07/31/31<br>| 3140460 | &nbsp;&nbsp;&nbsp; 3136142 |
|  |  | &nbsp;&nbsp;&nbsp; 4516357 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| Kingpin Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 7.385%, 1M TSFR + 3.250%, <br> 09/22/32<br>| 5520000 | &nbsp;&nbsp;&nbsp; 5457900 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan D, 7.395%, 1M TSFR + 3.000%, <br> 12/01/28<br>| 1067650 | &nbsp;&nbsp;&nbsp; 1068911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 9.530%, 1M TSFR + 5.250%, <br> 06/04/29<br>| 30200 | &nbsp;&nbsp;&nbsp; 30257 |
| Learfield Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 8.663%, 1M TSFR + 4.500%, <br> 06/30/28<br>| 1980236 | &nbsp;&nbsp;&nbsp; 2003751 |

---

**BHFTII-264**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Floating Rate Loans (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 7.778%, 1M TSFR + 3.500%, <br> 01/31/29<br>| 602375 | &nbsp;&nbsp;&nbsp; $601246 |
|  |  | &nbsp;&nbsp;&nbsp; 3704165 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, 7.413%, 1M TSFR + <br> 3.250%, 04/01/32 (l)<br>| 68013 | &nbsp;&nbsp;&nbsp; 67978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 7.413%, 1M TSFR + 3.250%, <br> 04/01/32<br>| 3880966 | &nbsp;&nbsp;&nbsp; 3878983 |
|  |  | &nbsp;&nbsp;&nbsp; 3946961 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 10.413%, 1M TSFR + 6.250%, <br> 10/08/30<br>| 1496250 | &nbsp;&nbsp;&nbsp; 1478482 |
| Gainwell Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 8.102%, 3M TSFR + 4.000%, 10/01/27 | 1551854 | &nbsp;&nbsp;&nbsp; 1531486 |
|  |  | &nbsp;&nbsp;&nbsp; 3009968 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
| KREF Holdings X LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 6.663%, 1M TSFR + 2.500%, <br> 03/05/32<br>| 3226913 | &nbsp;&nbsp;&nbsp; 3225574 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Term Loan B, 5.913%, 1M TSFR + <br> 1.750%, 11/18/27<br>| 1917388 | &nbsp;&nbsp;&nbsp; 1917388 |
|  |  | &nbsp;&nbsp;&nbsp; 5142962 |
| **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** |
| Harbor Freight Tools USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 6.413%, 1M TSFR + 2.250%, <br> 06/11/31<br>| 982519 | &nbsp;&nbsp;&nbsp; 966124 |
| Peer Holding III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, 09/27/32 (j) | 1160000 | &nbsp;&nbsp;&nbsp; 1162540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B4B, 6.502%, 3M TSFR + 2.500%, <br> 10/28/30<br>| 1917303 | &nbsp;&nbsp;&nbsp; 1922096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B5B, 6.502%, 3M TSFR + 2.500%, <br> 07/01/31<br>| 2630125 | &nbsp;&nbsp;&nbsp; 2636290 |
| Spencer Spirit IH LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 8.967%, 1M TSFR + 4.750%, <br> 07/15/31<br>| 2973573 | &nbsp;&nbsp;&nbsp; 2978539 |
| Thermostat Purchaser III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, 8.252%, 3M TSFR + 4.250%, <br> 08/31/28<br>| 2977387 | &nbsp;&nbsp;&nbsp; 2989481 |
|  |  | &nbsp;&nbsp;&nbsp; 12655070 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| Cloudera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, 8.013%, 1M TSFR + 3.750%, <br> 10/08/28<br>| 2517802 | &nbsp;&nbsp;&nbsp; 2481609 |
| Cotiviti Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 7.030%, 1M TSFR + 2.750%, <br> 05/01/31<br>| 3814727 | &nbsp;&nbsp;&nbsp; 3782539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Amendment Term Loan, 7.030%, 1M TSFR + <br> 2.750%, 03/26/32<br>| 4029900 | &nbsp;&nbsp;&nbsp; 3969451 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Darktrace PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, 7.570%, 3M TSFR + 3.250%, <br> 10/09/31<br>| 2940640 | &nbsp;&nbsp;&nbsp; $2945004 |
| Dayforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 6.308%, 3M TSFR + 2.000%, <br> 03/01/31<br>| 1159820 | &nbsp;&nbsp;&nbsp; 1164169 |
| DCert Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, 11.163%, 1M TSFR + 7.000%, <br> 02/19/29<br>| 1927036 | &nbsp;&nbsp;&nbsp; 1756011 |
| Evertec Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B, 6.413%, 1M TSFR + 2.250%, <br> 10/30/30<br>| 1971000 | &nbsp;&nbsp;&nbsp; 1975928 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 8.808%, 3M TSFR + 4.500%, 07/01/31 | 3108988 | &nbsp;&nbsp;&nbsp; 3073041 |
| Planview Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan, 7.502%, 3M TSFR + 3.500%, <br> 12/17/27<br>| 1484305 | &nbsp;&nbsp;&nbsp; 1464824 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, 7.252%, 3M TSFR + 3.250%, <br> 10/26/30<br>| 347368 | &nbsp;&nbsp;&nbsp; 348743 |
| Red Planet Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, 8.163%, 1M TSFR + 4.000%, <br> 09/08/32<br>| 8750000 | &nbsp;&nbsp;&nbsp; 8531250 |
| SolarWinds Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 8.026%, 3M TSFR + 4.000%, <br> 04/16/32<br>| 4817589 | &nbsp;&nbsp;&nbsp; 4739303 |
| SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, 6.163%, 1M TSFR + 2.000%, <br> 05/09/31<br>| 2467234 | &nbsp;&nbsp;&nbsp; 2476165 |
| X.AI Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Term Loan, 12.500%, 06/28/30 | 4857825 | &nbsp;&nbsp;&nbsp; 5047790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 11.122%, 6M TSFR + 7.250%, 06/28/30 | 6393975 | &nbsp;&nbsp;&nbsp; 6202156 |
|  |  | &nbsp;&nbsp;&nbsp; 49957983 |
| **Sovereign — 0.1%** | **Sovereign — 0.1%** | **Sovereign — 0.1%** |
| Republic of Tanzania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 9.584%, 6M TSFR + 5.450%, <br> 04/30/31 (g)<br>| 2700000 | &nbsp;&nbsp;&nbsp; 2686500 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| QualityTech LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 7.723%, 1M TSFR + 3.500%, 10/30/31 | 4139200 | &nbsp;&nbsp;&nbsp; 4149548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Floating Rate Loans <br>(Cost $244,733,254) <br>|  | &nbsp;&nbsp;&nbsp; 242033454 |
| **Agency Sponsored Mortgage-Backed Securities—10.1%** | **Agency Sponsored Mortgage-Backed Securities—10.1%** | **Agency Sponsored Mortgage-Backed Securities—10.1%** |
| **Agency Collateralized Mortgage Obligations — 3.4%** | **Agency Collateralized Mortgage Obligations — 3.4%** | **Agency Collateralized Mortgage Obligations — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/25/59 (144A) (d) | 4068625 | &nbsp;&nbsp;&nbsp; 3928231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/25/60 (144A) (d) | 4710000 | &nbsp;&nbsp;&nbsp; 4523319 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.356%, SOFR30A + 3.000%, 12/25/50 (144A) (d) | 8290000 | &nbsp;&nbsp;&nbsp; 8856877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.406%, SOFR30A + 3.050%, 01/25/34 (144A) (d) | 4750000 | &nbsp;&nbsp;&nbsp; 5037992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.106%, SOFR30A + 3.750%, 02/25/42 (144A) (d) | 2717000 | &nbsp;&nbsp;&nbsp; 2807856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.106%, SOFR30A + 4.750%, 02/25/42 (144A) (d) | 1090000 | &nbsp;&nbsp;&nbsp; 1135300 |

---

**BHFTII-265**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 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. STACR REMICS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.106%, SOFR30A + 5.750%, 09/25/42 (144A) (d) | 3780000 | &nbsp;&nbsp;&nbsp; $4105827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.106%, SOFR30A + 9.750%, 04/25/42 (144A) (d) | 1165184 | &nbsp;&nbsp;&nbsp; 1291540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.856%, SOFR30A + 2.500%, 10/25/43 (144A) (d) | 1810000 | &nbsp;&nbsp;&nbsp; 1857203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.856%, SOFR30A + 2.500%, 02/25/44 (144A) (d) | 1100000 | &nbsp;&nbsp;&nbsp; 1118563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.056%, SOFR30A + 2.700%, 01/25/44 (144A) (d) | 4650000 | &nbsp;&nbsp;&nbsp; 4760011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.456%, SOFR30A + 3.100%, 10/25/41 (144A) (d) | 7990000 | &nbsp;&nbsp;&nbsp; 8140752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.871%, SOFR30A + 3.514%, 10/25/39 (144A) (d) | 8951767 | &nbsp;&nbsp;&nbsp; 9110456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.256%, SOFR30A + 3.900%, 07/25/43 (144A) (d) | 1470000 | &nbsp;&nbsp;&nbsp; 1546264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.571%, SOFR30A + 4.214%, 07/25/39 (144A) (d) | 2642677 | &nbsp;&nbsp;&nbsp; 2693718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.356%, SOFR30A + 7.000%, 04/25/42 (144A) (d) | 3470000 | &nbsp;&nbsp;&nbsp; 3725224 |
| Federal National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.821%, SOFR30A + 0.464%, 05/25/34 (d) | 23122 | &nbsp;&nbsp;&nbsp; 22997 |
|  |  | &nbsp;&nbsp;&nbsp; 64662130 |
| **Agency Mortgage-Backed Securities — 6.7%** | **Agency Mortgage-Backed Securities — 6.7%** | **Agency Mortgage-Backed Securities — 6.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/01/41 | 631926 | &nbsp;&nbsp;&nbsp; 534094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 07/01/41 | 501672 | &nbsp;&nbsp;&nbsp; 423689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/35 | 1835432 | &nbsp;&nbsp;&nbsp; 1749799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/49 | 2686554 | &nbsp;&nbsp;&nbsp; 2582443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/47 | 1118979 | &nbsp;&nbsp;&nbsp; 1108317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/52 | 727740 | &nbsp;&nbsp;&nbsp; 709152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/52 | 3277250 | &nbsp;&nbsp;&nbsp; 3266152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/53 | 4295739 | &nbsp;&nbsp;&nbsp; 4418924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/55 | 380871 | &nbsp;&nbsp;&nbsp; 390254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/53 | 649748 | &nbsp;&nbsp;&nbsp; 681353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/01/39 | 22692 | &nbsp;&nbsp;&nbsp; 23903 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/41 | 3499262 | &nbsp;&nbsp;&nbsp; 3041715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51 | 2081279 | &nbsp;&nbsp;&nbsp; 1710685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51 | 6959740 | &nbsp;&nbsp;&nbsp; 5703425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/41 | 1902777 | &nbsp;&nbsp;&nbsp; 1695679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 198335 | &nbsp;&nbsp;&nbsp; 171964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 1089110 | &nbsp;&nbsp;&nbsp; 935833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 2361587 | &nbsp;&nbsp;&nbsp; 2025540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/51 | 11799863 | &nbsp;&nbsp;&nbsp; 10456066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/45 | 4300534 | &nbsp;&nbsp;&nbsp; 4042973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/48 | 847717 | &nbsp;&nbsp;&nbsp; 837184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/49 | 34585 | &nbsp;&nbsp;&nbsp; 34084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/49 | 18632 | &nbsp;&nbsp;&nbsp; 18382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/58 | 59284 | &nbsp;&nbsp;&nbsp; 57521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/53 | 4295664 | &nbsp;&nbsp;&nbsp; 4348222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/01/30 | 112 | &nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/01/31 | 652 | &nbsp;&nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 09/01/31 | 436 | &nbsp;&nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/01/31 | 457 | &nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/31 | 9060 | &nbsp;&nbsp;&nbsp; 9459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/01/32 | 3275 | &nbsp;&nbsp;&nbsp; 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 01/01/30 | 63 | &nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/01/30 | 130 | &nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/01/30 | 14 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 08/01/30 | 32 | &nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 11/01/30 | 4845 | &nbsp;&nbsp;&nbsp; 4896 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/01/31 | 52 | &nbsp;&nbsp;&nbsp; $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 07/01/30 | 91 | &nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 09/01/30 | 207 | &nbsp;&nbsp;&nbsp; 211 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.755%, SOFR30A + 6.400%, 07/25/31 (144A) (d) | 1781868 | &nbsp;&nbsp;&nbsp; 1713501 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/20/50 | 1189533 | &nbsp;&nbsp;&nbsp; 983815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/20/51 | 710962 | &nbsp;&nbsp;&nbsp; 582498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/20/51 | 2261165 | &nbsp;&nbsp;&nbsp; 1948331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/20/51 | 244465 | &nbsp;&nbsp;&nbsp; 209055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/20/50 | 2093596 | &nbsp;&nbsp;&nbsp; 1925688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/52 | 1529739 | &nbsp;&nbsp;&nbsp; 1451503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/20/50 | 780141 | &nbsp;&nbsp;&nbsp; 771283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/50 | 135311 | &nbsp;&nbsp;&nbsp; 133260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/53 | 1184861 | &nbsp;&nbsp;&nbsp; 1154718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/20/52 | 1890590 | &nbsp;&nbsp;&nbsp; 1891949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/20/53 | 1296226 | &nbsp;&nbsp;&nbsp; 1291750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/34 | 10559 | &nbsp;&nbsp;&nbsp; 10890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/20/34 | 1744 | &nbsp;&nbsp;&nbsp; 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/34 | 3779 | &nbsp;&nbsp;&nbsp; 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/34 | 18109 | &nbsp;&nbsp;&nbsp; 18707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/34 | 17316 | &nbsp;&nbsp;&nbsp; 17861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/53 | 1986210 | &nbsp;&nbsp;&nbsp; 2013205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/38 | 20995 | &nbsp;&nbsp;&nbsp; 22042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/20/32 | 2028 | &nbsp;&nbsp;&nbsp; 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/33 | 399 | &nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/15/33 | 1217 | &nbsp;&nbsp;&nbsp; 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/33 | 778 | &nbsp;&nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/33 | 1122 | &nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/15/33 | 524 | &nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/15/33 | 747 | &nbsp;&nbsp;&nbsp; 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/33 | 2897 | &nbsp;&nbsp;&nbsp; 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/15/32 | 137 | &nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/15/32 | 115 | &nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/15/32 | 296 | &nbsp;&nbsp;&nbsp; 308 |
| Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/16/52 (d) (h) | 1420602 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.498%, 07/16/58 (d) (h) | 649131 | &nbsp;&nbsp;&nbsp; 15474 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (m) | 2600000 | &nbsp;&nbsp;&nbsp; 2320698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (m) | 800000 | &nbsp;&nbsp;&nbsp; 729293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (m) | 900000 | &nbsp;&nbsp;&nbsp; 846089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (m) | 2800000 | &nbsp;&nbsp;&nbsp; 2714885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (m) | 2400000 | &nbsp;&nbsp;&nbsp; 2387086 |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, SOFR30A + 3.364%, 10/25/49 (144A) (d) | 2155257 | &nbsp;&nbsp;&nbsp; 2187975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.221%, SOFR30A + 3.864%, 03/25/50 (144A) (d) | 3405400 | &nbsp;&nbsp;&nbsp; 3464291 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (m) | 15100000 | &nbsp;&nbsp;&nbsp; 12719328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (m) | 2100000 | &nbsp;&nbsp;&nbsp; 1844223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (m) | 8700000 | &nbsp;&nbsp;&nbsp; 7947634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (m) | 10000000 | &nbsp;&nbsp;&nbsp; 9423625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (m) | 3600000 | &nbsp;&nbsp;&nbsp; 3491488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (m) | 4200000 | &nbsp;&nbsp;&nbsp; 4243259 |

---

**BHFTII-266**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, TBA (m) | 3300000 | &nbsp;&nbsp;&nbsp; $3327185 |
|  |  | &nbsp;&nbsp;&nbsp; 124806340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $194,056,865) <br>|  | &nbsp;&nbsp;&nbsp; 189468470 |
| **Asset-Backed Securities—9.5%** | **Asset-Backed Securities—9.5%** | **Asset-Backed Securities—9.5%** |
| **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.710%, 08/20/27 (144A) | 7750000 | &nbsp;&nbsp;&nbsp; 7638629 |
| **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** |
| WaMu Asset-Backed Certificates WaMu Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.442%, 1M TSFR + 0.284%, 07/25/47 (d) | 5762398 | &nbsp;&nbsp;&nbsp; 4339268 |
| **Asset-Backed - Manufactured Housing — 0.4%** | **Asset-Backed - Manufactured Housing — 0.4%** | **Asset-Backed - Manufactured Housing — 0.4%** |
| Conseco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.020%, 05/01/31 (d) | 15120042 | &nbsp;&nbsp;&nbsp; 3969882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700%, 05/01/31 (d) | 6801599 | &nbsp;&nbsp;&nbsp; 1929827 |
| Origen Manufactured Housing Contract Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.605%, 04/15/37 (d) | 146581 | &nbsp;&nbsp;&nbsp; 136193 |
| UCFC Manufactured Housing Contract |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.095%, 04/15/29 (d) | 343354 | &nbsp;&nbsp;&nbsp; 327436 |
|  |  | &nbsp;&nbsp;&nbsp; 6363338 |
| **Asset-Backed - Other — 8.0%** | **Asset-Backed - Other — 8.0%** | **Asset-Backed - Other — 8.0%** |
| 1988 CLO 5 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.618%, 3M TSFR + 3.300%, 07/15/37 (144A) (d) | 1200000 | &nbsp;&nbsp;&nbsp; 1204544 |
| 720 East CLO VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.031%, 3M TSFR + 4.750%, 04/20/37 (144A) (d) | 2010000 | &nbsp;&nbsp;&nbsp; 1987958 |
| AGL CLO 17 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.976%, 3M TSFR + 4.650%, 01/21/35 (144A) (d) | 2570000 | &nbsp;&nbsp;&nbsp; 2499060 |
| AGL CLO 44 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.703%, 3M TSFR + 4.750%, 10/22/37 (144A) (d) | 3630000 | &nbsp;&nbsp;&nbsp; 3594353 |
| AIMCO CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.832%, 3M TSFR + 2.600%, 10/17/38 (144A) (d) | 3500000 | &nbsp;&nbsp;&nbsp; 3507161 |
| AMMC CLO 27 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.026%, 3M TSFR + 2.700%, 01/20/37 (144A) (d) | 1580000 | &nbsp;&nbsp;&nbsp; 1581601 |
| AMMC CLO 30 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.818%, 3M TSFR + 4.500%, 01/15/37 (144A) (d) | 1800000 | &nbsp;&nbsp;&nbsp; 1820673 |
| Apex Credit CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.983%, 3M TSFR + 3.750%, 10/20/34 (144A) (d) | 2375000 | &nbsp;&nbsp;&nbsp; 2374969 |
| APL Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.861%, 07/21/31 (144A) | 1200000 | &nbsp;&nbsp;&nbsp; 1221701 |
| Applebee's Funding LLC/IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.824%, 03/05/53 (144A) | 2000000 | &nbsp;&nbsp;&nbsp; 2034804 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/25/36 | 892280 | &nbsp;&nbsp;&nbsp; 280054 |
| Black Diamond CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.969%, 3M TSFR + 1.650%, 10/25/37 (144A) (d) | 5000000 | &nbsp;&nbsp;&nbsp; 5014730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.219%, 3M TSFR + 3.900%, 11/22/34 (144A) (d) | 3720000 | &nbsp;&nbsp;&nbsp; 3732083 |
| Blueberry Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.226%, 3M TSFR + 2.900%, 10/20/37 (144A) (d) | 2640000 | &nbsp;&nbsp;&nbsp; 2662715 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Captree Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.576%, 3M TSFR + 3.250%, 07/20/37 (144A) (d) | 2220000 | &nbsp;&nbsp;&nbsp; $2237429 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.523%, 3M TSFR + 1.312%, 05/15/31 (144A) (d) | 561144 | &nbsp;&nbsp;&nbsp; 561086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.537%, 3M TSFR + 3.212%, 07/20/31 (144A) (d) | 1500000 | &nbsp;&nbsp;&nbsp; 1503602 |
| CarVal CLO XI C Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.326%, 3M TSFR + 3.000%, 10/20/37 (144A) (d) | 3820000 | &nbsp;&nbsp;&nbsp; 3849254 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.026%, 3M TSFR + 3.700%, 04/20/37 (144A) (d) | 1340000 | &nbsp;&nbsp;&nbsp; 1349676 |
| Columbia Cent CLO 35 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.822%, 3M TSFR + 3.500%, 07/25/36 (144A) (d) | 2400000 | &nbsp;&nbsp;&nbsp; 2396414 |
| Dividend Solar Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.670%, 08/22/39 (144A) | 1887149 | &nbsp;&nbsp;&nbsp; 1751482 |
| Flatiron CLO 28 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.853%, 3M TSFR + 4.600%, 07/15/36 (144A) (d) | 1540000 | &nbsp;&nbsp;&nbsp; 1538152 |
| Fortress Credit BSL XII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.709%, 3M TSFR + 7.392%, 10/15/34 (144A) (d) | 2000000 | &nbsp;&nbsp;&nbsp; 1926144 |
| Galaxy XXVI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.154%, 3M TSFR + 2.950%, 11/22/31 (144A) (d) | 1795000 | &nbsp;&nbsp;&nbsp; 1801672 |
| Golub Capital Partners CLO 53B Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.026%, 3M TSFR + 4.700%, 07/20/34 (144A) (d) | 2500000 | &nbsp;&nbsp;&nbsp; 2463265 |
| Greystone CRE Notes HC-4 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.390%, 1M TSFR + 2.240%, 10/15/42 (144A) (d) | 4800000 | &nbsp;&nbsp;&nbsp; 4788000 |
| Greywolf CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.780%, 3M TSFR + 3.500%, 04/17/34 (144A) (d) | 1860000 | &nbsp;&nbsp;&nbsp; 1859942 |
| HalseyPoint CLO 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790%, 3M TSFR + 1.480%, 07/30/37 (144A) (d) | 2110000 | &nbsp;&nbsp;&nbsp; 2120048 |
| Hayfin U.S. XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.574%, 3M TSFR + 4.260%, 04/28/37 (144A) (d) | 2970000 | &nbsp;&nbsp;&nbsp; 2998717 |
| Jamestown CLO IX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.506%, 3M TSFR + 3.250%, 07/25/34 (144A) (d) | 2660000 | &nbsp;&nbsp;&nbsp; 2673300 |
| Kestrel Aircraft Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/38 (144A) | 651642 | &nbsp;&nbsp;&nbsp; 647622 |
| LFS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 07/15/35 (144A) | 1000000 | &nbsp;&nbsp;&nbsp; 1001430 |
| Madison Park Funding XXIV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.276%, 3M TSFR + 2.950%, 10/20/29 (144A) (d) | 2460000 | &nbsp;&nbsp;&nbsp; 2462723 |
| Magnetite XXII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.218%, 3M TSFR + 2.900%, 07/15/36 (144A) (d) | 1830000 | &nbsp;&nbsp;&nbsp; 1831147 |
| Magnetite XXXII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.782%, 3M TSFR + 4.600%, 10/15/37 (144A) (d) | 3980000 | &nbsp;&nbsp;&nbsp; 3981560 |
| MF1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.456%, 1M TSFR + 1.320%, 02/18/40 (144A) (d) | 3860000 | &nbsp;&nbsp;&nbsp; 3854994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.877%, 1M TSFR + 2.741%, 02/18/40 (144A) (d) | 1410000 | &nbsp;&nbsp;&nbsp; 1399840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.626%, 1M TSFR + 3.490%, 02/18/40 (144A) (d) | 1340000 | &nbsp;&nbsp;&nbsp; 1330420 |
| Mountain View CLO XIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.228%, 3M TSFR + 3.400%, 10/17/38 (144A) (d) | 2610000 | &nbsp;&nbsp;&nbsp; 2615212 |
| Mountain View CLO XVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.508%, 3M TSFR + 4.190%, 04/15/34 (144A) (d) | 3700000 | &nbsp;&nbsp;&nbsp; 3699186 |
| New Mountain CLO 5 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.476%, 3M TSFR + 3.150%, 07/20/36 (144A) (d) | 2690000 | &nbsp;&nbsp;&nbsp; 2692591 |
| Ocean Trails CLO X |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%, 3M TSFR + 1.300%, 10/15/34 (144A) (d) | 5500000 | &nbsp;&nbsp;&nbsp; 5502915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.149%, 3M TSFR + 7.832%, 10/15/34 (144A) (d) | 4000000 | &nbsp;&nbsp;&nbsp; 3944912 |
| Octagon Investment Partners 47 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.332%, 3M TSFR + 6.000%, 01/22/38 (144A) (d) | 2680000 | &nbsp;&nbsp;&nbsp; 2690192 |

---

**BHFTII-267**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 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)** |
| OHA Credit Funding 11 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.176%, 3M TSFR + 2.850%, 07/19/37 (144A) (d) | 3150000 | &nbsp;&nbsp;&nbsp; $3175345 |
| OHA Credit Funding 19 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.226%, 3M TSFR + 2.900%, 07/20/37 (144A) (d) | 1000000 | &nbsp;&nbsp;&nbsp; 995644 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.276%, 3M TSFR + 2.950%, 07/20/37 (144A) (d) | 4460000 | &nbsp;&nbsp;&nbsp; 4498771 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.318%, 3M TSFR + 3.000%, 04/15/31 (144A) (d) | 3230000 | &nbsp;&nbsp;&nbsp; 3240724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.218%, 3M TSFR + 4.900%, 10/15/32 (144A) (d) | 2250000 | &nbsp;&nbsp;&nbsp; 2241412 |
| Pioneer Aircraft Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.967%, 06/15/44 (144A) | 1245172 | &nbsp;&nbsp;&nbsp; 1223772 |
| Point Broadband Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.156%, 07/20/55 (144A) | 1500000 | &nbsp;&nbsp;&nbsp; 1533562 |
| RR 18 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.141%, 3M TSFR + 4.900%, 07/15/40 (144A) (d) | 3913000 | &nbsp;&nbsp;&nbsp; 3916823 |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M TSFR + 0.334%, 02/25/36 (144A) (d) | 2523960 | &nbsp;&nbsp;&nbsp; 45158 |
| Symphony CLO XIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.539%, 3M TSFR + 1.222%, 04/16/31 (144A) (d) | 1185644 | &nbsp;&nbsp;&nbsp; 1186232 |
| TCI-Symphony CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.682%, 3M TSFR + 3.362%, 10/13/32 (144A) (d) | 1720000 | &nbsp;&nbsp;&nbsp; 1719488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.332%, 3M TSFR + 7.012%, 10/13/32 (144A) (d) | 6440000 | &nbsp;&nbsp;&nbsp; 6153967 |
| Thrust Engine Leasing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.163%, 07/15/40 (144A) | 2884072 | &nbsp;&nbsp;&nbsp; 2834134 |
| Trinitas CLO XXVII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.629%, 3M TSFR + 4.300%, 04/18/37 (144A) (d) | 3660000 | &nbsp;&nbsp;&nbsp; 3695140 |
| Valley Stream Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.026%, 3M TSFR + 2.700%, 01/20/37 (144A) (d) | 2425000 | &nbsp;&nbsp;&nbsp; 2426656 |
| Warwick Capital CLO 3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.826%, 3M TSFR + 4.500%, 04/20/37 (144A) (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2012998 |
| Whitebox CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.104%, 3M TSFR + 2.850%, 07/20/38 (144A) (d) | 2680000 | &nbsp;&nbsp;&nbsp; 2700111 |
|  |  | &nbsp;&nbsp;&nbsp; 150589270 |
| **Asset-Backed - Student Loan — 0.5%** | **Asset-Backed - Student Loan — 0.5%** | **Asset-Backed - Student Loan — 0.5%** |
| Bayview Opportunity Master Fund VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.583%, SOFR30A + 2.250%, 07/27/48 (144A) (d) | 4320000 | &nbsp;&nbsp;&nbsp; 4320000 |
| College Avenue Student Loans LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.060%, 05/25/55 (144A) | 2308100 | &nbsp;&nbsp;&nbsp; 2336229 |
| National Collegiate Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.562%, 1M TSFR + 0.404%, 01/25/33 (d) | 1038650 | &nbsp;&nbsp;&nbsp; 1021044 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.860%, 01/15/53 (144A) | 2113885 | &nbsp;&nbsp;&nbsp; 1927033 |
|  |  | &nbsp;&nbsp;&nbsp; 9604306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $181,024,167) <br>|  | &nbsp;&nbsp;&nbsp; 178534811 |
| **Foreign Government—5.0%** | **Foreign Government—5.0%** | **Foreign Government—5.0%** |
| **Regional Government — 0.9%** | **Regional Government — 0.9%** | **Regional Government — 0.9%** |
| Provincia de Buenos Aires/Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/01/37 (144A) (e) | 21633821 | &nbsp;&nbsp;&nbsp; 12601701 |
| Provincia de Cordoba |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 07/02/32 (144A) | 5233000 | &nbsp;&nbsp;&nbsp; 4997515 |
|  |  | &nbsp;&nbsp;&nbsp; 17599216 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign — 4.1%** | **Sovereign — 4.1%** | **Sovereign — 4.1%** |
| Angola Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 04/14/32 (144A) (a) | 1520000 | &nbsp;&nbsp;&nbsp; $1449665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 11/26/49 | 1710000 | &nbsp;&nbsp;&nbsp; 1434365 |
| Bahamas Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 06/24/36 (144A) | 3000000 | &nbsp;&nbsp;&nbsp; 3238680 |
| Brazil Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/07/26 (a) | 2770000 | &nbsp;&nbsp;&nbsp; 2789113 |
| Brazil Letras do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/01/26 (BRL) | 4784000 | &nbsp;&nbsp;&nbsp; 867882 |
| Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 01/01/31 (BRL) | 56781000 | &nbsp;&nbsp;&nbsp; 9343787 |
| Dominican Republic International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/30/30 | 900000 | &nbsp;&nbsp;&nbsp; 880515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/23/32 | 4020000 | &nbsp;&nbsp;&nbsp; 3836286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/22/29 (144A) | 2100000 | &nbsp;&nbsp;&nbsp; 2140425 |
| Eagle Funding Luxco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/17/30 (144A) | 2770000 | &nbsp;&nbsp;&nbsp; 2810331 |
| Egypt Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/16/31 | 510000 | &nbsp;&nbsp;&nbsp; 473233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.053%, 01/15/32 | 1940000 | &nbsp;&nbsp;&nbsp; 1866998 |
| El Salvador Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 04/17/30 (144A) | 1180000 | &nbsp;&nbsp;&nbsp; 1286200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.650%, 11/21/54 (144A) | 2370000 | &nbsp;&nbsp;&nbsp; 2559600 |
| Ethiopia International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/11/24 | 1500000 | &nbsp;&nbsp;&nbsp; 1436250 |
| Ghana Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/03/26 (144A) | 22720 | &nbsp;&nbsp;&nbsp; 21925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/03/29 (144A) (e) | 646140 | &nbsp;&nbsp;&nbsp; 628251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/03/35 (144A) (e) | 929160 | &nbsp;&nbsp;&nbsp; 781965 |
| Ivory Coast Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 01/30/33 (144A) | 6250000 | &nbsp;&nbsp;&nbsp; 6499917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 01/30/37 (144A) | 1720000 | &nbsp;&nbsp;&nbsp; 1793718 |
| Jamaica Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 11/03/30 (JMD) | 227000000 | &nbsp;&nbsp;&nbsp; 1470903 |
| Jordan Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 01/13/29 | 2340000 | &nbsp;&nbsp;&nbsp; 2441261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 01/15/28 (144A) | 3150000 | &nbsp;&nbsp;&nbsp; 3287609 |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/07/36 (a) | 4330000 | &nbsp;&nbsp;&nbsp; 4424610 |
| Mozambique International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/15/31 (e) | 1240000 | &nbsp;&nbsp;&nbsp; 1103624 |
| Nigeria Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.143%, 02/23/30 | 2600000 | &nbsp;&nbsp;&nbsp; 2565173 |
| Republic of Kenya Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 01/23/34 | 1220000 | &nbsp;&nbsp;&nbsp; 1072089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 02/16/31 (144A) | 4740000 | &nbsp;&nbsp;&nbsp; 5058472 |
| Republic of Uzbekistan International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/19/31 | 1650000 | &nbsp;&nbsp;&nbsp; 1514532 |
| Romania Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 02/10/37 (144A) (a) | 2190000 | &nbsp;&nbsp;&nbsp; 2350392 |
| Senegal Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 05/23/33 | 1520000 | &nbsp;&nbsp;&nbsp; 1097321 |
| Sri Lanka Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 01/15/30 (144A) (e) | 163672 | &nbsp;&nbsp;&nbsp; 153033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 03/15/33 (144A) (e) | 321040 | &nbsp;&nbsp;&nbsp; 274232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 06/15/35 (144A) (e) | 216776 | &nbsp;&nbsp;&nbsp; 158017 |

---

**BHFTII-268**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

**Short-Term Investments—1.2%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Sri Lanka Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 05/15/36 (144A) (e) | 150447 | &nbsp;&nbsp;&nbsp; $132769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 02/15/38 (144A) (e) | 301021 | &nbsp;&nbsp;&nbsp; 267547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/28 (144A) | 152952 | &nbsp;&nbsp;&nbsp; 146145 |
| Ukraine Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/01/30 (e) | 23994 | &nbsp;&nbsp;&nbsp; 12596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/01/34 (e) | 612820 | &nbsp;&nbsp;&nbsp; 254117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/01/36 (e) | 431563 | &nbsp;&nbsp;&nbsp; 209343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/35 (e) | 517876 | &nbsp;&nbsp;&nbsp; 251103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/34 (e) | 600436 | &nbsp;&nbsp;&nbsp; 338020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/35 (e) | 1050764 | &nbsp;&nbsp;&nbsp; 580119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/36 (e) | 1350982 | &nbsp;&nbsp;&nbsp; 735273 |
| Uruguay Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 05/16/45 (UYU) (n) | 9313696 | &nbsp;&nbsp;&nbsp; 237719 |
|  |  | &nbsp;&nbsp;&nbsp; 76275125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government <br>(Cost $89,908,260) <br>|  | &nbsp;&nbsp;&nbsp; 93874341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.4%** | **Convertible Preferred Stocks—0.4%** | **Convertible Preferred Stocks—0.4%** |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co.- Series L, 7.500% <br>(Cost $5,598,292)<br>| 4965 | &nbsp;&nbsp;&nbsp; 6128250 |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Lear Corp.  | 399 | &nbsp;&nbsp;&nbsp; 40143 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| LyondellBasell Industries NV - Class A | 23 | &nbsp;&nbsp;&nbsp; 1128 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Cengage Learning, Inc. (o) | 10995 | &nbsp;&nbsp;&nbsp; 258383 |
| **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;&nbsp; 27990 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Spirit Aviation Holdings, Inc. † (a) (o) | 82316 | &nbsp;&nbsp;&nbsp; 31280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,273,819) <br>|  | &nbsp;&nbsp;&nbsp; 358924 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Forest Corp. (f) (g) (o) <br>(Cost $0)<br>| 1746000 | &nbsp;&nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Repurchase Agreement—1.2%** | **Repurchase Agreement—1.2%** | **Repurchase Agreement—1.2%** |
| Fixed Income Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due <br> on 10/01/25, with a maturity value of $22,399,598; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $22,845,883<br>| 22397732 | &nbsp;&nbsp;&nbsp; $22397732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $22,397,732) <br>|  | &nbsp;&nbsp;&nbsp; 22397732 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (p)—15.2%** | **Securities Lending Reinvestments (p)—15.2%** | **Securities Lending Reinvestments (p)—15.2%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (q)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.040% (q)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (q)<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp;&nbsp; 7000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—2.6%** | **Certificates of Deposit—2.6%** | **Certificates of Deposit—2.6%** |
| Bank of America NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%, SOFR + 0.400%, 03/31/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2001810 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520%, SOFR + 0.390%, 05/05/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000770 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460%, SOFR + 0.330%, 07/22/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 1999979 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 10/01/25 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 1999998 |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 04/13/26 (d) | 3000000 | &nbsp;&nbsp;&nbsp; 3002901 |
| Credit Agricole Corp. and Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410%, SOFR + 0.280%, 11/03/25 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000016 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, SOFR + 0.220%, 03/17/26 (d) | 1000000 | &nbsp;&nbsp;&nbsp; 1000021 |
| Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, SOFR + 0.240%, 01/13/26 (d) | 1500000 | &nbsp;&nbsp;&nbsp; 1500127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 11/13/25 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000266 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 02/11/26 (d) | 1000000 | &nbsp;&nbsp;&nbsp; 999805 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 11/21/25 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.380%, SOFR + 0.220%, 12/15/25 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000262 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%, SOFR + 0.380%, 05/01/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2001354 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/06/25 | 5000000 | &nbsp;&nbsp;&nbsp; 4999985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.200%, 12/08/25 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 1999994 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 10/15/25 (d) | 3000000 | &nbsp;&nbsp;&nbsp; 3000165 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, SOFR + 0.260%, 02/06/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000348 |
| Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.360%, SOFR + 0.230%, 01/30/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, SOFR + 0.350%, 10/14/25 (d) | 3000000 | &nbsp;&nbsp;&nbsp; 3000201 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480%, 10/24/25 | 2000000 | &nbsp;&nbsp;&nbsp; 2000580 |

---

**BHFTII-269**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 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)** |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/10/25 | 2000000 | &nbsp;&nbsp;&nbsp; $2000240 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, SOFR + 0.290%, 03/20/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2000554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610%, SOFR + 0.450%, 04/23/26 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 2002308 |
|  |  | &nbsp;&nbsp;&nbsp; 49512056 |
| **Commercial Paper—1.0%** | **Commercial Paper—1.0%** | **Commercial Paper—1.0%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/03/25 | 6000000 | &nbsp;&nbsp;&nbsp; 5997918 |
| Ionic Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%, 10/02/25 | 3000000 | &nbsp;&nbsp;&nbsp; 2999277 |
| Old Line Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, SOFR + 0.140%, 12/08/25 (d) | 2000000 | &nbsp;&nbsp;&nbsp; 1999806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.310%, SOFR + 0.150%, 10/06/25 (d) | 5000000 | &nbsp;&nbsp;&nbsp; 4999995 |
| Salisbury Receivables Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/11/25 | 2000000 | &nbsp;&nbsp;&nbsp; 1983212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 12/08/25 | 2000000 | &nbsp;&nbsp;&nbsp; 1983900 |
|  |  | &nbsp;&nbsp;&nbsp; 19964108 |
| **Repurchase Agreements—9.3%** | **Repurchase Agreements—9.3%** | **Repurchase Agreements—9.3%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due <br> on 10/01/25 with a maturity value of $20,002,333; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,246,715<br>| 20000000 | &nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.220%, due <br> on 10/01/25 with a maturity value of $12,001,407; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,348,029<br>| 12000000 | &nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due <br> on 10/01/25 with a maturity value of $7,000,830; <br> collateralized by various Common Stock with an aggregate <br> market value of $7,786,350<br>| 7000000 | &nbsp;&nbsp;&nbsp; 7000000 |
| Barclays Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.420%, due <br> on 01/02/26 with a maturity value of $1,011,541; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.125% - 2.375%, maturity dates ranging <br> from 07/15/26 - 10/15/28, and various Common Stock <br> with an aggregate market value of $1,114,015<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| Barclays Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.180%, due <br> on 10/01/25 with a maturity value of $10,001,161; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 1.375% - 4.625%, maturity dates ranging <br> from 06/15/27 - 10/31/28, and an aggregate market <br> value of $10,200,005<br>| 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |
| Citigroup Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.580%, due <br> on 04/06/26 with a maturity value of $10,239,178; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,000,003<br>| 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due <br> on 10/01/25 with a maturity value of $4,600,530; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.000% - 4.625%, maturity dates ranging <br> from 10/28/25 - 05/15/35, and an aggregate market <br> value of $4,692,001<br>| 4600000 | &nbsp;&nbsp;&nbsp; $4600000 |
| ING Financial Markets LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due <br> on 10/01/25 with a maturity value of $2,443,027; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 1.125% - 6.125%, maturity dates ranging <br> from 11/15/27 - 08/15/53, and an aggregate market <br> value of $2,491,598<br>| 2442743 | &nbsp;&nbsp;&nbsp; 2442743 |
| National Bank Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due <br> on 10/01/25 with a maturity value of $3,000,357; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,345,282<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.280%, due <br> on 10/01/25 with a maturity value of $5,000,594; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,575,471<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.300%, due <br> on 10/07/25 with a maturity value of $38,031,772; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 3.750% - 4.125%, maturity dates ranging <br> from 10/31/26 - 11/30/29, and various Common Stock <br> with an aggregate market value of $42,263,139<br>| 38000000 | &nbsp;&nbsp;&nbsp; 38000000 |
| NBC Global Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.330%, due <br> on 10/07/25 with a maturity value of $45,037,888; <br> collateralized by various Common Stock with an aggregate <br> market value of $50,181,263<br>| 45000000 | &nbsp;&nbsp;&nbsp; 45000000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due <br> on 10/01/25 with a maturity value of $4,900,557; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.125% - 2.375%, maturity dates ranging <br> from 05/31/26 - 07/15/30, and an aggregate market <br> value of $4,998,001<br>| 4900000 | &nbsp;&nbsp;&nbsp; 4900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.260%, due <br> on 10/01/25 with a maturity value of $6,000,710; <br> collateralized by various Common Stock with an aggregate <br> market value of $6,674,652<br>| 6000000 | &nbsp;&nbsp;&nbsp; 6000000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due <br> on 10/01/25 with a maturity value of $5,000,582; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,500,640<br>| 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp;&nbsp; 173942743 |
| **Time Deposits—1.9%** | **Time Deposits—1.9%** | **Time Deposits—1.9%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.090%, 10/01/25 | 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.040%, 10/01/25 | 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |
| DZ Bank AG (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080%, 10/01/25 | 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |

---

**BHFTII-270**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| Skandinaviska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 5000000 | &nbsp;&nbsp;&nbsp; $5000000 |
| Svenska (NY) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.060%, 10/01/25 | 10000000 | &nbsp;&nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $285,408,897) <br>|  | &nbsp;&nbsp;&nbsp; 285418907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Options—0.0% (r) <br>(Cost $29,058) <br>|  | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—117.6% <br>(Cost $2,215,300,555)<br>|  | &nbsp;&nbsp;&nbsp; 2204307805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Commitments—0.0% <br>(Cost $(529727))<br>|  | &nbsp;&nbsp;&nbsp; (529727)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investments—117.6% <br>(Cost $2,214,770,828) <br>|  | &nbsp;&nbsp;&nbsp; 2203778078 |
| Other assets and liabilities (net)—(17.6)%  |  | &nbsp;&nbsp;&nbsp; (329021291)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1874756787 |

---

&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 September 30, 2025, the market value of restricted securities <br> was $37,571,669, which is 2.0% of net assets. See details shown in the Restricted Securities <br> table that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of September 30, 2025, the market value <br> of securities loaned was $311,040,519 and the collateral received consisted of cash in the <br> amount of $285,397,368 and non-cash collateral with a value of $37,592,807. 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.<br>|
| (b) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (c) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (d) | Variable or floating rate security. The stated rate represents the rate at September 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>|
| (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 September 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 September 30, 2025, at which time the interest rate will be <br> determined.<br>|
| (k) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of September 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 September 30, <br> 2025.<br>|
| (q) | The rate shown represents the annualized seven-day yield as of September 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 September 30, 2025, the market value of 144A securities was <br> $1,219,277,110, which is 65.0% 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 |
| Ascent CNR Corp. - Class A | 04/18/16 |  | &nbsp;&nbsp; 13995 | &nbsp;&nbsp; 27991 | &nbsp;&nbsp; 27990 |
| Knight Health Holdings LLC, 9.528%, 12/23/28 | 12/17/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1387980 | &nbsp;&nbsp; 1340995 | &nbsp;&nbsp; 461503 |
| Mcclatchy Media Co. LLC, 11.000%, 12/01/31 | 12/11/24-09/03/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30922093 | &nbsp;&nbsp; 29618153 | &nbsp;&nbsp; 34555439 |
| 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 |
| Spirit Aviation Holdings, Inc. | 09/02/20-04/01/25 |  | &nbsp;&nbsp; 82316 | &nbsp;&nbsp; 1829186 | &nbsp;&nbsp; 31280 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 11.000%, 03/12/30 | 09/02/20-07/24/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5897542 | &nbsp;&nbsp; 7096332 | &nbsp;&nbsp; 2495368 |
|  |  |  |  |  | &nbsp;&nbsp; $37571669 |

---

**BHFTII-271**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 22220780 | JPMC | 10/16/25 | USD | 14500170 | &nbsp;&nbsp; $206352 |
| BRL | &nbsp;&nbsp; 3315028 | GSBU | 10/02/25 | USD | 623290 | &nbsp;&nbsp; (428)<br>|
| BRL | &nbsp;&nbsp; 38330000 | JPMC | 10/02/25 | USD | 7206784 | &nbsp;&nbsp; (4942)<br>|
| BRL | &nbsp;&nbsp; 41645028 | JPMC | 10/02/25 | USD | 7828013 | &nbsp;&nbsp; (3309)<br>|
| CNH | &nbsp;&nbsp; 9319278 | BNP | 10/16/25 | USD | 1312191 | &nbsp;&nbsp; (4193)<br>|
| CNH | &nbsp;&nbsp; 19190000 | BNP | 10/16/25 | USD | 2684768 | &nbsp;&nbsp; 8626 |
| CNH | &nbsp;&nbsp; 14700000 | BNP | 10/16/25 | USD | 2050356 | &nbsp;&nbsp; 12847 |
| CNH | &nbsp;&nbsp; 20230000 | BNP | 10/16/25 | USD | 2821587 | &nbsp;&nbsp; 17775 |
| EUR | &nbsp;&nbsp; 9843712 | JPMC | 10/16/25 | USD | 11633584 | &nbsp;&nbsp; (66696)<br>|
| EUR | &nbsp;&nbsp; 610000 | JPMC | 10/16/25 | USD | 706381 | &nbsp;&nbsp; 10402 |
| EUR | &nbsp;&nbsp; 1770000 | JPMC | 10/16/25 | USD | 2041551 | &nbsp;&nbsp; 38294 |
| EUR | &nbsp;&nbsp; 2700000 | JPMC | 10/16/25 | USD | 3131095 | &nbsp;&nbsp; 41549 |
| EUR | &nbsp;&nbsp; 1620000 | JPMC | 10/16/25 | USD | 1860108 | &nbsp;&nbsp; 43479 |
| GBP | &nbsp;&nbsp; 1750000 | GSBU | 10/16/25 | USD | 2334050 | &nbsp;&nbsp; 19712 |
| GBP | &nbsp;&nbsp; 1790000 | GSBU | 10/16/25 | USD | 2384794 | &nbsp;&nbsp; 22768 |
| JPY | &nbsp;&nbsp; 2034062926 | GSBU | 10/16/25 | USD | 14013861 | &nbsp;&nbsp; (239185)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 2050435 | JPMC | 10/16/25 | USD | 1342304 | &nbsp;&nbsp; (14749)<br>|
| AUD | &nbsp;&nbsp; 2824103 | JPMC | 10/16/25 | USD | 1863255 | &nbsp;&nbsp; (5839)<br>|
| AUD | &nbsp;&nbsp; 3220000 | JPMC | 10/16/25 | USD | 2145612 | &nbsp;&nbsp; 14499 |
| AUD | &nbsp;&nbsp; 2826002 | JPMC | 10/16/25 | USD | 1886307 | &nbsp;&nbsp; 15956 |
| BRL | &nbsp;&nbsp; 3315028 | GSBU | 10/02/25 | USD | 623693 | &nbsp;&nbsp; 831 |
| BRL | &nbsp;&nbsp; 38330000 | JPMC | 10/02/25 | USD | 7004240 | &nbsp;&nbsp; (197602)<br>|
| BRL | &nbsp;&nbsp; 41645028 | JPMC | 10/02/25 | USD | 7830073 | &nbsp;&nbsp; 5370 |
| BRL | &nbsp;&nbsp; 41645028 | JPMC | 11/04/25 | USD | 7767711 | &nbsp;&nbsp; 5736 |
| CAD | &nbsp;&nbsp; 4302957 | CBNA | 10/16/25 | USD | 3171201 | &nbsp;&nbsp; 77102 |
| CNH | &nbsp;&nbsp; 52141517 | BOA | 10/16/25 | USD | 7322527 | &nbsp;&nbsp; 4256 |
| EUR | &nbsp;&nbsp; 1520000 | GSBU | 10/16/25 | USD | 1789786 | &nbsp;&nbsp; 3705 |
| EUR | &nbsp;&nbsp; 1740000 | JPMC | 10/16/25 | USD | 2024824 | &nbsp;&nbsp; (19769)<br>|
| EUR | &nbsp;&nbsp; 3327905 | JPMC | 10/16/25 | USD | 3904841 | &nbsp;&nbsp; (5626)<br>|
| EUR | &nbsp;&nbsp; 1656382 | JPMC | 10/16/25 | USD | 1949902 | &nbsp;&nbsp; 3564 |
| EUR | &nbsp;&nbsp; 1520000 | JPMC | 10/16/25 | USD | 1800339 | &nbsp;&nbsp; 14257 |
| EUR | &nbsp;&nbsp; 1653370 | JPMC | 10/16/25 | USD | 1960210 | &nbsp;&nbsp; 17412 |
| GBP | &nbsp;&nbsp; 24110102 | GSBU | 10/16/25 | USD | 32924032 | &nbsp;&nbsp; 495779 |
| INR | &nbsp;&nbsp; 1798940000 | CBNA | 10/16/25 | USD | 20882819 | &nbsp;&nbsp; 637310 |
| JPY | &nbsp;&nbsp; 93001331 | GSBU | 10/16/25 | USD | 633744 | &nbsp;&nbsp; 3939 |
| JPY | &nbsp;&nbsp; 200893156 | GSBU | 10/16/25 | USD | 1373274 | &nbsp;&nbsp; 12826 |
| JPY | &nbsp;&nbsp; 347230000 | GSBU | 10/16/25 | USD | 2368682 | &nbsp;&nbsp; 17240 |
| MXN | &nbsp;&nbsp; 38726179 | MSCS | 10/16/25 | USD | 2050355 | &nbsp;&nbsp; (61145)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $1128103 |

---

**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;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp; 191 | AUD | 21650165 | &nbsp;&nbsp;&nbsp; $(77447)<br>|
| Euro-Bund Futures | &nbsp;&nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp; 81 | EUR | 10414170 | &nbsp;&nbsp;&nbsp; 58847 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp;&nbsp; 81 | GBP | 7358040 | &nbsp;&nbsp;&nbsp; 47782 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 858 | USD | 100037438 | &nbsp;&nbsp;&nbsp; 2021687 |

---

**BHFTII-272**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Futures Contracts — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; 2003 | USD | 417422071 | &nbsp;&nbsp;&nbsp; $490741 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; 1665 | USD | 181810196 | &nbsp;&nbsp;&nbsp; 63414 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 1153 | USD | 129712500 | &nbsp;&nbsp;&nbsp; 568712 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 125 | USD | 14384766 | &nbsp;&nbsp;&nbsp; 150174 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; 254 | USD | 30495875 | &nbsp;&nbsp;&nbsp; 762416 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| 3 Month SOFR Futures | &nbsp;&nbsp;&nbsp; 03/16/27 | &nbsp;&nbsp;&nbsp; (160)<br>| USD | (38762000)<br>| &nbsp;&nbsp;&nbsp; (20336)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp; $4065990 |

---

**Purchased Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| USD Call/CNY Put | CNY | 7.223 | 10/27/25 | BNP | 10020000 | USD | 10020000 | $29058 | $10 | $(29048)<br>|

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 28-Day TIIE | Monthly | 8.825<br> %<br>| Monthly | 11/19/29 | MXN | 340550000 | &nbsp;&nbsp; $1062967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1062967 |
| Pay | 28-Day TIIE | Monthly | 8.902<br> %<br>| Monthly | 11/16/29 | MXN | 513290000 | &nbsp;&nbsp; 1676308 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1676308 |
| Receive | 12M SOFR | Annually | 3.490<br> %<br>| Annually | 05/31/32 | USD | 52604000 | &nbsp;&nbsp; (56848)<br>| &nbsp;&nbsp; 250859 | &nbsp;&nbsp; (307707)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $2682427 | &nbsp;&nbsp; $250859 | &nbsp;&nbsp; $2431568 |

---

**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 | 10.230% | Maturity | 01/02/29 | JPMC | BRL | 173850000 | &nbsp;&nbsp; $(2991161)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2991161)<br>|
| Pay | 1-Day CDI | Maturity | 11.030% | Maturity | 01/02/26 | BOA | BRL | 268936000 | &nbsp;&nbsp; (1401176)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1401176)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(4392337)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4392337)<br>|

---

**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.S45.V1 | (5.000%) | &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 12/20/30 | &nbsp;&nbsp; 3.208% | &nbsp;&nbsp; USD | 17446600 | &nbsp;&nbsp; $(1345796) | &nbsp;&nbsp; $(1331598) | &nbsp;&nbsp; $(14198) |

---

**BHFTII-273**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**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>|
| &nbsp;&nbsp;&nbsp; MGM Resorts International <br>4.750%, due 10/15/28<br>| (5.000<br> %)<br>| &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/30 | 1.780<br> %<br>| &nbsp;&nbsp; USD | 2756000 | &nbsp;&nbsp; $(373565)<br>| &nbsp;&nbsp; $(351038)<br>| &nbsp;&nbsp; $(22527)<br>|
| &nbsp;&nbsp;&nbsp; Transocean, Inc. <br>8.000%, due 02/01/27<br>| (1.000<br> %)<br>| &nbsp;&nbsp; Quarterly | &nbsp;&nbsp; 06/20/29 | 3.669<br> %<br>| &nbsp;&nbsp; USD | 1720000 | &nbsp;&nbsp; 151355 | &nbsp;&nbsp; 163472 | &nbsp;&nbsp; (12117)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(222210)<br>| &nbsp;&nbsp; $(187566)<br>| &nbsp;&nbsp; $(34644)<br>|

---

**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>|
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc. <br>6.500%, due 07/01/25<br>| 5.000<br> %<br>| Quarterly | 12/20/29 | 5.550<br> %<br>| USD | 3300000 | &nbsp;&nbsp; $(63310)<br>| &nbsp;&nbsp; $126868 | &nbsp;&nbsp; $(190178)<br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. <br>4.625%, due 10/15/29<br>| 5.000<br> %<br>| Quarterly | 06/20/30 | 2.469<br> %<br>| USD | 2756000 | &nbsp;&nbsp; 289625 | &nbsp;&nbsp; 286940 | &nbsp;&nbsp; 2685 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc. <br>9.125%, due 01/31/30<br>| 1.000<br> %<br>| Quarterly | 06/20/29 | 4.375<br> %<br>| USD | 1720000 | &nbsp;&nbsp; (187857)<br>| &nbsp;&nbsp; (233304)<br>| &nbsp;&nbsp; 45447 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | &nbsp;&nbsp; $38458 | &nbsp;&nbsp; $180504 | &nbsp;&nbsp; $(142046)<br>|

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 12M SOFR | Maturity | 10/03/25 | JPMC | WAM EM Frontier Custom Basket Index | USD | 12640000 | $532027 | $— | $532027 |

---

&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).

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advertising | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7824588 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7824588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace/Defense | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9137603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9137603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1665823 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1665823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18446740 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18446740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Manufacturers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14730143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14730143 |

---

**BHFTII-274**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20194600 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20194600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66744102 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66744102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1728571 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1728571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Materials | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6943099 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6943099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7200311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7200311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43546976 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43546976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 322472 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 322472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution/Wholesale | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64316057 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64316057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45274915 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45274915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy-Alternate Sources | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 706033 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 706033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26303475 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26303475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22763624 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22763624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Control | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9569368 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9569368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4576689 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4576689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6326356 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6326356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forest Products & Paper | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1965166 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1965166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11937311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11937311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5401885 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5401885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28989281 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28989281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding Companies-Diversified | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1902422 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1902422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Builders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4931690 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4931690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5685195 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5685195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5991942 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5991942 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3300500 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3300500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Time | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34802618 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34802618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15758664 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15758664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery-Diversified | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6829857 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6829857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44810859 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44810859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7730326 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7730326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mining | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30101745 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30101745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3042202 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3042202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-National | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19949922 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19949922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 114056825 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 114056825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4755131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4755131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18608096 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18608096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pipelines | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64081585 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64081585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4895310 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4895310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24640912 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24640912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21192572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21192572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 947732 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 947732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10433405 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10433405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34820833 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34820833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8519806 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8519806 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 920865341 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 920865341 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 265227565 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 265227565 |
| Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advertising | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2703472 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2703472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apparel | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2898318 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2898318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Parts & Equipment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3911796 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3911796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4881089 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4881089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Materials | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2039750 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2039750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3265517 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3265517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15325494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15325494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8024086 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8024086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution/Wholesale | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 988528 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 988528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21843242 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21843242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2227847 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2227847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 658840 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 658840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24309273 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24309273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Control | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8892389 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8892389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hand/Machine Tools | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2990470 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2990470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Products | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3625777 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3625777 |

---

**BHFTII-275**

------

**Brighthouse Funds Trust II**

**Western Asset Management Strategic Bond Opportunities Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare-Services | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18266233 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18266233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding Companies-Diversified (Less Unfunded Loan Commitments of $463,750) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2688027 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2688027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Furnishings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1318525 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1318525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15483617 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15483617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4516357 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4516357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Time | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5457900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5457900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3704165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3704165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging & Containers (Less Unfunded Loan Commitments of $65,977) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3880984 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3880984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3009968 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3009968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5142962 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5142962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12655070 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12655070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49957983 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49957983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2686500 | &nbsp;&nbsp;&nbsp; 2686500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4149548 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4149548 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $529,727) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 238817227 | &nbsp;&nbsp;&nbsp; 2686500 | &nbsp;&nbsp;&nbsp; 241503727 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 189468470 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 189468470 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178534811 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 178534811 |
| Total Foreign Government\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 93874341 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 93874341 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp;&nbsp; 6128250 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6128250 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp; 40143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 258383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 258383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27990 | &nbsp;&nbsp;&nbsp; 27990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp; 31280 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31280 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp; 72551 | &nbsp;&nbsp;&nbsp; 258383 | &nbsp;&nbsp;&nbsp; 27990 | &nbsp;&nbsp;&nbsp; 358924 |
| Total Escrow Shares\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22397732 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22397732 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49512056 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49512056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19964108 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19964108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 173942743 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 173942743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 278418907 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 285418907 |
| Total Purchased Options at Value\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 |
| Total Net Investments | &nbsp;&nbsp;&nbsp; $13200801 | &nbsp;&nbsp;&nbsp; $2187862787 | &nbsp;&nbsp;&nbsp; $2714490 | &nbsp;&nbsp;&nbsp; $2203778078 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(285397368)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(285397368)<br>|
| Forward Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1751586 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1751586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (623483)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (623483)<br>|
| Total Forward Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1128103 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1128103 |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $4163773 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4163773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; (97783)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97783)<br>|
| Total Futures Contracts | &nbsp;&nbsp;&nbsp; $4065990 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4065990 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2787407 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2787407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (546727)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (546727)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2240680 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2240680 |
| OTC Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $532027 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $532027 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4392337)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4392337)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3860310)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3860310)<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 period ended September 30, 2025 is not presented.

**BHFTII-276**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—55.7% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| **Federal Agencies — 32.1%** | **Federal Agencies — 32.1%** | **Federal Agencies — 32.1%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.460%, 11/03/25 | 10000000 | &nbsp;&nbsp;&nbsp; $9966682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.590%, 02/17/26 | 7900000 | &nbsp;&nbsp;&nbsp; 7797619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 11/17/25 | 10000000 | &nbsp;&nbsp;&nbsp; 9960368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.240%, 09/03/30 | 8000000 | &nbsp;&nbsp;&nbsp; 7042675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, 09/17/35 | 1195000 | &nbsp;&nbsp;&nbsp; 924674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 04/05/27 | 10000000 | &nbsp;&nbsp;&nbsp; 9842473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 10/26/27 | 10000000 | &nbsp;&nbsp;&nbsp; 9802780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/03/28 | 10000000 | &nbsp;&nbsp;&nbsp; 10026804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/02/31 | 8000000 | &nbsp;&nbsp;&nbsp; 8361902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480%, 06/27/42 | 3000000 | &nbsp;&nbsp;&nbsp; 2994080 |
| Federal Home Loan Banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 03/23/26 | 9979125 | &nbsp;&nbsp;&nbsp; 9845777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 02/24/27 | 9990000 | &nbsp;&nbsp;&nbsp; 9635825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 10/26/26 | 15000000 | &nbsp;&nbsp;&nbsp; 14622061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010%, 02/17/27 | 20000000 | &nbsp;&nbsp;&nbsp; 19556528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 03/04/36 | 15000000 | &nbsp;&nbsp;&nbsp; 12073764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/10/27 | 2500000 | &nbsp;&nbsp;&nbsp; 2511880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/15/27 (a) | 4000000 | &nbsp;&nbsp;&nbsp; 4025793 |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/14/29 | 7443000 | &nbsp;&nbsp;&nbsp; 6348593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/17/29 | 5562000 | &nbsp;&nbsp;&nbsp; 4740590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/15/36 | 10000000 | &nbsp;&nbsp;&nbsp; 5992665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/36 | 24765000 | &nbsp;&nbsp;&nbsp; 14679858 |
| Federal Home Loan Mortgage Corp. Coupon STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/28 | 5400000 | &nbsp;&nbsp;&nbsp; 4869488 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/32 | 9000000 | &nbsp;&nbsp;&nbsp; 6807989 |
| Federal National Mortgage Association Principal STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/30 | 30000000 | &nbsp;&nbsp;&nbsp; 25109644 |
| Resolution Funding Corp. Interest STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/26 | 14517000 | &nbsp;&nbsp;&nbsp; 14345815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/26 | 4230000 | &nbsp;&nbsp;&nbsp; 4101887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/28 | 10000000 | &nbsp;&nbsp;&nbsp; 9092141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/29 | 14000000 | &nbsp;&nbsp;&nbsp; 12092320 |
| Resolution Funding Corp. Principal STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/30 | 51000000 | &nbsp;&nbsp;&nbsp; 43132530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/30 | 69000000 | &nbsp;&nbsp;&nbsp; 57733942 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/28 | 15000000 | &nbsp;&nbsp;&nbsp; 15056021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/15/35 (a) | 20000000 | &nbsp;&nbsp;&nbsp; 20721642 |
| U.S. International Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.110%, 05/15/29 | 7500000 | &nbsp;&nbsp;&nbsp; 7070268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540%, 06/15/30 | 5588554 | &nbsp;&nbsp;&nbsp; 5502001 |
|  |  | &nbsp;&nbsp;&nbsp; 406389079 |
| **U.S. Treasury — 23.6%** | **U.S. Treasury — 23.6%** | **U.S. Treasury — 23.6%** |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 01/15/30 (b) | 4017760 | &nbsp;&nbsp;&nbsp; 3835394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 07/15/34 (b) | 10294700 | &nbsp;&nbsp;&nbsp; 10444094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 01/15/35 (b) | 9212310 | &nbsp;&nbsp;&nbsp; 9483578 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 05/15/28 | 25000000 | &nbsp;&nbsp;&nbsp; 25080078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/31/30 | 31900000 | &nbsp;&nbsp;&nbsp; 32434574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/31/26 | 80000000 | &nbsp;&nbsp;&nbsp; 80056250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/35 | 18000000 | &nbsp;&nbsp;&nbsp; 18165938 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/15/27 | 60000000 | &nbsp;&nbsp;&nbsp; $60782813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/31/31 | 56500000 | &nbsp;&nbsp;&nbsp; 58812969 |
|  |  | &nbsp;&nbsp;&nbsp; 299095688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury & Government Agencies <br>(Cost $715,526,560) <br>|  | &nbsp;&nbsp;&nbsp; 705484767 |
| **Agency Sponsored Mortgage-Backed Securities—39.5%** | **Agency Sponsored Mortgage-Backed Securities—39.5%** | **Agency Sponsored Mortgage-Backed Securities—39.5%** |
| **Agency Collateralized Mortgage Obligations — 4.2%** | **Agency Collateralized Mortgage Obligations — 4.2%** | **Agency Collateralized Mortgage Obligations — 4.2%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/25/51 (c) | 1466400 | &nbsp;&nbsp;&nbsp; 196982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/25/51 (c) | 3240123 | &nbsp;&nbsp;&nbsp; 425661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/25/51 (c) | 6304059 | &nbsp;&nbsp;&nbsp; 829322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/25/50 (c) | 612272 | &nbsp;&nbsp;&nbsp; 97814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/25/51 (c) | 20250734 | &nbsp;&nbsp;&nbsp; 3413350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/25/51 (c) | 1428331 | &nbsp;&nbsp;&nbsp; 218360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/25/51 (c) | 2656931 | &nbsp;&nbsp;&nbsp; 403026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/25/51 (c) | 4002227 | &nbsp;&nbsp;&nbsp; 516329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/25/50 (c) | 1118894 | &nbsp;&nbsp;&nbsp; 185206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/25/50 (c) | 1040273 | &nbsp;&nbsp;&nbsp; 171759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/25/51 (c) | 1211250 | &nbsp;&nbsp;&nbsp; 237742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/25/51 (c) | 1256071 | &nbsp;&nbsp;&nbsp; 178670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/25/52 (c) | 1270038 | &nbsp;&nbsp;&nbsp; 220107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/25/49 (c) | 506505 | &nbsp;&nbsp;&nbsp; 84441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/25/50 (c) | 909433 | &nbsp;&nbsp;&nbsp; 193278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/32 | 71867 | &nbsp;&nbsp;&nbsp; 72239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/25/49 (c) | 837500 | &nbsp;&nbsp;&nbsp; 184075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/25/50 (c) | 2616803 | &nbsp;&nbsp;&nbsp; 589436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/25/50 (c) | 1635763 | &nbsp;&nbsp;&nbsp; 358586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/25/51 (c) | 1270770 | &nbsp;&nbsp;&nbsp; 277144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, SOFR30A + 1.300%, 12/25/54 (d) | 1328714 | &nbsp;&nbsp;&nbsp; 1333557 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.606%, SOFR30A + 1.250%, 05/25/44 (144A) (d) | 705571 | &nbsp;&nbsp;&nbsp; 709093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%, SOFR30A + 1.300%, 02/25/42 (144A) (d) | 85440 | &nbsp;&nbsp;&nbsp; 85440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.856%, SOFR30A + 1.500%, 10/25/41 (144A) (d) | 1943066 | &nbsp;&nbsp;&nbsp; 1948235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.456%, SOFR30A + 2.100%, 10/25/33 (144A) (d) | 782896 | &nbsp;&nbsp;&nbsp; 797779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.656%, SOFR30A + 2.300%, 08/25/33 (144A) (d) | 1163017 | &nbsp;&nbsp;&nbsp; 1186766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.756%, SOFR30A + 2.400%, 02/25/42 (144A) (d) | 3420000 | &nbsp;&nbsp;&nbsp; 3481397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.706%, SOFR30A + 3.350%, 05/25/42 (144A) (d) | 620000 | &nbsp;&nbsp;&nbsp; 643442 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 (c) | 440701 | &nbsp;&nbsp;&nbsp; 108132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.156%, SOFR30A + 1.800%, 01/25/44 (144A) (d) | 1950000 | &nbsp;&nbsp;&nbsp; 1965912 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/25/50 (c) | 2187811 | &nbsp;&nbsp;&nbsp; 280339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/25/52 (c) | 4775732 | &nbsp;&nbsp;&nbsp; 619943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/25/41 (c) | 474355 | &nbsp;&nbsp;&nbsp; 69708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/25/42 (c) | 680724 | &nbsp;&nbsp;&nbsp; 122693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/25/39 (c) | 377056 | &nbsp;&nbsp;&nbsp; 64287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/25/53 (c) | 2624767 | &nbsp;&nbsp;&nbsp; 587504 |
| Federal National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/25/42 (e) | 75595 | &nbsp;&nbsp;&nbsp; 69091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, -1x SOFR30A + 6.036%, 03/25/42 (c) (d) | 1229677 | &nbsp;&nbsp;&nbsp; 61899 |

---

**BHFTII-277**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, -1x SOFR30A + 6.036%, 12/25/42 (c) (d) | 194582 | &nbsp;&nbsp;&nbsp; $23923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/25/50 (c) | 4349188 | &nbsp;&nbsp;&nbsp; 561147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.080%, -1x SOFR30A + 6.436%, 10/25/41 (c) (d) | 977217 | &nbsp;&nbsp;&nbsp; 83751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.180%, -1x SOFR30A + 6.536%, 03/25/42 (c) (d) | 297340 | &nbsp;&nbsp;&nbsp; 16341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/25/47 (c) | 725520 | &nbsp;&nbsp;&nbsp; 106538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/25/47 (c) | 758900 | &nbsp;&nbsp;&nbsp; 107341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/25/48 (c) | 746414 | &nbsp;&nbsp;&nbsp; 110583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/25/50 (c) | 9576709 | &nbsp;&nbsp;&nbsp; 1614240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/25/50 (c) | 636534 | &nbsp;&nbsp;&nbsp; 107341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/25/50 (c) | 692176 | &nbsp;&nbsp;&nbsp; 96446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/25/51 (c) | 1899212 | &nbsp;&nbsp;&nbsp; 287944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/25/51 (c) | 780592 | &nbsp;&nbsp;&nbsp; 84456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/25/51 (c) | 8729847 | &nbsp;&nbsp;&nbsp; 1253928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/25/50 (c) | 1247197 | &nbsp;&nbsp;&nbsp; 202438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/25/51 (c) | 583089 | &nbsp;&nbsp;&nbsp; 99658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/25/51 (c) | 2887660 | &nbsp;&nbsp;&nbsp; 513831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/25/48 | 27346 | &nbsp;&nbsp;&nbsp; 25485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/25/50 (c) | 1653127 | &nbsp;&nbsp;&nbsp; 263658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/25/51 (c) | 479594 | &nbsp;&nbsp;&nbsp; 105445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/25/50 (c) | 437850 | &nbsp;&nbsp;&nbsp; 87323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/25/51 (c) | 901279 | &nbsp;&nbsp;&nbsp; 190076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/25/41 | 2167437 | &nbsp;&nbsp;&nbsp; 2246164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/25/42 | 467887 | &nbsp;&nbsp;&nbsp; 483045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/25/42 | 282631 | &nbsp;&nbsp;&nbsp; 297360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/25/39 | 4112 | &nbsp;&nbsp;&nbsp; 4218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/25/42 | 546863 | &nbsp;&nbsp;&nbsp; 580302 |
| Federal National Mortgage Association REMICS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.947%, 01/25/43 (d) | 84314 | &nbsp;&nbsp;&nbsp; 82657 |
| Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.761%, -1x SOFR30A + 5.150%, 07/20/55 (c) (d) | 7972869 | &nbsp;&nbsp;&nbsp; 367112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.411%, -1x SOFR30A + 5.800%, 05/20/55 (c) (d) | 12034418 | &nbsp;&nbsp;&nbsp; 1096910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.461%, -1x SOFR30A + 5.850%, 08/20/55 (c) (d) | 7692286 | &nbsp;&nbsp;&nbsp; 715981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.491%, -1x SOFR30A + 5.880%, 06/20/55 (c) (d) | 10649518 | &nbsp;&nbsp;&nbsp; 1011891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.561%, -1x SOFR30A + 5.950%, 03/20/55 (c) (d) | 9876243 | &nbsp;&nbsp;&nbsp; 956215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.661%, -1x SOFR30A + 6.050%, 09/20/54 (c) (d) | 929049 | &nbsp;&nbsp;&nbsp; 93350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.839%, -1x 1M TSFR + 5.986%, 08/16/42 (c) (d) | 276202 | &nbsp;&nbsp;&nbsp; 29800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/20/52 | 140215 | &nbsp;&nbsp;&nbsp; 116974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230%, -1x SOFR30A + 6.570%, 09/20/55 (c) (d) | 8800000 | &nbsp;&nbsp;&nbsp; 906025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/20/51 (c) | 939382 | &nbsp;&nbsp;&nbsp; 84569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/20/49 | 451529 | &nbsp;&nbsp;&nbsp; 408384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/50 (c) | 1353330 | &nbsp;&nbsp;&nbsp; 195310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/20/51 (c) | 784853 | &nbsp;&nbsp;&nbsp; 106027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/49 (c) | 663820 | &nbsp;&nbsp;&nbsp; 127694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/47 (c) | 1604048 | &nbsp;&nbsp;&nbsp; 279497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/48 | 34997 | &nbsp;&nbsp;&nbsp; 33513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/47 (c) | 1161065 | &nbsp;&nbsp;&nbsp; 216508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.846%, 1M TSFR + 0.494%, 12/20/60 (d) | 2304062 | &nbsp;&nbsp;&nbsp; 2300269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866%, 1M TSFR + 0.514%, 12/20/60 (d) | 528266 | &nbsp;&nbsp;&nbsp; 527773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866%, 1M TSFR + 0.514%, 08/20/70 (d) | 19017 | &nbsp;&nbsp;&nbsp; 18989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.896%, 1M TSFR + 0.544%, 10/20/64 (d) | 1150666 | &nbsp;&nbsp;&nbsp; 1149772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.916%, 1M TSFR + 0.564%, 07/20/70 (d) | 3288628 | &nbsp;&nbsp;&nbsp; 3241793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%, 1M TSFR + 0.594%, 03/20/61 (d) | 337356 | &nbsp;&nbsp;&nbsp; 337404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.966%, 1M TSFR + 0.614%, 12/20/60 (d) | 3830798 | &nbsp;&nbsp;&nbsp; 3831115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.966%, 1M TSFR + 0.614%, 07/20/70 (d) | 333007 | &nbsp;&nbsp;&nbsp; 329827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.183%, 12M TSFR + 0.965%, 10/20/68 (d) | 1001383 | &nbsp;&nbsp;&nbsp; 1008757 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.616%, 1M TSFR + 1.264%, 05/20/70 (d) | 957816 | &nbsp;&nbsp;&nbsp; $972120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.716%, 1M TSFR + 1.364%, 04/20/70 (d) | 56606 | &nbsp;&nbsp;&nbsp; 57400 |
|  |  | &nbsp;&nbsp;&nbsp; 53145362 |
| **Agency Mortgage-Backed Securities — 35.3%** | **Agency Mortgage-Backed Securities — 35.3%** | **Agency Mortgage-Backed Securities — 35.3%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/01/41 | 3300058 | &nbsp;&nbsp;&nbsp; 2789160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 07/01/41 | 2436691 | &nbsp;&nbsp;&nbsp; 2057917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/01/41 | 587906 | &nbsp;&nbsp;&nbsp; 495600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/01/41 | 74438 | &nbsp;&nbsp;&nbsp; 62727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/40 | 310345 | &nbsp;&nbsp;&nbsp; 269422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/40 | 1924622 | &nbsp;&nbsp;&nbsp; 1678865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/41 | 3034369 | &nbsp;&nbsp;&nbsp; 2622975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/41 | 204333 | &nbsp;&nbsp;&nbsp; 177743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 07/01/41 | 1943483 | &nbsp;&nbsp;&nbsp; 1691786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/41 | 1403342 | &nbsp;&nbsp;&nbsp; 1218398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/41 | 539995 | &nbsp;&nbsp;&nbsp; 469726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/41 | 1168064 | &nbsp;&nbsp;&nbsp; 1012429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/41 | 2794388 | &nbsp;&nbsp;&nbsp; 2417152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/42 | 2113810 | &nbsp;&nbsp;&nbsp; 1828212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42 | 375389 | &nbsp;&nbsp;&nbsp; 324437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/42 | 77167 | &nbsp;&nbsp;&nbsp; 66645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/42 | 441444 | &nbsp;&nbsp;&nbsp; 381800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/42 | 2175845 | &nbsp;&nbsp;&nbsp; 1879160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/50 | 7907548 | &nbsp;&nbsp;&nbsp; 6444849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/50 | 728680 | &nbsp;&nbsp;&nbsp; 596979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 1866145 | &nbsp;&nbsp;&nbsp; 1525993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 1967057 | &nbsp;&nbsp;&nbsp; 1611180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 1594844 | &nbsp;&nbsp;&nbsp; 1309994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/51 | 3073001 | &nbsp;&nbsp;&nbsp; 2510706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/51 | 2374177 | &nbsp;&nbsp;&nbsp; 1939539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/51 | 437703 | &nbsp;&nbsp;&nbsp; 358892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 78863 | &nbsp;&nbsp;&nbsp; 64648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/41 | 122113 | &nbsp;&nbsp;&nbsp; 109405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/42 | 1223212 | &nbsp;&nbsp;&nbsp; 1086750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50 | 926254 | &nbsp;&nbsp;&nbsp; 798549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 3000295 | &nbsp;&nbsp;&nbsp; 2583100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/50 | 3343752 | &nbsp;&nbsp;&nbsp; 2874108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/51 | 31915 | &nbsp;&nbsp;&nbsp; 27342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/51 | 183082 | &nbsp;&nbsp;&nbsp; 157550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 133847 | &nbsp;&nbsp;&nbsp; 116106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 3879571 | &nbsp;&nbsp;&nbsp; 3314652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51 | 2529636 | &nbsp;&nbsp;&nbsp; 2168164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 1263541 | &nbsp;&nbsp;&nbsp; 1083799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 721863 | &nbsp;&nbsp;&nbsp; 621584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 11523320 | &nbsp;&nbsp;&nbsp; 9890109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 1006128 | &nbsp;&nbsp;&nbsp; 861945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 537765 | &nbsp;&nbsp;&nbsp; 461069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/32 | 111057 | &nbsp;&nbsp;&nbsp; 108239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/38 | 271147 | &nbsp;&nbsp;&nbsp; 256817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/46 | 210756 | &nbsp;&nbsp;&nbsp; 190550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/47 | 385900 | &nbsp;&nbsp;&nbsp; 349176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/48 | 859293 | &nbsp;&nbsp;&nbsp; 778214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/49 | 2644130 | &nbsp;&nbsp;&nbsp; 2371889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/49 | 574567 | &nbsp;&nbsp;&nbsp; 515383 |

---

**BHFTII-278**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/50 | 38931 | &nbsp;&nbsp;&nbsp; $34931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 50168 | &nbsp;&nbsp;&nbsp; 45058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/50 | 147299 | &nbsp;&nbsp;&nbsp; 132611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52 | 462266 | &nbsp;&nbsp;&nbsp; 410007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/52 | 683752 | &nbsp;&nbsp;&nbsp; 606919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/52 | 5217941 | &nbsp;&nbsp;&nbsp; 4664298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005%, 1Y RFUCCT + 1.627%, 11/01/48 (d) | 2509098 | &nbsp;&nbsp;&nbsp; 2452365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.104%, 1Y RFUCCT + 1.621%, 02/01/50 (d) | 1227267 | &nbsp;&nbsp;&nbsp; 1237142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.113%, 5Y H15 + 1.287%, 03/01/47 (d) | 189801 | &nbsp;&nbsp;&nbsp; 187451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/33 | 997002 | &nbsp;&nbsp;&nbsp; 984566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/38 | 1407644 | &nbsp;&nbsp;&nbsp; 1357340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/42 | 321564 | &nbsp;&nbsp;&nbsp; 303516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/44 | 123136 | &nbsp;&nbsp;&nbsp; 116223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/46 | 196284 | &nbsp;&nbsp;&nbsp; 184349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/47 | 155761 | &nbsp;&nbsp;&nbsp; 145636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/47 | 3229044 | &nbsp;&nbsp;&nbsp; 3006942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/52 | 1357142 | &nbsp;&nbsp;&nbsp; 1253357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/43 | 445627 | &nbsp;&nbsp;&nbsp; 433926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/43 | 1116379 | &nbsp;&nbsp;&nbsp; 1085918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/43 | 996792 | &nbsp;&nbsp;&nbsp; 970134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/50 | 343344 | &nbsp;&nbsp;&nbsp; 330771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%, 1Y RFUCCT + 1.620%, 11/01/47 (d) | 626675 | &nbsp;&nbsp;&nbsp; 640881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/38 | 318060 | &nbsp;&nbsp;&nbsp; 317977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/47 | 216302 | &nbsp;&nbsp;&nbsp; 212815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/47 | 233325 | &nbsp;&nbsp;&nbsp; 230709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/47 | 294790 | &nbsp;&nbsp;&nbsp; 292447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/49 | 181193 | &nbsp;&nbsp;&nbsp; 179087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/52 | 3379446 | &nbsp;&nbsp;&nbsp; 3304470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/53 | 1186635 | &nbsp;&nbsp;&nbsp; 1172902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/53 | 3739941 | &nbsp;&nbsp;&nbsp; 3698512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/33 | 5677 | &nbsp;&nbsp;&nbsp; 5720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/41 | 803207 | &nbsp;&nbsp;&nbsp; 817329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/44 | 15771 | &nbsp;&nbsp;&nbsp; 15995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/52 | 1486045 | &nbsp;&nbsp;&nbsp; 1480877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/52 | 234089 | &nbsp;&nbsp;&nbsp; 233297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/52 | 3135320 | &nbsp;&nbsp;&nbsp; 3145952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/52 | 297514 | &nbsp;&nbsp;&nbsp; 295883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/53 | 873806 | &nbsp;&nbsp;&nbsp; 873473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/53 | 478990 | &nbsp;&nbsp;&nbsp; 479594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/53 | 661964 | &nbsp;&nbsp;&nbsp; 660780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/53 | 1011410 | &nbsp;&nbsp;&nbsp; 1013547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/53 | 761619 | &nbsp;&nbsp;&nbsp; 770976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 321665 | &nbsp;&nbsp;&nbsp; 326192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/53 | 2554516 | &nbsp;&nbsp;&nbsp; 2592277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/53 | 433482 | &nbsp;&nbsp;&nbsp; 440267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/53 | 2211353 | &nbsp;&nbsp;&nbsp; 2239293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/01/54 | 352099 | &nbsp;&nbsp;&nbsp; 359512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/41 | 156835 | &nbsp;&nbsp;&nbsp; 165229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/53 | 155902 | &nbsp;&nbsp;&nbsp; 161347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/53 | 802679 | &nbsp;&nbsp;&nbsp; 829273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/54 | 1772059 | &nbsp;&nbsp;&nbsp; 1823301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/54 | 907905 | &nbsp;&nbsp;&nbsp; 935379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/54 | 857245 | &nbsp;&nbsp;&nbsp; 877530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/54 | 622587 | &nbsp;&nbsp;&nbsp; 643373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/55 | 476088 | &nbsp;&nbsp;&nbsp; 487818 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/01/39 | 63385 | &nbsp;&nbsp;&nbsp; $66657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/53 | 154292 | &nbsp;&nbsp;&nbsp; 162333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 09/01/30 | 424 | &nbsp;&nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.501%, 12/25/28 (c) (d) | 60673381 | &nbsp;&nbsp;&nbsp; 648908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.635%, 01/25/34 (c) (d) | 51926458 | &nbsp;&nbsp;&nbsp; 1492153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.651%, 01/25/29 (c) (d) | 82724688 | &nbsp;&nbsp;&nbsp; 1286344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.816%, 09/25/27 (c) (d) | 16266252 | &nbsp;&nbsp;&nbsp; 192874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.931%, 11/25/30 (c) (d) | 31439600 | &nbsp;&nbsp;&nbsp; 1093862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.961%, 11/25/30 (c) (d) | 75619416 | &nbsp;&nbsp;&nbsp; 2782053 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 04/01/41 | 345239 | &nbsp;&nbsp;&nbsp; 291473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/01/41 | 3040865 | &nbsp;&nbsp;&nbsp; 2562489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 03/01/42 | 1309266 | &nbsp;&nbsp;&nbsp; 1097209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/40 | 55217 | &nbsp;&nbsp;&nbsp; 48417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/40 | 1580113 | &nbsp;&nbsp;&nbsp; 1371154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/01/41 | 3357087 | &nbsp;&nbsp;&nbsp; 2885330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/41 | 436205 | &nbsp;&nbsp;&nbsp; 377273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/42 | 3026111 | &nbsp;&nbsp;&nbsp; 2615368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/42 | 1082269 | &nbsp;&nbsp;&nbsp; 934695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/42 | 1609162 | &nbsp;&nbsp;&nbsp; 1388226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/42 | 3179653 | &nbsp;&nbsp;&nbsp; 2748069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/42 | 1266429 | &nbsp;&nbsp;&nbsp; 1095186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 06/01/50 | 4673386 | &nbsp;&nbsp;&nbsp; 3808925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/50 | 105251 | &nbsp;&nbsp;&nbsp; 86078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/50 | 53119 | &nbsp;&nbsp;&nbsp; 43488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 01/01/51 | 5063042 | &nbsp;&nbsp;&nbsp; 4149071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/51 | 1319555 | &nbsp;&nbsp;&nbsp; 1079782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/51 | 4996390 | &nbsp;&nbsp;&nbsp; 4094511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 639973 | &nbsp;&nbsp;&nbsp; 524504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/01/51 | 832196 | &nbsp;&nbsp;&nbsp; 677339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51 | 1657081 | &nbsp;&nbsp;&nbsp; 1357958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/01/52 | 830832 | &nbsp;&nbsp;&nbsp; 680954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/52 | 2203834 | &nbsp;&nbsp;&nbsp; 1808591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/40 | 2310268 | &nbsp;&nbsp;&nbsp; 2085621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/41 | 375950 | &nbsp;&nbsp;&nbsp; 338207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/41 | 653614 | &nbsp;&nbsp;&nbsp; 588718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/41 | 1503743 | &nbsp;&nbsp;&nbsp; 1351787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/42 | 2429822 | &nbsp;&nbsp;&nbsp; 2170004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/42 | 226601 | &nbsp;&nbsp;&nbsp; 199627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/42 | 152900 | &nbsp;&nbsp;&nbsp; 137160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/50 | 353794 | &nbsp;&nbsp;&nbsp; 302363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/50 | 1299258 | &nbsp;&nbsp;&nbsp; 1100856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 346289 | &nbsp;&nbsp;&nbsp; 297111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/50 | 119600 | &nbsp;&nbsp;&nbsp; 102544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/51 | 260695 | &nbsp;&nbsp;&nbsp; 223486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/51 | 154231 | &nbsp;&nbsp;&nbsp; 132348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/51 | 312236 | &nbsp;&nbsp;&nbsp; 268413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/51 | 500230 | &nbsp;&nbsp;&nbsp; 430456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 05/01/51 | 1366600 | &nbsp;&nbsp;&nbsp; 1152561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/51 | 2150075 | &nbsp;&nbsp;&nbsp; 1846799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/51 | 2070971 | &nbsp;&nbsp;&nbsp; 1781947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/51 | 681699 | &nbsp;&nbsp;&nbsp; 585521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/51 | 1870825 | &nbsp;&nbsp;&nbsp; 1608441 |

---

**BHFTII-279**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/01/51 | 2742669 | &nbsp;&nbsp;&nbsp; $2350081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 1191187 | &nbsp;&nbsp;&nbsp; 1024341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/01/51 | 5540285 | &nbsp;&nbsp;&nbsp; 4748425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/01/52 | 2947325 | &nbsp;&nbsp;&nbsp; 2518570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/01/52 | 2519893 | &nbsp;&nbsp;&nbsp; 2159210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/52 | 2444084 | &nbsp;&nbsp;&nbsp; 2094517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/01/52 | 309230 | &nbsp;&nbsp;&nbsp; 264484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/01/61 | 4307658 | &nbsp;&nbsp;&nbsp; 3512909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/35 | 301533 | &nbsp;&nbsp;&nbsp; 286437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/36 | 357934 | &nbsp;&nbsp;&nbsp; 340453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/36 | 4043342 | &nbsp;&nbsp;&nbsp; 3837366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/36 | 1618087 | &nbsp;&nbsp;&nbsp; 1534023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/36 | 1342674 | &nbsp;&nbsp;&nbsp; 1272112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/37 | 305030 | &nbsp;&nbsp;&nbsp; 287411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/38 | 406832 | &nbsp;&nbsp;&nbsp; 385614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/42 | 844414 | &nbsp;&nbsp;&nbsp; 777445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/43 | 135788 | &nbsp;&nbsp;&nbsp; 124376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/01/43 | 328324 | &nbsp;&nbsp;&nbsp; 300764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/43 | 305387 | &nbsp;&nbsp;&nbsp; 279688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/45 | 274831 | &nbsp;&nbsp;&nbsp; 251924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/46 | 296352 | &nbsp;&nbsp;&nbsp; 268000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/46 | 215877 | &nbsp;&nbsp;&nbsp; 195135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/47 | 64906 | &nbsp;&nbsp;&nbsp; 59641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/47 | 32124 | &nbsp;&nbsp;&nbsp; 29131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/48 | 2956855 | &nbsp;&nbsp;&nbsp; 2673505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/50 | 76885 | &nbsp;&nbsp;&nbsp; 69218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/50 | 8796395 | &nbsp;&nbsp;&nbsp; 7948816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 4651088 | &nbsp;&nbsp;&nbsp; 4176727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 | 281888 | &nbsp;&nbsp;&nbsp; 251256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/50 | 387184 | &nbsp;&nbsp;&nbsp; 346214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/51 | 297439 | &nbsp;&nbsp;&nbsp; 267104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/51 | 1484611 | &nbsp;&nbsp;&nbsp; 1332163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/01/51 | 260960 | &nbsp;&nbsp;&nbsp; 232345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/01/51 | 334068 | &nbsp;&nbsp;&nbsp; 298596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/01/51 | 548306 | &nbsp;&nbsp;&nbsp; 489362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/01/52 | 1188538 | &nbsp;&nbsp;&nbsp; 1062932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/52 | 3397658 | &nbsp;&nbsp;&nbsp; 3043456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/01/52 | 244409 | &nbsp;&nbsp;&nbsp; 215164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/52 | 5045647 | &nbsp;&nbsp;&nbsp; 4489905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/34 | 87161 | &nbsp;&nbsp;&nbsp; 84809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/35 | 58776 | &nbsp;&nbsp;&nbsp; 57191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/37 | 109894 | &nbsp;&nbsp;&nbsp; 106187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/37 | 68647 | &nbsp;&nbsp;&nbsp; 66638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/37 | 116821 | &nbsp;&nbsp;&nbsp; 112020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/39 | 113416 | &nbsp;&nbsp;&nbsp; 109428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/40 | 458027 | &nbsp;&nbsp;&nbsp; 439591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/42 | 1917523 | &nbsp;&nbsp;&nbsp; 1821354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 08/01/42 | 2096555 | &nbsp;&nbsp;&nbsp; 1978899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/42 | 154038 | &nbsp;&nbsp;&nbsp; 145393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/42 | 1104875 | &nbsp;&nbsp;&nbsp; 1042869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/42 | 121530 | &nbsp;&nbsp;&nbsp; 114710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/43 | 774399 | &nbsp;&nbsp;&nbsp; 733405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/01/46 | 1280062 | &nbsp;&nbsp;&nbsp; 1205814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/47 | 110044 | &nbsp;&nbsp;&nbsp; 102770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/01/48 | 323309 | &nbsp;&nbsp;&nbsp; 303396 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/49 | 8005776 | &nbsp;&nbsp;&nbsp; $7467113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/50 | 123020 | &nbsp;&nbsp;&nbsp; 114061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/52 | 640407 | &nbsp;&nbsp;&nbsp; 593857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/52 | 1080553 | &nbsp;&nbsp;&nbsp; 999845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52 | 2584136 | &nbsp;&nbsp;&nbsp; 2396660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/40 | 261216 | &nbsp;&nbsp;&nbsp; 256640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/42 | 1620226 | &nbsp;&nbsp;&nbsp; 1578826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/42 | 529197 | &nbsp;&nbsp;&nbsp; 514854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/42 | 597220 | &nbsp;&nbsp;&nbsp; 581582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/42 | 399143 | &nbsp;&nbsp;&nbsp; 388692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/43 | 4294224 | &nbsp;&nbsp;&nbsp; 4178290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/43 | 15020 | &nbsp;&nbsp;&nbsp; 14627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/43 | 368310 | &nbsp;&nbsp;&nbsp; 358459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/43 | 2262032 | &nbsp;&nbsp;&nbsp; 2197662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/48 | 2679527 | &nbsp;&nbsp;&nbsp; 2575179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/48 | 179152 | &nbsp;&nbsp;&nbsp; 171367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.230%, 10/01/32 | 100000 | &nbsp;&nbsp;&nbsp; 99453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/31 | 113151 | &nbsp;&nbsp;&nbsp; 113897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/01/31 | 150040 | &nbsp;&nbsp;&nbsp; 150905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/44 | 424349 | &nbsp;&nbsp;&nbsp; 424363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/45 | 31931 | &nbsp;&nbsp;&nbsp; 31845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/47 | 134839 | &nbsp;&nbsp;&nbsp; 133310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/47 | 483011 | &nbsp;&nbsp;&nbsp; 477015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/47 | 37537 | &nbsp;&nbsp;&nbsp; 37248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/48 | 169248 | &nbsp;&nbsp;&nbsp; 167744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/48 | 365849 | &nbsp;&nbsp;&nbsp; 361307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/48 | 605815 | &nbsp;&nbsp;&nbsp; 598169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/48 | 307029 | &nbsp;&nbsp;&nbsp; 303091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/49 | 130787 | &nbsp;&nbsp;&nbsp; 128948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/49 | 135900 | &nbsp;&nbsp;&nbsp; 134212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/49 | 1628472 | &nbsp;&nbsp;&nbsp; 1607925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/49 | 475420 | &nbsp;&nbsp;&nbsp; 471675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/50 | 89917 | &nbsp;&nbsp;&nbsp; 87714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/52 | 1106729 | &nbsp;&nbsp;&nbsp; 1086732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/53 | 1014869 | &nbsp;&nbsp;&nbsp; 1007638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/58 | 622483 | &nbsp;&nbsp;&nbsp; 603970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/59 | 1307837 | &nbsp;&nbsp;&nbsp; 1265300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/39 | 2436 | &nbsp;&nbsp;&nbsp; 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/39 | 3858 | &nbsp;&nbsp;&nbsp; 3951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/40 | 12170 | &nbsp;&nbsp;&nbsp; 12463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/40 | 8551 | &nbsp;&nbsp;&nbsp; 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/40 | 211010 | &nbsp;&nbsp;&nbsp; 216097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/41 | 13390 | &nbsp;&nbsp;&nbsp; 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/41 | 15930 | &nbsp;&nbsp;&nbsp; 16293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/41 | 21712 | &nbsp;&nbsp;&nbsp; 22182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/41 | 495353 | &nbsp;&nbsp;&nbsp; 507299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/41 | 38761 | &nbsp;&nbsp;&nbsp; 39568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/47 | 956402 | &nbsp;&nbsp;&nbsp; 980592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/52 | 359371 | &nbsp;&nbsp;&nbsp; 360540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/52 | 1078656 | &nbsp;&nbsp;&nbsp; 1088017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/52 | 509607 | &nbsp;&nbsp;&nbsp; 507887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/52 | 535552 | &nbsp;&nbsp;&nbsp; 534594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/53 | 408669 | &nbsp;&nbsp;&nbsp; 406146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/53 | 79982 | &nbsp;&nbsp;&nbsp; 79716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/53 | 685123 | &nbsp;&nbsp;&nbsp; 687113 |

---

**BHFTII-280**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/53 | 634927 | &nbsp;&nbsp;&nbsp; $640976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/52 | 136309 | &nbsp;&nbsp;&nbsp; 137834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/52 | 146526 | &nbsp;&nbsp;&nbsp; 148422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/52 | 1652400 | &nbsp;&nbsp;&nbsp; 1678764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 1149819 | &nbsp;&nbsp;&nbsp; 1172005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/01/53 | 897870 | &nbsp;&nbsp;&nbsp; 911707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/54 | 356946 | &nbsp;&nbsp;&nbsp; 362399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/41 | 134277 | &nbsp;&nbsp;&nbsp; 141494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/01/52 | 1009029 | &nbsp;&nbsp;&nbsp; 1035947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/53 | 657308 | &nbsp;&nbsp;&nbsp; 677793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/53 | 4589407 | &nbsp;&nbsp;&nbsp; 4741715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/53 | 218574 | &nbsp;&nbsp;&nbsp; 227153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/53 | 506067 | &nbsp;&nbsp;&nbsp; 522263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/01/54 | 1715299 | &nbsp;&nbsp;&nbsp; 1762933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/54 | 1333069 | &nbsp;&nbsp;&nbsp; 1363180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/26 | 46 | &nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/29 | 10336 | &nbsp;&nbsp;&nbsp; 10793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/01/32 | 1906 | &nbsp;&nbsp;&nbsp; 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/01/54 | 361969 | &nbsp;&nbsp;&nbsp; 376236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/54 | 1892180 | &nbsp;&nbsp;&nbsp; 1966040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/37 | 11164 | &nbsp;&nbsp;&nbsp; 11655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/37 | 5188 | &nbsp;&nbsp;&nbsp; 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/38 | 1991 | &nbsp;&nbsp;&nbsp; 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/01/38 | 23845 | &nbsp;&nbsp;&nbsp; 25049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 05/01/28 | 128 | &nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 07/01/32 | 497 | &nbsp;&nbsp;&nbsp; 510 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/20/50 | 105822 | &nbsp;&nbsp;&nbsp; 87619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 02/20/51 | 6843709 | &nbsp;&nbsp;&nbsp; 5576341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/20/51 | 2810773 | &nbsp;&nbsp;&nbsp; 2287224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/20/51 | 1597581 | &nbsp;&nbsp;&nbsp; 1281192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/49 | 311017 | &nbsp;&nbsp;&nbsp; 269445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 04/20/51 | 3386161 | &nbsp;&nbsp;&nbsp; 2917669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/20/51 | 70767 | &nbsp;&nbsp;&nbsp; 60560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/20/51 | 68714 | &nbsp;&nbsp;&nbsp; 58910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 281810 | &nbsp;&nbsp;&nbsp; 241444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/51 | 144534 | &nbsp;&nbsp;&nbsp; 123802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/20/52 | 4348930 | &nbsp;&nbsp;&nbsp; 3763278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/15/42 | 245743 | &nbsp;&nbsp;&nbsp; 225180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/42 | 1304775 | &nbsp;&nbsp;&nbsp; 1193326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/42 | 479656 | &nbsp;&nbsp;&nbsp; 433182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/46 | 133220 | &nbsp;&nbsp;&nbsp; 120710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 09/20/47 | 42136 | &nbsp;&nbsp;&nbsp; 38155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/47 | 89185 | &nbsp;&nbsp;&nbsp; 80616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/47 | 565912 | &nbsp;&nbsp;&nbsp; 511450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/50 | 531028 | &nbsp;&nbsp;&nbsp; 467057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/20/51 | 916141 | &nbsp;&nbsp;&nbsp; 808888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/51 | 646841 | &nbsp;&nbsp;&nbsp; 570800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 01/20/52 | 85913 | &nbsp;&nbsp;&nbsp; 75876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/20/52 | 2072673 | &nbsp;&nbsp;&nbsp; 1844604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/20/52 | 1493294 | &nbsp;&nbsp;&nbsp; 1318513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/20/52 | 1781944 | &nbsp;&nbsp;&nbsp; 1573169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/44 | 508322 | &nbsp;&nbsp;&nbsp; 475180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/45 | 40041 | &nbsp;&nbsp;&nbsp; 37378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/46 | 106298 | &nbsp;&nbsp;&nbsp; 98996 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/46 | 559772 | &nbsp;&nbsp;&nbsp; $519934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/20/46 | 294279 | &nbsp;&nbsp;&nbsp; 274001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/46 | 136395 | &nbsp;&nbsp;&nbsp; 126982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/46 | 233883 | &nbsp;&nbsp;&nbsp; 217646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/46 | 141212 | &nbsp;&nbsp;&nbsp; 130521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/20/46 | 12907 | &nbsp;&nbsp;&nbsp; 12006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/20/47 | 1869928 | &nbsp;&nbsp;&nbsp; 1736210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/48 | 831646 | &nbsp;&nbsp;&nbsp; 758683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/15/48 | 1594807 | &nbsp;&nbsp;&nbsp; 1493341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/20/48 | 351483 | &nbsp;&nbsp;&nbsp; 325858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/49 | 11148 | &nbsp;&nbsp;&nbsp; 10318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/49 | 81428 | &nbsp;&nbsp;&nbsp; 74278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/20/50 | 735861 | &nbsp;&nbsp;&nbsp; 658994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/50 | 128442 | &nbsp;&nbsp;&nbsp; 117168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/15/50 | 264166 | &nbsp;&nbsp;&nbsp; 241954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/20/50 | 137895 | &nbsp;&nbsp;&nbsp; 126832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/52 | 1256329 | &nbsp;&nbsp;&nbsp; 1152066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/20/52 | 420839 | &nbsp;&nbsp;&nbsp; 377634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/20/52 | 372610 | &nbsp;&nbsp;&nbsp; 335275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/45 | 98782 | &nbsp;&nbsp;&nbsp; 94571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/45 | 2226499 | &nbsp;&nbsp;&nbsp; 2119601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/46 | 1526180 | &nbsp;&nbsp;&nbsp; 1463479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/20/47 | 666308 | &nbsp;&nbsp;&nbsp; 637483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/20/47 | 112514 | &nbsp;&nbsp;&nbsp; 107646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/47 | 319796 | &nbsp;&nbsp;&nbsp; 305960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/47 | 125019 | &nbsp;&nbsp;&nbsp; 119610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/48 | 126000 | &nbsp;&nbsp;&nbsp; 120547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/48 | 896033 | &nbsp;&nbsp;&nbsp; 857255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/48 | 109120 | &nbsp;&nbsp;&nbsp; 104128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/20/48 | 91022 | &nbsp;&nbsp;&nbsp; 87289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/20/48 | 1245989 | &nbsp;&nbsp;&nbsp; 1190408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/20/48 | 345507 | &nbsp;&nbsp;&nbsp; 330553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/49 | 190152 | &nbsp;&nbsp;&nbsp; 181493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/49 | 164729 | &nbsp;&nbsp;&nbsp; 158262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/49 | 55944 | &nbsp;&nbsp;&nbsp; 53108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/20/50 | 89509 | &nbsp;&nbsp;&nbsp; 83316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/20/50 | 79305 | &nbsp;&nbsp;&nbsp; 75287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/50 | 25372 | &nbsp;&nbsp;&nbsp; 24082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/20/50 | 56852 | &nbsp;&nbsp;&nbsp; 53971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/20/50 | 322686 | &nbsp;&nbsp;&nbsp; 304792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/20/52 | 547253 | &nbsp;&nbsp;&nbsp; 516791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/40 | 151776 | &nbsp;&nbsp;&nbsp; 152675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/40 | 189973 | &nbsp;&nbsp;&nbsp; 191098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/40 | 4156 | &nbsp;&nbsp;&nbsp; 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/41 | 35273 | &nbsp;&nbsp;&nbsp; 35482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/20/41 | 236435 | &nbsp;&nbsp;&nbsp; 237836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/47 | 224440 | &nbsp;&nbsp;&nbsp; 222302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/48 | 323220 | &nbsp;&nbsp;&nbsp; 319564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/20/48 | 600381 | &nbsp;&nbsp;&nbsp; 593176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/20/48 | 595009 | &nbsp;&nbsp;&nbsp; 588603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/20/48 | 44651 | &nbsp;&nbsp;&nbsp; 44146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/48 | 1509323 | &nbsp;&nbsp;&nbsp; 1493108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/48 | 131050 | &nbsp;&nbsp;&nbsp; 129561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/20/48 | 315344 | &nbsp;&nbsp;&nbsp; 311566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/48 | 145228 | &nbsp;&nbsp;&nbsp; 143399 |

---

**BHFTII-281**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/20/49 | 1225487 | &nbsp;&nbsp;&nbsp; $1210054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/20/49 | 449579 | &nbsp;&nbsp;&nbsp; 445282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/49 | 1162441 | &nbsp;&nbsp;&nbsp; 1151332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/20/49 | 146131 | &nbsp;&nbsp;&nbsp; 144742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/20/50 | 197605 | &nbsp;&nbsp;&nbsp; 194874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/20/50 | 126081 | &nbsp;&nbsp;&nbsp; 124144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/50 | 190668 | &nbsp;&nbsp;&nbsp; 187777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/20/52 | 796947 | &nbsp;&nbsp;&nbsp; 775564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/20/52 | 980745 | &nbsp;&nbsp;&nbsp; 955028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/20/40 | 148086 | &nbsp;&nbsp;&nbsp; 151919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/20/48 | 97324 | &nbsp;&nbsp;&nbsp; 98649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/48 | 515044 | &nbsp;&nbsp;&nbsp; 522720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/20/48 | 277819 | &nbsp;&nbsp;&nbsp; 281432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/20/49 | 60623 | &nbsp;&nbsp;&nbsp; 61374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/20/49 | 52133 | &nbsp;&nbsp;&nbsp; 52886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/20/49 | 87315 | &nbsp;&nbsp;&nbsp; 88504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/20/49 | 133009 | &nbsp;&nbsp;&nbsp; 134820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/49 | 87218 | &nbsp;&nbsp;&nbsp; 88406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/20/50 | 230577 | &nbsp;&nbsp;&nbsp; 233712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/20/50 | 51750 | &nbsp;&nbsp;&nbsp; 52454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/20/52 | 387603 | &nbsp;&nbsp;&nbsp; 388331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/20/53 | 690920 | &nbsp;&nbsp;&nbsp; 692663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/20/53 | 2111457 | &nbsp;&nbsp;&nbsp; 2113198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/36 | 103921 | &nbsp;&nbsp;&nbsp; 108468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/20/52 | 1288900 | &nbsp;&nbsp;&nbsp; 1301936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/20/53 | 1316258 | &nbsp;&nbsp;&nbsp; 1330116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/20/53 | 2060807 | &nbsp;&nbsp;&nbsp; 2087597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/53 | 2574716 | &nbsp;&nbsp;&nbsp; 2609710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/20/53 | 878953 | &nbsp;&nbsp;&nbsp; 892551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/20/53 | 578644 | &nbsp;&nbsp;&nbsp; 588239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/20/53 | 3168799 | &nbsp;&nbsp;&nbsp; 3213515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/15/33 | 253669 | &nbsp;&nbsp;&nbsp; 259601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/34 | 390 | &nbsp;&nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/20/35 | 609 | &nbsp;&nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/20/36 | 30580 | &nbsp;&nbsp;&nbsp; 32430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/36 | 1472 | &nbsp;&nbsp;&nbsp; 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/20/38 | 89316 | &nbsp;&nbsp;&nbsp; 95499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/38 | 217575 | &nbsp;&nbsp;&nbsp; 232432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/20/39 | 1111 | &nbsp;&nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/20/40 | 17022 | &nbsp;&nbsp;&nbsp; 17835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/20/40 | 52898 | &nbsp;&nbsp;&nbsp; 55520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 08/20/40 | 29819 | &nbsp;&nbsp;&nbsp; 31282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/40 | 75415 | &nbsp;&nbsp;&nbsp; 79252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/40 | 31051 | &nbsp;&nbsp;&nbsp; 32534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/40 | 56855 | &nbsp;&nbsp;&nbsp; 58851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/20/41 | 35576 | &nbsp;&nbsp;&nbsp; 37026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/20/41 | 207384 | &nbsp;&nbsp;&nbsp; 217505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/20/41 | 50513 | &nbsp;&nbsp;&nbsp; 52924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/41 | 26930 | &nbsp;&nbsp;&nbsp; 28300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/20/53 | 1047400 | &nbsp;&nbsp;&nbsp; 1080811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/20/54 | 546981 | &nbsp;&nbsp;&nbsp; 564804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/20/54 | 1181390 | &nbsp;&nbsp;&nbsp; 1220684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/34 | 50647 | &nbsp;&nbsp;&nbsp; 51885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/20/37 | 85092 | &nbsp;&nbsp;&nbsp; 92636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 09/15/29 | 227 | &nbsp;&nbsp;&nbsp; 228 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/16/46 (c) (d) | 6950774 | &nbsp;&nbsp;&nbsp; $70 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.051%, 10/16/54 (c) (d) | 9835667 | &nbsp;&nbsp;&nbsp; 8909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.163%, 02/16/48 (c) (d) | 725514 | &nbsp;&nbsp;&nbsp; 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.193%, 04/16/54 (c) (d) | 5527997 | &nbsp;&nbsp;&nbsp; 4825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.523%, 11/16/56 (c) (d) | 6919354 | &nbsp;&nbsp;&nbsp; 190109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.542%, 12/16/58 (c) (d) | 6030767 | &nbsp;&nbsp;&nbsp; 168710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.588%, 09/16/55 (c) (d) | 5593123 | &nbsp;&nbsp;&nbsp; 128642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.590%, 10/16/58 (c) (d) | 9834860 | &nbsp;&nbsp;&nbsp; 315301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.618%, 03/16/60 (c) (d) | 1351790 | &nbsp;&nbsp;&nbsp; 51696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.640%, 02/16/61 (c) (d) | 1302947 | &nbsp;&nbsp;&nbsp; 60373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.704%, 12/16/59 (c) (d) | 25345180 | &nbsp;&nbsp;&nbsp; 1088028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.816%, 04/16/61 (c) (d) | 4824388 | &nbsp;&nbsp;&nbsp; 285301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.833%, 02/16/63 (c) (d) | 3191497 | &nbsp;&nbsp;&nbsp; 191290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.884%, 06/16/62 (c) (d) | 3543711 | &nbsp;&nbsp;&nbsp; 221903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.965%, 05/16/62 (c) (d) | 3420046 | &nbsp;&nbsp;&nbsp; 207097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.971%, 06/16/61 (c) (d) | 3144023 | &nbsp;&nbsp;&nbsp; 224684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.981%, 07/16/63 (c) (d) | 2876997 | &nbsp;&nbsp;&nbsp; 200031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 07/16/60 | 516873 | &nbsp;&nbsp;&nbsp; 363433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.112%, 01/16/61 (c) (d) | 4318122 | &nbsp;&nbsp;&nbsp; 342561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.113%, 06/16/61 (c) (d) | 2815187 | &nbsp;&nbsp;&nbsp; 230292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.144%, 06/16/61 (c) (d) | 5064188 | &nbsp;&nbsp;&nbsp; 415446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.169%, 04/16/62 (c) (d) | 2958881 | &nbsp;&nbsp;&nbsp; 240227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.271%, 09/16/60 (c) (d) | 2713415 | &nbsp;&nbsp;&nbsp; 241034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.331%, 06/16/63 (c) (d) | 2563605 | &nbsp;&nbsp;&nbsp; 236366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 06/16/61 (c) (d) | 1985891 | &nbsp;&nbsp;&nbsp; 192399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 06/16/63 | 2511443 | &nbsp;&nbsp;&nbsp; 1862206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.601%, 09/16/63 (c) (d) | 3258387 | &nbsp;&nbsp;&nbsp; 381769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.615%, 05/16/60 (c) (d) | 4273475 | &nbsp;&nbsp;&nbsp; 473394 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (f) | 1000000 | &nbsp;&nbsp;&nbsp; 892576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (f) | 3100000 | &nbsp;&nbsp;&nbsp; 3005765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (f) | 7100000 | &nbsp;&nbsp;&nbsp; 7061796 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, TBA (f) | 5300000 | &nbsp;&nbsp;&nbsp; 4464400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, TBA (f) | 4000000 | &nbsp;&nbsp;&nbsp; 3512805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, TBA (f) | 600000 | &nbsp;&nbsp;&nbsp; 548113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, TBA (f) | 16800000 | &nbsp;&nbsp;&nbsp; 15831689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, TBA (f) | 4500000 | &nbsp;&nbsp;&nbsp; 4364360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, TBA (f) | 9800000 | &nbsp;&nbsp;&nbsp; 9900937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, TBA (f) | 11500000 | &nbsp;&nbsp;&nbsp; 11594737 |
|  |  | &nbsp;&nbsp;&nbsp; 446390413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $532,603,023) <br>|  | &nbsp;&nbsp;&nbsp; 499535775 |
| **Non-Agency Mortgage-Backed Securities—4.5%** | **Non-Agency Mortgage-Backed Securities—4.5%** | **Non-Agency Mortgage-Backed Securities—4.5%** |
| **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** |
| Banc of America Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.487%, 07/25/35 (d) | 7110 | &nbsp;&nbsp;&nbsp; 6769 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.535%, 09/25/63 (144A) (g) | 483579 | &nbsp;&nbsp;&nbsp; 490820 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.425%, 07/25/61 (144A) (d) | 1639177 | &nbsp;&nbsp;&nbsp; 1482972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/25/62 (144A) (d) | 2137264 | &nbsp;&nbsp;&nbsp; 2135679 |

---

**BHFTII-282**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 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)** |
| Countrywide Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 1M TSFR + 0.514%, 07/20/46 (d) | 728564 | &nbsp;&nbsp;&nbsp; $623443 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.830%, 03/25/56 (144A) (d) | 481446 | &nbsp;&nbsp;&nbsp; 397355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.938%, 05/25/66 (144A) (d) | 814748 | &nbsp;&nbsp;&nbsp; 679725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.169%, 03/25/56 (144A) (d) | 414462 | &nbsp;&nbsp;&nbsp; 346447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.756%, 10/25/66 (144A) (d) | 470585 | &nbsp;&nbsp;&nbsp; 415184 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.001%, 01/25/67 (144A) (d) | 950000 | &nbsp;&nbsp;&nbsp; 719078 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 09/25/54 (144A) (d) | 409448 | &nbsp;&nbsp;&nbsp; 417905 |
| GMACM Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.685%, 11/19/35 (d) | 66126 | &nbsp;&nbsp;&nbsp; 54214 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/25/57 (144A) | 1072818 | &nbsp;&nbsp;&nbsp; 1052454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/25/62 (144A) (d) | 597638 | &nbsp;&nbsp;&nbsp; 554953 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/25/48 (144A) (d) | 328895 | &nbsp;&nbsp;&nbsp; 297036 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/25/67 (144A) (g) | 568373 | &nbsp;&nbsp;&nbsp; 568305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/25/61 (144A) (g) | 723148 | &nbsp;&nbsp;&nbsp; 723087 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/25/34 (d) | 89490 | &nbsp;&nbsp;&nbsp; 80280 |
| MASTR Reperforming Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.867%, 05/25/35 (144A) (d) | 1644409 | &nbsp;&nbsp;&nbsp; 728415 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.582%, 07/25/35 (d) | 43549 | &nbsp;&nbsp;&nbsp; 38892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%, 1M TSFR + 0.254%, 06/25/36 (d) | 395585 | &nbsp;&nbsp;&nbsp; 70073 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/25/54 (144A) (d) | 1893180 | &nbsp;&nbsp;&nbsp; 1932374 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.156%, 11/27/56 (144A) (d) | 400135 | &nbsp;&nbsp;&nbsp; 354338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 07/25/59 (144A) (d) | 769480 | &nbsp;&nbsp;&nbsp; 743093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/25/56 (144A) (d) | 780777 | &nbsp;&nbsp;&nbsp; 741020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/25/57 (144A) (d) | 634862 | &nbsp;&nbsp;&nbsp; 618847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/25/57 (144A) (d) | 1021920 | &nbsp;&nbsp;&nbsp; 984673 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.054%, 07/25/61 (144A) (d) | 533284 | &nbsp;&nbsp;&nbsp; 439223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.755%, 02/25/55 (144A) (g) | 2500605 | &nbsp;&nbsp;&nbsp; 2511712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.949%, 02/25/63 (144A) (g) | 450997 | &nbsp;&nbsp;&nbsp; 451908 |
| PRKCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.510%, 08/25/56 (144A) (d) | 1252568 | &nbsp;&nbsp;&nbsp; 1061562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.071%, 11/25/56 (144A) (d) | 668675 | &nbsp;&nbsp;&nbsp; 595703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.431%, 05/25/59 (144A) (g) | 618742 | &nbsp;&nbsp;&nbsp; 628092 |
| Reperforming Loan Trust REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%, 1M TSFR + 0.534%, 07/25/36 (144A) (d) | 107411 | &nbsp;&nbsp;&nbsp; 102032 |
| SACO I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.119%, 06/25/21 (144A) (d) | 1674 | &nbsp;&nbsp;&nbsp; 1297 |
| Structured Asset Mortgage Investments II Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.632%, 1M TSFR + 0.474%, 07/25/46 (d) | 65856 | &nbsp;&nbsp;&nbsp; 57030 |
| Structured Asset Securities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.425%, 06/25/35 (144A) (d) | 35151 | &nbsp;&nbsp;&nbsp; 31933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.622%, 1M TSFR + 0.464%, 04/25/35 (144A) (d) | 982878 | &nbsp;&nbsp;&nbsp; 894619 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.636%, 04/25/60 (144A) (d) | 591637 | &nbsp;&nbsp;&nbsp; 540304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/25/60 (144A) (d) | 940000 | &nbsp;&nbsp;&nbsp; 740911 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.845%, 04/25/69 (144A) (g) | 494814 | &nbsp;&nbsp;&nbsp; $501552 |
|  |  | &nbsp;&nbsp;&nbsp; 25815309 |
| **Commercial Mortgage-Backed Securities — 2.4%** | **Commercial Mortgage-Backed Securities — 2.4%** | **Commercial Mortgage-Backed Securities — 2.4%** |
| Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.470%, 09/15/64 | 2770000 | &nbsp;&nbsp;&nbsp; 2470604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643%, 04/15/54 (d) | 860000 | &nbsp;&nbsp;&nbsp; 781474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.538%, 11/15/54 | 1580000 | &nbsp;&nbsp;&nbsp; 1549270 |
| Bank5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779%, 04/15/56 | 770000 | &nbsp;&nbsp;&nbsp; 788320 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.525%, 04/15/56 | 2700000 | &nbsp;&nbsp;&nbsp; 2832046 |
| BLP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.842%, 1M TSFR + 1.692%, 03/15/40 (144A) (d) | 4207681 | &nbsp;&nbsp;&nbsp; 4206366 |
| BOCA Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.071%, 1M TSFR + 1.921%, 08/15/41 (144A) (d) | 2560000 | &nbsp;&nbsp;&nbsp; 2571200 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1M TSFR + 0.850%, 01/15/39 (144A) (d) | 3000000 | &nbsp;&nbsp;&nbsp; 2997188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.066%, 1M TSFR + 0.914%, 02/15/36 (144A) (d) | 585199 | &nbsp;&nbsp;&nbsp; 584833 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.015%, 10/12/40 (144A) (d) | 1520000 | &nbsp;&nbsp;&nbsp; 1566655 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 1M TSFR + 1.300%, 10/15/42 (144A) (d) | 1200000 | &nbsp;&nbsp;&nbsp; 1202250 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.911%, 02/13/53 | 3414000 | &nbsp;&nbsp;&nbsp; 3198581 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 12/15/49 | 3129700 | &nbsp;&nbsp;&nbsp; 3106157 |
| MTN Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%, 1M TSFR + 1.397%, 03/15/39 (144A) (d) | 2980000 | &nbsp;&nbsp;&nbsp; 2979069 |
|  |  | &nbsp;&nbsp;&nbsp; 30834013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Non-Agency Mortgage-Backed Securities <br>(Cost $58,134,827) <br>|  | &nbsp;&nbsp;&nbsp; 56649322 |
| **Foreign Government—3.6%** | **Foreign Government—3.6%** | **Foreign Government—3.6%** |
| **Sovereign — 3.6%** | **Sovereign — 3.6%** | **Sovereign — 3.6%** |
| Colombia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/26/44 | 4840000 | &nbsp;&nbsp;&nbsp; 3956942 |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/11/29 | 6280000 | &nbsp;&nbsp;&nbsp; 6386915 |
| Israel Government AID Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/18/33 | 10047000 | &nbsp;&nbsp;&nbsp; 10774415 |
| Israel Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/12/34 | 7000000 | &nbsp;&nbsp;&nbsp; 7186091 |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 07/02/32 | 12000000 | &nbsp;&nbsp;&nbsp; 12388800 |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 03/14/37 | 320000 | &nbsp;&nbsp;&nbsp; 355840 |
| Republic of Poland Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 04/06/26 (a) | 5010000 | &nbsp;&nbsp;&nbsp; 4987164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government <br>(Cost $46,583,420) <br>|  | &nbsp;&nbsp;&nbsp; 46036167 |

---

**BHFTII-283**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—0.8%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| EQUATE Petrochemical Co. KSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/03/26 (144A) | 1540000 | &nbsp;&nbsp;&nbsp; $1534530 |
| **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
| Enel Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/12/28 | 4000000 | &nbsp;&nbsp;&nbsp; 4064172 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 05/21/28 (144A) | 4000000 | &nbsp;&nbsp;&nbsp; 4109240 |
|  |  | &nbsp;&nbsp;&nbsp; 8173412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes <br>(Cost $9,543,137) <br>|  | &nbsp;&nbsp;&nbsp; 9707942 |
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.492%, 1M TSFR + 0.334%, 02/25/36 (144A) (d) <br>(Cost $1,964,481)<br>| 4525721 | &nbsp;&nbsp;&nbsp; 80973 |

---

&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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 3.000%, due on <br> 10/01/25, with a maturity value of $1,924,229; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 04/30/27, with a market value of $1,962,614<br>| 1924069 | &nbsp;&nbsp;&nbsp; 1924069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $1,924,069) <br>|  | &nbsp;&nbsp;&nbsp; 1924069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (h)—0.7%** | **Securities Lending Reinvestments (h)—0.7%** | **Securities Lending Reinvestments (h)—0.7%** |
| **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** | **Short-Term Investment Funds—0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund, <br>Select Class 4.070% (i)<br>| 750000 | &nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.020% (i)<br>| 1200000 | &nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.000% (i)<br>| 750000 | &nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 3.990% (i)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.050% (i)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.050% (i)<br>| 750000 | &nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.060% (i)<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp;&nbsp; 5650000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $200,023; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 5.000%, maturity dates ranging from 11/30/25 - 02/15/52, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.270%, due on <br> 10/01/25 with a maturity value of $200,024; collateralized <br> by various Common Stock with an aggregate market value of <br> $222,467<br>| 200000 | &nbsp;&nbsp;&nbsp; $200000 |
| Citigroup Global Markets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.150%, due on <br> 10/01/25 with a maturity value of $100,012; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 10/28/25 - 05/15/35, <br> and an aggregate market value of $102,000<br>| 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| Deutsche Bank Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $1,174,537; collateralized <br> by U.S. Treasury Obligations with zero coupon, maturity dates <br> ranging from 11/15/35 - 08/15/55, and an aggregate <br> market value of $1,197,888<br>| 1174400 | &nbsp;&nbsp;&nbsp; 1174400 |
| Nomura Securities International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.200%, due on <br> 10/01/25 with a maturity value of $800,093; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 6.750%, maturity dates ranging from 10/31/25 - 05/15/55, <br> and an aggregate market value of $816,095<br>| 800000 | &nbsp;&nbsp;&nbsp; 800000 |
| Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.090%, due on <br> 10/01/25 with a maturity value of $200,023; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 2.375%, maturity dates ranging from 05/31/26 - 07/15/30, <br> and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
| TD Prime Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement dated 09/30/25 at 4.190%, due on <br> 10/01/25 with a maturity value of $200,023; collateralized <br> by various Common Stock with an aggregate market value of <br> $220,026<br>| 200000 | &nbsp;&nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp;&nbsp; 2874400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Securities Lending Reinvestments <br>(Cost $8,524,400) <br>|  | &nbsp;&nbsp;&nbsp; 8524400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments—104.9% <br>(Cost $1,374,803,917) <br>|  | &nbsp;&nbsp;&nbsp; 1327943415 |
| Other assets and liabilities (net)—(4.9)%  |  | &nbsp;&nbsp;&nbsp; (62621243)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp;&nbsp; $1265322172 |

---

&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 September 30, 2025, the market value of securities loaned was $12,558,566 and the collateral received consisted of cash in the amount of $8,524,400 and non-cash collateral with a value of $4,492,643. 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. 

(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 September 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 

**BHFTII-284**

------

**Brighthouse Funds Trust II**

**Western Asset Management U.S. Government Portfolio**

**Schedule of Investments as of September 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | 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.  |

---

---

| | |
|:---|:---|
|  | Rate shown is current coupon rate. |
| (h) | Represents investment of cash collateral received from securities on loan as of September 30, <br> 2025.<br>|
| (i) | The rate shown represents the annualized seven-day yield as of September 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 September 30, 2025, the market value of 144A securities was <br> $57,534,976, which is 4.5% of net assets.<br>|

---

**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 Note 2 Year Futures | &nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp; (20)<br>| USD | (4167969)<br>| &nbsp;&nbsp;&nbsp; $(3160)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of September 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Schedule of Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $705484767 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $705484767 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 499535775 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 499535775 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56649322 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56649322 |
| Total Foreign Government\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46036167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46036167 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9707942 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9707942 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 80973 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 80973 |
| Total Short-Term Investments\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1924069 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1924069 |
| Securities Lending Reinvestments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment Funds | &nbsp;&nbsp;&nbsp; 5650000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2874400 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2874400 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp;&nbsp; 5650000 | &nbsp;&nbsp;&nbsp; 2874400 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8524400 |
| Total Investments | &nbsp;&nbsp;&nbsp; $5650000 | &nbsp;&nbsp;&nbsp; $1322293415 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1327943415 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8524400)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8524400)<br>|
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp;&nbsp; $(3160)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3160)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

**BHFTII-285**

------

**Brighthouse Funds Trust II**

**Notes to the Schedule of Investments**

**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 Brighthouse Investment Advisers, LLC (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 a 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 a 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-286**

------

**Brighthouse Funds Trust II**

**Notes to the Schedule of Investments**

**Investment Valuation and Fair Value Measurements—(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 the Portfolio's "valuation designee" to perform each 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.

For information regarding a Portfolio's other significant accounting policies, please refer to the Portfolio's most recent Semiannual or Annual Financial Statements.

**BHFTII-287**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brighthouse Funds Trust II

- **b. Investment Company Act file number:** 811-03618

- **c. CIK number of Registrant:** 0000710826

- **d. LEI of Registrant:** 549300NPPA08K2CWOV06

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Brighthouse Investment Advisers, LLC

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28277

  - **Telephone number:** 980-949-5089

**Item A.2. Information about the Series.**

- **a. Name of Series:** Western Asset Management U.S. Government Portfolio

- **b. EDGAR series identifier (if any):** S000006527

- **c. LEI of Series:** 549300EGJ01DADX3JK13

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1359128931.97

**Total Liabilities:** $93790103.80

**Net Assets:** $1265338828.17

**Delayed Delivery Securities:** $1200000.00

**Cash Not Reported:** $54941.85

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -1648.58000000 | **1-Year:** -22372.29000000 | **5-Year:** -48919.29000000 | **10-Year:** -61266.84000000 | **30-Year:** -3631.98000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -632.25000000 | **1-Year:** -12776.26000000 | **5-Year:** -50817.79000000 | **10-Year:** -6260.88000000 | **30-Year:** -1670.28000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017847 | -0.19%               | 1.25%                | 0.67%                |
| Class ID C000017846 | -0.29%               | 1.25%                | 0.76%                |
| Class ID C000017845 | -0.19%               | 1.35%                | 0.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1136779.26              | $-7655452.93                               |
| Month 2  | $427222.35               | $12018444.41                               |
| Month 3  | $-735440.42              | $5700319.49                                |

**Designated Index Information**

- **Index Name:** 33.33% Bloomberg MBS 33.34% Government Intermediate 33.33% US Agency

- **Index Identifier:** 33.33% LUMSTRUU, 33.34% LUGITRUU, 33.33% LUAATRUU

### Schedule of Portfolio Investments

| Name                                              | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GS Mortgage-Backed Securities Trust               | GS Mortgage-Backed Securities Trust 2022-NQM1                  | CUSIP: 36264EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    597638 | PA      | $554953.16    | 0.04%             | 2062-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACPG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    166146 | PA      | $169083.99    | 0.01%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AC5U0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5069948 | PA      | $4153851.89   | 0.33%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGC98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1099029 | PA      | $981133.67    | 0.08%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XPZE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1014869 | PA      | $1007638.30   | 0.08%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381NUY2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  10649518 | PA      | $1011890.61   | 0.08%             | 2055-06-20      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38384ERJ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1604049 | PA      | $279496.48    | 0.02%             | 2047-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133APK73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    231165 | PA      | $198235.08    | 0.02%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38382AYC3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    663820 | PA      | $127693.55    | 0.01%             | 2049-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XB4K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    760121 | PA      | $655075.25    | 0.05%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DM5J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    446982 | PA      | $383412.58    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31391HCW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       497 | PA      | $510.13       | 0.00%             | 2032-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QHMG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    375950 | PA      | $338206.60    | 0.03%             | 2041-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380P8N7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2713415 | PA      | $241033.70    | 0.02%             | 2060-09-16      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132AA4K7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    210756 | PA      | $190549.56    | 0.02%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACFU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    978102 | PA      | $990817.51    | 0.08%             | 2053-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136AATF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194582 | PA      | $23922.55     | 0.00%             | 2042-12-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133ASGU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    456892 | PA      | $391719.84    | 0.03%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140FUHP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37537 | PA      | $37248.08     | 0.00%             | 2047-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KVF96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5063042 | PA      | $4149070.93   | 0.33%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H9QG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4184628 | PA      | $526447.08    | 0.04%             | 2051-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Strips                                             | CUSIP: 3134A4KY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   9000000 | PA      | $6807988.98   | 0.54%             | 2032-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABE65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    142974 | PA      | $122572.68    | 0.01%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UEA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    315344 | PA      | $311566.48    | 0.02%             | 2048-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AJX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    154038 | PA      | $145393.40    | 0.01%             | 2042-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 31329KXS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    982442 | PA      | $946467.12    | 0.07%             | 2038-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38375UQY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1150666 | PA      | $1149772.42   | 0.09%             | 2064-10-20      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KKS75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2358897 | PA      | $2030878.07   | 0.16%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418B2M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    357934 | PA      | $340452.57    | 0.03%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140MJ6K6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    309230 | PA      | $264483.77    | 0.02%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132JMX87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    797222 | PA      | $775804.47    | 0.06%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9663401 | PA      | $8289428.02   | 0.66%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140K9UP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89917 | PA      | $87713.69     | 0.01%             | 2050-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                             | Tennessee Valley Authority                                     | CUSIP: 880591FD9<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |  20000000 | PA      | $20721641.60  | 1.64%             | 2035-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| Freddiemac Strip                                  | Freddie Mac Strips                                             | CUSIP: 31325YXR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    440701 | PA      | $108132.38    | 0.01%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H0X60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    837500 | PA      | $184074.88    | 0.01%             | 2049-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AVC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15020 | PA      | $14626.77     | 0.00%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KRQ69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127874 | PA      | $109890.46    | 0.01%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138W92M1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2262032 | PA      | $2197662.44   | 0.17%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XL2C1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    646728 | PA      | $658189.04    | 0.05%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133C1NL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69172 | PA      | $69995.62     | 0.01%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBSR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    123011 | PA      | $106705.73    | 0.01%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DTAR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    352099 | PA      | $359512.38    | 0.03%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFN23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    352657 | PA      | $315624.83    | 0.02%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QSHS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4589407 | PA      | $4741714.73   | 0.37%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381XEZ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    451529 | PA      | $408384.18    | 0.03%             | 2049-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                       | Extended Stay America Trust 2025-ESH                           | CUSIP: 30227TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1202249.88   | 0.10%             | 2042-10-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202EJY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     30580 | PA      | $32429.84     | 0.00%             | 2036-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2017-4                     | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1021920 | PA      | $984672.61    | 0.08%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KKH80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105251 | PA      | $86078.43     | 0.01%             | 2050-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381EBB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2876997 | PA      | $200030.96    | 0.02%             | 2063-07-16      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    244409 | PA      | $215164.21    | 0.02%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FKN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4156 | PA      | $4177.60      | 0.00%             | 2040-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                | Morgan Stanley Mortgage Loan Trust 2005-3AR                    | CUSIP: 61745M4P5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43549 | PA      | $38892.21     | 0.00%             | 2035-07-25      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VQU7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    137895 | PA      | $126832.06    | 0.01%             | 2050-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418CEE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1342674 | PA      | $1272111.76   | 0.10%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132WNEC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    233325 | PA      | $230708.72    | 0.02%             | 2047-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H9QH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1725416 | PA      | $224378.29    | 0.02%             | 2051-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38376G5V8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6950774 | PA      | $69.51        | 0.00%             | 2046-09-16      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFA68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146336 | PA      | $125567.21    | 0.01%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137F8UQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1466400 | PA      | $196981.63    | 0.02%             | 2051-01-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LYRC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2426415 | PA      | $2074981.38   | 0.16%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2021-DNA6                        | CUSIP: 35564KKY4<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | USGSE             | US        |   1943066 | PA      | $1948234.85   | 0.15%             | 2041-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGNF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    868525 | PA      | $779258.60    | 0.06%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3026111 | PA      | $2615367.85   | 0.21%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates   | CUSIP: 3137F82T9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  75619416 | PA      | $2782053.46   | 0.22%             | 2030-11-25      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140J9NP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1017023 | PA      | $959939.14    | 0.08%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DPT73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    394008 | PA      | $392577.37    | 0.03%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XKLX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79982 | PA      | $79715.55     | 0.01%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TNS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    125019 | PA      | $119610.00    | 0.01%             | 2047-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138WDW98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31931 | PA      | $31844.80     | 0.00%             | 2045-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381PWW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7972869 | PA      | $367112.35    | 0.03%             | 2055-07-20      | Floating      | 0.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179SGL5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    141212 | PA      | $130520.52    | 0.01%             | 2046-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140FPDN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36564 | PA      | $36254.97     | 0.00%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136A35F4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4112 | PA      | $4218.47      | 0.00%             | 2039-06-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38382XP25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    939382 | PA      | $84569.35     | 0.01%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XCTE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260960 | PA      | $232345.36    | 0.02%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136ABQD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1229677 | PA      | $61898.87     | 0.00%             | 2042-03-25      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138AHWX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38761 | PA      | $39568.30     | 0.00%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2024-DNA2                        | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | USGSE             | US        |    705571 | PA      | $709092.71    | 0.06%             | 2044-05-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140HF4E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    353794 | PA      | $302363.20    | 0.02%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AFRX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    172987 | PA      | $141107.54    | 0.01%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AC4M9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    546981 | PA      | $564804.07    | 0.04%             | 2054-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617MB5B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     79305 | PA      | $75286.92     | 0.01%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FHY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    148086 | PA      | $151918.94    | 0.01%             | 2040-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DNB36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1357142 | PA      | $1253357.12   | 0.10%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TCY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    112514 | PA      | $107646.16    | 0.01%             | 2047-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds              | CUSIP: 731011AU6<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   5010000 | PA      | $4987163.72   | 0.39%             | 2026-04-06      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KGNJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2644130 | PA      | $2371889.23   | 0.19%             | 2049-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381DPK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3144023 | PA      | $224684.45    | 0.02%             | 2061-06-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    375389 | PA      | $324437.15    | 0.03%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates   | CUSIP: 3137FL6G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  82724688 | PA      | $1286344.09   | 0.10%             | 2029-01-25      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| Societe Generale                                  | Societe Generale                                               | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | RA               | CORP              | US        |    200000 | PA      | $200000.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133A0MT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38931 | PA      | $34930.98     | 0.00%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179V6V7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1773761 | PA      | $1422488.80   | 0.11%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H0TS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1514707 | PA      | $201282.84    | 0.02%             | 2051-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31412MBF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5188 | PA      | $5453.17      | 0.00%             | 2037-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYVX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    587906 | PA      | $495599.78    | 0.04%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418EDM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152900 | PA      | $137160.39    | 0.01%             | 2042-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFHS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    835881 | PA      | $747307.05    | 0.06%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                            | Federal Home Loan Banks                                        | CUSIP: 3130AYPN0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   4000000 | PA      | $4025793.44   | 0.32%             | 2027-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TV77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    323220 | PA      | $319563.93    | 0.03%             | 2048-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132L8QJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    216302 | PA      | $212814.98    | 0.02%             | 2047-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133ENEG1<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9960367.70   | 0.79%             | 2025-11-17      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LHMX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $99453.11     | 0.01%             | 2032-10-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138EGQ64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    211010 | PA      | $216097.15    | 0.02%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UPA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    190152 | PA      | $181493.21    | 0.01%             | 2049-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGDU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    460694 | PA      | $377561.55    | 0.03%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UQ62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    146131 | PA      | $144742.33    | 0.01%             | 2049-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFZA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    299241 | PA      | $256238.87    | 0.02%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                            | Federal Home Loan Banks                                        | CUSIP: 3130ALGJ7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   9979125 | PA      | $9845777.35   | 0.78%             | 2026-03-23      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                            | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18000000 | PA      | $18165937.50  | 1.44%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133A4XN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    147299 | PA      | $132610.91    | 0.01%             | 2050-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XN6S8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1213697 | PA      | $1047916.75   | 0.08%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DS5M0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    343344 | PA      | $330770.60    | 0.03%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AGRD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    126098 | PA      | $103326.81    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138M3TF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    529197 | PA      | $514854.11    | 0.04%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DVMC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5217941 | PA      | $4664297.57   | 0.37%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X7YH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    281888 | PA      | $251256.08    | 0.02%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31419ACU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4452 | PA      | $4559.37      | 0.00%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133ENTS9<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9842473.00   | 0.78%             | 2027-04-05      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM4 Trust                                            | CUSIP: 67120QAC0<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |   2500605 | PA      | $2511711.51   | 0.20%             | 2055-02-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DTDT4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3739941 | PA      | $3698512.06   | 0.29%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H9F46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  20250734 | PA      | $3413350.30   | 0.27%             | 2051-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFVE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149685 | PA      | $122940.49    | 0.01%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31412TZM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11254 | PA      | $11867.31     | 0.00%             | 2038-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XF4V0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    697419 | PA      | $596817.79    | 0.05%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132D9C69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1924622 | PA      | $1678865.41   | 0.13%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179SJU2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1526180 | PA      | $1463479.15   | 0.12%             | 2046-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380LLH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1001384 | PA      | $1008757.35   | 0.08%             | 2068-10-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179XVT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1082705 | PA      | $1096778.50   | 0.09%             | 2053-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179T4Q5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     44651 | PA      | $44146.22     | 0.00%             | 2048-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2022-DNA2                        | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |   3420000 | PA      | $3481397.21   | 0.28%             | 2042-02-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FDW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    151776 | PA      | $152674.61    | 0.01%             | 2040-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140MHS83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    196403 | PA      | $174299.12    | 0.01%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31375QVC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        46 | PA      | $47.84        | 0.00%             | 2026-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140M33H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    427253 | PA      | $365978.52    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X9VH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113416 | PA      | $109427.98    | 0.01%             | 2039-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-NQM5 Trust                                           | CUSIP: 22946DAA0<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    814748 | PA      | $679725.25    | 0.05%             | 2066-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381Q3B5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7692286 | PA      | $715981.09    | 0.06%             | 2055-08-20      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L4F53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332467 | PA      | $272724.94    | 0.02%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36190VRF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    902479 | PA      | $853403.17    | 0.07%             | 2045-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2016-3                     | CUSIP: 64829HAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    780777 | PA      | $741019.74    | 0.06%             | 2056-09-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL CO                           | EQUATE Petrochemical Co KSC                                    | CUSIP: 29441WAC9<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |   1540000 | PA      | $1534529.92   | 0.12%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGTQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    123020 | PA      | $114060.95    | 0.01%             | 2050-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Non Gold Pool                                      | CUSIP: 31288QFS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    626675 | PA      | $640880.66    | 0.05%             | 2047-11-01      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BQJD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    692176 | PA      | $96445.64     | 0.01%             | 2050-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36241LW51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    236435 | PA      | $237835.86    | 0.02%             | 2041-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3128M8W67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     63385 | PA      | $66657.45     | 0.01%             | 2039-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179U4A7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    311017 | PA      | $269444.77    | 0.02%             | 2049-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L5GE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    174087 | PA      | $149814.08    | 0.01%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38384BPF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1161065 | PA      | $216507.67    | 0.02%             | 2047-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140MAWL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152039 | PA      | $152505.24    | 0.01%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418DYG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    345239 | PA      | $291473.49    | 0.02%             | 2041-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133B6T83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    537765 | PA      | $461069.15    | 0.04%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FJT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29819 | PA      | $31281.63     | 0.00%             | 2040-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617JYLP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    128442 | PA      | $117167.73    | 0.01%             | 2050-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380RRU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2563605 | PA      | $236365.92    | 0.02%             | 2063-06-16      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Trust 2020-GC45                         | CUSIP: 36258YBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3414000 | PA      | $3198581.04   | 0.25%             | 2053-02-13      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133D4M59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2113810 | PA      | $1828211.55   | 0.14%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QNPL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1080553 | PA      | $999845.01    | 0.08%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XDMP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    334068 | PA      | $298595.59    | 0.02%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38378NK51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    725514 | PA      | $2946.75      | 0.00%             | 2048-02-16      | Variable      | 0.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABUA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    500467 | PA      | $443852.74    | 0.04%             | 2052-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133EHL68<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9802780.20   | 0.77%             | 2027-10-26      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL           | MTN Commercial Mortgage Trust 2022-LPFL                        | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2980000 | PA      | $2979068.75   | 0.24%             | 2039-03-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179S5L7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1869928 | PA      | $1736210.40   | 0.14%             | 2047-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFJT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1534166 | PA      | $1320954.13   | 0.10%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    695793 | PA      | $697532.16    | 0.06%             | 2054-12-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140FXKP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    622483 | PA      | $603969.95    | 0.05%             | 2058-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TXX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     97324 | PA      | $98648.98     | 0.01%             | 2048-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36178DH20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     98917 | PA      | $90614.75     | 0.01%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KLVJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3073001 | PA      | $2510706.33   | 0.20%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L1UL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    131671 | PA      | $107870.90    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38375GB83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    276202 | PA      | $29800.22     | 0.00%             | 2042-08-16      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFF97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    292925 | PA      | $251613.37    | 0.02%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                            | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  80000000 | PA      | $80056250.40  | 6.33%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QP4C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    136309 | PA      | $137834.46    | 0.01%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DSU83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    156835 | PA      | $165229.08    | 0.01%             | 2041-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QUD52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1715299 | PA      | $1762933.14   | 0.14%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds           | Colombia Government International Bonds                        | CUSIP: 195325BR5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   4840000 | PA      | $3956942.00   | 0.31%             | 2044-02-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DQ2G0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    847533 | PA      | $862898.47    | 0.07%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2020-2                               | CUSIP: 89176UAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $740911.10    | 0.06%             | 2060-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                            | Reperforming Loan REMIC Trust 2006-R2                          | CUSIP: 125435AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    107411 | PA      | $102031.80    | 0.01%             | 2036-07-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132D9GP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1168064 | PA      | $1012429.49   | 0.08%             | 2041-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137HBDW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4002227 | PA      | $516328.89    | 0.04%             | 2051-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RFC PRINCIPAL STRIP                               | Resolution Funding Corp Principal Strip                        | CUSIP: 76116FAB3<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |  51000000 | PA      | $43132529.88  | 3.41%             | 2030-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UCB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    345507 | PA      | $330552.58    | 0.03%             | 2048-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2021-NQM3                  | CUSIP: 64831TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400135 | PA      | $354338.47    | 0.03%             | 2056-11-27      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2022-VAMF                                             | CUSIP: 05609TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2997187.50   | 0.24%             | 2039-01-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp                        | FIXED INC CLEARING CORP.REPO                                   | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1924069 | PA      | $1924068.75   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140FPFS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    483011 | PA      | $477015.04    | 0.04%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DPUU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    479798 | PA      | $480896.13    | 0.04%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380RK41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3258387 | PA      | $381768.62    | 0.03%             | 2063-09-16      | Variable      | 1.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYT41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    310345 | PA      | $269422.40    | 0.02%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132XCSJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    181193 | PA      | $179087.01    | 0.01%             | 2049-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UMM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    449579 | PA      | $445282.27    | 0.04%             | 2049-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QLZ82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    896801 | PA      | $767864.93    | 0.06%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L6TB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187150 | PA      | $153317.84    | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XCQ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1190991 | PA      | $1068909.58   | 0.08%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133BCYY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2457395 | PA      | $2402875.81   | 0.19%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFTH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    523114 | PA      | $449341.19    | 0.04%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FPG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35273 | PA      | $35482.33     | 0.00%             | 2041-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2017-1                     | CUSIP: 64829JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    634862 | PA      | $618846.62    | 0.05%             | 2057-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179SEH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    233883 | PA      | $217645.94    | 0.02%             | 2046-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132H5EK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    199570 | PA      | $194329.93    | 0.02%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AAP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113151 | PA      | $113896.90    | 0.01%             | 2031-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                | Morgan Stanley Mortgage Loan Trust 2006-8AR                    | CUSIP: 61749LAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    395585 | PA      | $70073.46     | 0.01%             | 2036-06-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AJE90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    158286 | PA      | $129465.69    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179XDA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4348930 | PA      | $3763277.66   | 0.30%             | 2052-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179T7K5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1245989 | PA      | $1190407.71   | 0.09%             | 2048-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31382VWH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10336 | PA      | $10793.13     | 0.00%             | 2029-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179SQV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    133220 | PA      | $120710.09    | 0.01%             | 2046-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BGNQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    758900 | PA      | $107341.31    | 0.01%             | 2047-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XNEZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    897870 | PA      | $911706.68    | 0.07%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGFQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2332730 | PA      | $2089898.13   | 0.17%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2021-LBA                                              | CUSIP: 05609BAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    585199 | PA      | $584833.48    | 0.05%             | 2036-02-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KRPW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    321665 | PA      | $326192.38    | 0.03%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179R7J2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    294278 | PA      | $274000.89    | 0.02%             | 2046-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFUJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    220453 | PA      | $180452.38    | 0.01%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VFS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    197605 | PA      | $194873.53    | 0.02%             | 2050-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136A65Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    297340 | PA      | $16340.58     | 0.00%             | 2042-03-25      | Floating      | 2.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGRZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274831 | PA      | $251924.17    | 0.02%             | 2045-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QNL26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1447424 | PA      | $1241459.94   | 0.10%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380PSK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3420046 | PA      | $207097.44    | 0.02%             | 2062-05-16      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AQPP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1593830 | PA      | $1364177.48   | 0.11%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179SLS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     12907 | PA      | $12005.51     | 0.00%             | 2046-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AID-ISRAEL                                        | Israel Government AID Bond                                     | CUSIP: 46513EFG2<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |  10047000 | PA      | $10774414.45  | 0.85%             | 2033-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Fannie Mae Interest Strip                                      | CUSIP: 31424UGV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3069424 | PA      | $401292.03    | 0.03%             | 2052-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGGN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    570169 | PA      | $489971.18    | 0.04%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation           | Structured Asset Securities Corp                               | CUSIP: 86359DEX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    982878 | PA      | $894618.50    | 0.07%             | 2035-04-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38385GTJ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  12034418 | PA      | $1096909.48   | 0.09%             | 2055-05-20      | Floating      | 1.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138EKLG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121530 | PA      | $114710.25    | 0.01%             | 2042-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202EPZ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     85092 | PA      | $92636.36     | 0.01%             | 2037-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XABM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    141755 | PA      | $116472.97    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AJ6U2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1114446 | PA      | $914873.06    | 0.07%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates   | CUSIP: 3137FKUR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  60673381 | PA      | $648907.88    | 0.05%             | 2028-12-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark 2023-B38 Mortgage Trust                              | CUSIP: 081916AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2700000 | PA      | $2832045.93   | 0.22%             | 2056-04-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    264166 | PA      | $241954.26    | 0.02%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381ETV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1302947 | PA      | $60372.84     | 0.00%             | 2061-02-16      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132A9T23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    111057 | PA      | $108238.95    | 0.01%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FGG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17022 | PA      | $17834.51     | 0.00%             | 2040-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TXV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     91022 | PA      | $87289.30     | 0.01%             | 2048-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179XLJ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1288900 | PA      | $1301935.87   | 0.10%             | 2052-11-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XLXV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    916531 | PA      | $792127.45    | 0.06%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XKSW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    657308 | PA      | $677793.20    | 0.05%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XLCG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    956402 | PA      | $980591.62    | 0.08%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XLTR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    323309 | PA      | $303396.20    | 0.02%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| The Bank Of Nova Scotia, Toronto                  | The Bank Of Nova Scotia, Toronto                               | CUSIP: 000000000<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | RA               | CORP              | US        |    200000 | PA      | $200000.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418ECZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226601 | PA      | $199627.43    | 0.02%             | 2042-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QMT95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1217523 | PA      | $1042550.90   | 0.08%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2020-2                               | CUSIP: 89176UAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    591637 | PA      | $540304.29    | 0.04%             | 2060-04-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 3622A3CG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1594807 | PA      | $1493340.75   | 0.12%             | 2048-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                          | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  11500000 | PA      | $11594736.66  | 0.92%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418BLU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58776 | PA      | $57190.97     | 0.00%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179Q6P1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     40041 | PA      | $37378.07     | 0.00%             | 2045-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418ECY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1082269 | PA      | $934695.37    | 0.07%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYV71<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     72806 | PA      | $62969.31     | 0.00%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KKJ34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    728680 | PA      | $596979.22    | 0.05%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FPM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35576 | PA      | $37026.39     | 0.00%             | 2041-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140MRBS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    269377 | PA      | $269117.08    | 0.02%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RFC PRINCIPAL STRIP                               | Resolution Funding Corp Principal Strip                        | CUSIP: 76116FAC1<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |  69000000 | PA      | $57733942.20  | 4.56%             | 2030-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Securities               | Banc of America Mortgage 2005-F Trust                          | CUSIP: 05949CCA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7110 | PA      | $6769.20      | 0.00%             | 2035-07-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X9M93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    406832 | PA      | $385613.86    | 0.03%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Securities Inc.                     | Deutsche Bank Securities Inc.                                  | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Long             | RA               | CORP              | US        |   1174400 | PA      | $1174400.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140FXTS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4307658 | PA      | $3512909.45   | 0.28%             | 2061-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACLF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2810773 | PA      | $2287223.58   | 0.18%             | 2051-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates   | CUSIP: 3137FL2N3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  51926458 | PA      | $1492153.50   | 0.12%             | 2034-01-25      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132E0Z62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    433482 | PA      | $440267.10    | 0.03%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 31392XUX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71867 | PA      | $72238.95     | 0.01%             | 2032-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133ERDM0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   8000000 | PA      | $8361901.76   | 0.66%             | 2031-05-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QKDE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199513 | PA      | $179703.72    | 0.01%             | 2041-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KKK24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3000295 | PA      | $2583099.55   | 0.20%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133EL5K6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   8000000 | PA      | $7042674.64   | 0.56%             | 2030-09-03      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38379U5F9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9834860 | PA      | $315300.69    | 0.02%             | 2058-10-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L3JA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    374032 | PA      | $305713.44    | 0.02%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38375BKD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1135836 | PA      | $1136039.08   | 0.09%             | 2060-12-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133BEBL6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    922051 | PA      | $901594.30    | 0.07%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QKQY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1503743 | PA      | $1351787.48   | 0.11%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYVN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1403342 | PA      | $1218397.54   | 0.10%             | 2041-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H1PP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    506505 | PA      | $84441.00     | 0.01%             | 2049-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Fannie Mae Interest Strip                                      | CUSIP: 31424U6J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1706308 | PA      | $218650.82    | 0.02%             | 2052-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBX62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200614 | PA      | $172307.15    | 0.01%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137HBW26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1252854 | PA      | $216031.67    | 0.02%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140FXLU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1307837 | PA      | $1265299.67   | 0.10%             | 2059-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136ABQH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    467887 | PA      | $483045.30    | 0.04%             | 2042-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                            | Federal Home Loan Banks                                        | CUSIP: 3130AQUT8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  20000000 | PA      | $19556528.20  | 1.55%             | 2027-02-17      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AB4U3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    980745 | PA      | $955027.60    | 0.08%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFMF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62424 | PA      | $56314.61     | 0.00%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QQVA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1652400 | PA      | $1678763.59   | 0.13%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBQ60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139360 | PA      | $119696.35    | 0.01%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XM5C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    506067 | PA      | $522263.33    | 0.04%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VSF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    105822 | PA      | $87619.34     | 0.01%             | 2050-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133APLD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    269077 | PA      | $231442.97    | 0.02%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136A1QW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    977217 | PA      | $83751.31     | 0.01%             | 2041-10-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132ADJC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    123136 | PA      | $116222.67    | 0.01%             | 2044-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                         | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32    | CUSIP: 61691GAR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3129700 | PA      | $3106157.01   | 0.25%             | 2049-12-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QFG86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1580113 | PA      | $1371154.42   | 0.11%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KXAB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119600 | PA      | $102543.94    | 0.01%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132E0D33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1011410 | PA      | $1013547.07   | 0.08%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UQ54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    164729 | PA      | $158261.73    | 0.01%             | 2049-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617QY2Q7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     85913 | PA      | $75875.97     | 0.01%             | 2052-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                          | CUSIP: 01F0504A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9800000 | PA      | $9900937.45   | 0.78%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2023-NQM3 Trust                                            | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450997 | PA      | $451907.66    | 0.04%             | 2063-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XDY75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1145839 | PA      | $979885.14    | 0.08%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BDF78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    583089 | PA      | $99658.29     | 0.01%             | 2051-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACX21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    436760 | PA      | $437381.67    | 0.03%             | 2053-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 31426CP81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    476088 | PA      | $487817.95    | 0.04%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L3G88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124057 | PA      | $101397.32    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138WJWA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109894 | PA      | $106187.02    | 0.01%             | 2037-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132D9P99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2175845 | PA      | $1879159.61   | 0.15%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFUG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    370092 | PA      | $317894.27    | 0.03%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XQA23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5045647 | PA      | $4489904.57   | 0.35%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Principal Strip                                     | CUSIP: 31358DDR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |  30000000 | PA      | $25109643.60  | 1.98%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABFG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71009 | PA      | $60721.82     | 0.00%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133A2JW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50168 | PA      | $45057.63     | 0.00%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VKQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51750 | PA      | $52453.65     | 0.00%             | 2050-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust               | GS Mortgage-Backed Securities Trust 2018-RPL1                  | CUSIP: 36256BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1072818 | PA      | $1052454.36   | 0.08%             | 2057-10-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGWS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2584136 | PA      | $2396659.64   | 0.19%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140H3ZJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    305030 | PA      | $287410.93    | 0.02%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XJTF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    535552 | PA      | $534594.19    | 0.04%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140MUU40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1106729 | PA      | $1086732.20   | 0.09%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DQKC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    806649 | PA      | $692079.26    | 0.05%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QKDF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    454101 | PA      | $409014.47    | 0.03%             | 2041-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABKA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     72830 | PA      | $62329.61     | 0.00%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc         | Structured Asset Mortgage Investments II Trust 2006-AR6        | CUSIP: 86360UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65856 | PA      | $57030.02     | 0.00%             | 2046-07-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FG26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52898 | PA      | $55520.18     | 0.00%             | 2040-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133B3XG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    853912 | PA      | $731195.27    | 0.06%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1256329 | PA      | $1152066.02   | 0.09%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABYM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    372610 | PA      | $335275.23    | 0.03%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TNQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    565912 | PA      | $511450.07    | 0.04%             | 2047-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179XX68<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2574716 | PA      | $2609710.48   | 0.21%             | 2053-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38375BLC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    337356 | PA      | $337403.87    | 0.03%             | 2061-03-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380P2F0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3543711 | PA      | $221902.55    | 0.02%             | 2062-06-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LN5G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    266563 | PA      | $228658.88    | 0.02%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36188MWY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     98782 | PA      | $94570.79     | 0.01%             | 2045-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H4VE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1211250 | PA      | $237742.39    | 0.02%             | 2051-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AFRZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    231918 | PA      | $190404.84    | 0.02%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617MC3Z8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    735861 | PA      | $658994.37    | 0.05%             | 2050-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137F8NU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1040273 | PA      | $171758.74    | 0.01%             | 2050-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Fannie Mae Interest Strip                                      | CUSIP: 31424U8E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2624767 | PA      | $587503.63    | 0.05%             | 2053-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381BDT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34997 | PA      | $33513.38     | 0.00%             | 2048-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RESOLUTION FUNDING STRIP                          | Resolution Funding Corp Interest Strip                         | CUSIP: 76116EGJ3<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   4230000 | PA      | $4101886.62   | 0.32%             | 2026-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38375BJK9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2304062 | PA      | $2300268.85   | 0.18%             | 2060-12-20      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DN5A7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3135320 | PA      | $3145952.29   | 0.25%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                             | Tennessee Valley Authority                                     | CUSIP: 880591EZ1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |  15000000 | PA      | $15056020.65  | 1.19%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140F5CP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    263039 | PA      | $245875.45    | 0.02%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DSWC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1160540 | PA      | $1196037.17   | 0.09%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179WDG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1597581 | PA      | $1281191.67   | 0.10%             | 2051-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACA67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    320322 | PA      | $303043.18    | 0.02%             | 2052-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                          | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4500000 | PA      | $4364360.33   | 0.34%             | 2055-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                | Ellington Financial Mortgage Trust 2022-1                      | CUSIP: 31573CAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $719078.47    | 0.06%             | 2067-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133B3ZF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    152216 | PA      | $130749.56    | 0.01%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138WJ5M6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    110044 | PA      | $102770.34    | 0.01%             | 2047-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31415XH20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4674 | PA      | $4903.45      | 0.00%             | 2038-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X66J5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1628472 | PA      | $1607925.01   | 0.13%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2023-5YR1                                                | CUSIP: 06644EAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770000 | PA      | $788319.76    | 0.06%             | 2056-04-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KLVW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53119 | PA      | $43487.71     | 0.00%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XCXQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    368128 | PA      | $315981.13    | 0.02%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFBC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    485882 | PA      | $433047.16    | 0.03%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASTR Reperforming Loan Trust                     | MASTR Reperforming Loan Trust 2005-2                           | CUSIP: 57643QAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1644409 | PA      | $728414.52    | 0.06%             | 2035-05-25      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138A4BH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13390 | PA      | $13498.46     | 0.00%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140N3AS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    509607 | PA      | $507887.37    | 0.04%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FKR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     75415 | PA      | $79251.82     | 0.01%             | 2040-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AGKB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    485595 | PA      | $398337.91    | 0.03%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank                                              | BANK 2021-BNK32                                                | CUSIP: 06542BBH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860000 | PA      | $781474.35    | 0.06%             | 2054-04-15      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BJWT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1247197 | PA      | $202437.52    | 0.02%             | 2050-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 31397UUU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2167437 | PA      | $2246164.26   | 0.18%             | 2041-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380QDH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    333007 | PA      | $329827.01    | 0.03%             | 2070-07-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140Q83A1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2679527 | PA      | $2575178.98   | 0.20%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140EVVB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    296352 | PA      | $267999.83    | 0.02%             | 2046-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138AFWD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36253 | PA      | $37127.18     | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONSLOW BAY FINANCIAL LLC                          | OBX 2021-NQM3 Trust                                            | CUSIP: 67114JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    533284 | PA      | $439222.72    | 0.03%             | 2061-07-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    515044 | PA      | $522720.47    | 0.04%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179T7L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1509323 | PA      | $1493108.32   | 0.12%             | 2048-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31414KEZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1991 | PA      | $2078.49      | 0.00%             | 2038-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136A6Q56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50397 | PA      | $46060.18     | 0.00%             | 2042-03-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AMB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    399143 | PA      | $388691.80    | 0.03%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BMZX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1804565 | PA      | $321779.24    | 0.03%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31415XJF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2436 | PA      | $2496.94      | 0.00%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Fannie Mae Interest Strip                                      | CUSIP: 31423XMX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2187811 | PA      | $280338.82    | 0.02%             | 2050-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38383RXB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1353330 | PA      | $195309.70    | 0.02%             | 2050-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133B5FE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     78863 | PA      | $64647.82     | 0.01%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H9KH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    909433 | PA      | $193278.05    | 0.02%             | 2050-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MS GOVT US LEX                                    | MS GOVT US LEX                                                 | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    750000 | NS      | $750000.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RESOLUTION FUNDING STRIP                          | Resolution Funding Corp Interest Strip                         | CUSIP: 76116EHK9<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9092141.50   | 0.72%             | 2028-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RESOLUTION FUNDING STRIP                          | Resolution Funding Corp Interest Strip                         | CUSIP: 76116EGH7<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |  14517000 | PA      | $14345815.54  | 1.13%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2024-INV3 Trust                                           | CUSIP: 36830FAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    409448 | PA      | $417904.82    | 0.03%             | 2054-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L05E3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    177378 | PA      | $144954.65    | 0.01%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138WKZ24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98275 | PA      | $97054.65     | 0.01%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BPUY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4349188 | PA      | $561146.98    | 0.04%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L7FS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51432 | PA      | $44188.08     | 0.00%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LRT40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    342269 | PA      | $293997.47    | 0.02%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYVJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2436691 | PA      | $2057916.67   | 0.16%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138W9CG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    202735 | PA      | $197425.26    | 0.02%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TLT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    319796 | PA      | $305960.46    | 0.02%             | 2047-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140J9H53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    774399 | PA      | $733405.11    | 0.06%             | 2043-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XP3F4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1333069 | PA      | $1363179.52   | 0.11%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Coupon Strips                                      | CUSIP: 3134A4NM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   5400000 | PA      | $4869487.80   | 0.38%             | 2028-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133EMQX3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   7900000 | PA      | $7797618.77   | 0.62%             | 2026-02-17      | Fixed         | 0.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UCA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    351483 | PA      | $325857.71    | 0.03%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3128P8F48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    271147 | PA      | $256816.67    | 0.02%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XHSN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1917523 | PA      | $1821353.70   | 0.14%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFSY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73770 | PA      | $63233.30     | 0.00%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFPJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1177115 | PA      | $1009358.68   | 0.08%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140JBLD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    418241 | PA      | $343735.68    | 0.03%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBPQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    320305 | PA      | $275695.21    | 0.02%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                          | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4017760 | PA      | $3835394.15   | 0.30%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XKM49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    408669 | PA      | $406146.15    | 0.03%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2018-4                                | CUSIP: 46649CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    328895 | PA      | $297035.83    | 0.02%             | 2048-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380QBN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     56606 | PA      | $57399.63     | 0.00%             | 2070-04-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QFB32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    881017 | PA      | $757120.45    | 0.06%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132AAK52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    425202 | PA      | $410872.51    | 0.03%             | 2038-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418ACE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33742 | PA      | $33965.96     | 0.00%             | 2031-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                       | PRKCM 2021-AFC2 Trust                                          | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    668675 | PA      | $595703.46    | 0.05%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132E0EJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    486521 | PA      | $501486.73    | 0.04%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XKNS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    134277 | PA      | $141494.27    | 0.01%             | 2041-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XCCC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    297439 | PA      | $267103.52    | 0.02%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank                                              | BANK 2017-BNK9                                                 | CUSIP: 06540RAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1580000 | PA      | $1549269.95   | 0.12%             | 2054-11-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFMQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    639394 | PA      | $554648.40    | 0.04%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3131Y6Q93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    321564 | PA      | $303516.23    | 0.02%             | 2042-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABUF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    646841 | PA      | $570800.47    | 0.05%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QLMX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    832196 | PA      | $677339.23    | 0.05%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617YDD41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    140751 | PA      | $123874.17    | 0.01%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FLS3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     31051 | PA      | $32533.74     | 0.00%             | 2040-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                            | Federal Home Loan Banks                                        | CUSIP: 3130APJ55<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  15000000 | PA      | $14622061.20  | 1.16%             | 2026-10-26      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                       | Legacy Mortgage Asset Trust 2021-GS3                           | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    723148 | PA      | $723086.93    | 0.06%             | 2061-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AJFA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    200753 | PA      | $164054.11    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UMK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11148 | PA      | $10317.82     | 0.00%             | 2049-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132JBF40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1116379 | PA      | $1085918.21   | 0.09%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136ABQF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    546863 | PA      | $580301.91    | 0.05%             | 2042-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TBA Western/Lehman Receivable                     | TBA Western/Lehman Receivable                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    428796 | PA      | $0.00         | 0.00%             | 2099-09-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                          | CUSIP: 01F0406A0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  16800000 | PA      | $15831689.33  | 1.25%             | 2048-10-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-AFC1 Trust                                           | CUSIP: 12657LAC8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    414462 | PA      | $346446.97    | 0.03%             | 2056-03-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BBF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1653127 | PA      | $263658.16    | 0.02%             | 2050-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136B3HQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27347 | PA      | $25484.82     | 0.00%             | 2048-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140EXDX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    215877 | PA      | $195134.65    | 0.02%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138ADR98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21712 | PA      | $22182.20     | 0.00%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TXW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    600381 | PA      | $593175.50    | 0.05%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACT67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    449693 | PA      | $462819.73    | 0.04%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AJBJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    256547 | PA      | $209661.85    | 0.02%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust                    | BOCA Commercial Mortgage Trust 2024-BOCA                       | CUSIP: 096817AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2560000 | PA      | $2571200.00   | 0.20%             | 2041-08-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DVKW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    574567 | PA      | $515382.86    | 0.04%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TD Prime Services LLC                             | TD Prime Services LLC                                          | CUSIP: 000000000<br>LEI: 549300ZBQI1JB1844X09 | Long             | RA               | CORP              | US        |    200000 | PA      | $200000.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L1TP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    352788 | PA      | $288125.71    | 0.02%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140JHYV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    307029 | PA      | $303091.10    | 0.02%             | 2048-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133ANC36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    266228 | PA      | $229070.67    | 0.02%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QERD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55217 | PA      | $48417.49     | 0.00%             | 2040-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132AEFK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    997002 | PA      | $984565.60    | 0.08%             | 2033-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                          | CUSIP: 01F0306A1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $3512804.68   | 0.28%             | 2055-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X6KQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    475420 | PA      | $471674.83    | 0.04%             | 2049-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KLGL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1289717 | PA      | $1053715.19   | 0.08%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation           | Structured Asset Securities Corp Mortgage Loan Trust 2006-ARS1 | CUSIP: 86358LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4525721 | PA      | $80973.29     | 0.01%             | 2036-02-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3128MJUJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15771 | PA      | $15995.27     | 0.00%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Enel Chile SA                                     | Enel Chile SA                                                  | CUSIP: 29278DAA3<br>LEI: 549300YM5CWCAUVOPB53 | Long             | DBT              | CORP              | CL        |   4000000 | PA      | $4064172.00   | 0.32%             | 2028-06-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                            | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $60782812.80  | 4.80%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KVQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    485624 | PA      | $398107.26    | 0.03%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Federal Home Loan Mortgage Corp                                | CUSIP: 312902LX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   5562000 | PA      | $4740590.44   | 0.37%             | 2029-12-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TLR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     89185 | PA      | $80616.05     | 0.01%             | 2047-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140JAHF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    130787 | PA      | $128947.81    | 0.01%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132D9E91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1943483 | PA      | $1691786.45   | 0.13%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38378N3K7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5527997 | PA      | $4825.39      | 0.00%             | 2054-04-16      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACP46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    634018 | PA      | $557432.77    | 0.04%             | 2052-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FMU7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     56855 | PA      | $58850.82     | 0.00%             | 2040-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 3622A2DH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    103921 | PA      | $108467.53    | 0.01%             | 2036-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X5QJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     91174 | PA      | $90793.52     | 0.01%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XJBJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8005776 | PA      | $7467112.89   | 0.59%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DTKC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    857245 | PA      | $877530.21    | 0.07%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132E0KM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1113577 | PA      | $1126950.89   | 0.09%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABLA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71704 | PA      | $61472.16     | 0.00%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2021-DNA2                        | CUSIP: 35564KDB2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | USGSE             | US        |   1163017 | PA      | $1186765.62   | 0.09%             | 2033-08-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| INVESCO GOVT AND AGCY LEX                         | INVESCO GOVT AND AGCY LEX                                      | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1000000 | NS      | $1000000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                          | CUSIP: 01F0326A7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    600000 | PA      | $548112.71    | 0.04%             | 2048-10-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617MB4M8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     89509 | PA      | $83315.56     | 0.01%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BMGK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    901279 | PA      | $190076.37    | 0.02%             | 2051-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380PHX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4273475 | PA      | $473394.20    | 0.04%             | 2060-05-16      | Variable      | 1.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202EWE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    217575 | PA      | $232431.86    | 0.02%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380R2L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4824388 | PA      | $285301.31    | 0.02%             | 2061-04-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    747051 | PA      | $683429.01    | 0.05%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36200JAH3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    253669 | PA      | $259601.12    | 0.02%             | 2033-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XMHZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    503091 | PA      | $513815.86    | 0.04%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UQ70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52133 | PA      | $52885.50     | 0.00%             | 2049-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AC6M7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1181390 | PA      | $1220684.43   | 0.10%             | 2054-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LRTA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    350409 | PA      | $300862.55    | 0.02%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank Of Nova Scotia NY Agency                     | Bank Of Nova Scotia NY Agency                                  | CUSIP: 000000000<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | RA               | CORP              | US        |    200000 | PA      | $200000.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation           | Structured Asset Securities Corp                               | CUSIP: 86359DME4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35151 | PA      | $31933.05     | 0.00%             | 2035-06-25      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138M8J38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    844414 | PA      | $777444.70    | 0.06%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                          | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10294700 | PA      | $10444094.42  | 0.83%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SACO I Trust                                      | SACO I Trust 2007-VA1                                          | CUSIP: 78386KAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1674 | PA      | $1296.72      | 0.00%             | 2021-06-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133B9NQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    683752 | PA      | $606919.20    | 0.05%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140JBVE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    410638 | PA      | $336971.35    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYU64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3034369 | PA      | $2622975.14   | 0.21%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418ABH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116298 | PA      | $116939.40    | 0.01%             | 2031-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DTQ52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    907905 | PA      | $935378.90    | 0.07%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AN5F7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    491137 | PA      | $420640.50    | 0.03%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                             | Mexico Government International Bond                           | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  12000000 | PA      | $12388800.00  | 0.98%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UPC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     60623 | PA      | $61374.34     | 0.00%             | 2049-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABCA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70767 | PA      | $60560.08     | 0.00%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X3CH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    126693 | PA      | $121730.97    | 0.01%             | 2040-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418BKY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87161 | PA      | $84808.82     | 0.01%             | 2034-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACWT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1674696 | PA      | $1675815.56   | 0.13%             | 2053-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38379RRT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6919354 | PA      | $190109.25    | 0.02%             | 2056-11-16      | Variable      | 0.52%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACSD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2250316 | PA      | $2285216.61   | 0.18%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380QAW2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    957816 | PA      | $972120.18    | 0.08%             | 2070-05-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYVF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    204333 | PA      | $177743.38    | 0.01%             | 2041-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TFDXX LEX BLACKROCK FED FUND                      | TFDXX LEX BLACKROCK FED FUND                                   | CUSIP: 09248U700<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1200000 | NS      | $1200000.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACEG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1316258 | PA      | $1330115.95   | 0.11%             | 2053-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31413TUG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11164 | PA      | $11655.06     | 0.00%             | 2037-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UZW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     87315 | PA      | $88503.73     | 0.01%             | 2049-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132D9QM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    164311 | PA      | $142417.85    | 0.01%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2021-DNA3                        | CUSIP: 35564KEL9<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | USGSE             | US        |    782896 | PA      | $797778.80    | 0.06%             | 2033-10-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    131050 | PA      | $129561.00    | 0.01%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36189YZF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1050408 | PA      | $1005618.53   | 0.08%             | 2045-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACKB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    878953 | PA      | $892551.48    | 0.07%             | 2053-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381U8L9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8800000 | PA      | $906025.12    | 0.07%             | 2055-09-20      | Floating      | 2.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381DHV5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3191497 | PA      | $191290.02    | 0.02%             | 2063-02-16      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138MDZ88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    402491 | PA      | $391950.95    | 0.03%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132AEUQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155761 | PA      | $145636.24    | 0.01%             | 2047-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31415WQA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7917 | PA      | $8278.69      | 0.00%             | 2038-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36200NYY1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     50647 | PA      | $51884.83     | 0.00%             | 2034-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LRUQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209940 | PA      | $180144.69    | 0.01%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FRL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    207384 | PA      | $217505.12    | 0.02%             | 2041-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381DJ68<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5064188 | PA      | $415446.21    | 0.03%             | 2061-06-16      | Variable      | 1.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31387W3S4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1906 | PA      | $1958.87      | 0.00%             | 2032-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140N4TK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146526 | PA      | $148422.15    | 0.01%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABUU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    707733 | PA      | $625484.05    | 0.05%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TAL9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    666308 | PA      | $637482.56    | 0.05%             | 2047-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L1TN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    224819 | PA      | $186204.86    | 0.01%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DMZJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    437703 | PA      | $358891.98    | 0.03%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133APF79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    220402 | PA      | $189239.82    | 0.01%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137HHNF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    632922 | PA      | $636025.43    | 0.05%             | 2054-12-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XCZ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    748763 | PA      | $643385.38    | 0.05%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137HBW42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1270770 | PA      | $277143.49    | 0.02%             | 2051-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X8EY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2310268 | PA      | $2085621.45   | 0.16%             | 2040-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132E0BK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    316158 | PA      | $327786.01    | 0.03%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133EMAG7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1195000 | PA      | $924674.38    | 0.07%             | 2035-09-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XC6P8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132223 | PA      | $114642.62    | 0.01%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FVR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     50513 | PA      | $52923.86     | 0.00%             | 2041-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XAFA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    312236 | PA      | $268413.03    | 0.02%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136A5J49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    282631 | PA      | $297359.85    | 0.02%             | 2042-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VBK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     87218 | PA      | $88405.72     | 0.01%             | 2049-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X3CE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    331334 | PA      | $317859.68    | 0.03%             | 2040-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138AFB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45201 | PA      | $46291.16     | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418D6K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3040865 | PA      | $2562488.72   | 0.20%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202EUU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     89316 | PA      | $95499.00     | 0.01%             | 2038-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KSBK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209494 | PA      | $186262.98    | 0.01%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137FYJM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1635763 | PA      | $358586.21    | 0.03%             | 2050-12-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABU83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    358809 | PA      | $317227.18    | 0.03%             | 2052-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGWP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    218415 | PA      | $187220.84    | 0.01%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L7PC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190864 | PA      | $156340.95    | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XLWR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    634927 | PA      | $640975.58    | 0.05%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AJ6W8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     65924 | PA      | $53928.95     | 0.00%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VDS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    230577 | PA      | $233711.67    | 0.02%             | 2050-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AKJH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    182057 | PA      | $149146.83    | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AK31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1104875 | PA      | $1042868.53   | 0.08%             | 2042-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABV33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    933460 | PA      | $823811.13    | 0.07%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L6TA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125217 | PA      | $102778.39    | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L3H79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    141399 | PA      | $115873.15    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VZV5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    190668 | PA      | $187777.03    | 0.01%             | 2050-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGGW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1281150 | PA      | $1054940.23   | 0.08%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KSMA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    479939 | PA      | $410830.16    | 0.03%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36178NF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    146826 | PA      | $134564.65    | 0.01%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133B1TB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    138263 | PA      | $118647.38    | 0.01%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140K44S6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     76885 | PA      | $69217.65     | 0.01%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36178WGQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    479656 | PA      | $433181.81    | 0.03%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XDN69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    130754 | PA      | $112000.85    | 0.01%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138A6V98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15930 | PA      | $16293.01     | 0.00%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36189YG22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    273612 | PA      | $260579.46    | 0.02%             | 2045-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Inflation-Indexed Notes                          | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9212310 | PA      | $9483577.80   | 0.75%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418UGU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7718 | PA      | $7903.86      | 0.00%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KNDA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    721863 | PA      | $621583.74    | 0.05%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFA27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    695465 | PA      | $600366.31    | 0.05%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Non Gold Pool                                      | CUSIP: 31288QFR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2509098 | PA      | $2452365.35   | 0.19%             | 2048-11-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                       | PRKCM 2021-AFC1 Trust                                          | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1252568 | PA      | $1061562.29   | 0.08%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 3617MB5P0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25372 | PA      | $24081.84     | 0.00%             | 2050-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DSUT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    593406 | PA      | $602428.01    | 0.05%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XCQ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8796395 | PA      | $7948815.83   | 0.63%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617K1ZG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     55944 | PA      | $53108.32     | 0.00%             | 2049-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TZ65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    595009 | PA      | $588602.63    | 0.05%             | 2048-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    277819 | PA      | $281431.66    | 0.02%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381DFG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    516873 | PA      | $363433.09    | 0.03%             | 2060-07-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H4D49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    612272 | PA      | $97813.80     | 0.01%             | 2050-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L05B9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    249458 | PA      | $202720.98    | 0.02%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133JLYK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    259038 | PA      | $211600.51    | 0.02%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133ALHV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    133847 | PA      | $116105.55    | 0.01%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                     | CUSIP: 21H0526A1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $100744.23    | 0.01%             | 2054-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust    | Morgan Stanley Residential Mortgage Loan Trust 2024-INV3       | CUSIP: 61776GAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1893180 | PA      | $1932374.04   | 0.15%             | 2054-06-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DVML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1186635 | PA      | $1172902.43   | 0.09%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140Q9HZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    365849 | PA      | $361307.19    | 0.03%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                            | Federal Home Loan Banks                                        | CUSIP: 3130ALJJ4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  15000000 | PA      | $12073763.55  | 0.95%             | 2036-03-04      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AHB63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    280873 | PA      | $230170.15    | 0.02%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X9MC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68647 | PA      | $66637.52     | 0.01%             | 2037-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X9YP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2533166 | PA      | $2285441.44   | 0.18%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132D9RN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    441444 | PA      | $381800.05    | 0.03%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XNNH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1309266 | PA      | $1097208.82   | 0.09%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DTKW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    622588 | PA      | $643372.94    | 0.05%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38375BJE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    528266 | PA      | $527772.75    | 0.04%             | 2060-12-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     81428 | PA      | $74277.72     | 0.01%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31371GUY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       128 | PA      | $128.76       | 0.00%             | 2028-05-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179WDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3386161 | PA      | $2917668.74   | 0.23%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138W5GH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135788 | PA      | $124375.79    | 0.01%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36178WDN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    557724 | PA      | $509897.06    | 0.04%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138X6PV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    305387 | PA      | $279688.25    | 0.02%             | 2043-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38375BJY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2694962 | PA      | $2695076.25   | 0.21%             | 2060-12-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132D9F58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    539995 | PA      | $469725.64    | 0.04%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                            | Federal Home Loan Banks                                        | CUSIP: 3130B5K64<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2511880.50   | 0.20%             | 2027-03-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TE35<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    224440 | PA      | $222302.09    | 0.02%             | 2047-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Fannie Mae Interest Strip                                      | CUSIP: 3136FLFG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    474355 | PA      | $69707.85     | 0.01%             | 2041-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TV69<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    109120 | PA      | $104127.77    | 0.01%             | 2048-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179VHV5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    126081 | PA      | $124143.81    | 0.01%             | 2050-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                       | PRKCM 2024-HOME1 Trust                                         | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    618742 | PA      | $628091.75    | 0.05%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133D3X67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122113 | PA      | $109404.74    | 0.01%             | 2041-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L5GZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66925 | PA      | $54748.44     | 0.00%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QQ4A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1009030 | PA      | $1035946.77   | 0.08%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AAKF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    831646 | PA      | $758682.59    | 0.06%             | 2048-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                            | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $25080078.00  | 1.98%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                         | CIM Trust 2021-R6                                              | CUSIP: 12567RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1639177 | PA      | $1482972.32   | 0.12%             | 2061-07-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617Y5UR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    226931 | PA      | $213747.68    | 0.02%             | 2052-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AGRB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    183026 | PA      | $149638.35    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| RBC US GOVT MONEY MKT FUND                        | RBC US GOVT MONEY MKT FUND                                     | CUSIP: 74926P696<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    200000 | NS      | $200000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202ED63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       609 | PA      | $637.92       | 0.00%             | 2035-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFN49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64906 | PA      | $59641.06     | 0.00%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYWP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1223212 | PA      | $1086750.29   | 0.09%             | 2042-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418BSJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    301533 | PA      | $286437.03    | 0.02%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGV97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    423689 | PA      | $388064.41    | 0.03%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418D6L1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3357087 | PA      | $2885330.32   | 0.23%             | 2041-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133APF61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    215162 | PA      | $185069.44    | 0.01%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                         | CIM Trust 2023-R4                                              | CUSIP: 12569UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2137264 | PA      | $2135678.58   | 0.17%             | 2062-05-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179SB89<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    136395 | PA      | $126981.95    | 0.01%             | 2046-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XKW89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    922684 | PA      | $753650.90    | 0.06%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                       | Federal Home Loan Mortgage Corp                                | CUSIP: 3128X9MF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $5992665.00   | 0.47%             | 2036-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds          | Indonesia Government International Bonds                       | CUSIP: 455780CH7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   6280000 | PA      | $6386915.12   | 0.50%             | 2029-02-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138AFV31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87293 | PA      | $89398.77     | 0.01%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                          | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara      | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |   4000000 | PA      | $4109240.00   | 0.32%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DMWN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    475510 | PA      | $407843.44    | 0.03%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TG33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     42136 | PA      | $38154.64     | 0.00%             | 2047-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38385D3H7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9876243 | PA      | $956214.91    | 0.08%             | 2055-03-20      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H9AM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1118894 | PA      | $185205.51    | 0.01%             | 2050-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2022-DNA4                        | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | USGSE             | US        |    620000 | PA      | $643442.20    | 0.05%             | 2042-05-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BRH67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6925282 | PA      | $932149.24    | 0.07%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Non Gold Pool                                      | CUSIP: 31288QFW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1227267 | PA      | $1237141.86   | 0.10%             | 2050-02-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-AFC1 Trust                                           | CUSIP: 12657LAA2<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    481446 | PA      | $397355.15    | 0.03%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Fannie Mae Interest Strip                                      | CUSIP: 3136FLFR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    377056 | PA      | $64287.02     | 0.01%             | 2039-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202FGD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    189973 | PA      | $191097.79    | 0.02%             | 2040-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2022-DNA2                        | CUSIP: 35564KRE1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |     85440 | PA      | $85439.71     | 0.01%             | 2042-02-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202E6G9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1111 | PA      | $1167.34      | 0.00%             | 2039-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DS3G5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    258622 | PA      | $265946.83    | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYV30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74438 | PA      | $62727.38     | 0.00%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LRU55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    129490 | PA      | $111378.86    | 0.01%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 2YR NOTE (CBT) DEC25                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -20 | NC      | $-3159.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38383FR62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    140215 | PA      | $116973.72    | 0.01%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380JKP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1351790 | PA      | $51695.96     | 0.00%             | 2060-03-16      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380RNG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2511443 | PA      | $1862206.15   | 0.15%             | 2063-06-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BBEL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9576709 | PA      | $1614240.47   | 0.13%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31416WLJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8551 | PA      | $8756.68      | 0.00%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38382XZT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    784853 | PA      | $106027.41    | 0.01%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140Q9XA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179152 | PA      | $171367.38    | 0.01%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BGZQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    725520 | PA      | $106538.46    | 0.01%             | 2047-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381DY87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2815187 | PA      | $230292.14    | 0.02%             | 2061-06-16      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DPYG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    692447 | PA      | $700979.66    | 0.06%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QUKA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1892180 | PA      | $1966039.70   | 0.16%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFBF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    293620 | PA      | $263252.60    | 0.02%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INT DEVELOPMENT FIN CORP                          | United States International Development Finance Corp           | CUSIP: 690353XN2<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGA              | US        |   5588555 | PA      | $5502001.23   | 0.43%             | 2030-06-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DMT62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    232417 | PA      | $192045.19    | 0.02%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X9JE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135900 | PA      | $134211.79    | 0.01%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFPU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490264 | PA      | $422368.98    | 0.03%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138W9BG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    328324 | PA      | $300764.09    | 0.02%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBK82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1171974 | PA      | $1004574.17   | 0.08%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202EKL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1472 | PA      | $1543.11      | 0.00%             | 2036-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418EAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    436205 | PA      | $377272.93    | 0.03%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INT DEVELOPMENT FIN CORP                          | United States International Development Finance Corp           | CUSIP: 90376PAZ4<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGA              | US        |   7500000 | PA      | $7070267.98   | 0.56%             | 2029-05-15      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                     | CUSIP: 21H0506A5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7000000 | PA      | $6962334.26   | 0.55%             | 2048-10-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X9LZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    154231 | PA      | $132348.33    | 0.01%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UH54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    145228 | PA      | $143398.90    | 0.01%             | 2048-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38379U4A1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6030767 | PA      | $168709.50    | 0.01%             | 2058-12-16      | Variable      | 0.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38378KWZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9835667 | PA      | $8909.15      | 0.00%             | 2054-10-16      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                     | BLP Commercial Mortgage Trust 2023-IND                         | CUSIP: 055531AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4207681 | PA      | $4206366.02   | 0.33%             | 2040-03-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KNWP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    462266 | PA      | $410007.46    | 0.03%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                              | CUSIP: 36210BWF8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       227 | PA      | $227.86       | 0.00%             | 2029-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AF6L0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    209862 | PA      | $171980.08    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 31296LZK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5677 | PA      | $5719.86      | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABFC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     67827 | PA      | $58148.86     | 0.00%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QNM33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1330793 | PA      | $1188869.87   | 0.09%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYWN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77167 | PA      | $66644.69     | 0.01%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates   | CUSIP: 3137F72D6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16266252 | PA      | $192873.84    | 0.02%             | 2027-09-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179U6Y3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    133009 | PA      | $134820.43    | 0.01%             | 2049-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                   | Israel Government International Bond                           | CUSIP: 46514BRL3<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |   7000000 | PA      | $7186091.15   | 0.57%             | 2034-03-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L4HK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    475972 | PA      | $390052.25    | 0.03%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380PTL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2958881 | PA      | $240227.42    | 0.02%             | 2062-04-16      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132WN4B5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    294790 | PA      | $292447.11    | 0.02%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QUD86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    361969 | PA      | $376236.19    | 0.03%             | 2054-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133EMFS6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9966681.90   | 0.79%             | 2025-11-03      | Fixed         | 0.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KYVB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3300058 | PA      | $2789159.74   | 0.22%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABCD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     68714 | PA      | $58909.56     | 0.00%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AWH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    165575 | PA      | $161033.79    | 0.01%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BQ3W7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2887660 | PA      | $513831.41    | 0.04%             | 2051-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBYG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    419494 | PA      | $361810.30    | 0.03%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418EDL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    395465 | PA      | $340308.60    | 0.03%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133BTCA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    297514 | PA      | $295883.06    | 0.02%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACPQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    412498 | PA      | $419155.04    | 0.03%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38384WFF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    929049 | PA      | $93349.64     | 0.01%             | 2054-09-20      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                            | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31900000 | PA      | $32434574.14  | 2.56%             | 2030-08-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BDQ84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1899212 | PA      | $287944.32    | 0.02%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H9QF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1428331 | PA      | $218359.95    | 0.02%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AAKS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    531028 | PA      | $467056.85    | 0.04%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds               | Peru Government International Bonds                            | CUSIP: 715638AU6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    320000 | PA      | $355840.00    | 0.03%             | 2037-03-14      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XPG52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    349898 | PA      | $303058.94    | 0.02%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XADY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    138792 | PA      | $114365.94    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BJ7L3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    746414 | PA      | $110583.35    | 0.01%             | 2048-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138AFWY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55269 | PA      | $56601.88     | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H3ST0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1256071 | PA      | $178670.17    | 0.01%             | 2051-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank                                              | BANK 2021-BNK36                                                | CUSIP: 06540DBH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2770000 | PA      | $2470604.27   | 0.20%             | 2064-09-15      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AH27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2096555 | PA      | $1978899.26   | 0.16%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QPJ24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    207332 | PA      | $208035.46    | 0.02%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418QCZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    261216 | PA      | $256639.62    | 0.02%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                   | BRAVO Residential Funding Trust 2023-NQM7                      | CUSIP: 10569HAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    483580 | PA      | $490820.47    | 0.04%             | 2063-09-25      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KMFR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2387658 | PA      | $2045495.72   | 0.16%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                     | CUSIP: 21H0426A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3100000 | PA      | $3005765.18   | 0.24%             | 2048-10-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DREYFUS TREASURY & AGENCY LEX                     | DREYFUS TREASURY & AGENCY LEX                                  | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    750000 | NS      | $750000.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132HBH73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    445627 | PA      | $433926.30    | 0.03%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140KYDF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    753967 | PA      | $648580.13    | 0.05%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nomura Securities International Inc               | Nomura Securities International Inc                            | CUSIP: 000000000<br>LEI: OXTKY6Q8X53C9ILVV871 | Long             | RA               | CORP              | US        |    800000 | PA      | $800000.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTR Adjustable Rate Mortgages Trust             | MASTR Adjustable Rate Mortgages Trust 2004-1                   | CUSIP: 576433JG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89490 | PA      | $80279.80     | 0.01%             | 2034-02-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31410LNV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    333175 | PA      | $333569.39    | 0.03%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates   | CUSIP: 3137F84T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  31439600 | PA      | $1093862.27   | 0.09%             | 2030-11-25      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138AFC65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    271337 | PA      | $277880.45    | 0.02%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XL3Q9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    218574 | PA      | $227152.64    | 0.02%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2024-3                              | CUSIP: 92540MAC9<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    494814 | PA      | $501551.87    | 0.04%             | 2069-04-25      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XMKW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    685123 | PA      | $687113.29    | 0.05%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BFGH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    479594 | PA      | $105444.83    | 0.01%             | 2051-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DWET6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    234089 | PA      | $233296.55    | 0.02%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137FTLA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2616803 | PA      | $589436.11    | 0.05%             | 2050-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XAEW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    947707 | PA      | $774294.43    | 0.06%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TUB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    896033 | PA      | $857255.01    | 0.07%             | 2048-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3618FFXV3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    597707 | PA      | $617991.09    | 0.05%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XDGP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274711 | PA      | $236453.65    | 0.02%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L4CZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    205539 | PA      | $167987.46    | 0.01%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179TSH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    126000 | PA      | $120547.43    | 0.01%             | 2048-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFUH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    314804 | PA      | $269955.12    | 0.02%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACPU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    918483 | PA      | $928298.34    | 0.07%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133ENZH6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   3000000 | PA      | $2994080.10   | 0.24%             | 2042-06-27      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XMY34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3179653 | PA      | $2748069.38   | 0.22%             | 2042-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GMAC Mortgage Corporation Loan Trust              | GMACM Mortgage Loan Trust 2005-AR6                             | CUSIP: 36185MBG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     66126 | PA      | $54214.04     | 0.00%             | 2035-11-19      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418CCK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1618087 | PA      | $1534023.31   | 0.12%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RESOLUTION FUNDING STRIP                          | Resolution Funding Corp Interest Strip                         | CUSIP: 76116EGQ7<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |  14000000 | PA      | $12092319.68  | 0.96%             | 2029-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617MB5S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     56852 | PA      | $53970.81     | 0.00%             | 2050-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AFXA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    171523 | PA      | $140764.62    | 0.01%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-NQM7                                                 | CUSIP: 12662QAA4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    470585 | PA      | $415183.70    | 0.03%             | 2066-10-25      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AB4Z2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    387603 | PA      | $388330.96    | 0.03%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2019-RPL3                  | CUSIP: 64830NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    769480 | PA      | $743093.49    | 0.06%             | 2059-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QMRH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    362181 | PA      | $309939.30    | 0.02%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31410LVU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116821 | PA      | $112019.55    | 0.01%             | 2037-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                              | Fannie Mae REMIC Trust 2003-W14                                | CUSIP: 31393E6M6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     84314 | PA      | $82656.86     | 0.01%             | 2043-01-25      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3617MKK99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    322686 | PA      | $304791.62    | 0.02%             | 2050-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DV6R1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7907548 | PA      | $6444849.35   | 0.51%             | 2050-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140QPRZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    809279 | PA      | $818900.05    | 0.06%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABA93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    916141 | PA      | $808888.44    | 0.06%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Fin Square Govt Fd                  | Goldman Sachs Fin Square Govt Fd                               | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1000000 | NS      | $1000000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFSM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1311883 | PA      | $1122019.66   | 0.09%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                     | CUSIP: 21H0306A7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $892576.17    | 0.07%             | 2055-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KRQN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    154292 | PA      | $162332.63    | 0.01%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3131XXBW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3229044 | PA      | $3006942.34   | 0.24%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DNNW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1486045 | PA      | $1480877.45   | 0.12%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38381DWD8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1985891 | PA      | $192398.85    | 0.02%             | 2061-06-16      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AEPA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     31915 | PA      | $27341.52     | 0.00%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XP3K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    356946 | PA      | $362398.98    | 0.03%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DQY59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155902 | PA      | $161347.43    | 0.01%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XGTU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    640407 | PA      | $593856.97    | 0.05%             | 2052-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418DP97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4673386 | PA      | $3808925.48   | 0.30%             | 2050-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L7M41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69817 | PA      | $57319.29     | 0.00%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KNJF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1274674 | PA      | $1098620.71   | 0.09%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418AK72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194729 | PA      | $189631.04    | 0.01%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622A2R38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    106298 | PA      | $98995.98     | 0.01%             | 2046-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BGVM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    780592 | PA      | $84456.04     | 0.01%             | 2051-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140J8GH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32124 | PA      | $29131.20     | 0.00%             | 2047-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                          | Federal Farm Credit Banks Funding Corp                         | CUSIP: 3133ETNU7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $10026804.40  | 0.79%             | 2028-07-03      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Non Gold Pool                                      | CUSIP: 31347AX33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    189801 | PA      | $187450.67    | 0.01%             | 2047-03-01      | Floating      | 3.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XKW71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1657081 | PA      | $1357958.34   | 0.11%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XFBK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    177690 | PA      | $159951.23    | 0.01%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AGRE1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66017 | PA      | $54544.51     | 0.00%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                            | CUSIP: 91282CKU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  56500000 | PA      | $58812968.75  | 4.65%             | 2031-05-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KQXT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    661964 | PA      | $660779.67    | 0.05%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Federal Home Loan Mortgage Corp                                | CUSIP: 3134A3ZU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   7443000 | PA      | $6348592.67   | 0.50%             | 2029-12-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380JLX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  25345180 | PA      | $1088028.03   | 0.09%             | 2059-12-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140HBJB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    169248 | PA      | $167743.71    | 0.01%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                          | CUSIP: 01F0226A8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5300000 | PA      | $4464399.88   | 0.35%             | 2055-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BA4U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    437850 | PA      | $87323.19     | 0.01%             | 2050-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBQ52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    395425 | PA      | $340127.99    | 0.03%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALLSPRING GOVT FUND LEX                           | ALLSPRING GOVT FUND LEX                                        | CUSIP: 09248U700<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    750000 | NS      | $750000.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179QGC9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    508322 | PA      | $475179.95    | 0.04%             | 2044-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140XBW71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260695 | PA      | $223486.49    | 0.02%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622AB6B3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    796947 | PA      | $775564.34    | 0.06%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                       | Legacy Mortgage Asset Trust 2021-GS5                           | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    568373 | PA      | $568305.32    | 0.04%             | 2067-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3128M93E0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    318060 | PA      | $317976.84    | 0.03%             | 2038-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132ADUS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    859293 | PA      | $778214.39    | 0.06%             | 2048-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DVLE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    926254 | PA      | $798548.53    | 0.06%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179R4E6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    559772 | PA      | $519933.70    | 0.04%             | 2046-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138ENWP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4294224 | PA      | $4178289.84   | 0.33%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3138Y5DC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1620226 | PA      | $1578826.40   | 0.12%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136A65W0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25198 | PA      | $23030.69     | 0.00%             | 2042-03-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Fannie Mae Connecticut Avenue Securities                       | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1950000 | PA      | $1965912.00   | 0.16%             | 2044-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X92S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1497375 | PA      | $1229653.04   | 0.10%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABP55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2072673 | PA      | $1844603.61   | 0.15%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ACCK4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    690920 | PA      | $692662.67    | 0.05%             | 2053-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137HCG71<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1270038 | PA      | $220107.19    | 0.02%             | 2052-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KKT82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    984855 | PA      | $843230.07    | 0.07%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KTYK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2557271 | PA      | $2211764.71   | 0.17%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 3132WEKX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    196284 | PA      | $184348.82    | 0.01%             | 2046-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3142GRQC7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    352897 | PA      | $361316.93    | 0.03%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L05D5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315112 | PA      | $257774.78    | 0.02%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Federal Home Loan Mortgage Corp                                | CUSIP: 3128X9MG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |  24765000 | PA      | $14679857.91  | 1.16%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380QGX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19017 | PA      | $18988.97     | 0.00%             | 2070-08-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                | Alternative Loan Trust 2006-OA9                                | CUSIP: 02146YAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    728564 | PA      | $623443.31    | 0.05%             | 2046-07-20      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                              | CUSIP: 3136BBXG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    636534 | PA      | $107340.97    | 0.01%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140L8DJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181768 | PA      | $156281.35    | 0.01%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Fannie Mae Interest Strip                                      | CUSIP: 3136FLFM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    680724 | PA      | $122693.06    | 0.01%             | 2042-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 31335BXQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    385900 | PA      | $349176.27    | 0.03%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust 2023-SMRT                  | CUSIP: 17291NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1520000 | PA      | $1566654.73   | 0.12%             | 2040-10-12      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380QGQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3288628 | PA      | $3241792.84   | 0.26%             | 2070-07-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137HBW34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1404077 | PA      | $186993.72    | 0.01%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                            | Federal Home Loan Banks                                        | CUSIP: 3130ALED2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   9990000 | PA      | $9635825.03   | 0.76%             | 2027-02-24      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                          | CUSIP: 31283HHL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       424 | PA      | $443.12       | 0.00%             | 2030-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DP2Y3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    478990 | PA      | $479593.96    | 0.04%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133KL6J1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2374177 | PA      | $1939538.84   | 0.15%             | 2051-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202EBF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       390 | PA      | $408.23       | 0.00%             | 2034-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38380RSG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4318122 | PA      | $342560.92    | 0.03%             | 2061-01-16      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Ltd                      | Citigroup Global Markets Ltd                                   | CUSIP: 000000000<br>LEI: XKZZ2JZF41MRHTR1V493 | Long             | RA               | CORP              | US        |    100000 | PA      | $100000.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UKY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1225487 | PA      | $1210054.34   | 0.10%             | 2049-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140X6FL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4651088 | PA      | $4176726.90   | 0.33%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31418CAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4043342 | PA      | $3837366.26   | 0.30%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132DSJ37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2211353 | PA      | $2239292.61   | 0.18%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                       | CUSIP: 38378NF99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5593123 | PA      | $128642.38    | 0.01%             | 2055-09-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1162441 | PA      | $1151331.88   | 0.09%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140LPCJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    430865 | PA      | $347700.46    | 0.03%             | 2051-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 31417VPB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3858 | PA      | $3950.64      | 0.00%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                | CUSIP: 3140Q9NR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    605815 | PA      | $598169.00    | 0.05%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3132A3RZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    803207 | PA      | $817329.31    | 0.06%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 36202F2A3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     26930 | PA      | $28300.22     | 0.00%             | 2041-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                             | CUSIP: 3622ABU91<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    420839 | PA      | $377633.65    | 0.03%             | 2052-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                               | CUSIP: 3133AJFE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    183082 | PA      | $157550.36    | 0.01%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                             | CUSIP: 3137H4AC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1467298 | PA      | $209682.65    | 0.02%             | 2051-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Brighthouse Funds Trust II

**Signature:** Alan Otis

**Name of Signer:** Alan Otis

**Title:** Treasurer